22. Provisions

Accounting policy:

Provision is recognised for expected warranty claims and after sales services when
the product is sold or service provided to the customer, based on past experience of
the level of repairs and returns. Initial recognition is based on historical experience.

The initial estimate of warranty-related costs is revised annually. It is expected that
significant portion of these costs will be incurred in the next financial year and the total
warranty-related costs will be incurred within warranty period after the reporting date.
Assumptions used to calculate the provisions for warranties were based on current sales
levels and current information available about returns during the warranty period for all
products sold.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current
best estimate. If it is no longer probable that the outflow of resources would be required
to settle the obligation, the provision is reversed.

24. Revenue from operations

Accounting Policy

(i) Measurement of revenue

Revenue is measured based on the transaction price, which is the consideration,
adjusted for discounts, incentive schemes, if any, as per contracts with customers.
Transaction price is the amount of consideration to which the Company expects
to be entitled in exchange for transferring good or service to a customer. Taxes
collected from customers on behalf of Government are not treated as Revenue.

(ii) Performance obligations:-

(a) Sale of goods

Revenue from contracts with customers involving sale of these products is
recognized at a point in time when control of the product has been transferred
at an amount that reflects the consideration to which the Company expects to
be entitled in exchange for those goods or services, and there are no unfulfilled
obligation that could affect the customer's acceptance of the products and
the Company retains neither continuing managerial involvement to the degree
usually associated with ownership nor effective control over the goods sold.

At contract inception, the Company assess the goods or services promised
in a contract with a customer and identify as a performance obligation each
promise to transfer to the customer. Revenue from contracts with customers
is recognized when control of goods are transferred to customers and the
Company retains neither continuing managerial involvement to the degree
usually associated with ownership nor effective control over the goods sold.

The point of time of transfer of control to customers depends on the terms of
the trade - CIF, CFR or DDP, ex-works, etc.

(b) Revenue from construction contracts

Performance obligation in case of revenue from long - term contracts is
satisfied over the period of time, the revenue recognition is done by measuring
the progress towards complete satisfaction of performance obligation. The
progress is measured in terms of a proportion of actual cost incurred to-
date, to the total estimated cost attributable to the performance obligation.
However, the same may not be possible if it lacks reliable information that
would be required to apply an appropriate method of measuring progress. In
some circumstances, if the Company is not able to reasonably measure the
outcome of a performance obligation, but expects to recover the costs incurred

in satisfying the performance obligation, the company shall recognise revenue
only to the extent of the costs incurred until such time that it can reasonably
measure the outcome of the performance obligation.

Contract asset is the entity's right to consideration in exchange for goods
or services that the entity has transferred to the customer. A contract asset
becomes a receivable when the entity's right to consideration is unconditional,
which is the case when only the passage of time is required before payment of
the consideration is due.

Contract liability is the obligation to transfer goods or services to a customer
for which the Company has received consideration (or an amount of
consideration is due) from the customer. If a customer pays consideration
before the Company transfers goods or services to the customer, a contract
liability is recognised when the payment is made or the payment is due
(whichever is earlier). Contract liabilities are recognised as revenue when the
Company performs under the contract. The timing of the transfer of control
varies depending on individual terms of the sales agreements.

The total costs of contracts are estimated based on technical and other estimates.
Costs to obtain a contract which are incurred regardless of whether the contract
was obtained are charged-off in Statement of Profit & Loss immediately in the
period in which such costs are incurred. Incremental costs of obtaining a contract, if
any, and costs incurred to fulfil a contract are amortised over the period of execution
of the contract.

In the event that a loss is anticipated on a particular contract, provision is made for
the estimated loss. Contract revenue earned in excess of billing is reflected under as
“contract asset” and billing in excess of contract revenue is reflected under “contract
liabilities”.

(iii) Variable consideration

It includes volume discounts, price concessions, liquidity damages, incentives, etc.
The Company estimates the variable consideration with respect to above based on
an analysis of accumulated historical experience. The Company adjusts estimate of
revenue at the earlier of when the most likely amount of consideration the Company
expect to receive changes or when the consideration becomes fixed.

(iv) Schemes

The Company operates several sales incentive programmes wherein the customers
are eligible for several benefits on achievement of underlying conditions as
prescribed in the scheme programme such as credit notes, tours, kind etc. Revenue
from contract with customer is presented deducting cost of all these schemes.

(v) Significant financing components

In respect of advances from its customers, using the practical expedient in Ind AS
115, the Company does not adjust the promised amount of consideration for the
effects of a significant financing component if it expects, at contract inception, that
the period between the transfer of the promised good or service to the customer
and when the customer pays for that good or service will be within normal operating
cycle. Retention money receivable from project customers does not contain any
significant financing element, these are retained for satisfactory performance
of contract. Contract assets arising from such customer contracts are subject to
impairment assessment.

(vi) Warranty

The Company typically provides warranties for general repairs of defects that
existed at the time of sale, as required by law. These assurance-type warranties are
accounted for under Ind AS 37 Provisions, Contingent Liabilities and Contingent
Assets. Refer to the accounting policy on warranty as per note 22. In certain
contracts, the Company provides warranty for an extended period of time and
includes rectification of defects that existed at the time of sale and are normally
bundled together with the main contract. Such bundled contracts include two
separate performance obligations, because the promises to transfer the goods and
services and the provision of service-type warranty are capable of being distinct.
Using the relative stand-alone selling price method, a portion of the transaction
price is allocated to the service-type warranty and recognised as a contract liability
at the time of recognition of revenue. Revenue allocated towards service-type
warranty is recognised over a period of time on a basis appropriate to the nature of
the contract and services to be rendered.

(vii) Right to return

When a contract provides a customer with a right to return the goods within a
specified period, the Company estimates the expected returns using a probability-
weighted average amount approach similar to the expected value method under
Ind AS 115.

At the point of sale, a refund liability and a corresponding adjustment to revenue
is recognised for those products expected to be returned. At the same time, the
Company has a right to recover the product when customers exercise their right of
return. Consequently, the Company recognises a right to returned goods asset and
a corresponding adjustment to cost of sales. The Company uses its accumulated
historical experience to estimate the number of returns on a portfolio level using the
expected value method. It is considered highly probable that a significant reversal in
the cumulative revenue recognised will not occur given the consistent level of returns
over previous years. The Company updates its estimates of refund liabilities (and the
corresponding change in the transaction price) at the end of each reporting period.
Refer to above accounting policy on variable consideration.

For goods expected to be returned, the Company presented a refund liability
and an asset for the right to recover products from a customer separately in the
balance sheet.

(viii) Onerous Contracts

A provision for onerous contract is recognised when the expected benefits to be
derived by the company from a contract are lower than the unavoidable cost
of meeting its obligation under the contract. The provision 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 assets associated.

(ix) Export incentives

Export incentives under various schemes notified by the Government have been
recognised on the basis of applicable regulations, and when reasonable assurance
to receive such revenue is established. Export incentives income is recognised in the
statement of profit and loss on a systematic basis over the periods in which the
Company recognises as expenses the related costs for which the grants are intended
to compensate.

(x) Cost to obtain a contract

Any costs to obtain a contract or incremental costs to fulfil a contract are recognised
as an asset if certain criteria are met as per Ind AS 115.

The Company applies the optional practical expedient to immediately expense costs
to obtain a contract if the amortisation period of the asset that would have been
recognised is one year or less.

(xi) Government grants

Government grants are recognised where there is reasonable assurance that the
grant will be received and all attached conditions will be complied with. Government
grants are recognised in the statement of profit and loss on a systematic basis
over the periods in which the Company recognises as expenses the related costs for
which the grants are intended to compensate.

When the grant relates to an expense item, it is recognised as income on a
systematic basis over the periods that the related costs, for which it is intended to
compensate, are expensed.

When the grant relates to an asset, it's recognition as income in the Statement of
Profit & Loss is linked to fulfilment of associated export obligations.

The export incentive and grants received are in the nature of other operating
revenue in the Statement of Profit & Loss.

25. Other income

Accounting Policy:

Other income is comprised primarily of interest income, dividend income, gain on
investments and exchange gain on forward contracts and on translation of other assets
and liabilities.

Interest income on financial asset measured either at amortised cost or FVTPL is
recognised when it is probable that the economic benefits will flow to the Company
and the amount of income can be measured reliably. Interest income is accrued on a
time basis, by reference to the principal outstanding and at the effective interest rate
applicable, which is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that asset's net carrying amount on
initial recognition.

Dividend income from investments is recognised when the shareholder's right to receive
payment has been established.

Foreign Currency

The Company's Financial Statements are presented in Indian rupee (H) which is also
the Company's functional currency. Foreign currency transaction are recorded on initial
recognition in the functional currency, using the exchange rate prevailing at the date
of transaction.

Measurement of foreign currency item at the balance sheet date:

(i) Foreign currency monetary assets and liabilities denominated in foreign currency are
translated at the exchange rates prevailing on the reporting date.

(ii) Non-monetary items that are measured in terms of historical cost in a
foreign currency are translated using the exchange rates at the dates of the
initial transactions.

(iii) Exchange differences

Exchange differences arising on settlement or translation of monetary items are
recognised as income or expense in the Statement of Profit & Loss.

30. Employee benefits expense

Accounting policy

(i) Short-term employee benefits

All employee benefits payable wholly within twelve
months of rendering the service are classified as
short-term employee benefits. Benefits such as
salaries, wages, incentives, special awards, medical
benefits etc. are charged to the Statement of
Profit & Loss in the period in which the employee
renders the related service. A liability is recognised
for the amount expected to be paid when there is
a present legal or constructive obligation to pay
this amount as a result of past service provided
by the employee and the obligation can be
estimated reliably.

(ii) Compensated absences

The Company estimates and provides the liability
for such short-term and long term benefits based
on the terms of the policy. The Company treats
accumulated leave expected to be carried forward
beyond twelve months, as long-term employee
benefit for measurement purposes. Such long-term
compensated absences are provided for based on
the actuarial valuation using the projected unit
credit method at the year-end. Remeasurement
gains/losses on defined benefit plans are
immediately taken to the Statement of Profit &
Loss and are not deferred.

(iii) Defined contribution plans

Retirement benefit in the form of provident
fund and National Pension Scheme are defined
contribution schemes. The Company recognises
contribution payable to the provident fund and
National Pension Scheme as an expenditure,
when an employee renders the related service.

The Company has no obligation, other than the
contribution payable to the funds. The Company's
contributions to defined contribution plans
are charged to the Statement of Profit & Loss
as incurred.

(iv) Defined benefit plan

The Company operates a defined benefit gratuity
plan for its employees. The costs of providing
benefits under this plan is determined on the basis
of actuarial valuation at each year-end using
the projected unit credit method. The discount
rate used for determining the present value of
obligation under defined benefit plans, is based
on the market yields on Government securities
as at the balance sheet date, having maturity
periods approximating to the terms of related
obligations. Re-measurements, comprising of
actuarial gains and losses, the effect of the asset
ceiling, excluding amounts included in net interest
on the net defined benefit liability and the return
on plan assets (excluding amounts included in
net interest on the net defined benefit liability),
are recognised immediately in the Balance sheet
with a corresponding debit or credit to retained
earnings through OCI in the period in which they
occur. Re-measurements are not reclassified to
Statement of Profit & Loss in subsequent periods.
Net interest is calculated by applying the discount
rate to the net defined benefit liability or asset.
Past service costs are recognised in profit or loss on
the earlier of:

» The date of the plan amendment or
curtailment, and

» The date that the Company recognises related
restructuring costs

When the benefits of a plan are changed or
when a plan is curtailed, the resulting change
in benefit that relates to past service (‘past
service cost' or ‘past service gain') or the gain or
loss on curtailment is recognised immediately
in Statement of profit and Loss. The Company
recognises gains and losses on the settlement of a
defined benefit plan when the settlement occurs.

(v) Share based payment

Equity settled share based payments to employees
and other providing similar services are measured
at fair value of the equity instruments at
grant date.

The fair value determined at the grant date
of the equity-settled share based payment is
expensed on a straight line basis over the vesting
period, based on the Company's estimate of
equity instruments that will eventually vest, with
a corresponding increase in equity. At the end of
each reporting period, the Company revises its
estimates of the number of equity instruments
expected to vest. The impact of the revision
of the original estimates, if any is, recognised
in Statement of Profit and Loss such that the
cumulative expenses reflects the revised estimate,
with a corresponding adjustment to the ESOP
outstanding account (Refer note 16(g)).

No expense is recognised for options that do not
ultimately vest because non market performance
and/ or service conditions have not been met.

The dilutive effect, if any of outstanding options
is reflected as additional share dilution in the
computation of diluted earnings per share (Refer
note 34).

The Code on Social Security, 2020 (‘Code') relating to employee benefits during
employment and post employment benefits received Presidential assent in September
2020. The Code has been published in the Gazette of India. However, the date on which
the Code will come into effect has not been notified and the final rules/interpretation
have not yet been issued. The Company will assess the impact of the Code when it comes
into effect and will record any related impact in the period the Code becomes effective.
Based on a preliminary assessment, the Company believes the impact of the change will
not be significant.

Gratuity and other post-employment benefit plans

(A) Defined Benefit plan

Gratuity Valuation - As per actuary

In respect of Gratuity, the Company makes annual contribution to the employee
group gratuity scheme of the Life Insurance Corporation of India, funded defined
benefits plan for qualified employees. The scheme provided for lump sum payments
to vested employees at retirement, death while in employment or on termination
of employment of an amount equivalent to 15 days salary for each completed year
of service or part thereof in excess of six months. Vesting occurs upon completion of
five years of service. The Company has provided for gratuity based on the actuarial
valuation done as per Project Unit Credit Method.

Defined benefit plans expose the Company to actuarial risks such as:

(i) Interest rate risk

A fall in the discount rate which is linked to the G.Sec. Rate will increase the
present value of the liability requiring higher provision. A fall in the discount rate
generally increases the mark to market value of the assets depending on the
duration of asset.

(ii) Salary Risk

The present value of the defined benefit plan liability is calculated by reference
to the future salaries of members. As such, an increase in the salary of the
members more than assumed level will increase the plan's liability.

(iii) Investment Risk

The present value of the defined benefit plan liability is calculated using a
discount rate which is determined by reference to market yields at the end of
the reporting period on government bonds. If the return on plan asset is below
this rate, it will create a plan deficit. Currently, for the plan in India, it has a
relatively balanced mix of investments in government securities, and other
debt instruments.

(iv) Asset Liability Matching Risk

The plan faces the ALM risk as to the matching cash flow. Since the plan is
invested in lines of Rule 101 of Income Tax Rules, 1962, this generally reduces
ALM risk.

(v) Mortality risk

Since the benefits under the plan is not payable for life time and payable till
retirement age only, plan does not have any longevity risk.

(vi) Concentration Risk

Plan is having a concentration risk as all the assets are invested with the
insurance company and a default will wipe out all the assets. Although
probability of this is very low as insurance companies have to follow regulatory
guidelines which mitigate risk.

(vii) Variability in withdrawal rates

If actual withdrawal rates are higher than assumed withdrawal rate
assumption then the gratuity benefits will be paid earlier than expected.

The impact of this will depend on whether the benefits are vested as at the
resignation date.

(viii) Regulatory Risk

Gratuity Benefit must comply with the requirements of the Payment of
Gratuity Act, 1972 (as amended up-to-date). There is a risk of change in the
regulations requiring higher gratuity payments.

A separate trust fund is created to manage the Gratuity plan and the
contributions towards the trust fund is done as guided by rule 103 of Income
Tax Rules, 1962.

The Company operates a defined benefit plan, viz., gratuity for its employees.
Under the gratuity plan, every employee who has completed at least five years
of service gets a gratuity on departure at 15 days of last drawn salary for each
completed year of service. The scheme is funded with an insurance company in
the form of qualifying insurance policy.

The most recent actuarial valuation of the present value of defined obligation
and plan assets were carried out as at 31 March 2025 by an external
independent fellow of the Institute of Actuaries of India. The present value
of the defined benefit obligation and the related current service cost were
measured using the projected unit credit method.

The overall expected rate of return on plan assets is determined based on the market
prices prevailing on that date, applicable to the period over which the obligation is to
be settled.

A quantitative sensitivity analysis for significant assumption as at 31 March 2025 is as
shown below:

Sensitivity analysis are based on a change in an assumption while holding all other
assumptions constant. In practice, this is unlikely to occur, and changes in some of the
assumptions may be co-related. When calculating the sensitivity of the defined benefit
obligation to significant actuarial assumptions, the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of
the reporting period) has been applied as when calculating the defined benefit liability
recognised in the balance sheet.

Under PUC method a projected accrued benefit is calculated at the beginning of the year
and again at the end of the year for each benefit that will accrue for all active members
of the plan. The projected accrued benefit is based on the plan's accrual formula
and upon service as of the beginning or end of the year, but using a member's final
compensation, projected to the age at which the employee is assumed to leave active
service. The plan liability is the actuarial present value of the projected accrued benefits
for active members.

Projected benefits payable in future years from the date of reporting.

(B) Other defined benefit and contribution plans
Provident Fund

The Company contribute towards Provident Fund to defined contribution retirement
benefit plans for eligible employees. Under the schemes, the Company is required
to contribute a specified percentage of the payroll costs to fund the benefits. The
Company contributes towards Provident Fund managed by Central Government
and has recognised H 165.12 million (31 March 2024: H 150.27 million) for provident
fund contributions in the Statement of Profit and Loss.

(d) The unspent amount on ongoing projects as at 31 March 2025 aggregating to H
167.53 million is deposited in separate CSR unspent accounts before the due date.

34. Earnings Per Share

Accounting Policy

Basic earnings per equity share is computed by dividing the net profit attributable
to the equity holders of the Company by the weighted average number of equity
shares outstanding during the period. The weighted average number of equity shares
outstanding during the period is adjusted for events such as fresh issue, bonus issue that
have changed the number of equity shares outstanding, without a corresponding change
in resources.

Diluted earnings per share reflects the potential dilution that could occur if securities or
other contracts to issue equity shares were exercised or converted during the year. Diluted
earnings per equity share is computed by dividing the net profit attributable to the equity
holders of the Company by the weighted average number of equity shares considered
for deriving basic earnings per equity share and also the weighted average number of
equity shares that could have been issued upon conversion of all dilutive potential equity
shares. Potential equity shares are deemed to be dilutive only if their conversion to equity
shares would decrease the net profit per share from continuing ordinary operations.
Potential dilutive equity shares are deemed to be converted as at the beginning of the
period, unless they have been issued at a later date. Dilutive potential equity shares are
determined independently for each period presented.

Employee Stock Option Plan 2018

Pursuant to the resolutions passed by the Company's Board on 30 August 2018 and our
Shareholders on 30 August 2018, the Company approved the Employee Stock Option
Plan 2018 for issue of options to eligible employees which may result in issue of Equity
Shares of not more than 35,30,000 Equity Shares. The company reserves the right to
increase, subject to the approval of the shareholders, or reduce such numbers of shares as
it deems fit.

The exercise of the vested option shall be determined in accordance with the notified
scheme under the plan.

35. Contingent liabilities and commitments

Accounting Policy

A contingent liability 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 is not recognised
because it is not probable that an outflow of resources embodying economic benefits
will be required to settle the obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognised because it cannot be measured
reliably. The Company does not recognise a contingent liability but discloses the existence
in the Financial Statements.

Notes:

(a) In respect of the items above, future cash outflows in respect of contingent
liabilities are determinable only on receipt of judgements/decisions pending
at various forums/authority. The Company doesn't expect the outcome of
matters stated above to have a material adverse effect on the Company's
financial conditions, result of operations or cash flows.

(b) There is uncertainty and ambiguity in interpreting and giving effect to the
guidelines of Honourable Supreme Court vide its ruling in February 2019,
in relation to the scope of compensation on which the organisation and its
employees are to contribute towards Provident Fund. The Company will
evaluate its position and act, as clarity emerges.

36. Pursuant to the search action by the Income-tax authorities in December 2023,

assessment / re-assessment orders for AY 2014-15 to AY 2023-24 were passed in the
FY 2024-25. Against the said orders, the Company filed appeals and application for
rectifications with the appropriate authorities. After considering rectification orders,
received post the balance sheet date, the aggregate tax demand is H 544.71 million and
interest thereon is H 174.27 million. The Company, in consultation with its tax experts,
believe that these orders are not tenable in law and its favorable position will likely to
be upheld by the appropriate authorities. Accordingly, no provision has been made
in the financial statements. The assessment proceedings for AY 24-25 are currently
under process.

(I) Terms and conditions of transactions with related parties:

i. The transactions with related parties are made on terms equivalent to those
that prevail in arm's length transactions. Outstanding balances at the period-
end are unsecured and settlement occurs in cash or credit as per the terms of
the arrangement.

ii. Guarantees are issued by the Company in accordance with Section 186 of the
Companies Act, 2013 read with rules issued thereunder.

iii. For the year ended 31 March 2025, the Company has not recorded any impairment
of receivables relating to amounts owed by related parties (31 March 2024: H Nil).
This assessment is undertaken each financial year through examining the financial
position of the related party.

38. Segment reporting
Accounting Policy
Identification of segments

An operating segment is a component of the Company that engages in business
activities from which it may earn revenues and incur expenses, whose operating results
are regularly reviewed by the Company's Chief Operating Decision Maker (“CODM”) to
make decisions for which discrete financial information is available. The Company's chief
operating decision maker is the Chairman & Managing Director.

The Operating Segment is the level at which discrete financial information is available.
Operating segments are identified considering:

a the nature of products and services

b the differing risks and returns

c the internal organisation and management structure, and
d the internal financial reporting systems.

The Board of Directors monitors the operating results of all product segments separately
for the purpose of making decisions about resource allocation and performance
assessment based on an analysis of various performance indicators by business segments
and geographic segments.

Segment revenue and expenses:

1 It has been identified to a segment on the basis of relationship to operating
activities of the segment.

2 The Company generally accounts for intersegment sales and transfers at cost plus
appropriate margins.

3 Intersegment revenue and profit is eliminated at group level consolidation.

4 Finance income earned and finance expense incurred are not allocated to individual
segment and the same has been reflected at the Company level for segment
reporting as the underlying instruments are managed at Company level.

Segment assets and liabilities:

Segment assets and segment liabilities represent assets and liabilities of respective
segments, however the assets and liabilities not identifiable or allocable on reasonable
basis being related to enterprise as a whole have been grouped as unallocable.

The accounting policies of the reportable segments are same as that of Company's
accounting policies described.

No operating segments have been aggregated to form the above reportable operating
segments. Common allocable costs are allocated to each segment according to the
relative contribution of each segment to the total common costs.

The Company is organised into business units based on its products and services and
has three reportable segments as follows:

Wires and Cables: Manufacture and sale of wires and cables.

Fast moving electrical goods (FMEG): Fans, LED lighting and luminaires, switches,
switchgears, solar products, water heaters, conduits, pumps and domestic appliances.

EPC: Design, engineering, supply of materials, survey, execution and commissioning of
projects on a turnkey basis.

For the year ended 31 March 2025, the EPC business, which was earlier reported as part
of the “Others” segment, is now presented as the “EPC” segment in accordance with Ind
AS 108, based on meeting the quantitative threshold for separate disclosure.

39. Financial Instruments and Fair

Value Measurement

A) Financial Instruments

Accounting policy

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.

Financial assets

(i) Initial recognition and measurement

All financial assets are recognised initially at fair
value plus, in the case of financial assets not
recorded at fair value through Statement of Profit
& Loss, transaction costs that are attributable to
the acquisition of the financial asset. However,
trade receivables that do not contain a significant
financing component are measured at transaction
price. Financial assets are classified at the initial
recognition as financial assets measured at
fair value or as financial assets measured at
amortised cost.

(ii) Subsequent measurement

For purposes of subsequent measurement,
financial assets are classified in two
broad categories:

(a) Financial assets at amortised cost

(b) Financial assets at fair value

Where assets are measured at fair value, gains
and losses are either recognised entirely in the
Statement of Profit & Loss (i.e. fair value through
Statement of Profit & Loss), or recognised in other
comprehensive income (i.e. fair value through
other comprehensive income) depending on the
classification at initial recognition.

(a) Financial assets carried at amortised cost

A financial assets that meets the following
two conditions is measured at amortised
cost (net of Impairment) unless the asset is
designated at fair value through Statement
of Profit & Loss under the fair value option.

(i) Business Model test: The objective of
the Company's business model is to
hold the financial assets to collect the
contractual cash flow (rather than to sell
the instrument prior to its contractual
maturity to realise its fair value
changes).

(ii) Cash flow characteristics test: The

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

(b) Financial assets at fair value

(i) Financial assets at fair value through

other comprehensive income

Financial assets is subsequently
measured at fair value through other
comprehensive income if it is held with
in a business model whose objective is
achieved by both collections contractual
cash flows and selling financial assets
and the contractual terms of the
financial assets give rise on specified
dated to cash flows that are solely

payments of principal and interest on
the principal amount outstanding.

For equity instruments, the Company
may make an irrevocable election to
present in other comprehensive income
subsequent changes in the fair value.
The Company makes such election on
an instrument-by-instrument basis.

The classification is made on initial
recognition and is irrevocable.

If the Company decides to classify an
equity instrument as at FVTOCI, then
all fair value changes on the instrument,
excluding dividends, are recognized in
the OCI. There is no recycling of the
amounts from OCI to P&L, even on sale
of investment. However, the Company
may transfer the cumulative gain or loss
within equity.

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

(ii) Financial assets at fair value through
profit or loss

A financial asset which is not classified
in any of the above categories is
subsequently fair valued through
Statement of Profit & Loss.

(iii) Derecognition

A financial asset (or, where applicable, a part of
a financial asset or part of a Company of similar
financial assets) is primarily derecognised when:

(a) The rights to receive cash flows from the
asset have expired, or

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

When the Company has transferred its rights
to receive cash flows from an asset or has
entered into a pass-through arrangement,
it evaluates if and to what extent it has
retained the risks and rewards of ownership.
When it has neither transferred nor retained
substantially all of the risks and rewards
of the asset, nor transferred control of the
asset, the Company continues to recognise
the transferred asset to the extent of the
Company's continuing involvement. In
that case, the Company also recognises an
associated liability. The transferred asset and
the associated liability are measured on a
basis that reflects the rights and obligations
that the Company has retained.

The Company discloses analysis of the gain
or loss recognised in the statement of profit
and loss arising from the derecognition of
financial assets measured at amortised cost,
showing separately gains and losses arising
from derecognition of those financial assets.

(iv) Impairment of financial assets

The Company assesses impairment based
on expected credit losses (ECL) model for
the following:

(a) Trade receivables or any contractual right to
receive cash or another financial asset that
result from transactions that are within the
scope of Ind AS 115.

(b) The Company follows ‘simplified approach'
for recognition of impairment loss allowance
on trade receivables and contract 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 ECL at
each reporting date, right from its initial
recognition. The Company has established a
provision matrix that is based on its historical
credit loss experience, adjusted for forward¬
looking factors specific to the debtors and the
economic environment.

The Company recognises an allowance for
ECL for all debt instruments not held at fair
value through profit or loss. ECL are based
on the difference between the contractual
cash flows due in accordance with the

contract and all the cash flows that the
Company expects to receive, discounted at
an approximation of the original effective
interest rate. The expected cash flows will
include cash flows from the sale of collateral
held or other credit enhancements that are
integral to the contractual terms.

ECL are recognised in two stages. For credit
exposures for which there has not been a
significant increase in credit risk since initial
recognition, ECL are provided for credit
losses that result from default events that
are possible within the next 12-months (a
12-month ECL). For those credit exposures
for which there has been a significant
increase in credit risk since initial recognition,
a loss allowance is required for credit losses
expected over the remaining life of the
exposure, irrespective of the timing of the
default (a lifetime ECL).

Ind AS 109 requires expected credit losses
to be measured through a loss allowance.

The Company recognises lifetime expected
losses for all contract assets and / or all trade
receivables that do not constitute a financing
transaction. In determining the allowances
for doubtful trade receivables, the Company
has used a practical expedient by computing
the expected credit loss allowance for trade
receivables based on a provision matrix. The
provision matrix takes into account historical
credit loss experience and is adjusted for
forward looking information. The expected
credit loss allowance is based on the ageing
of the receivables that are due and allowance

rates used in the provision matrix. For all
other financial assets, expected credit losses
are measured at an amount equal to the
12-months expected credit losses or at an
amount equal to the 12 months expected
credit losses or at an amount equal to the life
time expected credit losses if the credit risk on
the financial asset has increased significantly
since initial recognition.

The Company considers a financial asset in
default when contractual payments are 90
days past due. However, in certain cases, the
Company may also consider a financial asset
to be in default when internal or external
information indicates that the Company
is unlikely to receive the outstanding
contractual amounts in full before taking into
account any credit enhancements held by
the Company. A financial asset is written off
when there is no reasonable expectation of
recovering the contractual cash flows.

For recognition of impairment loss on other
financial assets and risk exposure, the
Company determines that whether there has
been a significant increase in the credit risk
since initial recognition. If credit risk has not
increased significantly, 12-month ECL is used
to provide for impairment loss. However, if
credit risk has increased significantly, lifetime
ECL is used.

If, in a subsequent period, credit quality of
the instrument improves such that there is no
longer a significant increase in credit risk since
initial recognition, then the entity reverts to

recognising impairment loss allowance based
on 12-month ECL.

As a practical expedient, the Company uses
the provision matrix to determine impairment
loss allowance on the portfolio of trade
receivables. The provision matrix is based on
its historical observed default rates over the
expected life of the trade receivables and
its adjusted forward looking estimates. At
every reporting date, the historical observed
default rates are updated and changes in the
forward-looking estimates are analysed.

ECL impairment loss allowance (or reversal)
during the period is recognized as other
expense in the Statement of Profit & Loss.

Financial liabilities

(i) Initial recognition and measurement

All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings and
payables, net of directly attributable transaction
costs. The Company's financial liabilities include
trade and other payables, loans and borrowings
including bank overdrafts, lease liabilities and
derivative financial instruments.

(ii) Subsequent measurement

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

(a) Financial liabilities at fair value through
profit or loss

Financial liabilities at fair value through profit
or loss include financial liabilities held for
trading and financial liabilities designated
upon initial recognition as at fair value
through profit or loss. Financial liabilities
are classified as held for trading if they are
incurred for the purpose of repurchasing in
the near term. This category also includes
derivative financial instruments entered into
by the Company that are not designated as
hedging instruments in hedge relationships
as defined by Ind AS 109.

(b) Gains or losses on liabilities held for trading
are recognised in the profit or loss

Financial liabilities designated upon initial
recognition at fair value through profit or loss
are designated as such at the initial date of
recognition, and only if the criteria in Ind AS
109 are satisfied. For liabilities designated as
FVTPL, fair value gains/ losses attributable
to changes in own credit risk are recognized in
OCI. These gains/ loss are not subsequently
transferred to P&L. However, the Company
may transfer the cumulative gain or loss
within equity. All other changes in fair value of
such liability are recognised in the statement
of profit or loss.

(c) Loans and borrowings

After initial recognition, interest-bearing loans
and borrowings are subsequently measured
at amortised cost using the Effective Interest
Rate method.

(iii) Embedded Derivatives

A derivative embedded in a hybrid contract, with a
financial liability or non-financial host, is separated
from the host and accounted for as a separate
derivative if: the economic characteristics and
risks are not closely related to the host; a separate
instrument with the same terms as the embedded
derivative would meet the definition of a
derivative; and the hybrid contract is not measured
at fair value through profit or loss.

(iv) Derecognition

(a) 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 or loss.

(b) Financial guarantee contracts issued by the
Company are those contracts that require a
payment to be made to reimburse the holder
for a loss it incurs because the specified
debtor fails to make a payment when due

in accordance with the terms of a debt
instrument. Financial guarantee contracts
are recognised initially as a liability at fair
value, adjusted for transaction costs that
are directly attributable to the issuance of
the guarantee. Subsequently, the liability is
measured at the higher of the amount of loss

allowance determined as per impairment
requirements of Ind AS 109 and the amount
recognised less cumulative amortisation.

(B) Fair value measurements

Accounting policy

The Company measures financial instruments,
such as, derivatives, mutual funds etc. at fair value
at each Balance sheet date. Fair value is the price
that would be received to sell an asset or paid
to transfer a liability in an orderly transaction
between market participants at the measurement
date. The fair value measurement is based on the
presumption that the transaction to sell the asset
or transfer the liability takes place either:

(a) In the principal market for the asset or
liability, or

(b) In the absence of a principal market, in the
most advantageous market for the asset
or liability

The principal or the most advantageous market
must be accessible by the Company.

The fair value of an asset or a liability is measured
using the assumptions that market participants
would use when pricing the asset or liability,
assuming that market participants act in their
economic best interest.

The Company uses valuation techniques that are
appropriate in the circumstances and for which
sufficient data are available to measure fair value,
maximising the use of relevant observable inputs
and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured
or disclosed in the Financial Statements are categorised
within the fair value hierarchy, to provide an indication
about the reliability of inputs used in determining
fair value, the Company has classified its financial
statements into three levels prescribed under the Ind
AS as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:

» 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

For the purpose of fair value disclosures, the Company
has determined classes of assets and liabilities on
the basis of the nature, characteristics and risk of the
assets or liability and the level of fair value hierarchy as
explained above.

(a) The management assessed that cash and cash equivalents, other bank balance, trade
receivables, acceptances, trade payables, loans to related party, loans to employees,
short term security deposit and other current financial liabilities approximate their
carrying amounts largely due to the short-term maturities of these instruments.

(b) The fair value of the financial assets and liabilities is included 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.

(c) Fixed deposit of C 330.57 million (31 Mar 2024: C 7.80 million) is restricted for withdrawal,
considering it is lien against commercial arrangements.

(d) There are no borrowings as at 31 March 2025 (31 March 2024: Nil)

For secured loans, charge created by way of:

(i) First ranking pari passu charge by way of hypothecation over the entire current
assets including but not limited to Stocks and Receivables.

(ii) Pari passu first charge by way of hypothecation on the entire movable fixed assets.

(iii) Charges with respect to above borrowing has been created in favour of security
trustee. No separate charge has been created for each of the borrowing.

(iv) All charges are registered with ROC within statutory period by the Company.

(v) Funds raised on short term basis have not been utilised for long term purposes and
spent for the purpose it were obtained.

(vi) Bank returns / stock statements filed by the Company with its bankers are in
agreement with books of account.

( e) Credit facilities

The Company has fund based and non-fund based revolving credit facilities amounting
to H 60,000.00 million (31 March 2024: H H 56,650.00 million), towards operational
requirements that can be used for the short term loan, issuance of letters of credit and
bank guarantees. The unutilised credit line out of these working capital facilities at the
year end is H 13,698.30 million (31 March 2024: H 22,677.10 million).

Fair value hierarchy ¹

All assets and liabilities for which fair value is measured or disclosed in the Financial
Statements are categorised within the fair value hierarchy, to provide an indication about
the reliability of inputs used in determining fair value, the Company has classified its financial
statements into three levels prescribed under the Ind AS as follows, based on the lowest level
input that is significant to the fair value measurement as a whole:

» 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

Notes:

(a) Investment Property Under Construction is measured at cost as at 31 March 2025 of

H 790.08 million (31 March 2024:762.98 million). The fair value measurement is required for
disclosure purpose in the financial statements as per Ind AS 40 (Refer note 4).

(b) There is no transfers into and transfers out of fair value hierarchy levels as at the end
of the reporting period. Timing of transfer between the levels determined based on
the following:

(a) the date of the event or change in circumstances that caused the transfer

(b) the beginning of the reporting period

(c) the end of the reporting period

40. Financial Risk Management Objectives And Policies

The Company's principal financial liabilities, other than derivatives, comprise acceptances,
trade payables, lease liabilities and other liabilities. The main purpose of these financial
liabilities is to finance the Company's operations and to provide guarantees to support
its operations. The Company's principal financial assets include loans, trade and other
receivables, and cash and cash equivalents that derive directly from its operations. The
Company also holds FVTPL investments and enters into derivative transactions.

The Company is exposed to market risk, credit risk and liquidity risk. The Board of
Directors of the Company has formed a Risk Management Committee to periodically
review the risk management policy of the Company so that the management manages
the risk through properly defined mechanism. The Risk Management Committee's focus is
to foresee the unpredictability and minimize potential adverse effects on the Company's
financial performance.

The Company's overall risk management procedures to minimise the potential adverse
effects of financial market on the Company's performance are as follows:

A) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument
will fluctuate because of changes in market prices. Market risk comprises three types
of risk: interest rate risk, currency risk and other price risk, such as equity price risk
and commodity risk. Financial instruments affected by market risk include loans
and borrowings, trade receivables, deposits, FVTPL investments and derivative
financial instruments.

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market interest rates. The
Company's exposure to the risk of changes in market interest rates relates
primarily to the Company's debt obligations with floating interest rates. The
Company is also exposed to the risk of changes in market interest rates due to
its investments in mutual fund units in debt funds.

Acceptances as at 31 March 2025 of H 13,062.27 million (31 March 2024:

H 18,619.66 million) are at a fixed rate of interest.

(ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an
exposure will fluctuate because of changes in foreign exchange rates. The
Company's exposure to the risk of changes in foreign exchange rates relates
primarily to the Company's operating activities (when revenue or expense is
denominated in a foreign currency).

Derivative financial instruments

The Company enters into derivative contracts with an intention to hedge its
foreign exchange price risk and interest risk. Derivative contracts which are
linked to the underlying transactions are recognised in accordance with the
contract terms. 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. Derivatives are carried as financial
assets when the fair value is positive and as financial liabilities when the fair
value is negative. Any gains or losses arising from changes in the fair value of
derivatives are taken directly to Statement of Profit & Loss. To some extent the
Company manages its foreign currency risk by hedging transactions.

Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD,

Euro, GBP, CHF, CNY, JPY and AUD exchange rates, with all other variables held constant.

The impact on the Company's profit before tax is due to changes in the fair value of monetary
assets and liabilities including non-designated foreign currency derivatives and embedded
derivatives. Sensitivity due to unhedged Foreign Exchange Exposures is as follows:

Impact on profit before tax and equity

(B) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial
instrument or customer contract, leading to a financial loss. The Company is
exposed to credit risk from its operating activities (primarily trade receivables) and
from its financing activities, including deposits with banks and financial institutions,
foreign exchange transactions and other financial instruments.

Trade receivables and contract assets

The Company has adopted a policy of only dealing with counterparties that
have sufficient credit rating. The Company's exposure and credit ratings of its
counterparties are continuously monitored and the aggregate value of transactions
is reasonably spread amongst the counterparties. Credit risk has always been
managed through 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. On account of adoption of Ind AS 109, the
Company uses expected credit loss model to assess the impairment loss or gain.

The Company has applied Expected Credit Loss (ECL) model for measurement and
recognition of impairment losses on trade receivables. ECL has been computed
as a percentage of revenue on the basis of Company's historical data of delay in
collection of amounts due from customers and default by the customers along with
management's estimates.

The Company has sold without recourse trade receivables under channel finance
arrangement for providing credit to its dealers. Evaluation is made as per the terms
of the contract i.e. if the Company does not retain any risk and rewards or control
over the financial assets, then the entity derecognises such assets upon transfer of
financial assets under such arrangement with the banks. Derecognition does not
result in significant gain / loss to the Company in the Statement of profit and loss.

In certain cases, the Company has sold with recourse trade receivables to banks
for cash proceeds. These trade receivables have not been derecognised from the
statement of financial position, because the Company retains substantially all of the
risks and rewards - primarily credit risk. The amount received on transfer has been
recognised as a financial liability. The arrangement with the bank is such that the
customers remit cash directly to the bank and the bank releases the limit of facility
used by the Company. The receivables are considered to be held within a held-to-
collect business model consistent with the Company's continuing recognition of
the receivables.

The carrying amount of trade receivables at the reporting date that have been
transferred but have not been derecognised and the associated liabilities is C 375.58
million (31 March 2024: C 508.05 million).

Trade receivables (net of expected credit loss allowance) of C 30,374.62 million as at
31 March 2025 (31 March 2024: C 24,184.44 million) forms a significant part of the
financial assets carried at amortised cost which is valued considering provision for
allowance using expected credit loss method. In addition to the historical pattern of
credit loss, we have considered the likelihood of delayed payments, increased credit
risk and consequential default considering emerging situations while arriving at the
carrying value of these assets. This assessment is not based on any mathematical
model but an assessment considering the nature of verticals, impact immediately
seen in the demand outlook of these verticals and the financial strength of the
customers. The Company has specifically evaluated the potential impact with
respect to customers for all of its segments.

The Company closely monitors its customers who are going through financial stress
and assesses actions such as change in payment terms, discounting of receivables
with institutions on no recourse basis, recognition of revenue on collection basis etc.,
depending on severity of each case. The collections pattern from the customers in
the current period does not indicate stress beyond what has been factored while
computing the allowance for expected credit losses.

The expected credit loss allowance for trade receivables of C 1,264.81 million as at
31 March 2025 (31 March 2024 C1,350.27 million) is considered adequate.

The same assessment is done in respect of contract assets of C 1,127.52 million
as at 31 March 2025 (31 March 2024 C 380.82 million) while arriving at the level
of provision that is required. The expected credit loss allowance for contract
assets of C 45.10 million as at 31 March 2025 (31 March 2024 C 15.23 million) is
considered adequate.

Other financial assets

The Company has adopted a policy of only dealing with counterparties that
have sufficient credit rating. The Company's exposure and credit ratings of its
counterparties are continuously monitored and the aggregate value of transactions
is reasonably spread amongst the counterparties.

Credit risk arising from investment in mutual funds, derivative financial instruments
and otherbalances with banks islimited and thereis nocollateral held againstthesebecause
thecounterpartiesarebanksandrecognisedfinancialinstitutionswithhighcreditratings
assigned by the international credit rating agencies.

(C) Liquidity risk

The Company's principle sources of liquidity are cash and cash equivalents and
the cash flow that is generated from operations. The Company believes that the
working capital is sufficient to meet its current requirements.

Further, the Company manages its liquidity risk in a manner so as to meet its normal
financial obligations without any significant delay or stress. Such risk is managed
through ensuring operational cash flow while at the same time maintaining
adequate cash and cash equivalents position. The management has arranged for
diversified funding sources and adopted a policy of managing assets with liquidity
in mind and monitoring future cash flows and liquidity on a regular basis. Surplus
funds not immediately required are invested in certain financial assets (including
mutual funds) which provide flexibility to liquidate at short notice and are included
in current investments and cash equivalents. Besides, it generally has certain
undrawn credit facilities which can be accessed as and when required, which are
reviewed periodically.

The Company's channel financing program ensures timely availability of finance
for channel partners with extended and convenient re-payment terms, thereby
freeing up cash flow for business growth while strengthening company's distribution
network. Further, invoice discounting get early payments against outstanding
invoices. Sales Invoice discounting is intended to save the Company's business from
the cash flow pressure.

The Company has developed appropriate internal control systems and contingency
plans for managing liquidity risk. This incorporates an assessment of expected cash
flows and availability of alternative sources for additional funding, if required.

Corporate guarantees given on behalf of group companies might affect the liquidity
of the Company if they are payable. However, the Company has adequate liquidity
to cover the risk (Refer note 35(A)).

41. Hedging activity and derivatives

The company uses the following hedging types:

(i) Fair value hedges when hedging the exposure to changes in the fair value of a
recognised asset or liability or an unrecognised firm commitment.

(ii) Cash flow hedges when hedging the exposure to variability in cash flows that
is either attributable to a particular risk associated with a recognised asset or
liability or a highly probable forecast transaction or the foreign currency risk in an
unrecognised firm commitment.

(A) Fair value hedge of copper and aluminium price risk in inventory

(i) The Company enters into contracts to purchase copper and aluminium wherein
the Company has the option to fix the purchase price based on LME price

of copper and aluminium during a stipulated time period. Accordingly, these
contracts are considered to have an embedded derivative that is required to
be separated. Such feature is kept to hedge against exposure in the value of
unpriced inventory of copper and aluminium due to volatility in copper and
aluminium prices. The Company designates the embedded derivative in the
payable for such purchases as the hedging instrument in fair value hedging
of inventory. The Company designates only the spot-to-spot movement of
the copper and aluminium inventory as the hedged risk. The carrying value
of inventory is accordingly adjusted for the effective portion of change in
fair value of hedging instrument. Hedge accounting is discontinued when
the hedging instrument is settled, or when it is no longer qualifies for hedge
accounting or when the hedged item is sold.

The Company also hedges its unrecognised firm commitment for risk of
changes in commodity prices.In such hedges, the subsequent cumulative
change in the fair value of the firm commitment attributable to the
hedged risk is recognised as an asset or liability with a corresponding gain
or loss recognised in the statement of profit and loss. Hedge accounting is
discontinued when the Company revokes the hedge relationship, the hedging
instrument or hedged item expires or is sold, terminated, or exercised or no
longer meets the criteria for hedge accounting.

(ii) To use the Sell future contracts linked with LME to hedge the fair value risk
associatedwithinventoryofcopperandaluminium.Oncethepurchasesareconcludedandits
finalpriceisdetermined,theCompanystartsgettingexposedtopriceriskoftheseinventory
tillthetimeitisnotbeensold.TheCompany'spolicyistodesignatethecopperandaluminium
inventorywhicharealreadypricedandwhichisnotbeensoldatthatpointintimeinahedging
relationshipagainstSellLMEfuturepositionsbasedontheriskmanagementstrategyofthe
Company. The hedged risk is movement in spot rates.

To test the hedge effectiveness between embedded derivatives/derivatives
and LME prices of Copper and Aluminium, the Company uses the said prices
during a stipulated time period and compares the fair value of embedded

derivatives/derivatives against the changes in fair value of LME price of copper
and aluminium attributable to the hedged risk.

The Company establishes a hedge ratio of 1:1 for the hedging relationships as
the underlying embedded derivative/derivative is identical to the LME price of
Copper and Aluminium.

Disclosure of effects of fair value hedge accounting on financial position:

Hedged item:

Changes in fair value of unpriced inventory/unrecognised firm commitment
attributable to change in copper and aluminium prices.

Hedging instrument:

Changes in fair value of the embedded derivative of copper and aluminium
trade payables and sell future contracts, as described above.

44. Capital management

For the purpose of the Company's capital management, capital includes issued equity
capital, securities premium and all other equity reserves attributable to the equity
shareholders. The primary objective is to maximise the shareholders value, safeguard
business continuity and support the growth of the Company. The Company determines
the capital requirement based on annual operating plans and long-term and other
strategic investment plans. The funding requirements are met through equity and
operating cash flows generated.

The Company manages its capital structure and makes adjustments in light of changes
in economic conditions and the requirements of the financial covenants. To maintain
or adjust the capital structure, the Company may adjust the dividend payment to
shareholders, return capital to shareholders or issue new shares.

45. Environmental, Social and Governance (ESG)

As a socially and environmentally responsible business, committed to the highest standards
of corporate governance, the Company is focused on growing sustainably to build long-term
stakeholder value by embracing sustainable development. The Company aims to deliver
value to its employees, customers, suppliers, partners, shareholders and society as a whole.
In this regard, the Company has developed a robust ESG framework that will align it to the
best global standards and serve as a guide for the implementation of sustainable business
practices.

46. Events after the reporting period

(i) The Board of Directors of the Company at their meeting held on 06 May 2025 have
approved the Scheme of Amalgamation between the Company and Uniglobus
Electricals and Electronics Private Limited, a wholly owned subsidiary of the
Company on going concern basis. The Appointed Date of the Scheme is 1 April 2025.
The Scheme will be given effect to on receipt of requisite regulatory approvals and
consent from Shareholders and filing of such approvals with the ROC.

(ii) The Board of Directors in their meeting on 6 May 2025 recommended a final
dividend of H 35 /- per equity share for the financial year ended 31 March 2025. This
payment is subject to the approval of shareholders in the Annual General Meeting
of the Company and if approved would result in a net cash outflow of approximately
H 5,264.91 million. It is not recognised as a liability as at 31 March 2025.

(iii) Refer note 36 for income tax order received post balance sheet date.

47. Others

Figures representing H 0.00 million are below H 5,000.

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

For B S R & Co. LLP Polycab India Limited

Chartered Accountants CIN: L31300GJ1996PLC114183

ICAI Firm Registration No.

101248W/W-100022

Sreeja Marar Inder T. Jaisinghani Bharat A. Jaisinghani Nikhil R. Jaisinghani

Partner Chairman & Managing Director Whole-time Director Whole-time Director

Membership No. 111410 DIN: 00309108 DIN: 00742995 DIN: 00742771

Gandharv Tongia Manita Gonsalves

Place: Mumbai Executive Director & CFO Place: Mumbai Company Secretary

Date: 6 May 2025 DIN: 09038711 Date: 6 May 2025 Membership No. A18321