Provisions, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a legal or constructive
obligation as a result of past events and it is probable that there will be an outflow of resources and a reliable estimate
can be made of the amount of obligation.

Provisions are not recognized for future operating losses. The amount recognized as a provision is the best estimate of
the consideration required to settle the present obligation at the end of the reporting period, taking into account the
risks and uncertainties surrounding the obligation.

Provision for onerous contracts. i.e. contracts where the expected unavoidable cost of meeting the obligations under
the contract exceed the economic benefits expected to be received under it, are recognized when it is probable that
an outflow of resources embodying economic benefits will be required to settle a present obligation as a result of an
obligating event based on a reliable estimate of such obligation.

Provision is made for costs associated with dismantling of the property, plant and equipment. Such dismantling costs are
normally incurred at the end of the estimated useful life of the assets. These costs are assessed by the management on an
annual basis and are capitalized to the respective block of assets. A corresponding provision is created for the said costs.

The capitalized asset is charged to the statement of profit and loss over the life of the operation through the depreciation
of the asset and the provision is increased each period via unwinding the discount on the provision.

Contingent liabilities are not recognized and are disclosed by way of notes to the financial statements 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 Group or when there is a present
obligation that arises from past events where it is either not probable that an outflow of resources will be required to
settle the same or a reliable estimate of the amount in this respect cannot be made.

Contingent assets are not recognized but disclosed in the Financial Statements by way of notes to accounts when an
inflow of economic benefits is probable.

2.11 Cash and cash equivalents:

Cash comprises cash on hand, in bank and demand deposits with banks. The Company considers all highly liquid
financial instruments, which are readily convertible into cash and have original maturities of three months or less from
the date of purchase, to be cash equivalents. Such cash equivalents are subject to insignificant risk of changes in value.

Cash flows are reported using indirect method, whereby profit / (loss) after tax is adjusted for the effects of transaction
of non- cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from
Operating, investing and financing activities of the Company are segregated based on the available information.

2.12 Revenue:

Revenue is recognised to the extent that it is highly probable that the economic benefits will flow to the Company and
the revenue can be reliably measured, regardless of when the payment is being made.

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 on account of various discounts and schemes offered by the Company as part of the contract
and excluding taxes or duties collected on behalf of the Government.

The Company recognises revenue for supply of goods to customers against orders received. The majority of contracts
that Company enters into relate to sales orders containing single performance obligations for the delivery of products
as per Ind AS 115. Product revenue is recognised when control of the goods is passed to the customer. The point at which
control passes is determined based on the terms and conditions by each customer arrangement, but generally occurs on
delivery to the customer. Revenue is not recognised until it is highly probable that a significant reversal in the amount
of cumulative revenue recognised will not occur.

With respect to contracts where revenue is recognised over time, the Company measures the value of services for
which control is transferred to the customer over time based on certification of work completed. In cases where the
work performed till the reporting date has not reached the milestone specified in the contract, the Company recognises
revenue only to the extent that it is highly probable that the customer will acknowledge the same.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense
in the Statement of Profit and Loss in the period in which such probability occurs. Due to the uncertainties attached, the
revenue on account of extra claims are accounted for at the time of acceptance / settlement by the customers.

Revenue earned but not billed to customers against erection contracts is reflected as "Contract assets” under "Other
financial assets”. Billings on incomplete contracts in excess of accrued costs and accrued profits are included in other
current liabilities as "Contract liabilities”.

Due to the uncertainties attached, the revenue on account of extra claims are accounted for at the time of acceptance/
settlement by the customers.

Interest, Dividend and Claims:

Dividend income is recognized when the right to receive payment is established. Interest has been accounted using
effective interest rate method. Insurance claims/ other claims are accounted as and when admitted /settled.

Export Benefits:

Export benefits arising on account of entitlement for duty free imports are accounted for through import of materials.
Other export benefits are accounted for as and when the ultimate realisability of such benefits are established.

Government grants, subsidies and export incentives:

Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant
will be received and the Company will comply with all attached conditions. Government grants relating to income are
deferred and recognized in the profit or loss over the period necessary to match them with the costs that they are
intended to compensate and presented within other income. Government grants relating to the purchase of property,
plant and equipment are included in non-current liabilities as deferred income and are credited to profit or loss on a
straight-line basis over the expected lives of the related assets and presented within other income.

Income from sales tax and power incentives are recognized on accrual basis, when the right to receive the credit is
established and there is no significant uncertainty regarding the ultimate collection.

2.13 Property, plant and equipment:

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly
attributable to the acquisition are capitalized until the property, plant and equipment are ready for use, as intended by
management.

The Company depreciates property, plant and equipment over their estimated useful lives using the straight-line method
as per the useful life prescribed in Schedule II to the Companies Act, 2013. Depreciation methods, useful lives and residual
values are reviewed periodically including at each financial year-end.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are
expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item
of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount
of the asset and is recognized in other income in the statement of profit or loss.

The cost of a self-constructed item of property, plant and equipment comprises the cost of materials, direct labour
and any other costs directly attributable to bringing the item to its intended working condition and estimated costs of
dismantling, removing and restoring the site on which it is located, wherever applicable.

2.14 Depreciation and Amortization

Depreciation on Property, Plant and Equipment except as stated below, is provided as per Schedule II of the Companies
Act, 2013 on straight line method. Depreciation on upgradation of Property, Plant and Equipment is provided over the
remaining useful life of the assets.

No depreciation is charged on Freehold land.

Depreciation on Property, Plant and Equipment commences when the assets are ready for their intended use. Based on
above, the useful lives as estimated for other assets considered for depreciation are as follows:

2.15 Intangibles assets

Intangible assets are stated at cost comprising of purchase price inclusive of duties and taxes less accumulated amount
of amortization and impairment losses. Such assets are amortized over the useful life using straight line method and
assessed for impairment whenever there is an indication of the same.

Cost of computer software packages (ERP and others) allocated/amortized over a period of 10 years/ 5 years. License
fees, over the duration of license or 10 years whichever is less.

Depreciation methods, useful lives and residual values are reviewed, and adjusted as appropriate, at each reporting date.

2.16 De-recognition of Tangible and Intangible assets

An item of PPE is de-recognized upon disposal or when no future economic benefits are expected to arise from its use
or disposal. Gain or loss arising on the disposal or retirement of an item of PPE is determined as the difference between
the sales proceeds and the carrying amount of the asset and is recognized in the Statement of Profit and Loss.

2.17 Impairment of Tangible and Intangible Assets

Tangible and intangible assets are reviewed at each balance sheet date for impairment. In case events and circumstances
indicate any impairment, recoverable amount of assets is determined. An impairment loss is recognized in the statement
of profit and loss, whenever the carrying amount of assets either belonging to Cash Generating Unit (CGU) or otherwise
exceeds recoverable amount. The recoverable amount is the higher of assets' fair value less cost of disposal and its
value in use. In assessing value in use, the estimated future cash flows from the use of the assets are discounted to their
present value at appropriate rate.

Impairment losses recognized earlier may no longer exist or may have come down. Based on such assessment at each
reporting period the impairment loss is reversed and recognized in the Statement of Profit and Loss. In such cases the
carrying amount of the asset is increased to the lower of its recoverable amount and the carrying amount that have
been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years.

2.18 Employee benefit plans:

Employee benefits include provided fund, superannuation fund, employee's state insurance scheme, gratuity and
compensated absences.

Post Employment Obligations:

Defined Contribution Plans:

Contributions in respect of Employees Provident Fund and Pension Fund which are defined contribution schemes, are
made to a fund administered and managed by the Government of India and are charged as an expense based on the
amount of contribution required to be made and when service are rendered by the employees.

Contributions under the superannuation plan which is a defined contribution scheme, are made to a fund administered
and managed by the Life Insurance Corporation of India and are charged as an expense based on the amount of
contribution required to be made and when services are rendered by the employees.

Defined benefit plans Gratuity:

The Company accounts for its liability towards Gratuity based on actuarial valuation made by an independent actuary
as at the balance sheet date using projected unit credit method. The liability recognized in the balance sheet in respect
of the gratuity plan is the present value of the defined benefit obligation at the end of the reporting period less the fair
value of the plan assets.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by
reference to market yields at the end of the reporting period on government bonds that have terms approximating to
the terms of the related obligation. The net interest cost is calculated by applying the discount rate to the net balance
of the defined obligation and the fair value of plan assets. This cost is included in the employee benefit expense in
the statement of profit and loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive income. Changes
in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized
immediately in the statement of profit and loss as past service cost.

Compensated absences:

The employees of the Company are entitled to compensated absences. The employees can carry forward a portion of
the unutilized accrued compensated absence and utilize it in future periods or receive cash compensation at retirement
or termination of employment for the unutilized accrued compensated absence. The Company records an obligation for
compensated absences in the period in which the employee renders the services that increase this entitlement. The
Company measures the expected cost of compensated absence based on actuarial valuation made by an independent
actuary as at the balance sheet date on projected unit credit method.

Other short-term employee benefits:

Other Short-term employee benefits, including performance incentives expected to be paid in exchange for the services
rendered by employees are recognized during the period when the employee renders service.

2.19 Financial instruments

a. Derivative Financial Instruments:

The Company enters into derivative financial instruments to manage its exposure to foreign exchange rate risks,
including foreign exchange forward contracts.

Derivatives are initially recognized 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
recognized in profit or loss immediately unless the derivative is designated and effective as a hedging instrument,
in which event the timing of the recognition in profit or loss depends on the nature of the hedging relationship and
the nature of the hedged item.

b. De-recognition of financial assets and liabilities
Financial assets:

The Company de-recognizes 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 retains substantially all the risks and rewards of ownership of a transferred financial asset, the
Company continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds
received.

On de-recognition of a financial asset in its entirety, 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 recognized in other
comprehensive income and accumulated in equity is recognized in profit or loss if such gain or loss would have
otherwise been recognized in profit or loss on disposal of that financial asset.

Financial liabilities:

The Company de-recognizes 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 derecognized and
the consideration paid and payable is recognized in profit or loss.

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 realize the asset and settle the liability simultaneously.

c. Foreign exchange gains and losses:

• For foreign currency denominated financial for foreign currency denominated financial assets measured at
amortized cost and FVTPL, the exchange differences are recognized in profit or loss except for those which are
designated as hedging instruments in a hedging relationship.

• Changes in the carrying amount of investments in equity instruments at FVTOCI relating to changes in foreign
currency rates are recognized in other comprehensive income.

• For the purposes of recognizing foreign exchange gains and losses, FVTOCI debt instruments are treated
as financial assets measured at amortized cost. Thus, the exchange differences on the amortized cost are
recognized in profit or loss and other changes in the fair value of FVTOCI financial assets are recognized in
other comprehensive income.

• For financial liabilities that are denominated in a foreign currency and are measured at amortized cost at the
end of each reporting period, the foreign exchange gains and losses are determined based on the amortized
cost of the instruments and are recognized in the statement of profit and loss.

• The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency
and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured at
FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognized in profit
or loss.

2.20 Determination of fair values:

In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that
are based on market conditions and risks existing at each reporting date. The methods used to determine fair value
include discounted cash flow analysis, available quoted market prices and dealer quotes. All methods of assessing fair
value result in general approximation of value, and such value may never actually be realized.

2.21 Impairment of assets

a. Financial assets:

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are
not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component
is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured
at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial
recognition in which case those are measured at lifetime ECL. The amount of expected credit losses (or reversal)
that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized
is recognized as an impairment gain or loss in profit or loss.

For trade receivables only, the Company applies the simplified approach permitted by Ind AS 109 Financial
Instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The
provision matrix is based on its historically observed default rates over the expected life of the trade receivable and
is adjusted for forward looking estimates. The ECL loss allowance (or reversal) during the year is recognized in the
statement of profit and loss.

b. Non-financial assets:

Intangible assets, intangible assets under development and property, plant and equipment

Intangible assets, intangible assets under development and property, plant and equipment are evaluated for
recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be
recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost
to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash
flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined
for the CGU to which the asset belongs. Intangible assets under development are tested for impairment annually.

If such assets are considered to be impaired, the impairment to be recognized in the Statement of Profit and Loss is
measured by the amount by which the carrying value of the asset exceeds the estimated recoverable amount of the
asset. An impairment loss is reversed in the statement of profit and loss if there has been a change in the estimates
used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable
amount, provided that this amount does not exceed the carrying amount that would have been determined (net of
any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.

c. Non-current Investments:

At each balance sheet date, the Company assesses whether there is any indication that an investment may be
impaired. If any such indication exists, the Company estimates the recoverable amount. If the carrying amount of the
investment exceeds its estimated recoverable amount, an impairment loss is recognized in the Statement of Profit
and Loss to the extent the carrying amount exceeds recoverable amount. The recoverable amount is the higher of
an investment's fair value less costs of disposal and value in use.

2.22 Government Grants:

Government grants are not recognized until there is reasonable assurance that the Company will comply with the
conditions attached to them and that the grants will be received. Government grants are recognized in the Statement of
Profit and Loss on a systematic basis over the periods in which the Company recognizes as expenses the related costs
for which the grants are intended to compensate.

The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured as the
difference between proceeds received and the fair value of the loan based on prevailing market interest rates.

2.23 Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies the directors of the Company are required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and future periods.

Critical judgements in applying accounting policies

The following are the critical judgements, apart from those involving estimations, that the directors have been made in
the process of applying the Company's accounting policies and that have the most significant effect on the amounts
recognized in the financial statements.

Revenue recognition

In making their judgement, the management considered the detailed criteria for the recognition of revenue from the sale
of goods set out in Ind AS 115 and, in particular, whether the Company had transferred control over the goods to the
buyer.

Key sources of estimation uncertainty

Information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that
have the most significant effect on the amounts recognized in the financial statements is included in the following notes:

2.24 Operating Cycle

Based on the nature of products / activities of the Company and the normal time between acquisition of assets and their
realisation in cash or cash equivalents, the Company has determined its operating cycle for the purpose of its assets
and liabilities as current and non-current.

2.25 Standards (including amendment) issued but not yet effective:

The Ministry of Corporate Affairs ("MCA") has notified Companies (Indian Accounting Standard) Amendment Rules, 2023
dated March 31, 2023 to amend certain Ind ASs which are effective from April 01, 2023. Below is a summary of such
amendments:

(i) Disclosure of Accounting Policies - Amendment to Ind AS 1 Presentation of financial statements:

The MCA issued amendments to Ind AS 1, providing guidance to help entities meet the accounting policy disclosure
requirements. The amendments aim to make accounting policy disclosures more informative by replacing the
requirement to disclose 'significant accounting policies' with 'material accounting policy information'. The
amendments also provide guidance under what circumstance, the accounting policy information is likely to be
considered material and therefore requiring disclosure.

The amendments are effective for annual reporting periods beginning on or after April 01, 2023. The Company
is currently revisiting their accounting policy information disclosures to ensure consistency with the amended
requirements.

(ii) Definition of Accounting Estimates - Amendments to Ind AS 8 Accounting policies, changes in accounting estimates
and errors:

The amendment to Ind AS 8, which added the definition of accounting estimates, clarifies that the effects of a
change in an input or measurement technique are changes in accounting estimates, unless resulting from the
correction of prior period errors. These amendments clarify how entities make the distinction between changes in
accounting estimate, changes in accounting policy and prior period errors. The distinction is important, because
changes in accounting estimates are applied prospectively to future transactions and other future events, but
changes in accounting policies are generally applied retrospectively to past transactions and other past events as
well as the current period.

The amendments are effective for annual reporting periods beginning on or after April 01, 2023. The amendments
are not expected to have a material impact on the Company's financial statements.

(iii) Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to Ind AS 12 Income
taxes:

The amendment to Ind AS 12, requires entities to recognise deferred tax on transactions that, on initial recognition,
give rise to equal amounts of taxable and deductible temporary differences. They will typically apply to transactions
such as leases of lessees and decommissioning obligations and will require the recognition of additional deferred
tax assets and liabilities.

The amendment should be applied to transactions that occur on or after the beginning of the earliest comparative
period presented. In addition, entities should recognise deferred tax assets (to the extent that it is probable that
they can be utilised) and deferred tax liabilities at the beginning of the earliest comparative period for all deductible
and taxable temporary differences associated with:

• right-of-use assets and lease liabilities, and

• decommissioning, restoration and similar liabilities, and the corresponding amounts recognised as part of the
cost of the related assets.

The cumulative effect of recognising these adjustments is recognised in retained earnings, or another component of
equity, as appropriate. Ind AS 12 did not previously address how to account for the tax effects of on-balance sheet
leases and similar transactions and various approaches were considered acceptable. Some entities may have already
accounted for such transactions consistent with the new requirements. These entities will not be affected by the
amendments.

The Company is currently assessing the impact of the amendments.

(iv) The other amendments to Ind AS notified by these rules are primarily in the nature of clarifications.