n) Provision

Provisions are recognized when the Company has a
present obligation (legal or constructive), as a result
of past events, and it is probable that an outflow of
resources, that can be reliably estimated, will be required
to settle such an obligation. If the effect of the time value
of money is material, provisions are discounted using a
current pre-tax rate that reflects, when appropriate, the
risks specific to the liability. When discounting is used,
the increase in the provision due to the passage of time
is recognised as a finance cost. Provisions are reviewed
at each reporting date and are adjusted to reflect the
current best estimate.

(i) Provision for Decommissioning

The Company recognizes a provision for
decommissioning costs of smelting and refining
facilities. Decommissioning costs are provided at
the present value of expected costs to settle the
obligation using estimated cash flows and are
recognized as part of the cost of the particular
asset. The cash flows are discounted at pre-tax rate
that reflects the risks specific to the liability. The
unwinding of the discount is expensed as incurred
and recognized in the Statement of Profit and Loss
as a finance cost. Changes in the estimated future
costs or in the discount rate applied are added to or
deducted from the cost of the asset.

(ii) Provision for Restoration, rehabilitation and
environmental costs

An obligation to incur restoration, rehabilitation and
environmental costs arises when environmental
disturbance is caused by the development or on¬
going production of a mine. Such costs, discounted
to net present value, are provided for and a
corresponding amount is capitalized at the start of
each project as mining properties, as soon as the
obligation to incur such costs arises. These costs
are charged to the Statement of Profit and Loss over
the life of the operation through the depreciation
of the asset and the unwinding of the discount on
the provision (considered as finance cost). The
cost of the related asset is adjusted for changes
in the provision due to factors such as updated
cost estimates, changes to lives of operations,

new disturbance and revisions to discount rates.
The adjusted cost of the asset is depreciated
prospectively over the lives of the assets to which
they relate as per the depreciation policy.

Costs for the restoration of subsequent site
damage, which is caused on an on-going basis
during production, are charged to the Statement of
Profit and Loss as extraction progresses. Where the
costs of site restoration are not anticipated to be
material, they are expensed as incurred.

o) Foreign currency translation

The company's financial statements are prepared in INR
which is its functional currency.

In the financial statements of the Company, transactions
in currencies other than the functional currency are
translated into the functional currency at the exchange
rates ruling at the date of the transaction. Monetary
assets and liabilities denominated in other currencies
are translated into the functional currency at exchange
rates prevailing on the reporting date. Non-monetary
assets and liabilities denominated in other currencies
and measured at historical cost or fair value are
translated at the exchange rates prevailing on the dates
on which such values were determined.

p) Earnings per share

The Company presents basic and diluted earnings per
share (“EPS”) data for its equity shares. Basic EPS is
calculated by dividing the profit or loss attributable to
equity shareholders of the Company by the weighted
average number of equity shares outstanding during
the period. Diluted EPS is determined by adjusting the
profit or loss attributable to equity shareholders and the
weighted average number of equity shares outstanding
for the effects of all dilutive potential equity shares.

q) Segment reporting

Operating segments are reported in a manner
consistent with the internal reporting provided to the
Chief Operating Decision-Maker i.e. CEO. Revenue
and expenses are identified to segments on the basis
of their relationship to the operating activities of the
segment. Revenue, expenses, assets and liabilities
which are not allocable to segments on a reasonable
basis, are included under “Unallocated revenue/
expenses/ assets/ liabilities”.

r) Leases

The Company assesses at contract inception whether a
contract is, or contains, a lease. That is, if the contract

conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.

Company as a lessee

The Company applies a single recognition and
measurement approach for all leases, except for
short-term leases and leases of low-value assets. The
Company recognises lease liabilities to make lease
payments and right-of-use assets representing the right
to use the underlying assets.

(i) Right-of-use assets

The Company recognises right-of-use assets at
the commencement date of the lease (i.e., the date
when the underlying asset is available for use).
Right-of-use assets are measured at cost, less
any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of
lease liabilities. The cost of right-of-use assets
includes the amount of lease liabilities recognised,
initial direct costs incurred, and lease payments
made at or before the commencement date less
any lease incentives received. The right-of-use
assets are also subject to impairment. Refer to the
accounting policies in section (g) Impairment of
non-financial assets.

Right-of-use assets are depreciated on a straight¬
line basis over lease term (ranging upto 20 years for
underlying assets other than land) or the estimated
useful lives of the assets in case the company has
option and is reasonable to acquire the asset after
the completion of lease term.

(ii) Lease liabilities

At the commencement date of the lease, the
Company recognises lease liabilities measured at
the present value of lease payments to be made over
the lease term. In calculating the present value of
lease payments, the Company uses its incremental
borrowing rate at the lease commencement date
because the interest rate implicit in the lease
is generally not readily determinable. After the
commencement date, the amount of lease liabilities
is increased to reflect the accretion of interest
and reduced for the lease payments made. In
addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change
in the lease term, a change in the lease payments
(e.g., changes to future payments resulting from a
change in an index or rate used to determine such
lease payments) or a change in the assessment of
an option to purchase the underlying asset.

(iii) Short-term leases and leases of low-value assets

The Company applies the short-term lease
recognition exemption to its short-term leases
of equipment (i.e., those leases that have a lease
term of 12 months or less from the commencement
date and do not contain a purchase option). It also
applies the lease of low-value assets recognition
exemption to leases of office equipment that are
considered to be low value. Lease payments on
short-term leases and leases of low-value assets
are recognised as expense on a straight-line basis
over the lease term.

s) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank
and on hand and short-term money market deposits
with original maturities of three months or less that are
readily convertible to known amounts of cash and which
are subject to an insignificant risk of change in value.

For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short-term
deposits, as defined above.

t) Operational buyers’ credit/suppliers’ credit

The Company enters into arrangements where by
banks and financial institutions make direct payments
to suppliers for goods and services. The banks and
financial institutions are subsequently repaid by the
Company at a later date providing working capital
timing benefits. These are normally settled up to
twelve months from the date of agreement. Where
these arrangements are for goods used in the normal
operations of the company with a maturity of up to twelve
months, the economic substance of the transaction is
determined to be operating in nature and these are
recognised as operational buyers' credit/suppliers'
credit and disclosed on the face of the balance sheet.
Interest expense on these are recognised in the finance
cost. Payments made by banks and financial instiutions
to the operating vendors are treated as a non cash item
and settlement of due to operational buyer's credit/
suppliers' credit by the Company is treated as an cash
outflow from operating activity reflecting the substance
of the payment.

u) Provisions, contingent liabilities and contingent assets

The assessments undertaken in recognising provisions
and contingencies have been made in accordance with
the applicable Ind AS.

Provisions represent liabilities for which the amount or
timing is uncertain. Provisions are recognized when the
Company has a present obligation (legal or constructive),

as a result of past events, and it is probable that an
outflow of resources, that can be reliably estimated, will
be required to settle such an obligation.

If the effect of the time value of money is material,
provisions are determined by discounting the expected
future cash flows to net present value using an
appropriate pre-tax discount rate that reflects current
market assessments of the time value of money and,
where appropriate, the risks specific to the liability.
Unwinding of the discount is recognized in Statement
of profit and loss as a finance cost. Provisions are
reviewed at each reporting date and are adjusted to
reflect the current best estimate.

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
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 recognize
a contingent liability but discloses its existence in
the Balance Sheet.

I n the normal course of business, contingent liabilities
may arise from litigation and other claims against
the Company. There are certain obligations which
management has concluded, based on all available
facts and circumstances, are not probable of payment
or are very difficult to quantify reliably, and such
obligations are treated as Contingent liabilities and
disclosed in the notes but are not reflected as liabilities
in the financial statements. Although there can be no
assurance regarding the final outcome of the legal
proceedings in which the Company is involved, it is not
expected that such contingencies will have a material
effect on its financial position or profitability.

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

The Company has significant capital commitments
in relation to various capital projects which are not
recognized on the balance sheet but disclosed in the
financial statement.

v) Exceptional Items

Exceptional items are those items that management
considers, by virtue of their size, nature or incidence,
should be disclosed separately to ensure that the

financial information allows an understanding of the
underlying performance of the business in the year, so
as to facilitate comparison with prior periods. Such items
are material by nature or amount to the year's results
and require seperate disclosures in accordance with
Ind AS. The determination as to which items should be
disclosed separately requires a degree of judgement.
The details of exceptional items are set out in note 28.

3. (II) CHANGES IN ACCOUNTING POLICIES AND
DISCLOSURES

New and amended standards

The company applied for the first-time certain
standards and amendments, which are effective for
annual periods beginning on or after 1 April 2024.
The company has not early adopted any standard,
interpretation or amendment that has been issued but
is not yet effective.

(i) Ind AS 117 Insurance Contracts

The Ministry of corporate Affairs (MCA) notified the
Ind AS 117, Insurance Contracts, vide notification
dated 12 August 2024, under the Companies
(Indian Accounting Standards) Amendment Rules,
2024, which is effective from annual reporting
periods beginning on or after 1 April 2024.

Ind AS 117 Insurance Contracts is a comprehensive
new accounting standard for insurance contracts
covering recognition and measurement,
presentation and disclosure. Ind AS 117 replaces
Ind AS 104 Insurance Contracts. Ind AS 117 applies
to all types of insurance contracts, regardless of
the type of entities that issue them as well as to
certain guarantees and financial instruments with
discretionary participation features; a few scope
exceptions will apply. Ind AS 117 is based on a
general model, supplemented by:

• A specific adaptation for contracts with
direct participation features (the variable fee
approach)

• A simplified approach (the premium allocation
approach) mainly for short-duration contracts

The application of Ind AS 117 had no impact on the
company's standalone financial statements.

(ii) Amendment to Ind AS 116 Leases - Lease Liability
in a Sale and Leaseback

The MCA notified the Companies (Indian Accounting
Standards) Second Amendment Rules, 2024, which
amend Ind AS 116, Leases, with respect to Lease
Liability in a Sale and Leaseback.

The amendment specifies the requirements that a
seller-lessee uses in measuring the lease liability
arising in a sale and leaseback transaction, to
ensure the seller-lessee does not recognise any
amount of the gain or loss that relates to the right of
use it retains.

The amendment is effective for annual reporting
periods beginning on or after 1 April 2024 and must
be applied retrospectively to sale and leaseback
transactions entered into after the date of initial
application of Ind AS 116.

The amendment does not have any impact on the
company's financial statements.

Standards notified but not yet effective

There are no standards that are notified and not yet
effective as on date.

3. (III) SIGNIFICANT ACCOUNTING ESTIMATE
AND JUDGEMENT

The preparation of the standalone financial statements
in conformity with Ind AS requires management to
make judgements, estimates and assumptions that
affect the application of accounting policies and the
reported amount of assets, liabilities, income, expenses
and disclosures of contingent liabilities at the date of
these financial statements. Actual results may differ
from these estimates under different assumptions
and conditions.

The management believes that the estimates used in
preparation of the standalone financial statements are
prudent and reasonable. Information about estimates
and judgments made in applying accounting policies
that have the most significant effect on the amounts
recognized in the standalone financial statements
are as follows:

(A) Significant Estimates

(i) Mining property and Ore reserve

Ore reserves and mineral resource estimates
are estimates of the amount of ore that can be
economically and legally extracted from the
Company's mining properties. The Company
estimates its ore reserves and mineral resources
based on information compiled by appropriately
qualified persons relating to the geological and
technical data on the size, depth, shape and grade
of the ore body and suitable production techniques
and recovery rates. Such an analysis requires
complex geological judgements to interpret the
data. The estimation of recoverable reserves is
based upon factors such as estimates of foreign

exchange rates, commodity prices, future capital
requirements and production costs, along with
geological assumptions and judgements made in
estimating the size and grade of the ore body. As
a consequence of such an assessment made at the
end of the current year, the Company has added
new reserves and there is no material impact on the
depreciation charge for the year due to this change.

(ii) Restoration, rehabilitation and environmental
costs:

Provision is made for costs associated with
restoration and rehabilitation of mining sites as
soon as the obligation to incur such costs arises.
Such restoration and closure costs are typical of
extractive industries and they are normally incurred
at the end of the life of the mine fields. The costs
are estimated on bi-annual basis on the basis
of mine closure plans with the help of third party
experts and the estimated discounted costs of
dismantling and removing these facilities and the
costs of restoration are capitalized when incurred
reflecting the Company's obligations at that time.
The Company has not considered salvage value
for the estimates of provision for decommissioning
calculated as at March 31, 2025.

The provision for decommissioning liabilities
(refer note 17) is based on the current estimate
of the costs for removing and decommissioning
producing facilities, the forecast timing of
settlement of decommissioning liabilities and the
appropriate discount rate.

(iii) Assessment of useful lives and consumption
pattern of Property, Plant and Equipments:

The Company reviews the useful lives and
consumption pattern of Property, Plant and
Equipment at the end of each reporting period.
(please refer note 3(1)(e)(iv).

(iv) Climate Change

The Company aims to achieve net carbon neutrality
by 2050 or sooner & committed to reduce its GHG
emission (Scope 1 & 2) by 50% & Scope 3 by 25%
by 2030 from 2020 baseline, 5 times water positive
by 2025 from current 2.41 times etc.as part of
their climate mitigation and adaptation efforts and
sustainability strategy. The Company conducted
climate risk assessment and outlined its risks and
opportunities in TCFD report. Climate change
may have various impacts on the Company in the
medium to long term. These impacts include the
risks and opportunities related to the demand of
products, impact due to transition to a low-carbon

economy, disruption to the supply chain, risk of
physical harm to the assets due to extreme weather
conditions, regulatory changes etc. The accounting
related measurement and disclosure items that are
most impacted by our commitments, and climate
change risk more generally, relate to those areas
of the financial statements that are prepared under
the historical cost convention and are subject to
estimation uncertainties in the medium to long term.

The potential effects of climate change may be on
assets and liabilities that are measured based on
an estimate of future cash flows. The main ways
in which potential climate change impacts have
been considered in the preparation of the financial
statements, pertain to (a) inclusion of capex in
cash flow projections, (b) recoverable amounts of
existing assets (c) review of estimates of useful lives
of property, plant and equipment, (d) assets and
liabilities carried at fair value, etc.

The Company's strategy consists of mitigation and
adaptation measures and is committed to reduce
its carbon footprint by limiting its exposure to coal-
based projects and reducing its GHG emissions
through high impact initiatives such as investment
in Renewable Energy (530 MW Power delivery
agreement (‘PDA') signed on a group captive basis,
fuel switch, electrification of vehicles and mining
fleet and energy efficiency opportunities. However,
renewable sources have limitations in supplying
round the clock power, so existing power plants
would support transition and fleet replacement
is part of normal lifecycle renewal. The Company
have also taken certain measures towards water
management such as commissioning of Zero
Liquid Discharge plants, Sewage Treatment Plant,
Dry Tailing Plant, rainwater harvesting, thus
reducing freshwater consumption. These initiatives
are aligned with the Company's ESG strategy and
no material changes were identified to the financial
statements as a result.

As the Company's assessment of the potential
impacts of climate change and the transition to a
low-carbon economy continues to mature, any
future changes in the Company's climate change
strategy, changes in environmental laws and
regulations and global decarbonisation measures
may impact the Company's significant judgments
and key estimates and result in changes to financial
statements and carrying values of certain assets
and liabilities in future reporting periods. However,
as of the balance sheet date, the Company believes

that there is no material impact on carrying values
of its assets or liabilities.

(B) Significant Judgement

(i) Contingencies

In the normal course of business, contingent
liabilities may arise from litigation, taxation and
other claims against the Company. A provision
is recognised when the Company has a present
obligation as a result of past events and it is
probable that the Company will be required to
settle that obligation.

Where it is management's assessment that the
outcome cannot be reliably quantified or is
uncertain, the claims are disclosed as contingent
liabilities unless the likelihood of an adverse
outcome is remote. Such liabilities are disclosed
in the notes but are not provided for in the
financial statements.

When considering the classification of legal
or tax cases as probable, possible or remote,
there is judgement involved. This pertains to the
application of the legislation, which in certain cases
is based upon management's interpretation of
country specific applicable law, in particular India,
and the likelihood of settlement. Management uses
in-house and external legal professionals to make
informed decision.

Although there can be no assurance regarding
the final outcome of the legal proceedings, the
Company does not expect them to have a materially
adverse impact on the Company's financial position
or profitability. These are set out in Note 30.

For other significant litigations where the possibility
of an outflow of resources embodying economic
benefits is remote, refer note 30.