R. Provisions and Contingent Assets / Liabilities

Provisions are recognised when the Company
has a present obligation (legal or constructive) as
a result of past events, for which it is probable
that an outflow of resources will be required to
settle the obligation and a reliable estimate of the
amount can be made.

Provisions are measured at the present value of
management's best estimate of the outflow required
to settle the present obligation at the end of the
reporting period. 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. When discounting is
used, the increase in the provision due to the passage
of time is recognized as a finance cost.

Contingent liabilities are disclosed in the case of:

• a present obligation arising from the past events,
when it is not probable that an outflow of resources
will be required to settle the obligation;

• a present obligation arising from the past events,
when no reliable estimate is possible;

• a possible obligation arising from past events, unless
the probability of outflow of resources is remote.

Contingent assets are not recognised but disclosed in
the financial statements when an inflow of economic
benefits is probable.

S. Financial instruments

Financial assets and financial liabilities are
recognised when the Company becomes a party to
the contractual provisions of the instruments.

I. Financial assets

A. Initial recognition and measurement:

Financial assets are initially measured
at fair value. Transaction costs that are
directly attributable to the acquisition of
the financial asset [other than financial
assets at fair value through profit or loss
(FVTPL)] are added to the fair value of
the financial assets. Purchases or sales
of financial assets that require delivery
of assets within a time frame established
by regulation or convention in the market
place (regular way trades) are recognised
on the trade date i.e., the date that the
Company commits to purchase or sell
the asset. Transaction costs of financial
assets carried at FVTPL are expensed
in the Statement of Profit and Loss.
However, trade receivables that do not
contain a significant financing component
are measured at transaction price.

B. Subsequent measurement:

For purposes of subsequent measurement,
financial assets are classified in the
following categories:

(i) Debt instruments at amortised cost
A 'debt instrument' is measured at the
amortised cost if both the following
conditions are met:

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

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

After initial measurement, such
financial assets are subsequently
measured at amortised cost using the
effective interest rate (EIR) method.
Amortised cost is calculated by taking
into account any discount or premium

and fees or costs that are an integral
part of the EIR. The EIR amortisation
is included in finance income in
the Statement of Profit and Loss.
The losses arising from impairment are
recognised in the Statement of Profit
and Loss. This category generally
applies to trade and other receivables.

(ii) Debt instruments included within
the fair value through profit or loss
(FVTPL) category are measured at fair
value with all changes recognized in
the Statement of Profit and Loss.

(iii) Equity instruments

All equity instruments within the
scope of Ind AS 109 are measured at
fair value. Equity instruments which
are classified as held for trading are
measured at FVTPL. For all other equity
instruments, the Company decides to
measure the same either at fair value
through other comprehensive income
(FVTOCI) or FVTPL except investment
in subsidiaries which is valued at cost.
The Company makes such selection on
an instrument-by-instrument basis.
The classification is made on initial
recognition and is irrevocable.

For equity instruments measured at
FVTOCI, all fair value changes on the
instrument, excluding dividends, are
recognized in other comprehensive
income (OCI). There is no recycling of
the amounts from OCI to Statement
of Profit and Loss on sale of
such instruments.

ivj Equity instruments included within
the FVTPL category are measured at
fair value with all changes recognized
in the Statement of Profit and Loss.

C. De-recognition:

A financial asset (or, where applicable, a
part of a financial asset or part of a group
of similar financial assets) is primarily

derecognised (i.e. removed from the
Company's balance sheet) when:

• the rights to receive cash flows from the
asset have expired, or

• the Company has transferred its rights to
receive cash flows from the asset or has
assumed an obligation to pay the received
cash flows in full without material delay
to a third party under a 'pass-through'
arrangement; and either:

(i) the Company has transferred
substantially all the risks and rewards
of the asset, or

(ii) the Company has neither transferred
nor retained substantially all the risks
and rewards of the asset, but has
transferred control of the asset.

D. Impairment of financial assets:

In accordance with Ind AS 109, the Company
applies Expected Credit Loss (ECL) model
for measurement and recognition of
impairment loss on trade receivables and
other advances. The Company follows
'simplified approach' for recognition of
impairment loss on these financial assets.
The application of simplified approach
does not require the Company to track
changes in credit risk. Rather, it recognises
impairment loss allowance based on lifetime
ECLs at each reporting date, right from its
initial recognition.

II. Financial liabilities

A. Initial recognition and measurement:

Financial liabilities are classified at initial
recognition as:

(i) financial liabilities at fair value through
profit or loss,

(ii) loans and borrowings, payables, net of
directly attributable transaction costs
or

(iii) derivatives designated as hedging
instruments in an effective hedge, as
appropriate.

The Company's financial liabilities
include trade and other payables, loans
and borrowings including derivative
financial instruments.

B. Subsequent measurement

The measurement of financial liabilities
depends on their classification, as
described below:

(i) Borrowings

Borrowings are initially recognised
at fair value, net of transaction costs
incurred. Borrowings are subsequently
measured at amortised cost.
Any difference between the proceeds
(net of transaction costs) and the
redemption amount is recognised in
the Statement of Profit and Loss over
the period of the borrowings using the
effective interest method. Fees paid on
the establishment of loan facilities are
recognised as transaction costs of the
loan to the extent that it is probable
that some or all of the facility will be
drawn down. In this case, the fee is
deferred until the draw down occurs.

Borrowings are removed from the
Balance Sheet when the obligation
specified in the contract is discharged,
cancelled or expired. The difference
between the carrying amount of
a financial liability that has been
extinguished and the consideration
paid is recognised in the Statement of
Profit and Loss as other gains / (losses).

Borrowings are classified as current
liabilities unless the Company has
an unconditional right to defer
settlement of the liability for at least
twelve months after the reporting
period. Where there is a breach of a
material provision of a long-term loan
arrangement on or before the end of
the reporting period with the effect
that the liability becomes payable on
demand on the reporting date, the

entity does not classify the liability as
current, if the lender has 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.

(ii) Trade and other payables

These amounts represent liabilities for
goods and services provided to the
Company prior to the end of financial
period which are unpaid. The amounts
are unsecured and are usually paid
within twelve months of recognition.
Trade and other payables are
presented as current liabilities unless
payment is not due within twelve
months after the reporting period.
They are recognised initially at their
fair value and subsequently measured
at amortised cost using the effective
interest method.

(iii) Derivative financial instruments

The Company uses derivative financial
instruments, such as foreign exchange
forward contracts, currency options
and interest rate swaps to hedge its
foreign currency risks. Such derivative
financial instruments are initially
recognised at fair value on the date
on which a derivative contract is
entered into and are subsequently
re-measured at fair value at the
end of each reporting period.
Derivatives are carried as financial
assets when the fair value is positive
and as financial liabilities when the fair
value is negative.

Hedge accounting:

The Company designates certain hedging
instruments which include derivatives,
embedded derivatives and non-derivatives
in respect of foreign currency risk, as
either fair value hedges, cash flow hedges
or hedges of net investments in foreign
operations. At the inception of the hedge
relationship, the Company documents

the relationship between the hedging
instruments and the hedged item, along
with its risk management objectives and
its strategy for undertaking various hedge
transactions. Furthermore, at the inception
of the hedge and on an ongoing basis, the
Company documents whether the hedging
instrument is highly effective in offsetting
changes in fair values or cash flows of the
hedged item attributable to the hedged
risk.

C. De-recognition

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

III. Offsetting of financial instruments

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

Significant accounting judgements, estimates
and assumptions

The preparation of the Company's financial
statements requires management to make
judgements, estimates and assumptions that
affect the reported amounts of revenues,
expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about
these assumptions and estimates could result
in outcomes that require a material adjustment
to the carrying amount of assets or liabilities
affected in future periods.

Judgements

In the process of applying the Company's
accounting policies, management has made
the following judgements, which have the most
significant effect on the amounts recognised in
the financial statements:

(a) Operating lease commitments - Company as
lessor;

(b) Assessment of functional currency;

(c) Evaluation of recoverability of deferred tax
assets

Estimates and assumptions

The following are the key assumptions
concerning the future, and other key sources
of estimation uncertainty at the end of the
reporting period that may have a significant risk

of causing a material adjustment to the carrying

amounts of assets and liabilities within the next

financial year:

a) Useful lives of property, plant and
equipment, investment property and
intangible assets;

b) Fair value measurements of financial
instruments ;

c) Impairment of non-financial assets;

d) Taxes;

e) Defined benefit plans (gratuity benefits);

f) Provisions;

g) Revenue recognition - Savmore Coupon
scheme, etc.

h) Valuation of inventories;

i) Contingencies

e) Buy-back of equity shares

i) During the year ended 31^st March, 2025, the Company purchased its own 5,40,000 equity shares of ' 2 each at
' 675 each resulting in cash outflow of ' 3,645 lakhs. The buy-back of these equity shares was completed by
utilising its General Reserve to the extent of '3,634.20 lakhs. The Company has transferred ' 10.80 lakhs, equal
to the nominal value of such shares, to Capital Redemption Reserve account. Consequent to the buy-back of
shares, the Paid-up Equity share capital of the Company stands reduced by ' 10.80 lakhs to ' 1,371.21 lakhs.

ii) During the year ended 31^st March, 2022, the Company purchased its own 2,51,000 equity shares of ' 10 each
at ' 1,400 each resulting in cash outflow of ' 3,514 lakhs. The buy-back of these equity shares was completed
by utilising its General Reserve to the extent of ' 3,488.90 lakhs. The Company has transferred ' 25.10 lakhs,
equal to the nominal value of such shares, to Capital Redemption Reserve account. Consequent to the buy-back
of shares, the Paid-up Equity share capital of the Company stands reduced by ' 25.10 lakhs to ' 1,382.01 lakhs.

33 DETAILS OF SEGMENT REPORTING

A. Factors used to identify the entity’s reportable segments, including the basis of organisation

For management purposes, the Company is organised into segments based on the nature of products / services
and has two reportable segments, as follows:

a) petroleum products including transformer oils, white oils, mineral oils, liquid paraffins and lubricating oils etc.;

b) electricity generation through wind power plants.

The Chairman and Managing Director (CMD) evaluates the Company's performance and allocates resources
based on an analysis of various performance indicators by operating segments. The CMD reviews revenue and
gross profit as the performance indicator for all of the operating segments. However, the Company's finance
(including finance cost and finance income) and income taxes are managed on a company as a whole basis and
are not allocated to any segment.

35 FINANCIAL INSTRUMENTS : ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

(i) Accounting classifications

The fair values of the financial assets and liabilities are determined at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The carrying amounts of trade receivables, cash and cash equivalents, bank balances, short term deposits, trade
payables, payables for acquisition of property, plant and equipment, short term loans from banks, financial
institutions and other current financial assets and liabilities are considered to be the same as their fair values, due
to their short-term nature.

(ii) Fair value measurements

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

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

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

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

36 FINANCIAL RISK MANAGEMENT

The Company has put in place Risk Management Policy, objectives of which are to optimize business performance, to
promote confidence amongst the Company's stakeholders in the effectiveness of its business management process
and its ability to plan and meet its strategic objectives. The Company has a Risk Management Committee (RMC)
comprising senior executives which is responsible for the review of risk management processes within the Company,
and for overseeing the implementation of the requirements of this policy. The RMC provides updates to the Board
on a regular basis on key risks faced by the Company, and the relevant mitigant actions. At an operational level, the
respective functional managers are responsible for identifying and assessing risks within their area of responsibility;
implementing agreed actions to treat such risks; and for reporting any event or circumstance that may result in new
risks. The Company's risk management system is fully aligned with the corporate and operational objectives.

The Board of Directors of the Company and the Audit Committee of Directors periodically review the Risk Management
Policy of the Company so that the management controls the risks through properly defined network.

The Company has identified financial risks and categorised them in three parts viz. (i) Credit Risk, (ii) Liquidity Risk
and (iii) Market Risk. Details regarding sources of risk in each such category and how Company manages the risk is
explained in following notes:

(i) Credit risk

Credit risk refers to the possibility of a customer or other counterparties not meeting their obligations and terms and
conditions which would result into financial losses. Such risk arises mainly from trade receivables and investments.
Credit risk is managed through internal credit control mechanism such as credit approvals, establishing credit limits
and continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the
normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents
its estimate of incurred losses in respect of trade and other receivables and investments. The maximum exposure to
credit risk in case of all the financial instruments covered below is restricted to their respective carrying amount.

Trade receivables

The Company's exposure to credit risk is influenced mainly by the following:

Petroleum Products Segment - As per the credit policy of the Company, generally no credit is given exceeding the
accepted credit norms. The Company deals with State Electricity Boards and large corporate houses after considering
their credit standing. The credit policy with respect to other customers is strictly monitored by the Company at
periodic intervals. Credit risk is managed through credit approvals, establishing credit limits and continuously
monitoring the credit worthiness of customers. In addition, for amounts recoverable on exports, the Company has
adequate insurance to mitigate overseas customer and country risk.

Wind Energy Segment - Since the sale of wind energy is mostly to State Electricity Boards and reputed big corporates
mostly against performance bank guarantees, the Company is of the view that the risk is highly mitigated.

As at 31^st March, 2025, the Company's most significant customers accounted for ' 21,809.79 lakhs of the trade
receivables carrying amount (Previous year ' 19,855.93 lakhs).

The Company uses an allowance matrix to measure the expected credit losses of trade receivables (which are
considered good). The following table provides information about the exposure to credit risk and loss allowance
(including expected credit loss provision) for trade receivables:

Cash and cash equivalents

The Company held cash and cash equivalents of ' 6,949.58 lakhs at 31^st March, 2025 (Previous year ' 11,835.08
lakhs). The cash and cash equivalents are held with banks with good credit ratings.

Derivatives

The option contracts, forwards and interest rate swaps were entered into with banks having an investment grade
rating and exposure to counterparties is closely monitored and kept within the approved limits.

Investments

The Company invests its surplus funds mainly in liquid / short term debt fund schemes of mutual funds for
short duration, which carry no / low mark to market risks and therefore, exposes the Company to low credit risk.
Such investments are made after reviewing the credit worthiness and market standing of such funds and therefore,
minimises the Company's exposure to credit risk. Such investments are monitored on a regular basis.

Security Deposit

The Company has taken premises on lease and has paid security deposits. Since the Company has the ability to
adjust the deposit with future lease payments, therefore, does not expose the Company to credit risk.

(ii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations on due date. The Company
has a strong focus on effective management of its liquidity to ensure that all business and financial commitments
are met on time. This is ensured through proper financial planning with detailed annual business plans, discussed

at appropriate levels within the organisation. Annual business plans are divided into quarterly plans and put up
to management for detailed discussion and an analysis of the nature and quality of the assumptions, parameters
etc. Daily and monthly cash flows are prepared, followed and monitored at senior levels to prevent undue loss of
interest and utilise cash in an effective manner. Cash management services are availed to avoid any loss of interest
on collections. In addition, the Company has adequate, duly approved borrowing limits in place with reputed banks.

(a) Financing arrangements

The Company has an adequate fund and non-fund based limits with various banks. The Company's diversified
source of funds and strong operating cash flow enables it to maintain requisite capital structure discipline.
The financing products include working capital loans, buyer's credit loan etc.

(iii) Market Risk

The risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market
price. Market risk further comprises of (a) Currency risk, (b) Interest rate risk and (c) Commodity risk.

(a) Currency Risk

The Company is exposed to currency risk mainly on account of its import payables and export receivables
in foreign currency. The major exposures of the Company are in U.S. dollars. The Company hedges its import
foreign exchange exposure partly through exports and depending upon the market situations partly through
options and forward foreign currency contracts. The Company has a policy in place for hedging its foreign
currency borrowings along with interest. The Company does not use derivative financial instruments for trading
or speculative purposes.

(b) 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 manages its cash flow interest rate risk by using
floating-to-fixed interest rate swaps. Under these swaps, the Company agrees with other parties to exchange,
at specified intervals (i.e. quarterly), the difference between fixed contract rates and floating rate interest
amounts calculated by reference to the agreed notional principal amounts. The management also maintains a
portfolio mix of floating and fixed rate debt. Borrowings issued at variable rates expose the Company to cash
flow interest rate risk.

(c) Commodity Risk
Raw Material Risk

Petroleum Products Segment - Timely availability and also non-availability of good quality base oils from
across the globe could negate the qualitative and quantitative production of various products of the Company.
Volatility in prices of crude oil and base oil is another major risk for this segment. The Company procures base
oils from various suppliers scattered in different parts of the world. The Company tries to enter into long term
supply contracts with regular suppliers and at times buys base oils on spot basis.

Wind Energy Segment - Availability of good windy sites, delays in land acquisitions and forest land approvals,
right of way issues, weak Renewal Purchase Obligation enforcement, resistance to Open Access by State
Electricity Boards, lack of adequate transmission infrastructure can effect the decisions to invest and to
operate this segment. The Company tries its best to carry out a thorough feasibility study before embarking
on investment in this segment. The Company also explores the possibility of scattering its investments over
various states and over a period of time.

Capital management

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business. Management monitors the return on capital as
well as the level of dividends to ordinary shareholders.

During the financial year 2024-25, the prices of major input, base oil, remained volatile affecting the margins of

our products. Additionally, adverse exchange fluctuations, impacted the profits. The Company has launched Savsol

Ester 5 brand and incurred additional expenditure on advertisment and sales promotion. As consequences of above

reasons, the ratios relating to returns and net profit were adversely affected.

39 ADDITIONAL REGULATORY INFORMATION

a) The title deeds of 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.

b) To the best of the Company's knowledge and information, there are no transactions which are not recorded in
the books of account or have been surrendered or disclosed as income during the year in the tax assessments
under Income Tax Act, 1961.

c) The Company has not been declared wilful defaulter by any of the banks or financial institutions or
any other lender.

d) To the best of the Company's knowledge and information, the Company does not deal with the
struck off companies.

e) The Company has registered charges with Registrar of Companies (RoC) within time wherever applicable.
The Company has filed necessary forms within due date for satisfaction of charge with the RoC.

f) The funds borrowed for short term purposes have not been utilized for any other purpose / long term purposes.

g) The Company does not hold any benami property and no proceedings have been initiated or pending against
the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of
1988) and rules made thereunder.

h) The Company does not trade or invest in any crypto currency.

i) Savita Greentec Limited (SGL), a wholly owned subsidiary of the Company was incorporated on 3^rd October,
2022. SGL is yet to commence its business operations.

40 AMALGAMATION OF SAVITA POLYMERS LIMITED (“TRANSFEROR COMPANY”) WITH THE COMPANY
(“TRANSFEREE COMPANY”)

The Board of Directors of the Company approved the Scheme of Amalgamation (the Scheme) of Savita Polymers
Limited (SPL), a wholly owned subsidiary with the Company ("Transferee Company") in its meeting dated 30^th May,
2022 in accordance with Sections 230-232 read with Section 66 and other applicable provisions of the Companies
Act 2013, the Appointment Date of amalgamation being 1^st April, 2022. The Company filed application with the
National Company Law Tribunal (NCLT) for approval of the Scheme. NCLT, vide its order dated 8^th May, 2023 (Certified
copy dated 11^th May 2023) approved the above Scheme of Amalgamation. The Company filed the Certified Order
with Registrar of Companies on 1^st June, 2023.

The Board of Directors of the Company in its meeting held on 26^th May, 2023 had approved the Standalone as well
as Consolidated Financial Statements of the Company for the year ended 31^st March, 2023. Since the said financial
statements, approved by the Board of Directors, were yet to be approved and adopted by the shareholders of the
Company, the Board of Directors have now decided to restate the financial statements of the Company for the
year ended 31^st March, 2023 to give effect to the approved Scheme. Pursuant to the same, the Board of Directors
of the Company in its meeting held on 1^st August, 2023 have approved the Restated Financial Statements of the
amalgamated company for the year ended 31^st March, 2023.

The Accounting of the amalgamation has been recorded in accordance with Pooling of Interest Method (common
control transaction) as prescribed under Appendix C of Ind AS 103 and accordingly, the comparatives for the
previous year have been restated. The Consequential negative Capital Reserve has been shown separately at
' 12,395.04 lakhs.

42 Previous year's figures have been regrouped / rearranged wherever necessary to conform to those of current year
classification.

As per our report of the even date

For G. D. Apte & Co. For and on behalf of the Board

Chartered Accountants

Firm's Registration No.: 100515W G.N. Mehra (DIN: 00296615) Chairman and Managing Director

S.G. Mehra (DIN: 06454215) Whole-time Director

Mayuresh V. Zele U.C. Rege S. Madan

Partner Company Secretary Chief Financial Officer

Membership No.: 150027 and Chief Legal Officer

Mumbai

19^th May, 2025