3.21.Provisions and Contingencies

A provision is recognized when an enterprise has a present obligation (legal or constructive) as a result of past event; it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation. Provisions are measured at the present value of management's best estimate of the
expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine
the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the
liability. The expense relating to a provision is presented in the statement of profit and loss.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence
or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not
recognized because it is not probable that an outflow of resources will be required to settle the obligation. The Company does not
recognize a contingent liability but discloses its existence in the financial statements.

Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic
benefits. Contingent Assets are not recognized though are disclosed, where an inflow of economic benefits is probable.

Provisions, contingent liabilities and contingent assets are reviewed at each reporting date.

3.22. Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity.

Financial AssetsInitial recognition and measurement

All financial assets are recognised initially at fair value, plus in the case of financial assets not recorded at fair value through profit or
loss (FVTPL), transaction costs that are attributable to the acquisition of the financial asset. However, trade receivables that do not
contain a significant financing component are measured at transaction price.

Where the fair value of a financial asset at initial recognition is different from its transaction price, the difference between the fair
value and the transaction price is recognised as a gain or loss in the Statement of Profit and Loss at initial recognition if the fair value
is determined through a quoted market price in an active market for an identical asset (i.e. level 1 input) or through a valuation
technique that uses data from observable markets (i.e. level 2 input). In case the fair value is not determined using a level 1 or level 2
input as mentioned above, the difference between the fair value and transaction price is deferred appropriately and recognised as
a gain or loss in the Statement of Profit and Loss only to the extent that such gain or loss arises due to a change in factor that market
participants take into account when pricing the financial asset.

Subsequent measurement: For subsequent measurement, the Company classifies a financial asset in accordance with the below
criteria:

• The Company's business model for managing the financial asset and

• The contractual cash flow characteristics of the financial asset.

Based on the above criteria, the Company classifies its financial assets into the following categories:

Financial assets measured at amortised cost

A financial asset is measured at the amortised cost if both the following conditions are met:

• The Company's business model objective for managing the financial asset is to hold financial assets in order to collect
contractual cash flows, and

• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.

This category applies to cash and bank balances, trade receivables, loans and other financial assets of the Company. Such financial
assets are subsequently measured at amortised cost using the effective interest method. The effect of the amortisation under
effective interest method is recognised as interest income over the relevant period of the financial asset under other income in the
Statement of Profit and Loss. The amortised cost of a financial asset is also adjusted for loss allowance, if any.

Financial assets measured at fair value through other comprehensive income (FVTOCI)

• A financial asset is measured at FVTOCI if both of the following conditions are met:

• The Company's business model objective for managing the financial asset is achieved both by collecting contractual cash
flows and selling the financial assets, and

• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding

This category applies to certain investments in debt instruments. Such financial assets are subsequently measured at fair value at
each reporting date. Fair value changes are recognised in the Other Comprehensive Income (OCI). However, the Company recognise
interest income and impairment losses and its reversals in the Statement of Profit and Loss. On derecognition of such financial
assets, cumulative gain or loss previously recognised in OCI is reclassified from equity to Statement of Profit and Loss.

On derecognition of such financial assets, cumulative gain or loss previously recognised in OCI is reclassified from equity to
Statement of Profit and Loss.

Further, the Company, through an irrevocable election at initial recognition, has measured certain investments in equity instruments
at FVTOCI. The Company has made such election on an instrument by instrument basis. These equity instruments are neither held
for trading nor are contingent consideration recognised under a business combination.

Pursuant to such irrevocable election, subsequent changes in the fair value of such equity instruments are recognised in OCI.
However, the Company recognise dividend income from such instruments in the Statement of Profit and Loss when the right
to receive payment is established, it is probable that the economic benefits will flow to the Company and the amount can be
measured reliably. On derecognition of such financial assets, cumulative gain or loss previously recognised in OCI is not reclassified
from the equity to Statement of Profit and Loss. However, the Company may transfer such cumulative gain or loss into retained
earnings within equity.

Financial assets measured at fair value through profit or loss (FVTPL)

A financial asset is measured at FVTPL unless it is measured at amortised cost or at FVTOCI as explained above. This is a residual
category applied to all other investments of the Company excluding investments in subsidiary and associate companies. Such
financial assets are subsequently measured at fair value at each reporting date. Fair value changes are recognised in the Statement
of Profit and Loss.

Debt instruments at amortised cost

A 'debt instrument' is measured at the amortised cost if both the following conditions are met:

• The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

• Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI)
on principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR)
method. The EIR amortisation is included in finance income in the Statement of Profit and Loss.

Equity investments

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading are classified
as at Fair Value Through Profit and Loss (FVTPL). For all other equity instruments, the Company makes an irrevocable election to
present in Other Comprehensive Income (OCI) subsequent changes in the fair value. The Company makes such election on an
instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding
dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to Statement of Profit and Loss, even on sale of
investment. However, the Company may transfer the cumulative gain or loss within equity.

Derecognition

A financial asset is derecognised when the right to receive cash flows from the assets has expired, or has been transferred, and the
Company has transferred substantially all of the risks and rewards of ownership.

In cases where Company has neither transferred nor retained substantially all of the risks and rewards of the financial asset, but
retains control of the financial asset, the Company continues to recognize such financial asset to the extent of its continuing
involvement in the financial asset. In that case, the Company also recognise an associated liability. The financial asset and the
associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

On derecognition of a financial asset, (except as mentioned above for financial assets measured at FVTOCI), the difference between
the carrying amount and the consideration received is recognised in the Statement of Profit and Loss.

Impairment of financial assets

The Company applies expected credit losses (ECL) model for measurement and recognition of loss allowance on the following:

a) Trade receivables

b) Financial assets measured at amortised cost (other than trade receivables)

c) Financial assets measured at fair value through other comprehensive income (FVTOCI)-in case of debt instruments

In case of trade receivables, the Company follows a simplified approach wherein an amount equal to lifetime ECL is measured and
recognised as loss allowance. In case of other financial assets, the Company determines if there has been a significant increase in
credit risk of the financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount
equal to 12-month ECL is measured and recognised as loss allowance. However, if credit risk has increased significantly, an amount
equal to lifetime ECL is measured and recognised as loss allowance.

Subsequently, if the credit quality of the financial asset improves such that there is no longer a significant increase in credit risk since
initial recognition, the Company reverts to recognizing impairment loss allowance based on 12 months ECL.

ECL are measured in a manner that they reflect unbiased and probability weighted amounts determined by a range of outcomes,
taking into account the time value of money and other reasonable information available as a result of past events, current conditions
and forecasts of future economic conditions. As a practical expedient, the Company uses a provision matrix to measure lifetime ECL
on its portfolio of trade receivables. The provision matrix is prepared based on historically observed default rates over the expected
life of trade receivables and is adjusted for forward-looking estimates. At each reporting date, the historically observed default rates
and changes in the forward-looking estimates are updated.

ECL impairment loss allowance (or reversal) recognised during the period is recognised as income/ expense in the Statement of
Profit and Loss.

Financial liabilitiesInitial recognition and measurement

The Company recognise a financial liability in its balance sheet when it becomes party to the contractual provisions of the
instrument. All financial liabilities are recognised initially at fair value minus, in the case of financial liabilities not recorded at fair
value through profit or loss (FVTPL), transaction costs that are attributable to the acquisition of the financial liability.

Where the fair value of a financial liability at initial recognition is different from its transaction price, the difference between the fair
value and the transaction price is recognised as a gain or loss in the Statement of Profit and Loss at initial recognition if the fair value
is determined through a quoted market price in an active market for an identical asset (i.e. level 1 input) or through a valuation
technique that uses data from observable markets (i.e. level 2 input). In case the fair value is not determined using a level 1 or level 2
input as mentioned above, the difference between the fair value and transaction price is deferred appropriately and recognised as
a gain or loss in the Statement of Profit and Loss only to the extent that such gain or loss arises due to a change in factor that market
participants take into account when pricing the financial liability.

Subsequent measurement:

All financial liabilities of the Company are subsequently measured at amortised cost using the effective interest method. The
cumulative amortisation using the effective interest method of the difference between the initial recognition amount and the
maturity amount is added to the initial recognition value (net of principal repayments, if any) of the financial liability over the
relevant period of the financial liability to arrive at the amortised cost at each reporting date. The corresponding effect of the
amortisation under effective interest method is recognised as interest expense under finance cost in the Statement of Profit and
Loss.

Derecognition:

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition
of a new liability. The difference between the carrying amount of the financial liability derecognised and the consideration paid is
recognised in the Statement of Profit and Loss.

Offsetting of financial assets and financial liabilities:

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet wherever there is a currently
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis or to realise the asset and
settle the liability simultaneously.

Derivative financial instruments

The Company enters into derivative financial instruments, primarily forward currency contracts, with external counterparties to
manage its exposure to foreign exchange risks arising from foreign currency denominated financial assets and liabilities. These
derivative contracts are not designated in a formal hedge relationship as defined under Ind AS 109. Accordingly, such instruments
are measured at fair value through profit or loss (FVTPL), and any gains or losses arising from changes in fair value are recognised in
the Statement of Profit and Loss.

3.23. Fair Value measurement

The Company measures financial instruments, such as, derivatives at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the
asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability

A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by
using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and
best use.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised 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) market prices in active markets for identical assets or liabilities

• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable

• Level 3—Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether
transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is
significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature,
characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

3.24. Exceptional Items

An ordinary item of income or expense which by its size, nature, occurrence or incidence requires a disclosure in order to improve
understanding of the performance of the Company is treated as an exceptional item in the Statement of Profit and Loss account.

3.25. Events after reporting date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period,
the impact of such events is adjusted within the Financial Statements. Otherwise, events after the balance sheet date of material
size or nature are only disclosed.

3.26. Recent accounting pronouncements

In May 2025, MCA notified amendments to Ind AS 21 - The Effects of Changes in Foreign Exchange Rates (effective date April 1,
2025). Guidance on assessing when a currency is exchangeable and determining the exchange rate when it is not.

In August 2025, MCA notified the following amendments to:

Ind AS 1 Presentation of Financial Statements: (Effective Date: April 1,2025.)-Classification Criteria: Liabilities are classified as current
if the entity lacks a substantive right to defer settlement for at least 12 months, existing as of the reporting date and clarifies that
only covenants complied with on or before the reporting date affect current/non-current classification. Basis Carve-out applies, the
liability can be classified as non-current if waiver is obtained before approval of financial statements.

Ind AS 7 & Ind AS 107: Supplier Finance Arrangements (Effective Date: April 1,2025)

Ind AS 7 (Cash Flows): Mandatory disclosure of the existence, nature, and carrying amounts of supplier finance (reverse factoring)
arrangements, including payment due date ranges.

Ind AS 107 (Financial Instruments): Adds these arrangements as a specific factor to consider when evaluating concentration of
liquidity risk.

Ind AS 12 International Tax Reform: Pillar Two Model Rules (immediate and retrospective)-Mandatory Relief: Provides a temporary
exception from recognizing and disclosing information about deferred tax assets and liabilities related to OECD Pillar Two income
taxes (top-up tax). Entities must explicitly disclose that they have applied this mandatory relief.

The Company has reviewed the amendment and based on its evaluation has determined that it does not have any significant
impact in its financial statements.

New and amended standards issued but not effective

In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central
Government in consultation with the National Financial Reporting Authority have issued certain amendments to the Indian
Accounting Standards (Ind AS) that have not yet become effective for the Company's reporting periods at the date of these interim
financial statements. The Companies (Indian Accounting Standards) Second Amendment Rules, 2025, notified on 13 August 2025,
include amendments that are effective for annual reporting periods beginning on or after 1 April 2026:

Ind AS 1 Presentation of Financial Statements: Further amendments on classification of liabilities as current or non-current, including
requirements relating to breaches of loan covenants, grace periods, and disclosure of related risks (paragraphs 74, 75, 75A and 76).

Ind AS 10 Events after the Reporting Period: Consequential amendments aligning terminology and treatment with Ind AS 1.

Ind AS 12 Income Taxes: Certain disclosure requirements relating to international tax reform (Pillar Two model rules), including
qualitative and quantitative information on exposure to Pillar Two income taxes are mandatory for interim reporting's.

The Company is in the process of evaluating the requirements of these amendments and their impact on the Company's financial
statements. The impact, if any, will be given effect to in the period of initial application.

4(a)(i). The Company is holding 982.56 acres of land which is in dispute under Bihar Land Reforms (Fixation of Ceiling Area and
Acquisition of Surplus Land) Act, 1961 & Rules 1963. Vide order dated 29th December 2012, the Additional Collector, Bettiah
had declared 970.57 acre of land as surplus and ordered for surrender of such land. The Company has filed an appeal against the
order of the collector and matter is subjudice. Further compensation of 146.92 acres of land which was surrendered under the
above Act in earlier years is yet to be determined and shall be accounted for by the Company in the year of receipt.

4(a)(ii). The ownership of land of a tea estate measuring 72.39 acres has been disputed by a section of local people against which stay
order has been obtained from Hon'ble High Court at Kolkata. The matter is subjudice and is pending before ''Land Reform and
Tenancy Tribunal", West Bengal.

4(a)(iii). Refer Notes 16a and 16b for details of assets pledged as security 4(a)(iv). On transition to Ind AS (i.e. April 1,2016), the group has
elected to continue with the carrying value of all PPE/ Investment properties measured as per the previous GAAP and use that
carrying value as the deemed cost of PPE/ Investment properties.

1) All project in progress includes Capital Work in Progress, whose completion is neither overdue nor exceeded its cost compared to
its original plan.

2) The decanter project, which was temporarily suspended in the previous year, has been resumed during the current year and
installation activities are in progress. The decanter is intended to separate solids from the liquid spent wash generated during
the distillation process. Its installation is expected to improve the operational efficiency of the incineration boiler by reducing the
frequency of boiler furnace cleaning and enhancing the overall boiler performance.

3) Project temporary suspended: The grain distillery project, for which the decanter was also proposed to be utilised, is presently
under a detailed viability assessment. Based on the outcome of the assessment, the Company will take an appropriate decision
regarding the implementation of the grain distillery project. Accordingly the grain distillery project has been temporary suspended.

Terms and conditions of the above Trade Receivables:

a) Trade Receivables are non-interest bearing and are generally on terms of 0 - 60 days for domestic customers and upto 180 days for
export customers.

b) The carrying amount of trade receivables may be affected by the changes in the credit risk of the counterparties as well as the
currency risk as explained in Note 41.

c) No Trade Receivables are due from directors or other officers of the Company either severally or jointly with any other person. No
Trade Receivables are due from firms or private companies respectively in which any director is a partner, director or a member.

d) Refer Notes 16a and 16b for details of assets pledged as security.

Notes:

1) Interest subsidies of '128.12 Lakhs (P.Y. '206.72 Lakhs) is receivable from Central Government through ICICI bank, Kolkata on
account of Ethanol Project Promotion Nationwide Scheme by Central Government on Term Loan of '5,000 Lakhs. Entire claim for
'128.12 Lakhs (relating to F.Y. 2022-23 to F.Y. 2023-24) has been filed by ICICI bank with NABARD and it is under process, documents
regarding the same have already been submitted. The same is expected to be received in the F.Y.2026-27.

2) Refer Notes 16a and 16b for details of assets pledged as security

Nature and Purpose of Reserves

A. Capital Reserve

Represents the amount transferred from the transferor company pursuant to Scheme of Arrangement effected in earlier years.

B. Capital Redemption Reserve

Represents the amount transferred to reserve on buy back of equity shares of the company .

C. General reserve

General Reserve is created and utilised in compliance with the provisions of the Act.

D. Retained Earnings

Retained earnings represent accumulated profits earned by the Company and remaining undistributed as on date.

E. Remeasurements of defined benefit obligations

Represents the differences between the interest income on plan assets and the return actually achieved, and any changes in the
liabilities over the year due to changes in actuarial assumptions or experience adjustments within the plans.

F. Other Comprehensive Income

The Company has elected to recognise changes in the fair value of investments in equity instruments through other comprehensive
income.

These changes are accumulated within other comprehensive income.

Note 22.1 | Performance Obligations

a) Revenue from the sale of goods is recognized at the point in time when control is transferred to the customer, which generally
coincides with delivery.

b) Revenue from services is recognized over time as the services are rendered as per the terms of the contract.

c) Contracts do not typically include a significant financing component.

d) The Company applies the practical expedient not to disclose the remaining performance obligation for contracts that have an
expected duration of one year or less.

e) There are no significant adjustment between the contracted price and revenue recognised.

Note 34 | 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.

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. In the process of applying the
Company's accounting policies, management has made the following judgements, estimates and assumptions, which have the most
significant effect on the amounts recognised in the Financial Statements:

Defined Benefit Obligations

The cost of the defined benefit gratuity plan and other post-employment medical benefits and the present value of the gratuity
obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from
actual developments in the future. These include the determination of the discount rate; future salary increases and mortality rates. Due
to the complexities involved in the valuation 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.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the
management considers the interest rates of government bonds where remaining maturity of such bond correspond to expected term
of defined benefit obligation. The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality
tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity increases are based on
expected future inflation rates for the respective countries. Further details about gratuity obligations are given in Note 35.

Useful lives of Property, Plant and Equipment

"Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic
depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of
its life. The useful lives and residual values of company's assets are determined by management at the time the asset is acquired and
reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as
anticipation of future events, which may impact their life, such as changes in technology [Refer Note 4 (a)].

Valuation of Biological Assets and Agriculture Produce

As required by Ind AS 41 - "Agriculture", management estimates the fair value of plucked (agriculture produce) and unplucked tea
leaves (biological assets) as at the balance sheet date- through the use of valuation models and recent transaction prices. Finished
goods produced from agricultural produce are valued at lower of cost (arrived at by adding the cost of conversion to the fair value
of agricultural produce) and the net realisable value. For harvested or unharvested green leaves, since there is no active market for
own leaves, significant judgement is required for key assumptions used in determining average prevalent selling prices of the tea leaf,
average quality of the tea leaf and quantity of unplucked leaf.

Biological assets are disclosed in Note 12b to the financial statements, the valuation is discussed as a key source of estimation uncertainty
and the valuation policy is disclosed in the principal accounting policies.

Estimation of tax expenses, assets and payables

Deferred tax assets are recognised for unused tax credit and on unused losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised.

Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the
likely timing and the level of future taxable profits together with future tax planning strategies.

Taxes recognized in the financial statements reflect management's best estimate of the outcome based on the facts known at the
balance sheet date. These facts include but are not limited to interpretation of tax laws of various jurisdictions where the company
operates. Any difference between the estimates and final tax assessments will impact the income tax as well the resulting assets and
liabilities. Refer Note 9, 10a and 10b.

(I) Defined Benefit Obligations

(a) Gratuity

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees except in respect of employees at tea
estates in Assam who are covered under Assam Gratuity Fund Scheme notified under the Assam Gratuity Act, 1992. The Gratuity Plan
provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount
equivalent to 15 days salary for each completed year of service. Vesting occurs upon completion of 5 years of continuous service. The
Company makes contribution to JSTI Gratuity Fund, which is funded defined benefit plan for qualifying employees.

Risk analysis

Company is exposed to a number of risks in the defined benefit obligations. Most significant risks pertaining to defined benefit
obligations, and management's estimation of the impact of these risks are as follows:

Interest risk

A decrease in the interest rate on plan assets will increase the plan liability.

Salary growth risk

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. An increase in
the salary of the plan participants will increase the plan liability.

Investment risk

The Gratuity plan is funded with Birla Sun Life Insurance, HDFC Life Insurance, Bajaj Allianz, India First Life Insurance and Life Insurance
Corporation. The Company does not have any liberty to manage the fund provided to the Insurance Companies. The present value of
the defined benefit plan liability is calculated using a discount rate determined by reference to Government of India bonds. If the return
on plan asset is below this rate, it will create a plan deficit.

(b) Provident fund for certain employees

In view of year-end position of the employer established provident fund and confirmation from the Trustees's of such fund, there is no
shortfall as at the year end on an aggregate basis.

(II) Defined contribution plans

b) Contribution for the year under Assam Gratuity Fund Scheme '298.20 Lakhs (P.Y. ' 253.32 Lakhs)c) Superannuation Fund

The Company has defined contribution superannuation plan for the benefit of its eligible employees. Employees who are members
of the defined contribution superannuation plan are entitled to benefits depending on the years of service and salary drawn.
Separate irrevocable trust is maintained for employees covered and entitled to benefits. The Company contributes 15% of the
eligible employees' salary to the trust but the Company has not made any contribution to the trust since financial year 2019-20.
Such contributions, if any, made for subsequent years, will be recognised as an expense in the said year. The Company does not
have any further obligation in this regard.

Note 36 | Leases
A. Leases

Company as a Lessee

The Company has lease contracts for warehouse and office spaces used in its operations. These generally have lease terms between 1 and
30 years. The Company's obligations under its leases are secured by the lessor's title to the leased assets.

Set out below are the carrying amounts of right-of-use assets recognised and the movement during the year:

Note:

The fair value of unquoted equity shares have been estimated using net asset value based on audited financial statements of such
companies.

In respect of investments in mutual funds/alternate investment funds (AIF), the fair values represent net asset value as stated by the
issuers of these mutual fund units in the published statements as at the year end. Net asset values represent the price at which the issuer
will issue further units in the mutual fund/alternate investment funds (AIF) and the price at which issuers will redeem such units from
the investors.

Note 40 | Fair Value Hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised
and measured at fair value in the standalone financial statements. To provide an indication about the reliability of the inputs used in
determining fair value, the Company has classified its financial instruments into three levels prescribed under the accounting standard
(Refer Note 3.23).

(b) Financial instruments at Amortised Cost

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable
approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different
from the values that would eventually be received or settled.

(c) Biological assets other than Bearer Plants

This section explains the judgements and estimates made in determining the fair value of the biological assets other than bearer
plants that are recognised and measured at fair value in the financial statements. To provide an indication about the reliability
of the inputs used in determining fair value, the Company has classified its biological assets other than bearer plants into Level
2 in the fair value hierarchy, since no significant adjustments need to be made to the prices obtained from the local markets.
The fair valuation of biological assets and agricultural produce used in the production of finished goods (Tea & Sugar) involves
judgements in various factors such as comparing the actual selling prices prevailing around year end for completed seasonal cycle,
including technical factors which determine the quality.

(A) Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The Company is exposed to credit
risk from its operating activities (primarily Trade Receivables) and from its financing activities, including deposits with banks and other
financial instruments.

Credit risk from balances with banks, term deposits, loans, investments and derivative instruments is managed by Company's finance
department. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
counterparty. The Company has evaluated the credit risk associated with incentive and subsidy receivables and determined it to be low,
as these amounts are due from the Government under approved schemes. Given the nature of the counterparty and historical experience
of timely recoveries, the Company does not anticipate any loss on such receivables.The limits are set to minimise the concentration of
risks and therefore mitigate financial loss through counterparty's potential failure to make payments. The Company monitors ratings and
financial strength of its counterparties on a periodic basis.

The Company's maximum exposure to credit risk for the components of the Balance Sheet as of 31st March, 2026 and 31st March, 2025
is the carrying amounts as disclosed in Note 39.

Trade Receivables

Trade Receivables are typically unsecured and are derived from revenue earned from customers. Customer credit risk is managed
by each business unit subject to the Company's policy and procedures which involve credit approvals, establishing credit limits and
continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the normal course of business.
Outstanding receivables are regularly monitored and an impairment analysis is performed at each reporting date on an individual basis
for each major customer. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment
loss or reversal thereof.

Refer Note 6 for ageing analysis of trade receivables.

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the
Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and
control market risk exposures within acceptable parameters, while optimising the return.

(i) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
foreign exchange rates.

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, primarily with
respect to the USD and EUR. The Company has foreign currency trade receivables and trade payables and is therefore exposed to foreign
currency risk.

The Company uses forward exchange contracts to hedge the effects of movements in foreign exchange rates on foreign currency
denominated assets and liabilities.

The Company's exposure to foreign currency risk at the end of the reporting period expressed in INR, are as follows:

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.

he Company's main interest rate risk arises from short term and long-term borrowings with variable rates, which expose the Company
to cash flow interest rate risk. During 31st March 2026 and 31st March 2025, the Company's borrowings at variable rate were mainly
denominated in INR.

The Company's fixed rate borrowings are carried at amortised 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 changes in market interest rates.

The exposure of the Company's borrowings to interest rate changes at the end of the reporting period are as follows:

(iii) Price Risk

Securities price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded prices.

The Company invests its surplus funds in various debt instruments such as mutual funds and alternative investment funds-. To manage
its price risk arising from investments in mutual funds, the Company diversifies its portfolio.

Investments are susceptible to market price risk, mainly arising from changes in the interest rates or market yields which may impact the
return and value of such investments.

The Company's exposure to securities price risk arises primarily from investments in mutual funds and alternative investment fund held
by the Company and classified in the Balance Sheet as fair value through profit or loss.

(iv) Commodity Price Risk

The Company is exposed to the fluctuations in commodity prices for tea, sugar and chemical fertilizers. Mismatch in demand and
supply, adverse weather conditions, market expectations etc., can lead to price fluctuations. For tea, the Company manages these price
fluctuations by actively managing the sourcing of tea, private purchases and alternate blending strategies without impacting the quality
of the blend. For sugar, to counter the raw material (sugarcane) risk, the Company has worked with development of various cane varieties
with the objective to moderate the raw material cost and increase product functionality. The risk towards finished goods (Sugar) is being
moderated through the various schemes of the Central Government including but not limited to introduction of Minimum Support
Price (MSP), creation of buffer stock and further by operating in a well integrated business model by diversifying into co-generation and
distillation, thereby utilising its by-products. For fluctuation in prices of raw materials for chemical fertilizers, the company has a dynamic
sourcing strategy with regular review of demand and supply and market condition including cost of competitors.

(v) Agricultural Risk

Cultivation of tea being an agricultural activity, there are certain specific financial risks. These financial risks arise mainly due to adverse
weather conditions, logistic problems inherent to remote areas, and fluctuation of selling price of finished goods (tea) due to increase in
supply/availability.

The Company manages the above financial risks in the following manner:

• Sufficient inventory levels of chemicals, fertilisers and other inputs are maintained so that timely corrective action can be taken in
case of adverse weather conditions.

• Slightly higher level of consumable stores viz. packing materials, coal and HSD are maintained in order to mitigate financial risk
arising from logistics problems.

• Forward contracts are made with overseas customers as well as domestic customers, in order to mitigate the financial risk in
fluctuation in selling price of tea

• Sufficient working-capital-facility is obtained from banks in such a way that cultivation, manufacture and sale of tea is not adversely
affected even in times of adverse conditions.

Note 42 | Capital Management

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable
to the equity holders of the parent. The primary objective of the Company's capital management is to maximise the shareholder value.

The Company's objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in
order to support its business and provide adequate return to shareholders through continuing growth and maximise the shareholders
value. The Company's overall strategy remains unchanged from previous year. The Company sets the amount of capital required on the

basis of annual business and long-term operating plans which include capital and other strategic investments. The funding requirements
are met through a mixture of borrowed funds and internal fund generation. The Company's policy is to use short-term and long-term
borrowings to meet anticipated funding requirements. The Company monitors capital on the basis of the net debt to equity ratio. Total
debt are non current and current borrowings and lease liabilities as reduced by cash and cash equivalents, other bank balances and
current investments. Equity comprises share capital and free reserves (total reserves excluding OCI). The following table summarizes the
capital of the Company:

*** Variation is primarily due to decrease in profitability during the year ended 31st March 2026.

**** Variation is due to increase in purchases and decrease in average trade payables during the year ended 31st March 2026.

***** Variation is due to increase in working capital requirements of the Company during the year ended 31st March 2026.

****** Variation is due to decrease in average invested funds in investments during the year ended 31st March 2026.

Note 45 | Exceptional Items

Exceptional items for the year ended March 31,2025, include profit of ' 3,994.63 Lakhs arising from the sale of one of the Company's tea
estates. The sale was executed pursuant to an agreement entered into during the previous year, in accordance with an order from the
Commercial Court. The related assets had been classified as 'Assets Held for Sale' since the financial year 2021-22. As of March 31,2025,
the possession of the said land had been handed over to the buyer. However, registration of the above land in the name of the buyer is
pending.

Note 46 | Discontinued Operations

During the year ended March 31,2025, the Company had closed the manufacturing operations at its fertilisers manufacturing unit at the
Jay Shree Chemicals & Fertilisers, Pataudi, Gurugram, Haryana, as approved by Board of Directors of the Company in their meeting held
on July 23, 2024 in view of agreement for sale of land.

Pursuant to the definitive agreement dated July 23, 2024 and subsequent addendum dated November 20, 2024 and addendum dated
March 17, 2025, for sale of Company's 16.59 acres freehold land in the district of Gurugram, Haryana at a consideration of ' 9,925 00 Lakhs
on "as is where is" basis.

The earlier agreement for sale dated March 30, 2022 entered into with a party to sell a portion of the above land had been cancelled
through an agreement for cancellation due to change in use by the Government of Haryana. In view of above, net gain of '5,497.46 Lakhs
on sale of above land and other fixed assets after adjusting reversal of gain of '2,250.70 Lakhs previously recognized due to aforesaid
cancellation had been accounted for during the year ended March 31,2025 and included under discontinued operations.

The operations of the said chemical unit had been disclosed as discontinued operations.

(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 thereunder.

(ii) The Company does not have any transaction with companies struck off under section 248 of the Companies Act, 2013 or section
560 of the Companies Act, 1956.

(iii) "As per the information available in the records of the Ministry of Corporate Affairs (MCA), there are certain historical charges created
against book debts, movable and immovable properties of the Company whose satisfaction is still pending with the Registrar of
Companies (Kolkata) despite repayment of underlying loans as at March 31,2026. The Company is in the process of filing the charge
satisfaction e-form with the MCA after obtaining the no objection certificate from the chargeholders.

The Company does not have any charge which is yet to be registered with the Registrar as at 31st March, 2026.

iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

(v) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) 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

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

(vi) The Company have 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 have not 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

(viii) The Company have complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies
(Restriction on number of Layers) Rules, 2017.

(ix) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India.

(x) There are no events or transactions after the reporting period which is required to be disclosed under Ind AS 10.

Note 49 |

The Government of India implemented the New Labour Codes with effect from November 21, 2025 and subsequently issued draft
rules and FAQs to facilitate assessment of the related financial impact. The Company has assessed the impact of the Labour Codes and
noted that there is no material impact on its financial statements as the existing compensation and employee benefit structures are
broadly aligned with the requirements of the Labour Codes. The Management will continue to track and evaluate the impact of the rules
notified by the Central/State Government post March 31,2026 and consider the appropriate accounting effect in the relevant period, as
needed.

Note 50 |

The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit
log) facility which has been operating throughout the year for all relevant transactions recorded in the software except for Company's
Fertiliser unit where it was enabled w.e.f. 22nd May, 2025 for certain modules. Further, the audit trail was not enabled at the database
level for accounting softwares to log any direct data changes. For accounting software for which audit trail feature was enabled, audit
trail facility has been operating throughout the period/year for all relevant transactions recorded in the software. Additionally, the audit
trail has been preserved by the Company as per the statutory requirements for record retention where such features was enabled.

Certain items in audited financial statements for the previous periods/years have been reclassified or regrouped to align with the
presentation for the current period. These changes have been made to enhance the quality of information disclosed and do not impact
the previously reported profit or total equity.