(n) Provisions, Contingent Liabilities and Contingent Assets
The Company recognises a provision when there is a present obligation as a result of past event that probably
requires an outflow of resources and reliable estimates can be made of the amount of obligation. The provisions are
reviewed at the end of each reporting period and are adjusted to reflect the current best estimates. The timing of
recognition requires application of judgement to existing facts and circumstances which may be subject to change. A
disclosure of contingent liability is made when there is possible obligation or a present obligation that will probably not
require outflow of resources or where a reliable estimate of the obligation cannot be made. Where there is a possible
obligation or a present obligation and likelihood of outflow of resources is remote, no provision or disclosure is made.
Provision for warranty related costs are recognised when the terms and conditions attached to and forming part of
the executed portion of the contract of sale of products and/ or providing of services or both are assessed to have
underlying obligations to be met during the warranty period. The estimate of such warranty costs is revised annually.
Contingent assets are not recognised but disclosed in the financial statements, where economic inflow is probable.
(o) Operating Segment
The identification of operating segment is consistent with performance assessment and resource allocation by the
chief operating decision maker. An operating segment is a component of the Company that engage in business
activities from which it may earn revenues and incur expenses (including transactions with any other components of
the Company) and for which discrete financial information is available. Operating segments of the Company comprises
two segments i.e. Cables and Engineering, Procurement & Construction (EPC). All operating segments are reviewed
regularly by the chief operating decision maker to make decisions about resources to be allocated to the segments
and assesses their performance.
(p) Employee Benefits
Defined Contribution Plan
Contribution to approved Superannuation Fund as per Company’s scheme and Employee’s Regional Provident
Fund is recognised as an expense in the Statement of Profit and Loss for the year when the employee renders the
related service.
Defined Benefit Plan
Gratuity, Pension and Compensated Absences benefits, payable as per Company’s schemes are considered as
defined benefit schemes and are charged to Statement of Profit and Loss on the basis of actuarial valuation carried
out at the end of each financial year by independent actuaries using Projected Unit Credit Method. For the purpose
of presentation of defined benefit plans, the allocation between short term and long term provisions is made as
determined by the independent actuaries. Actuarial gains and losses are recognised in the Other Comprehensive
Income except actuarial gains and losses on compensated absences benefits which are charged to the Statement of
Profit and Loss.
The Provident fund Contribution, other than Contribution to Employee’s Regional Provident Fund is made to an
approved trust administered by the trustees. The Company has its representation on the board of trust. The Company
is liable for any shortfall, if any, in the fund asset based on the government specified minimum rates of return and the
same is recognised as an expense in the Statement of Profit and Loss.
Ex-gratia or other amount disbursed on account of selective employees separation scheme or otherwise are charged
to Statement of Profit and Loss as and when incurred/determined.
(q) Leases
Where the Company is the Lessee:
The Company’s lease asset classes primarily consist of leases for Land and Building. The Company, at the inception
of a contract, assesses whether the contract is a lease or not a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a time in exchange for a consideration. The Company
has elected not to recognise Right-of-use Assets and lease liabilities for short-term leases that have a lease term of
12 months or less and leases of low-value assets and the corresponding lease rental paid are directly charged to the
Statement of Profit and Loss. The Company recognises the lease payments associated with these leases as an
expense over the lease term. The Company recognises a Right-of-use Asset and a lease liability at the lease
commencement date. The Right-of-use asset is initially measured at cost, which comprises the initial amount of the
lease liability adjusted for any lease payments made at or before the commencement date, plus any initial costs
incurred. The Right-of-use Asset is subsequently depreciated using the straight-line method from the commencement
date to the end of the lease term. The lease liability is initially measured at the present value of the lease payments
that are not paid at the commencement date, discounted using the Company’s incremental borrowing rate.
Subsequently, lease liabilities are measured on amortised cost basis.
Where the Company is the Lessor:
Lease under which the Company does not transfer substantially all the risks and benefits of ownership of the asset is
classify ed as operating lease. Assets subject to operating lease are included in Investment Property. Lease income
from operating lease is recognised in the Statement of Profit and Loss on a straight line basis over the lease term.
Costs including depreciation are recognised as an expense in the Statement of Profit and Loss.
Finance lease transactions (including Indefeasible Right-of-use Assets (IRU) Networks) where control, significant
risks and rewards incidental to ownership are effectively transferred /term of the lease covers the estimated economic
useful life of the concerned IRU networks, are recognised as outright sales. Profit or Loss resulting from outright
sales of IRU networks is recognised in the Statement of Profit and Loss immediately. Finance income, if any, is
recognised over the lease term. Initial direct cost such as legal costs, brokerage costs etc. are recognised in the
statement of Profit and Loss at the commencement of lease term.
(r) Interest in Joint Operations
A Joint Operation is a Joint Arrangement where the parties/venturers have contractual agreed rights and obligations
rather than legal structure of the Joint Arrangement. When a Company undertakes its activities under Joint Operations,
the Company as a Joint Operator recognise its interest in jointly held assets, liabilities, revenue and expenses of
Joint Operations and incorporate it in the financial statements under the appropriate headings.
(s) Foreign Currency Transactions/Translations
Transactions in foreign currencies are initially recorded in the functional currency, by applying to the foreign currency
amount the exchange rate between the functional currency and the foreign currency at the date of the transaction.
Foreign currency monetary items are translated into functional currency using the exchange rate prevailing at the
reporting date.
Exchange differences arising on the settlement of monetary items or on translating monetary items at the exchange
rates different from those at which they were initially recorded during the year, or reported in previous financial
statements, are recognised as income or expenses in the Statement of Profit and Loss in the year in which they arise.
(t) Segment Reporting - 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. Based on the
management approach as defined in Ind AS 108, the CODM evaluates the Company’s performance and allocates
resources based on an analysis of various performance indicators by business segments and geographic segments.
(u) Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders
of the Company by the weighted average number of the equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, net profit or loss attributable to equity shareholders of the
Company and the weighted average number of shares outstanding during the year is adjusted for the effect of all
dilutive potential equity shares.
(v) Cash and Cash Equivalents
Cash and Cash equivalent for the purpose of cash flow statement comprise cash on hand, cheques in hand, demand
deposits with banks and short-term investments with an original maturity of three months or less from the date of
acquisition, which are subject to an insignificant risk of change in value. Cash and Cash Equivalents consists of
balanced with banks which are unrestricted for withdrawal and uses.
(w) Recent Pronouncements
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.
Notes:
(i) Refer Note No. 17 and 21 for details of mortgage/hypothecations of Property, Plant and Equipment towards security to lenders.
(ii) Adjustments in Plant & Equipments during the year of ' 1498.77 lakhs (' 406.70 lakhs) is on account of subsidy disbursed/
sanctioned under Industrial Investment Promotion Incentive Schemes linked to Fixed Capital Investment in Property, Plant
and Equipment etc.
(iii) Title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements
are duly executed in favour of the lessee) are held in the name of the company.
(iv) No proceedings have been initiated or pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988.
1 The Company entered into Share Purchase Agreement(s) on 27th March, 2025 for acquiring at fair value the remaining
equity stake of 49% and 11% held by each of Visabeira Global, SGPS, SA and Birla Cable Ltd. respectively in VTL
Digital Infrastructure Private Limited (formerly Birla Visabeira Private Limited). Accordingly, VTL Digital Infrastructure
Private Limited (formerly Birla Visabeira Private Limited) ceased to be an associate (joint venture entity) and became a
wholly owned subsidiary of the Company with effect from 27th March, 2025. In the opinion of the management, the
decline in fair value of equity shares of VTL Digital Infrastructure Private Limited (formerly Birla Visabeira Private Limited)
is temporary in nature considering potential revenue from the passive optical fibre cable network assets under IP-1 when
aligned with that of the Company and hence does not call for any impairment for the time being.
212,50,000 (12,50,000) Fully paid up Equity Shares Pledged with Banks
3 Investments represent minimum equity held by the Company in a power producer company, for sourcing of renewable
energy to the extent of contracted capacity through Long Term Open Access (LTOA) as a captive user under Intra State
Group Captive Scheme as per requirement of Electricity Act, 2003 and Electricity Rules, 2005. The Investment is made
under Power Purchase Agreement with a condition to sale/transfer the Investments to the power producer or its promoter/
nominee at cost upon expiry of the Power Purchase Agreement or termination thereof.
(a) Loans from Banks are secured by way of hypothecation charge over movable Property, Plant and Equipment (excluding
assets specifically charged to specific project lenders), both present and future and charge created by way of mortgage
by deposit of title deeds of certain immovable properties of the Company, ranking pari-passu interse amongst the consortium
of working capital lenders and term loan lenders (including Buyer’s Credit and Supplier’s Credit). Loan from a NBFC is
secured by way of hypothecation charge on Project Specific Assets, ranking pari-passu interse amongst the project
specific working capital lender and term loan lender. Loans from Banks (including Buyer’s Credit & Supplier’s Credit)/
NBFC are further secured by way of first and/or second pari-passu charge (specific to certain term loan) by way of
hypothecation of entire Current Assets (excluding assets specifically charged to specific project lenders) both present
and future, of the Company viz. inventories, bills receivables, book debts (trade receivables), claims, etc. Rupee Term
Loans from Bank/NBFC are repayable in quarterly/half-yearly instalments, as the case may be, over a period of three to
five years, commencing from June, 2022 and ending on June, 2027 and carry rate of interest varying from 9.85% p.a. to
10.55% p.a. on the reporting date. Buyer’s Credit(s)/Supplier’s Credit(s) in Foreign Currency availed from Banks are due
for repayment between April, 2025 and March, 2026 and carry rate of interest varying from 3.42% p.a and 7.22% p.a on
the reporting date. The Buyers Credit(s)/Supplier’s Credit(s) from Banks are additionally secured by way of pledge of
12,50,000 equity shares held by the Company in Birla Cable Limited.
(b) Neither registration nor satisfaction of any charges are pending to be filed/registered with the jurisdictional Registrar of
Companies beyond the statutory period in respect of security created by the Company in favour of lenders.
(c) Term Loans were applied for the purpose(s) for which the loans were obtained.
(a) Working Capital Loans/Borrowings from banks are generally renewable within twelve months from the date of sanction or
immediately previous renewal date, unless otherwise stated. The lender banks have a right to cancel the credit limits
(either fully or partially) and, inter-alia, demand repayment in case of non-compliance of terms and conditions of sanctions
or deterioration in the sanctioned loan accounts in any manner.
(b) Working Capital Loans/Borrowings (both fund and non-fund based) from banks are secured by first/or second charge by
way of hypothecation on entire Current Assets (excluding assets specifically charged to specific project lenders), both
present and future, of the Company viz inventories, bills receivables, book debts (trade receivables), claims, etc. ranking
pari-passu amongst the lender consortium banks and certain secured term loan lender; and are further secured by way of
hypothecation of movable Property, Plant and Equipment (excluding assets specifically charged to specific project lenders),
both present and future, and charge created by way of mortgage by deposit of title deeds of certain immovable properties
of the Company, ranking first/or second (specific to a project lender) pari-passu interse amongst the lender consortium
banks and a term loan lender. Working Capital Loans/Borrowings (both fund and non-fund based) from banks are additionally
secured by second charge by way of hypothecation of entire assets of a project and further secured by way of pledge of
12,50,000 equity shares held by the Company in Birla Cable Limited.
(c) Working Capital Borrowings (both fund based and non fund based), specific to projects, are secured by way of hypothecation
of entire project specific assets (including entire project cash flows) and/or ranking pari-passu with a term lender and/or
are further secured by second charge on Fixed Assets of the Company.
(d) Bank Returns/Stock Statements filed by the Company with its Bankers are materially in agreement with the books of
account.
(e) Funds raised on short term basis have not been utilised for long term purposes and deployed for the purpose(s) they were
obtained.
(f) Neither registration nor satisfaction of any charges are pending to be filed/registered with the jurisdictional Registrar of
Companies beyond the statutory period in respect of security created by the Company in favour of lenders.
36. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR):
(a) Contingent liabilities:
(i) Pending cases with income tax appellate authorities/judicial authorities where income tax department has preferred
appeals - Liability not ascertainable.
(ii) The Company has preferred a Writ Petition before the Hon’ble High Court of Uttarakhand against the order passed
by the Appellate Authority for Advance Ruling, Uttarakhand (AAAR) with regard to eligibility of input tax credit amounting
to ' 3861.07 lakhs (' 3522.57 lakhs) on goods and services used for constructing the passive optical fibre cable
networks for being used by the telecom operators/service providers under Indefeasible Right-of-Use (IRU) terms.
The said order of AAAR has been stayed by the Hon’ble High Court of Uttarakhand for the time being and the matter
is subjudice. The external consultants/subject matter experts are of the opinion that the Company has a good case
on merit and accordingly in the opinion of the management there is no likelihood of adverse outcome based on the
facts and circumstances of the case.
(iii) The future cash outflows, if any, in respect of (i) & (ii) above are determinable only on receipt of judgements pending
at various forums/authorities.
(iv) Cross corporate guarantee given to consortium of Banks as collateral against term loan(s) and working capital credit
facilities granted to a Body Corporate - Refer Note No. 46(a).
(v) Claims against the Company not acknowledged as debts ' 59.36 lakhs (' 59.36 lakhs).
(b) Commitments:
Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for
' 2475.38 lakhs (' 700.04 lakhs).
37. DIVIDEND:
The Board of Directors in its Meeting held on 22nd May, 2025 has recommended a dividend of ' 16/- (160%) per share
(' 15/- (150%) per share) per fully paid up equity shares of ' 10/- each for the financial year ended on 31st March, 2025. The
same is subject to approval by the shareholders in the ensuing Annual General Meeting of the Company.
The fair value of financial assets and liabilities is included at the amount at which instruments could be exchanged in a current
transaction between the willing parties. The following methods and assumptions were used to estimate the fair value:
(A) The Company has opted to fair value its quoted equity instruments at its market quoted price through Other Comprehensive
Income (OCI), save and except investments in Associates which are valued at cost.
(B) The Company has opted to fair value its unquoted equity instruments through OCI at its Net Asset Value/Adjusted Net
Asset Value save and except investments in Wholly Owned Subsidiaries, a Joint Venture Entity and an Associate which
are valued at cost.
(C) Investment in Continuum MP Windfarm Development Pvt. Ltd. for sourcing renewable energy is considered at fair value
through profit or loss and valued as per terms and conditions of the agreement.
(D) The fair values of cash and cash equivalents, other bank balances, trade receivables, other current financial assets, short
term borrowings, trade payables and other current financial liabilities approximates their carrying amounts largely due to
the short-term maturities of these instruments. The Company has adopted Effective Interest Rate Method (EIR) for fair
valuation of long term borrowings, non-current financial assets and non-current financial liabilities.
(E) The fair value of forward exchange and swap contracts is based on valuation certificate given by respective banks.
Fair Value Hierarchy
Level 1 -Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e.
as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
48. Financial Risk Management Objectives and Policies:
The Company’s activities are exposed to a variety of financial risks from its operations. The key financial risks include Market
Risk, Credit Risk and Liquidity Risk.
(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 mainly four types of Risk: Foreign Currency Risk, Interest Rate Risk, Rights of the
Way and Other Contractual Obligation Risk, Other Price Risk such as Commodity Price Risk and Equity Price Risk.
(i) Foreign Currency Risk:
Foreign Currency Risk has underlying risk that the fair value or future cash flows of an exposure will fluctuate because
of changes in foreign exchange rates. The Company is exposed to foreign exchange risk arising from foreign currency
transactions of imports, exports and borrowings primarily with respect to USD and EURO. The Company’s exports
are denominated generally in USD and EURO, thereby providing a natural hedge to that extent against foreign
currency payments on account of imports of raw materials and/or the repayment of borrowings and interest thereon.
The foreign currency transaction risk is also managed through selective hedging programmes by way of forward
contracts including for underlying transactions having firm commitments or highly probable forecast of crystallisation.
(ii) Interest Rate Risk:
Interest rate risk has underlying risk that the fair value of future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. Any changes in the interest rates could have unforeseen impact on
Company’s cost of borrowings, thus impacting the profit and loss. The Company mitigates this risk by regularly
assessing the market scenario, finding appropriate financial instruments like interest rate negotiations and low cost
instruments.
(iii) Rights of the Way and other Contractual Obligation Risk:
The Rights of the Way and other permission are subject to governing terms and conditions and varying interpretations
each of which may result in modifications, expiry of terms, additional payments and/or restoration liability, etc. which
could adversely affect the passive optical fibre cable networks under IP-1 and Turnkey Projects. Further, the IRU
agreements and turnkey projects with customers have certain underlying obligations relating to rectification,
replacement major maintenance and other contract risks during the validity period of such contract. The Company
estimates the total contract risks (including the estimates of liquidated damages and other claims), price variation
claims, etc. and warranty obligation based upon management’s best estimates of expected cost to meet such
obligations.
(iv) Commodity Price Risk:
The Company is affected by the price volatility of certain commodities. Its operating activities require the purchase of
raw materials and bought out components for manufacturing of Cables and Turnkey Contract & Services respectively.
It requires a continuous supply of certain raw materials & brought out components such as optical fibre, copper,
aluminium, plastic and polymers, ducts, power cables, conductors, transformers, fabricated steel, poles, associated
equipments etc. To mitigate the commodity price risk, the Company has an approved supplier base to get the best
competitive prices for the commodities and also to manage the cost without any compromise on quality.
(v) Equity Price Risk:
The Company is exposed to equity price risk arises from Investments in Quoted Equity Shares held by the Company
and classified in the Balance Sheet at cost and at fair value through OCI. Having regard to the nature of quoted equity
shares, intrinsic worth, intent and long term nature of investments, fluctuation in market prices are considered acceptable
and do not warrant any management estimation.
(b) Credit Risk:
Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due
causing financial loss to the Company. The Company is exposed to credit risk from its operating activities primarily arising
from Trade Receivables from customers and other financial instruments, Corporate guarantee given to banks as collateral
against term loan(s) and working capital credit facilities to a body Corporate, Birla Cable Limited.
Customer credit risk is managed by each business segment and is subject to the Company’s established policy, procedures
and control framework relating to customer credit risk management. The Company assesses the credit quality of the
counterparties taking into account their financial position and credit worthiness, on the age of specific receivable balance
and the current and expected collection trends, age of its contracts in progress, historically observed default over the
expected life of trade receivables. Company’s EPC business segment customers profile mainly include Government
owned utilities/entities/and both public and private telecom sector operators and service providers. Credit risk on receivables
is limited due to the Company’s large and diverse customer base which includes public sector enterprises, Central/State
utilities and private corporates. Credit risk is reduced to a significant extent if the projects(s) are funded by the Central and
State Governments and also by receiving pre-payments (including mobilization advances) and achieving project completion
milestone within the contracted completion schedule. Credit risk is also actively managed by securing payment through
Letter of credit, advance payments and bill discounting without recourse to the Company. Outstanding customer receivables
are regularly monitored and assessed. Allowance for Impairment or expected credit loss for trade receivables if any, is
provided on the basis of respective credit risk of individual customer as on the reporting date.
The lenders assesses the credit quality of Birla Cable Limited on a regular basis. Further, considering its financial position,
intrinsic value, business profile and future growth prospects, the credit risk is low. The Company has also accepted
corporate guarantee from Birla Cable Limited (Cross corporate guarantee) against its total credit facilities and term
loan(s) availed from its consortium of banks.
The fixed deposits with banks (except short-term deposits shown under cash and cash equivalent) predominantly comprises
of margin money against bank guarantees, letter(s) of credit, etc. as per the terms of sanction of non fund based credit
facilities and the Company is not exposed to credit risk based on historical records of no or stray cases of invocation of
bank guarantees or devolvement of LC’s.
(c) Liquidity Risk:
Liquidity risk is the risk where the Company may 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 is to ensure as far as
possible that it will have sufficient liquidity to meet its liabilities when due.
The table below summarises the maturity profile of Company’s financial liabilities based on contractual payments:
51. CAPITAL MANAGEMENT:
The Company’s primary objective with respect to capital management is to ensure continuity of business and support the
growth of the Company while at the same time provide reasonable returns to its various stakeholders and maximise shareholders
value. In order to achieve these objectives, requirement of capital is reviewed periodically with reference to operating and
business plans that take into account capital expenditure and strategic investments. Sourcing of capital is done through
judicious combination of equity/internal accruals and borrowings, both short term and long term. The capital structure is
governed by policies approved by the Board of Directors and the Company monitors capital by applying net debt (total borrowings
less current investments and cash and cash equivalents) to equity ratio. The Company manages its capital structure and
make adjustments in the light of changes in economic conditions and the requirements of financial covenants attached to the
interest bearing loans and borrowings that define capital structure requirements. No changes were made in the objectives,
policies or processes for managing capital during the year ended 31st March, 2025 or corresponding previous year.
(c) Undisclosed income:
No transactions have been recorded in the books of account that has been surrendered or disclosed as income during the
year/previous year in the tax assessments under the Income Tax Act,1961.
(d) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:
(i) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the company (Ultimate Beneficiaries); or
(ii) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(e) The Company has not received any fund from any other person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall:
(i) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries); or
(ii) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(f) Title deeds of all the immoveable properties are held in the name of the Company.
(g) No proceeding has been initiated or pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 and rules made thereunder.
Notes : Explanation for changes in Ratio by more than 25%
(i) Increase in Debt Equity Ratio is mainly due to increase in short term borrowings in the current financial year
(ii) Return on equity ratio is declined due to fall in profitability of EPC division in the current financial year.
(iii) Trade Payable Turnover Ratio is low due to increase in trade payable as a result of extended credit period.
(iv) Net Profit Ratio is declined due to fall in profitability of EPC division in the current financial year.
(v) Return on Capital Employed is decreased due to rise in short term borrowings and decline in profitability.
(vi) Return on Investment is negative due to fall in market price of quoted equity shares in current year as compared to
previous year.
53. The Quarterly Returns or Statement submitted to Banks pursuant to working capital facilities provided, are materially in
agreement with Books of Accounts.
54. Previous year figures have been regrouped/rearranged, wherever considered necessary to conform to current year classification.
The figures in brackets are those in respect of the previous accounting year.
Signature to Notes 1 to 54
As per our attached report of even date. For and on behalf of the Board of Directors
For BGJC & Associates LLP Harsh V. Lodha Chairman
Chartered Accountants (DIN : 00394094)
Firm Registration No. 003304N/N500056
Y.S. Lodha Managing Director & CEO
(DIN : 00052861)
Pranav Jain
Partner Saurabh Chhajer Chief Financial Officer
Membership No. 098308
Dinesh Kapoor Company Secretary
Place : New Delhi Place : New Delhi
Date : May 22, 2025 Date : May 22, 2025
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