(v) The Company had total cash outflows for leases of ' 759.34 Lakhs for the year ended March 31, 2025 (March 31, 2024 ' 643.34 Lakhs).

(vi) Extension and termination options : Extension and termination options are included in property lease agreements. These are used to maximise operational flexibility in terms of managing the assets used in the Company’s operations. Extension and termination options held are exercizable only by the Company and not by the lessor.

(vii) The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

(viii) Variable Lease Payment : The Company does not have any leases with variable lease payments.

(ix) Residual value guaranteed : There are no residual value guaranteed in the lease contracts.

(x) Refer note 44C for maturity analysis of contractual undiscounted cashflows in respect of lease recognised under Ind AS 116.

ii) Contractual obligations

There are no contractual obligations to purchase, construct or develop investment properties.

iii) Estimation of Fair Value

Fair value of investment properties is ascertained on the basis of market rates as determined by the independent registered valuer.

iv) Leasing arrangements

The investment properties are leased to fellow subsidiary and enterprises owned or significantly influenced by key managerial persons and/or their relatives under operating leases with rentals payable monthly. Lease income from operating leases where the Company is a lessor is recognised in income on a straight-line basis over the lease term.

Lease payments for some contracts include CPI increases, but there are no other variable lease payments that depend on an index or rate. Since the investment properties are leased to related parties only, the credit risk on the same is minimal. Although the Company is exposed to changes in the residual value at the end of the current leases, the Company typically renews the operating leases with related parties and therefore will not immediately realise any reduction in residual value at the end of these leases.

The valuation has been taken considering values arrived using the following methodologies:

(a) Current Replacement cost method, which comprises of net amount of money that is required to replace an asset with a similar one in the current market.; and

(b) Sales comparable method, which compares the price or price per unit area of similar properties being sold in the marketplace

Further, inputs used in the above valuation models are as under:

(i) Market rates/ Marketability of the Land in the Vicinity.

(ii) Recent property deals/transactions.

(iii) Negotiation skills of the buyer/seller.

(iv) Demand and supply of properties.

(v) Locality, neighbourhood, civic amenities, its connectivity to major centres etc.

(vi) Shape, size, prominence, plot area and topography etc.

(vii) Need/ Urgency of the seller to sell the said property.

’Optionally convertible redeemable debentures (OCRD) are convertible at the option of the issuer of the instrument and the coupon rate is 0.01%. At the expiry of 10 years, each OCRD shall be mandatorily converted into 1 equity share. However, issuer may, at any time prior to expiry of 10 years convert the OCRDs in the ratio of 1:1 (i.e. one (1) equity share for each OCRD issued by issuer) or redeem the OCRDs at the fair market value or at par value, whichever is higher. The resulting shares upon conversion shall rank pari-passu in all respect with the existing equity shares. Accordingly, OCRDs has been classified as an equity instrument both in books of issuer and the Company in terms of the requirement of the Ind AS 109.

Non-current Investments

’Investment in equity instrument where the business model of the Company is not for trading, the Company has opted for irrevocable option to present subsequent changes in the fair value of an investment in an equity instrument through Other Comprehensive income (FVTOCI).

**The Company has pledged its deposits with financial institution for Security against loan taken by one of its subsidiary. As at March 31, 2025 the fair values of deposits pledged ' 3,607.67 Lakhs (March 31, 2024: Nil).

Current Investments

#Investment in current investments, the Company has opted irrevocable option to present subsequent changes in the fair value of an investment in an financial instrument through profit or loss (FVTPL).

d) Terms and rights attached to equity shares:

The Company has only one class of equity shares having a par value of ' 2 per share. Each holder of equity share is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees. The dividend, if proposed by the Board of Directors, is subject to the approval of the shareholders in the Annual General Meeting.

In the event of liquidation, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of any preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

18.1 Nature and purpose of reserves

a) Securities premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

b) FVTOCI Reserve

The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated within the FVTOCI Reserve within equity. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.

c) General reserve

Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a specified percentage in accordance with applicable regulations. Consequent to introduction of Companies Act 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance with the specific requirements of Companies Act, 2013.

d) Retained Earnings

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

e) Capital reserve

Capital reserve are the reserve created for gain on bargain purchase related to business combinations.

’’Term Loan amounting ' 3,890.33 Lakhs (after netting off ' 109.67 Lakhs (March 31, 2024: ' 165.16 Lakhs) outstanding upfront fees to be charged off over the period of loan through Effective Interest Rate method} (March 31, 2024: ' 4,834.84 Lakhs) from financial institution carrying interest @ 10.20% per annum are secured by way of first and exclusive charge in favour of the security trustee (inter se first pari pasu charge with Kotak Mahindra Bank Limited) (by way of registered/equitable mortgage) on identified land and building and structures thereon of the immovable assets and by way of hypothecation on all the moveable fixed assets of the Company, both present and future. This loan is repayable in equal quarterly instalment of ' 250.00 Lakhs each over a period of five years started from June 2024.

#Vehicle loan amounting ' 706.17 Lakhs (March 31, 2024: ' 749.23 Lakhs) from banks carrying interest @ 8.30%-9.40% per annum are secured by way of hypothecation of the respective vehicles acquired out of proceeds thereof. These loans are repayable over a period of thirty nine months from the date of availment.

’Working capital demand loan ' 14,600.00 Lakhs (March 31, 2024: ' 12,550.70 Lakhs) from Bank is repayable in 90-180 days from respective drawdown and carries interest @ 7.75% to 8.45% per annum, secured by way of Pari-passu first charge on entire current assets of the Company both present and future.

’’Working capital demand loan ' 4,000.00 Lakhs (March 31, 2024: ' 500.00 Lakhs) from Bank is repayable in 90-180 days from respective drawdown and carries interest @ 7.65% to 8.45% per annum, unsecured.

#Working capital demand loan ' 7,000.00 Lakhs (March 31, 2024: ' 7,000.00 Lakhs) from financial institution is repayable in 90 days from respective drawdown and carries interest @ 8.50% per annum secured against the first pari pasu charge on current assets of the Company.

##Working capital demand loan ' 2,400.00 Lakhs (March 31, 2024: ' 4,000 Lakhs) from financial institution is repayable in 90 days from respective drawdown and carries interest @ 8.50% per annum, unsecured.

’’’Cash Credit ' 11.54 Lakhs (March 31, 2024: ' Nil) secured by way of Pari-passu charge on stocks and book debts of the Company.

Undrawn committed borrowing facility

The Company has availed fund based working capital limits amounting to ' 35,000.00 Lakhs (March 31, 2024: ' 26,000.00 Lakhs) from banks and financial institutions. An amount of ' 6,988.46 Lakhs remain undrawn as at March 31, 2025 (March 31, 2024: ' 1,949.30 Lakhs).

Loan covenants

The Company has satisfied all debt covenants prescribed in the terms of loans. The Company has not defaulted on any loans payable.

Wilful defaulter

The Company have not been declared wilful defaulter by any bank or financial institutions or government or any government authority.

The Company has been sanctioned working capital limit in excess or ' 500 Lakhs in aggregate from banks and financial institutions during the year on the basis of security of current assets of the Company. The Company has filed quarterly returns or statements with such banks and financial institutions, which are not in agreement with the unaudited books of account as set out below:

H GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS A) Leave obligation

The liabilities for compensated absence namely earned and contingency leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in statement of profit and loss.

C) Defined benefit plans

The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the Act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the member’s length of service and salary at retirement age. The scheme is funded with an insurance company in the form of qualifying insurance policy.

(ii) a) A show cause notice was issued by the GST department on May 28, 2024 on the basis of the audit conducted by the department for FY 2019-20 directing the Company to pay the tax amount along with interest and penalty. The Company submitted relevant reply and documents. The Deputy Commissioner of State Tax issued an Order in original dated July 19, 2024 confirming demand of ' 352.20 Lakhs (including interest and penalty) alleging availment of ineligible ITC and mismatch with GSTR 3B and 2A. The Company has preferred an appeal before the Joint Commissioner of State Tax (Appeals) dated October 18, 2024 and ' 18.52 Lakhs have been deposited by Company under protest for the case.

b) The Company received a notice under DRC01 dated April 27, 2024 under the CGST Act for FY 2018-19 on grounds of differences between the GSTR 2A and GSTR3B amounting to ' 34.41 Lakhs (including interest and penalty). The Company has preferred an appeal against the aforesaid order with the First Appellate Authority dated July 23, 2024 and deposited ' 1.17 Lakhs under protest.

c) I n regard to the bill discounting of invoices with bank by one of the Company’s vendor (Transporter), the bank had filed an application under Section 19 of the Recovery of Debts due to Banks and Financial Institution Act, 1993 before the Ld. DRT-II, Chandigarh for recovery of ' 999.76 Lakhs and interest thereon @ 13.75% p.a. from Company, vendor and other parties. The Company and other parties including vendor has received an order dated February 25, 2019 from Debts Recovery Tribunal- II, Chandigarh for demanding the above amount jointly and severally. The Company has filed an appeal before Debt Recovery Appellate Tribunal (DRAT) dated March 13, 2020 against ' 782.24 Lakhs (decretal amount to which the Company is a defendant party) along with interest 13.75% p.a. and deposited 50% of decretal amount in earlier years. Subsequent to the year end, the appeal was decided in favour of the Company by DRAT vide its order dated April 8, 2025. Further, deposit was refunded to the Company on May 07, 2025 along with interest accrued on such deposits.

d) The Company has provided corporate guarantee to financial institutions against loan taken by three of the subsidiary companies amounting ' 16,950.00 Lakhs (March 31, 2024: ' 25,000.00 Lakhs).

39. The Company’s business activity falls within a single business segment i.e. manufacturing and trading of automotive components, accordingly there are no additional disclosures to be furnished in accordance with the requirement of Ind AS 108 “Operating Segments” with respect to single reportable segment. Further, the operations of the Company is domiciled in India and there are no assets lying outside India. For revenue by location of customers refer note 26.5.

001 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

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

I Judgements

I n the process of applying the Company’s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognized in the financial statements:

Revenue from operations

The Company applied the following judgments that significantly affect the determination of the amount and timing of revenue from operations:

Determining method to estimate variable consideration and assessing the constraint:- Certain contracts for the sale of products include a right of price revision on account of change of commodity prices/purchase price that give rise to variable consideration. In estimating the variable consideration, the Company is required to use either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled.

II Estimates and assumptions

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

a) Property, plant and equipment

The useful lives and residual values of property, plant and equipment are determined by the management based on technical assessment by the management. The Company believes that the derived useful life best represents the period over which the Company expects to use these assets.

b) Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of business relationships and the long term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Company establishes provisions, based on reasonable estimates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.

Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective domicile of the companies.

c) Gratuity benefit

The cost of defined benefit plans (i.e. Gratuity benefit) is determined using actuarial valuations. An actuarial valuation involves making various assumptions which may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the

complexity of the valuation, the underlying assumptions and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. In determining the appropriate discount rate, management considers the interest rates of long term government bonds with extrapolated maturity corresponding to the expected duration of the defined benefit obligation. The mortality rate is based on publicly available mortality tables for the specific countries. Future salary increases and pension increases are based on expected future inflation rates for the respective countries. Further details about the assumptions used, including a sensitivity analysis, are given in Note 36.

d) Fair value measurement of financial instrument

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

e) Impairment of financial assets

The impairment provisions of financial assets are based on assumptions about risk of default and expected loss rates. the Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

f) Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use.

The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are also relevant to other intangibles. During the year the Company has done the impairment assessment of non-financial assets and have concluded that there is no impairment in value of nonfinancial assets as appearing in the financial statements.

g) Revenue recognition - Estimating variable consideration for returns and volume rebates

The Company estimates variable considerations to be included in the transaction price for the sale of traded goods (in after-market) with volume rebates.

The Company’s expected volume rebates are analysed on a per customer basis for contracts that are subject to a single volume threshold. Determining whether a customer will be likely entitled to rebate will depend on the customer’s historical rebates entitlement and accumulated purchases to date. The Company applied a statistical model for estimating expected volume rebates for contracts with more than one volume threshold. The model uses the historical purchasing patterns and rebates entitlement of customers to determine the expected rebate percentages and the expected value of the variable consideration. Any significant changes in experience as compared to historical purchasing patterns and rebate entitlements of customers will impact the expected rebate percentages estimated by the Company.

Ql CAPITAL MANAGEMENT

For the purpose of the Company’s capital management, capital includes issued equity capital, all equity reserves attributable

to the equity holders of the Company. The primary objective of the Company’s capital management is to maximize the

shareholders’ value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants, if any. To maintain or adjust the capital structure, the Company reviews the fund management at regular intervals and take necessary actions to maintain the requisite capital structure. The Company monitors capital using gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents. No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2025 and March 31, 2024.

The fair value of the financial assets and liabilities is 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.

Discount rate used in determining fair value

The interest rate used to discount estimated future cash flows, where applicable, are based on the incremental borrowing rate of borrower which in case of financial liabilities is average market cost of borrowings of the Company and in case of financial asset is the average market rate of similar credit rated instrument. The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data available.

The fair value of the financial assets and liabilities is 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.

H FAIR VALUE HIERARCHY

All financial instruments for which fair value is recognized or disclosed are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole.

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

Level 2: Valuation techniques for which the lowest level input that has a significant effect on the fair value measurement are observable, either directly or indirectly.

Level 3: Valuation techniques for which the lowest level input which has a significant effect on the fair value measurement is not based on observable market data.

The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities.

ESI FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company’s principal financial liabilities comprise of trade and other payables, borrowings, lease liabilities, security deposits and payables for property, plant and equipment. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include trade and other receivables, cash, fixed deposits and security deposits that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks. The Company’s senior management is supported by Finance department that advises on financial risks and the appropriate financial risk governance framework for the Company. The Finance department provides assurance to the Company’s senior management that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. It is the Company’s policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.

A. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk. Financial instrument effected by market risk include loans and borrowings, deposits, FVTOCI instrument.

The sensitivity analyses in the following sections relate to the position as at March 31, 2025 and March 31, 2024.

The following assumptions have been made in calculating the sensitivity analysis:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at March 31, 2025 and March 31, 2024 including the effect of hedge accounting.

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s interest bearing financial liabilities includes borrowings with fixed interest rates. The Company’s fixed rate borrowings are carried at amortized cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s operating activities (when revenue or expense is denominated in a foreign currency).

The Company transacts business in local currency as well as in foreign currency. The Company has foreign currency trade payables and receivables and is therefore, exposed to foreign exchange risk.

Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in foreign exchange rates, with all other variables held constant. The impact on the Company’s profit before tax is due to changes in the fair value of monetary assets and liabilities.

The Company’s listed and non-listed equity securities are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Company manages the equity price risk through diversification and by placing limits on individual and total equity instruments. Reports on the equity portfolio are submitted to the Company’s management on a regular basis. The Company’s Board of Directors reviews and approves all equity investment decisions.

At the reporting date, the exposure to listed equity securities at fair value was ' 13,594.51 Lakhs (March 31, 2024: ' 12,624.92 Lakhs). A decrease of 10% on the NSE market index could have an impact of approximately ' 1,359.45 Lakhs (March 31, 2024: ' 1,262.49 Lakhs) on the OCI or equity attributable to the Company. An increase of 10% in the value of the listed securities would also impact OCI and equity.

B. Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its investing activities, including deposits with banks and other financial instruments.

Trade receivables

Customer credit risk is managed by the Company subject to the Company’s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating. Outstanding customer receivables are regularly monitored.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to credit risk at the reporting date is the carrying value of financial assets (trade receivable). The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located and being operated in India.

Further, the Company’s customer base majorly includes Original Equipment Manufacturers (OEMs), Large Corporates and Tier-1 vendors of OEMs and dealers. Based on the past trend of recoverability of outstanding trade receivables, the Company has not incurred material losses on account of bad debts. The Company is earning revenue of ' 67,710.62 Lakhs (March 31, 2024: ' 56,757.19 Lakhs) in the domestic market from two customers. The following table provides information about the exposure to credit risk and expected credit loss as at March 31, 2025 and March 31, 2024 for trade receivables under the simplified approach.

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Company’s objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate sources of financing including loans from banks at an optimized cost.

The Company is affected by the price volatility of certain commodities. Its operating activities require the ongoing purchases of steel & plastic granules which are volatile products and are major component of end product. The prices in these purchase contracts are linked to the price of raw steel & plastic granules and demand supply matrix. However, at present, the Company do not hedge its raw material procurements, as the price of the final product of the Company also vary with the price of underlying commodity which mitigate the risk of price volatility.

45. As at March 31, 2025, investments in equity shares and optionally convertible debentures in the subsidiaries amounted to ' 15,157.30 Lakhs and 28,526.00 Lakhs respectively. Management periodically assesses whether there is an indication that such investments may be impaired. As at March 31, 2025, five subsidiaries of the Company has resulted in the net worth of those subsidiaries being lower than the respective carrying amount of the investment in the Company’s books. This is an indication of potential impairment of carrying value of the investments. The carrying value of investment in such subsidiaries aggregates to 10,459.38 (including investment in Optionally Convertible Redeemable Debentures). For such investment, where impairment indicators exist, management compares its carrying amount with the recoverable amount. Recoverable amount is value in use of the investment computed based upon discounted projected profitability. As on the reporting date, the recoverable amount, determined by the management is more than the carrying amount and accordingly no adjustments to the carrying amount is required in the books of accounts. Key assumptions underlying the value in use calculation are those regarding expected revenues, a post-tax discount rate of 13.5% per annum. Sales growth projections considers managements’ expectation of market development, current industry trends and post-tax discount rate based on the relevant risks. 3% growth rate has been used in terminal year. The management believes that any reasonably possible change in the key assumptions would not cause the carrying amount to exceed the recoverable amount of the cash generating unit.

46. Revenue from operations is measured by the Company at the transaction price i.e. amount of consideration received/ receivable in exchange of transferring goods or services to the customers. In determining the transaction price for the sale of goods, the Company considers the effect of price adjustments, to be claimed/ passed on to the customers, based on various cost parameters like raw material and other costs.

The Company is required to pass on the savings in variable cost from the billed sales price for which the final negotiations with the customer is ongoing and will be settled in near future. The total estimated liabilities outstanding as at March 31, 2025 is ' 177.41 Lakhs (March 31, 2024: ' 1,216.07 Lakhs), which management believes is sufficient to discharge liabilities.

Q9I OTHER STATUTORY INFORMATION

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made there under.

(ii) The Company does not have transactions with struck off companies under section 248 of Companies Act, 2013.

(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(iv) The Company has not traded or invested in crypto currency or virtual currency during the financial year.

(v) The Company has advanced or loaned or invested funds to the following entity with the understanding that the Intermediary shall:

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

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

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

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

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

50. The Company was having 14.31% stake in “Lumax Ancillary Limited (LAL)” and the investments in LAL had been measured at fair value through OCI. During the earlier year, the Company acquired controlling stake in LAL from the existing shareholders of LAL i.e. promoter group of the Company and other shareholder at a share valuation of ' 275.00 per share, which was approved by the Board of Directors of the Company for acquiring 85.69% stake at an aggregate consideration of ' 4,948.10 Lakhs. Accordingly, LAL became the wholly owned subsidiary of the Company w.e.f. January 25, 2024.

Pursuant to this, the Company has de-recognised its investment in LAL which had been measured at fair value through OCI and accordingly, the fair value gains accumulated as separate component of OCI till the date of transactions amounting to ' 525.73 Lakhs has been reclassified to retained earnings in earlier year. There is no impact in the current year financial statements.

51. The Company uses accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and that has operated throughout the year for all relevant transactions recorded in the software, except that: (a) the audit log at the application level is not maintained in case of modification by certain users with specific access; and (b) no audit trail has been enabled at the database level. During the year, the audit trail feature has not been tempered with. Further, the audit trail, to the extent maintained in the prior year, has been preserved by the Company as per the statutory requirements for record retention.

H EVENT AFTER THE REPORTING DATE

(a) The Board of Directors of the Company has proposed dividend subsequent to the Balance Sheet date, which is subject to shareholder’s approval in forthcoming annual general meeting (Refer note 18.2).

(b) Subsequent to the year ended March 31, 2025, the Board of Directors of the Company in its meeting held on May 16, 2025 has approved acquisition of remaining 25% stake in IAC International Automotive India Private Limited (IAC India) (formerly known as Lumax Integrated Ventures Private Limited), material subsidiary company, at a purchase consideration of ' 22,095.75 Lakhs. The Company on May 22, 2025 has completed this transaction and accordingly, IAC India has become the wholly owned material subsidiary of the Company. There is no impact of this transaction on the standalone financial statements as at March 31, 2025.

These are the notes to the standalone financial statements referred to in our report of even date.