J. Provisions and contingent liabilities

Provisions represent liabilities for which the amount or timing is uncertain. Provisions are recognised when the Company has
a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources, that can
be reliably estimated, will be required to settle such an obligation.

Provisions are determined by discounting the expected future cash flows specific to the liability using an appropriate pre-tax
discount rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific
to the liability. The unwinding of the discount is recognised in the statement of profit and loss as a finance cost. A provision
for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the
expected net cost of continuing with the contract. Before a provision is established, the Company recognises any impairment
loss on the assets associated with that contract. Provisions are reviewed at each reporting date and are adjusted to reflect the
current best estimate.

A disclosure for a contingent liability is made when there is a possible obligation that arises from past events whose existence
will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the
Company or a present obligation that may, but will probably not, require an outflow of resources.

A contingent asset is not recognised but disclosed in the Financial Statements where an inflow of economic benefit is probable.

K. Leases

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time
in exchange for consideration. If the contract contains a lease, it is accounted as right-to-use asset and the corresponding
lease liability. The Company elects, not to recognise lease contract as lease asset and lease liability for short-term leases with
a lease term of not more than 12 months and to leases of low value assets.

• Right-to-use asset is measured at cost, which comprises of initial amount of lease liability adjusted for advanced lease
payments plus initial direct cost and estimated cost to dismantle and remove the asset. The right-to-use asset is measured
at a cost model and is depreciated on a straight-line basis over a period of lease term or useful lie, whichever is lower.

• Initial measurement of lease liability is made at present value of lease payments discounted at incremental borrowing rate.
Subsequently, lease liability is reduced to the extent of lease payments and increases to the extent of unwinding of interest
on lease liability.

• Lease payments associated with the short-term and low value is recognised in the statement of profit and loss on a straight¬
line basis over a period of lease term.

The Company determines the lease term as the non-cancellable period of a lease, together with both periods covered by an
option to extend or terminate the lease if the Company is reasonably certain based on relevant facts and circumstances that
the option to extend or terminate will be exercised. If there is a change in facts and circumstances, the expected lease term is
revised accordingly.

L. Impairment of non-financial assets

The carrying values of assets/cash generating units at each balance sheet date are reviewed for impairment if any indication
of impairment exists. If the carrying amount of the assets exceeds the estimated recoverable amount, impairment is recognised
for such excess amount.

The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting
the future cash flows to their present value based on an appropriate discount factor.

When there is an indication that an impairment loss recognised for an asset (other than a revalued asset) in earlier accounting
periods no longer exists or may have decreased, such a reversal of impairment loss is recognised in the Statement of Profit
and Loss, to the extent the amount was previously charged to the Statement of Profit and Loss. In case of revalued assets, such
reversal is not recognised.

M. Cash and cash equivalents

Cash and cash equivalent 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.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined
above, net of outstanding bank overdrafts as they are considered an integral part of the Company's cash management.

N. Segment Reporting

The Chief Operating Decision Maker (CODM) monitors the operating results of its business segments separately for the
purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated
based on profit and loss and is measured consistently with profit or loss in the Financial Statements. Operating segments have
been identified on the basis of nature of products/services.

The Accounting Policies adopted for segment reporting are in line with the Accounting Policies of the Company. Segment
assets include all operating assets used by the business segments and consist principally of fixed assets, trade receivables
and inventories. Segment liabilities include the operating liabilities that result from the operating activities of the business.
Segment assets and liabilities that cannot be allocated between the segments are shown as part of unallocated corporate
assets and liabilities respectively. Income/Expenses relating to the enterprise as a whole and not allocable on a reasonable
basis to business segments are reflected as unallocated corporate income/expenses.

The Segment disclosure are given in the Consolidated Financial Statements by virtue of exemption given in Ind AS — "Operating
Segment".

O. Cash settled employee stock options

For cash settled share-based payments, a liability is recognised for the services availed. It is measured initially at the fair value
of the liability. At the end of the reporting period, until liability is settled as well as at the end of the settlement, the fair value
of liability is remeasured with any changes in fair value is recognised in statement of profit and loss.

P. Earnings per share

Basic Earnings per share is calculated by dividing the net profit for the period attributable to the equity shareholders by the
weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per
share, the net profit for the period attributable to the equity shareholders and the weighted average number of equity shares
outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

Q. Cash flows

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

R. Dividends

Final dividend on shares is recorded as a liability on the date of approval by the shareholders and Interim dividends are
recorded as a liability on the date of declaration by the Company's Board of Directors.

S. Recent Amendments

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has notified Ind AS
— 117 Insurance Contracts and amendments to Ind AS 116 — Leases, relating to sale and leaseback transactions, applicable
to the Company w.e.f. April 1, 2024. The Company has reviewed the new pronouncements and based on its evaluation has
determined that it does not have any significant impact in its financial statements.

a) Details of security

The Foreign Currency Term Loan I:- It is secured by way of a First Charge on movable and immovable fixed assets of the
Company by way of Hypothecation/Equitable Mortgage of Khatalwad Unit and Office Building (Building No. 4 Corporate
park, Chembur). Minimum Fixed Assets Coverage Ratio (FACR) of 1.25 to be maintained during the entire tenor of the loan.

The Foreign Currency Term Loan II:- It is secured by way of a first charge on movable and immovable fixed assets of the
Company (office premises of building no 4 corporate park Chembur, manufacturing facilities at Lapanga, Jharsuguda and
Khatalwada unit, central warehousing and testing unit at Silvassa) by way of Hypothecation/Equitable Mortgage. Minimum
Fixed Assets Coverage Ratio (FACR) of 1.25 to be maintained during the entire tenor of the loan.

b) Terms of repayment and interest rate of term loan:

Foreign currency term loan from I:- Loan is to be repaid in 20 structured quarterly installments. The repayment has started
from September 5, 2021 onwards. First 4 quarterly installments will be of US$ 0.5 million each, next 5 quarterly installments
will be of US$ 0.75 million each, next 1 installment will be US$ 1 million, next 5 quarterly installments of US$ 1.75 million each,
next 2 installments will be of US$ 2 million each and balance 3 installments will be of US$ 2.50 each. The interest is payable
at 3 months Libor 1.70% on quarterly basis.

Foreign currency term loan from II:- It has a moratorium period of 18 months starting from August 2024. Loan is to be repaid
in 21structured quarterly installments. First 8 quarterly installments will be US$ 1.47 million each, next 10 quarterly installments
will be of US$ 2.13 million each and balance 3 quarterly installments will be of US$ 2.31 million each. The interest is payable
at 3 months SOFR 1.97% on quarterly basis.

The Company does not have any continuing default as on the Balance Sheet date in respect of repayment of principle
and interest.

NOTE 44 EMPLOYEE BENEFITS

(i) Defined Contribution Plans:

The Company makes contributions towards provident fund, superannuation fund and other retirement benefits to a defined
contribution plan. Under the plan, the Company is required to contribute a specified percentage of salary cost to the such plan.

The Company has recognised '2.36 crore (previous year '2.30 crore) for superannuation contribution and other retirement
benefit contributions in the statement of profit and loss.

The Company has recognised '9.98 crore (previous year '8.41 crore) for provident fund contributions in the statement of
profit and loss.

The contributions payable to these plans by the Company are at rates specified in the rules of the schemes governed by
respective plans.

(ii) Defined Benefit Plan:

The Employees' Gratuity Fund Scheme which is managed by a Trust is a defined benefit plan. The present value of obligation
is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as
giving rise to additional unit of employee benefit entitlement and measures each unit seperately to build up the final obligation.

The obligation for leave encashment/availment is measured in the same manner as gratuity. The Company provides for leave
encashment/availment liabiltiy as per the acturial valuation carried out as at March 31, 2025. The Company has recognised
'4.03 crore (previous year '3.82 crore) for leave encashment liability in the statement of profit and loss.

As at March 31, 2025, actuarial valuation of plan assets and the present value of the defined benefit obligation for gratuity
were carried out. The present value of the defined benefit obligations and the related current service cost and past service
cost, were measured using the Projected Unit Credit Method.

Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity plan and the
amounts recognised in the Company's financial statements as at March 31:

NOTE 47 FINANCIAL INSTRUMENTS

The Company has exposure to the following risks arising from financial instruments:

(A) Credit risk;

(B) Liquidity risk; and

(C) Market risk

Risk management framework

The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk
management framework. The board of directors has established the Risk Management Committee, which is responsible
for developing and monitoring the Company's risk management policies. This committee reports to the board of directors.
The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly
to reflect changes in market conditions and the Company's activities. The Company, through its training and management standards
and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles
and obligations.

(A) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument defaults in meeting its
contractual obligations. It arises principally from amounts receivables from customers and loans and advances. The Company's
export receivables are covered under ECGC credit insurance policy. The Company also takes credit insurance for its domestic
receivable's in Conductor & Cable division. The Company's receivable are also covered under letter of credit, trade insurance etc.
The carrying amount of following financial assets represents the maximum credit exposure:

At March 31, the maximum exposure (age wise) to credit risk for trade and other receivables is as follows.

Other non-current financial assets

Other non-current financial assets includes earnest money deposit, security deposits to customers. These advances and
deposits were made in continuation of business related activities and are made after review as per company's policy.

Cash and cash equivalents

The Company holds cash and cash equivalents of '639.69 crore (previous year '558.63 crore). The cash and cash equivalents
are held with the banks and financial institutions having good credit ratings.

Derivatives

Derivatives are entered with counterparties having good credit ratings.

[B) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to
ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities as and when they are due, under both normal
and stressed conditions, without incurring significant losses or risk of damaging the Company's reputation.

Maturity profile of financial liabilities

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross
and undiscounted.

The gross inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash outflows relating to the
financial liabilities which are not usually closed out before contractual maturity.

Contractual outflow of other current and non-current financial liabilities amounting to '5.90 crore (previous year '5.18 crore)
has not been included above as the amount and period involved cannot be ascertained as on the reporting date.

C) Market risk

Market risk is the risk that changes in market prices — such as foreign exchange rates and interest rates — will affect the
Company's profit/loss or the value of holdings of it financial instruments. Market risk is attributable to all market risk sensitive
financial instruments including foreign currency receivables and payables.

The Company is exposed to market risk primarily related to foreign exchange rate risk and interest rate risk. Thus, exposure to
market risk is a function of investing and borrowing activities and revenue generating and operating activities in foreign currency.

Commodity risk

The Company is affected by the price volatility of certain commodities viz. Aluminium, Copper and Oil. Its operating activities
require the ongoing purchase and manufacture of the conductors, cables and Oil and thus requires continuous supply of these
commodities. Due to the increase in volatility of the price of the commodities namely Aluminium and Copper, the Company
has entered into forward contracts (for which there is an active market).

Strenghtening of foreign currency as against ' will reduce the net profit while weakning of foreign currency as against ' will
increase net profit. Sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the
end of the reporting period does not reflect the exposure during the year.

Interest rate risk

I nterest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk
of changes in fair values of fixed interest bearing instruments because of fluctuations in the interest rates. Cash flow interest
rate risk is the risk that the future cash flows of floating interest bearing borrowings will fluctuate because of fluctuations in the
interest rates.

Exposure to interest rate risk

Company's interest rate risk arises from floating interest bearing financial instrument. The Company's interest-bearing financial
instruments are as follows.

NOTE 48 HEDGE ACCOUNTING

The objective of hedge accounting is to represent, in the Company's financial statements, the effect of the Company's use of
financial instruments to manage exposures arising from particular risks that could affect profit or loss.

Currency risk-

The Company's risk management policy is to hedge its estimated foreign currency exposure in respect of highly forecasted sales.
The Company uses forward exchange contracts to hedge its currency risk. Such contracts are generally designated as fair value
hedges. Company's policy is to match the critical terms of the forward exchange contracts with that of the hedged item.

Commodity risk-

The Company's risk management policy is mitigate the impact of fluctuations in the aluminium/copper/zinc prices on highly forecast
purchase transactions. The Company uses futures contract to hedge its commodity risk. Such contracts are generally designated
as cash flow hedges.

For derivative contracts designated as hedge, the Company documents at inception the economic relationship between the hedging
instrument and the hedged item, the hedge ratio, the risk management objective for undertaking the hedge and the methods used
to assess the hedge effectiveness. The hedging book consists of transactions to hedge balance sheet assets or liabilities. The tenor
of hedging instrument may be less than or equal to the tenor of underlying hedged asset or liability.

Financial contracts designated as hedges are accounted for in accordance with the requirements of Ind AS 109 depending upon
the type of hedge.

Hedge effectiveness is ascertained at the time of inception of the hedge and periodically thereafter. The Company assesses hedge
effectiveness both on prospective and retrospective basis. The prospective hedge effectiveness test is a forward-looking evaluation
of whether or not the changes in the fair value or cash flows of the hedging position are expected to be highly effective on offsetting
the changes in the fair value or cash flows of the hedged position over the term of the relationship.

On the other hand, the retrospective hedge effectiveness test is a backward-looking evaluation of whether the changes in the fair
value or cash flows of the hedging position have been highly effective in offsetting changes in the fair value or cash flows of the
hedged position since the date of designation of the hedge. Hedge effectiveness is assessed through the application of critical terms
match method/Dollar offset method. Any ineffectiveness in a hedging relationship is accounted for in the statement of profit and loss.

The Company, inter alia, takes into account the following criteria for constructing a hedge structure as part of its hedging strategy:

(a) The hedge is undertaken to reduce the variability in the profit & loss i.e. the profit or loss arising from the hedge structure
should be lesser than the profit & loss on the standalone underlying exposure.

(b) At any point in time the outstanding notional value of the derivative deal(s) undertaken for the purpose of hedging shall not
exceed the underlying portfolio notional. The hedge ratio therefore does not exceed 100% at the time of establishing the
hedging relationship.

(c) At any point in time the maturity of each underlying forming a part of the cluster/portfolio hedged shall be higher than the
maturity of the derivative hedging instrument.

The tables below provide details of the derivatives that have been designated as hedges for the periods presented:

NOTE 57 ISSUE OF EQUITY SHARES

On November 30, 2023 the share issuance committee of the Board of Directors of the Company has approved an allotment of
18,99,696 equity shares having face value of '10 per share at a premium of '5,254 per share aggregating to '1,000.00 crore to
eligible Qualified Institutional Buyers. Persuant to said allotment, equity share capital of the Company has increased by '1.90 crore
and securities premium has increased by '998.10 crore.

NOTE 58 ADDITIONAL DISCLOSURES

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

(ii) The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013
or Section 560 of the Companies Act, 1956 during the financial year.

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

(iv) The Company have not traded or invested in crypto currency or virtual currency during the period.

(v) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (ultimate beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
funding party (ultimate beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries,

vii) The Company has no such transaction which is not recorded in the books of accounts that has been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other
relevant provisions of the Income Tax Act, 1961.

viii) The Company is not declared as wilful defaulter by any bank or financial Institution or other lender.

ix) During the year the Company has not entered into any scheme of arrangement.

As per our report of even date attached For and on behalf of the Board of Directors

C N K & Associates LLP

Chartered Accountants

Firm's registration No.: 101961W/W-100036

Himanshu Kishnadwala Kushal N Desai Rajesh Sehgal

Partner Chairman & Managing Director & Independent Director

Membership No.:037391 Chief Executive Officer DIN: 00048482

DIN: 00008084
Mumbai, May 14, 2025

Ramesh Iyer Sanjaya R. Kunder

Date: Mumbai, May 14, 2025 Chief Financial Officer Company Secretary