3.12 Provisions and contingencies

The Company recognizes provisions when a present obligation
(legal or constructive) as a result of a past event exists and it is

probable that an outflow of resources embodying economic
benefits will be required to settle such obligation and the
amount of such obligation can be reliably estimated.

The amount recognised as a provision is the best estimate of
the consideration required to settle the present obligation at
the end of the reporting period, taking into account the risks
and uncertainties surrounding the obligation. If the effect of
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.

A disclosure for a contingent liability is made when there is
a possible obligation or a present obligation that may, but
probably will not require an outflow of resources embodying
economic benefits or the amount of such obligation cannot
be measured reliably.

When there is a possible obligation or a present obligation
in respect of which likelihood of outflow of resources
embodying economic benefits is remote, no provision or
disclosure is made.

Contingent liabilities acquired in a business combination
are initially measured at fair value at the acquisition date.
At the end of subsequent period, such contingent liabilities
are measured at the higher of the amounts that would
be recognised in accordance with Ind AS 37 Provisions,
Contingent Liabilities and Contingent Assets and the amount
initially recognised less cumulative amortisation recognised
in accordance with Ind AS 18 Revenue, if any.

3.13 Financial instruments

Financial assets and financial liabilities are recognised when
the Company member becomes a party to the contractual
provisions of the instruments. Financial assets and financial
liabilities are initially measured at fair value. Transaction
costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities (other than
financial assets and financial liabilities at fair value through
profit or loss) are added to or deducted from the fair value
of the financial assets or financial liabilities, as appropriate,
on initial recognition. Transaction costs directly attributable
to the acquisition of financial assets or financial liabilities at
fair value through profit or loss are recognised immediately
in profit or loss.

A] Financial assets

a) Initial recognition and measurement:

Financial assets are recognised when the
Company becomes a party to the contractual
provisions of the instrument. On initial recognition,
a financial asset is recognised at fair value, in
case of financial assets which are recognised

at fair value through profit and loss (FVTPL), its
transaction costs are recognised in the statement
of profit and loss. In other cases, the transaction
costs are attributed to the acquisition value of the
financial asset.

b) Effective interest method:

The effective interest method is a method of
calculating the amortised cost of a debt instrument
and of allocating interest income over the relevant
period. The effective interest rate is the rate that
exactly discounts estimated future cash receipts
(including all fees and points paid or received
that form an integral part of the effective interest
rate, transaction costs and other premiums or
discounts) through the expected life of the debt
instrument, or, where appropriate, a shorter period,
to the net carrying amount on initial recognition.

Income is recognised on an effective interest basis
for debt instruments other than those financial
assets classified as at FVTPL. Interest income is
recognised in profit or loss and is included in the
“Other income” line item.

c) Subsequent measurement:

For subsequent measurement, the Company
classifies a financial asset in accordance with the
below criteria:

i. The Company's business model for
managing the financial asset and

ii. The contractual cash flow characteristics of
the financial asset.

Based on the above criteria, the Company classifies
its financial assets into the following categories:

i. Financial assets measured at amortized
cost:

A financial asset is measured at the amortized
cost if both the following conditions are met:

a) The Company's business model
objective for managing the financial
asset is to hold financial assets in order
to collect contractual cash flows, and

b) The contractual terms of the financial
asset give rise on specified dates to
cash flows that are solely payments of
principal and interest on the principal
amount outstanding.

This category applies to cash and bank
balances, trade receivables, loans, certain

investments and other financial assets of
the Company. Such financial assets are
subsequently measured at amortized cost
using the effective interest method.

The amortized cost of a financial asset is
also adjusted for loss allowance, if any.

ii. Financial assets measured at FVTOCI:

A financial asset is measured at FVTOCI if
both of the following conditions are met:

a) The Company's business model
objective for managing the financial
asset is achieved both by collecting
contractual cash flows and selling the
financial assets, and

b) The contractual terms of the financial
asset give rise on specified dates to
cash flows that are solely payments of
principal and interest on the principal
amount outstanding.

Investments in equity instruments, classified
under financial assets, are initially measured
at fair value. The Company may, on initial
recognition, irrevocably elect to measure the
same either at FVTOCI or FVTPL. The Company
makes such election on an instrument-by¬
instrument basis. Fair value changes on an
equity instrument are recognised as other
income in the Statement of Profit and Loss
unless the Company has elected to measure
such instrument at FVTOCI.

The Company does not have any financial
assets in this category.

iii. Financial assets measured at FVTPL:

A financial asset is measured at FVTPL
unless it is measured at amortized cost or at
FVTOCI as explained above.

This is a residual category applied to all other
investments of the Company. Such financial
assets are subsequently measured at fair value
at each reporting date. Fair value changes are
recognized in the Statement of Profit and Loss.
Dividend income on the investments in equity
instruments are recognised as ‘other income'
in the Statement of Profit and Loss.

d) Derecognition:

A financial asset (or, where applicable, a part of
a financial asset or part of a Company of similar
financial assets) is derecognized (i.e. removed

iii. Financial assets measured at fair
value through other comprehensive
income (FVTOCI)

In case of trade receivables, the Company follows
a simplified approach wherein an amount equal
to lifetime ECL is measured and recognized as
loss allowance.

In case of other assets (listed as ii and iii above),
the Company determines if there has been a
significant increase in credit risk of the financial
asset since initial recognition. If the credit risk of
such assets has not increased significantly, an
amount equal to 12-month ECL is measured and
recognized as loss allowance. However, if credit
risk has increased significantly, an amount equal
to lifetime ECL is measured and recognized as
loss allowance.

Subsequently, if the credit quality of the
financial asset improves such that there is no
longer a significant increase in credit risk since
initial recognition, the Company reverts to
recognizing impairment loss allowance based
on 12-month ECL.

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
company expects to receive (i.e., all cash shortfalls),
discounted at the original effective interest rate.

12-month ECL are a portion of the lifetime ECL
which result from default events that are possible
within 12 months from the reporting date. Lifetime
ECL are the expected credit losses resulting from
all possible default events over the expected life of
a financial asset.

ECL are measured in a manner that they reflect
unbiased and probability weighted amounts
determined by a range of outcomes, taking
into account the time value of money and other
reasonable information available as a result of
past events, current conditions and forecasts of
future economic conditions.

As a practical expedient, the Company uses a
provision matrix to measure lifetime ECL on its portfolio
of trade receivables. The provision matrix is prepared
based on historically observed default rates over the
expected life of trade receivables and is adjusted for
forward-looking estimates. At each reporting date,
the historically observed default rates and changes in
the forward-looking estimates are updated.

ECL impairment loss allowance (or reversal)
recognized during the period is recognized as
expense/income in the Statement of Profit and Loss
under the head ‘Other expenses'/'Other income'

B] Financial liabilities and equity instruments

Debt and equity instruments issued by the Company
are classified as either financial liabilities or as equity
in accordance with the substance of the contractual
arrangements and the definitions of a financial liability
and an equity instrument.

i. Equity instruments:-

An equity instrument is any contract that
evidences a residual interest in the assets of an
entity after deducting all of its liabilities. Equity
instruments issued by the entity are recognised at
the proceeds received, net of direct issue costs.

Repurchase of the entity's own equity instruments
is recognised and deducted directly in equity.
No gain or loss is recognised in profit or loss on
the purchase, sale, issue or cancellation of the
Company's own equity instruments.

ii. Compound financial instruments:-

Compound financial instruments issued by the
Company comprise of convertible debentures
denominated in INR that can be converted to
equity shares at the option of the holder. The
debentures will be converted into equity shares at
the fair value on the date of conversion.

The fair value of the liability component of a
compound financial instrument is determined
using a market interest rate of a similar liability that
does not have an equity conversion option. This
value is recorded as a liability on an amortised
cost basis until extinguished on conversion or
redemption of the debentures. The remainder
of the proceeds is attributable to equity portion
of the instrument net of derivatives if any. The
equity component is recognised and included
in shareholder's equity (net of deferred tax)
and is not subsequently re-measured. The
derivative component is recognized at fair value
and subsequently carried at fair value through
profit or loss.

Interest related to the financial liability is recognized
in profit or loss (unless it qualifies for inclusion
in the cost of an asset). In case of conversion at
maturity, the financial liability is reclassified to
equity and no gain or loss is recognized.

iii. Financial Liabilities:-

a) Initial recognition and measurement :

Financial liabilities are recognised when a
Company member becomes a party to the
contractual provisions of the instrument.
Financial liabilities are initially measured at
the fair value.

b) Subsequent measurement:

Financial liabilities are subsequently
measured at amortised cost using the
effective interest rate method. Financial
liabilities carried at fair value through profit
or loss are measured at fair value with all
changes in fair value recognised in the
Statement of Profit and Loss.

The Company has not designated any
financial liability as at FVTPL other than
derivative instrument.

c) Derecognition of financial liabilities:

A financial liability is derecognized when the
obligation under the liability is discharged
or cancelled or expires. When an existing
financial liability is replaced by another from
the same lender on substantially different
terms, or the terms of an existing liability are
substantially modified, such an exchange or
modification is treated as the derecognition
of the original liability and the recognition
of a new liability. The difference between
the carrying amount of the financial liability
derecognized and the consideration
paid is recognized in the Statement of
Profit and Loss.

3.14 Earnings Per Share

Basic earnings per share is computed by dividing the net
profit for the period attributable to the equity shareholders
of the Company by the weighted average number of equity
shares outstanding during the period. The weighted average
number of equity shares outstanding during the period and
for all periods presented is adjusted for events, such as bonus
shares, other than the conversion of potential equity shares
that have changed the number of equity shares outstanding,
without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the
net profit for the period attributable to equity shareholders
and the weighted average number of shares outstanding
during the period is adjusted for the effects of all dilutive
potential equity shares, except where the results would
be anti-dilutive.

3.15 Recent Accounting Pronouncement

Ministry of Corporate Affairs (“MCA”) notifies new standards
or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to
time. During the year ended March 31, 2025, MCA has notified
Ind AS 117 - Insurance Contracts and amendments to Ind As
116 - Leases, relating to sale and lease back transactions,
applicable from April 1, 2024.

On May 7, 2025, MCA notifies the amendments to Ind AS
21 - Effects of Changes in Foreign Exchange Rates. These
amendments aim to provide clearer guidance on assessing
currency exchangeability and estimating exchange
rates when currencies are not readily exchangeable. The
amendments are effective for annual periods beginning on
or after April 1, 2025. The group has assessed that there is no
significant impact on its financial statements.

Critical accounting judgements and use of estimates

In application of Company's accounting policies, which
are described in Note 3, the Directors of the Company are
required to make judgements, estimations and assumptions
about the carrying value of assets and liabilities that are not
readily apparent from other sources. The estimates and
associated assumptions are based on historical experience
and other factors that are considered to be relevant. Actual
results may differ from these estimates.

The estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised
if the revision affects only that period, or in the period of
revision or future periods if the revision affects both current
and future periods.

Following are the key assumptions concerning the future,
and other key sources of estimation uncertainty at the end
of the reporting period that may have a significant risk of
causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year.

a) Useful lives of Property, Plant & Equipment (PPE) &
intangible assets:

The Company has adopted useful lives of PPE as
described in Note 3.8 & 3.9 above. The Company
reviews the estimated useful lives of PPE & intangible
assets at the end of each reporting period.

b) Fair value measurements and valuation processes

The Company measures financial instruments at fair
value in accordance with the accounting policies
mentioned above.

For assets and liabilities that are recognized in the
financial statements at fair value on a recurring
basis, the Company determines whether transfers

have occurred between levels in the hierarchy by re¬
assessing categorization at the end of each reporting
period and discloses the same.

When the fair values of financials assets and financial
liabilities recorded in the Balance Sheet cannot be
measured based on quoted prices in active markets,
their fair value is measured using valuation techniques,
including the discounted cash flow model, which
involve various judgements and assumptions. Where
necessary, the Company engages third party qualified
valuers to perform the valuation.

Information about the valuation techniques and inputs
used in determining the fair values of various assets
and liabilities are disclosed in Note 37.

c) Other assumptions and estimation uncertainties,
included in respective notes are as under:

• Recognition of deferred tax assets is based
on estimates of taxable profits in future years.
The Company prepares detailed cash flow and

profitability projections, which are reviewed
by the board of directors of the Company. The
Company's tax jurisdiction is India. Significant
judgments are involved in estimating budgeted
profits for the purpose of paying advance tax,
determining the provision for income taxes,
including amount expected to be paid / recovered
for uncertain tax positions - see Note 34.

• Measurement of defined benefit obligations and
other long-term employee benefits: key actuarial
assumptions - see Note 38

• Assessment of the status of various legal cases/
claims and other disputes where the Company
does not expect any material outflow of resources
and hence these are reflected as contingent
liabilities. Recognition and measurement of
provisions and contingencies: key assumptions
about the likelihood and magnitude of an outflow
of resources - see Note 42

• Impairment of financial assets - see Note 37

Notes:

(i) During the previous financial year 2023-24 the company has acquired 51% equity shares of Resowi Energy Private Limited, an
Independent O&M Wind Service Provider, on February 07, 2024. Accordingly, Resowi Energy Private Limited has become a subsidiary
of the Company with effect from 7^th February, 2024.

(ii) During the year pursuant to the approval granted by the shareholders of Inox Green Energy Services Limited ("the Company") at their 24^th Extra¬
ordinary General Meeting held on 1^st December 2023, the Company on 29^th November, 2024, has successfully completed the divestment/sale of
entire equity shares of H 10/- each held by the Company (along with shares held by its nominee) in its wholly owned subsidiary namely Inox Clean
Energy Limited (Previously known as Nani Virani Wind Energy Private Limited) to IGREL Renewables Limited, a related party controlled and owned
by significant beneficial owners of the Company, at a face value of H 10/- each.

Consequent upon the said disinvestment/sale, Inox Clean Energy Limited ceases to be a subsidiary of the Company at a considerations
of 9,000 lakhs.

(iii) During the year company has entered into share purchase agreement to sell the entire investment held by the company in the equity
share capital of Inox Neo Energies Private Limited (earlier known as Aliento Wind Energy Private Limited) a wholly owned subsidiary
comprising of 10,000 equity shares of H10/- each aggregating to H 1,00,000 to Inox Clean Energy Limited (Previously known as
Nani Virani Wind Energy Private Limited) a related party controlled and owned by significant beneficial owners of the company.
Consequent upon the said transaction Inox Neo Energies Private Limited (earlier known as Aliento Wind Energy Private Limited) shall
ceases to be a wholly owned subsidiary of the company.

(iv) During the year company has entered into share purchase agreement to sell the entire investment held by the company in the equity
share capital of Flurry Wind Energy Private Limited and Flutter Wind Energy Private Limited a wholly owned subsidiary comprising
of 10,000 equity shares of H10/- each aggregating to H 1,00,000 each, to Inox Neo Energies Private Limited (earlier known as Aliento
Wind Energy Private Limited) a related party controlled and owned by significant beneficial owners of the company.

(e) Allotment of Equity Shares in lieu of other than Cash Considerations

i) During the previous year ended 31^st March 2022, the company has issued 3,29,99,043 number of shares at a price of H80.64/
per share, for a consideration other than cash in lieu of the debt/liability/provisions owed to the allottees on account of receipt
of material / services / others / interest etc. from time to time.

ii) During the previous year ended 31^st March 2024, the company has issued 16,66,666 number of shares at a price of H48/ per
share, for a consideration other than cash in lieu of investment of subsidiary namly I-Fox Windtechnik India Private Limited.

(f) Allotment of Equity Shares

i) During the year, the company has issued 4,16,66,666 number of equity having face value of H 10/ each of the company at
price of H 48/ per equity share(including premium of H 38/ per share) fully paid up for a consideration other than cash in lieu of
compulsory convertible preference shares of the face value of H 10/ each amounting to H 20,000 lakh.

18: Equity share capital (Contd..)

ii) During the year, the company has issued number of 2,89,85,503 equity shares having face value H10/- each of the group at
price of H 138/- per equity share (including premium H128/-per share) fully paid up. The utilisation of offer proceed in relation to
the share issued are duly monitored by the authorised agency.

(g) Issue of Convertible warrants

i) During the year, the company has issued number of 4,48,27,582 convertible warrants and H 145/-per convertible
warrants(Including premium of H 135/ per warrants). The utilisation of offer proceed in relation to the warrants issued are duly
monitored by the authorised agency.

The Convertible warrants carries a right to subscribe 1 equity shares and convertible at any time within a period of 18 months
from the date of allotment, in one or more tranches. Further, during the period the company has approved the allotment of
equity shares on conversion of 27,58,620 warrants into 27,58,620 equity shares at an issue price of H 145/- per share (including
a premium of H 135/- per share).

(c) Rights, preferences and restrictions attached to 0.01% Non-Convertible, Non-Cumulative, Participating, Redeemable
Preference Shares:

The CCPS shall carry a preferential right vis-a-vis equity share of H 10/- each of the Company (“Equity Shares”) with respect to
payment of dividend and repayment in case of a winding up or repayment of capital. The CCPS shall not be redeemable as the same
are compulsorily to be convertible into Equity Shares of the Company. Holder of the CCPS shall have the right to seek conversion of
the CCPS into Equity Shares of the Company within 18 months from the date of allotment (“Tenure”). CCPS holder shall have an option
to convert CCPS into Equity Shares during the Tenure by sending prior notice of its intention of such conversion. The Company shall
convert the unexercised portion, if any, of allotted CCPS into the Equity Shares of the Company on the last day of the Tenure even
if the Proposed Allottee does not exercise the conversion option. The CCPS shall be non-participating in the surplus funds and in
surplus assets and profits, on winding-up which may remain after the entire capital has been repaid. All the 20,00,00,000 (Twenty
Crore) CCPS allotted on variation of the terms of NCPRPS shall be converted into upto 4,16,66,666 (Four Crore Sixteen Lakh Sixty
Six Thousand Six Hundred Sixty Six) fully paid up equity shares of face value of H 10/- each of the Company (“Equity Shares”), at a
price of H 48/- (Rupees Forty Eight only) per Equity Share (including a premium of H 38/- (Rupees Thirty Eight only) for each CCPS
(“Conversion Price”), from time to time, in one or more tranches and this Conversion Price has been determined based on the
Valuation Report. The number of equity shares that each CCPS converts into and the price per equity share upon conversion of each
CCPS shall be appropriately adjusted for splits or sub-divisions, reclassification, consolidation, exchange, or substitution of shares
and for any capital reorganisation including bonus issues by the Company.

Futher during the year the company has successfully converted CCPS of H 20,00,00,000 (Twenty Crore) into 4,16,66,666 (Four Crore
Sixteen Lakh Sixty Six Thousand Six Hundred Sixty Six) fully paid up equity shares of face value of H 10/- each of the Company
(“Equity Shares”), at a price of H 48/- (Rupees Forty Eight only) per Equity Share (including a premium of H 38/- (Rupees Thirty Eight
only) for each CCPS into equity shares of the company.

Notes of Reserves

a) Retained earnings

The amount that can be distributed by the Company as dividends to its equity shareholders is determined based on the
financial statements of the Company and also considering the requirements of the Companies Act, 2013 and also subject to
levy of dividend distribution tax, if any. Thus, the amounts reported above may not be distributable in entirety.

b) Securities premium

Securities Premium is used to record the premium on issue of shares. The reserve is utilised in accordance with provisions of
the Companies Act, 2013.

c) General reserve

The Company has transferred a portion of the net profit of the Company before declaring dividend or a portion of net profit t
kept separately for future purpose is disclosed as general reserve.

d) Share based payment reserve

The Company offers ESOP, under which options to subscribe for the Company's share have been granted to certain employees
and senior management of the company. The share based payment reserve is used to recognise the value of equity settled
share based payments provided as part of the ESOP scheme. Refer note 56.

Terms of repayment

*Cash credit H97.34 Lakhs (Previous year H 983.31 Lakhs) taken from Yes bank carries interest @ MCLR Plus 0.60% against corporate
guarantee of Inox Wind Limited. First Pari Passu charge on Current assets & second pari passu charges on Existing and Future movable
fixed assets of the Company and Inox Renewable Solutions Limited (earlier known as Resco Global Wind Services Limited).

# Rupee term loans during the period amounting to H 2,000 Lakhs (Previous year H 2,000 Lakhs) carries interest @ MCLR plus 2.00%
(Previous year MCLR Plus 2.00%) against corporate guarantee of Inox Wind Limited and Security of First Pari Passu charge on Current
assets and Existing and Future current assets of the Company and Inox Renewable Solutions Limited (earlier known as Resco Global Wind
Services Limited).

36. Capital Management

For the purpose of the Company's capital Management, capital includes issued equity share capital, security premium and all other equity
reserves attributable to the equity holders of the Company.

The Company' s capital Management objectives are:

• to ensure the Company's ability to continue as a going concern

• to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of
the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total equity.
The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents,
excluding discontinued operations, if any.

The carrying amount reflected above represents the Company's maximum exposure to credit risk for such financial assets.
Investment in subsidiaries are classified as equity investment have been accounted as at historic cost. Since these are scope out of
Ind AS 109 for the purpose of measurement, the same have not been disclosed in the above table.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices).

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable
market data (unobservable inputs).

(ii) Financial risk management

The Company's corporate finance function provides services to the business, coordinates access to financial market, monitors and
manages the financial risks relating to the operations of the Company through internal risk reports which analyse exposures by
degree and magnitude of the risk. These risks include market risk (including currency risk, interest rate risk and other price risk),
credit risk and liquidity risk.

a) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market
price. The Company does not have any foreign currency exposure, hence is not subject to foreign currency risks. Further, the
Company does not have any investments other than strategic investments in subsidiaries, so the company is not subject to
other price risks. Market risk comprise of interest rate risk and other price risk.

b) Interest rate risk management

Interest rate risk refers to the possibility that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rate. The Company is exposed to interest rate risk because it borrows funds at both fixed and
floating interest rates. The risk is managed by the Company by maintaining an appropriate mix between fixed and floating
rate borrowings.

37. Financial Instrument (Contd..)

Interest rate sensitivity analysis

The sensitivity analysis below have been determined based on the exposure to interest rates for floating rate liabilities at the
end of the year. For floating rate liabilities, a 50 basis point increase or decrease is used when reporting interest rate risk
internally to key management personnel and represents management's assessment of the reasonably possible change in
interest rates.

If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company's profit for the
year ended 31^st March 2025 would decrease/increase by H 9.20 Lakhs net of tax (for the year ended 31^st March 2024 would
decrease/increase by H 15.65 Lakhs net of tax). This is mainly attributable to the Company's exposure to interest rates on its
variable rate borrowings.

c) Other price risks

The Company's non listed equity securities as susceptible to market price risk arising from uncertainties about future values of
the investment securities. Management monitors the investment closely to mitigate its impact on profit and cash flows.

The Company is mainly exposed to the price risk due to its investment in mutual funds and. The price risk arises due to
uncertainties about the future market values of these investments. The Company has laid policies and guidelines which it
adheres to in order to minimise price risk arising from these investments.

d) Credit risk management

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company.
Credit risk arises primarily from financial assets such as trade receivables, other balances with banks, loans and other receivables.

Trade receivables

Credit risk arising from trade receivables is managed in accordance with the Company's established policy, procedures
and control relating to customer credit risk management. The Company is providing O&M services and is having long term
contracts with such customers. Accordingly, risk of recovery of such amounts is mitigated. Customers who represents more
than 5% of the total balance of Trade Receivable for the year ended 31^st March, 2025 is H 5,555.16 lakhs (for the year ended
31^st March 2024 is H 4,776.38 Lakhs from 5 major customers) are due from 3 major customers who are reputed parties. All trade
receivables are reviewed and assessed for default at each reporting period.

For trade receivables, as a practical expedient, the Company computes credit loss allowance based on a provision matrix. The
provision matrix is prepared based on historically observed default rates over the expected life of trade receivables from PSU-
Non disputed and others and is adjusted for forward-looking estimates. The provision matrix at the end of the reporting period
is as follows and during the year the Company has changed the provision matrix considering the long term outstanding and
credit risk for PSU-non disputed and others.

Loans and Other Receivables

The Company applies expected credit losses (ECL) model for measurement and recognition of loss allowance on the loans
given by the Company to the external parties. 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 Company expects to receive (i.e., all cash shortfalls),
discounted at the original effective interest rate.

In respect of loan and investment given to wholly-owned subsidiaries (hereafter referred to as SPVs), through a request for
selection (Rfs) process under the Solar Energy Corporation of India (SECI) to set up wind farm projects, In annual general
meeting held on September 29, 2023 & September 29, 2023 of the Company and Inox Wind Limited (Holding Company)
respectively approves that if the Company is unable to recover the funds provided as Inter-Corporate deposits and Bank
Guarantee from the SPVs, Inox Wind Limited will bear the costs.

The Company determines if there has been a significant increase in credit risk of the financial asset since initial recognition. If
the credit risk of such assets has not increased significantly, an amount equal to 12-month ECL is measured and recognized as
loss allowance. However, if credit risk has increased significantly, an amount equal to lifetime ECL is measured and recognized
as loss allowance.

12-month ECL are a portion of the lifetime ECL which result from default events that are possible within 12 months from the reporting
date. Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial asset.

ECL are measured in a manner that they reflect unbiased and probability weighted amounts determined by a range of
outcomes, taking into account the time value of money and other reasonable information available as a result of past events,
current conditions and forecasts of future economic conditions.

37. Financial Instrument (Contd..)

ECL impairment loss allowance (or reversal) recognized during the year is recognized as income/expense in the Statement of
Profit and Loss under the head Other Income/Other expenses respectively.

Other financial assets

Credit risk arising from other balances with banks is limited because the counterparties are banks.

e) Liquidity Risk Management

Ultimate responsibility for liquidity risk management rests with the committee of board of directors of the Company and its
holding company, which has established an appropriate liquidity risk management framework for the management of the
Company's short, medium and long-term funding and liquidity management requirements. The Company manages liquidity
risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast
and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Liquidity risk tables

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed
repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on
the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To
the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the
reporting period. The contractual maturity is based on the earliest date on which the Company may be required to pay.

38. Employee benefits:

(a) Defined Contribution Plans

The Company contributes to the Government managed provident and pension fund for all qualifying employees.

Contribution to provident fund of H 66.25 Lakhs (31^st March 2024 : H 65.91 Lakhs ) is recognized as an expense and included in
Contribution to provident and other funds” in Statement of Profit and Loss.

38. Employee benefits: (Contd..)

(b) Defined Benefit Plans:

The Company has defined benefit plan for payment of gratuity to all qualifying employees. It is governed by the Payment of Gratuity
Act, 1972. Under this Act, an employee who has completed five years of service is entitled to the specified benefit. The level of benefits
provided depends on the employee's length of service and salary at retirement age. The Company's defined benefit plan is unfunded.

There are no other post retirement benefits provided by the Company.

The actuarial valuation of the present value of the defined benefit obligation were carried out as at 31^st March 2025 by M/s Charan
Gupta Consultants Pvt Ltd, Fellow of the Institute of the Actuaries of India (for 31^st March 2024 by M/s Charan Gupta Consultants Pvt
Ltd, Fellow of the Institute of the Actuaries of India). The present value of the defined benefit obligation, the related current service
cost and past service cost, were measured using the projected unit credit method.

39. Related Party Disclosures: (Contd)

C) Guarantees/Securities

Inox Wind Limited has issued guarantee and Inox Renewable Solutions Limited (Earlier know as Resco Global Wind Service Limited)
provided security in respect of borrowings by the Company. The outstanding balances of such borrowings as at 31^st March 2025 is
H 97.34 Lakh (Previous Year H 983.31 Lakh).

Inox Wind Limited ("IWL") issued guarantee and Inox Renewable Solutions Limited (Earlier know as Resco Global Wind Service
Limited) provided security in respect of borrowings by the Company. The outstanding balances of such borrowings as at 31^st March
2025 is H 2,000 Lakh (Previous Year H 2,000 Lakh).

Gujarat Fluorochemicals Limited ("GFCL")(earlier known as Inox Fluorochemicals Limited), has issued guarantee and provided
security in respect of borrowings by the Company. The outstanding balances of such borrowings as at 31^st March 2025 is H Nil
(Previous Year H 4,550 Lakhs).

The Company has given security of H Nil (Previous year is H. 19,215.79 Lakhs ) to Bank/financial institution against loan taken by Inox
Clean Energy Limited(Earlier Know as Nani Virani Wind Energy Private Limited)

The Company has given Corporate gurantee in respect of borrowing taken by Inox Renewable Solutions Limited (Earlier know
as Resco Global Wind Service Limited). The outstanding balances of such borrowings as at 31^st March 2025 is H 10,000 Lakh
(Previous Year H Nil).

The Company has issued security of fixed deposit in respect of overdraft limit taken by Inox Renewable Solutions Limited (Earlier
know as Resco Global Wind Service Limited). The outstanding balances of such overdraft as at 31^st March 2025 is H 3,667.18 Lakh
(Previous Year H Nil).

(a) Sales, purchases and service transactions with related parties are made at arm's length price.

(b) Amounts outstanding are unsecured and will be settled in cash or receipts of goods and services.

(c) No expense has been recognised for the year ended 31^st March 2025 and 31^st March 2024 for bad or doubtful trade receivables
in respect of amounts owed by related parties.

(d) There have been no other guarantees/security received or provided for any related party receivables or payables.

(e) Compensation of Key management personnel

Footnote i: Details of claims against the Company not acknowledged as debt

a) Claims against the company not acknowledged as debts: claims made by customers H H 2,398.53 lakhs (Previous year
H 13,915.59 lakhs).

b) In respect of VAT/GST matters H 2,160.71 lakhs (Previous year H 491.31 Lakhs)

The Company had received assessment orders for the financial years ended 31^st March 2017 for demand of H185.38 lakhs, in respect
of Andhra Pradesh on account of VAT and CST demand on the issue of mismatch in ITC and non submission of statutory forms.

The Company has also received tax demand from kerela GST Department for H 246.85 Lakhs. (Previous year H 246.85 Lakhs).

The Company has received show couse notice of H 1,647.63 Lakhs (Previous year H Nil Lakhs) from GST Vadodara on account of input
tax credit utilization and reply of same has been filed .

The Company has received show couse notice of H 59.08 Lakh (Previous year H 59.08) from GST jaipur on account of input tax
credit utilization.

The Company has received show couse notice of H 21.77 Lakh (Previous year H Nil) from GST jaipur on account of input tax
credit utilization.

c) In respect of labour cess under Building and Other Construction Workers Act, 1996 - Nil (Previous year H 239.99 lakhs).

In respect of above matters, no additional provision is considered necessary as the Company expects favourable outcome. Further,
it is not possible for the Company to estimate the timing and amounts of further cash outflows, if any, in respect of these matters.

Due to unascertainable outcome for pending litigation matters with Court/Appellate Authorities, the management expects no
material adjustments on the standalone financial statements.

d) In respect of Income Tax matters H Nil (Previous year H 9.19 lakhs ) in respect to under reporting of Income of A.Y. 2016-17.

Footnote ii:Security Outstanding

The Company has given security of H Nil (Previous year is H 19,215.79 Lakhs ) to Bank/financial institution against loan taken by Inox Clean
Energy Limited(Earlier Known as Nani Virani Wind Energy Private Limited)

43: Capital and other Commitments
Other Commitments

Bank guarantees issued by the Company to its customers/Government bodies for H 2,555.63 lakhs (as at 31^st March 2024 : H 7,281.20 lakhs).

45: Segment Information

The Company has presented segment information in the consolidated financial statements which are presented in the same financial
report. Accordingly, in terms of Paragraph 4 of Ind AS 108 ‘Operating Segments', no disclosures related to segments are presented in this
standalone financial statements.

There is two customers contributed more than 10% of the total Company's revenue amounting to H 7,076.45 (Previous year: one customers
contributed more than 10% of the total Company's revenue amounting to H 3,047.13).

47. Discontinued Operations / Asset held for sale

The Company has decided to sale its subsidiary company viz. Inox Clean Energy Limited (earlier known as Nani Virani Wind Energy Private
Limited) vide its shareholders approval in Extra ordinary General Meeting resolution to IGREL Renewable Limited.

During the year ended 31^st March 2025, the company has received 6,39,00,000 number of shares at a price of H 10/ per share, against the
conversion of principal amount of CCD and 47,10,000 number of shares at a price of H 10/ per share, for a consideration other than cash in
lieu of the unpaid interest liability owed by Inox Clean Energy Limited (earlier known as Nani Virani Wind Energy Private Limited).

The Company on 29^th November, 2024, has successfully completed the divestment/sale of entire equity shares of H 10/- each held by the
Company (along with shares held by its nominee) in its wholly owned subsidiary namely Inox Clean Energy Limited (Previously known as
Nani Virani Wind Energy Private Limited) to IGREL Renewables Limited at gross consideration of H 29,000 Lakhs. Consequent upon the
said disinvestment/sale, Inox Clean Energy Limited ceases to be a subsidiary of the Company at a considerations of 9,000 lakhs.

48. The Company has policy to recognise revenue from operations & maintenance (O&M) over the period of the contract on a straight¬
line basis. O&M agreement of 30 WTGs (Previous year 126 WTGs) has been cancelled/modified with different customers. The company's
management expects no material adjustments in the standalone financial statements on account of any contractual obligation and taxes
& interest thereon, if any.

49. Cost of material consumed has been computed by adding purchase to the opening stock and deducting closing stock.

50. Operation & maintenance services against certain contract does not require any material adjustment on account of machine
availability, if any.

51. The Company incorporated 6 wholly-owned subsidiaries (hereafter referred to as SPVs), through a request for selection (Rfs)
process under the Solar Energy Corporation of India (SECI) to set up wind farm projects. The company invested funds in the SPVs
through Inter-Corporate deposits and also provided bank guarantees of H 5,578 Lakh. The management believes that once the projects
are commissioned and subject to pending regulatory matters and operational performance improvement, the company will be able to
recover the funds from the SPVs and release the bank guarantees. However, as at June 30, 2024, the SPVs' project completion date had
expired and applications for extensions has been rejected on 02.09.2024 and Bank Guarantee has been invoked and IGESL further filed
the appeal before appellate authority (CERC) and same is pending with regulators. In annual general meeting held on September 29, 2023
& September 29, 2023 of the Company and subsidiary company respectively approves that if the group is unable to recover the funds
provided as Inter-Corporate deposits and Bank Guarantee from the SPVs, Inox Wind Limited will bear the costs. Further during the year
investment in shareholding of 3 SPVs has been sold by the company.

52. Due to unascertainable outcomes for pending litigation matters with Court/Appellate Authorities, the Company's management
expects no material adjustments on the Standalone Financial Statements.

53. The Company has the policy to recognise revenue from operations & maintenance (O&M) over the period of the contract on a
straight-line basis. Certain O&M services are to be billed by amounting to H12,412.20 Lakhs (Previous year 12,379.38 lakhs) for which
services have been rendered. On the basis of the contractual tenability, and progress of negotiations/discussions/arbitration/litigations,
the company's management expects no material adjustments in the standalone financial statements on account of any contractual
obligation and taxes & interest thereon, if any.

53a: The Company had certain disagreements with one of its customer, its associates/affiliates for certain pending projects due to
various matters and due to covid -19 pandemic etc. After various discussions with the customer, the company has taken back certain
un-commissioned Wind Turbine Generators (WTGs) and entered into settlement dated 6th May 2024 to settle all outstanding recoverable
balances and other related matters.

(a) During the financial year ended March 31, 2023 the company has recognised the deferred tax @ 34.944% instead of prevailing rate of
29.120% (companies having turnover less than 400 Crore in previous financial year). The Impact of the changes has been recognised
retrospectively.

55: Employees' stock option plan

The company has ESOP Schemes namely " Inox Green Employee Stock Option Scheme 2024 " ("ESOS 2024/Scheme").

The shareholders of the company approved through Postal Ballot concluded " Inox Green Employee Stock Option Scheme 2024 " ("ESOS
2024/Scheme") at the Extraordinary General Meeting held on on May 05, 2024 to Emplyee stock option plan of the company to specified
categories of employees of the company. Each option granted and vested under ESOS 2024 shall entitle the holder to acquire one equity
share of face value of H 10 each of the company

The Nomination and Remuneration committee ("Committee") of the Company formulated and approved " Inox Green Employee Stock
Option Scheme 2024 " ("ESOS 2024/Scheme") at its meeting held on March 29, 2024 which is also approved by the board of director
of the company.

The fair value of the share options is estimated at the grant date using the option pricing model (for example Black- Scholes or Binomial
Model), taking into account the terms and conditions upon which the share options were granted. However, the above performance
condition is only considered in determining the number of instruments that will ultimately vest.

(iii) The Company complies with the number of layers of companies in accordance with clause 87 of Section 2 of the Act read with the
Companies (Restriction on number of layers) rules 2017 during the year ended March 31, 2025 and March 31, 2024.

(iv) The Company has not invested or traded in cryptocurrency or virtual currency during the year ended March 31, 2025 and
March 31, 2024.

(v) No proceedings have been initiated on or are pending against the company for holding Benami property under the Prohibition of
Benami Property Transaction Act 1988 (as amended in 2016) (formally the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)
and Rules made thereunder during the year ended March 31, 2025 and March 31, 2024.

(vi) The Company has not been declared a wilful defaulter by any bank or financial institution or government or any government
authorities during the year ended March 31, 2025 and March 31, 2024.

(vii) The Board of Directors of the Company at its meeting held on November 13, 2024 has, subject to necessary approvals, approved a
Scheme of Arrangement amongst Inox Green Energy Services Limited (‘Demerged Company') and Inox Renewable Solutions Limited
(earlier known as Resco Global Wind Services Limited) (‘Resulting Company' or ‘Company') and their respective shareholders and
creditors under Section 230 to 232 read with the other applicable provisions of the Companies Act, 2013 (‘Scheme'). The Scheme,
inter alia, provides for demerger of the Demerged Undertaking comprising the Power Evacuation Business (as defined in the Scheme)

57: Other statutory information's: (Contd..)

of Inox Green Energy Services Limited into Inox Renewable Solutions Limited (earlier known as Resco Global Wind Services Limited).
Upon the Scheme becoming effective, the Demerged Undertaking shall be transferred to the Company on a going concern basis
and in consideration thereof, Inox Renewable Solutions Limited (earlier known as Resco Global Wind Services Limited) shall issue and
allot 122 Equity Share of face and paid-up value of H 10/- each for every 1000 Ordinary Shares of face and paid-up value of H 10/- each
held by the Shareholders in Inox Green Energy Services Limited. All the Equity Shares of the Company will be listed and/or admitted
to trading on the National Stock Exchange of India Limited and BSE Limited, which have nation-wide trading terminals. The Scheme
shall be effective from the Appointed Date and shall be operative from the Effective Date.

The Scheme is subject to requisite approvals, including approval of the National Company Law Tribunal. Accordingly, no accounting
effect in respect of the Scheme has been given in these financial statements.

The Company has not entered into any scheme of arrangement approved by the competent authority in terms of sections 232 to
237 of the Companies Act 2013 during the year ended March 31, 2024."

(viii) During the year ended March 31, 2025 and March 31, 2024, the Company has not surrendered or disclosed as income any transactions
not recorded in the books of accounts in the course of tax assessments under the Income Tax Act, 1961 (such as search or survey or
any other relevant provisions of the Income Tax Act 1961).

(xi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) except shown
below with the understanding (whether recorded in writing or otherwise) that the company shall:

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

- provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

Note: The unutilised amount is invested in money market instruments (Mutual Funds). Refer note 8b

62: The company adheres to the requirements of the Goods and Services Act ("GST Act") and "chapter- xvii of the Income Tax Act, 1961 by
maintaining proper documentation and information. However, the company, currently, has certain pending compliances including certain
reconciliation. Management believes that there will be no significant impact on the statements.

63: During the current year, the Parent company (Inox Wind Limited) has completed the merger of Inox Wind Energy Limited (‘Transferor
Company') (appointed date July 01, 2023) pursuant to the scheme of merger filed under the provisions of Section 230 to 232 read with
Section 66 and other applicable provisions of the Companies Act, 2013 and Rules made thereunder. The Hon'ble National Company Law
Tribunal, Chandigarh Bench (“Hon'ble NCLT”) vide its order dated May 23, 2025, approved the aforesaid Scheme.

Pursuant to merger of Inox Wind Energy Limited (‘Transferor Company') and Inox Wind Limited (‘Company' or ‘Transferee Company'), the
transactions and balances of Inox Wind Energy Limited has been merged with the transactions and balances of Inox wind Limited.

As per our report of even date attached

For and on behalf of the Board of Directors

For Dewan P N Chopra & Co Shailendra Tandon Manoj Dixit

Chartered Accountants Director Whole-time Director

Firm's Registration No 000472N DIN : 07986682 DIN:06709232

Sandeep Dahiya S K Mathusudhana Govind Prakash Rathor

Partner Chief Executive Officer Chief Financial Officer

Membership No. 505371

Anup Kumar Jain

Company Secretary
M.No: ACS-20476

Place : Noida Place : Noida

Date : 30/05/2025 Date : 30/05/2025