(i) During the earlier years, the Company invested an amount of ' 6168 lakhs in the financial year ended 31st March, 2016 and ' 2000 lakhs in the financial year ended 31st March, 2015 by subscription to the rights issue of equity shares of Raymond Luxury Cottons Limited (RLCL) a Subsidiary of the Company, enhancing the Company's shareholding from 62% to 75.69%.

In the year 2012-13, Cotonificio Honegger S.p.A ('CH'), Italy, the erstwhile JV partner with Raymond Limited through one of its joint venture Company in India, Raymond Luxury Cottons Limited (RLCL) (Erstwhile known as Raymond Zambaiti Limited), had submitted request for voluntary winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this, RLCL as at 31st March, 2013, had provided for its entire accounts receivable from CH of USD 1255058 and Euro 612831, equivalent Indian Rupee aggregating ' 1122.24 lakhs. In the year 2013-14, RLCL had put up its claim of receivable from CH of ' 1122.24 lakhs before the Judicial Commissioner of the Composition (the Commissioner) appointed by the Court of Bergamo, Italy. In protraction of matter with Cotonificio Honegger S.p.A ('CH'), Italy, the Judicial Commissioner of the Composition ("the Commissioner") appointed by the Court of Bergamo,

Italy, has declared RLCL as unsecured creditor for the amount outstanding from 'CH'. Further 'CH' had also sought permission from the Court of Bergamo, Italy, for initiating proceeding against RLCL in India.

RLCL had received a notice dated 23 rd November, 2015 notifying that CH has filed a Petition against them before the Hon'ble Company Law Board ("CLB"), Mumbai Bench under Section 397 and 398 of Companies Act, 1956. RLCL responded to the petition filed by CH. The

CLB in its order dated 26th November, 2015 has recorded the statement made by the counsel for RLCL that CH's shareholding in RLCL shall not be reduced further and the fixed assets of RLCL also shall not be alienated till further order. Subsequently, the proceedings were transferred to the National Company Law Tribunal ("NCLT"), Mumbai bench and currently, the matter is pending before the said forum. RLCL has filed a Miscellaneous Application on 29th January, 2019 seeking part vacation of the interim order dated 26th November, 2015. The NCLT, Mumbai Bench has allowed the application filed by RLCL and had directed that the main company petition along with the application for vacating the stay be listed for hearing. The NCLT has heard the matter both side on 19th April, 2023 and passed an interim order for settlement and adjourn this matter to 9th June, 2023 for reporting settlement.

(ii) The management has considered that the losses suffered by Raymond UCO Denim Private Limited, a joint venture company (RUCO), indicate an impairment in the carrying value of the investment. In addition to the above investment, the Company also has given loans of ' 2500 lakhs (31st March, 2022- ' 2500 lakhs), interest receivable of ' 65.60 lakhs (31st March, 2022- ' 61.87 lakhs) and other receivable of ' 866.06 lakhs (31st March, 2022- ' 950.97 lakhs) as at 31st March, 2023. Accordingly, the management with the help of a valuation specialist,

has carried out an impairment assessment for the entire investment in and other receivables from RUCO, and accordingly has estimated a provision of ' Nil (31st March, 2022- ' 1000 lakhs) as diminution in the carrying value of its investment during the year.

Significant Estimates : The recoverable value of exposure in Raymond Uco Denim Private Limited is determined by an Independent Registered valuer. The Company uses judgement to select from variety of methods and make assumptions which are mainly based on market conditions existing at the end of each reporting period.

(iii) During the year ended 31st March 2020, pursuant to approval from National Company Law Tribunal (NCLT), to the JV company, Raymond UCO Denim Private Limited (RUDPL) towards reduction of its preference share capital, the investment of the Company in preference share capital of RUDPL having a carrying value of ' 8700 lakhs was settled at an aggregate consideration of ' 10 Lakhs. Accordingly,

the balance amount of ' 8690 lakhs representing reduction in preference share capital investment, had been treated as deemed equity investments in RUDPL.

(iv) The Board of Directors of the Company at its meeting held on 27th September, 2021 had approved a Scheme of Arrangement ('RAL Scheme') between the Company and Raymond Apparel Limited ('RAL' or 'Demerged Company') (earlier, wholly owned subsidiary of the Company) for demerger of the business undertaking of RAL comprising of B2C business including Apparel business (and excluding balances identified as quasi equity) as defined in the RAL Scheme, into the Company on a going concern basis. RAL Scheme was approved by the Hon'ble National Company Law Tribunal vide its order dated 23rd March, 2022. The Appointed Date was 1st April,

2021. Accordingly, the Company has accounted for the Scheme of Arrangement under the 'pooling of interests' method in accordance with Appendix C of Ind AS 103 'Business Combinations'.Pursuant to the RAL Scheme, all assets and liabilities pertaining to business undertaking of the demerged company as defined in the RAL scheme have been transferred to the Company as defined in the RAL Scheme without any consideration. Further, on 23 rd March, 2022, the balances recoverable towards ICDs, trade receivables and other financial assets, by Raymond from RAL, on implementation of the RAL Scheme, have been considered as quasi equity and hence re-classified under "Investment in subsidiaries" as "Deemed equity investment". Since, these balances will continue to be retained in RAL, on the basis of the business potential of the remaining business in RAL, the aforesaid balances are not expected to be recoverable from RAL. Accordingly, provision for impairment has been recognised. During the year, RAL has allotted 598,545,715 equity shares of face value ' 10 each, at par, against the entire amount considered as deemed equity investment (quasi equity).

(v) During the FY 2019-2020, the Mumbai Bench of National Company Law Tribunal ("NCLT") has vide its order dated 07th February, 2020 approved the Composite Scheme of Amalgamation and Arrangement between J. K. Helene Curtis Limited (JKHC), J. K. Investo Trade (India) Limited (JKIT), Raymond Consumer Care Private Limited (RCCPL), Ray Global Consumer Trading Limited (RGCTL) and Ray Universal Trading Limited (RUTL) and their respective shareholders ('the scheme'). Pursuant to said Scheme, RCCPL has been amalgamated with JKIT and FMCG business of JKHC has been transferred to JKIT. The Combined FMCG business has then been transferred to and vested in RUTL. In consideration for the transfer and vesting of the Combined FMCG Business Undertaking in RUTL, RGCTL has issued and allotted shares to all the shareholders of JKIT during the FY 2020-21.

(vi) The Company has transferred its entire shareholding in Scissors Engineering Products Limited (""SEPL""), a wholly-owned subsidiary of the Company to J K Files & Engineering Limited (""JKFE"") (Erstwhile J K Files (India) Limited), another wholly-owned subsidiary of the Company at Nil consideration. The transfer of shares in SEPS to JKFE has been considered as 'deemed equity investment in J K Files & Engineering Limited'(""JKFE"") in earlier year.

The Board of Directors of the Company at its meeting held on 27 September 2021 had approved the consolidation of the Tools &

Hardware business carried out by JK Files & Engineering Limited (Formerly known as JK Files (India) Limited) (wholly owned subsidiary of the Company, ""JKFEL"") and Auto Components business carried out by Ring Plus Aqua Limited (step down subsidiary of the Company), During the year ended 31 March 2022, the Company had transferred its entire shareholding in Scissors Engineering Products Limited (holding company of Ring Plus Aqua Limited and wholly owned subsidiary of the Company) to JK Files & Engineering Limited (Formerly known as JK Files (India) Limited) by way of delivery under Section 123 of the Transfer of Property Act, 1882. Further, JKFEL had filed the Draft Red Herring Prospectus (DRHP) and Updated DRHP with the Securities and Exchange Board of India (SEBI) on 9 December 2021 and 4 April 2022, respectively, for an Initial Public Offer {''IPO""} comprising of an Offer for Sale ('OFS').

Based on the prevalent market conditions continuing to be restrained, with the validity of the Updated DRHP filed with SEBI becoming time barred during the year ended 31 March 2023, it was considered more favourable to defer further pursuit of JKFEL IPO, at present. Accordingly, the Company has recognised the expenses incurred towards the IPO process in the statement of Profit and Loss during the current year.

(vii) During the previous year, JK Files & Engineering Limited has sub-divided its equity share capital having face value of '10 to face value of

' 2 per share and also issued bonus shares to the existing shareholders of the Company in the ratio of 1:5 i.e., 1 equity share of face value of ' 2/- each for every 5 equity shares of face value of ' 2/-.

Imported garments were fully exempted from payment of CVD under Notification No. 30/2004- C.E. dated 09th July 2004, subject to the condition that no CENVAT Credit has been availed on the inputs or on capital goods. However, during the relevant period (Financial year ended 31 March 2011 to 31 March 2014), there was a dispute between the importers and the Customs Department regarding the applicability of the said benefit and the fulfillment of the aforesaid condition. The Customs Department had taken a view that the condition of "where NO CENVAT credit has been availed on the inputs by suppliers" was not applicable on the imported goods and accordingly, the importers were not eligible for the benefit of the said Notification. Basis the above notification, Raymond Apparel Limited had paid CVD under protest amounting to ' 2257.44 Lakhs and expensed out, during the period from 2011 to 2015.

However, Raymond Apparel Limited (business undertaking of Raymond Apparel Limited merged with Raymond Limited w.e.f. 23 March, 2022) had filed refund applications of CVD paid under protest, amounting to Rs. 2257.44 Lakhs, basis the order passed by the Hon'ble Supreme Court of India in the case of M/s. SRF Ltd. vs Commissioner of Customs, Chennai reported at 2015 (318) E.L.T. 607 (SC) on 26.03.2015 interpreted Condition No. 20 of Notification No. 06/2002-CE (Sl. No. 122). The Hon'ble Supreme Court held that importers of goods could claim benefit of such notification at the time of import for exemption from payment of CVD.

Basis as above, Raymond Apparel Limited (business undertaking of Raymond Apparel Limited merged with Raymond Limited w.e.f 23 March, 2022) has brought the said amount in the books of account as "Claim Receivables" and created a provision for an equivalent amount in financial year ended 31st March, 2019, as prudent practice.

Inventory write downs are accounted, considering the nature of inventory, ageing, liquidation plan and net realisable value. Write-downs of inventories amounted to ' 10638.70 lakhs as at 31st March, 2023 (as at 31st March, 2022 - ' 12564.89 lakhs) These write-downs were recognised as an expense and included in 'changes in inventories of finished goods, stock-in-trade, work-in-progress and property under development' in the Statement of Profit and Loss.

Out of ' 10638.72 lakhs (31 March 2022 - ' 12564.89 lakhs), ' 2164.45 lakhs (31 March 2022 - ' 2877 lakhs) were recognised as an expenses as exceptional item in statement of profit and loss.

*The balances of ' 943.82 lakhs recoverable towards trade receivables, by Raymond from RAL, on implementation of the RAL Scheme, have been considered as quasi equity and hence re-classified under "Investment in subsidiaries" as "Deemed equity investment" in previous year (refer note 5(iv) and 54).

Trade receivables include ' 2249.45 lakhs (31st March, 2022'1499.87 lakhs) for which credit risk is retained by the Company under a factoring arrangement and are net of ' 20245.02 lakhs (31st March, 2022'13498.87 lakhs) de-recognised (along with corresponding liability) on transfer 'without recourse' under a factoring arrangement. Company retains interest liability upto an agreed date on the entire amount, the costs for which are recognised as part of finance costs.

The trade receivables includes ' 974.50 lakhs (31st March, 2022'1559.03 lakhs) receivables against which bills are discounted. Under this arrangement Company has transferred the relevant receivables to the banks in exchange for cash and is prevented from selling or pledging the receivables. However, Company has retained late payment and credit risk. The Company therefore continues to recognize the transferred assets in entirety in its balance sheet. The amount repayable under the bills discounted is presented as current borrowings.

Trade receivables are generally on terms of 60 to 90 days.

Refer Note 45 for information about credit risk and market risk of trade receivables.

b) Rights, preferences and restrictions attached to shares

Equity shares: The Company has one class of equity shares having a par value of '10 per share. Each shareholder is eligible for one vote per share held. 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.

Retained Earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss. Retained earnings is a free reserve available to the Company.

Equity Instruments through other comprehensive income

The Company has elected to recognise changes in the fair value of certain investment in equity instrument in other comprehensive income. This amount will be reclassified to retained earnings on derecognition of equity instrument.

i. The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in Note 37.

ii. Security

(a) Loans repayable on demand from banks

(includes export packing Credit and short term loan and Commercial Papers )

Secured as per the consortium agreement by hypothecation of inventories, receivables, bookdebts and other current assets of the Company excluding liquid investments and assets pertaining to realty division, both present and future.

(b) Local Bills discounted with bank

Bill Discounting facility is secured against book debts, receivables, Claims and bills discounted under this facility.

iii. Quarterly statements of current assets filed by the Company with banks are in agreement with the books of accounts.

Unsatisfied performance obligations on long term real estate contracts

Revenue is recognized upon transfer of control of products or services to customers.

Long Term contracts entered into by the Company as on 31st March, 2023 is ' 343153.54 lakhs (31st March, 2022 :

' 206568.78 lakhs) pertaining to real estate development projects. The unsatisfied performance obligation relating to these contracts aggregates to ' 125522.36 lakhs (31st March 2022'100548.33 lakhs) as at the year end.

The management of Company expects that 35.49% (31st March, 2022 : 42.61%) of the unsatisfied performance obligation amounting to ' 44553.94 lakhs (31st March, 2022 : ' 42847.26 lakhs) pertaining to these long term contracts will be recognised as revenue during the next reporting period with balance in future reporting periods thereafter.

During the year, while filing its return of income for the year ended 31 March 2022, the Company decided to exercise the option of lower tax rate available under Section 115BAA of the Income Tax Act, 1961 ("new tax regime") as introduced by the Taxation Laws (Amendment) Act, 2019 ('the Amendment Act"). Consequently, during the year, the Company has reversed the provision for current tax recognised based on the tax provisions applicable prior to adoption of the new tax regime, pertaining to the previous year ended 31 March 2022. Similarly, the Company has also remeasured/reversed its deferred tax assets (net) including MAT credits, outstanding as at 01 April 2022.

ii) EPCG Commitments

Future export obligations / commitments under import of Capital Goods at Concessional rate of customs duty. As at 31st March, 2023'11462.48 lakhs (31st March, 2022'11089.34 lakhs)

iii) Other commitment

Equity commitment in joint venture, not exceeding amount of ' 2500 lakhs as at 31 March 2023 (31st March, 2022 :

' 5000 lakhs) based upon the fulfilment of conditions mentioned under clause 6 of the sixth addendum dated 7 March 2022 to the shareholders agreements dated 1 June 2006

Note 40 - Ind As 116 Leases

The Company's lease asset primarily consist of leases for land (reclassified) and for buildings (premises) for retail stores and warehouses having various lease terms.

The maturity analysis of lease liabilities are disclosed in note 45 (iii)

The Company has recognised ' 1511.42 Lakhs (31st March 2022, ' 1412.70 Lakhs) as rent expenses during the year which pertains to short-term leases / low value assets (Refer Note 33 C)

The Ministry of Corporate Affairs vide notification dated 24th July 2020, issued an amendment to Ind AS 116, 'Leases', by inserting a practical expedient w.r.t "Covid-19-Related Rent Concessions" effective from the period beginning on or after 01st April 2020 till 31st March, 2022. The Company has accounted for the rent concessions of ' 2369.84 lakhs during the year ended 31st March, 2022 in "Other income" in the Standalone Statement of Profit and Loss. The rent concessions have been recognised in the period in which formal consents had been received.

(ii) Pension Benefits

The Company operates defined benefit pension plans which provide benefits to some of its employees in the form of a guaranteed level of pension payable for certain years after retirement. The level of benefits provided depends on members' length of service and their salary in the final years leading up to retirement.

(iii) Provident fund

In case of certain employees, the Provident Fund contribution is made to a trust administered by the Company. In terms of the guidance note issued by the Institute of Actuaries of India, the actuary has provided a valuation of Provident Fund liability based on the assumptions listed above and determined that there is no shortfall as at 31st March, 2023.

(iv) As per Actuarial Valuation as on 31st March, 2023 and 31st March, 2022 amounts recognised in the financial statements in respect of Employee Benefit Schemes are as follows:

Risk Exposure - Asset Volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. These are subject to interest rate risk and the fund manages interest rate risk derivatives to minimize risk to an acceptable level. A portion of the funds are invested in equity securities and in alternative investments which have low correlation with equity securities. The equity securities are expected to earn a return in excess of the discount rate and contribute to the plan deficit.

(v) Leave obligations

The leave obligations cover the Company's liability for sick and earned leave.

The amount of the provision of ' 3501.58 lakhs (31st March 2022 - ' 3650.30 lakhs) is presented as current, since the Company does not have an unconditional right to defer settlement for any of these obligations

(vi) Defined contribution plans

The Company also has certain defined contribution plans such as provident fund and super annuation plan for benefits of employees. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the period towards defined contribution plan is ' 1743.42 lakhs (31st March 2022 - ' 1553.66 lakhs).

42 In accordance with Accounting Standard Ind As 108 'Operating Segment ', segment information has been disclosed in the consolidated financial statements of Raymond Limited, and therefore, no separate disclosure on segment information is given in these financial statements.

1) The Company has agreed with the lenders (Banks) of some of the subsidiaries/Joint Ventures for not disposing off Company's investments in such Subsidiaries/Joint Ventures without their prior consent.

2) Equity (or equity like) investments by the Company and equity (or equity like) infusion into the Company are not considered for disclosure under closing balances as these are not considered "outstanding" exposure. Refer note 5 and 17A & 17B for the same.

3) Loans to Subsidiaries and Joint venture:

Loans to the Subsidiaries and joint venture have been given for acquisition of assets and augmenting working capital and have been utilised for the same.

Guarantees given:

Guarantees provided to the lenders of the subsidiaries are for availing term loans and working capital facilities from the lender banks. Commitment given:

Refer Note 39(iii) for commitment given to Joint venture

4) All the material transactions stated above with related parties are on arm's length basis.

Note: 44 Fair Value measurementFinancial Instrument by category and hierarchy

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

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

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The fair values for loans, security deposits and investment in preference shares were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit risk.

The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments bv valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

Note: 45 Financial Risk ManagementFinancial risk management objectives and policies

The Company's financial risk management is an integral part of how to plan and execute its business strategies. The Company's financial risk management policy is set by the Managing Board.

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, 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 loans and borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommend risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures like foreign exchange forward contracts, borrowing strategies and ensuring compliance with market risk limits and policies.

Market Risk- Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company's position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

According to the Company, interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates.

Market Risk- Price Risk

(a) Exposure

The Company's exposure to equity securities price risk arises from investments held by the Company and classified in the balance sheet either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

(b) Sensitivity

The table below summarizes the impact of increases/decreases of the BSE index on the Company's equity and Gain/Loss for the period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the Company's equity instruments moved in line with the index.

Above referred sensitivity pertains to quoted equity investment (Refer Note 10(A)). Profit for the year would increase/ (decrease) as a result of gains/losses on equity securities as at fair value through profit or loss.

Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the operating results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty's ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.

Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Company's liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.

48 Export Promotion Capital Goods (EPCG) scheme allows import of certain capital goods including spares at concessional duty subject to an export obligation for the duty saved on capital goods imported under EPCG scheme. The duty saved on capital goods imported under EPCG scheme being Government Grant, is accounted as stated in the Accounting policy on Government Grant.

49 In March 2020, the World Health Organisation declared COVID-19 a global pandemic. Consequent to this, Government of India declared a nation-wide lockdown from 24 March 2020. Subsequently, the nation-wide lockdown was lifted by the Government of India, but regional lockdowns continue to be implemented in areas with significant number of COVID-19 cases. The Company remains watchful of the potential impact of COVID-19 pandemic, on resuming normal business operations on a continuing basis. The Company continues its business activities, in line with the guidelines issued by the Government authorities, take steps to strengthen its liquidity position and further explore cost restructuring exercise.

Accordingly, the Company has assessed the impact of this pandemic on its business operations and has considered all relevant internal and external information available up to the date of approval of these standalone financial statement, to determine the impact on the Company's revenue from operations and estimation of sales related expenses over the foreseeable future and the recoverability and carrying value of certain assets such as property, plant and equipment, investments (including investment in a joint venture), inventories, trade receivables, deferred tax assets and input tax credit receivables.

The impact of COVID-19 pandemic has further impacted the apparel fashion business carried out by apparel division that has merged into the Company (refer note 34 & 54) due to which sales had dropped drastically which had resulted into inventory build-up and slow down in the collections of trade receivables due to which the Company had recognised allowances/adjustments in its trade receivables and inventory in previous year. Further, during the year ended 31 March 2023, the Company has provided support and has recognised allowance/adjustments in trade receivables.

The Company does not anticipate any challenges in its ability to continue as going concern or meeting its financial obligations as and when they fall due.

50 The Board of Directors of the Company at its meeting held on 7th November, 2019 had approved the Composite Scheme of Arrangement ('Composite Scheme') which comprised of amalgamation of Raymond Apparel Limited (wholly owned subsidiary of Company) and Scissors Engineering Products Limited (wholly owned subsidiary of Company) with the Company and then Demerger of the lifestyle business undertaking into Raymond Lifestyle Limited on a going concern basis. Pending receipt of statutory approvals as required including that of Mumbai Bench of the National Company Law Tribunal ('NCLT'), no adjustments had been made in the books of account and in the standalone financial statements for the year ended 31st March, 2021. The Board of Directors of the Company at its meeting held on 27th September, 2021 have approved the withdrawal of the Composite Scheme of arrangement.

51 Subsequent to the balance sheet date, the Board of Directors of the Company at its meeting held on 27 April 2023 has approved the Composite Scheme of Arrangement which comprises of Demerger of the lifestyle business undertaking of Raymond Limited (the 'Demerged Company' or 'RL') into Raymond Consumer Care Limited (the 'Resulting Company' or 'RCCL') on a going concern basis. The Appointed Date proposed under this scheme is 01 April 2023.

53 The Board of Directors of the Company at its meeting held on 25 February 2022 had approved a Scheme of Arrangement ('Real Estate Scheme') between the Company and Raymond Lifestyle Limited (wholly owned subsidiary of the Company) for demerger of the real estate business undertaking of the Company (as defined in the Real Estate Scheme) into Raymond Lifestyle Limited on a going concern basis. The Appointed Date was proposed as 01 April 2022. Pending receipt of statutory approvals as required including that of Mumbai Bench of the National Company Law Tribunal ('NCLT'), no adjustments are made in the books of account and in the standalone financial statement upto all periods ending with 31 March 2023. Subsequent to the balance sheet date, the Board of Directors of the Company at its meeting held on 27 April 2023 have approved the withdrawal of the Real Estate Scheme.

54 The Board of Directors of the Company at its meeting held on 27 September 2021 had approved a Scheme of Arrangement ('RAL Scheme') between the Company and Raymond Apparel Limited ('RAL' or 'Demerged Company') (wholly owned subsidiary of the Company) for demerger of the business undertaking of RAL comprising of B2C business including Apparel business (and excluding balances identified as quasi equity) as defined in the RAL Scheme, into the Company on

a going concern basis. RAL Scheme was approved by the Hon'ble National Company Law Tribunal vide its order dated 23 March 2022. The Appointed Date was 01 April 2021. Accordingly, during the year ended 31 March 2022, the Company the Company has accounted for the Scheme of Arrangement under the 'pooling of interests' method in accordance with Appendix C of Ind AS 103 'Business Combinations' which requires the Company to restate all previous periods / years figures in the standalone financial statement i.e. from 01 April 2020.

Pursuant to the RAL Scheme, all assets and liabilities pertaining to business undertaking of the demerged company were transferred to the Company without any consideration. As at 01 April 2020, the Company had investments of ' 6471.51 lakhs, inter corporate deposits (ICDs) of ' 7500 lakhs, trade receivables and other financial assets of ' 11794 lakhs

outstanding that were recoverable from RAL. Such inter-corporate deposits, trade receivables and other financial assets are considered as quasi equity by the Company and do not form part of the 'Business Undertaking' as defined in the RAL Scheme. Since the business has been acquired without any consideration, the excess of the carrying value of assets being transferred over the liabilities (excluding balances classified as quasi equity), as at 01 April 2020, i.e. date of acquisition, amounting to ' 33821.47 lakhs, was credited to a separate Capital Reserve. Further, increase in net assets transferred during the year ended 31 March 2021 and for the period 01 April 2021 to 23 March 2022, amounting to ' 15020.77 lakhs and ' 21630.49 lakhs respectively, has been credited to retained earnings on 23 March 2022.

Further, on 23 March 2022, the balances recoverable towards ICDs, trade receivables and other financial assets, by Raymond from RAL, on implementation of the RAL Scheme, have been considered as quasi equity and hence re-classified under "Investment in subsidiaries" as "Deemed equity investment".

Since, these balances will continue to be retained in RAL, on the basis of the business potential of the remaining business in RAL, the aforesaid balances are not expected to be recoverable from RAL. Accordingly, provision for impairment of ' 66325.92 lakhs has been recognised and disclosed as an exceptional item during the year ended 31 March 2022.

During the current year, RAL has allotted 598545,715 equity shares of face value ' 10 each, at par, against the entire amount considered as deemed equity investment (quasi equity).

55 During the current year, the shareholders and Board of Directors of the Company have approved the Raymond Employees Stock Option Plan 2023 ("ESOP Scheme") on 27 March 2023 and 17 February 2023 respectively for grant of stock options to eligible Directors and Employees of the Company and its Group Company(ies) including its Holding / Subsidiary / Associate Company(ies) (Present and Future, if any). The total number of stock options to be granted under the ESOP Scheme shall not exceed 1680588 equity shares. The Company has formed an irrevocable Trust, Raymond ESOP Trust for the purpose of administration of Raymond Employees Stock Option Plan 2023.

Since options have not yet been granted, other details such as Options vested, Options exercised, Options lapsed, Money realized by exercise of Options, Total number of shares arising as a result of exercise of options, subsequent changes/ cancellation/exercise of such Options, diluted earnings per share pursuant to issue of equity shares on exercise of Options, etc. are not applicable as of now.

* Earnings for Debt Service = Earnings before finance costs, depreciation and amortisation, exceptional items and tax (EBIDTA)/ (Finance cost for

the year Principal repayment of long-term debt liabilities within one year).

**Cost of Good sold = Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods, stock-in-trade,

work-in-progress and property under development Manufacturing and operating expenses Costs towards development of property

$ Working Capital = Current Assets - Current Liabilities

# Earnings before Interest and Tax = Profit after exceptional item and before tax Finance costs (recognised)

@ Capital Employed = Average of equity and total borrowings

i) Return on Equity (%): Profit after tax has increased during the current year FY 22-23 due to increase in revenue and improvement in profitability which in the previous year was affected mainly due to loss recorded on account of merger.

ii) Trade Receivables turnover ratio (times): Increase in debtors turnover ratio is mainly due to improvement in realisation of receivable in current year as compared to previous year.

iii) Net Profit/(Loss) Margin (%): profit Increase by 176% in the current year due to increase in revenue during the current year and improvement in profitability which in the previous year was affected mainly due to loss recorded on account of merger.

iv) Return on Capital employed (%): Increase in the ratio is on account of the improvement in profitability during the current year due to increase in revenue during the current year and which in the previous year was affected mainly due to loss recorded due to merger.

v) Return on Investment (%): Increase by 26% on account of better returns on investments in current year, as compared to previous year

57 The Board of Directors has recommended Equity dividend of ' 3 per equity share of face value ' 10.00 each (Previous year ' 3 ) for the financial year 2022-23. The same is subject to the approval of the shareholders at their ensuing Annual General Meeting.

58 Figures of the previous year has been re-grouped/re-arranged wherever necessary. The impact of the same is not material to the users of financial statement.

59 The Fi nancial Statements were authorised for issue by the directors on 9th May, 2023.