14. Provisions and contingent liabilities

Provisions: Provisions are recognised when there is a present obligation as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate
of the amount of the obligation. Current Provisions are measured at the best estimate of the expenditure required to settle
the present obligation at the Balance Sheet date and are not discounted to its present value.

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

Contingent Assets: Contingent Assets are disclosed when there is a possible benefit expected from past events, the
existence of which will be confirmed only the occurrence or non-occurrence of one or more uncertain future events not
wholly within the Control of the Company.

Product Warranty Expenses: Product Warranty expenses are accounted based on the claims received and accepted
during the year and estimates in accordance with the warranty policy of the Company.

15. Leases

The Company, at the inception of a contract, assesses whether the contract is a lease or not a lease. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a time in exchange for a consideration.
This policy has been applied to contracts existing and entered into on or after April 01, 2019.

The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is
initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made on
or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove
the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end
of the lease term.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the Company's incremental borrowing rate. It is remeasured when there is a change in the future
lease payments arising from a change in an index rate or is there is a change in the Company’s estimate of the amount
expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will
exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding
adjustment is made to the carrying amount of the right-of-use asset.

The Company has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease
term of 12 months or less and leases of low-value assets (assets of less than Rs 5 lakhs in value). The Company recognises
the lease payments associated with these leases as an expense over the lease term.

Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any option
to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment on
the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options
to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factors such
as costs relating to the termination of the lease and the importance of the underlying asset to the Company's operations
taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future
periods is reassessed to ensure that the lease term reflects the current economic circumstances.

16. Segment Accounting

The Company operates in single segment. Operating segment is reported in a manner consistent with the internal reporting
provided to the chief decision maker. Refer Note 40 for segment information presented.

17. Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders
by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted
earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average
number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

18. Cash and cash equivalents

In the cash flow statement, cash and cash equivalents include cash in hand, demand deposits with banks, other short-term
highly liquid investments with original maturities of three months or less.

19. Contributed Equity

Equity shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are
shown in equity as a deduction, net of tax, from the proceeds.

20. Dividend

Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim dividend are
recorded as liability on the date of declaration by the Board.

21. Borrowing Cost

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets
that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those
assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

22. Government Grants

Government grants (including export incentives) are recognised when there is reasonable assurance that the Company will
comply with the conditions attaching to them and the grants will be received.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the Company recognises
as expenses the related costs for which the grants are intended to compensate.

23. Financial Instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of
the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable
to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at
fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as
appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial
liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Investments in equity instruments of subsidiary and joint venture:

The Company measures its investments in equity instruments of subsidiary and joint ventures at cost in accordance
with Ind AS 27