(d) Provisions (other than for employee benefits)

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the
obligation. Provisions are recognised at the best estimate of the expenditure required to settle the present obligation
at the balance sheet date. Provisions are determined by discounting the expected future cash flows at a pre-tax
rate that reflects current market assessments of the time value of money and the risks specific to the liabi lity. The
unwinding of the discount is recognised as finance cost. Expected future operating losses are not provided for.

(e) Contingent liabilities

A contingent liability exists when there is a possible but not probable obligation, or a present obligation that may,
but probably will no t, require an outflow of resources, or a present obligation whose amount cannot be estimated
reliably. Contingent liabilities do not warrant provisions, but are disclosed unless the possibility of outflow of
resources is remote.

Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an
inflow of economic benefits to the entity. Contingent assets are recognized when the realisation of income is virtually
certain, then the related asset is not a contingent asset and its recognition is a ppropriate.

A contingent asset is disclosed where an inflow of economic benefits is probable.

(f) Commitments

Commitments include the amount of purchase order / contracts (net of advances) issued to parties for completion
of assets. Provisions, contingent liabilities, contingent assets and commitments are reviewed at each reporting date.

(g) Revenue

i. Revenue from contract with customers

Under Ind AS 115, the Company recognizes revenue when or as a performance obligation is satisfied by transferring
a promised good or service to a customer.

Further, revenue is recognized based on a 5-Step Meth odology which is as follows:

Step 1: Identify the contract(s) with a customer
Step 2: Identify the performance obligation in contract
Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognise revenue when or as the enti ty satisfies a performance obligation

The Company disaggregates revenue from contracts with customers by geography.

Use of significant judgements in revenue recognition:

i. The Company’s contracts with customers could include promises to transfer multiple services to a cu stomer.
The Company assesses the services promised in a contract and identifies distinct performance obligations in
the contract. Identification of distinct performance obligation involves judgement to determine the deliverables
and the ability of the customer to benefit independently from such deliverables.

ii. Judgement is also required to determine the transaction price for the contract. The transaction price could be
either a fixed amount of customer consideration or variable consideration with elements such as volume

discounts, service level credits, performance bonuses, price concessions and incentives. The transaction price
is also adjusted for the effects of the time value of money if the contract includes a significant financing
component. Any consideration payable to the customer is adjusted to the transaction price, unless it is a
payment for a distinct service from the customer. The estimated amount of variable consideration is adjusted
in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur and is reassessed at the end of each reporting period. The
Company allocates the elements of variable considerations to all the performance obligations of the contract
unless there is observable evidence that they pertain to one or more distinct performance obligations.

iii. The Company uses judgement to determine an appropriate standalone selling price for a performance
obligation. The Company allocates the transaction price to each performance obligation on the basis of the
relative standalone selling price of each distinct service promised in the contract.

iv. The Company exercises judgement in determining whether the performance obligation is satisfied at a point in
time or over a period of time. The Company considers indicators such as how customer consumes benefits as
services are rendered or who controls the asset as it is being created or existence of enforceable right to
payment for performance to date and alternate use of such service, transfer of significant risks and rewards to
the customer, acceptance of delivery by the customer, etc.

v. The Company's contracts with customers may include multiple performance obligations. For such
arrangements, the Company allocates revenue to each performance obligation based on its relative standalone
selling price, which is generally determined based on the price charged to customers.

Rendering of services

Consideration received for services not yet rendered and for which Company has an obligation to perform is
recognised as revenue received in advance and subsequently recognised as revenue in the Statement of Profit and
Loss over the period of the contract.

Revenue from jo b work is recognized on accrual basis as per the terms of agreement entered into with the
customers.

Contract liabilities

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received
consideration from the customer. Consideration received for services not yet rendered and for which Company has
an obligation to perform is recognised as revenue received in advance and subsequently recognised as revenue in
the Statement of Profit and Loss over the period of the contract.

Trade receivables

A receivable represents the Company's right to an amount of consideration under the contract with a customer that
is unconditional and realizable on the due date.

ii. Interest income

Interest income is recognized using the effective interest rate (EIR) method, which is the rate that exactly discounts
the estimated future cash receipts through the expected life of the financial assets.

In calculating interest income, the effective interest rate is applied to the gross carrying amount of the asset (when
the asset is not credit-impaired). However, for financial assets that have become credit-impaired subsequent to
initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the
financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross
basis.

(h) Borrowing costs

Borrowing costs includes interest and other costs incurred in connection with the borrowing of funds. Borrowing
costs directly attributable to acquisition or construction of an asset which necessarily take a substantial period of
time to get ready for their intended use are capitalised as part of the cost of that asset. Other borrowing costs are
recognised as an expense in the period in which they are incurred.

(i) Income tax

Income tax comprises current and deferred tax. It is recognised in Statement of Profit and Loss except to the extent
that it relates to an item recognised directly in equity or in other comprehensive income.

Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any
adjustment to the tax payable or receivable in respect of previous years. The amount of current tax reflects the best
estimate of the tax amount expected to be paid or received after considering the uncertainty, if any, related to
income taxes. It is measured using tax rates (and tax laws) enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of the assets and
liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax
asset is recognised for the carryforward of unused tax losses and unused tax credits to the extent that it is probable
that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilised.
Therefore, the Company recognis es a deferred tax asset only to the extent that it has sufficient taxable temporary
differences or there is convincing other evidence that sufficient taxable profit will be available against which such
deferred tax asset can be realized.

Deferred tax assets - unrecognised or recognised, are reviewed at each reporting date and are recognised/ reduced
to the extent that it is probable/ no longer probable respectively that the related tax benefits will be realized.

Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realized or the
liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date. The
measurement of deferred tax reflects the tax consequences that would follow from the manner in which the
Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred
tax assets and deferred tax liabilities are offset only if there is a legally enforceable right to offset current tax liabilities
and assets, and they relate to income taxes levied by the same tax authorities.

(j) Leases

The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains,
a lease if the contract con veys the right to control the use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company
assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of
the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to
direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use (ROU) asset and a
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of 12
months or less (short-term leases) and low value leases. For these short-term and low-value leases, the Company
recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. Certain
lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU
assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The ROU assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for
any lease payments made at or prior to the commencement date. These are subsequently measured at cost less
accumulated depreciation and impairment losses. ROU assets are depreciated from the commencement date on a
straight-line basis over the shorter of the lease term and useful life of the underlying asset.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The
lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the
incremental borrowing rates of the Company. Lease liabilities are remeasured with a corresponding adjustment to
the related ROU asset if the Company changes its assessment of whether it will exercise an extension or a
termination option.

Lease liability and ROU assets have been separately presented in the Balance Sheet and lease payments have
been classified as financing cash flows.

Judgements and estimates:-

Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any
option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an
assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably
certain that any options to extend or terminate the contract will be exercised. In assessing whether the Company is
reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it
considers all relevant facts and circumstances that create an economic incentive for the Company to exercise the
option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term
if there is a change in the non-cancellable period of a lease.

(k) Financial Instruments

Recognition and initial measurement

Financial instruments are recognised when the Company becomes a party to the contractual provisions of the
instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair
value through profit or loss which are measured initially at fair value.

Classification and subsequent measurement
Financial assets

On initial recognition, a financial asset is classified as measured at:

(a) Amortised cost; or

(b) Fair value through profit and loss (‘FVTPL’)

Financial assets are not reclassified subsequent to their initial recognition, except if the Company changes its
business model for managing financial assets.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as
at FVTPL:

- the asset is held within a business model whose objective is to hold assets to collect contractual cash flows;
and

- the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.

All financial assets which are not classified as measured at amortised cost or FVOCI as described above are
measured at FVTPL. This includes all derivative fina ncial assets, unless they are designated as hedging
instruments, for which hedge accounting is applied. On initial recognition, the Company may irrevocably designate
a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL
if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Financial assets: Assessment whether contractual cash flows are solely payments of principal and interest

For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition.
‘Interest’ is defined as consideration for the time value of money and for the credit risk associated wi th the principal
amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk
and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Company
considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a
contractual term that could change the timing or amount of contractual cash flows such that it would not meet this
condition. In making this assessment, the Company considers:

- contingent events that would change the amount or timing of cash flows;

- terms that may adjust the contractual coupon rate, including variable interest rate features;

- prepayment and extension features; and

- terms that limit the Company’s claim to cash flows from specified assets (e.g. non-recourse features).
Financial assets: Subsequent measurement and gains and losses

Financial assets at FVTPL - These assets are subsequently measured at fair value. Net gains and losses, including
any interest or dividend income, are recognised in profit or loss.

Financial assets at amortised cost - These assets are subsequently measured at amortised cost using the effective
interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and
losses and impairment are recognised in profit or loss. Any gain or loss on de-recognition is recognised in profit or
loss.

Financial liabilities: Classification, subsequent measurement and gains and losses

Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at
FVTPL, if it is classified as held for trading, or it is a derivative or it is designated as such on initial recognition.
Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense,
are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the
effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss.
Any gain or loss on de-recognition is also recognised in profit or loss.

De-recognition
Financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset
expire, or if it transfers the rights to receive the contractual cash flows in a transaction in which substantially a ll of
the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers
nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset.

If the Company enters into transactions whereby it transfers assets recognised on its balance sheet, but retains
either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not
derecognised.

Financial liabilities

The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or
expire.

The Company also derecognises a financial liability when its term s are modified and the cash flows under the
modified terms are substantially different. In this case, a new financial liability based on the modified terms is
recognised at fair value. The difference between the carrying amount of the financial liability extinguished and the
new financial liability with modified terms is recognised in profit or loss.

Offsetting

Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when, and
only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to
s ettle them on a net basis or to realize the asset and settle the liability simultaneously.

(l) Impairment

i. Impairment of financial assets

The Company recognises loss allowances for expected credit loss on financial assets measured at amortised cost.
At each reporting date, the Company assesses whether financial assets carried at amortised cost is credit-impaired.
A financial asset is ‘credit-impaired’ when one or more events that have detrimental impact on the estimated future
cash flows of the financial assets have occurred.

The Company measures loss allowances at an amount equal to lifetime expected credit losses, except for the
following, which are measured as 12 month expected credit losses:
- Bank balances for which credit risk (i.e. the risk of defa ult occurring over the expected life of the financial
instrument) has not increased significantly since initial recognition.

Loss allowances for trade receivables are always measured at an amount equal to lifetime expected credit losses.
Lifetime expected credit losses are the expected credit losses that result from all possible default events over the
expected life of a financial instrument. The Company follows ‘simplified approach' for recognition of impairment loss
allowance for trade receivables. 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 expected credit loss at
each reporting date, right from its initial recognition.

12-month expected credit losses are the portion of expected credit losses that result from default events that are
possible within 12 months after the reporting date (or a shorter period if the expected life of the instrument is less
than 12 months).

In all cases, the maximum period considered when estimating expected credit losses is the maximum contractual
period over which the Company is exposed to credit risk.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and
when estimating expected credit losses, the Company considers reasonable and supportable information that is
relevant and available without undue cost or effort. This includes both quantitative and qualitative information and
analysis, based on the Company's h istorical experience and informed credit assessment and including forward
looking information.

Measurement of expected credit losses

Expected credit losses are a probability- weighted estimate of credit losses. Credit losses are measured as the
present value of all cash shortfalls (i.e. difference between the cash flow due to the Company in accordance with
the contract and the cash flow that the Company expects to receive).

Presentation of allowance for expected credit losses in the balance sheet

Loss allowance for financial assets measured at amortised cost is deducted from the gross carrying amount of the
assets.

Write-off

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no
realistic prospect of recovery. This is generally the case when the Company determines that the debtors do not
have assets or sources of income that could generate sufficient cash flows to repay the amount subject to the write¬
off. However, financial assets th at are written off could still be subject to enforcement activities in order to comply
with the Company's procedure for recovery of amounts due.

ii. Impairment of non-financial assets

The Company's non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting
date to determine whether there is any indication of impairment. If any such indication exists, then the asset's
recoverable amount is estimated.

For impairment testing, assets that do not generate independent cash inflows are grouped together into cash
generating units (CGUs). Each CGU represents the smallest group of assets that generates cash inflows that are
largely independent of the cash inflows of other assets or CGUs.

The recoverable amount of a CGU (or an individual asset) is the higher of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to
the CGU (or the asset).

An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable
amount. Impairment losses are recognised in profit or loss. Impairment loss recognised in respect of a CGU is
allocated to reduce the carrying amounts of the assets of the CGU (or group of CGUs) on a pro rata basis.

An impairment loss in respect of assets for which impairment loss has been recognised in prior periods, the
Company reviews at each reporting date whether there is any indication that the loss has decreased or no longer
exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. Such a reversal is made only to the extent that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been
recognised.

(m) Transactions in foreign currency

Initial recognition

T ransactions in foreign currencies are translated into the functional currency of the Company at the exchange rates
at the dates of the transactions o r an average rate if the average rate approximates the actual rate at the date of
the transaction.

Measurement at the reporting date

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the
exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign
currency are translated into the functional currency at the exchange rate when the fair value was determined. Non¬
monetary assets and liabilities that are measured based on historical cost in a foreign currency are translated at the
exchange rate at the date of the transaction. Exchange differences on restatement/settlement of all monetary items
are recognised in the Statement of Profit and Loss.

(n) Operating segments

An operating segment is a component of the Company that engages in business activities from which it may earn
revenues and incur expen ses, including revenues and expenses that relate to transactions with any of the
Company’s other components, and for which discrete financial information is available. All operating segments’
operating results are reviewed regularly by the Company’s Chief Operating Decision Maker (CODM) to make
decisions about resources to be allocated to the segments and assess their performance.

(o) Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash in hand,
demand deposits held with banks, other short-term highly liquid investments with original maturities of three months
or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of
changes in value.

(p) Statement of Cash flows

Cash flows are reported using the indirect method, whereby profit / (loss) for the period is adjusted for the effects
of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments
and item of income or expenses associated with investing or fina ncing cash flows. The cash flows from operating,
investing and financing activities of the Company are segregated based on the available information.

(q) Earnings per share

Basic earnings per share are calculated by dividing the net profit / (loss) for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year. Diluted earnings per
share is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding
during the year end, except where the results would be anti-dilutive.