1.14 Provisions, Contingent Liabilities and Contingent
Assets

a Provisions are recognised when the Company
has present obligation (legal or constructive) as a
result of past events, for which 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 for the amount of
the obligation.

Contingent Liabilities are disclosed by way of
notes to Financial Statements. Contingent assets
are not recognised in the financial statements

but are disclosed in the notes to the financial
statements where an inflow of economic benefits
is probable. Provisions and contingent liabilities
are reviewed at each Balance Sheet date.

b If the effect of the time value of money is material,
provisions are discounted using a current
pre-tax rate that reflects, when appropriate, the
risks specific to the liability.

1.15 Employee Benefitsa Short Term Employee Benefits:

All employee benefits payable wholly within twelve
months of rendering the service are classified
as short term employee benefits. Benefits such
as salaries, wages, short term compensated
absences etc., and the expected cost of bonus,
ex-gratia are recognised in the period in which the
employee renders the related service.

b Post-Employment Benefits:

i) Defined Contribution Plans:

State governed Provident Fund Scheme and
Employees State Insurance Scheme are
defined contribution plans.

The contribution paid / payable under the
schemes is recognised during the period
in which the employees render the related
services.

ii) Defined Benefit Plans:

The Employee's Gratuity Fund Scheme
and compensated absences is Company's
defined benefit plans. The present value of
the obligation under such defined benefit plan
is determined based on actuarial valuation
using the Projected Unit Credit Method,
which recognises each period of service as
giving rise to additional unit of employee
benefits entitlement and measures each unit
separately to build up the final obligation.
The obligation is measured at the present
value of the estimated future cash flows.
The discount rates used for determining
the present value of the obligation under
defined benefit plans, is based on the market
yields on Government Securities as at the
Balance Sheet date, having maturity periods
approximating to the terms of related
obligations.

For defined benefit plans, the amount
recognised as 'Employee benefit expenses’
in the Statement of Profit and Loss is the
cost of accruing employee benefits promised
to employees over the year and the costs of
individual events such as past/future service
benefit changes and settlements (such
events are recognised immediately in rate
to the net defined benefit liability or asset is
charged or credited to 'Finance costs' in the
Statement of Profit and Loss. Any 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,
are recognised immediately in 'Other
comprehensive income' and subsequently
not reclassified to the Statement of Profit
and Loss.

All defined benefit plans obligations are
determined based on valuations, as at the
Balance Sheet date, made by independent
actuary using the projected unit credit
method. The classification of the Company’s
net obligation into current and non-current is
as per the actuarial valuation report.

In case of funded plans, the fair value of
the plan assets is reduced from the gross
obligations under the defined benefit plans,
to recognise the obligation on net basis.

Gains or losses on the curtailment or
settlement of any defined benefits plans
are recognised when the curtailment or
settlement occurs. Past service cost is
immediately recognised in the Statement of
Profit & Loss.

c Long Term Employee Benefits:

The employees' long term compensated absences
are Company’s defined benefit plans. The present
value of the obligation is determined based on the
actuarial valuation using the projected unit credit
method as at the date of the balance sheet. In
case of funded plans, the full value of plan assets
is reduced from the gross obligation to recognise
the obligation on the net basis.

1.16 Financial Instruments
Financial Assets

Initial Recognition and Measurement:

The Company recognises a financial asset in its
balance sheet when it becomes party to the contractual
provisions of the instrument. 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 cost that are attributable
to the acquisition of the financial asset.

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 recognized 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 users data from
observable markets.

I n case the fair value in not determined using a level 1
inputs as mentioned above, the difference between the
fair value and transaction price is deferred appropriately
and recognised as a gain in the Statement of Profit and
Loss only to the extent the such gain or loss arises due
to a change in factor that market participants take into
account when pricing the financial asset.

However trade receivables that do not contain a
significant financing component are measured at
transaction price.

Investments and other financial assets

(i) Classification

The Company classifies its financial assets in the
following measurement categories:

(1) t hose to be measured subsequently at fair value
(either through other comprehensive income or
through the Statement of Profit and Loss), and

(2) those measured at amortised cost.

The classification depends on the Company’s
business model for managing the financial assets
and the contractual terms of the cash flows.

(ii) Measurement

At initial recognition, the Company measures a
financial asset at its fair value. Transaction costs
of financial assets carried at fair value through the
Profit and Loss are expensed in the Statement of
Profit and Loss.

Derivative Financial InstrumentsInitial recognition and subsequent measurement

The Company uses derivative financial
instruments, such as forward currency contracts
its foreign currency risks. Such derivative financial
instrument recognised at fair value on the date on
which a derivative contract is entered into and are
subsequently remeasured at fair value. Derivatives
are carried as financial assets when the fair value
is positive and as Financial liabilities when the fair
value is negative.

Any gain & losses arising from the change in Fair
Value of Derivative are taken directly to Profit &
Loss Account

Debt instruments:

Subsequent measurement of debt instruments depends
on the Company's business model for managing the
asset and the cash flow characteristics of the asset.
The Company classifies its debt instruments into
following categories:

(1) Amortised cost:

Assets that are held for collection of contractual
cash flows where those cash flows represent
solely payments of principal and interest are
measured at amortised cost. Interest income
from these financial assets is included in other
income using the effective interest rate method.

(2) Fair value through other comprehensive Income:

Assets that do not meet the criteria for amortised
cost are measured at fair value through Other
Comprehensive Income. Interest income from
these financial assets is included in other income.

Equity Instruments:

The Company measures its equity investment
other than in subsidiaries, joint ventures and
associates at fair value through profit and loss.
However where the Company's management
makes an irrevocable choice on initial recognition
to present fair value gains and losses on specific
equity investments in other comprehensive
income (Currently no such choice made), there
is no subsequent reclassification, on sale or
otherwise, of fair value gains and losses to the
Statement of Profit and Loss.

Investments in subsidiary

Investments in subsidiaries are measured at cost
as per Ind AS 27 - Separate Financial Statements.

Impairment of investments:

The Company reviews its carrying value of
investments carried at cost annually, or more
frequently when there is indication for impairment.
If the recoverable amount is less than its carrying
amount, the impairment loss is recorded in
the Statement of Profit and Loss. When an
impairment loss subsequently reverses, the
carrying amount of the Investment is increased
to the revised estimate of its recoverable amount,
so that the increased carrying amount does not
exceed the cost of the Investment. A reversal of
an impairment loss is recognised immediately in
Statement of Profit or Loss.

Impairment of Financial Assets

The Company recognises loss allowances using
the expected credit loss (ECL) model for the
financial assets which are not fair valued through
profit or loss.For trade receivables and contract
assets, the Company applies a simplified approach
in calculating ECLs. Therefore, the Company
does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime
ECLs at each reporting date. The Company has
established a provision matrix that is based on
its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors
and the economic environment.

For all other financial assets, ECLs are measured
at an amount equal to the 12-month ECL, unless
there has been a significant increase in credit risk
from initial recognition in which case those are
measured at lifetime ECL. The amount of ECL
(or reversal) that is required to adjust the loss
allowance at the reporting date to the amount
that is required to be recognised is recognised as
an impairment loss in the Statement of Profit and
Loss.

Derecognition

A financial asset (or, where applicable, a part
of a financial asset or part of a group of similar
financial assets) is derecognised (i.e. removed
from the Company’s balance sheet) when any of
the following occurs:

i. The contractual rights to cash flows from the
financial asset expires;

ii. The Company transfers its contractual rights
to received cash flows of the financial assets
and has substantially transferred all the risk
and rewards of ownership of the financial
assets;

iii. The Company retains the contractual rights to
receive cash flows but assumes a contractual
obligations to pay the cash flows without
material delay to one or more recipients
under a 'pass-through’ arrangement (thereby
substantially transferring all the risks and
rewards of ownership of the financial asset);

iv. The Company neither transfers nor retains
substantially all risk and rewards of
ownership and does not retain control over
the financial asset.

I n 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 assets, the Company continues
to recognise such financial asset to the extent
of its continuing involvement in the financial
asset. In that case, the Company also recognises
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 De-recognition of a financial asset (except
as mentioned in ii above for financial assets
measured a FVTOCI), the difference between the
carrying amount and the consideration received is
recognised in the Statement of Profit and Loss.

Financial liabilities:Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings,
payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.

All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings and
payables, net of directly attributable transaction
costs.

The Company’s financial liabilities include trade
and other payables, loans and borrowings
including bank overdrafts, financial guarantee
contracts and derivative financial instruments.

Subsequent measurement

For purposes of subsequent measurement,
financial liabilities are classified in two categories:

• Financial liabilities at fair value through profit
or loss

• Financial liabilities at amortised cost (loans
and borrowings)

Financial liabilities at fair value through profit or
loss

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading
and financial liabilities designated upon initial
recognition as at fair value through profit or loss.

Financial liabilities are classified as held for
trading if they are incurred for the purpose of
repurchasing in the near term. This category also
includes derivative financial instruments entered
into by the Company that are not designated
as hedging instruments in hedge relationships
as defined by Ind AS 109. Separated embedded
derivatives are also classified as held for trading
unless they are designated as effective hedging
instruments.

Gains or losses on liabilities held for trading are
recognised in the profit or loss.

Financial liabilities designated upon initial
recognition at fair value through profit or loss are
designated as such at the initial date of recognition,
and only if the criteria in Ind AS 109 are satisfied.
For liabilities designated as FVTPL, fair value
gains/ losses attributable to changes in own credit
risk are recognized in OCI. These gains/ losses are
not subsequently transferred to P&L. However,
the Company may transfer the cumulative gain or
loss within equity. All other changes in fair value
of such liability are recognised in the statement of
profit and loss. The Company has not designated
any financial liability as at fair value through profit
or loss.

Financial liabilities at amortised cost (Loans and
borrowings)

This is the category most relevant to the Company.
After initial recognition, interest-bearing loans
and borrowings are subsequently measured at
amortised cost using the EIR method. Gains and

losses are recognised in profit or loss when the
liabilities are derecognised as well as through the
EIR amortisation process.

Amortised cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortisation is included as finance
costs in the statement of profit and loss.

This category generally applies to borrowings. For
more information refer Note 19 & 24.

1.17 Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short-term deposits
with an original maturity of three months or less, which
are subject to an insignificant risk of changes in value.
For the purpose of the Statement of Cash Flows, cash
and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank
overdrafts as they are considered an integral part of the
Company’s cash management.

1.18 Statement of Cash Flow

Statement of Cash Flows is prepared segregating
the cash flows into operating, investing and financing
activities. Cash flow from operating activities is
reported using indirect method adjusting the net profit
for the effects of:

i. changes during the period in inventories and
operating receivables and payables, transactions
of a non-cash nature;

ii. non-cash items such as depreciation, provisions,
and unrealised foreign currency gains and losses
etc.; and

iii. all other items for which the cash effects are
investing or financing cash flows

1.19 Non-Current Assets classified as Held for Sale

The Company classifies non-current assets as held for
sale if their carrying amounts will be recovered principally
through a sale rather than through continuing use of
the assets and actions required to complete such sale
indicate that it is unlikely that significant changes to the
plan to sell will be made or that the decision to sell will
be withdrawn. Also, such assets are classified as held
for sale only if the management expects to complete
the sale within one year from the date of classification.

Non-current assets classified as held for sale are
measured at the lower of their carrying amount and
the fair value less cost to sell. Such Non-current assets

which are classified as held for sale are not depreciated
or amortised from the date when such assets are
classified as held for sale.

1.20 Key Accounting Estimates and Judgments

The preparation of the Company’s Financial Statements
requires the management to make judgments,
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.

Critical Accounting 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:

A. Income Taxes

The Company’s tax jurisdiction is India. Significant
judgments are involved in estimating budgeted
profits for the purpose of paying advance tax,
determining the provision for income taxes,
including amount expected to be paid/recovered
for uncertain tax positions (Refer note 22).

B. 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 the 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 technical or
commercial obsolescence arising from changes
or improvements in production or from a change
in market demand of the product or service output
of the asset.

C. Defined Benefit Obligation

The costs of providing pensions and other post¬
employment benefits are charged to the Statement
of Profit and Loss in accordance with IND AS
19 'Employee benefits’ over the period during
which benefit is derived from the employees’
services. The costs are assessed on the basis
of assumptions selected by the management.
These assumptions include salary escalation rate,
discount rates, expected rate of return on assets
and mortality rates. The same is disclosed in Note
45, 'Post Retirement Benefit Plans’.

D. Fair Value Measurement of Financial Instruments

When the fair values 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 model, which involve various judgments
and assumptions.

1.21 Recent Accounting Pronouncement

The Ministry of Corporate Affairs vide notification
dated 7^th May, 2025 and 13^th August, 2025 notified
the Companies (Indian Accounting Standards)
Amendment Rules, 2025 and Companies (Indian
Accounting Standards) Second Amendment Rules,
2025, respectively, which amended certain accounting
standards (see below), and are effective for annual
reporting periods beginning on or after 1^st April, 2025:

(a) Classification of Liabilities as Current or Non¬
current and Non-current Liabilities with Covenants

- Amendments to Ind AS 1

(b) Supplier Finance Arrangements - Amendments to
Ind AS 7 and Ind AS 107

(c) International Tax Reform - Pillar Two Model Rules

- Amendments to Ind AS 12

(d) Lack of Exchangeability - Amendments to Ind AS
21

These amendments did not have any material impact
on the amounts recognised in prior periods and are not
expected to significantly affect the current or future
periods.

current, if the lender agreed, after the reporting period
and before the approval of the financial statements for
issue, not to demand payment as a consequence of the
breach.

However, the amended requirements stipulate that
entities will no longer be permitted to consider lender
waivers that are granted after the reporting date but
before the financial statements are approved for the
purpose of classification of loans. This amendment
is required to be applied retrospectively in accordance
with Ind AS 8. The Company does not expect this
amendment to have an impact on its operations or
financial statements.

Note: Fair value disclosure note for financial assets (Note 40)

During the year, the Company has invested ' 175.00 Crores in Optionally Convertible Debentures ("OCDs") of its wholly owned
subsidiary, Maiz Citchem Limited ("MCL"), for the purpose of setting up a 500 TPD maize fermentation project at Sitarganj,
Uttarakhand, and the subscription proceeds shall be utilised by the MCL towards capital expenditure and repayment/
prepayment of its existing loan(s); the said OCDs carry a coupon rate of 0.001% per annum, payable annually on a cumulative
basis on the outstanding OCDs, are convertible into equity shares at the option of the parties at any time after the expiry of
three years from the date of allotment and prior to the maturity date, subject to mutual consent between the Company and
MCL, and shall mature after a period of 10 years from the deemed date of allotment, i.e., 21^st April, 2025.

16| ASSETS HELD FOR SALE

Non-current assets or disposal groups comprising of assets and liabilities are classified as 'held for sale’ when all the following
criteria are met:

(i) decision has been made to sell,

(ii) the assets are available for immediate sale in its present condition,

(iii) the assets are being actively marketed and

(iv) sale has been agreed or is expected to be concluded within 12 months of the Balance Sheet date.

Subsequently, such non-current assets and disposal groups classified as 'held for sale’ are measured at the lower of its carrying
value and fair value less costs to sell. Non-current assets held for sale are not depreciated or amortised.

The Board of Directors in their meeting on 9^th May, 2026 recommended a final dividend of ' 0.30 per equity share for the
financial year ended 31^st March, 2026. The payment is subject to the approval of shareholders in the Annual General Meeting
of the Company.

Nature and Purpose of Reserves
General Reserve:

General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General
Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income,
items included in the General Reserve will not be reclassified subsequently to statement of profit and loss.

Capital Subsidy:

The Company had recognised cash subsidy received from Ministry of Foods in earlier years. This reserves has been transferred
to General Reserves in Financial Year 2024-25 in accordance with the provisions of the Companies Act, 2013.

Amalgamation Reserve:

Amalgamation Reserve was created on account of amalgamation of Jupiter Biotech Ltd with Gujarat Ambuja Exports Limited
in the Financial Year 2003-04. This reserves has been transferred to General Reserves in Financial Year 2024-25 in accordance
with the provisions of the Companies Act, 2013.

Retained Earnings:

Retained earnings are the profit/ (loss) that the Company has earned/ incurred till date less any transfer to general reserve,
dividends or other distribution 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.

Debt instruments through Other Comprehensive Income:

The Company recognises changes in the fair value of debt instruments held with business objective of collect and sell in other
comprehensive income. These changes are accumulated within the Debt instruments through Other Comprehensive Income
within equity. The Company transfers amounts from this reserve to the P&L when the debt instrument is sold. Any impairment
loss on such instruments is reclassified immediately to the P&L.

Nature of CSR activities: Eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute
care and rehabilitation, environment sustainability, disaster relief, and rural development projects.

38| EXCEPTIONAL ITEMS

The Government of India has consolidated 29 existing labour laws into a unified framework comprising four labour codes
(the 'New Labour Codes’). The Ministry of Labour & Employment has published draft Central Rules and FAQs to facilitate the
assessment of the financial impact arising from the implementation of these regulations.

Based on an actuarial valuation and the refinement of assumptions in accordance with the New Labour Codes and applicable
rules, the Company has recognised a total incremental liability of ' 3.97 Crores for the year ended 31^st March, 2026. This
amount, which reflects the best estimate based on current available information regarding changes in the definition of wages,
has been accounted for as an exceptional item in the financial statements.

The Company continues to monitor the finalisation of Central and State Rules, as well as any further clarifications issued
by the Government regarding the implementation of the New Labour Codes. Any further financial impact arising from such
future developments will be evaluated and accounted for in the period in which such developments are notified, as considered
necessary.

Outflow in respect of I (a) and (b) disputes /contingencies are dependent upon final outcome of the disputes or ultimate
agreement to resolve the differences.

II. Commitments

Commitments on account of estimated amount of contracts remaining to be executed on capital account and not provided
for relating to Tangible Assets is ' 101.16 Crores [31^st March 2025: ' 45.79 Crores ].

7o| FAIR VALUE MEASUREMENT

Financial Instrument by category and hierarchy

The fair value of the financial assets and liabilities are included at the amount of which the instrument could be exchanged in

a current transaction between willing parties, other than in a forced or liquidation sale.

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

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

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

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

Valuation Methodology

i) Fair Value of Derivatives: The fair value of Forward Foreign Exchange contracts is determined using observable forward
exchange rates at the balance sheet date.

ii) Investments carried at fair value are generally based on market price quotations. Investments in equity shares included in
Level 3 of the fair value hierarchy have been valued using the cost approach to arrive at their fair value. Cost of unquoted
equity instruments has been considered as an appropriate estimate of fair value because of a wide range of possible fair
value measurements and cost represents the best estimate of fair value within that range.

Fair value Hierarchy

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

technique:

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

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

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

CAPITAL RISK MANAGEMENT

Equity Share capital and other equity are considered for the purpose of Company’s capital management.

The Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to
shareholders. The Capital structure of the Company is based on management’s judgment of its strategic and day-to-day needs
with a focus on total equity to maintain investor, creditors and market confidence and to sustain future development and
growth of its business.

The management and the Board of Directors monitors the return on capital as well as the level of dividends to shareholders.
The Company may take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

42| FINANCIAL RISK MANAGEMENT

The Company’s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit
risks. The Company’s senior management has the overall responsibility for establishing and governing the Company’s risk
management framework. The Company has constituted a risk management committee, which is responsible for developing
and monitoring the Company’s risk management policies. The Company’s risk management policies are established to identify
and analyse the risks faced by the Company, to set and monitor appropriate risk limits and controls, periodically review the
changes in market conditions and reflect the changes in the policy accordingly. The key risks and mitigating actions are also
placed before the Audit Committee of the Company.

A. Management of Liquidity Risk

Liquidity risk is the risk that the Company will face in meeting its obligation associated with its financial liabilities. The
Company’s approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due
without incurring unacceptable losses. In doing this management considers both normal and stressed conditions.

Due to dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining
availability of under committed credit lines. Management monitors rolling forecasts of the Company’s liquidity position
(comprising the undrawn borrowing facilities) and cash and cash equivalents on the basis of expected cash flows.

The following table shows the maturity analysis of the Company’s financial liabilities based on the contractually agreed
undiscounted cash flows along with its carrying value as at the Balance sheet date.

B. Management of Market Risk

The Company’s size and operations result in it being exposed to the following market risks that arise from its use of
financial instruments:

• Foreign Currency risk

• Price risk

• Interest rate risk

The above risks may affect the Company’s income and expenses, or the value of its financial instruments. The Company’s
exposure to and management of these risks are explained below:

(i) Foreign Currency risk

Derivative Instruments and unhedged foreign currency exposure

(iii) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because
of changes in market interest rates. In order to optimize the Company’s position with regards to interest income and
interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate
risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.
According to the Company interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities,
the analysis is prepared assuming that the amount of the liability outstanding at the end of the reporting period
was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate
risk internally to key management personnel and represents management’s assessment of the reasonably possible
change in interest rates.

Exposure to interest rate risk
Interest rate sensitivity

A change of 50 bps in interest rates would have following impact on profit before tax as well as Equity.

C. Management of Credit Risk

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

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

i) Actual or expected significant adverse changes in business,

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

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

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

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

Concentration of credit risk with respect to trade receivables are limited, due to the Company’s customer base
being large and diverse. All trade receivables are reviewed and assessed on quarterly basis. Our historical
experiences of collecting receivables indicate a low credit risk.

43| EARNINGS PER SHARE (EPS) AS PER INDIAN ACCOUNTING STANDARD 33

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average
number of Equity shares outstanding during the year. Diluted EPS amounts are calculated by dividing the profit attributable
to equity holders (after adjusting for interest on the convertible preference shares) by the weighted average number of Equity
shares outstanding during the year plus the weighted average number of Equity shares that would be issued on conversion of
all the dilutive potential Equity shares into Equity shares.

*Key Managerial Personnel and Relatives of Promoters who are under the employment of the Company are entitled to post
employment benefits and other long term employee benefits recognised as per Ind AS 19 - 'Employee Benefits’ in the financial
statements. Post-employment gratuity benefits of Key Managerial Personnel has not been included in (b) above.

~| POST RETIREMENT BENEFIT PLANS AS PER INDIAN ACCOUNTING STANDARD 19

As per Actuarial Valuation as at 31^st March, 2026 and 31^st March, 2025 amount recognised in the financial statements in respect
of Employee Benefit Schemes:

E. Assumptions

With the objective of presenting the plan assets and plan liabilities of the defined benefits plans and post retirement
medical benefits at their fair value on the balance sheet, assumptions under Ind AS 19 are set by reference to market
conditions at the valuation date.

The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions
occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change
in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption,
the method (Projected Unit Credit Method) used to calculate the liability recognised in the balance sheet has been applied.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the
previous period.

Risk Exposure - Asset Volatility

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

(i) Leave Obligations

The leave obligations cover the Company’s liability for sick and earned leave. The amount of the provision of ' 0.92
Crores [31^st March, 2025: ' 0.57 Crores ] is presented as current and ' 1.72 Crores [31^st March, 2025: ' 1.82 Crores]
as non current.

(ii) Defined Contribution Plans

The Company also has certain defined contribution plans. Contributions are made to provident fund in India for
employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident
fund administered by the government. The obligation of the Company is limited to the amount contributed and it has
no further contractual nor any constructive obligation. The expense recognised during the period towards defined
contribution plan is ' 3.35 Crores [31^st March, 2025: ' 3.31 Crores ]

*The Company does not have any repayment of borrowings. Debt Service coverage ratio has been computed basis lease
liabilities repayment schedule as per Guidance note on Schedule III issued by the Institute of Chartered Accountants of India.

Note: The calculation for above ratios (including restatement of prior year ratios, wherever necessary) is in accordance with
formula prescribed by Guidance note on Schedule III issued by the Institute of Chartered Accountants of India.

53| OTHER STATUTORY INFORMATION

(I) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company
for holding any Benami property.

(II) The Company do not have any transactions with companies struck off.

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

(IV) 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.

(V) 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

(VI) The Company have no 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).

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

(VIII) The quarterly returns or statements of Receivables, inventories and creditors for goods filed by the Company with banks
or financial institutions are in agreement with the books of accounts.

(IX) The Company has been maintaining its books of accounts in the SAP S/4HANA which has feature of recording audit trail
of each and every transaction, creating an edit log of each change made in books of account along with the date when
such changes were made and ensuring that the audit trail cannot be disabled, throughout the year as required by proviso
to sub rule (1) of rule 3 of The Companies (Accounts) Rules, 2014 known as the Companies (Accounts) Amendment Rules,
2021. The Company has preserved Audit trail as per statutory requirements for record retention.