(m) Provisions, Contingent Liabilities and Contingent
Assets:

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result
of a past event and it is probable that an outflow of
resources, that can be reliably estimated, will be required
to settle such an obligation.

If the effect of the time value of money is material,
provisions are determined by discounting the
expected future cash flows to net present value using
an appropriate pre-tax discount rate that reflects
current market assessments of the time value of
money and, where appropriate, the risks specific to

the liability. Unwinding of the discount is recognised
in the Statement of Profit and Loss as a finance cost.
Provisions are reviewed at each reporting date and are
adjusted to reflect the current best estimate.

A present obligation that arises from past events where
it is either not probable that an outflow of resources
will be required to settle or a reliable estimate of the
amount cannot be made, is disclosed as a contingent
liability. Contingent liabilities are also disclosed when
there is a possible obligation arising from past events,
the existence of which will be confirmed only by the
occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the
Company.

Claims against the Company where the possibility of
any outflow of resources in settlement is remote, are not
disclosed as contingent liabilities.

Contingent assets are not recognised in financial
statements since this may result in the recognition of
income that may never be realised. However, when the
realisation of income is virtually certain, then the related
asset is not a contingent asset and is recognised. A
contingent asset is disclosed, in financial statements,
where an inflow of economic benefits is probable.

(n) Mines Restoration Provision:

An obligation for restoration, rehabilitation and
environmental costs arises when environmental
disturbance is caused by the development or ongoing
extraction from mines. Costs arising from restoration
at closure of the mines and other site preparation
work are provided for based on their discounted net
present value, with a corresponding amount being
capitalised at the start of each project. The amount
provided for is recognised, as soon as the obligation
to incur such costs arises. These costs are charged to
the Statement of Profit and Loss over the life of the
operation through the depreciation of the asset and the
unwinding of the discount on the provision. The costs
are reviewed periodically and are adjusted to reflect
known developments which may have an impact on the
cost or life of operations. The cost of the related asset
is adjusted for changes in the provision due to factors
such as updated cost estimates, new disturbance and
revisions to discount rates. The adjusted cost of the
asset is depreciated prospectively over the lives of
the assets to which they relate. The unwinding of the
discount is shown as a finance cost in the Statement of
Profit and Loss.

(o) Revenue Recognition from Contracts with
Customers:

(i) Sale of Goods

• Revenue is recognized on the basis of
approved contracts regarding the transfer of
goods or services to a customer for an amount
that reflects the consideration to which the
entity expects to be entitled in exchange for
those goods or services. Revenue from sale

of goods is recognised at the point in time
when control of the goods is transferred to
the customer, which is generally on dispatch/
delivery of the goods.

• Revenue towards satisfaction of a
performance obligation is measured at the
amount of transaction price (net of variable
consideration) allocated to that performance
obligation. The transaction price of goods
sold and services rendered is net of variable
consideration and outgoing taxes on sale.

• Variable consideration - This includes
incentives, volume rebates, discounts etc. It is
estimated at contract inception considering
the terms of various schemes with customers
and constrained until it is highly probable that
a significant revenue reversal in the amount
of cumulative revenue recognised will not
occur when the associated uncertainty with
the variable consideration is subsequently
resolved. It is reassessed at end of each
reporting period.

• Revenue is measured after deduction of
any discounts, price concessions, volume
rebates and any taxes or duties collected on
behalf of the government such as goods and
services tax, etc. The Company accrues for
such discounts, price concessions and rebates

based on historical experience and specific
contractual terms with the customer

• Significant financing component - Generally,
the Company receives short-term advances
from its customers. Using the practical
expedient in Ind AS 115, the Company does not
adjust the promised amount of consideration
for the effects of a significant financing
component if it expects, at contract inception,
that the period between the transfer of the
promised good or service to the customer
and when the customer pays for that good or
service will be one year or less.

(ii) Rendering of Services

Revenue from services rendered are recognized
over the time as the services are performed based
on agreements/arrangements with the customers.

(iii) Other Operating Revenue

Operating revenue would include revenue arising
from company's operating activity i.e either its
principal or ancillary revenue generating activities
but which is not revenue activity from sale of goods
or rendering of services.

• Contract balances:

0 Trade Receivables and Contract Assets

A trade receivable is recognised when the
products are delivered to a customer and
consideration becomes unconditional.

Contract assets are recognized when the
company has a right to receive consideration
that is conditional other than the passage
of time.

0 Contract liabilities:

Contract liabilities are Company's obligation
to transfer goods or services to a customer
for which the entity has already received
consideration. Contract liabilities are
recognised as revenue when the company
satisfies its performance obligation under the
contract.

(p) Dividend and Interest Income:

• Dividend income is accounted for when the right to
receive the income is established.

• Interest income is recognised using the Effective
Interest Method.

(q) Lease:

The Company assesses whether a contract contains
a lease, at the inception of the contract. A contract is,
or contains, a lease if the contract conveys the right
to control the use of an identified asset for a period of
time in exchange for consideration. To assess whether
a contract conveys the right to control the use of an
identified asset, the Company assesses whether

(i) the contract involves the use of identified asset;

(ii) the Company has substantially all of the economic
benefits from the use of the asset through the
period of lease and;

(iii) the Company has the right to direct the use of the
asset.

As a lessee

The Company recognizes a right-of-use asset ("ROU")
and a lease liability at the lease commencement date.
The ROU is initially measured at cost, which comprises
the initial amount of the lease liability adjusted for any
lease payments made at or before the commencement
date, plus any initial direct costs incurred and an
estimate of costs to dismantle and remove the
underlying asset or to restore the underlying asset or
the site on which it is located, less any lease incentives
received.

Certain lease arrangements include the option to extend
or terminate the lease before the end of the lease term.
The right-of-use assets and lease liabilities include these
options when it is reasonably certain that the option will
be exercised.

The ROU is subsequently depreciated using the straight¬
line method from the commencement date to the earlier
of the end of the useful life of the ROU asset or the end
of the lease term, but if ownership of the leased asset
transfers to the Company at the end of the lease term

or the cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful life
of the asset. In addition, the ROU asset is periodically
reduced by impairment losses, if any, and adjusted for
certain remeasurements of the lease liability.

The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily
determined, the company's incremental borrowing rate.
Generally, the Company uses its incremental borrowing
rate as the discount rate.

Lease payments included in the measurement of the
lease liability comprises fixed payments, including
in-substance fixed payments, amounts expected
to be payable under a residual value guarantee and
the exercise price under a purchase option that the
Company is reasonably certain to exercise, lease
payments in an optional renewal period if the Company
is reasonably certain to exercise an extension option.

The lease liability is subsequently measured at amortised
cost using the effective interest method, except those
which are payable other than functional currency
which is measured at fair value through profit or loss.

It is remeasured when there is a change in future lease
payments arising from a change in an index or rate,
if there is a change in the company's estimate of the
amount expected to be payable under a residual value
guarantee, or if company changes its assessment
of whether it will exercise a purchase, extension or
termination option.

When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying
amount of the ROU, or is recorded in Statement of Profit
or Loss if the carrying amount of the ROU has been
reduced to zero.

Lease Liabilities have been presented as separate line
and the 'ROU' have been presented separately in the

Balance Sheet. Lease payments have been classified as
financing activities in the Statement of Cash Flows.

Short-term leases and leases of low-value assets

The Company has elected not to recognise ROU and
lease liabilities for short term leases that have a lease
term of 12 months or lower and leases of low value
assets. The Company recognises the lease payments
associated with these leases as an expense over the
lease term. The related cash flows are classified as
Operating activities in the Statement of Cash Flows.

As a lessor

When the Company is an intermediate lessor, it accounts
for its interests in the head lease and the sublease
separately. The sublease is classified as a finance or
operating lease by reference to the right-of-use asset
arising from the head lease. The company recognize
lease payment received under operating leases as
income on a straight line basis over the lease term

(r) Employee benefits:

Defined Benefit Plans:

For defined benefit plans, the cost of providing benefits
is determined using the Projected Unit Credit Method,
with actuarial valuations being carried out by a qualified
independent actuary at the end of each annual reporting
period. Re-measurement, comprising actuarial gains and
losses, the effect of the changes to the asset ceiling
(if applicable) and the return on plan assets (excluding
net interest), is reflected immediately in the Balance
Sheet with a charge or credit recognised in Other
Comprehensive Income (OCI) in the period in which
they occur. Past service cost, both vested and unvested,
is recognised as an expense on the plan amendment
or when the curtailment or settlement occurs. The
gain or loss on curtailment or settlement, is recognized
immediately in the Statement of Profit or Loss when the
plan amendment or when a curtailment or settlement
occurs.

The retirement benefit obligations recognised in the
balance sheet represents the present value of the
defined benefit obligations reduced by the fair value of
scheme assets. Any asset resulting from this calculation
is limited to the present value of available refunds and

reductions in future contributions to the scheme. The
Company provides benefits such as gratuity, pension
and provident fund to its employees which are treated as
defined benefit plans.

Gratuity

The gratuity, a defined benefit plan, payable to the
employees is the based on the Employees' service
and last drawn salary at the time of the leaving of the
services of the Company and is in accordance with the
Rules of the Company for payment of Gratuity. Past
service cost is recognised in the Statement of Profit
and Loss in the period of a plan amendment. Interest is
calculated by applying the discount rate at the beginning
of the period to the net defined benefit liability or
asset and is recognised in the Statement of Profit and
Loss. Defined benefit costs are categorised as follows:
service cost (including current service cost, past service
cost, as well as gains and losses on curtailments and
settlements); net interest expense or income; and re¬
measurement.

The present value of the defined benefit plan liability is
calculated using a discount rate which is determined by
reference to market yields at the end of the reporting
period on government bonds.

The defined benefit obligation recognised in the Balance
Sheet represents the actual deficit or surplus in the
Company's defined benefit plans. Any surplus resulting
from this calculation is limited to the present value of
any economic benefits available in the form of refunds
from the plans or reductions in future contributions to
the plans.

Provident Fund

The eligible employees of the Company are entitled to
receive benefits in respect of provident fund, which is
a defined benefit plan, for which both the employees
and the Company make monthly contributions at a
specified percentage of the covered employees' salary.
The contributions as specified under the law are made
to the approved provident fund which is set up by the
Company. The Company is liable for annual contributions
and any shortfall in the fund assets based on the
government specified minimum rates of return and
recognises such contributions and shortfall, if any, as an
expense in the year incurred.

Defined contribution plans:

A defined contribution plan is a post employment
benefit plan where the company is legal or contributed
obligation is limited to the amount that it contributes
to a separate legal entity. Contributions to defined
contribution plans are recognised as expense when
employees have rendered services entitling them to
such benefits. The Company provides benefits such as
superannuation, provident fund (other than Company
managed fund) to its employees which are treated as
defined contribution plans.

Superannuation

Certain employees of the Company are eligible for
participation in defined contribution plans such
superannuation and national pension fund. Contributions
towards these funds are recognized as an expense
periodically based on the contribution by the Company,
since Company has no further obligation beyond its
periodic contribution.

Other employee benefits:

A liability is recognised for benefits accruing to
employees in respect of wages and salaries, annual
leave and sick leave in the period the related service is
rendered.

Liabilities recognised in respect of short-term employee
benefits are measured at the undiscounted amount of
the benefits expected to be paid in exchange for the
related service.

Liabilities recognised in respect of other long-term
employee benefits are measured using the projected
unit credit method by a qualified independent actuary at
the end of each annual reporting period, at the present
value of the estimated future cash outflows expected
to be made by the Company in respect of services
provided by employees up to the reporting date. With
reference to some employees, liability of other fixed
long-term employee benefits is recognised at the
present value of the future cash outflows expected to be
made by the Company.

Remeasurement gains / losses are recognised in the
Statement of Profit and Loss in the period in which they
arise.

(s) Income Taxes:

Income Tax expenses comprise current tax and deferred
tax charge or credit.

Current Tax is measured on the basis of estimated
taxable income for the current accounting period
in accordance with the applicable tax rates and the
provisions of the Income-tax Act, 1961 and other
applicable tax laws.

Deferred tax liabilities are recognised for taxable
temporary differences and deferred tax asset are
recognised for deductible temporary differences, carry
forward of unused tax losses, carry forward of unused
tax credits at the reporting date. Deferred tax assets and
liabilities are measured at the tax rates that are expected
to be applied to the taxable temporary differences when
they reverse, based on the laws that have been enacted
or substantively enacted at the reporting date. Tax
relating to items recognised directly in equity or OCI is
recognised in equity or OCI and not in the Statement of
Profit and Loss.

Current tax assets and current tax liabilities are offset
when there is a legally enforceable right to set off the
recognised amounts and there is an intention to settle
the asset and the liability on a net basis. Deferred tax
assets and deferred tax liabilities are offset when there
is a legally enforceable right to set off current tax assets
against current tax liabilities; and the deferred tax assets
and the deferred tax liabilities relate to income taxes
levied by the same taxation authority.

A deferred tax asset is recognised to the extent that it
is probable that future taxable profits will be available
against which the temporary difference can be utilized
except:

a) When the deferred tax asset relating to the
deductible temporary difference arises from
the initial recognition of an asset or liability in a
transaction that is not a business combination and,
at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and

b) In respect of deductible temporary differences
associated with investments in subsidiaries,
associates and interests in joint ventures, deferred
tax assets are recognised only to the extent that

it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit
will be available against which the temporary
differences can be utilised.

Deferred tax assets are reviewed at each reporting
date and are recognised / reduced to the extent that it
is probable / no longer probable respectively that the
related tax benefit will be realised.

(t) Earnings Per Share:

Basic Earnings Per Share ("EPS") is computed by dividing
the net profit / (loss) after tax for the year attributable to
the equity shareholders by the weighted average number
of equity shares outstanding during the year. The
weighted average number of equity shares outstanding
during the year is adjusted for treasury shares.

For the purpose of calculating diluted earnings per
share, net profit / (loss) after tax for the year attributable
to the equity shareholders is divided by the weighted
average number of equity shares which could have been
issued on the conversion of all dilutive potential equity
shares and is adjusted for the treasury shares held by the
Company to satisfy the exercise of the share options by
the employees.

(u) Foreign Currency transactions:

Transactions in currencies other than the Company's
functional currency (i.e. foreign currencies) are
recognised at the rates of exchange prevailing at the
dates of the transactions. At the end of each reporting
period, monetary items denominated in foreign
currencies are translated at the rates prevailing at that
date. Non-monetary items carried at fair value that are
denominated in foreign currencies are translated at
the rates prevailing at the date when the fair value was
determined. Non-monetary items that are measured
in terms of historical cost in a foreign currency are
translated using the exchange rate as at the date of
initial transactions.

Exchange differences on monetary items are recognised
in the Statement of Profit and Loss in the period in which
they arise except for:

• exchange differences on foreign currency

borrowings relating to assets under construction

for future productive use, which are included in
the cost of those assets when they are regarded
as an adjustment to interest costs on those foreign
currency borrowings;

• exchange differences relating to qualifying
effective cash flow hedges and qualifying net
investment hedges in foreign operations which are
recognised in OCI.

(v) Investment in Subsidiaries, Associates and Joint
Ventures:

The Company's investment in its subsidiaries,
associates and Joint Ventures are carried at cost net of
accumulated impairment loss, if any.

On disposal of the Investment, the difference between
the net disposal proceeds and the carrying amount is
charged or credited to the Statement of Profit and Loss.

(w) Financial Instruments:

A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or
equity instrument of another entity. Financial assets
and financial liabilities are recognised when a Company
becomes a party to the contractual provisions of the
instruments.

Initial Recognition:

Financial assets and financial liabilities are initially
measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss and
ancillary costs related to borrowings) are added to or
deducted from the fair value of the financial assets or
financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition
of financial assets or financial liabilities at fair value
through profit or loss are charged to the Statement of
Profit and Loss over the tenure of the financial assets
or financial liabilities. However, trade receivables that
do not contain a significant financing component
are measured at transaction price (net of variable
consideration).

Classification and Subsequent Measurement: Financial
Assets

On Initial Recognition, The Company classifies and
measures financial assets at amortized cost, Fair Value
through Other Comprehensive Income ("FVOCI") or Fair
Value through Profit or Loss ("FVTPL") on the basis of
following:

• the entity's business model for managing the
financial assets and

• the contractual cash flow characteristics of the
financial asset.

Amortised Cost:

A financial asset shall be classified and measured at
amortised cost if both of the following conditions are
met:

• the financial asset is held within a business model
whose objective is to hold financial assets in order
to collect contractual cash flows and

• the contractual terms of the financial asset give
rise on specified dates to cash flows that are solely
payments of principal and interest on the principal
amount outstanding.

In case of financial assets classified and measured at
amortised cost, any interest income, foreign exchange
gains or losses and impairment are recognised in the
Statement of Profit and Loss.

Fair Value through OCI (FVTOCI):

A financial asset shall be classified and measured at fair
value through OCI if both of the following conditions are
met:

• the financial asset is held within a business model
whose objective is achieved by both collecting
contractual cash flows and selling financial assets
and

• the contractual terms of the financial asset give
rise on specified dates to cash flows that are solely
payments of principal and interest on the principal
amount outstanding.

Fair Value through Profit or Loss (FVTPL):

A financial asset shall be classified and measured at
fair value through profit or loss unless it is measured at
amortised cost or at fair value through OCI.

For financial assets at FVTPL, net gains or losses, interest
or dividend income, are recognised in the Statement of
Profit and Loss.

All recognised financial assets are subsequently
measured in their entirety either at amortised cost or fair
value, depending on the classification of the financial
assets. Financial assets are not reclassified subsequent
to their initial recognition unless the Company changes
its business model for managing financial assets, in
which case all affected financial assets are reclassified
on the first day of the first reporting period following the
change in the business model.

On initial recognition of an equity investment that is
not held for trading the company may irrevocably elect
to present subsequent changes in the investment fair
value in OCI. This election is made on an investment by
investment basis

Classification and Subsequent Measurement: Financial
liabilities:

Financial liabilities are classified as either financial
liabilities at FVTPL or 'other financial liabilities'.

Financial Liabilities at FVTPL:

Financial liabilities are classified as at FVTPL when the
financial liability is held for trading or is a derivative
(except for effective hedge) or are designated upon
initial recognition as FVTPL.

Gains or Losses, including any interest expense
on liabilities held for trading are recognised in the
Statement of Profit and Loss.

Other Financial Liabilities:

Other financial liabilities (including borrowings and
trade and other payables) are subsequently measured at
amortised cost using the effective interest method.

The effective interest rate is the rate that exactly
discounts estimated future cash payments (including
all fees and points paid or received that form an integral

part of the effective interest rate, transaction costs and
other premiums or discounts) through the expected life
of the financial liability, or (where appropriate) a shorter
period, to the amortised cost on initial recognition.

Interest expense (based on the effective interest
method), foreign exchange gains and losses, and any
gain or loss on derecognition is recognised in the
Statement of Profit and Loss.

Impairment of financial assets:

Expected credit losses are recognized for all financial
assets subsequent to initial recognition other than
financials assets in FVTPL category. For financial assets
other than trade receivables, as per Ind AS 109, the
Company recognises 12 month expected credit losses
for all originated or acquired financial assets if at the
reporting date the credit risk of the financial asset has
not increased significantly since its initial recognition.
The expected credit losses are measured as lifetime
expected credit losses if the credit risk on financial asset
increases significantly since its initial recognition.

The Company's trade receivables do not contain
significant financing component and as per simplified
approach, loss allowances on trade receivables are
measured using provision matrix at an amount equal to
life time expected losses i.e. expected cash shortfall.

The impairment losses and reversals are recognised in
Statement of Profit and Loss.

Derecognition of financial assets and financial
liabilities:

The Company derecognises a financial asset when the
contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and
substantially all the risks and rewards of ownership of the
asset to another party. If the Company neither transfers
nor retains substantially all the risks and rewards of
ownership and continues to control the transferred
asset, the Company recognises its retained interest in
the asset and an associated liability for amounts it may
have to pay. If the Company retains substantially all the
risks and rewards of ownership of a transferred financial
asset, the Company continues to recognise the financial

asset and also recognises an associated liability for
amounts it has to pay.

On derecognition of a financial asset, the difference
between the asset's carrying amount and the sum of
the consideration received and receivable and the
cumulative gain or loss that had been recognised in
OCI and accumulated in equity is recognised in the
Statement of Profit and Loss.

The Company de-recognises financial liabilities
when and only when, the Company's obligations are
discharged, cancelled or have expired. The difference
between the carrying amount of the financial liability
de-recognised and the consideration paid and payable is
recognised in the Statement of Profit and Loss.

Financial Guarantee Contract Liabilities:

Financial Guarantee Contract Liabilities are disclosed
in financial statements in accordance with Ind AS 109,
Financial Instruments.

Offsetting of Financial Instruments:

Financial assets and financial liabilities are offset and
the net amount presented in the balance sheet when,
and only when, the Company currently has a legally
enforceable right to set off the amounts and it intends
either to settle them on a net basis or to realise the asset
and settle the liability simultaneously.

(x) Cash and cash equivalents:

Cash and cash equivalents comprise of cash at bank
and in hand and short-term deposits with banks that
are readily convertible into cash which are subject to
insignificant risk of changes in value and are held for the
purpose of meeting short-term cash commitments.

(y) Financial liabilities and equity instruments:

• Classification as debt or equity:

Debt and equity instruments issued by the
Company are classified as either financial liabilities
or as equity in accordance with the substance of
the contractual arrangements and the definitions of
a financial liability and an equity instrument.

• Equity instruments:

An equity instrument is any contract that evidences
a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments
issued by a Company are recognised at the
proceeds received.

(z) Derivative financial instruments:

The Company enters into derivative financial
instruments viz. foreign exchange forward contracts,
interest rate swaps and cross currency swaps to
manage its exposure to interest rate, foreign exchange
rate risks and commodity prices. The Company does
not hold derivative financial instruments for speculative
purposes.

Derivatives are initially recognised at fair value at the
date the derivative contracts are entered into and are
subsequently remeasured to their fair value at the end
of each reporting period. The resulting gain or loss is
recognised in Statement of Profit or Loss immediately
excluding derivatives designated as cashflow hedge.

(aa) Hedge accounting:

The Company designates certain hedging instruments
in respect of foreign currency risk, interest rate risk
and commodity price risk as cash flow hedges. At
the inception of the hedge relationship, the entity
documents the relationship between the hedging
instrument and the hedged item, along with its risk
management objectives and its strategy for undertaking
various hedge transactions. Furthermore, at the
inception of the hedge and on an ongoing basis, the
Company documents whether the hedging instrument
is highly effective in offsetting changes in fair values
or cash flows of the hedged item attributable to the
hedged risk.

The effective portion of changes in the fair value of the
designated portion of derivatives that qualify as cash
flow hedges is recognised in OCI and accumulated
under equity. The gain or loss relating to the ineffective
portion is recognised immediately in the Statement of
Profit and Loss.

Amounts previously recognised in OCI and accumulated
in equity relating to effective portion as described above
are reclassified to Statement of Profit and Loss in the
periods when the hedged item affects the Statement
of Profit or Loss, in the same line as the recognised
hedged item. However, when the hedged forecast
transaction results in the recognition of a non-financial
asset or a non-financial liability, such gains and losses
are transferred from equity and included in the initial
measurement of the cost of the non-financial asset or
non-financial liability.

Hedge accounting is discontinued prospectively when
the hedging instrument expires or is sold, terminated,
or exercised, or when it no longer qualifies for hedge
accounting. Any gain or loss recognised in OCI and
accumulated in equity at that time remains in equity and
is recognised when the forecast transaction is ultimately
recognised the Statement of Profit and Loss. When a
forecast transaction is no longer expected to occur,
the gain or loss accumulated in equity is recognised
immediately in the Statement of Profit and Loss.

(bb)Segment Reporting - Identification of Segments:

An operating segment is a component of the Company
that engages in business activities from which it may
earn revenues and incur expenses, whose operating
results are regularly reviewed by the Company's Chief
Operating Decision Maker ("CODM") to make decisions
for which discrete financial information is available.

Based on the management approach as defined in
Ind AS 108, the CODM evaluates the Company's
performance and allocates resources based on an
analysis of various performance indicators by business
segments and geographic segments.

(cc) Cash Flow Statement:

Cash flows are reported using the indirect method,
whereby the net profit before tax is adjusted for the
effects of transactions of a non-cash nature, any
deferrals or accruals of past or future operating cash
receipts or payments and item of income or expenses
associated with investing or financing cash flows. The
cash flows from operating, investing and financing
activities of the Company are segregated.

(dd)Business Combination and Goodwill:

The Company applies the acquisition method in
accounting for business combinations. The consideration
transferred by the Company to obtain control of a
business is calculated as the sum of the fair values of
assets transferred, liabilities incurred and the equity
interests issued by the Company as at the acquisition
date i.e. date on which it obtains control of the acquiree
which includes the fair value of any asset or liability
arising from a contingent consideration arrangement.
Acquisition-related costs are recognised in the
Statement of Profit and Loss as incurred, except to the
extent related to the issue of debt or equity securities.

A business combination involving entities or businesses
under common control is a business combination in
which all of the combining entities or businesses are
ultimately controlled by the same party or parties both
before and after the business combination and the
control is not transitory. The transactions between
entities under common control are specifically covered
by Ind AS 103. Such transactions are accounted for
using the pooling-of-interest method. The assets and
liabilities of the acquired entity are recognised at their
carrying amounts of the Company's financial statements.
The components of equity of the acquired companies
are added to the same components within the
Company's equity. The financial statements in respect
of prior periods have been restated as if the business
combination had occurred from the beginning of the
preceding period in the financial statements.

Identifiable assets acquired and liabilities assumed in a
business combination are measured initially at their fair
values on acquisition-date.

Intangible Assets acquired in a Business Combination
and recognised separately from Goodwill are initially
recognised at their fair value at the acquisition date
(which is regarded as their cost).

Subsequent to initial recognition, intangible Assets
acquired in a Business Combination are reported at
cost less accumulated amortisation and accumulated
impairment losses, on the same basis as intangible assets
that are acquired separately.

Goodwill is measured as the excess of the aggregate
of the consideration transferred and the amount
recognised for non-controlling interests, and any
previous interest held, over the net identifiable assets
acquired and liabilities assumed. A cash generating unit
(CGU) to which goodwill has been allocated is tested
for impairment annually, or more frequently when, there
is an indication that the unit may be impaired. If the
recoverable amount of the CGU is less than its carrying
amount, the impairment loss is allocated first to reduce
the carrying amount of any goodwill allocated to the unit
and then to the other assets of the unit pro-rata based
on the carrying amount of each asset in the unit. Any
impairment loss for goodwill is recognised in Statement
of Profit or Loss. An impairment loss recognised for
goodwill is not reversed in subsequent periods.

Where goodwill has been allocated to a CGU and part of
the operation within that unit is disposed of, the goodwill
associated with the disposed operation is included in
the carrying amount of the operation when determining
the gain or loss on disposal. Goodwill disposed in these
circumstances is measured based on the relative values
of the disposed operation and the portion of the CGU
retained. If the fair value of the net assets acquired is in
excess of the aggregate consideration transferred, the
excess is termed as bargain purchase.

In case of a bargain purchase, before recognizing a gain
in respect thereof, the Company determines whether
there exists clear evidence of the underlying reasons
for classifying the business combination as a bargain
purchase thereafter, the Company reassesses whether
it has correctly identified all the assets acquired and
liabilities assumed and recognises any additional assets
or liabilities that are so identified, any gain thereafter
is recognised in OCI and accumulated in equity as
Capital Reserve. If there does not exist clear evidence
of the underlying reasons for classifying the Business
combination as a bargain purchase, the Company
recognises the gain, after reassessing and reviewing,
directly in equity as Capital Reserve.

When a business combination is achieved in stages,
the Company's previously held equity interest in the

acquiree is re-measured to its acquisition-date fair value
and the resulting gain or loss, if any, is recognized in
Other Comprehensive Income or Statement of Profit and
Loss as appropriate.

Contingent consideration is classified either as equity or
financial liability. Amount classified as financial liability
are subsequently re-measured to fair value with changes
in fair value recognised in Statement of Profit and Loss.

Note 1(C) Use of Estimates and Judgements:

The preparation of the Company's financial statements
requires management to make judgements, estimates
and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities, and
the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes
that require a material adjustment to the carrying
amount of assets or liabilities affected in
future periods.

The key assumptions concerning the future and other
key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described
below. The Company based its assumptions and
estimates on parameters available when the financial
statements were prepared. Existing circumstances and
assumptions about future developments, however, may
change due to market changes or circumstances arising
that are beyond the control of the Company. Such
changes are reflected in the assumptions when they
occur.

Estimates:

(i) Useful lives of Property, Plant & Equipment and
Intangible Assets:

The Company uses its technical expertise along
with historical and industry trends for determining
the economic life of an asset/component of an
asset. The useful lives are reviewed by management
periodically and revised, if appropriate. In case of

a revision, the unamortised depreciable amount is
charged over the remaining useful life of the assets.
In case of certain mining rights, the amortisation is
based on the extracted quantity to the total mineral
reserve.

(ii) Recognition and measurement of deferred tax
assets and liabilities:

Deferred tax assets and liabilities are recognised for
deductible temporary differences and unused tax
losses for which there is probability of utilisation
against the future taxable profit. The Company uses
judgement to determine the amount of deferred
tax liability / asset that can be recognised, based
upon the likely timing and the level of future taxable
profits and business developments.

(iii) Fair value measurement of financial instruments:

When the fair values of financial assets and financial
liabilities recorded in the balance sheet cannot
be measured based on quoted prices in active
markets, their fair value is measured using valuation
techniques including the Discounted Cash Flow
model. The inputs to these models are taken from
observable markets where possible, but where this
is not feasible, a degree of judgement is required
in establishing fair values. Judgements include
considerations of inputs such as liquidity risk, credit
risk and volatility.

(iv) Defined benefit plans:

The cost of the defined benefit gratuity plan, and
other post-employment medical benefits and
the present value of the gratuity and provident
fund obligation are determined using actuarial
valuations. An actuarial valuation involves making
various assumptions that may differ from actual
developments in the future. These include
the determination of the discount rate, future
salary increases and mortality rates. Due to the
complexities involved in the valuation and its
long-term nature, a defined benefit obligation is
highly sensitive to changes in these assumptions.

All assumptions are reviewed at each reporting
date.

(v) Mines Restoration Obligation:

In determining the fair value of the Mines
Restoration Obligation, assumptions and estimates
are made in relation to discount rates, the expected
cost of mines restoration and the expected timing
of those costs.

(vi) Share-based payments:

The Company measures the cost of equity-settled
transactions and cash settled transactions with
employees using either Black-Scholes model or
binomial tree model to determine the fair value of
the liability incurred on the grant date. Estimating
fair value for share-based payment transactions
requires determination of the most appropriate
valuation model, which is dependent on the terms
and conditions of the grant.

This estimate also requires determination of
the most appropriate inputs to the valuation
model including the expected life of the share
option, volatility and dividend yield and making
assumptions about them.

The assumptions and models used for estimating
fair value for share-based payment transactions are
disclosed in Note 45.

(vii) Litigation and contingencies:

The Company has ongoing litigations with various
regulatory authorities. Where an outflow of funds
is believed to be probable and a reliable estimate
of the outcome of the dispute can be made
based on management's assessment of specific
circumstances of each dispute and relevant external
advice, management provides for its best estimate
of the liability. Such matters are by nature complex
and can take number of years to resolve and can
involve estimation uncertainty. Information about
such litigations is provided in notes to the financial
statements.

(viii) Business Combination:

(a) Fair Valuation of Intangibles:

Mining Reserve:

The Company has used royalty saved method
for value analysis of limestone mining rights.
The method estimates the value of future
savings in royalty payments over the life of the
mine accruing to the Company, by virtue of
the transaction instead of obtaining the mining
rights via the Government e-auction process.

The resulting post-tax cash flows for each
of the years are recognised at their present
value using a Weighted Average Cost of
Capital (WACC') / Weighted Average Return
on Assets (WARA') relating to the risk of
achieving the mine's projected savings.

Brand:

The Company has used relief from royalty
method for value analysis of Brand. The
method estimates the value as the present
value of the after-tax projected revenues cash
flows attributable to the Brand value.

The resulting post-tax cash flows for each of
the years are recognised at their present value
using a Weighted Average Cost of Capital
('WACC') / Weighted Average Return on
Assets ('WARA') relating to the risk associated
with the Brand Name, which is higher than the
overall business.

Distribution Network:

The Company has used "Incremental
Distribution Network" method for value
analysis of Distribution Network. The method
estimates the value as the present value of
the after-tax projected revenues cash flows
attributable to the Distribution Network value.

The resulting post-tax cash flows for each of
the years are recognised at their present value

using a Weighted Average Return on Assets
('WARA').

(b) Fair Valuation of Tangibles:

Freehold land:

Freehold land was valued using the sales
comparison method using prevailing rates of
similar plots of land, circle rates provided by
department of revenue and general market
intelligence based on the size of land parcel.

Leasehold land:

Leasehold land was valued basis the leasehold
interest for the remaining duration of the lease.

Other Assets:

The cost approach has been adopted for fair
valuing all the assets except vehicles which
have been measured at the old book values
less depreciation.

The cost approach includes calculation of
replacement cost using price trends applied
to historical cost and capitalisation of all the
indirect cost, these trends are on the basis
of price indices obtained from recognized
sources such as the Reserve Bank of India
(RBI)/ Office of Economic Adviser (OEA) or
market intelligence. In the case of buildings in
cement plants, appropriate weightages have
been applied to cement, iron & steel and labour
indices to arrive at the escalation factor and
depreciating the same for past usage based on
estimated total and remaining useful life of the
asset.

Judgement:

Classification of Lease Ind AS 116:

Ind AS 116 Leases requires a lessee to
determine the lease term as the non¬
cancellable period of a lease adjusted with
any option to extend or terminate the lease, if
the use of such option is reasonably certain.

The Company makes an assessment on the
expected lease term on lease by lease basis
and thereby assesses whether it is reasonably
certain that any options to extend or terminate
the contract will be exercised. In evaluating
the lease term, the Company considers
factors such as any significant leasehold
improvements undertaken over the lease term,
costs relating to the termination of lease and
the importance of the underlying lease to the
Company's operations taking into account
the location of the underlying asset and the
availability of the suitable alternatives. The
lease term in future periods is reassessed to
ensure that the lease term reflects the current
economic circumstances. The discount rate is
generally based on the incremental borrowing
rate specific to the lease being evaluated
or for a portfolio of leases with similar
characteristics.

B) 1. Tangible Assets include assets for which ownership is not in the name of the Company - Gross Block of ' 551.00
Crores (March 31, 2025'562.04 Crores).

2. Buildings include ' 12.13 Crores (March 31, 2025'12.13 Crores) being cost of Debentures and Shares in a company
entitling the right of exclusive occupancy and use of certain premises.

3. Opening Gross Block includes Research and Development Assets (Building, Plant and Equipment, Furniture and
Fixtures, Office Equipment and Intangible Assets) of ' 52.82 Crores (March 31, 2025'50.30 Crores) and Net Block
of ' 23.16 Crores (March 31, 2025'23.05 Crores). Addition for the Research and Development Assets during the year
is ' 4.07 Crores (March 31, 2025'5.21 Crores).

10. Completion schedule for Intangible assets under development whose completion is overdue or has exceeded its
cost compared to its original plan:

As at March 31, 2026:

There are no projects under Intangible assets under development whose completion is overdue or cost exceeded.
As at March 31, 2025:

There are no projects under Intangible assets under development whose completion is overdue or cost exceeded.
C) Goodwill

(i) Goodwill is arising in the Financial Statement through the following acquisitions:

(a) Century Textiles and Industries Limited (Century Business):

The Company had acquired cement business of Century Textiles and Industries Limited at an enterprise value of
' 8,387.71 Crores and accounted as per Ind AS 103 - Business Combinations with effect from May 20, 2018 as per
order dated July 3, 2019 by National Company Law Tribunal. The Company had recognised a goodwill of ' 2,208.82
Crores based on the difference between the fair value of consideration transferred and fair value of net assets
acquired. The carrying amount of goodwill as at March 31, 2026 is ' 2,208.82 Crores (March 31, 2025 : ' 2,208.82
Crores).

(b) Binani Cement Limited (BCL):

The Company had acquired Binani Cement Limited at an enterprise value of ' 7,899.75 Crores and accounted as per
Ind AS 103 - Business Combinations with effect from November 20, 2018 as per order dated November 14, 2018
by National Company Law Tribunal. The Company had recognised a goodwill of ' 2,925.12 Crores based on the
difference between the fair value of consideration transferred and fair value of net assets acquired. The carrying
amount of goodwill as at March 31, 2026 is ' 2,925.12 Crores (March 31, 2025 : ' 2,925.12 Crores).

(c) Kesoram Industries Limited (KIL) (Refer Note 36):

The Company had acquired Cement Business of Kesoram Industries Limited at an enterprise value of ' 7,765.05
Crores and accounted as per Ind AS 103 - Business Combinations with effect from April 1, 2024. The Scheme was
approved by the National Company Law Tribunal, Mumbai and Kolkata Benches as per order dated November 26,
2024 and November 14, 2024 respectively. The Company had recognised a goodwill of ' 755.76 Crores based on

the difference between the fair value of consideration transferred and fair value of net assets acquired.

The carrying amount of goodwill as at March 31, 2026 is ' 755.76 Crores (March 31, 2025 : ' 755.76 Crores).

(ii) Goodwill arising out of business combinations has been allocated to the acquired businesses as Cash Generating
Unit (CGU). Goodwill is tested for impairment annually or more frequently if indicators of impairment exist.

Potential impairment is identified by comparing the recoverable value of a CGU to its carrying value.

The recoverable amount has been determined based on value in use. Value in use has been determined based on
future cash flows, after considering current economic conditions, industry trends, estimated future operating
results, growth rates and anticipated future economic conditions. As at March 31, 2026, the estimated cash flows
for a period of 5 years were developed using internal forecasts, and a weighted average cost of capital of ~12% and
terminal growth rate at 4%. While determining the cashflows, Company has considered the factors such as cement
sales volume growth, price per bag, input cost expectation etc. As per the current business operation, Company
expects stable state on the factors and same is supported by the cement industry outlook.

Based on our impairment testing, the recoverable amount of the CGU's exceeds its carrying amount including
goodwill. Therefore, no impairment loss was recognized during the year ended March 31, 2026. Sensitivity analysis
with 1% change in growth rate and weighted average cost of capital also indicates that no impairment required on
carrying amount of goodwill.

(iv) Income from subleasing of Right to use assets for the year ended March 31, 2026 is ' 97.87 Crores (March 31, 2025
' 101.22 Crores).

(v) Impact of Ind AS 116 has resulted in lower expenses in Power and Fuel, Freight and Forwarding and Other Expenses by
' 240.54 Crores (March 31, 2025'201.52 Crores) whereas Finance Costs and Depreciation and amortisation expenses
are higher by ' 91.34 Crores (March 31, 2025'63.56 Crores) and ' 177.43 Crores (March 31, 2025'149.55 Crores)
respectively.

(C) The Company as a Lessor:

The Company has subleased its Leased Ships as an Intermediate lessor which is shown in Note 3 (A) Right of Use Assets.
Also, the Company has leased Owned Railway wagons to Railways on rent, the wagons were recognised as assets in
"Property, Plant and Equipment" Schedule in Note 2. Both the arrangements qualifies to be recognised as Operating lease
arrangement.

The period for such leases ranges from 1 year to 5 years depending upon terms and conditions of each lease
arrangements.

(f) Rights, Preferences and Restrictions attached to shares:

The Company has only one class of Equity Shares having a par value of ' 10 per share. Each shareholder is eligible for
one vote per share held except for Global Depository Receipts. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their shareholding.

The Description of the nature and purpose of each reserve within equity is as follows:

a) Capital Reserve: Company's capital reserve is mainly on account of acquisition of cement business of Larsen &

Toubro Ltd., Gujarat Units of Jaypee Cement Corporation Ltd (JCCL) and cement capacities of 21.2 MTPA of
Jaiprakash Associates Ltd (JAL) and JCCL, being excess of the net assets acquired over the consideration paid.

b) Securities Premium: Securities premium is credited when shares are issued at premium. It is utilised in accordance with
the provisions of the Act, to issue bonus shares, to provide for premium on redemption of shares or debentures, equity
related expenses like underwriting costs, etc.

c) Debenture Redemption Reserve (DRR): The Company has issued redeemable non-convertible debentures. Accordingly,
the Companies (Share capital and Debentures) Rules, 2014 (as amended), requires the company to create DRR out of
profits of the company available for payment of dividend. DRR is required to be created for an amount which is equal

to 25% of the value of debentures issued. However, this requirement is no more applicable w.e.f. April 1, 2018 as per the
amendment in the Companies (Share capital and Debentures) Rules, 2014 vide dated August 16, 2019; accordingly the
Company has not made any new addition in the said reserve and accounted the reversal of outstanding reserve linked
to payment of specific non-convertible debentures.

d) General Reserve: The Company has transferred a portion of the net profit of the Company before declaring dividend to
general reserve pursuant to the earlier provision of Companies Act, 1956. Mandatory transfer to general reserve is not
required under the Companies Act, 2013.

e) Shares Options Outstanding Reserve: The Company has three share option schemes under which options to subscribe
for the Company's shares have been granted to certain executives and senior employees. The share-based payment
reserve is used to recognise the value of equity-settled share-based payments provided to employees, including key
management personnel, as part of their remuneration.

f) Treasury Shares: The Company has formed an Employee Welfare Trust for purchasing Company's shares to be
allotted to eligible employees under Employees Stock Options Scheme, 2018 (ESOS 2018). As per Ind AS 32 - Financial
Instruments: Presentation, Reacquired equity shares of the Company are called Treasury Shares and deducted from
equity.

g) Equity Instruments Fair Valued Through Other Comprehensive Income: It represents the cumulative gains/ (losses)
arising on the fair valuation of Equity Shares measured at Fair Value through Other Comprehensive Income, net of
amounts reclassified to Retained Earnings on disposal/transfer of such investments.

h) Cashflow Hedge Reserve: The Company has designated its hedging instruments as cash flow hedges and any effective
portion of cashflow hedge is maintained in the said reserve. In case the hedging becomes ineffective, the amount is
recognised in the Statement of Profit and Loss.

Note 20 Trade Payables: (Contd.)

Note 20.1:

Supplier's Credit represents the extended interest bearing credit offered by the supplier which is secured against Usance
Letter of Credit (LC). Under this arrangement, the supplier is eligible to receive payment from reimbursing bank prior to the
expiry of the extended credit period. The interest of the extended credit period payable to the bank on maturity of the LC has
been presented under Finance Cost. The range of due date for Supplier's Credit is 90 to 180 days. Whereas the normal trade
credit period is 0 to 90 days from the date of invoice.

(b) The Company (including the erstwhile UltraTech Nathdwara Cement Limited) had filed appeals against the orders of
the Competition Commission of India (CCI) dated August 31, 2016 (Penalty of ' 1,616.83 Crores) and January 19, 2017
(Penalty of ' 68.30 Crores). Upon the National Company Law Appellate Tribunal ("NCLAT") disallowing its appeals
against the CCI order dated August 31, 2016, the Company filed appeals before the Hon'ble Supreme Court which
has, by its order dated October 5, 2018, granted a stay against the NCLAT order. Consequently, the Company has
deposited an amount of ' 161.68 Crores equivalent to 10% of the penalty of ' 1,616.83 Crores. The Company, backed
by legal opinions, believes that it has a good case in the matters and accordingly no provision has been recognised in
the financial statements.

(c) Guarantees:

The Company has issued corporate guarantees as under:

In favour of the Banks / Lenders on behalf of some of its Subsidiaries and Joint Venture (JV), as mentioned below, for
the purposes of replacing old loans, acquisition financing, working capital and other general corporate purposes:

i. Bhaskarpara Coal Company Limited (JV) ' Nil Crores (March 31, 2025'1.70 Crores).

ii. UltraTech Cement Middle East Investment Limited and its subsidiaries: USD Nil {March 31, 2025 USD 252.00
Million (Equivalent to ' 2,153.97 Crores)}.

(These Corporate Guarantees are issued in different currencies viz. Indian Rupee, USD and UAE Dirham.)

Note 34 Capital and other commitments:

Estimated amount of contracts remaining to be executed on capital account, not provided for (net of advances)

' 5,153.66 Crores (March 31, 2025'4,064.42 Crores).

Note 35

The Supreme Court of India has allowed an appeal filed by the State of Rajasthan in a matter relating to transfer of
mining lease in the name of the Company's wholly owned subsidiary, Gotan Lime Stone Khanij Udyog Private Limited
("GKUPL") and has directed the State of Rajasthan to frame and notify its policy relating to transfer of mining lease and
thereafter pass appropriate order in respect of the mining lease of GKUPL. State Government has notified the new policy
related to transfer of new mining lease, based on which the Company has requested the State Government to consider
reinstatement of the mines in its favour.

Note 36 Acquisition of Cement Business of Kesoram Industries:

A. The National Company Law Tribunal, Kolkata and Mumbai Benches ("NCLT") had approved the Composite Scheme
of Arrangement between Kesoram Industries Limited ("Kesoram"/ ""KIL""), the Company and their respective
shareholders and creditors, in compliance with sections 230 to 232 and other applicable provisions of the Companies
Act, 2013 (""Scheme"") by its Order dated November 14, 2024 and November 26, 2024 respectively. The Scheme was
made effective from March 01, 2025, and the Appointed date of the Scheme was April 01, 2024.

Upon the Scheme becoming effective and with effect from the Appointed Date, the Cement Business Division of
Kesoram ("the Demerged Undertaking") as defined in the Scheme stands transferred to and vested in the Company
as a going concern.

Consequently, the Company had included the financial statements/ information of the Demerged Undertaking in its
standalone financial statements with effect from April 01, 2024 (which was deemed to be the acquisition date for
purpose of Ind AS 103 - Business Combinations) to include the financial results/ information of the acquired Cement
Business Division of KIL ("the Demerged Undertaking").

The Assets of Cement Business of KIL consists of two integrated cement units at Sedam (Karnataka) and Basantnagar
(Telangana) with a total installed capacity of 10.75 MTPA and 0.66 MTPA packing plant at Solapur, Maharashtra at a
purchase consideration of ' 5,887.95 Crores based on Appointed date of the Scheme i.e. April 01, 2024.

As per Ind AS 103 - Business Combinations, if effective date i.e. March 01, 2025 was considered as acquisition date,
the purchase consideration would increase by ' 226.5 Crores.

The acquisition of the Demerged undertaking creates value for shareholders as the acquisition provides ready to use
assets to create operational efficiencies and support the Company to further strengthen its presence in the Western
& the Southern markets. It also provide synergies in manufacture and distribution process and logistics alignment
leading to economies of scale and creation of efficiency by reducing time to market and benefiting customers.

B. The Fair Value of identifiable assets acquired, and liabilities assumed as on the acquisition date:

As per Ind AS 103 - Business Combinations, purchase consideration had been allocated on the basis of fair valuation
determined by an independent valuer. Against the total enterprise value of ' 7,765.05 Crores, the Company has taken
over borrowings of ' 2,037.59 Crores from KIL.

After taking these liabilities into account, effective purchase consideration of ' 5,887.95 Crores had been discharged

on March 13, 2025, being the Record Date in terms of the Scheme by:

(a) Issue of 1 (one) equity share of the Company of face value ' 10/- each for every 52 (Fifty- Two) equity shares of
KIL of face value ' 10/- each to the shareholders of KIL. The Fair value of the shares issued was ' 5,824.44 Crores
which had been determined based on the last closing price prior to the Appointed Date.

(b) Issue of 54,86,608 (Fifty Four Lakhs Eighty Six Thousand Six Hundred Eight) fully paid up 7.3% Non-Convertible
Redeemable Preference Shares (RPS) of ' 100 each amounting to ' 54.87 Crores for 90,00,000 5% Cumulative
Non-Convertible Redeemable Preference Shares (NCRPS) of ' 100 each of KIL held by the preference
shareholders of KIL. The RPS was redeemed after three months from the date of allotment.

(c) Issue of 8,64,275 (Eight Lakhs Sixty Four Thousand Two Hundred Seventy Five) fully paid up 7.3% Non¬
Convertible Redeemable Preference Shares (RPS) of ' 100 each amounting to ' 8.64 Crores for 19,19,277
Zero % Optionally Convertible Redeemable Preference Shares (OCRPS) of ' 100 each of KIL held by the
preference shareholders of KIL. The RPS was redeemed after three months from the date of allotment.

E. Acquired Receivables:

As on the date of acquisition, gross contractual amount of the acquired Trade and other Receivables was ' 441.66
Crores against which no provision had been considered since fair value of the acquired receivables were equal to
carrying value as on the date of acquisition.

F. Contingent Liabilities:

The Company had assumed all the contingent liabilities of the Demerged Undertaking as per the Scheme. Total
contingent liability transferred to the Company was ' 266.14 Crores.

G. Acquisition related costs:

During the previous year ended, Acquisition related costs of ' 13.92 Crores had been recognised under Miscellaneous
Expenses and Rates and Taxes in the Statement of Profit and Loss. The stamp duty paid / payable on transfer of
the assets amounting to ' 120.58 Crores had been charged to the Statement of Profit and Loss and shown as an
exceptional item.

H. Impact of acquisition on the financial statements:

Since the acquisition date i.e April 1, 2024, the Company had recognised Revenue from Operations of ' 2,890.03
Crore and Profit/(Loss) Before Tax of ' (514.89) Crore in the statement of profit and loss for the previous year ended
March 31, 2025.

Note 37 Employee Benefits (Ind AS 19):

{A} Defined Benefit Plans:

(a) Gratuity:

The gratuity payable to employees is based on the employee's service and last drawn salary at the time of leaving the
services of the Company and is in accordance with the Rules of the Company for payment of gratuity.

Inherent Risk

The plan is defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks
pertaining to the plan. In particular, this exposes the Company to actuarial risk such as adverse salary growth, change
in demographic experience, inadequate return on underlying plan assets. This may result in an increase in cost of
providing these benefits to employees in future. Since the benefits are lump sum in nature, the plan is not subject to
any longevity risks.

(b) Pension:

The Company considers pension for some of its employees at senior management based on the period of service and
contribution to the Company. There is no material risk associated with this plan.

(c) Post-Retirement Medical Benefits:

The Company provides post-retirement medical benefits to certain ex-employees who were transferred under the
Scheme of arrangement for acquisition of Larsen and Tourbo (L&T) Cement Business and eligible for such benefits from
L&T cement business. There is no material risk associated with this plan.

*These Sensitivities have been calculated to show the movement in defined benefit obligation in isolation and assuming there are no other changes in market
conditions at the accounting date. There have been no changes from the previous periods in the methods and assumptions used in preparing the sensitivity
analysis.

#The Government of India has notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational
Safety, Health, and Working Conditions Code, 2020 ("Labour Codes") with effect from 21/11/2025, which consolidates 29 existing labour laws. The Labour
Codes, amongst other things introduce changes, including a uniform definition of wages and enhanced benefits relating to leave. The Ministry of Labour &
Employment has issued draft Central Rules and FAQs to facilitate assessment of the financial impact arising from these regulatory changes. In accordance
with the guidance issued by the Institute of Chartered Accountants of India and based on actuarial valuation, the Company has recognised ' 80.76 Crores
as Statutory Impact of New Labour Codes towards additional gratuity liability and compensated absences, classified as past service cost, due to revised
definition of wages under the Labour Codes and shown under Exceptional Items in the statement of Profit and Loss for the year ended March 31, 2026.

@ The plan does not invest directly in any property occupied by the Company nor in any financial securities issued by the Company.

(xii) Discount Rate:

The discount rate is based on the prevailing market rates of Indian government securities for the estimated term of
obligations.

(xiii) Salary Escalation Rate:

The estimates of future salary increases are considered taking into account inflation, seniority, promotion and other
relevant factors.

(xiv) Asset Liability matching strategy:

The money contributed by the Company to the Gratuity fund to finance the liabilities of the plan has to be invested.

The trustees of the plan have outsourced the investment management of the fund to an insurance Company. The
insurance Company in turn manages these funds as per the mandate provided to them by the trustees and the asset
allocation which is within the permissible limits prescribed in the insurance regulations. Due to the restrictions in
the type of investments that can be held by the fund, it is not possible to explicitly follow an asset liability matching
strategy.

There is no compulsion on the part of the Company to fully prefund the liability of the Plan. The Company's philosophy
is to fund these benefits based on its own liquidity and the level of underfunding of the plan.

(xv) The Company's expected contribution during next year is ' 40.00 Crores (March 31, 2025 ' Nil).

(d) Provident Fund:

The Company is liable for any shortfall in the fund assets based on the Government specified rate of return. Such
shortfall, if any, is recognised in the Statement of Profit and Loss as an expense in the year of incurring the same.

Amount recognized as an expense under the head "Contribution to Provident and other Funds" of Statement of Profit
and Loss ' 176.09 Crores (March 31, 2025'122.08 Crores).

The actuary has provided for a valuation and based on the below provided assumptions there is ' 44.10 Crores shortfall
as at March 31, 2026 (March 31, 2025 : Nil). This shortfall has been provided for by the Company.

(e) Contribution to Other Funds:

Amount recognized as an expense under the head "Contribution to Other Funds" of Statement of Profit and Loss
' 41.17 Crores (March 31, 2025: ' 36.16 Crores).

{B} Amount recognized as an expense in respect of Compensated Absences is ' 68.10 Crores (March 31, 2025:

' 57.92 Crores).

{C} Amount recognized as an expense for other long-term employee benefits is ' 1.93 Crores (March 31, 2025: ' 1.71 Crores).

Note 38 Segment Reporting (Ind AS 108):

The Company has presented segment information in the consolidated financial statements. Accordingly, as per Ind AS 108
'Operating Segments', no disclosures related to segments are presented in these financial statements.

Based on the recommendation of the Nomination, Remuneration and Compensation Committee, all decisions
relating to the remuneration of the Directors are taken by the Board of Directors of the Company, in accordance with
shareholders' approval, wherever necessary.

Terms and Conditions of transactions with Related Parties:

The sales to and purchases from related parties including property, plant and equipment are made in the normal
course of business and on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at
the year-end are unsecured and interest free and settlement occurs in cash.

As per Ind AS 36, An entity shall assess at the end of each reporting period whether there is any indication that an
asset may be impaired. If any such indication exists, the entity shall estimate the recoverable amount of the asset.

During the year ended March 31, 2026, the Company has recorded an impairment of ' 23.03 Crs on investment done
in UltraTech Cement Lanka Private Limited.

This assessment is undertaken each financial year through examining the financial position of the related party and
the market in which the related party operates.

(D) Fair Valuation:

1,13,847 share options were granted during the year. Weighted Average Fair value of the options granted during the
year is ' 4,526.59 per share (March 31, 2025'5,746.70 per share).

The fair value of option has been done by an independent firm of Chartered Accountants on the date of grant using
the Black-Scholes-Merton Model / Binomial Tree Model.

Note 45 (B) Fair Value measurements (Ind AS 113):

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in an orderly transaction in the principal (or most advantageous) market at measurement date under the
current market condition regardless of whether that price is directly observable or estimated using other valuation
techniques.

The Company has established the following fair value hierarchy that categorizes the values into 3 levels. The inputs to
valuation techniques used to measure fair value of financial instruments are:

Level 1: This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities. The fair value of
all bonds which are traded in the stock exchanges is valued using the closing price or dealer quotations as at the reporting
date.

Level 2: The fair value of financial instruments that are not traded in an active market (For example traded bonds, over the
counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely
as little as possible on company specific estimates. The mutual fund units are valued using the closing Net Asset Value. If
all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.

The management assessed that cash and bank balances, trade receivables, loans, trade payables, cash credits, commercial

papers and other financial assets and liabilities approximate their carrying amounts largely due to the short-term

maturities of these instruments.

The following methods and assumptions were used to estimate the fair values:

(a) The fair values of the quoted investments/units of mutual fund schemes are based on market price/net asset value at
the reporting date.

(b) The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on
observable yield curves and an appropriate discount factor.

(c) The fair value of forward foreign exchange contracts is calculated as the present value determined using forward
exchange rates and interest rate curve of the respective currencies.

(d) The fair value of currency swap is calculated as the present value determined using forward exchange rates, currency
basis spreads between the respective currencies, interest rate curves and an appropriate discount factor.

(e) The fair value of the remaining financial instruments is determined using discounted cash flow analysis. The discount
rates used is based on management estimates.

Note 46 Financial Risk Management Objectives (Ind AS 107):

The Company's principal financial liabilities, other than derivatives, comprises of borrowings, trade and other payables.

The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial
assets, other than derivatives include trade and other receivables, investments and cash and cash equivalents that derive
directly from its operations.

The Company's activities expose it to market risk, liquidity risk and credit risk. The Company's overall risk management
focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial
performance of the Company. The Company uses derivative financial instruments, such as foreign exchange forward
contracts, foreign currency option contracts, principal only swaps, cross currency swaps that are entered to hedge foreign
currency risk exposure, interest rate swaps, coupon only swaps to hedge variable interest rate exposure and commodity
fixed price swaps to hedge commodity price risks. Derivatives are used exclusively for hedging purposes and not as
trading or speculative instruments.

The Company has standard operating procedures and investment policy for deployment of surplus liquidity, which allows
investment in debt securities, fixed deposits and mutual fund schemes of debt categories only and restricts the exposure
in equity markets.

Compliances of these policies and principles are reviewed by the internal auditors/internal risk management committee on
periodical basis.

The Corporate Treasury team updates the Audit Committee on a quarterly basis about the implementation of the above
policies. It also updates the Risk Management Committee of the Company on periodical basis about the various risks to
the business and status of various activities planned to mitigate the risks.

(I) Market Risk:

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the
price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest
rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect
market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including
investments and deposits, foreign currency receivables, payables and borrowings.

(A) Foreign Currency Risk:

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign
currency, which fluctuate due to changes in foreign exchange rates. The Company's exposure to the risk of
changes in foreign exchange rates relates primarily to the foreign currency borrowings, import of fuels, raw
materials and spare parts, capital expenditure, exports of cement and the Company's net investments in foreign
subsidiaries.

When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of those
derivatives to match the terms of the hedged exposure.

The Company evaluates exchange rate exposure arising from foreign currency transactions. The Company
follows established risk management policies and standard operating procedures. It uses derivative instruments
like foreign currency swaps, options and forwards to hedge exposure to foreign currency risk.

(B) Interest rate risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates
relates primarily to the Company's borrowing with floating interest rates. For all long-term borrowings with
floating rates, the risk of variation in the interest rates is mitigated through interest rate swaps. The Company
constantly monitors the credit markets and rebalances its financing strategies to achieve an optimal maturity
profile and financing cost.

(B) Cash Flow Hedges:

The Company has foreign currency external commercial borrowings and to mitigate the risk of foreign currency
and floating interest rates the Company has taken forward contracts, currency options, currency swaps, interest
rates swaps and principal only swaps. The Company is following hedge accounting for all the foreign currency
borrowings raised on or after April 01, 2015 based on qualitative approach.

The Company assesses hedge effectiveness based on following criteria:

(i) an economic relationship between the hedged item and the hedging instrument;

(ii) the effect of credit risk; and

(iii) Assessment of the hedge ratio

The Company designates the derivatives to hedge its currency risk and generally applies a hedge ratio of 1:1.

The Company's policy is to match the critical terms of the forward exchange contracts to match with the
hedged item.

As per simplified approach, the Company makes provision of expected credit losses on trade receivables using a
provision matrix to mitigate the risk of default payments and makes appropriate provision at each reporting date
wherever outstanding is for longer period and involves higher risk.

As per policy, receivables are classified into different buckets based on the overdue period ranging from 6 months -
one year to more than two years. There are different provisioning norms for each bucket which are ranging from
25% to 100%.

Investments, Derivative Instruments, Cash and Cash Equivalent and Deposits with Banks/Financial Institutions

Credit Risk on cash and cash equivalent, deposits with the banks / financial institutions is generally low as the
said deposits have been made with the banks / financial institutions who have been assigned high credit rating by
international and domestic rating agencies.

Credit Risk on Derivative Instruments are generally low as Company enters into the Derivative Contracts with the
reputed Banks and Financial Institutions.

Investments of surplus funds are made only with approved Financial Institutions / Counterparty. Investments
primarily include investment in units of mutual funds, quoted Bonds, Non-Convertible Debentures issued by
Government / Semi Government Agencies / PSU Bonds / High Investment grade corporates etc. These Mutual Funds
and Counterparties have low credit risk.

Total Non-current and current investments excluding Subsidiaries, Joint Ventures and Associates as on March 31,
2026 is ' 5,018.38 Crores (March 31, 2025'3,503.92 Crores).

Financial Guarantees

The Company has given corporate guarantees amounting to ' Nil Crores (March 31, 2025'2,155.67 Crores) in favour
of its subsidiaries and joint ventures (Refer note 33 (c)).

(III) Liquidity risk management:

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at
reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities
and the availability of funding through an adequate amount of credit facilities to meet obligations when due.

The Company's treasury team is responsible for liquidity, funding as well as settlement management. In addition,
processes and policies related to such risks are overseen by senior management. Management monitors the
Company's liquidity position through rolling forecasts on the basis of expected cash flows.

5. Inventory Turnover Ratio (in times) = Sale of Products and Services/Average Inventory

6. Trade Receivables turnover Ratio (in times) = Sale of Products and Services/Average Trade Receivable

7. Trade Payables turnover Ratio (in times) = Cost of Sales/Average Trade Payable

8. Net Capital turnover ratio (in times) = Sale of Products and Services/Working Capital

9. Net profit ratio (in %) = Profit for the year/Sale of Products and Services

10. Return on Capital employed (in %) = (Profit for the year Tax Finance Costs)/(Networth Current and Non current
borrowings Deferred Tax Liability)

11. Return on Investment (in %) = Treasury Income/Weighted treasury investment

Note 49 Capital Management (Ind AS 1):

The Capital management objective of the Company is to (a) maximise shareholder value and provide benefits to other
stakeholders and (b) maintain an optimal capital structure to reduce the cost of capital.

For the purposes of the Company's capital management, capital/equity includes issued equity share capital, share
premium and all other equity.

The Company monitors capital using debt-equity ratio, which is total debt less liquid investments and bank deposits
divided by total equity.

Ratios have been calculated as follows:

1. Current Ratio (in times) = Current Assets/Current Liabilities excluding Current Borrowings

2. Debt-Equity Ratio (in times) = Total Debt/Equity

3. Debt Service Coverage Ratio (in times) = (Profit for the year Finance Costs Depreciation and Amortisation
Expense Loss/(Gain) on sale of fixed assets)/(Gross Interest Lease Payment Repayment of Long Term Debt
excluding pre-payments)

4. Return on Equity Ratio (in %) = Profit for the year/Average Net worth

Note 50 Research and Development:

Revenue expenditure on Research and Development included in different heads of expenses in the Statement of Profit
and Loss is ' 15.38 Crores (March 31, 2025'15.13 Crore).

Note 52 Government Grant (Ind AS 20):

(a) Other Operating Revenues include Incentives against capital investments, under State Investment Promotion
Scheme of ' 571.69 Crores (March 31, 2025'646.78 Crores).

(b) Sales Tax/ VAT/ GST/ Deferment loan granted under State Investment Promotion Scheme has been considered as a
government grant and the difference between the fair value and nominal value as on date is recognised under other
operating income. Accordingly, an amount of ' 44.36 Crores (March 31, 2025'48.50 Crores) has been recognised as
an income. Every year change in fair value is accounted for as an interest expense.

Note 53 Asset Held for Sale (Ind AS 105):

The Company has identified certain assets which are not useful anymore as they are not productive and are not giving the

desired results like Land, Diesel Generator Sets etc. which are available for sale in its present condition. The Company is

committed to plan the sale of asset and an active programme to locate a buyer and complete the plan have been initiated.

The Company expects to dispose off these assets in the due course.

Note 54 Revenue from Contract with Customers (Ind AS 115):

(A) The Company is primarily engaged in the manufacturing, marketing and distribution of building materials and providing
complete building solutions and support services. The product shelf life being short, all sales are made at a point in time
and revenue recognised upon satisfaction of the performance obligations which is typically upon dispatch/ delivery. The
Company has a credit evaluation policy based on which the credit limits for the trade receivables are established, the
Company does not give significant credit period resulting in no significant financing component. The Credit period on
an average ranges from 15 to 60 days.

Note 55

As per the Scheme of Arrangement between Jaiprakash Associates Limited (""JAL"") and the Company (the ""Parties"")
for acquisition of certain cement plants from JAL, as approved by the National Company Law Tribunal at Mumbai and
Allahabad, the Company issued and placed in escrow 1,00,000 Series A Redeemable Preference Shares of face value
Rs. 1,00,000 each (""Series A RPS"") on 27th June, 2017, to be released upon satisfaction of conditions relating to the
Dalla Super unit and mines situated in Uttar Pradesh.

Due to certain disputes between the Parties, the matter was referred to arbitration. Subsequent to the Parties reaching
a settlement in respect of the arbitration and the Arbitral Tribunal passing a final award on 26th March, 2026, all rights
and interests in the Dalla Super unit and mines have fully vested in the Company and all claims / proceeds and liabilities
relating the Series A RPS fully discharged on 2nd April, 2026.

Note 58 Acquisition of The Birla White WallCare Private Limited (BWWPL):

The Board of Directors of the Company, at its meeting held on April 3, 2025, approved the acquisition of 6,42,40,000
equity shares of '10 each ("Sale Shares") of Birla White WallCare Private Limited (formerly known as Wonder WallCare
Private Limited) ("Birla White WallCare"), a company engaged in the manufacture of wall putty and related products, for an
enterprise value of ' 234.43 Crores.

The Company completed the acquisition on May 29, 2025. Consequently, Birla White WallCare Private Limited became a
wholly-owned subsidiary of the Company with effect from May 29, 2025.

The acquisition of BWWPL reinforces the Group's leadership in the wall putty and value-added products segment. The
acquisition includes state-of-the-art manufacturing facility with an annual capacity of 6,00,000 MT for wall putty and
related products located at Rajsamand in the state of Rajasthan. The plant is situated at the pithead of large high quality
raw material reserves, and in close proximity to the Company's existing putty manufacturing facilities in Rajasthan.
Constructed in 2022-23, this plant is one of the largest single location putty manufacturing sites in India, with a capability
to ramp up its capacities in future thus helping the Company to expand its putty and Value-Added Products' production
capacity, in the highly competitive and fragmented putty manufacturing market in India.

Note 59 Acquisition of The India Cements Limited (INDIACEM):

On December 24, 2024, the Company completed the acquisition of control over India Cements Limited (INDIACEM)
through a step acquisition. Initially, on June 27, 2024, the Company acquired a non-controlling stake of 7,05,64,656 equity
shares representing 22.77% of the equity share capital of INDIACEM. Subsequently on December 24, 2024, the Company
acquired an additional 10,13,91,231 equity shares representing 32.72% of the equity share capital of INDIACEM; thereby
the Company's total shareholding increased to 17,19,55,887 equity shares representing 55.49% of INDIACEM's equity
share capital, resulting in INDIACEM becoming a subsidiary of the Company with effect from December 24, 2024. The
Company also has become the promoter of INDIACEM in accordance with the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

As required under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011 ("SEBI Takeover Regulations"), following the acquisition of control, the Company was obligated to make
a public open offer to the remaining shareholders of INDIACEM. The open offer was successfully completed on January
21, 2025, with a final acquisition of 8,05,73,273 equity shares representing 26% of the shares of INDIACEM under the open
offer at price of ' 390/- per share. Total shareholding of the Company in INDIACEM post-acquisition of shares from public
shareholders through open offer accumulate to 25,25,29,160 equity shares representing 81.49%.

For the non-controlling stake of 22.77% acquired on June 27, 2024, the Company did not execute significant influence
or control over decision of INDIACEM so it was not being construed as an Associate company. Thus, the Company
measured this equity investment as per Indian Accounting Standard 109 - Financial Instruments (Ind AS 109) and at initial
recognition, made an irrevocable election to present in Other Comprehensive Income (OCI) subsequent changes in its fair
value.

India Cements has a total capacity of 14.45 mtpa of grey cement. Of this, 12.95 mtpa is in the South and 1.5 mtpa is in
Rajasthan. The acquisition of controlling stake in INDIACEM provides the Company an opportunity to extend its footprint
and presence in the highly fragmented, competitive and fast-growing Southern market in the country. This will also create

value for shareholders on account of operational efficiencies arising out of ready to use assets reducing time to markets,
availability of land and mining leases leading to overall operating costs advantage.

Pursuant to completion of the Open Offer, the shareholding of the public shareholders in INDIACEM has fallen below the
minimum public shareholding requirement as per Rule 19A of the SCRR read with SEBI (LODR) Regulations.

Pursuant to obtaining control, the Company has accounted the fair value of the assets acquired and liabilities as at the
acquisition date as per the requirements of Ind AS 103.

During the year ended March 31, 2026, the Company sold 2,01,12,330 equity shares representing 6.49% of equity share
capital of INDIACEM through an offer for sale conducted via the Stock Exchange Mechanism in accordance with SEBI's
Master Circular No. SEBI/HO/MRDPoD2/CIR/P/2024/00181 dated December 30, 2024.

As a result of the above, the Company's shareholding in INDIACEM now stands at 74.99% of INDIACEM's equity share
capital.

Note 60 Other Statutory Information:

(i) As on March 31, 2026 there is no unutilised amounts in respect of any issue of securities and long term borrowings from
banks and financial institutions. The borrowed funds have been utilised for the specific purpose for which the funds
were raised.

(ii) The Company does not have any charges or satisfaction, which is yet to be registered with Registrar of Companies
beyond the statutory period.

(iii) The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies
Act read with the Companies (Restriction on number of Layers) Rules, 2017.

(iv) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Com
pany for holding any Benami property.

(v) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(vi) The Company has not advanced or loaned or invested funds (either from borrowed funds or share premium or any other
sources or kind of funds) to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Company ("Ultimate Beneficiaries"); or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vii) The Company has not received any funds from any person(s) or entity(ies), including foreign entities ("Funding Parties"),
with the understanding, whether recorded in writing or otherwise, that the Company shall:

(a) directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Parties ("Ultimate Beneficiaries"); or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(viii) The Company has not surrendered or disclosed any such transaction which is not recorded in the books of account as
income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other
relevant provisions of the Income Tax Act, 1961).

Note 61 Changes in Indian Accounting Standards:

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies

(Indian Accounting Standards) Rules as issued from time to time.

For the year ended March 31, 2026, MCA notified amendments to

(a) Ind AS 21 - The Effects of Changes in Foreign Exchange Rates, applicable w.e.f. April 1, 2025.

(b) Ind AS 1, Presentation of Financial Statements, applicable w.e.f. April 1, 2025 - The amendment relates to
classification of liabilities as current or non-current and non-current liabilities with covenants. In the context of
classifying a liability as current, it removes the requirement of existence of a right to defer settlement for at least

12 months after the reporting date and instead requires that the said right should exist on the reporting date and have
substance. The amendment also introduces guidance on classification of liabilities with covenants.

(c) Ind AS 7, Statement of Cash Flows and Ind AS 107, Financial Instruments: Disclosures, applicable w.e.f. April 1, 2025 -
The amendment in Ind AS 7 requires to inform users of financial statements of the existence of supplier finance
arrangements and explain the nature of the arrangements, the carrying amount of liabilities and the range of
payment due dates. Ind AS 107 has been amended to add supplier finance arrangements as a factor that may cause
concentration of liquidity risk.

(d) Ind AS 12, International Tax Reform - Pillar Two Model Rules applicable immediately - The amendments provide a
temporary mandatory relief from deferred tax accounting for top-up tax and disclose that they have applied the relief.
The Company has reviewed the amendment and based on its evaluation has determined that it does not have any
significant impact in its financial statements.