1. Cost of buildings includes cost of10 shares (March 31,2022 - 10 shares) of ' 50 each fully paid in respect of ownership flats in 2 (March 31,2022- 2 flats) Co-operative Societies.

2. Buildings include assets carried at ' 0.57 lakhs (March 31,2022'0.63 lakhs) where the conveyance in favor of the Company has not been completed.

3. Plant and equipment includes general plant and machinery, electrical installations and equipments, laboratory equipments and computers and data processing units.

4. Leasehold land include assets carried at ' 1,384.43 lakhs (as at March 31,2022'1,401.14 lakhs) for which the Company is in process of obtaining an extension for the fulfilment of pre-conditions of lease upon expiry of timeline.

5. Plant and equipment includes a unit having carrying cost of ' Nil (March 31,2022'1,002.63 lakhs ) and land and building with a carrying cost of ' Nil (March 31,2022'715.71 lakhs) are subject to first charge to secure two of the Company's bank loans and other corporate body.

6. The Company has not capitalised any borrowing cost during the current year (March 31,2022 - Nil).

7. The Company has recognised an impairment loss of ' Nil during the current year (March 31,2022 - ' Nil).

8. The figures in italics are for the previous year.

9. Also refer Note no.44 for Title Deeds of Immovable Properties not held in the name of the Company, under the head Plant, Property and Equipment.

1. The aggregate depreciation expense on Right-of-use asset is included under depreciation and amortisation expense in the Statement of Profit and Loss Note 31.

2. Refer Note no. 35 "Leases” for Right-of-use Assets movement.

3. The figures in italics are for the previous year.

4. Refer Note no. 44 for Title deeds of Immovable Property not held in the name of the Company, under the head Right-of-use asset for the previous year.

1. Buildings include 2 flats (March 31, 2022 - 2 flats) which are classified as Investment Property by the Company in accordance with IND AS-40 "Investment Property”

2. Cost of buildings includes cost of 2 shares (March 31,2022- 2 shares) of ' 100 each fully paid in respect of ownership flats in 2 (March 31,2022- 2 flats) Co-operative Societies.

3. Rental income recognised by the Company during the year ended March 31,2023 was ' 14.30 lakhs (March 31,2022: ' 21.00 lakhs) and was included in 'Other income' (refer Note 25).

4. The Company has not capitalised any borrowing cost during the current year (March 31,2022 - Nil).

5. Total fair value of Investment Property is ' 724.39 lakhs (March 31,2022'664.03 lakhs). Refer footnote (a) and (b).

6. The Company has not recognised any impairment loss during the year (March 31,2022 Nil).

7. The figures in italics are for the previous year.

(a) Fair Value Heirarchy

The fair value of investment property has been determined by external independent property valuers as defined under Rule(2) of Companies (Registered Valuers and Valuation) Rules 2017, having appropriate recognised professional qualification and recent experience in the location and category of the property being valued.

The fair value measurement for all of the investment property has been categoried as a level 3 fair value based on the inputs to the valuation techniques used.

(b) Description of Valuation Technique used:

The Company obtains Independent Valuations of its investment property as per requirement of Ind AS 40. The fair value of the investment property have been derived using the Direct Comparison Method.The direct comparison approach involves a comparison of the investment property to similar properties that have actually been sold in arms-length distance from investment property or are offered for sale in the same region. This approach demonstrates what buyers have historically been willing to pay (and sellers willing to accept) for similar properties in an open and competitive market, and is particularly useful in estimating the value of the land and properties that are typically traded on a unit basis. This approach leads to a reasonable estimation of the prevailing price. Given that the comparable instances are located in close proximity to the investment property; these instances have been assessed for their locational comparative advantages and disadvantages while arriving at the indicative price assessment for investment property.

Goodwill includes amount of ? 16,522.26 lakhs (March 31, 2022 ? 16,522.26 lakhs) allocated to Seeds business of Rallis India Limited (earlier named as Metahelix Life Sciences Ltd). The estimated value-in-use of this Cash Generating Unit "CGU" is based on the future cash flows using a 2.00 % (March 31,2022 3.00%) annual growth rate for periods subsequent to the forecast period of 5 years and discount rate of 12.2 % (March 31,2022 8.7%).

Goodwill of ? 3,060.05 lakhs (March 31, 2022 ? 3,060.05 lakhs) has been allocated to Geogreen business of Rallis India Limited (earlier named as Zero Waste Agro Organics Ltd).The estimated value-in-use of this Cash Generating Unit "CGU" is based on the future cash flows using a 5.00 % (March 31,2022 5.00%) annual growth rate for periods subsequent to the forecast period of 5 years and discount rate of 12.2% (March 31,2022 8.7%).

An analysis of the sensitivity of the computation to a combined change in key parameters (operating margin, discount rates and long term average growth rate), based on reasonably probable assumptions, did not identify any probable scenario in which the recoverable amount of the CGU would decrease below its carrying amount.

1. The Company has not capitalised any borrowing cost during the current year (March 31,2022- Nil).

2. The Company has recognised impairment loss during the current year ' NIL (March 31,2022 - ' 20.37 lakhs).

3. The Company has internally developed Seed development technology for producing hybrid seeds, which is Technical Knowhow. The Carrying amount of Seed development technology of ' 463.01 lakhs (March 31,2022'425.50 lakhs) will be fully amortized in next 3 years.

4. The figures in italics are for the previous year.

(a) There is no amount due from director, other officer of the Company or firms in which any director is a partner or private companies in which any director is a director or member at anytime during the reporting period.

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

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

- provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(i) The cost of inventories recognised as an expense during the year was ' 1,94,001.42 lakhs (March 31,2022'1,62,487.22 lakhs).

(ii) The cost of inventories recognised as an expense includes ' 5,699.26 lakhs (March 31,2022'2,763.13 lakhs) in respect of adjustment of inventories to net realisable value/slow moving, and has been reduced by ' 121.57 lakhs (March 31,2022'419.27 lakhs) in respect of reversal of such writedowns. Out of the total expense of ' 5,699.26 lakhs, the company has recognised ' 5,281.43 lakhs as provision for slow-moving seeds inventory arising due to re-assessment of future sales potential and changing market conditions.

(iii) The mode of valuation of inventories has been stated in note 3.15

(iv) Bank overdrafts, cash credit facility are secured by first paripassu charge on inventories (including raw material, finished goods and work-inprogress) and book debts (refer note 11 and 18).

(i) The credit period ranges from 7 days to 180 days.

(ii) Before accepting any new customer, the Company assesses the potential customer's credit quality and defines credit limits by customer. Limits attributed to customers are reviewed periodically. Of the trade receivable balance as at March 31, 2023, Customers with outstanding receivables greater than 5% amount to ' Nil (as at March 31,2022'6,312.57 lakhs are due from two customers for which the credit risk is mitigated by export credit guarantee). There are no other customer who represent more than 5% of the total balance of trade receivable.

(iii) Neither trade or other receivable are due from directors or other officers of the Company either severally or jointly with any other person nor any trade or other receivables are due from firms or private companies respectively in which any director is a partner, a director or a member.

Summary of borrowing arrangements

(i) Sales tax deferral scheme:

The loan is repayable in annual installments which ranges from a maximum of T 113.11 lakhs to a minimum of T 24.12 lakhs over the period stretching from April 1,2023 to March 31,2027. The amount outstanding is free of interest.

The balance outstanding as at March 31,2023 is T379.28 lakhs (March 31,2022 T 478.34 lakhs) of which T 113.11 lakhs (March 31, 2022 T 89.06 lakhs) has been grouped under note 18 Current Borrowings which are payable in next 12 months.

(iii) Utilisation of borrowed funds and share premium

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

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

- provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.

(i) These bank overdrafts and cash credit facility are secured by first paripassu charge on inventories (including raw material, finished goods and work-in-progress) and trade receivables (refer note 10 and 11).

(ii) The weighted average effective interest rate on the bank loans is 8.06% p.a.(for March 31,2022 7.15 % p.a.).

(iii) Total amount of working capital credit limits is T 23,550 lakhs (March 31,2022: T 23,550 lakhs) from Consortium of Banks led by State Bank of India. These facilities are secured against trade receivables and inventories. As on March 31, 2023, amount utilised by the Company is T 15,824.00 lakhs (As at March 31,2022 : T 10,260.37 lakhs).

(iv) Total amount of Unsecured working capital credit limits is T 47,550 lakhs (March 31,2022: T 44,150 lakhs) from multiple banks. As on March 31,2023, amount utilised by the Company is T 12,451.70 lakhs (As at March 31,2022 : T 29,430.13 lakhs).

(v) During the year, the Company raised & repaid T 7,500.00 lakhs commercial papers borrowed for 85 days @ 7.05% p.a

Due to the numerous uncertainties and variables associated with certain assumptions and judgments, and the effects of changes in the regulatory and legal environment, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. The Company regularly monitors its estimated exposure to such loss contingencies and, as additional information becomes known, may change its estimates significantly. However, no estimate of the range of any such change can be made at this time.

Note 2:

The provision for employee benefits includes gratuity, supplemental pay on retirement for certain employees, ex-director pension liability and compensated absences. The increase/decrease in the carrying amount of the provision for the current year is mainly on account of net impact of incremental charge for current year and benefits paid in the current year due to retirement and resignation of employees. For other disclosures, refer note 36.

34: Segment information

Products and services from which reportable segments derive their revenue

Information reported to the chief operating decision maker (CODM) for the purpose of resources allocation and assessment of segment performance focuses on the types of goods or services delivered or provided. No operating segments have been aggregated in arriving at the reportable segments of the Company.

The Company has determined its business segment as "Agri -Inputs" comprising of Pesticides, Plant Growth Nutrients, Organic Compost and Seeds. The other segment includes "Polymer" and other non reportable elements.

(i) Segment revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the current year (March 31,2022 ?Nil). The accounting policies of the reportable segments are the same as described in note 3.21.

(ii) Segment profit represents the profit before tax earned by each segment without allocation of central administration, director remuneration, director fees and commission, other income, as well as finance costs. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.

For the purpose of monitoring segment performance and allocation resources between segments:

- All assets are allocated to reportable segments other than investments, other financial assets, non current tax assets, fixed deposits and interest accrued thereon.

- All liabilities are allocated to reportable segments other than borrowings, other financial liabilities, interest accrued on loans, provision for supplemental pay, ex-director pension scheme, unpaid dividend, current and deferred tax liabilities.

36: Employee benefit plans Defined contribution plans

Contribution to provident fund and Employees' State Insurance Corporation (ESIC)

The Company makes provident fund contributions to defined contribution retirement benefit plans for eligible employees. Under the scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions as specified under the law are paid to government authorities (PF commissioner) at factories.

Amount recognised as expense and included in the Note 29 — in the head "Contribution to Provident and other funds" for March 31, 2023: T932.42 lakhs (March 31,2022: T882.28 lakhs).

Defined benefit plans

The Company offers its employees, defined-benefit plans in the form of a gratuity scheme (a lump sum amount), a supplemental pay scheme (a life long pension) and ex-Director pension liability. The gratuity scheme covers substantially all regular employees, Director pension liability covers ex-Director and supplemental pay plan covers certain former executives. In the case of the gratuity scheme, the Company contributes funds to Gratuity Trust, which is irrevocable. Ex-director pension liability and supplemental pay scheme are not funded. Commitments are actuarially determined at year-end. The actuarial valuation is done based on "Projected Unit Credit" method.

These plans typically expose the Company to actuarial risk such as: investment risk, interest rate risk, longevity risk and salary risk.

Investment risk:

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. If the return on plan asset is below this rate, it will create plan deficit.

Interest risk:

A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the plan assets. Longevity risk:

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan's liability.

Salary risk

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.

Defined contribution plans

The Company makes provident fund contributions to defined contribution retirement benefit plans for eligible employees. Under the scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions as specified under the law are paid to the provident fund set up as a trust by the Company in case of certain locations. The Company is liable for contributions and any deficiency compared to interest computed based on the rate of interest declared by the Central Government under the Employees' Provident Fund Scheme, 1952 and recognises, if any, as an expense in the year it is determined.

The Company operates Provident Fund Scheme and the contributions are made to recognised fund. The Company is required to offer a defined benefit interest rate guarantee on provident fund balances of employees. The exempted funds guarantees the interest rate on provident fund investments which is equal to or higher than the rate declared by the Regional Provident Fund Commissioner (RPFC) on the provident fund corpus for their own subscribers. The Actuary has provided a valuation for provident fund liabilities on the basis of guidance issued by Actuarial Society of India and based on the below provided assumptions there is no shortfall as on March 31, 2023 and March 31,2022.

Amount recognised as expense and included in the Note 29 — in the head "Contribution to Provident and other funds" for the year ended March 31,2023 41,076.49 lakhs (for March 31,2022 41,025.92 lakhs).

Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

1. If the discounting rate is 100 basis point higher (lower), the defined benefit obligation would decrease by 4483.84 lakhs (increase by 4554.99 lakhs) (as at March 31,2022: decrease by 4469.38 lakhs (increase by 4538.98 lakhs)).

2. If the expected salary growth increases (decreases) by 1%, the defined benefit obligation would increase by 4346.21 lakhs (decrease by 4306.88 lakhs) (as at March 31,2022: increase by 4331.96 lakhs (decrease by 4293.18 lakhs)).

3. If the life expectancy increases (decreases) by 1 year, the defined benefit obligation would increase by 470.98 lakhs (decrease by 471.82 lakhs) (as at March 31,2022: increase by 469.32 lakhs (decrease by 470.15 lakhs)).

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using "Projected Unit Credit" method at the end of the reporting period which is the same as that applied in calculating the defined benefit obligation liability recognised in Balance Sheet.

There were no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

The Company expects to make a contribution of 4 320.27 lakhs (as at March 31,2022 4 307.17 lakhs) to the defined benefit plans during the next financial year.

37: Financial instruments Capital management

The Company manages its capital to ensure that the Company will be able to continue as going concern while maximising the return to stakeholders through optimisation of debt and equity balance.

The capital structure of the Company consists of net debt (borrowings as detailed in notes 17.1 and 18, lease liabilities as per note 17.2, offset by cash and bank balances) and total equity of the Company.

The Company is not subject to any externally imposed capital requirements.

Financial risk management objectives

The Company's corporate treasury function provides services to the business, co-ordinates access to domestic financial markets, monitors and manages the financial risk relating to the operation of the Company. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The use of financial derivatives is governed by the Company's policies approved by the board of directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivatives financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the internal auditors on a continuous basis. The Company does not enter into or trade financial instrument, including derivative financial instruments, for speculative purposes.

The corporate treasury function reports quarterly to the Company's audit committee that monitors risks and policies implemented to mitigate risk exposures.

Market risk

The Company's activities expose it primarily to the financial risk of changes in foreign currency exchange rates. The Company enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk including forward foreign exchange contracts to hedge the exchange rate risk arising on imports and exports.

Foreign currency sensitivity analysis

The Company is mainly exposed to the currency : USD, EUR, JPY, GBP, AED and CHF.

The following table details the Company's sensitivity to a 5% increase and decrease in the T against the relevant foreign currencies. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonably possible change in foreign exchange rates. This is mainly attributable to the exposure outstanding on receivables and payables in the Company at the end of the reporting period. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% change in foreign currency rate. A positive number below indicates an increase in the profit or equity where the T strengthens 5% against the relevant currency. For a 5% weakening of the ' against the relevant currency, there would be a comparable impact on the profit or equity, and the balances below would be negative.

Derivative instruments:

The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to accounts receivable and accounts payable. The use of foreign currency forward contracts is governed by the Company's strategy approved by the Board of Directors, which provide principles on the use of such forward contracts consistent with the Company's Risk Management Policy. The Company does not use forward contracts for speculative purposes.

The line item in the Balance Sheet that includes the above hedging instruments are "other financial assets and other financial liabilities". Equity risk

There is no material equity risk relating to the Company's equity investments which are detailed in note 7 "Other investments". The Company's equity investments majorly comprises of strategic investments rather than trading purposes.

Interest risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument that will fluctuate because of changes in market rates. The Company's exposure to the risk of changes in market rates relates primarily to the Company's non-current debt obligation with floating interest rates. The Company's policy is generally to undertake non-current borrowing using facilities that carry floating interest rate.

Moreover, the short-term borrowings of the Company do not have a significant fair value or cash flow interest rate risk due to their short tenure.

The credit risk on investment in mutual funds and derivative financial instruments is limited because the counter parties are reputed banks or funds sponsored by reputed bank.

Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Company's short-term, medium-term and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

All current financial liabilities are repayable within one year. The contractual maturities of non-current liabilities are disclosed in note no. 18.

Cash flow sensitivity analysis for variable rate instrument

Current variable interest rate borrowings

If the interest rate is 100 basis point higher (lower), the impact on profit or loss would be decreased by 735.27 lakhs (increased by 735.27 lakhs) and as at March 31,2022: decreased by 737.29 lakhs (increased by 737.29 lakhs).

Current fixed interest rate borrowings

If the interest rate is 100 basis point higher (lower), the impact on profit or loss would be decreased by 7 Nil (increased by 7 Nil) and as at March 31,2022 : decreased by 7 0.20 lakhs (increased by 7 0.20 lakhs).

Credit risk management

Credit risk refers to the risk that a counter party will default on its contractual obligation resulting in financial loss to the Company. The Company uses its own trading records to evaluate the credit worthiness of its customers.The Company's exposure are continuously monitored and the aggregate value of transactions concluded, are spread amongst approved counter parties (refer note 11- Trade receivable).

* Excludes ' 1,686.56 lakhs (March 31,2022'1,509.70 lakhs) deposits paid under protest.

The management believes that the claims made are untenable and is contesting them. As of the reporting date, the management is unable to determine the ultimate outcome of above matters. However, in the event the revenue authorities succeed with enforcement of their assessments, the Company may be required to pay some or all of the asserted claims and the consequential interest and penalties, which would reduce net income and could have a material adverse effect on net income in the respective reported period. Various claims pending before Industrial Tribunals and Labour Courts of which amounts are indeterminate.

39: Contingent liabilities

The Company is involved in a number of appellate, judicial and arbitration proceedings (including those described below) concerning matters arising in the course of conduct of the Company's businesses. Some of these proceedings in respect of matters under litigation are in early stages, and in some other cases, the claims are indeterminate. A summary of claims asserted on the Company in respect of these cases have been summarised below.

a. Guarantees

Guarantees issued by bank on behalf of the Company as on March 31,2023 is T 1,979.47 lakhs (March 31, 2022 T 715.81 lakhs) these are covered by the charge created in favour of the said Company's bankers by way of hypothecation of stock and debtors.

Other claims include demand notices received from Mumbai Port Authority (MBPA) on four godowns taken on lease by the company from MBPA towards differential arrears of rentals for the years 2012 upto 2022 for these godowns. Based on the legal advice received by the Company, the demand raised by MBPA is being contested and Company is also in process of filing the writ petition

Management is generally unable to reasonably estimate a range of possible loss for proceedings or disputes other than those included in the estimate above, including where:

(i) plaintiffs / parties have not claimed an amount of money damages, unless management can otherwise determine an appropriate amount;

(ii) the proceedings are in early stages;

(iii) there is uncertainty as to the outcome of pending appeals or motions or negotiations;

(iv) there are significant factual issues to be resolved; and/or

(v) there are novel legal issues presented.

However, in respect of the above matters, management does not believe, based on currently available information, that the outcomes of the litigation, will have a material adverse effect on the Company's financial condition, though the outcomes could be material to the Company's operating results for any particular period, depending, in part, upon the operating results for such period.

40: Commitments

(i) Estimated amount of contract with minimum commitment for plant activity 2 2,278.50 lakhs (March 31,2022 2 3,256.50 lakhs).

(ii) Estimated amount of contracts remaining to be executed on capital account of property, plant and equipment is 2 3,052.37 lakhs as at March 31,2023 (March 31,2022 2 9,095.55 lakhs) and Intangible assets is 2 225.27 lakhs as at March 31,2023 (March 31,2022 2 502.95 lakhs) against which advances paid aggregate 2 140.50 lakhs as at March 31,2023 (March 31,2022 2 1,232.86 lakhs).

The Company has entered into above mentioned transactions in ordinary course of business and the Company does not have any relationship with these struck off Companies.

50: Exceptional item as disclosed in Statement of Profit and Loss for the year ended March 31, 2023, comprises profit on sale of land (net of costs) of T 62.41 lakhs (March 31,2022 T Nil)

51: Subsequent event

The Board of Directors at its meeting held on April 25, 2023 has recommended a dividend of T 2.50 per equity share (March 31,2022 T 3 per equity share), subject to shareholders approval at annual general meeting.

52: The MCA wide notification dated March 24, 2021 has amended Schedule lll to the Companies Act, 2013 in respect of certain disclosures. The Company has incorporated appropriate changes in the financial statements of March 31,2023 and March 31,2022.