n) Provisions

Provisions are recognised when the Company has
a present obligation (legal or constructive) as a
result of a 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. When the Company expects some or
all of a provision to be reimbursed, for example,
under an insurance contract, the reimbursement
is recognised as a separate asset, but only when
the reimbursement is virtually certain. The expense
relating to a provision is presented in the statement
of profit and loss net of any reimbursement.

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.

o) Employee benefits

Short term employee benefits and defined
contribution plans:

All employee benefits payable/available within
twelve months of rendering the service are
classified as short-term employee benefits.
Benefits such as salaries, wages and bonus etc.
are recognised in the statement of profit and loss
in the period in which the employee renders the
related service.

Employee benefit in the form of provident fund is
a defined contribution scheme. The Company has
no obligation, other than the contribution payable
to the provident fund. The Company recognizes
contribution payable to the provident fund scheme
as an expense, when an employee renders the
related service. If the contribution payable to the
scheme for service received before the balance
sheet date exceeds the contribution already paid,
the deficit payable to the scheme is recognized as

a liability after deducting the contribution already
paid. If the contribution already paid exceeds the
contribution due for services received before the
balance sheet date, then excess is recognized as
an asset to the extent that the pre-payment will
lead to, for example, a reduction in future payment
or a cash refund.

Gratuity

Gratuity is a defined benefit scheme. The defined
benefit obligation is Computed by actuaries using
the projected unit credit method.

Re-measurements, comprising of actuarial
gains and losses, the effect of the asset ceiling,
excluding amounts included in net interest on
the net defined benefit liability and the return on
plan assets (excluding amounts included in net
interest on the net defined benefit liability), are
recognised immediately in the balance sheet with a
corresponding debit or credit to retained earnings
through OCI in the period in which they occur. Re¬
measurements are not reclassified to profit or loss
in subsequent periods.

Past service costs are recognised in profit or loss
on the earlier of:

• The date of the plan amendment or
curtailment, and

• The date that the Company recognises
related restructuring cost

Net interest is calculated by applying the discount
rate to the net defined benefit liability or asset.

The Company recognises the following changes in
the net defined benefit obligation as an expense in
the Statement of profit and loss:

• Service costs comprising current service
costs, past-service costs, gains and losses on
curtailments and non-routine settlements; and

• Net interest expense or income
Termination Benefits

Termination benefits are payable when
employment is terminated by the company

before the normal retirement date. The Company
recognises termination benefits at the earlier of
the following dates: (a) when the company can
no longer withdraw the offer of those benefits;
and (b) when the Company recognises costs for a
restructuring that is within the scope of Ind AS 37
and involves the payment of terminations benefits.
Benefits falling due more than 12 months after
the end of the reporting period are discounted
to present value.

Compensated Absences

Accumulated leave, which is expected to be utilized
within the next 12 months, is treated as short term
employee benefit. The Company measures the
expected cost of such absences as the additional
amount that it expects to pay as a result of the
unused entitlement that has accumulated at the
reporting date.

Re-measurements, comprising of actuarial gains
and losses, are immediately taken to the statement
of profit and loss and are not deferred. The
Company presents the leave as a current liability
in the balance sheet to the extent it does not have
an unconditional right to defer its settlement for 12
months after the reporting date. Where Company
has the unconditional legal and contractual right to
defer the settlement for a period beyond 12 months,
the same is presented as non- current liability.

p) Share-based payments

Employees (including senior executives) of the
Company receive remuneration in the form of
share-based payments, whereby employees
render services as consideration for equity
instruments (equity-settled transactions).

Equity-settled transactions

The cost of equity-settled transactions is
determined by the fair value at the date when
the grant is made using an appropriate valuation
model. The Company has availed option u nder
Ind-AS 101, to apply intrinsic value method to the
options already vested before the date of transition
and applied Ind-AS 102 Share-based payment
to equity instruments that remain unvested as of
transition date

That cost is recognised, together with a
corresponding increase in share-based payment
(SBP) reserves in equity, over the period in which
the performance and/or service conditions are
fulfilled in employee benefits expense. The
cumulative expense recognised for equity-
settled transactions at each reporting date until
the vesting date reflects the extent to which the
vesting period has expired and the Company's
best estimate of the number of equity instruments
that will ultimately vest. The statement of profit
and loss expense or credit for a period represents
the movement in cumulative expense recognised
as at the beginning and end of that period and is
recognised in employee benefits expense. The
SBP Scheme is administered through Employee
Stock Option Trust.

Service and non-market performance conditions
are not taken into account when determining the
grant date fair value of awards, but the likelihood
of the conditions being met is assessed as part
of the Company's best estimate of the number of
equity instruments that will ultimately vest. Market
performance conditions are reflected within the
grant date fair value. Any other conditions attached
to an award, but without an associated service
requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in
the fair value of an award and lead to an immediate
expensing of an award unless there are also
service and/or performance conditions.

No expense is recognised for awards that do not
ultimately vest because non-market performance
and/or service conditions have not been met. Where
awards include a market or non-vesting condition,
the transactions are treated as vested irrespective
of whether the market or non-vesting condition is
satisfied, provided that all other performance and/
or service conditions are satisfied.

When the terms of an equity-settled award are
modified, the minimum expense recognised
is the expense had the terms had not been
modified, if the original terms of the award are
met. An additional expense is recognised for any
modification that increases the total fair value of the
share-based payment transaction, or is otherwise

beneficial to the employee as measured at the
date of modification. Where an award is cancelled
by the entity or by the counterparty, any remaining
element of the fair value of the award is expensed
immediately through profit or loss.

The dilutive effect of outstanding options is
reflected as additional share dilution in the
computation of diluted earnings per share.

q) 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 assets

Initial recognition and measurement

All financial assets (Other than trade receivable
which is recognised at transaction price as per
Ind AS 115) 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.

Subsequent measurement

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

• Debt instruments at amortised cost

• Debt instruments, derivatives and equity
instruments at fair value through profit
or loss (FVTPL)

Debt instruments at amortised cost

A 'debt instrument' is measured at the amortised
cost if both the following conditions are met:

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

b) 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 amortised cost using the

effective interest rate (EIR) method. Amortised 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 amortisation is
included in finance income in the profit or loss. The
losses arising from impairment are recognised in
the profit or loss. This category generally applies to
trade and other receivables. For more information
on receivables, refer to Note 10A.

Debt instruments at FVTPL

FVTPL is a residual category for debt instruments.
Any debt instrument, which does not meet the
criteria for categorization as at amortized cost or
as FVTOCI, is classified as at FVTPL.

In addition, the Company may elect to designate a
debt instrument which otherwise meets amortized
cost or FVTOCI criteria, as at FVTPL. However,
such election is allowed only if doing so reduces
or eliminates a measurement or recognition
inconsistency (referred to as 'accounting mismatch').

The net changes in fair value are recognised in the
statement of profit and loss. Mutual Funds Debt
instruments included within the FVTPL category
are measured at fair value with all changes
recognized in the Statement of Profit and Loss as
“Finance income from debt instruments at FVTPL”
under the head “Other Income”.

Equity investments

All equity investments in scope of Ind-AS 109 are
measured at fair value. Equity instruments which
are held for trading recognised by an acquirer
in a business combination to which Ind-AS 103
applies are Ind-AS classified as at FVTPL. For
all other equity instruments, the Company may
make an irrevocable election to present in other
comprehensive income subsequent changes
in the fair value. The Company makes such
election on an instrument-by-instrument basis. The
classification is made on initial recognition and
is irrevocable.

If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding dividends,
are recognized in the OCI. There is no recycling

of the amounts from OCI to P&L, even on sale of
investment. However, the Company may transfer
the cumulative gain or loss within equity.

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

De-recognition

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

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

Continuing involvement that takes the form of a
guarantee over the transferred asset is measured
at the lower of the original carrying amount of the
asset and the maximum amount of consideration
that the Company could be required to repay.

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:

a) Financial assets that are debt instruments,
and are measured at amortised cost e.g.,
loans, debt securities, deposits, trade
receivables and bank balance

b) 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 (referred to as
'contractual revenue receivables' in these
financial statements)

The Company follows 'simplified approach' for
recognition of impairment loss allowance on:

• Trade receivables or contract revenue
receivables; and

• All lease receivables resulting from
transactions within the scope of Ind- AS 116

The application of simplified approach does not
require the Company to track changes in credit risk.
Rather, it recognises impairment loss allowance
based on lifetime 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
that whether there has been a significant increase
in the credit risk since initial recognition. If credit
risk has not increased significantly, 12-month ECL
is used to provide for impairment loss. However,
if credit risk has increased significantly, lifetime
ECL is used. If, in a subsequent period, credit
quality of the instrument improves such that there
is no longer a significant increase in credit risk
since initial recognition, then the entity reverts
to recognising impairment loss allowance based
on 12-month ECL.

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 historical
observed default rates are updated and changes
in the forward-looking estimates are analysed.

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 amortised
cost, contractual revenue receivables and
lease receivables: 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.

The Company does not have any purchased or
originated credit-impaired (POCI) financial assets,
i.e., financial assets which are credit impaired on
purchase/ origination.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings,
payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.

All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings
and payables, net of directly attributable
transaction costs.

The Company's financial liabilities include trade
and other payables, loans and borrowings
including bank overdrafts and derivative
financial instruments.

Subsequent measurement

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

Financial liabilities at fair value through profit or
loss

Financial liabilities at fair value through profit or
loss include financial liabilities designated upon
initial recognition as at fair value through profit or
loss. This category includes derivative financial
instruments entered into by the Company that are
not designated as hedging instruments in hedge
relationships as defined by Ind-AS 109.

Financial liabilities designated upon initial
recognition at fair value through profit or loss are

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

Loans and borrowings

After initial recognition, interest-bearing loans
and borrowings are subsequently measured at
amortised cost using the ElR method. Gains and
losses are recognised in profit or loss when the
liabilities are derecognised as well as through the
EIR amortisation process.

Amortised 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
ElR amortisation is included as finance costs in the
statement of profit and loss.

This category generally applies to borrowings. For
more information refer Note 15A.

De-recognition

A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the terms
of an existing liability are substantially modified,
such an exchange or modification is treated as
the de-recognition of the original liability and the
recognition of a new liability. The difference in the
respective carrying amounts is recognised in the
statement of profit or loss.

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 realise the
assets and settle the liabilities simultaneously.

r) Derivative financial instruments and hedge
accounting

Derivative accounting

Initial recognition and subsequent measurement

The Company uses derivative financial instruments,
such as forward currency contracts. Such derivative
financial instruments are initially recognised at fair
value on the date on which a derivative contract
is entered into and are subsequently re-measured
at fair value. Derivatives are carried as financial
assets when the fair value is positive and as
financial liabilities when the fair value is negative.

Any gains or losses arising from changes in the
fair value of derivatives are taken directly to
profit or loss.

Hedge Accounting

For the purpose of hedge accounting, hedges
are classified as:

• Cash flow hedges when hedging the
exposure to variability in cash flows that is
attributable to a particular risk associated
with a recognised liability.

At the inception of a hedge relationship, the
Company formally designates and documents the
hedge relationship to which the Company wishes to
apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.

The documentation includes identification of the
hedging instrument, the hedged item, the nature
of the risk being hedged, and how the Company
will assess whether the hedging relationship
meets the hedge effectiveness requirements
(including the analysis of sources of hedge
ineffectiveness and how the hedge ratio is
determined). A hedging relationship qualifies for
hedge accounting if it meets all of the following
effectiveness requirements:

• There is 'an economic relationship' between
the hedged item and the hedging instrument.

• The effect of credit risk does not ‘dominate
the value changes' that result from that
economic relationship.

• The hedge ratio of the hedging relationship
is the same as that resulting from the quantity
of the hedged item that the Company actually
hedges and the quantity of the hedging
instrument that the Company actually uses to
hedge that quantity of hedged item.

Hedges that meet the strict criteria for hedge
accounting are accounted for, as described below:

Cash flow hedges

The effective portion of the gain or loss on the
hedging instrument is recognised in OCI in the
Effective portion of cash flow hedges, while any
ineffective portion is recognised immediately
in the statement of profit and loss. The Effective
portion of cash flow hedges is adjusted to the
lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value
of the hedged item.

The Company designates (Cash Flow Hedge):

• Intrinsic Value of Call Spread option to
hedge foreign currency risk for repayment
of Principal Amount in relation to External
Commercial Borrowing (ECB) availed in USD.

• Interest Rate Swap (Floating to Fixed) to
hedge interest rate risk in respect of Floating
rate of interest in relation to ECB.

The Company documents at the inception of the
hedging transaction the economic relationship
between hedging instruments and hedged
items including whether the hedging instrument
is expected to offset changes in cash flows of
hedged items. The Company documents its
risk management objective and strategy for
undertaking various hedge transactions at the
inception of each hedge relationship.

Initial recognition and subsequent measurement-
Cash flow hedges that qualify for hedge
accounting

• When option contracts are used to hedge
foreign currency risk, the Company
designates only the intrinsic value of the
option contract as the hedging instrument.

• Gains or losses relating to the effective
portion of the change in intrinsic value of
the option contracts are recognised in the
cash flow hedging reserve within equity.
The changes in the time value of the option
contracts that relate to the hedged item
('aligned time value') are recognised within
other comprehensive income in the costs of
hedging reserve within equity. The time value
of an option used to hedge represents part of
the cost of the transaction.

• The gain or loss relating to the ineffective
portion is recognised immediately in profit or
loss, within income or expenses.

• Amounts accumulated in equity are
reclassified to profit or loss in the periods
when the hedged item affects profit or loss.

• When a hedging instrument expires, or is sold
or terminated, or when a hedge no longer
meets the criteria for hedge accounting, the
cumulative gain or loss and deferred costs
of hedging that were reported in equity are
immediately reclassified to profit or loss
within income or expenses.

s) Cash and cash equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand and short¬
term deposits with an original maturity of three
months or less, which are subject to an insignificant
risk of changes in value.

For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short¬
term deposits, as defined above, net of outstanding
bank overdrafts as they are considered an integral
part of the Company's cash management. Cash
flows from operating activities are being prepared
as per the Indirect method mentioned in Ind AS 7

t) Cash dividend to equity holders of the parent

The Company recognises a liability to make
cash distributions to equity holders of the parent
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. A corresponding amount is
recognised directly in equity.

u) Contingent liabilities

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 financial statements. Contingent
assets are only disclosed when it is probable that
the economic benefits will flow to the entity.

v) Cash and cash equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand and short¬
term deposits with an original maturity of three
months or less, which are subject to an insignificant
risk of changes in value.

For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short¬
term deposits, as defined above, net of outstanding
bank overdrafts as they are considered an integral
part of the Company's cash management. Cash
flows from operating activities are being prepared
as per the Indirect method mentioned in Ind AS 7.

w) Measurement of EBITDA

The Company has elected to present earnings
before finance costs, tax, depreciation and
amortization (EBITDA) as a separate line item
on the face of the statement of profit and loss.
The Company measures EBITDA on the face of
profit/ (loss) from continuing operations. In the
measurement, the Company does not include
depreciation and amortization expense, finance
costs and tax expense.

x) Investments in subsidiary and joint venture

An investor, regardless of the nature of its
involvement with an entity (the investee), shall

determine whether it is a parent by assessing
whether it controls the investee.

An investor controls an investee when it is
exposed, or has rights, to variable returns from
its involvement with the investee and has the
ability to affect those returns through its power
over the investee.

Thus, an investor controls an investee if and only if
the investor has all the following:

(a) power over the investee;

(b) exposure, or rights, to variable returns from
its involvement with the investee and

(c) the ability to use its power over the investee
to affect the amount of the investor's returns.

A joint venture is a type of joint arrangement
whereby the parties that have joint control of the
arrangement have rights to the net assets of the
joint venture. Joint control is the contractually
agreed sharing of control of an arrangement, which
exists only when decisions about the relevant
activities require unanimous consent of the parties
sharing control.

The considerations made in determining joint
control are similar to those necessary to determine
control over the subsidiaries.

The Company has elected to recognize its
investments in subsidiary and joint venture
companies at cost in accordance with the
option available in Ind-AS 27, ‘Separate Financial
Statements'. Except where investments accounted
for at cost shall be accounted for in accordance
with Ind-AS 105, Non-current Assets Held for Sale
and Discontinued Operations, when they are
classified as held for sale.

Investment carried at cost will be tested for
impairment as per Ind-AS 36.

y) Business combinations

Business combinations are accounted for using
the acquisition method, other than common
control transactions. The cost of an acquisition is
measured as the aggregate of the consideration

transferred measured at acquisition date fair value
and the amount of any non-controlling interests
in the acquiree. For each business combination,
the Company elects whether to measure the non¬
controlling interests in the acquiree at fair value
or at the proportionate share of the acquiree's
identifiable net assets. Acquisition-related costs
are expensed as incurred.

At the acquisition date, the identifiable assets
acquired and the liabilities assumed are recognised
at their acquisition date fair values. For this
purpose, the liabilities assumed include contingent
liabilities representing present obligation and
they are measured at their acquisition fair values
irrespective of the fact that outflow of resources
embodying economic benefits is not probable.
However, the following assets and liabilities
acquired in a business combination are measured
at the basis indicated below:

• Deferred tax assets or liabilities, and the
assets or liabilities related to employee benefit
arrangements are recognised and measured
in accordance with Ind-AS 12 Income Tax and
Ind-AS 19 Employee Benefits respectively.

• Liabilities or equity instruments related to
share based payment arrangements of
the acquiree or share - based payments
arrangements of the Company entered into to
replace share-based payment arrangements
of the acquiree are measured in accordance
with Ind-AS 102 Share-based Payments at the
acquisition date.

When the Company acquires a business, it
assesses the financial assets and liabilities
assumed for appropriate classification and
designation in accordance with the contractual
terms, economic circumstances and pertinent
conditions as at the acquisition date. This includes
the separation of embedded derivatives in host
contracts by the acquiree.

If the business combination is achieved in stages,
any previously held equity interest is re-measured
at its acquisition date fair value and any resulting
gain or loss is recognised in profit or loss or OCI,
as appropriate.

Any contingent consideration to be transferred
by the acquirer is recognised at fair value at
the acquisition date. Contingent consideration
classified as an asset or liability that is a financial
instrument and within the scope of Ind-AS 109
Financial Instruments, is measured at fair value with
changes in fair value recognised in profit or loss. If
the contingent consideration is not within the scope
of Ind-AS 109, it is measured in accordance with
the appropriate Ind-AS. Contingent consideration
that is classified as equity is not re-measured at
subsequent reporting dates and subsequent its
settlement is accounted for within equity.

Goodwill is initially measured at cost, being the
excess of the aggregate of the consideration
transferred and the amount recognised for non¬
controlling interests, and any previous interest
held, over the net identifiable assets acquired
and liabilities assumed. If the fair value of the net
assets acquired is in excess of the aggregate
consideration transferred, the Company re¬
assesses whether it has correctly identified all
of the assets acquired and all of the liabilities
assumed and reviews the procedures used to
measure the amounts to be recognised at the
acquisition date. If the reassessment still results in
an excess of the fair value of net assets acquired
over the aggregate consideration transferred, then
the gain is recognised in OCI and accumulated in
equity as capital reserve. However, if there is no
clear evidence of bargain purchase, the entity
recognises the gain directly in equity as capital
reserve, without routing the same through OCI.

After initial recognition, goodwill is measured at cost
less any accumulated impairment losses. For the
purpose of impairment testing, goodwill acquired
in a business combination is, from the acquisition
date, allocated to each of the Company's cash¬
generating units that are expected to benefit from
the combination, irrespective of whether other
assets or liabilities of the acquiree are assigned
to those units.

A cash generating unit to which goodwill has been
allocated is tested for impairment annually, or more
frequently when there is an indication that the unit
may be impaired. If the recoverable amount of the

cash generating unit is less than its carrying amount,
the impairment loss is allocated first to reduce the
carrying amount of any goodwill allocated to the
unit and then to the other assets of the unit pro rata
based on the carrying amount of each asset in the
unit. Any impairment loss for goodwill is recognised
in profit or loss. An impairment loss recognised for
goodwill is not reversed in subsequent periods.

Where goodwill has been allocated to a cash¬
generating unit and part of the operation within that
unit is disposed off, the goodwill associated with
the disposed operation is included in the carrying
amount of the operation when determining the
gain or loss on disposal. Goodwill disposed in
these circumstances is measured based on the
relative values of the disposed operation and the
portion of the cash-generating unit retained.

If the initial accounting for a business combination
is incomplete by the end of the reporting period
in which the combination occurs, the Company
reports provisional amounts for the items for which
the accounting is incomplete. Those provisional
amounts are adjusted through goodwill during
the measurement period, or additional assets or
liabilities are recognised, to reflect new information
obtained about facts and circumstances that
existed at the acquisition date that, if known, would
have affected the amounts recognized at that date.
These adjustments are called as measurement
period adjustments. The measurement period does
not exceed one year from the acquisition date.

z) Business combinations - common control
transactions

Common control business combination means
a business combination involving entities or
businesses in which all the combining entities or
businesses are ultimately controlled by the same
party or parties both before and after the business
combination, and that control is not transitory.

Common control business combination are
accounted for using the pooling of interests
method as follows:

• The assets and liabilities of the combining
entities are reflected at their carrying amounts.

• No adjustments are made to reflect fair
values, or recognise any new assets or
liabilities. Adjustments are only made to
harmonise accounting policies.

• The financial information in the financial
statements in respect of prior periods is
restated as if the business combination
had occurred from the beginning of the
preceding period in the financial statements,
irrespective of the actual date of the
combination. However, where the business
combination had occurred after that date,
the prior period information is restated only
from that date.

• The balance of the retained earnings
appearing in the financial statements
of the transferor is aggregated with the
corresponding balance appearing in the
financial statements of the transferee or is
adjusted against general reserve.

• The identity of the reserves are preserved
and the reserves of the transferor become
the reserves of the transferee.

• The difference, if any, between the amounts
recorded as share capital issued plus any
additional consideration in the form of cash or
other assets and the amount of share capital
of the transferor is transferred to capital
reserve and is presented separately from
other capital reserves

aa) Earnings per share

Basic earnings per share

Basic earnings per share are calculated by dividing:

- the profit attributable to owners ofthe Company

- by the weighted average number of equity
shares outstanding during the financial year,
adjusted for bonus elements in equity shares
issued during the year.

Diluted earnings per share

Diluted earnings per share adjust the figures used

in the determination of basic earnings per share to

take into account:

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.

The parameter most subject to change is the
discount rate. In determining the appropriate
discount rate for plans operated in India, the
management considers the interest rates of
government bonds in currencies consistent
with the currencies of the post-employment
benefit obligation.

The mortality rate is based on publicly available
mortality tables for the specific countries. Those
mortality tables tend to change only at interval
in response to demographic changes. Future
salary increases and gratuity increases are
based on expected future inflation rates for the
respective countries.

Further details about gratuity obligations are
given in Note 30.

Impairment of financial assets

The impairment provisions for financial assets
are based on assumptions about risk of default
and expected loss rates. The Company uses
judgement in making these assumptions and
selecting the inputs to the impairment calculation,
based on Company's past history, existing market
conditions as well as forward looking estimates at
the end of each reporting period.

2) The areas involving critical Judgement are as
below:

Intangible asset - “Hindi Hindustan” Brand

In year ended March 31, 2016, the Company had
acquired Hindi Business Brand (i.e. Hindustan,
Hindustan.in, Nandan, Kadambini, Hum Tum and
other Hindi publication related trademarks) from its
parent company, HT Media Limited. Management
is of the opinion that, based on an analysis of all of

the relevant factors, there is no foreseeable limit to
the period over which the trademark is expected to
generate net cash inflows for the Company. Hence,
the Brand is regarded by Management as having
an indefinite useful life.

Contingent Liabilities and commitments

The Company is involved in various litigations.
The management of the Company has used
its judgement while determining the litigations
outcome of which are considered probable and in
respect of which provision needs to be created.

Taxes

Uncertainties exist with respect to the interpretation
of complex tax regulations, changes in tax laws, and
the amount and timing of future taxable income.
Given the wide range of business relationships and
the long-term nature and complexity of existing
contractual agreements, differences arising
between the actual results and the assumptions
made, or future changes to such assumptions,
could necessitate future adjustments to tax income
and expense already recorded. The Company
establishes provisions, based on reasonable
estimates. The amount of such provisions is based
on various factors, such as experience of previous
tax assessments and differing interpretations
of tax regulations by the taxable entity and the
responsible tax authority. Such differences of
interpretation may arise on a wide variety of issues
depending on the conditions prevailing in the
respective domicile of the Companies.

Deferred tax assets are recognised for unused tax
losses to the extent that it is probable that sufficient
taxable profit will be available against which the
losses can be utilised. 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.

Further details on taxes are disclosed in Note 14.

Impairment of non- financial assets

The Company assesses at each reporting date
whether there is an indication that an asset may
be impaired. If any indication exists, or when

annual impairment testing for an asset is required,
the Company estimates the asset's recoverable
amount. An asset's recoverable amount is the
higher of an asset's or CGU's fair value less costs
of disposal and its value in use. It is determined
for an individual asset, unless the asset does not
generate cash inflows that are largely independent
of those from other assets or group of assets.
Where the carrying amount of an asset or CGU
exceeds its recoverable amount, the asset is
considered impaired and is written down to its
recoverable amount. In assessing value in use, the
estimated future cash flows are discounted to their
present value using a pre-tax discount rate that
reflects current market assessments of the time
value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent
markets transactions are taken into account. If no
such transactions can be identified, an appropriate
valuation model is used. These calculations are
corroborated by valuation multiples, quoted share
prices for publicly traded subsidiaries or other
available fair value indicators.

Share Based Payment

The Company measures the cost of equity-settled
transactions with employees by reference to the
fair value of the equity instruments at the date
at which they are granted. Estimating fair value
for share-based payment transactions requires
determination of the most appropriate valuation
model, which is dependent on the terms and
conditions of the grant. This estimate also requires
determination of the most appropriate inputs
to the valuation model including the expected
life of the share option, volatility and dividend
yield and making assumptions about them. The
assumptions and models used for estimating fair
value for share-based payment transactions are
disclosed in Note 31.

Volume discounts and pricing incentives

The Company accounts for volume discounts and
pricing incentives to customers as a reduction
of revenue based on the rateable allocation
of the discounts/ incentives amount to each of
the underlying revenue transaction that results
in progress by the customer towards earning

(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

as the Company has not entered any contracts
in the nature of insurance contracts covered
under Ind AS 117.

(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.

Note 3 : Property, Plant and Equipment and Capital Work-in-Progress (Cont'd)

IV. Restatement of PPE Schedule

During the current year, the Company has made an adjustment in the PPE schedule in respect of opening gross
block and accumulated depreciation as at April 1, 2023 in relation to disposals made in earlier years, at original
cost and accumulated depreciation instead of deemed cost (post transition to Ind AS). The gross block and
accumulated depreciation in relation to disposals for comparative year ended March 31, 2024 has been restated.
This correction has no impact on the net value of PPE as presented in the earlier years. Also, there is no impact on
the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity, Statement of Cash Flow, EBITDA, EPS,
Debt covenants and Income-taxes for any of the earlier years. Accordingly, no further additional disclosures are required
under Ind AS 8.

Note I : Additional information for which provision for impairment loss has been recognized are as under:

1) Nature of asset: Investment Property

2) Amount of Provision for impairment/(Reversal of impairment): INR 7 lakhs [Previous Year: (INR 46 lakhs)]

3) Reason for Provision for impairment/ (Reversal of impairment): Fair value being recoverable amount was determined
for disclosure requirement. The same is being compared with the carrying amount for impairment assessment. Where
recoverable amount is higher than the carrying amount, the reversal of impairment is being considered to the extent of
previous impairment.

The management has determined that the investment properties consist of two classes of assets — residential and commercial-
based on the nature, characteristics and risks of each property.

As at March 31, 2025 and March 31, 2024, the fair values of the properties are INR 20,387 lakhs and INR 17,530 lakhs respectively
(excluding market value pertaining to properties categorised as held for sale). These valuations are based on valuations
performed by a registered independent valuer who is a specialist in valuing these types of investment properties. A valuation
model in accordance with Ind AS 113 has been applied.

as at March 31, 2025 and March 31, 2024 of INR 9,772 lakhs and INR 2,806 lakhs respectively (excluding contractual obligations
pertaining to properties categorised as held for sale) to purchase the investment property whereas there are no contractual
obligation to develop investment property or for repairs and enhancements.

Estimation of Fair Value

During the current year ended March 31, 2025 and the previous year ended March 31, 2024, the fair value of investment property
is based on the valuation by a registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules,
2017. The valuation has been determined basis the market approach by reference to sales in the market of comparable properties.
However, where such information is not available, current prices in an active market for properties of different nature or recent
prices of similar properties in less active markets, adjusted to reflect those differences, has been considered to determine the
valuation. All resulting fair value estimates for investment properties are included in Level II.

Note 15 A : Borrowings (at amortised cost) (Cont’d)

Note I- Buyer's credit from Bank (Unsecured)

Outstanding Buyer's Credit loan from Bank has been drawn in various tranches from during FY 24-25 @ average Interest Rate of
5.83% p.a. (Applicable LIBOR Margin / Fixed rate) and are due for repayment in FY 2025-26.

Note II- Short term foreign currency non- repatriable (FCNR) loan from banks (Unsecured)

Outstanding short term FCNR loan from bank was drawn @6.70% p.a during year ended March 31, 2024 and are repaid
during FY 24-25.

Note III- Commercial Papers

Outstanding commercial paper was drawn during the year ended March 31, 2024 having face value of INR 2,500 lakhs carries
interest rate of 8% and are repaid FY 2024-25.

Note IV- Inter Company Loan (Unsecured)

Inter-corporate deposit (ICD) was drawn in various tranches in year 2022-23 @ Overnight MIBOR 130.26 bps p.a. It was
repayable on March 20, 2024 and the same got extended for repayament on March 20,2026. The interest shall become due
and payable along with principal.

Note V- Cash credit/ overdraft from bank (Secured)

Outstanding Cash Credit/ Overdraft from Bank was drawn @ 7.60% p.a. and is payable on demand. The loan is secured by lien
on Fixed Deposits. (Refer note 10C)

Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with
the books of accounts.

Note 34 : Segment information

As per Ind AS 108 - Operating Segments, the Company has two reportable Operating Segments viz. Printing & Publishing of
Newspaper & Periodicals and Digital. The financial information for these reportable segments has been provided in Consolidated
Financial statements as per Ind-AS 108 - Operating Segments.

The Chief Operating Decision Maker (CODM) of the Company monitors the operating results of the above-mentioned business
unit for the purpose of making decisions about resource allocation and performance assessment. Segment performance is
evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. Also,
the Company's financing (including finance costs and finance income) and income taxes are managed on a Company basis and
are not allocated to operating segments.

Geographical revenue is allocated based on the location of the customers. The Company sells its products mostly within India
with insignificant export income and does not have any operations in economic environments with different risks and returns and
hence, it has been considered as to be operating in a single geographical location.

Information about major customers:

No single customer represents 10% or more of the Company's total revenue during the year ended March 31, 2025 and
March 31, 2024.

Note 35 : Hedging activities and derivatives

Derivatives designated as hedging instruments for year ended 31 March 2024:

The Company has taken USD 100 Lakhs ECB Loan with floating rate of interest. The Company has taken Call Spread option to
mitigate foreign currency risk in relation to repayment of principal amount of USD 100 Lakhs and Interest Rate Swap (Floating to
Fixed) to mitigate interest rate risk. The Company designates (Cash Flow Hedge):

• Intrinsic Value of Call Spread option to hedge foreign currency risk for repayment of Principal Amount in relation to ECB
Loan availed in USD.

• Interest Rate Swap (Floating to Fixed) to hedge interest rate risk in respect of Floating rate of interest in relation to ECB Loan.

Note 36 : Fair values (Cont’d)

willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate

the fair values:

- The fair values of the investment in unquoted equity shares/ debt instruments have been estimated using Market Approach/
Income Approach and/or Option Pricing Model. The valuation requires management to make certain assumptions about
the model inputs, including forecast cash flows, discount rate, credit risk and volatility. The probabilities of the various
estimates within the range can be reasonably assessed and are used in management's estimate of fair value for these
unquoted investments.

- The Company has investment in quoted mutual funds being valued at Net Asset value.

- Investments in quoted Market linked debentures/ Perpetual bonds being valued being valued basis fair valuation available
in market/public domain.

- The Company invests in quoted equity shares valued at closing price of stock on recognized stock exchange.

- The Company enters into derivative financial instruments such as foreign exchange forward contracts, call option spreads,
interest rate swaps etc. being valued using valuation techniques, which employs the use of market observable inputs. The
company uses Mark to Market valuation provided by Bank for valuation of these derivative contracts.

The company's principal financial liabilities, other than derivatives, comprise loans and borrowings and trade & other payables.
The main purpose of these financial liabilities is to finance the company's operations and to support its operations. The company's
principal financial assets, other than derivatives comprise investments, loans given, trade and other receivables and cash and
cash equivalents that derive directly from its operations. The company also enters into foreign exchange derivative transactions.

The company is exposed to market risk, credit risk and liquidity risk. The company's senior management oversees the mitigation
of these risks. 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. All derivative activities for
risk management purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is
the company's policy that no trading in foreign exchange derivatives for speculative purposes will be undertaken. The policies
for managing each of these risks, which are summarised below:-

Note 37: Financial risk management objectives and policies (Cont’d)

1) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: interest rate risk, currency risk and equity price risk.

The sensitivity of the relevant profit and loss/OCI item is the effect of the assumed changes in respective market risks. This
is based on the financial assets and financial liabilities held at March 31, 2025 and March 31, 2024.

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. On account of absence of long term borrowings as on March 31, 2025, primarily the
Company does not have exposuse to interest rate risk.

For the year ended March 31, 2024, the company exposure to the risk of changes in market interest rates
relates primarily to-

a) The long-term ECB from bank with floating interest rates

The Company manages interest rate risk by taking interest rate swap (floating to fixed) designated as hedge.
Refer note 35 for details.

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(ii) Foreign currency risk

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

The company manages its foreign currency risk by hedging foreign currency transactions with forward covers and
option/swap contracts, if required. These transactions generally relate to purchase of imported newsprint & borrowings
in foreign currency.

When a derivative is entered into for the purpose of being a hedge, the company negotiates the terms of those
derivatives to match the terms of the underlying exposure.

Foreign currency sensitivity- Unhedged Foreign Currency Exposure

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

(iii) Equity/Preference price risk

The company's listed and non-listed equity/preference securities are susceptible to market price risk arising from
uncertainties about future values of the investment securities. The Company manages the equity/preference price
risk through diversification and by placing limits on individual and total equity/preference instruments. Reports on the
equity/preference portfolio are submitted to the company's senior management on a regular basis. The company's
Investment Committee approves all equity/preference investment decisions.

Sensitivity analyses of these investments have been provided in Note 36 on Fair Values.

2) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The company is exposed to credit risk from its operating activities (primarily trade receivables), other
financial assets, bank deposits and financial investments.

Trade receivables and Other Financial Assets

An impairment analysis is performed at each reporting date on an individual basis for major clients. The maximum exposure
to credit risk at the reporting date is the carrying value of trade receivables and other financial assets disclosed in Note 10A
and 6C. The Company does not hold collateral as security other than secured trade receivables (refer Note 10A)

The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in
several jurisdictions and industries and operate in largely independent markets.

The Company based on internal assessment which is driven by the historical experience/ current facts available in relation to
default and delays in collection thereof, the credit risk for trade receivables is considered low. Refer Note 10A for movement
in expected credit loss allowance of trade receivables.

Note 37: Financial risk management objectives and policies (Cont’d)

Financial investments and bank deposits

Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in
accordance with the company's policy. Investments of surplus funds are made as per guidelines and within limits approved
by Board of Directors. Board of Directors/ Management reviews and update guidelines, time to time as per requirement.
The guidelines are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty's
potential failure to make payments. The maximum exposure to credit risk at the reporting date is the carrying value
of financial investments and bank deposits disclosed in Note 6B, 6C, 10B and 10C. The Company does not hold any
collateral for the same.

Liquidity risk

The Company monitors its risk of a shortage of funds using a liquidity mechanism.

The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of Bank
loans & liquid MF Investments.

The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The
Company has access to a sufficient variety of sources of funding i.e. investments / Bank limits for Borrowing/ cash accrual
from Operation and debt maturing within 12 months can be paid/ rolled over with existing lenders.

The Company has positive working capital position and positive Net Assets position as on 31 March, 2025. Accordingly, no
liquidity risk is perceived. The Company has available undrawn borrowing facilities of INR 50,514 lakhs as at 31 March, 2025
(March 31, 2024: INR 49,014 lakhs).

Collateral

The Company has pledged part of its Investment in Mutual Funds (refer note 6B) and fixed deposits (refer note 10C) in
order to fulfill the collateral requirements for Borrowing. The counterparties have an obligation to return the securities to
the company and the company has an obligation to repay the borrowing to the counterparties upon maturity/ Due Date
/ mutual agreement. There are no other significant terms and conditions associated with the use of collateral securities
except pledge given against outstanding Bank facilities (refer note 15 A).

"As at September 30, 2020, certain Land and Building was classified as “Non-current assets held for sale” due to outsourcing
of printing work at certain units. As at March 31, 2025, the company is able to dispose of substantial Land and Building and the
Company has enetered agreement to sell the balance. These assets are being measured at the lower of its carrying amount
and fair value less costs to sell. Impairment of INR Nil Lakhs has been recognised during year ended March 31, 2025 (Previous
year INR 23 Lakhs).

Further, during the year ended March 31, 2025, additional Leasehold Land, Plant and Machinery and Building has been classified
as “Non- current assets held for sale” due to outsourcing of printing work at a certain unit. As at March 31, 2025, the company
is able to dispose off entire Plant and Machinery and agreement to sell has been entered to sell Leasehold Land and Building.
These assets are being measured at the lower of its carrying amount and fair value less costs to sell. Impairment of INR Nil Lakhs
has been recognised during year ended March 31, 2025

As at March 31, 2024, certain Land and Building was re-classified from ""Investment Property"" to “Non-current assets held for
sale” being held for sale. During the year ended March 31, 2025, the company is able to dispose of partial Investment Property
and the Company remains committed to its plan to sell the balance. These assets are being measured at the lower of its
carrying amount and fair value less costs to sell. No impairment has been recognised during year ended March 31, 2025 and
March 31, 2024.

Further, during year ended March 31, 2025, certain additional Investment Property has been has been re-classified from
""Investment Property"" to “Non-current assets held for sale” being held for sale. Disposal is expected within one year of
classification as held for sale. These assets are being measured at the lower of its carrying amount and fair value less costs to
sell. No impairment has been recognised during year ended March 31, 2025.

""Non-current assets held for sale relating to Property, Plant and Equipment"" and ""Non-current assets held for sale relating to
Right-of-use asset"" are being presented as part of ""Printing and publishing of newspaper and periodicals segment"" as part of
Segment information in accordance with Ind AS 108 Operating Segments.

""Non-current assets held for sale relating to investment property"" are being presented as part of ""Unallocated segment"" as
part of Segment information in accordance with Ind AS 108 Operating Segments.

Note 43: Business Combination [Acquisition of HTCSLLP Business from HTCSLLP, a joint venture LLP)

For year ended March 31, 2024:

On February 20, 2024, Hindustan Media Ventures Limited (HMVL or “the Company”) has entered into Slump Sale Agreement
with HT Content Studio LLP (HTCSLLP), a joint venture LLP, to acquire “HTCSLLP Business” from HTCSLLP as a 'going concern'
on a slump sale basis. In the regard, the Company has settled consideration of INR 203 Lakhs in cash on March 4, 2024
(Acquisition date).

The acquisition was carried out by the Company since the partners of HTCSLLP are desirous of winding up HTCSLLP by carving
out its existing business to the Company via slump sale on a going concern basis.

Note 46: Other Statutory information

(i) No proceeding has been initiated or pending against the company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(ii) The Company has not been declared as wilful defaulter by any bank or financial Institution or other lender.

(iii) The Company has not entered into any transactions with companies struck off under section 248 of the Companies Act,
2013 or section 560 of Companies Act, 1956.

(iv) There are no transaction which has been surrendered or disclosed as income during the year in the tax assessments under
the Income Tax Act, 1961.

(v) There are no charges or satisfaction yet to be registered with ROC beyond the statutory period.

(vi) There are no funds which have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate
Beneficiaries”) by or on behalf of the Company or

b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

Note 46: Other Statutory information (Cont’d)

(vii) There are no funds which have been received by the Company from any persons or entities, including foreign entities
(“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall:

a) directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate
Beneficiaries”) by or on behalf of the Funding Party or

b) provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.

(viii) The Group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016) does not have more
than one CIC (the same is not required to be registered with RBI as not being Systemically Important CIC ).

(ix) The company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both
during the current or previous year.

(x) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(xi) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

(xii) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

In terms of our report of even date attached

For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of

Chartered Accountants Hindustan Media Ventures Limited

(Firm Registration Number: 301003E/E300005)

Vishal Sharma Nikhil Sethi Anna Abraham Samudra Bhattacharya

Partner Company Secretary Chief Financial Officer Chief Executive Officer

Membership No. 096766

Sameer Singh Shobhana Bhartia

Place: New Delhi Chief Executive Officer Chairperson

Date: May 19, 2025 (DIN: 00020648)