s) Provisions and Contingencies

A provision is recognized when the Company has a present obligation as a result of past event, it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the 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. These
estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. The
expense relating to a provision is presented in the statement of profit and loss.

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 recognized 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 recognized because it cannot be measured reliably. The Company does not recognize a contingent
liability but discloses its existence in the Standalone Financial Statements.

t) Financial Instruments

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 AssetsInitial 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 profit or loss, transaction costs that are attributable to the acquisition of the financial asset.
Trade receivables that do not contain a significant financing component or for which the Company has
applied the practical expedient are measured at the transaction price determined under Ind AS 115.

Subsequent measurement

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

? Debt instruments at amortized cost

? Debt instruments at fair value through profit or loss (FVTPL)

? Equity instruments at fair value through other comprehensive income (FVTOCI)

Debt instruments at amortized cost

A ‘debt instrument’ is measured at the amortized cost if both the following conditions are met:

? The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows,
and

? Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and
interest (SPPI) on the principal amount outstanding. After initial measurement, such financial assets are
subsequently measured at amortized cost using the effective interest rate (EIR) method. Amortized cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part
of the EIR. The EIR amortization is included in finance income in the profit or loss. The losses arising from
impairment are recognised in the profit or loss.

Debt instrument at FVTPL

Financial assets are classified as at FVTPL when the financial asset is held for trading or it is designated as at
FVTPL.

Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in
the Statement of Profit and loss account.

In addition, the Company may elect to classify a debt instrument, which otherwise meets amortized cost or
FVTOCI criteria, as at FVTPL. However, the Company doesn’t have any debt instruments that qualify for FVTOCI
classification.

Equity investments

All equity investments in the scope of Ind AS 109 are measured at fair value. Equity instruments which are held for
trading are classified as FVTPL. For all other equity instruments, the Company decides to classify the same
either as at FVTOCI or FVTPL. However, there are no such instruments that have been classified through
FVTOCI, and all equity instruments are routed through FVTPL.

Equity instruments included within the FVTPL category are measured at fair value with all changes
recognized in the P&L.

Equity investment in Subsidiary and Joint Venture

Investment in subsidiary and joint venture is carried at cost less accumulated impairment loss in the separate
financial statements as permitted under Ind AS 27.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognized (i.e. removed from the Company’s balance sheet) when:

? The rights to receive cash flows from the asset have expired, or

? 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. Impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement
and recognition of impairment loss on the following financial assets and credit risk exposure:

? Financial assets that are debt instruments, and are measured at amortized cost e.g. debt securities, deposits,
trade receivables and bank balance

? 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.

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on Trade receivables.
The application of simplified approach does not require the Company to track changes in credit risk. Rather, it
recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial
recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines 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 recognizing
impairment loss allowance based on 12-month ECL. Lifetime ECL are the expected credit losses resulting from all
possible default events over the expected life of a financial instrument. The 12-month ECL is a portion of the
lifetime ECL which results from default events that are possible within 12 months after the reporting date.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the
contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original
EIR. When estimating the cash flows, an entity is required to consider:

? All contractual terms of the financial instrument (including prepayment, extension, call and similar options) over
the expected life of the financial instrument. However, in rare cases when the expected life of the financial
instrument cannot be estimated reliably, then the entity is required to use the remaining contractual term of the
financial instrument

? Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms
As a practical expedient, the Company uses a provision matrix to determine impairment loss allowance on

portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the
expected life of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the
historically observed default rates are updated and changes in the forward-looking estimates are analyzed.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/
expense in the statement of profit and loss (P&L). This amount is reflected under the head ‘Other Expenses’ in the
P&L. The balance sheet presentation for various financial instruments is described below:

? Financial assets measured as at amortized cost: ECL is presented as an allowance, i.e., as an integral
part of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount.
Until the asset meets write-off criteria, the Company does not reduce impairment allowance from the gross
carrying amount. For assessing increase in credit risk and impairment loss, the Company combines
financial instruments on the basis of shared credit risk characteristics with the objective of facilitating an analysis
that is designed to enable significant increases in credit risk to be identified on a timely basis.

Financial LiabilitiesInitial recognition and measurement

The Company’s financial liabilities include deposits, trade and other payables. These are recognized initially at
amortized cost net of directly attributable transaction costs.

Subsequent measurement

After initial recognition, they are subsequently measured at amortized cost using the EIR method. Gains and
Losses are recognised in profit or loss when the liabilities are derecognized as well as through the EIR
amortization process.

The EIR amortization is included as finance costs in the statement of profit and loss.

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.
Reclassification of financial assets

The Company determines classification of financial assets and liabilities on initial recognition.

After initial recognition, no reclassification is made for financial assets which are equity instruments and financial
liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the
business model for managing those assets. Changes to the business model are expected to be infrequent.

Offsetting of financial instruments

Financial assets and financial liabilities are offset, and the net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis,
to realize the assets and settle the liabilities simultaneously.

u) 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. When the grant relates to an asset, it is recognised as income in equal
amounts over the expected useful life of the related asset.

When the Company receives grants of non-monetary assets, the asset and the grant are recorded at fair value
amounts and depreciated / released to profit or loss over the expected useful life in a pattern of consumption of the
benefit of the underlying asset.

v) Segment Reporting

Based on internal reporting provided to the Chief operating decision maker, the Company’s operations
predominantly related to Media and Entertainment and, accordingly, this is the only operating segment. The
management committee reviews and monitors the operating results of the business segment for the purpose of
making decisions about resource allocation and performance assessment using profit or loss and return on capital
employed.

w) Dividend

The Company recognises a liability to pay dividend to equity holders when the distribution is authorised,
and the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is
authorised when it is approved by the shareholders / board of directors as may be applicable read along with
the relevant provisions of the Companies Act, 2013. A corresponding amount is recognised directly in equity.

x) Exceptional Items

An item of income or expense which by its size, type or incidence is such that its disclosure improves the
understanding of the performance of the Company, such income or expense is classified as an exceptional item
and accordingly, disclosed as such in the Standalone Financial Statements.

y) 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 1st April 2025. The Company has not early adopted any standard, interpretation or
amendment that has been issued but is not yet effective.

(i) Amendments to Ind AS 21- Lack of exchangeability

The Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) Amendment
Rules, 2025, which amend Ind AS 21, The Effects of Changes in Foreign Exchange Rates to specify how an entity
should assess whether a currency is exchangeable and how it should determine a spot exchange rate when
exchangeability is lacking. The amendments also require disclosure of information that enables users of its
standalone financial statements to understand how the currency not being exchangeable into the other currency
affects, or is expected to affect, the entity’s financial performance, financial position and cash flows.

The amendments are effective for annual reporting periods beginning on or after 1st April 2025. When applying the
amendments, an entity cannot restate comparative information. The amendments do not have a material impact
on the Company’s standalone financial statements.

(ii) Amendments to Ind AS 1 - Classification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants

In August 2025, the MCA notified amendments to paragraphs 69 to 76 of Ind AS 1 to specify the requirements for
classifying liabilities as current or non-current. The amendments clarify:

• What is meant by a right to defer settlement

• That a right to defer must exist at the end of the reporting period

• That classification is unaffected by the likelihood that an entity will exercise its deferral right

• That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a
liability not impact its classification

In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement
is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future
covenants within twelve months. If there is a breach of a material covenant of a long term loan arrangement on or
before the end of the reporting period, resulting in the liability becoming payable on demand as at the reporting
date, and the lender agrees—after the reporting period but before the standalone financial statements are
approved for issue—not to demand repayment for at least 12 months as a consequence of the breach, this shall
be treated as an adjusting event. Accordingly, the entity is not required to classify the liability as current.

(iii) Amendments to Ind AS 7 and Ind AS 107 - Supplier Finance Arrangements

In August 2025, the MCA notified amendments to Ind AS 7 Statement of Cash Flows and Ind AS 107 Financial
Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional
disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist
users of standalone financial statements in understanding the effects of supplier finance arrangements on an
entity’s liabilities, cash flows and exposure to liquidity risk. The Company has evaluated the amendment and
has determined that it does not have any impact in its standalone financial statements.

(iv) Amendment to Ind AS 12 - International Taxation

In August 2025, the MCA notified amendments to Ind AS 12 Income Taxes in response to the OECD’s BEPS Pillar
Two rules and include

• A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from
the jurisdictional implementation of the Pillar Two model rules; and

• Disclosure requirements for affected entities to help users of the financial statements better
understand an entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before its
effective date

The mandatory temporary exception - the use of which is required to be disclosed - applies immediately.
The remaining disclosure requirements apply for annual reporting periods beginning on or after 1st April 2025, but
not for any interim periods ending on or before 31st March 2026. The amendments do not have any impact on the
Company’s standalone financial statements.

z) Significant accounting judgements, estimates and assumptions

The preparation of the Company’s Standalone Financial Statements requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities,
and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of
assets or liabilities affected in future periods.

Judgements

In the process of applying the Company’s accounting policies, management has made the following judgements,
which have the most significant effect on the amounts recognised in the Standalone Financial Statements:

Amortisation of intangible assets

Acquired Satellite Rights for the broadcast of feature films and other long-form programming such as multi¬
episode television serials are stated at cost.

The Management has estimated the useful life of film broadcasting rights (satellite rights) taken into consideration
of pattern of the expected future economic benefits and prevailing industry practices. Accordingly cost of such
rights are amortised over a period of four years, from the date of first telecast of the film, in a graded manner.

The cost related to program broadcasting rights / multi episodes series are amortized based on the telecasted
episodes

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below. The Company based its assumptions and estimates on parameters
available when the Standalone Financial Statements were prepared. Existing circumstances and assumptions
about future developments, however, may change due to market changes or circumstances arising that are
beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

Provision for taxes

The Company's tax expense for the year is the sum of the total current and deferred tax charges. The calculation of
the total tax expense necessarily involves a degree of estimation and judgement in respect of certain items. A
deferred tax asset is recognised when it has become probable that future taxable profit will allow the deferred tax
asset to be recovered. Significant management judgement is required to determine the amount of deferred tax
assets that can be recognised, based upon the likely timing and the level of future taxable profits together with
future tax planning strategies.

Provision for expected credit losses of trade receivables and contract assets

The Company uses a provision matrix to calculate ECLs for trade receivables. Please refer note 2 (s) above to

refer the significant estimates and assumptions made by the Management. The information about the ECLs
on the Company’s trade receivables is disclosed in Note 38.

Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and other post-employment leave encashment benefit and the
present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the future. These include the
determination of the discount rate, future salary increases and mortality rates. Due to the complexities
involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in
these assumptions. All assumptions are reviewed at each reporting date.

aa) Events after the reporting period

If the Company receives information after the reporting period, but prior to the date of approved for issue, about
conditions that existed at the end of the reporting period, it will assess whether the information affects the
amounts that it recognises in its Standalone Financial Statements. The Company will adjust the amounts
recognised in its Standalone Financial Statements to reflect any adjusting events after the reporting period and
update the disclosures that relate to those conditions in light of the new information. For non-adjusting events after
the reporting period, the Company will not change the amounts recognised in its Standalone Financial Statements
but will disclose the nature of the non-adjusting event and an estimate of its financial effect, or a statement that
such an estimate cannot be made, if applicable.

(ii) Terms/Rights attached to Equity Shares

The Company has one class of equity shares having a face value of Rs.5.00 each. Each shareholder is eligible for one
vote per share held. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended March 31,2026, the Board of Directors have declared interim dividends of Rs.12.5 per share in
aggregate at their respective Board meetings (March 31,2025: Rs.15 per share)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of
the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The
distribution will be in proportion to the number of equity shares held by the shareholders.

Trade Receivables and Contract assets / liabilities

Trade receivable and Unbilled revenue : The Company classifies the right to consideration in exchange for
deliverables as contract receivable / unbilled revenue. A receivable is a right to consideration that is unconditional
upon passage of time. Revenues in excess of billings are recorded as unbilled revenue and is classified as a other
current asset. Trade receivable and unbilled revenues are presented net of impairment in Note 10 and Note 8.2
respectively. Deferred income / unearned revenue : Billings in excess of revenue recognised are disclosed as
“Deferred Revenues” under other current liabilities - Note 19;

Information about the Company's performance obligations are summarised below:

The performance obligation for Income from Advertisement and Sale of Broadcast Slots is satisfied upon telecast /
airing of the commercial. The performance obligation for Income from Subscription is satisfied upon the rendering of
services over the period of subscription in accordance with the terms of the agreement. The performance obligation
for Income from Cricket franchise is satisfied upon rendering of services as per the terms of the agreement with the
cricket boards, sponsors and conclusion of the matches for which tickets are sold. The performance obligation for
Income from Movie distribution is satisfied upon rendering of services as per the terms of contract entered into with
distributors and digital streaming platforms. The payment for the above is generally due within 30-90 days.

Note 28. Earnings Per Share (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to owner of the Company by the
weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to owner of the Company by the weighted
average number of Equity shares outstanding during the year plus the weighted average number of Equity shares
that would be issued on conversion of all the dilutive potential Equity shares into Equity shares.

The company did not have any non-cash addition to right of use asset and lease liabilities during the year (Rs. 98.16
crores during the year ended 31st March, 2025). There are no future cash outflows relating to leases that have not yet
commenced.

The Company has several lease contracts that include extension and termination options. These options are
negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Company’s
business needs. Management exercises some or certain judgements in determining whether these extension and
termination options are reasonably certain to be exercisedThe company does not expect undiscounted potential
future rental payments relating to periods following the exercise date of extension and termination options that are not
included in the lease term.

Note 29.5. The average incremental borrowing rate applied to lease liabilities are in the range of 9.45% to 10.75%
per annum.

Note 30. Employee Benefit Plans

A) Defined Contribution Plans

i) Contribution to Provident Fund: Contributions towards Employees Provident Fund made to the Regional /
Employee Provident Fund are recognised as expenses in the year in which the services are rendered.

ii) Contribution to Employee State Insurance: Contributions to Employees State Insurance Scheme are
recognised as expense in the year in which the services are rendered.

B) Defined Benefit Plan - Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service
gets a gratuity on cessation of employment at 15 days salary (last drawn salary) for each completed year of service.
The fund has the form of a trust and it is governed by the Board of Trustees. The Board of Trustees are responsible for
the administration of the plan assets and for the definition of the investment strategy. Each year, the Board of Trustees
reviews the level of funding in the gratuity plan. Such a review includes the asset-liability matching strategy and
investment risk management policy. The Board of Trustees aim to keep annual contributions relatively stable at a level
such that no plan deficits (based on valuation performed) will arise.

The scheme is funded with an insurance company (LIC) in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit expense recognised in the statement of profit and loss
and the funded status and amounts recognised in the balance sheet for the Gratuity plan.

Risk Analysis:Interest rate risk:

The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the
defined benefit obligation will tend to increase. Thus the plan exposes the Company to the risk of fall in interest rates.
Some times, the fall can be permanent, due to a paradigm shift in interest rate scenarios because of economic or fiscal
reasons. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus
result in an increase in the value of the liability (as shown in financial statements). Even for funded schemes, a
paradigm downward shift in bond yields may affect the reinvestment yields and may increase ultimate costs.

Salary inflation risk:

The present value of the defined benefit plan is calculated with the assumption of salary escalation rate(SER), which is
applied to find the salary of plan participants in future, at the time of separation Higher than expected increases in
salary will increase the defined benefit obligation and will have an exponential effect.

Investment risk:

For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be
the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the
future discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant
changes in the discount rate during the inter-valuation period.

Liqiuidity risk:

This is the risk that the Company is not able to meet the short-term gratuity pay outs. This may arise due to non
availability of enough cash / cash equivalent to meet the liabilities or holding of ill illiquid assets not being sold in time..
Employees with high salaries and long durations of service or those higher in hierarchy, accumulate significant level of
benefits. If some of such employees resign / retire from the company there can be strain on the cash flows.

Market risk:

Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. One
actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time value of money.
An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits & vice versa. This
assumption depends on the yields on the corporate / government bonds and hence the valuation of liability is exposed
to fluctuations in the yields as at the valuation date.

Legislative Risk/Regulatory Risk:

Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the
legislation / regulation. The government may amend the Payment of Gratuity Act thus requiring the companies to pay

higher benefits to the employees. This will directly affect the present value of the Defined Benefit Obligation. And the
same will have to be recognized immediately in the year when any such amendment is effective.

Mortality/Longevity 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.

Note 31 A. Contingent Liabilities
Note i

a. Matters wherein management has concluded that the Company’s liability is probable have been provided for.

b. Contingent liability is disclosed in case of:

i) a present obligation arising from past events, when it is not probable that an outflow of resources will be
required to settle the obligation; and

ii) a present obligation arising from past events, when no reliable estimate is possible. (Refer note below for
the related disclosure)

iii) 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

Contingent Assets are disclosed where an inflow of economic benefits is probable. Provision, Contingent
Liabilities, and Contingent Assets are reviewed at each Balance Sheet date.

c. Matters wherein management is confident of succeeding in these litigations and have concluded the liability to the
Company to be remote. This is based on the relevant facts of judicial precedents and as advised by legal counsel
which involves various legal proceedings and claims, in different stages of process, in relation to civil and criminal
matters.

(b) Information on approved scheme of amalgamation & New investment in Subsidiary

(i) The National Company Law Tribunal, Division Bench, Chennai, approved the Composite Scheme of
Arrangement ("the SAFL Scheme") for the amalgamation between South Asia FM Limited (Joint Venture of
the Company, hereinafter referred to as "Amalgamated Company") and its Joint Ventures / Associate
Companies (together referred to as "Amalgamating Companies") under Sections 230 and 232 of the
Companies Act, 2013, on December 9, 2024, and the said order was communicated to the amalgamated
company and amalgamating companies on December 17, 2024. The SAFL Scheme became effective on
February 1, 2025, post fulfilling the conditions precedent in Clause 36.1 of the Scheme, which, inter alia,
included obtaining relevant approvals by the Ministry of Information & Broadcasting to transfer Phase III
license of amalgamating companies in the name of the amalgamated company and the subsequent filing of
the SAFL Scheme with the Registrar of Companies.

(ii) The National Company Law Tribunal, Division Bench II, Chennai, approved the Scheme of Amalgamation
("the KRL Scheme") for the amalgamation between Kal Radio Limited (Subsidiary of the Holding Company,
hereinafter referred to as "Transferee") and Udaya FM Private Limited (referred to as "Transferor") under
Sections 230 and 232 of the Companies Act, 2013, on March 21,2025, and the said order was communicated
to the Transferor and Transferee on March 28, 2025. The KRL Scheme became effective on May 1, 2025,
post fulfilling conditions precedent in Clause 14.1 of the KRL Scheme, which, inter alia, included obtaining
relevant approvals by the Ministry of Information & Broadcasting to transfer Phase III license of transferor
company in the name of the transferee company and the subsequent filing of the KRL Scheme with the
Registrar of Companies. This amalgamation has been given effect to by Kal Radio Limited during the quarter
ended June 30, 2025, in accordance with the accounting principles as laid down in the Appendix C to Ind AS
103 'Business Combinations' of entities under common control. Accordingly, the financial information in
respect of prior periods / year has been restated for the acquisition as if the business combination has
occurred from the beginning of preceding periods.

(iii) During the quarter ended September 30, 2025, pursuant to the Share Purchase Agreement (SPA) entered
into by the Company with the England and Wales Cricket Board, the Company acquired 100% stake in the
equity of Sunrisers Leeds Limited ('SRL') (Formerly, Northern Superchargers Limited), a Company registered
in London, United Kingdom, for a consideration of GBP 100.5 million, resulting in acquisition of controlling
stake by the Company in SRL with effect from July 28, 2025.

Terms & Conditions of Transactions with Related Parties

The transactions with Related Parties are made on terms equivalent to those that prevail in arm’s length transactions
and in ordinary course of business. The Company mutually negotiates and agrees transaction value and payment
terms with the Related parties by benchmarking the same to transactions with non-related parties. Outstanding
balances at the year-end are unsecured and interest free (excluding inter-corporate deposits) and settlement occurs
in Cash. For the year ended 31st March 2026, the Company has not recorded any impairment of receivables relating
to amounts owed by Related Parties.

Note 36. Description of valuation techniques used and key inputs to valuation on investment in
Tax free and Taxable Bonds:

The valuation for tax free and taxable bonds are based on valuations performed by an accredited independent valuer.
The valuer is a specialist in valuing these types of Bonds. The valuation model used is in accordance with a method
recommended by the International Valuation Standards.

The Company has disclosed fair value of the tax free and taxable bonds using IMaCS standard methodology which
captures the market condition as on the given day of valuation on a "T 1" basis.

The Company has no restrictions on the disposal of its tax free bonds.

Significant Unobservable Inputs:

The Independent valuer has made a detailed study based on standard methodology for scrip-level valuation and has
considered the available primary market and secondary market trades for valuation of bonds on the reporting date.
Outlier trades if any, are identified and excluded. Widespread Polling is also considered with market participants to
understand the movement in the levels. In the case of liquid instruments, the valuation is arrived at based on the value
of bonds with similar maturity issued by similar issuers or securities are linked to a benchmark and a spread-over
benchmark is arrived at and the same is carried forward.

Note 37. Fair value disclosure on Investment properties:

The Company’s investment properties consists of office premises/ commercial properties let out on lease.

As at March 31, 2026 and March 31, 2025, the fair values of the properties are Rs.130.97 and Rs.130.20 crores
respectively.

These valuations are based on valuations performed by a Registered Valuer as defined under Rule 2 of Companies
(Registered Valuers and Valuation) Rules, 2017. The valuation model used is in accordance with a method
recommended by the International Valuation Standards.

The Company has no restrictions on the disposal of its investment properties and no contractual obligations to
purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

Description of valuation techniques used and key inputs to valuation on investment properties:

The Company has fair valued the office premises and commercial property let out on lease using Market Approach
method.

Significant unobservable Inputs

The Independent Valuer has made a detailed study of prevailing market rate for the land and commercial buildings in
the areas wherein the office premises property is being let out by the Company. This has been adjusted for amenities,
depreciation and other leasehold improvements made by the Company to the respective properties.

Note 38. Financial Risk Management Objectives and Policies

The Company's principal financial liabilities, include trade and other payables. The Company has various financial
assets such as trade receivables and cash and short-term deposits, which arise directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees
the management of these risks. The Company’s senior management ensures that the Company’s financial risk
activities are governed by appropriate policies and procedures and that financial risks are identified, measured and
managed in accordance with the Company’s policies and risk objectives. The Board of Directors reviews and agrees
policies for managing each of these risks, which are summarised below.

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 two types of risk: Currency risk and other price risk, such as Equity price risk.
The value of financial instruments may change as a result of changes in the foreign currency exchange rates, equity
price fluctuation, liquidity and other market changes. Future-specific market movements cannot be normally predicted
with reasonable accuracy. Financial instruments affected by market risk includes investment in equity instruments etc.

Foreign currency risk

Foreign Currency Risk is the risk that the fair value of 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. The impact of foreign exchange rate fluctuations is evaluated by
assessing its exposure to exchange rates risks. Exposure to foreign exchange fluctuation risks is with monetary
receivables / payables denominated in USD, GBP, ZAR, AUD and SGD.

Foreign Currency Sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in foreign 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. The sensitivity analysis in the following sections relate to the position as at March 31,
2026 and March 31,2025 and as forecasted for volatile currencies.

Equity Price Risk

Equity price risk is related to change in market reference price of the investment in equity securities

The majority of the Company's investments comprise investments in group companies, which are carried at cost. The
Company also holds investments in other equity instruments amounting to Rs.756.19 crores as at 31 March 2026
(As at 31 March 2025 - Rs.719.55 crores), a substantial portion of which comprises investments in arbitrage and
hybrid mutual fund schemes.

Considering the nature and composition of the investment portfolio, management has assessed the Company's
exposure to equity price risk as not significant. The Company monitors its investment portfolio on an ongoing basis
and reviews the associated market risks periodically.

Credit risk

Credit Risk is the risk of financial loss to the Company if a customer or counterparty fails to meet its contractual
obligations and arises principally from the Company’s receivables, deposits given, investments made and balances at
bank. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well
as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of customers on a
continuous basis to whom the credit has been granted after obtaining necessary approvals for credit.

The maximum exposure to the credit risk is equal to the carrying amount of financial assets as of March 31,2026 and
March 31,2025 respectively. On account of adoption of Ind AS 109 on ‘Financial Instruments’, the Company uses
'Expected Credit Loss' model to assess the impairment loss or gain.

The allowance for lifetime expected credit loss on trade receivables for the years ended March 31,2026 and 2025,
was Rs.161.88 Crores and Rs.143.15 Crores respectively. The reconciliation of allowance for doubtful trade
receivables is as follows:

Liquidity Risk

The Company's prime source of liquidity is cash and cash equivalents and the cash flow generated from operations.
The Company has no outstanding bank borrowings. The Company believes that the working capital is sufficient to
meet its current requirements. Accordingly, no liquidity risk is perceived.

As of March 31, 2026, the Company had a working capital of Rs.6,987.22 crores (March 31, 2025 - Rs. 6,849.01
crores) including cash and cash equivalents of Rs.209.59 crores (March 31, 2025 - Rs.249.49 crores) and current
investment of Rs.5,913.27 crores (March 31,2025 - Rs.5,752.26 crores).

As of March 31, 2026 and March 31, 2025 there are no material liabilities which are outstanding. Accordingly, no
liquidity risk isperceived.

For the purpose of the Company’s capital management, 'Capital' includes issued equity capital, securities premium
and all other equity reserves attributable to the owner of the Company. The primary objective of the Company’s capital
management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
the requirements of the financial covenants. The Company’s policy for capital management aims to enhance capital
efficiency by the long-term improvement of its value through business growth, while maintaining a sound financial
structure. Indicators for monitoring the capital management include total equity attributable to owners of the Company
and ROCE (ratio of Profit before taxes to total equity attributable to owners of the Company).

The amendments to the standards that are notified by the Ministry of Corporate Affairs (MCA), but not yet effective, up
to the date of issuance of the Company’s standalone financial statements are disclosed below. The Company will
adopt these amendments to the standards, when they become effective.

Amendments to Ind AS 1 - Classification of Liabilities as Current or Non-current and Non-current Liabilities with
Covenants

In accordance with Ind AS 1 currently applicable, breach of an immaterial covenant is ignored in deciding current vs.
non-current classification of liabilities. Also, in case of breach of a material covenant of a non-current loan on or before
the reporting date, the entity can obtain waiver from the lender after the reporting date and continue to classify the loan
as non-current liability. In accordance with changes to Ind AS 1 already notified by the MCA, the above relaxations to
classify loan as non-current liability will not be available from FY 2026-27 onward and need to be applied
retrospectively. Consequently

Note 43. The Company has no borrowings or charge created as at March 31,2026 and March 31,2025. In earlier
years, the Company had registered "Satisfaction of Charges" with Registrar of Companies (ROC) in respect of 3
charges amounting to Rs.0.29 Crores; However these charges are appearing as "Open" in the website of the Ministry
of Corporate Affairs (MCA) due to non-updation and the Company is following up with the MCA for necessary
corrections.

Note 44. Maintenance of Audit trail

The Company has used accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the
software except that, audit trail feature is not enabled for certain changes made, if any, using privileged/ administrative
access rights. Further, no instance of audit trail feature being tampered with was noted, in respect of accounting
software where the audit trail has been enabled.

Additionally, the audit trail of prior years has been preserved by the Company as per the statutory requirements for
record retention to the extent it was enabled and recorded in the respective years.

Note 45. Exceptional Itema) Impairment of investments in Joint Venture - Exceptional Item

During the year ended March 31,2026, considering the business environment relevant to the operations of the Joint
Venture (South Asia FM Limited) and other economic factors, the Company identified an indicator for impairment of its
investment in the Joint Venture. The Company's evaluation involved comparing the carrying value of its investment
with its recoverable amount which was determined basis the future cash flows expected to be generated.

The future cash flows considered key assumptions such as revenue growth, margins, etc. with due consideration for
potential risks given the current economic environment. The discount rates used were based on weighted average
cost of capital and reflects market assessment of the risk specific to the asset as well as time value of money. The
recoverable amount estimates were based on judgements, estimates, assumptions and market data as on the
reporting date and ignored subsequent change in the economic and market conditions.

The future cash flows were discounted using the post tax nominal discount rate of 19.7% derived from the post tax
weighted average cost of capital, including risk premium. Forecast sales growth rates, terminal growth rates and
operating margins are based on historical performance as well as externally available industry, economic and
financial data, wherever available.

Accordingly, the Company determined the recoverable amount for its investment to be 277.39 crores and recorded an
impairment provision of Rs. 98.43 crores (in the previous year ended March 31,2025, related impairment provision
recorded was Rs. 73.52 crores).

b) New Labour code - Exceptional Item The Government of India has consolidated 29 existing labour legislations
into a unified framework comprising four labour codes as follows: Code on Wages, 2019, Code on Social Security,
2020, Industrial Relations Code, 2020 and Occupational Safety, Health and Working Conditions Code 2020
(collectively referred to as the "New Labour Codes"). The New Labour Codes are effective from November 21,2025,
and introduce changes, among other things, setting a uniform definition of wages.

Subsequent to the year-end, the Central Government has notified the Code on Wages (Central) Rules, 2026, the
Industrial Relations (Central) Rules, 2026, the Code on Social Security (Central) Rules, 2026, and the Occupational
Safety, Health and Working Conditions (Central) Rules, 2026. The corresponding State Rules and certain other

operational clarifications under the New Labour Codes are yet to be notified.

Based on management's assessment and the best information available, and in line with ICAI guidance, the
incremental impact of these changes aggregating to Rs 4.23 crores has been recognised as expense in the current
year. Considering the impact is arising out of an enactment of the new legislation and is an event of non-recurring
nature, the Company has presented this incremental amount as an “Exceptional Item". The Company continues to
monitor the notification of the remaining State Rules and clarifications, the impact of these will be accounted in
accordance with applicable accounting standards. in the period in which they are notified.