(m) Provisions and Contingencies

(i) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it
is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation. Provisions are reviewed at each reporting period and are adjusted to
reflect the current best estimate.

(ii) Contingencies

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will
be required to settle or a reliable estimate of the amount cannot be made. Information on contingent liability is disclosed in the
Notes to the Financial Statements. Contingent assets are not recognized in financial statements but are disclosed, if any.

(n) Impairment of non-current assets

An asset is considered as impaired when at the date of Balance Sheet there are indications of impairment and the carrying amount
of the asset, or where applicable the cash generating unit to which the asset belongs exceeds its recoverable amount (i.e. the
higher of the net asset selling price and value in use).The carrying amount is reduced to the recoverable amount and the reduction
is recognized as an impairment loss in the Statement of Profit and Loss. The impairment loss recognized in the prior accounting
period is reversed if there has been a change in the estimate of recoverable amount. Post impairment, depreciation is provided on
the revised carrying value of the impaired asset over its remaining useful life.

(o) Borrowing Cost / Finance Cost

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying assets treated as of the cost
of that asset and other borrowing cost are recognised as expenses in the period in which it incurs them. Ancillary cost incurred in
connection with the arranging the borrowings is amortized over the terms of the loan.

(p) Financial instruments - initial recognition, subsequent measurement and impairment

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity. A financial assets or a liability is recognised when the Company becomes a Party to the contractual provision of the
instrument.

a) Financial Assets

Financial assets include cash and cash equivalent, trade and other receivables, investments in securities and other eligible
current and noncurrent assets.

Financial Assets are measured at amortised cost or fair value through Other Comprehensive Income or fair value through
Profit or Loss, depending on its business model for managing those financial assets and the assets contractual cash flow
characteristics.

Subsequent measurements of financial assets are dependent on initial categorisation. For impairment purposes significant
financial assets are tested on an individual basis, other financial assets are assessed collectively in groups that share similar
credit risk characteristics.

The company derecognizes a financial assets when the contractual rights to the cash flows from the financial assets expire or
it transfers the financial assets and the transfer qualifies for the derecognisition under Ind-AS 109.

Investment in Equity shares

Investments in equity securities (Other than Investment in Subsidiaries & Joint Venture) are initially measured at fair value. Any
subsequent fair value gain or loss is recognized through Profit or Loss.

Investment in Subsidiaries & Joint Venture

Investments in subsidiaries and Joint Venture are carried at cost. The cost comprises price paid to acquire investment and
directly attributable cost.

The company assesses impairment based on expected credit loss (ECL) model to all its financial assets measured at amortised
cost

b) Financial liabilities

Financial liabilities include long term and short term loan and borrowings, trade and other payables and other eligible current
and non-current liabilities.

All financial liabilities recognized initially at fair value and, in the case of loans and borrowing and other payable, net of directly
attributable transaction costs. After initial recognition, financial liabilities are classified under one of the following two categories

i) Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading. The Company has not
designated any financial liabilities upon initial measurement recognition at fair value through profit or loss. Financial
liabilities at fair value through profit or loss are at each reporting date at fair value with all the changes recognized in the
Statement of Profit and Loss.

ii) Financial liabilities measured at amortised cost

After initial recognition, such financial liabilities are subsequently measured at amortized cost by applying the Effective
Interest Rate (EIR) method to the gross carrying amount of financial liability. The EIR amortization is included in finance
expense in the profit and loss.

De-recognition of financial liability

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

(q) Derivative financial instruments

The Company uses derivative financial instruments, such as forward & Options currency contracts to hedge its foreign currency risks.
Derivative financial instruments are measured at their fair value at the end of each reporting period.

(r) Cash and Cash equivalents

Cash and cash equivalents 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.

(s) Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders of the
Company by the weighted average number of the equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, net profit or loss for the year attributable to equity shareholders of the
Company and the weighted average number of shares outstanding during the year is adjusted for the effect of all dilutive potential
equity shares.

(t) Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
Management of the Company is responsible for allocating resources and assessing the performance of the operating segment.
Revenue, expenses assets and liabilities which are common to the company are shown as results, assets and liabilities as unallocable.

(u) Revenue recognition and other income

a) Sale of goods

Revenue is recognized either on delivery or on transfer of significant risk and rewards of ownership of the goods. Revenue from
the sale of goods is measured at fair value of consideration received or receivable, inclusive of excise duty as applicable but
after deducting discounts, rebates and Goods & Service Tax.

b) Sale of services-job work

Revenue from job work charges are recognised on when performance obligation is met.

c) Export Incentives

Revenue in respect of Export benefit are recognised on post export basis at the rate at which the entitlement accrues in terms of
import export policy and is included in the turnover of the company.

(v) Exceptional Items

When items of income and expenses within statement of profit and 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.

1.4. Critical accounting estimates, assumptions and judgements

In the process of applying the Company’s accounting policies, management has made the following estimates, assumptions and
judgements, which have significant effect on the amounts recognised in the financial statement.

Uncertainty about these assumptions and estimates could result in outcome that require a material adjustment to assets or liabilities
affected in future periods.

a) Income taxes

Management judgment is required for the calculation of provision for income taxes and deferred tax assets and liabilities based on
probability that taxable profit will be available against which the deductible temporary differences can be utilized. The Company
reviews at each balance sheet date the carrying amount of deferred tax assets and liabilities. The factors used in estimates may differ
from actual outcome which could lead to significant adjustment to the amounts reported in the standalone financial statements.

b) Contingencies

Management judgement is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/litigations
against the Company as it is not possible to predict the outcome of pending matters with accuracy.

c) Allowance for uncollected accounts receivable and advances

Trade receivables and advances are stated at their transaction value as reduced by appropriate allowances for estimated irrecoverable
amounts. Trade receivables and advances are written off on case to case basis when management deems them not to be collectible.
Impairment is made on the expected credit losses, which are the present value of the cash shortfall over the expected life of the
financial assets.

d) Insurance claims

Insurance claims are recognised when the Company have reasonable certainty of recovery. Subsequently any change in recoverability
is appropriately adjusted for and give effect in the statement of profit and loss.

e) 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 Discounted Cash Flow (DCF) model. The
inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement
is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility.
Changes in assumptions about these factors could affect the reported fair value of financial instruments.

f) Impairment of financial assets

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

B) Custom duty saved on import of raw material under Advance License pending fulfillment of export obligation amounting
to t 484.21 Lakh (Previous Year t 663.98 Lakh). The Management is of the view that considering the past export
performance and future prospects there is certainty that pending export obligation under advance licenses will be
fulfilled before expiry of the validity of respective advance licenses, accordingly and also on “Going Concern Concept”
basis there is no need to make any provision for custom duty saved.

39. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances of t
353.94 Lakh (Previous Year t 392.87 Lakh) are t 6,374.74 Lakh (Previous Year t 7,878.46 Lakh).

40. In the earlier years, the State Government of Uttar Pradesh (UP) had imposed a levy of license fee on transfer of alcohol
from the distillery to the chemical plant. The levy was challenged by the Company in the Hon’ble Supreme Court and on
October 18, 2006 the matter was finally decided by The Hon’ble Supreme Court in favour of the Company. Accordingly,
Company had filed an application for refund of amount paid t 507.05 Lakh (Previous Year t 507.05 Lakh) (shown as
recoverable under the head “Other Current Assets”) with State Government of Uttarakhand, which is still pending for refund
of the amount.

41. In the earlier year, Directorate of Revenue Intelligence (DRI) issued summons to the Company in connection with investigation
in respect to import of Denatured Ethyl Alcohol by importer other than manufacturer of Excisable Goods and as per DRI,
Company was not eligible for lower rate of BCD @ 2.5% under notification no. 50/2017 dated 30.06.2017. The Company
has filed Writ Petition before Gujarat High Court that Company is eligible to avail benefit of concessional rate of 2.5% BCD
on import of DEA and for quashing of investigations initiated by DRI. During the Current Financial year, Gujarat High Court
has directed Customs Department not to pass final order till the pendency of Writ Petition Vide order dated 17.10.2024

Thereafter, a Show Cause notice no. 06//PC/2022-23 dated 03.08.2022 was issued alleging incorrect availment of Basic
Customs Duty @2.5% instead of 5% during 01.07.2017 to 01.02.2021, as the imported DEA was not used for manufacture
of Excisable Goods in terms of amended definition of Excisable Goods which now means to include only (a) Petroleum, (b)
High Speed Diesel, (c) Motor Spirit, (d) Natural Gas, (e) Aviation Turbine Fuel, and (f) Tobacco.

Upon hearing, the Additional Commissioner has vide Order-in-Original No. 69/ADC/NOIDA-CUS/2023-24 dated 23.03.2024
has confirmed the duty demand of t 4,093.05 lakh along with interest and has also imposed Redemption fine of t 19,175.83
lakh and penalty of t 4,100.00 lakh under sec 112(a)(i) of customs act and penalty of t 4,100.00 lakh under Sec. 114AA of
customs act and has also appropriated the amount of t 750.00 lakh (Previous Year t 750.00 Lakh) paid against the duty
demand under protest is shown as recoverable from department, under the head “Other Current Assets”. The Company has
filed an appeal before Commissioner of Customs (Appeals), GSTBhawan, NOIDA against the impugned Order-in-Original,
it is yet to be listed for hearing.

42. The Board of Directors of the Company at its meeting held on 4th February 2025, had approved the Composite Scheme of
Arrangement (“Scheme”) involving amalgamation of Kashipur Holdings Limited (“KHL”) into the Company and De merger
of the Bio Pharma undertaking into a separate undertaking, namely, En nature Bio Pharma Limited and Spirits & Blofuel
Undertaking into a separate undertaking, namely, IGL Spirits Limited (“Demerger”) to be listed on both the stock exchanges.
Further, the Scheme was subject to the requisite approvals and sanction of the jurisdictional bench of National Company
Law Tribunal and also subject to the approval of the shareholders and I or creditors of IGL, Central Government, or such
other competent authority or intermediaries or agencies etc., as may be directed by the NCLT.

Further, post deliberations, to continue value creation for its stakeholders, the Board of Directors in its meeting held on 16th
May 2025 has decided to exclusively focus on Demerger as described in the above paragraph. The earlier proposal for the
amalgamation of KHL Into the Company will no longer form part of the Scheme being pursued. The proposed modification
does not affect any stakeholders, including shareholders, creditors, or employees. There will be no adverse implication on
the existing public shareholders of Transferee Company as they will continue to own the same percentage of shares in the
Company. The appointed date for the Scheme of Arrangement is 1st April, 2026. The above events do not have any impact
or bearings on the standalone financial statement of the Company.

43. (a) (i) In earlier year the company had given (included in current Loan) Inter Corporate Deposit (ICD) of t 14,649.64 Lakh

(Previous Year t 14,649.64 Lakh) to its subsidiary IGL Finance Ltd. (IGlFl) (A 100% subsidiary). IgLfL in earlier
year had invested funds for short term in commodity financing contracts offered by National Spot Exchange Ltd.
(NSEL). NSEL had defaulted in settling the contracts on due dates, for which IGlFl has initiated legal and other
action and in turn IGLFL did not pay back due amount to the company. Accordingly considering the prudence no
interest on above ICD has been accrued for the period from 01-09-2013 onwards.

(ii) In respect of the above, the Company has made a loss allowance of t 11,719.71 Lakh based on expected credit
loss Policy and other estimation made by the management and for balance t 2,041.93 Lakh (and also fully provided
for against equity investment of t 125.00 Lakh), the management and IGLFL is confident for recovery of dues from
NSEL over a period of time and hence shown as good (considering the measure which have so far been taken for
and pending before the Govt. and other authorities and current scenario/present state of affairs). However, during
the earlier year, the Company has written off ICD of t 11,719.71 Lakh and adjusted the same against the provision,
which was created in earlier year. Hence there was no impact on profitability of the company.

g) Commission Paid:

• IGL CHEM International PTE. Ltd ^ Nil Lakh (Previous Year ^ 197.27 Lakh)

• IGL CHEM International USA LLC ^ 628.61 Lakh (Previous Year ^ 341.93 Lakh)

h) Reimbursement of expense made:

• Hindustan Wires Limited ^ 1.78 Lakh (Previous Year ^ 1.76 Lakh)

i) Reimbursement of expense Received.

• IGL Infrastructure ^ 16.53 Lakh (Previous Year ^ 14.27 Lakh)

• Clariant IGL Specialty Chemicals Private Limited ^ 2.77 Lakh (Previous Year ^ 3.01 Lakh)

• IGL Finance Limited ^ Nil Lakh (Previous Year ^ 0.01 Lakh)

• IGL Chemicals and Services Private Limited ^ Nil Lakh (Previous Year ^ 0.16 Lakh)

• Ennature Bio Pharma Limited (Formerly known as Ennature Bio Pharma Private Limited) ^ Nil Lakh (Previous Year
^ 0.01 Lakh)

j) Rent & Maintenance Paid to :

• IGL Infra ^ 1,064.42 Lakh (Previous Year ^ 1,068.00 Lakh)

• Kashipur Holding Limited ^ 3.87 Lakh (Previous Year ^ 3.78 Lakh)

• Ajay Commercial Co (P) Ltd ^ 7.21 Lakh (Previous Year ^ 6.60 Lakh)

• J.B. Commercial Co (P) Ltd ^ 7.21 Lakh (Previous Year ^ 6.60 Lakh)

• U.S Bhartia ^ 24.00 Lakh (Previous Year ^ 24.00 Lakh)

• Clariant IGL Specialty Chemicals Private Limited ^ 5.78 Lakh (Previous Year ^ 5.78 Lakh)

k) Vehicle Lease Paid to:

• Anand Singhal HUF ^ 12.00 Lakh (Previous Year ^ 12.00 Lakh)

l) Purchase of Material:

• Clariant IGL Specialty Chemicals Private Limited ^ 102.00 Lakh (Previous Year ^ 114.38 Lakh)

m) Investment in Equity Shares:

• IGL Spirits Limited ^ 1.00 Lakh (Previous Year ^ Nil Lakh)

n) Sale of Services

• Clariant IGL Specialty Chemicals Private Limited ^ 575.34 Lakh (Previous Year ^ 529.15 Lakh)

o) Rental Income

• Clariant IGL Specialty Chemicals Private Limited ^ 54.05 Lakh (Previous Year ^ 37.30 Lakh)

p) Deferred consideration received

• Clariant IGL Specialty Chemicals Private Limited ^ 7,106.00 Lakh (Previous Year ^ 3,000.00 Lakh)

Balance Outstanding

a) ICD Payable (including Accrued Interest) :

• Hindustan Wires Ltd. ^ 3,000.00 Lakh (Previous Year ^ 3,000.74 Lakh)

b) Outstanding Payable includes:

• Hindustan Wires Ltd. ^ 13.57 Lakh (Previous Year ^ 0.21 Lakh)

• Rupark Sarswat ^ 0.96 Lakh (Previous Year ^ 0.68 Lakh)

• Alok Singhal ^ 4.50 Lakh (Previous Year ^ 4.29 Lakh)

• Anand Singhal HUF ^ 0.98 Lakh (Previous Year ^ 0.98 Lakh)

• Anand Singhal ^ 0.32 Lakh (Previous Year ^ 0.48 Lakh)

• Ankur Jain ^ 0.02 Lakh (Previous Year ^ 0.25 Lakh)

• US Bhartia ^ 966.73 Lakh (Previous Year ^ 807.00 Lakh)

• Pragya Bhartia Barwale ^ 483.30 Lakh (Previous Year ^ 504.01 Lakh)

c) ICD Receivable including interest includes:

• IGLFL ^ ^ 2,041.93 Lakh (Previous Year ^ 2,041.93 Lakh) (Maximum balance outstanding during the year ^ 2,041.93
Lakh, Previous Year ^ 2,041.93 Lakh).

d) Security Deposit receivable:

• Ajay Commercial Co. (P) Limited ^ 400.00 Lakh (Previous Year ^ 400.00 Lakh)

• J.B. Commercial Co. (P) Limited ^ 400.00 Lakh (Previous Year?’ 400.00 Lakh)

• IGL Infra ^ 583.85 Lakh (Previous Year ^ 583.85 Lakh)

• US Bhartia ^ 500.00 Lakh (Previous Year ^ 500.00 Lakh)

e) Security Deposit Payable

• Clariant IGL Specialty Chemicals Private Limited ^ 2.45 Lakh (Previous Year ^ 2.45 Lakh)

f) Outstanding Receivable includes:

• IGL CHEM US ^ 358.29 Lakh (Previous Year ^ 851.56 Lakh). (Maximum balance outstanding during the year
^ 875.12 Lakh, Previous Year ^ 1041.62 Lakh).

• IGL Finance Limited ^ 28.99 Lakh (Previous Year ^ 28.99 Lakh). (Maximum balance outstanding during the year ^
28.99 Lakh, Previous Year ^ 28.99 Lakh).

• IGL Chemicals and services Private Limited ^ 0.16 Lakh (Previous Year ^ 0.16 Lakh). (Maximum balance outstanding
during the year ^ 0.16 Lakh, Previous Year ^ 0.16 Lakh).

• Ennature Bio Pharma Limited (Formerly known as Ennature Bio Pharma Private Limited) ^ 0.01 Lakh (Previous
Year ^ 0.01 Lakh). (Maximum balance outstanding during the year ^ 0.01 Lakh, Previous Year ^ 0.01 Lakh).

• Hindustan Wires Ltd. ^ Nil Lakh (Previous Year ^ 63.80 Lakh)

• IGL Infra ^ 104.90 Lakh (Previous Year ^ 98.76 Lakh)

• Kashipur Holdings Ltd. ^ 1.52 Lakh (Previous Year ^ 1.52 Lakh)

• Clariant IGL Specialty Chemicals Private Limited ^ 2,452.94 Lakh (Previous Year ^ 2,476.77 Lakh)

• US Bhartia ^ Nil Lakh (Previous Year ^ 6.64 Lakh)

g) Deferred Sale Consideration receivable

• Clariant IGL Specialty Chemicals Private Limited ^ Nil Lakh (Previous Year ^ 7,106.00 Lakh)

h) Interest Receivable

• Clariant IGL Specialty Chemicals Private Limited ^ 287.30 Lakh (Previous Year ^ 613.61 Lakh)

i) Provision against Investment

• IGL Finance Limited ^ 550.00 Lakh (Previous Year ^ 550.00 Lakh).

• IGL CHEM ^ 27.41 Lakh (Previous Year ^ 27.41 Lakh).

• IGL CHEM US ^ 127.00 Lakh (Previous Year ^ 127.00 Lakh).

56. Dividend on Equity Share

Proposed Dividend on equity share not recognized as liability (? in Lakh)

Above is subject to approval of the shareholders in the Annual General Meeting.

57. Segment Information:

Disclosures as required by Indian Accounting Standard (Ind AS) 108 Operating Segments
Identifications of Segments:

Segments have been identified in line with Indian Accounting Standard on ‘Operating Segments’ (Ind AS -108), taking into
account the organizational structure as well as the differential risk and returns of this segment and as per the quantitative
criteria specified under IND AS. The Company has identified the following segments:

Operating Segments:

Bio-based Specialities and Performance Chemicals Segment comprises Glycols, Specialty Chemicals, Natural Gum & other
related goods etc. Potable Spirits Segment comprises manufacture and sale of Ethyl Alcohol (Potable). Ennature Biopharma
comprises manufacture and sale of Nutraceutical Products. Bio-fuel comprises Ethanol, DDGS & DWGS.

62. Other Statutory Information:

a. The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

b. There are no transactions and / or balance outstanding with companies struck off under section 248 of the Companies
Act, 2013.

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

d. 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:

i) 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

ii) provided any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

e. 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 Group shall:

i) 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

ii) provided any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

f. The Company does not any transactions which are not recorded in the books of accounts that have 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).

g. The company does not have any investments through more than two layers of investment companies as per section
2(87) (d) and section 186 of Companies Act, 2013.

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

i. The Title deeds of the immovable properties (other than properties where the Company is the lessee and the lease
agreements are duly executed in favour of the lessee) are held in the name of the Company

j. The Company has sanctioned facilities from banks on the basis of security of current assets. The periodic returns filed
by the Company with such banks are in agreement with the books of accounts of the Company

k. The Company has adhered to debt repayment and interest service obligations on time. Wilful defaulter related disclosures
required as per Additional Regulatory Information of Schedule III (revised) to the Companies Act, is not applicable.

l. Term loans availed by the Company were, applied by the Company during the year for the purposes for which the loans
were obtained.

63. The figures of the previous period/year have been restated/regrouped wherever necessary, to make them comparable.

As per our report of even date

For K N Gutgutia & Co. U. S. Bhartia Alok Singhal

Chartered Accountants Chairman and Managing Director Executive Director

Firm Registration no. 304153E DIN - 00063091 DIN - 10359043

B.R.Goyal Rupark Sarswat Anand Singhal

Partner Chief Executive Officer Chief Financial Officer

Membership Number 12172

Place: Noida, UP Ankur Jain

Date: May 16, 2025 Company Secretary