xxii. Provisions, Contingent Liabilities and
Contingent Assets

A provision is recognised when the Company has
a present obligation (legal or constructive) as a
result of past events and it is probable that an
outflow of resources embodying economic benefits
will be required to settle the obligation, in respect
of which a reliable estimate can be made of the
amount of obligation. Provisions (excluding gratuity
and compensated absences) are determined based
on management's estimate required to settle the
obligation at the Balance Sheet date. In case the time
value of money is material, provisions are discounted
using a current pre-tax rate that reflects the risks
specific to the liability. When discounting is used, the
increase in the provision due to the passage of time
is recognised as a finance cost. These are reviewed
at each Balance Sheet date and adjusted to reflect
the current management estimates.

Contingent liabilities are disclosed in respect of
possible obligations that arise from past events,
whose existence would be confirmed by the
occurrence or non-occurrence of one or more
uncertain future events not wholly within the control
of the Company. A contingent liability also arises, in
rare cases, where a liability cannot be recognised
because it cannot be measured reliably.

Contingent assets are disclosed where an inflow of
economic resources is probable.

xxiii. Commitments

Commitments are future liabilities for contractual
expenditure, classified and disclosed as estimated
amount of contracts remaining to be executed on
capital account and not provided for.

xxiv. Exceptional Items

When items of income and expense within profit or
loss from ordinary activities are of such size, nature
or incidence that their disclosure is relevant to

explain the performance of the enterprise for the
period, the nature and amount of such material items
are disclosed separately as exceptional items.

xxv.Recent accounting pronouncements

The Ministry of Corporate Affairs (MCA) notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards)

Rules as issued from time to time. For the year
ended March 31, 2025, MCA has notified Ind AS 117 -
Insurance Contracts and amendments to Ind As 116 -
Leases, relating to sale and lease back transactions,
applicable from April 1, 2024. The Company has
assessed that there is no significant impact on its
financial statements.

f. Bonus shares/ buy back/shares for consideration other than cash issued during past five years:

(i) Aggregate number and class of shares allotted as fully paid up pursuant to contracts without payment being
received in cash - Nil

(ii) Aggregate number and class of shares allotted as fully paid up by way of bonus shares - Nil

(iii) Aggregate number and class of shares bought back - Nil

g. Out of the total issued capital, 25,260 (31 March 2024: 25,260) equity shares of I 1 each have been kept in
abeyance pending final settlement of rights issues.

h. The Board of Directors of the Company has recommended equity dividend of I 2.00 per share (31 March 2024:
I 1.70 per share) for the year ended 31 March 2025. (Refer note 44)

Nature and purpose of reserves

(i) Securities premium

Securities premium is used to record the premium received on issue of shares. This account is utilised in
accordance with the provisions of the Companies Act 2013 ('the Act').

(ii) General Reserve

Under the erstwhile Companies Act 1956, a general reserve was created through an annual transfer of net profit
at a specified percentage in accordance with applicable regulations. Consequent to the introduction of the
Companies Act, 2013, the requirement to mandatorily transfer a specified percentage of net profit to general
reserve has been withdrawn.

(iii) Retained Earnings

Retained earnings represents the profits/losses that the Company has earned / incurred till date including gain /
(loss) on fair value of defined benefits plans as adjusted for distributions to owners, transfer to other reserves etc.

(iv) Equity instruments at fair value through other comprehensive income

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

(v) Exchange differences on translating the financial statements of a foreign operation

The Company has recognised exchange differences arising on translation of the foreign operations (i.e. Branch in
Bangladesh, Sri Lanka and Myanmar) in other comprehensive income and accumulated in 'Foreign Currency
Translation Reserve' in Other Equity.

Terms of repayment and details of security

Note 18.1 - Term loan from banks

Loans obtained from banks for capital expenses including reimbursement of expenses carry interest rates linked to
1 year/ 6 month MCLR currently ranging from 8.50% to 11.35% (31 March 2024: 9.75% to 10.65% p.a.) are repayable
in 14 /16 quarterly and 48 / 60 monthly installments. One of these loans is secured with exclusive charge on an
immovable property of the Company and others are secured by first and exclusive charge on specific equipment
financed by the banks.

172 ITD Cementation India Limited

Loan obtained under Emergency Credit Line Guarantee Scheme 2.0 ('ECLGS') for general corporate/long term working
capital purposes carry interest rates ranging from 8.00% to 9.25% (31 March 2024: 7.50% to 9.55% p.a.) for a period of
60 months including moratorium period of 12 months and thereafter repayable in 48 monthly installments. These loans
are secured by second pari passu charge on the current assets and movable plant and machinery, other than those
charged in favour of equipment specific term loans. The entire facility under ECLGS is also covered by way of 100%
guarantee cover available from National Credit Guarantee Trustee Company Limited (NCGTC).

Note 18.2 - Vehicle loans from banks

Loans obtained for purchase of vehicles carry interest rates ranging from 7.25% p.a. to 9.15% p.a. (31 March 2024:
7.25% p.a. to 9.15% p.a.) and balance outstanding as on 31 March 2025 are repayable in 1 to 60 monthly balance
installments. These loans are secured by hypothecation of the vehicles purchased out of these loans.

Note 18.3 - Loans guaranteed by directors Nil (31 March 2024: Nil)

Note 18.4 - Net debt reconciliation

An analysis of net debts and the movement in net debts for each of the reporting period is as follows:

Notes:

Note 18.4.1: Difference is on account of income tax deduced at source ('TDS') by clients from running account bills
and considered as trade receivables pending receipt of TDS certificate for the purposes of submission of quarterly
statements to banks.

Note 18.4.2: Stock statement submitted was based on unaudited books of accounts.

Note 18.4.3: The statement for the quarter ended 31 March 2025 was not submitted as at date of the financial
statements. Accordingly, disclosure thereof has not been included above.

Note 21.1 Cash credit facilities (secured):

Cash credit facilities availed from consortium bankers carry effective interest rates ranging from 9.18% p.a. to 11.95%
p.a. (31 March 2024: 9.50% p.a. to 11.90% p.a.) and are secured by first pari passu charge on the current assets and
movable plant and machinery (other than those charged in favour of equipment specific term loans). These facilities
are repayable on demand.

Note 21.2 Working capital demand loans (secured):

Working capital demand loans carry effective interest rates ranging from 9.23% p.a. to 12.05% p.a. (31 March 2024: 9.50
% p.a. to 12.00% p.a.) and are secured by first pari passu charge on the current assets and movable plant and machinery
(other than those charged in favour of equipment specific term loans). These facilities are repayable on demand.

Note 21.3 Bill discounting (unsecured):

Bill discounting facilities carried on interest rates ranging from 10.00% p.a. to 10.40% p.a. (31 March 2024: 9.75% p.a.
to 10.60% p.a) and are repayable upto 90 days from the date of discounting/ date of invoice.

Note 21.4 - Loans guaranteed by directors Nil (31 March 2024: Nil)

Note 30.2: CSR expenditure

As per the Section 135 of the Companies Act, 2013 every year the Company is required to spend at least 2% of its
average net profits made during the three immediate preceding financial years on the Corporate Social Responsibility
(CSR) activities. Following is the information regarding projects undertaken and expenses incurred on CSR activities.

a. Gross amount required to be spent by the Company during the year ended 31 March 2025: I 430.43 Lakhs
(31 March 2024: I 171.33 Lakhs)

c. Amount of shortfall at the end of the year ended 31 March 2025 out of the amount required to be spent during
the year: I 23.62 Lakhs (31 March 2024: I 0.84 Lakhs).

d. Total of previous year shortfall: Nil

e. Reason for shortfalls:

Actual cost incurred for one of the CSR activities was less by I 1.45 Lakh against the allocated amount and
for balance amount of I 22.17 Lakh, the Company could not identify any viable CSR projects falling under
Schedule VII of the Companies Act, 2013, in which the unspent amount could be utilised.

Consequently, the total unspent amount for FY 2024-25 in respect of CSR is I 23.62 Lakh, which the Board
of the Company, decided to transfer to Swachh Bharat Kosh, set up by the Central Government for the
promotion of sanitation.

f. Nature of CSR activities undertaken: Health care, Education including special education and employment
enhancing vocational skill development, environmental sustainability, Women empowerment, Animal welfare
and activities related to setting up old age homes & hostels for women, orphans and senior citizens.

(vi) Provident Fund

Based on the judgement delivered by the Honorable Supreme Court dated 28 February 2019, past provident
fund liability, is not determinable at present, in view of uncertainty on the applicability of the judgement
to the Company with respect to timing and the components of its compensation structure. In absence of
further clarification, the Company has been legally advised to await further developments in this matter to
reasonably assess the implications on its financial statements, if any.

Notes-

(a) The Company has a number of claims on customers for price escalation and / or variation in contract
work. In certain cases which are currently under arbitration, the customers have raised counter-claims.
The Company has received legal advice that none of the counter-claims are legally tenable. Accordingly no
provision is considered necessary in respect of these counter claims. It also include claims by third parties.

(b) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the
above pending resolution of the respective proceedings. The Company does not expect any reimbursements
in respect of the above contingent liabilities other than stated therein above. Future cash outflows in
respect of the above are determinable only on receipt of judgements/ decisions pending with various forums/
authorities. The Company does not expect any outflow of economic resources in respect of the above and
therefore no provision is made in respect thereof.

Note 33: The Company's trade receivables and unbilled work-in-progress include amount aggregating I 913.04 Lakhs
and I 2,099.68 Lakhs (31 March 2024: I 882.79 Lakhs and I 2,494.65 Lakhs), respectively, which represent various
receivables/ claims which have been raised based on the terms and conditions implicit in the contracts of certain
completed/ nearing completion projects. These receivables/ claims are mainly in respect of cost over-run arising due
to client caused delays, suspension of projects, deviation in design and change in scope of work; for which Company
is at various stages of negotiations/ discussions/ arbitration/ litigation with the clients. Considering the contractual
tenability, progress of negotiations/ discussions/arbitration/ litigations and as legally advised in certain contentious
matters, the management is confident of recovery of these receivables.

Note 34 Segment reporting

The Company's Managing Director who is identified as the Chief Operating Decision Maker of the Company, examines
the performance of the business and allocates funds on the basis of a single reportable segment i.e. 'Construction'.
Further, the Company has operations mainly in India and has no other reportable segment.

Accordingly, the segment revenue, segment results, total carrying amount of segment assets and segment liability,
total cost incurred to acquire segment assets and total amount of charge for depreciation during the period, is as
reflected in the Standalone Financial Statements as on and for the financial year ended 31 March 2025.

Note 37 Financial instruments

The fair value of the financial assets are included at amounts at which the instruments 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 value:

(a) Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current
liabilities, approximate their carrying amounts largely due to the short-term maturities of these instruments.

(b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters
such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances
are taken to account for the expected losses of these receivables.

Note 39 Financial risk management objectives and policies

The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company's
focus is to foresee the unpredictability of financial markets and seek to minimise potential adverse effects on its
financial performance.

i Market risk

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

a Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates
primarily to the Company's total debt obligations with floating interest rates.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion
of loans and borrowings affected. With all other variables held constant, the Company's profit before tax is
affected through the impact on floating rate borrowings, as follows:

The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable
market environment, showing a significantly higher volatility than in prior years.

Foreign currency risk

The Company has balances in foreign currency and consequently the Company is exposed to foreign exchange
risk. Foreign currency risk arrises from future commercial transactions and recognised assets and liabilities
denominated in a currency that is not the company's functional currency (INR). The Company evaluates exchange
rate exposure arising from foreign currency transactions and follows established risk management policies.

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

During the year, to mitigate the Company's exposure to foreign currency risk, non-INR cash flows are monitored
and forward exchange contracts are entered into in accordance with the Company's risk management policies.
Generally, the Company's risk management procedures distinguish short-term foreign currency cash flows (due
within 6 months) from longer-term cash flows (due after 6 months).

The net effect of exchange rate changes on cash and cash equivalents as per Ind AS 7 is I 33.52 Lakhs.
Non presentation in cash flow has no impact on the profit and loss of the company.

Sensitivity analysis

The Company's exposure in foreign currency is not material and hence the impact of any significant fluctuation
in the exchange rates is not expected to have a material impact on the operating profits of the Company.

c Equity price risk

The Company's exposure in equity securities as at 31 March 2025 is I 5 Lakhs (31 March 2024: I 5 Lakhs) and as
a result the impact of any price change will not have a material effect on the profit or loss of the Company.

ii Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed.
The maximum exposure of the financial assets are contributed by trade receivables. Company's exposure to credit
risk for receivable from customers (retention - not due) beyond one year is I 21,874.69 Lakhs.

a Trade receivable

Trade receivables are typically unsecured and are derived from revenue earned from two main classes of trade
receivables i.e receivables from sale to government corporations and receivables from sales to private third
parties. A substantial portion of the Company's trade receivables are from government promoted corporations
customers having strong credit worthiness.

The following table gives details in respect of percentage of revenues generated from government promoted
agencies and others:

b Financial assets other than trade receivables

Financial assets other than trade receivables comprise of cash and cash equivalents, other bank balances,
loan to employees and other financial assets. The Company monitors the credit exposure on these financial
assets on a case-to-case basis. Based on the Company's historical experience, the credit risk on other financial
assets is also low.

The following table gives details in respect of contract revenues generated from the top customer and top 5
customers for each of the reporting period:

iii Liquidity risk

Liquidity is defined as the risk that the Company will not be able to settle or meet its obligations on time
or at a reasonable price. The Company's treasury department is responsible for liquidity, funding as well as
settlement management. In addition, processes and policies related to such risks are overseen by senior
management. Management monitors the Company's net liquidity position through rolling forecasts on the basis
of expected cash flows.

The table below provides details regarding the contractual maturities of significant financial liabilities:

Note 40 - Disclosure pursuant to Ind AS 115 Revenue from Contracts with Customers:

Refer note 2(xvi)(a) for accounting policy on revenue recognition.

(a) Disaggregation of revenue

The Company's entire business falls under one operational segment of 'Engineering and Construction'.
Contract revenue represents revenue from Engineering and Construction contracts wherein the performance
obligation is satisfied over a period of time. Further, the management believes that the nature, amount, timing
and uncertainty of revenue and cash flows from all its contracts are similar. Accordingly, disclosure of revenue
recognised from contracts disaggregated into categories has not been made.

(b) Unsatisfied performance obligations

The aggregate amount of transaction price allocated to performance obligations that are unsatisfied as at the
end of the year is I 17,81,923.84 Lakhs (31 March 2024: I 19,28,246.15 Lakhs). Most of Company's contracts
have a life cycle of 2-3 years. Management expects that around 25% - 30% of the transaction price allocated to
unsatisfied contracts as of 31 March 2025 will be recognised as revenue during next reporting period depending
upon the progress on each contracts. The remaining amounts are expected to be recognised over the next 3
years. The amount disclosed above does not include variable consideration.

Note: Increase in contract assets is primarily due to higher revenue recognition as compared to progress
billing during the year in certain projects, whereas increase in contract liabilities is due to higher progress
billing as compared to revenue recognition during the year in certain other projects.

(ii) Revenue recognised during the year from opening balance of contract liabilities (i.e. due to customers)
amounts to I 10,821.98 Lakhs (31 March 2024: I 15,947.82 Lakhs).

(iii) Revenue recognised during the year from the performance obligation satisfied upto previous year amounts
to Nil (31 March 2024: Nil).

(e) Cost to obtain or fulfil the contract:

i. Amount of amortisation recognised in Statement of Profit and Loss during the year: Nil (31 March 2024: Nil)

ii. Amount recognised as contract assets as at 31 March 2025: Nil (31 March 2024: Nil)

Note 41 Leases - Ind AS 116
Right-of-use Assets:

The net carrying value of right-of-use assets as at 31 March 2025 of I 2,513.12 Lakhs (31 March 2024: I 2,470.93
Lakhs) have been disclosed on the face of the balance sheet. (Also refer note 3B)

Lease liabilities:

(i) As at 31 March 2025, the lease obligations aggregating I 2,841.78 Lakhs (31 March 2024: I 2,708.68 Lakhs)
which have been classified to lease liabilities on the face of the balance sheet. (Also refer note 18)

(ii) The following is the movement in lease liabilities:

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 Company. The Company strives to safeguard its ability to continue as
a going concern so that they can maximise returns for the shareholders and benefits for other stake holders. The aim
to maintain an optimal capital structure and minimise cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company may return capital
to shareholders, issue new shares or adjust the dividend payment to shareholders (if permitted). Consistent with
others in the industry, the Company monitors its capital using the gearing ratio which is total debt divided by total
capital (equity).

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

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

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

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

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

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

(viii) The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

(ix) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

(x) The Company has not entered into any scheme of arrangement which has an accounting impact on the current
or previous financial year.

Note 46 Disclosure for maintenance of books of accounts with Audit Trail (Edit log)

During the year, the Company has used a particular accounting software for maintaining books of accounts for all its
projects in India and a different Accounting software for its overseas projects. The accounting software used by the
Company in India has a feature of recording audit trail (edit log) facility and the same has operated throughout the
year for all relevant transactions recorded in the software.

Further, for the periods where the audit trail (edit log) facility was enabled and operational, there are no instances of
the audit trail feature being tampered with.

Note 47 Previous period figures have been regrouped / reclassified whereever necessary, to conform to the current
period's classification.

As per our attached report of even date

For T R Chadha & Co LLP For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration No. 006711N / N500028

Pramod Tilwani Santi Jongkongka Jayanta Basu

Partner Executive Vice Chairman Managing Director

Membership No: 076650 DIN: 08441312 DIN: 08291114

Prasad Patwardhan Rahul Neogi

Chief Financial Officer Company Secretary

ACA No.44453 ACS No.10653

Place: Mumbai Place: Mumbai

Date: May 13, 2025 Date: May 13, 2025