s) Provisions, contingent liabilities and contingent assets
The Company recognizes a provision when there is
a present obligation as a result of a past event that
probably requires an outflow of resources and a reliable
estimate can be made of the amount of the obligation.
A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation
that may, but probably will not, require an outflow
of resources. Where there is a possible obligation or
a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Contingent assets are disclosed where an inflow of
economic benefits is probable.
t) Leases
As a lessee
The Company recognises a right-of-use asset and a
lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which
comprises the initial amount of the lease liability
adjusted for any lease payments made at or before
the commencement date, plus any initial direct
costs incurred and an estimate of costs to dismantle
and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less
any lease incentives received.
The right-of-use asset is subsequently depreciated
using the straight-line method from the
commencement date to the earlier of the end of the
useful life of the right-of-use asset or the end of the
lease term. The estimated useful lives of right-of-use
assets are determined on the same basis as those of
property and equipment. In addition, the right-of-use
asset is periodically reduced by impairment losses, if
any, and adjusted for certain re-measurements of the
lease liability.
The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily
determined, Company’s incremental borrowing rate.
Generally, the Company uses its incremental borrowing
rate as the discount rate.
The lease liability is measured at amortised cost using
the effective interest method. It is remeasured when
there is a change in future lease payments arising from
a change in an index or rate, if there is a change in the
Company’s estimate of the amount expected to be
payable under a residual value guarantee, or if Company
changes its assessment of whether it will exercise a
purchase, extension or termination option. When the
lease liability is remeasured in this way, a corresponding
adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the
carrying amount of the right-of-use asset has been
reduced to zero. The Company presents right-of-use
assets that do not meet the definition of investment
property in ‘property, plant and equipment’ and lease
liabilities in ‘loans and borrowings’ in the statement of
financial position.
Short-term leases and leases of low-value assets
The Company has elected not to recognise right-of-
use assets and lease liabilities for short-term leases
of real estate properties that have a lease term of 12
months. The Company recognises the lease payments
associated with these leases as an expense on a
straight-line basis over the lease term.
u) Non-current assets held for sale and discontinued
operation
Non-current assets and disposal groups are classified
as held for sale if their carrying amount is intended to
be recovered principally through a sale (rather than
through continuing use) when the asset (or disposal
group) is available for immediate sale in its present
condition subject only to terms that are usual and
customary for sale of such asset (or disposal group) and
the sale is highly probable and is expected to qualify for
recognition as a completed sale within one year from
the date of classification.
Non-current assets and disposal groups classified as
held for sale are measured at lower of their carrying
amount and fair value less costs to sell.
v) Earnings per share
The Company presents basic and diluted earnings per
share (“EPS”) data for its ordinary shares. Basic EPS is
calculated by dividing the profit or loss attributable to
ordinary shareholders of the Company by the weighted
average number of ordinary shares outstanding during
the period. Diluted EPS is determined by adjusting the
profit or loss attributable to ordinary shareholders
and the weighted average number of ordinary shares
outstanding for the effects of all dilutive potential
ordinary shares, which includes all stock options
granted to employees.
w) Standards issued but not yet effective
Ind AS 21 - The amendment to Ind AS 21 “Effects of
changes in Foreign Exchange Rates”, clarifies when
a currency is considered exchangeable into another
currency, how an entity estimates a sport rate for
currencies that lack exchangeability.
The amendment to Ind AS 21 is effective for annual
reporting period beginning on or after 1st April 2025. The
adoption of this amendment is not expected to have
material impact on the Company’s financial statement.
1 Debentures
a) LIC - 11.30% NCD (ISIN INE244B07144) : 11.30% secured redeemable non-convertible debentures was allotted on September
17, 2012 for a period of 10 years. These debentures have a face value of ' 1.0 million each aggregating to ' Nil (P.Y. ' 238.00
million). These NCDs along with the OCDs issued to LIC of ' 708.30 million (P.Y. ' 708.30 million) is secured against charge
on certain land held as stock in trade of the Company and its subsidiaries. The above debentures was listed on The National
Stock Exchange of India Ltd.
a) During FY. 18, S4A (Scheme for Sustainable Structuring of Stressed Assets) of RBI for Debt resolution plan was approved and
implemented by the lenders of the Company by virtue of which their debts (including the interest accrued thereon) on the
reference date of August 8, 2017 was split into Part A debt which was serviceable from the reference date and PART B Debt,
which was converted into 0.01% Optionally Convertible Debentures (OCD) with a 7% IRR repayable over a period of 10 years
commencing from the 6th year. Further in FY 19, Implementation from LIC (Life Insurance Corporation of India) & GIC (General
Insurance Corporation of India) was completed as per the scheme and Units of OCD under Part B Debt was issued by the
Company. As part of the above S4A scheme, lenders of the Company had converted Part B debt from Working Capital Term
Loan (WCTL) , Working Capital facilities (CC) , Non-Convertible Debentures (NCD) & Short-term Loans (STL) facilities into
various tranches of Optionally Converted Debentures (OCD). The tranche-wise details of OCD allotment and their outstanding
details as on March 31, 2025 are as follows -
Tranche 1. (WCTL) ' 633.02 million (P.Y. ' 855.40 1 million), Tranche 2 (CC) ' 1,401.82 million (P.Y. ' 2,091.09 million), Tranche 3
(GIC OCD) ' 41.71 million (P.Y ' 43.90 million), Tranche 7 (LIC) ' 672.89 million (P.Y. ' 708.30 million) & Tranche 9. (STL) ' Nil (PY.
' 9.93 million). These debentures have a face value of ' 1,000 each aggregating to '2,749.43 million as on March 31, 2025 (P.Y.
'3,698.70 million) and outstanding liabilities on these debenture under IND AS 109 is ' 2,521.84 million (P.Y. ' 3,489.32 million)
as on March 31, 2025.
The OCD’s carry a coupon rate of 0.01% p.a. payable annually on March 31 every year, with a yield to maturity (YTM) of 7%
p.a. payable at the time of maturity, payable from the reference date August 8, 2017 (for Tranches 1,2,3,7,9) and the original
repayment schedule for repayment is over a period of 10 years as follows -
At the end of 6th year from reference date, i.e. August 8, 2023 - 5%, end of 7th year, i.e. August 8, 2024 - 20%, end of 8th year,
i.e. August 8, 2025 - 25%, end of 9th year, i.e. August 8, 2026 - 25% and end of 10th year, i.e. August 8, 2027 - 25%. For Tranche 3
(GIC) the OCD units were credited effective July 1,2018 & Tranche 7 (LIC) the OCD Units were credited effective December 17,
2018, with Moratorium of 5 Years and balance payable in 5% in Year 6, 20% in Year 7, 25% each in Year 8 ,Year 9 & Year 10, from
their effective credit date along with the yield to maturity of 7% p.a.
Tranche 1 is secured against a first pari passu charge on the receivables more than 180 days, retention deposit, stock of land,
immovable property and mortgage over certain lands owned by subsidiary companies, corporate guarantee and pledge of
30% shareholding of subsidiaries owning real estate lands. Late Rupen Patel, promoter in their personal capacity and Mr.
Muthu Raj to the extent of the value of the property owned by them, has provided personal guarantees for WCTL lenders.
Also there is a charge on escrow accounts of Company, wherein cash flows will be deposited from real estate projects to be
developed/monetized by respective companies, pledge of 93,50,927 shares (P.Y. 93,50,927 shares) of the Company held by
promoters and Mr. Pravin Patel and 49% shareholding of Hitodi Infrastructures Pvt. Ltd. held by the Company.
Tranche 2 is secured against the same security as for CC - refer note 22 - 2) below in working capital demand loan note,
Tranche 3 is secured against charge on certain property held as fixed assets of the Company and subservient charge on all the
property, plant and equipment of the Company. Tranche 7 is secured against charge on certain land held as stock in trade of
the Company and its subsidiaries.
Tranche 1 & Tranche 2 are also secured by pledge of 93,50,927 shares (P.Y. 93,50,927 shares) of the Company held by promoters
and Mr. Pravin Patel of the Company and pledge of 49% holding of the Company in Hitodi Infrastructure Pvt. Ltd. The said
OCDs are also secured by personal guarantees of Late Rupen Patel. These securities are also for Part A Debt.
Tranche 9 is secured against the specified immovable assets.
2 Term loan banks
The term loan of ' 1,151.92 million (P.Y. ' 460.21 million) includes project specific funding and loan on equipment, secured against
the particular project cash flow/ current assets and said equipment respectively. These loans carried an interest rate of average
between 8.60%-10.55% on an average, with a repayment period of 3-7 years. Presently there are no interest and principal overdue
for repayment & outstanding for such loans taken by the Company.
3 From others
The term loan of ' 1,384.14 million (P.Y. ' 2,444.89 million) includes project specific funding from financial institutions and loan on
equipment, secured against the particular project cash flow / current assets and the said equipment respectively. These loans
carried an interest rate of average between 11%-11.15 % on an average, with a repayment period of 3-8 years . Presently there are no
interest and principal overdue for repayment & outstanding for such loans taken by the Company.
1 Short-term loan
Short term loan includes inter-corporate deposits with an average rate of interest of 14%-15% with maturity period of 1-3 years.
Currently there is nil outstanding for such loan taken by the Company earlier.
2 Loans repayable on demand
Includes cash credit and working capital demand loan from various banks. These loans have been given against first pari passu
hypothecation of stocks, spare parts, book debts, work-in-progress & guarantees except specifically charged to any other lenders;
secured against pledge of 93,50,927 shares (PY. 93,50,927 shares) of the Company held by promoters and Mr. Pravin Patel and
49% shareholding of Hitodi Infrastructures Pvt. Ltd. held by the Company. It also has second charge on receivable above 180 days,
subservient charge over plant & machinery except specifically charged to any lenders and over certain immovable properties and
right over residual cash flow from sale of real estate charged to OCD’s holders.
Terms of repayment:
Cash credit - yearly renewal, rate of interest ranges between 10.20%-13.25% p.a. (P.Y. 10.35%-12.31% p.a.)
3 Supplier finance from Banks
It includes short term bills discounting through treds platforms of ' 726.33 million (P.Y. Nil) carried at interest rate ranging on 8.00%
to 9.60% and are repayable up to 180 days from the date of discounting/ date of invoice.
4 Unsecured loan from related parties
It includes short-term inter-corporate payables to related parties of ' 594.04 million (P.Y. ' 621.49 million).
5 The Company has borrowings from banks and financial institutions on the basis of security of current assets. The quarterly returns
or statements of current assets filed by the Company with banks and financial institutions are in agreement with the books of
accounts.
6 The borrowings obtained by Company from banks and financial institutions have been applied for the purposes for which such
loans were taken.
Act towards payments already made is ' 1.59 million (P.Y. ' 2.48 million). Interest accrued and remaining unpaid at the end of
the accounting year is ' 79.03 million (P.Y. ' 44.72 million). The amount of further interest remaining due and payable even in the
succeeding years, until such date when the interest dues as above are actually paid to the small enterprise for the purpose of
disallowance as a deductible expenditure u/s 23 of the MSMED Act, 2006 is ' 45.17 million (P.Y. ' 23.33 million).
The above information is required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 and has
been determined to the extent such parties had been identified on the basis of information available with the Company and relied
upon by the auditors.
2 Company has entered into supplier finance arrangements of ' 426.68 million (P.Y. ' 1,554.35 million) with various parties which
provide extended credit period by 4 -6 months with the interest rate ranging between 11% to 13.10%.
a) Based on internal and external information Company has reversed the provision made in earlier years.
b) During the previous year, Company has received a favourable award, net of financing cost of arbitration, from International
Arbitration Tribunal against the investment made by the Company in the Mauritius project via Waterfront Development Limited
(‘WDL’ ‘SPV’) through investment and loan made to SPV.
c) Based on indicators of impairment, the Company has made a provision for diminution in the value of its investment/loan, over and
above the expected recoverable amount, in accordance with applicable accounting standards.
d) Based on available information and current status of receivable from the JDA partner / advance to vendor, the Company has
assessed that the balance amount is no longer recoverable. Accordingly, the outstanding balance has been written off during the
year.
e) During the year, the Company settled certain awards under the Vivad se Vishwas (VSV) Scheme for contractual dispute, a
Government of India initiative for dispute resolution. The realizable amounts were determined based on the forum where the
disputes were pending and the balance outstanding amount has been duly provided/written off during the year.
f) Based on para (e ), Company has written off unrealised portion of subsidiary balance during the year and in previous year, post the
receipt of the above mentioned award in para (b), the Company has decided to exit from its investments made in Mauritius entity,
hence Company has written off the loan and investment made therein.
g) During the previous year, Company has diluted the part stake in a subsidiary viz Welspun Michigan Engineers Ltd. (‘WMEL’) and
recognised the gain on dilutation of the WMEL. Further, balance investment has been measured as fair value through profit and loss.
During the year, Company has sold above balance stake in WMEL and recognised the gain on sale of balance stake.
33 EMPLOYEE BENEFITS
I Brief description of the plans
The Company provides long-term benefits in the nature of provident fund and gratuity to its employees. In case of funded
schemes, the funds are recognized by the income tax authorities and administered through appropriate authorities/insurers. The
Company’s defined contribution plans are provident fund, employee state insurance and employees’ pension scheme (under the
provisions of the employees’ provident funds and miscellaneous provisions act, 1952) since the Company has no further obligation
beyond making the contributions. The Company’s defined benefit plans include gratuity benefit to its employees, which is
funded through the life insurance corporation of India. The employees of the Company are also entitled to leave encashment and
compensated absences as per the Company’s policy. The provident fund scheme additionally requires the Company to guarantee
payment of specified interest rates, any shortfall in the interest income over the interest obligation is recognised immediately in the
statement of profit and loss as actuarial loss. Any loss/gain arising out of the investment with the plan is also recognised as expense
or income in the period in which such loss/gain occurs.
39 The Company is engaged in providing infrastructural facilities and hence, as per section 186(11) of Companies Act, 2013, nothing in
section 186 shall apply to the Company except sub-section (1) of the said section. Accordingly, a separate disclosure has not been
given in the financial statements as required under section 186(4) with regard to particulars of loan given, investment made or
guarantee given or security provided and the purpose for which the loan or guarantee or security is proposed to be utilised by the
recipient of the loan or guarantee or security.
40 Confirmation letters have been sent in respect of sundry debtors / loans and advances / sundry creditors of which certain
confirmations have been received which are accordingly accounted and reconciled. The remaining balances have been shown as per
books of accounts and are subject to reconciliation adjustments, if any. In the opinion of the management, the realizable value of
the current assets, loans and advances in the ordinary course of business will not be less than the value at which they are stated in
the balance sheet.
43 The Company’s pending litigations comprise of claims by or against the Company primarily by the customers / contractors/
suppliers, etc. and proceedings pending with tax and other government authorities. The Company has reviewed its pending
litigations and proceedings and has adequately provided for where provisions are required and disclosed the contingent liabilities
where applicable, in it’s financial statements. The Company does not expect the outcome of these proceedings to have a
materially adverse effect on its financial results. In respect of litigations, where the management assessment of a financial outflow
is probable, the Company has made adequate provision of ' 25.85 million (P.Y. ' 25.85 million) and appropriate disclosure for
contingent liabilities is given.
44 Capital commitment
Commitment for capital expenditure is ' 256.06 million (P.Y. ' 339.53 million), advance paid is ' 66.92 million
(P.Y. ' 65.96 million ).
45 Contingent liabilities
(a) Outstanding secured bank guarantees / surety bond in respect of contractual commitments in the ordinary course of
business of the Company and group entities is ' 20,991.94 million (P.Y. ' 22,180.74 million) (including customs ' 19.87 million
(P.Y.' 42.88 million). Corporate guarantees / letter of credit, net off share of JV partner & provision already considered in books,
on behalf of subsidiaries and others is ' 356.12 million (P.Y. ' 399.72 million).
(b) Service tax and GST liability that may arise on matters in appeal ' 912.75 million (P.Y. ' 1,882.33 million) and advance paid ' 2.87
million (P.Y. ' 0.30 million).
(c) Sales tax ' 74.39 million (P.Y. ' 130.84 million) (advance paid ' 0.20 million (P.Y. ' 0.20 million )), cess ' 122.64 million
(P.Y. ' 122.64 million), custom duty ' 16.49 million (P.Y. ' 16.49 million) (advance paid ' 8.46 million (P.Y. ' 8.46 million)).
(d) Income tax liability that may arise on matters in appeal ' 3,766.56 million (P.Y. ' 3,731.18 million).
(e) Provident fund liability that may arise on matter in appeal ' 15.79 million ( P.Y. ' 15.79 million) and advance paid ' 14.63 million
(P.Y. 14.63 million)
(f) The Company is subject to legal proceeding and claims, which have arisen in the ordinary course of business, interalia
including certain litigation for land acquired by it for construction purpose, the impact of which is not quantifiable. These
cases are pending with various courts/forums. After considering the circumstances, management believes that these cases
will not adversely effect its financial statement.
(g) A part of the immovable property belonging to the Company has been offered as a shortfall undertaking in form of security
in favour of a bank against credit facilities availed by strategic partners and the Company is also under commitment to
construct specific area for land owners .
Note 1: The above contingent liabilities affecting to Service Tax, GST, Sales Tax, Customs Duty, Income Tax, and Provident Fund
are based on orders passed by competent authorities.
Note 2: The timing and amount of any future cash outflows in respect of the above contingent liabilities are determinable
only on receipt of judgements/decisions pending with various Courts/forums/authorities. The Company does not expect any
outflow of economic resources in respect of the above contingent liabilities.
46 In respect of projects undertaken by a step down subsidiary of the Company in USA, ASI Constructors Inc. (ASI), certain surety
bonds were issued in the past by Surety companies for securing the vendors/clients of the projects of ASI. To that end, a general
agreement of indemnity (GIA) was executed by ASI and other related entities in US, certain KMPs of ASI and their relatives in favour
of the surety companies with respect to the bonds issued by them. Subsequently, all the assets of ASI were sold to repay the then
existing liabilities of ASI and the remaining projects were undertaken by the Surety companies to complete the same. The Company
had already impaired and written off its investment in ASI earlier. However, the Surety companies has since then incurred certain
costs over and above the expected inflows from such projects which they have claimed from the indemnitors. While Company and
Patel Engineering Inc are not signatories to the GIA, they were made defendants to the lawsuit in USA. The Company filed its various
replies and denied all claims against them accordingly.
Based on the legal opinion obtained and assessment made by the management, there is no likelihood of any outcome against the
Company for the above matter and the Company shall continue to act in this regard based on legal advice.
ii) Financial instrument measured at amortised cost
The carrying amount of financial assets and 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.
51 Financial risk management
The Company’s financial liabilities comprise mainly of borrowings, trade payables and other payables. The Company’s financial
assets comprise mainly of investments, cash and cash equivalents, other balances with banks, loans, trade receivables and other
receivables.
The Company is exposed to market risk, credit risk and liquidity risk. The board of directors (‘Board’) oversee the management
of these financial risks through its risk management committee. The risk management policy of the Company formulated by the
risk management committee, states the Company’s approach to address uncertainties in its endeavour to achieve its stated and
implicit objectives. It prescribes the roles and responsibilities of the Company’s management, the structure for managing risks
and the framework for risk management. The framework seeks to identify, assess and mitigate financial risks in order to minimize
potential adverse effects on the Company’s financial performance.
The following disclosures summarize the Company’s exposure to financial risks and information regarding use of derivatives
employed to manage exposures to such risks. Quantitative sensitivity analysis have been provided to reflect the impact of
reasonably possible changes in market rates on the financial results, cash flows and financial position of the Company.
1) 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 risks: interest rate risk, currency risk and other price risk. Financial
instruments affected by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative
financial instruments.
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 other variables held constant, the Company’s profit before tax is affected. With
all other variables held constant, the Company’s profit before tax is affected through the impact on floating rate
borrowings, as follows:
c) Equity price risk
The Company’s listed and non-listed equity securities are susceptible to market price risk arising from uncertainties
about future values of the investment securities. The Company manages the equity price risk through diversification.
Reports on the equity portfolio are submitted to the Company’s senior management on a regular basis. The Company’s
Board of Directors reviews and approves all equity investment decisions.
Price sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in price of investment measured at
FVTPL with other variables held constant. The Company’s profit before tax is affected through the impact on change in
price of investment as follows:
2) Credit risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure
of the financial assets are contributed by trade receivables, unbilled work-in-progress, cash and cash equivalents and
receivable from group companies.
Credit risk on trade receivables and unbilled work-in-progress is limited as the customers of the Company mainly consists
of the government promoted entities having a strong credit worthiness. Whenever required, the Company uses a provision
matrix to compute the expected credit loss allowance for trade receivables and unbilled work-in-progress. The provision
matrix takes into account available external and internal credit risk factors such as credit ratings from credit rating agencies,
third party report, financial condition, ageing of accounts receivable and the Company’s historical experience for customers.
3) 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:
52 Capital management
For the purpose of the Company’s capital management, capital includes issued capital and all other equity reserves attributable to
the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to
continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value.
As at March 31, 2025, the Company has only one class of equity shares and has moderate debt. Consequent to such capital
structure, there are no externally imposed capital requirements. In order to maintain or achieve an optimal capital structure, the
Company allocates its capital for distribution as dividend or re-investment into business based on its long term financial plans.
Consistent with others in the industry, the Company monitors its capital using the gearing ratio which is total debt divided by total
capital.
58 Additional regulatory required by schedule III to the Companies Act, 2013
i) The Company does not have has any benami property held in its name. No proceedings have been initiated on or are pending
against the Company for holding benami property under the benami transactions (prohibition) act, 1988 (45 of 1988) and rules
made thereunder.
ii) The Company does not have any charges or satisfaction of charges which is yet to be registered with registrar of Companies
beyond the statutory period.
iii) The Company has not traded or invested in crypto currency or virtual currency during the year.
iv) 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.
v) 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 to third parties
vi) There is no income surrendered or disclosed as income during the year in tax assessments under the income tax act, 1961
(such as search or survey), that has not been recorded in the books of account.
vii) The Company has complied with the requirements of the number of layers prescribed under clause (87) of section 2 of the
Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.
viii) The Company has not entered into any scheme of arrangement which has an accounting impact on the standalone financial
statements for the current or previous year.
^Considering the nature of industry in which Company is operating, Inventory turnover ratio is not material.
60 Previous year’s figures have been regrouped, rearranged and reclassified, wherever necessary.
The notes referred to above form an integral part of the Standalone Financial Statement
As per our report of even date For and on behalf of Board
For Vatsaraj & Co. Kavita Shirvaikar Kishan Lal Daga
Firm Regn No.: 111327W Managing Director Whole-time Director
Chartered Accountants DIN : 07737376 DIN : 00083103
Dr CA B. K. Vatsaraj Dimitrius D’Mello Rahul Agarwal
Partner Whole-time Director Chief Financial Officer
Membership No. 039894 DIN : 00837714
Place : Mumbai Shobha Shetty
Date : May 13, 2025 Company Secretary
Mem. No.: F10047
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