17. Provisions and contingent liabilities

Provisions: Provisions are recognised when there
is a present obligation as result of a past event, it is
probable that an outflow of resources embodying
economic benefits will be required to settle
the obligation and there is a reliable estimate
of the amount of the obligation. Provisions are
measured at the best estimate of the expenditure
required to settle the present obligation at the
Balance sheet date and are not discounted to its
present value unless the effect of time value of

money is material. When discounting is used, the
increase in the provision due to the passage of
time is recognised as a finance cost.

Contingent Liabilities: Contingent liabilities are
disclosed when there is a possible obligation
arising from past events, the existence of which
will be confirmed only by the occurrence or
non occurrence of one or more uncertain future
events not wholly within the control of the
Company or a present obligation that arises from
past events where it is either not probable that
an outflow of resources will be required to settle
or a reliable estimate of the amount cannot be
made. 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 assets: The company does not
recognise contingent assets.

Onerous contract: A provision for onerous
contracts is measured at the present value of the
lower of the expected cost of terminating the
contract and the expected net cost of continuing
with the contract, which is determined based on
the incremental costs of fulfilling the obligation
under the contract and an allocation of other
costs directly related to fulfilling the contract.
Before a provision is established, the Company
recognises any impairment loss on the assets
associated with that contract.

18. Taxation

I ncome tax comprises current and deferred tax.
It is recognised in profit or loss except to the
extent that it relates to a business combination or
an item recognised directly in equity or in other
comprehensive income.

a. Current tax:

Current tax comprises the expected tax
payable or receivable on the taxable income
or loss for the year and any adjustment to
the tax payable or receivable in respect of
previous years. The amount of current tax
reflects the best estimate of the tax amount
expected to be paid or received after
considering the uncertainty, if any, related
to income taxes. It is measured using tax
rates (and tax laws) enacted or substantively
enacted by the reporting date.

Current tax assets and current tax liabilities
are offset only if there is a legally enforceable
right to set off the recognised amounts, and
it is intended to realise the asset and settle
the liability on a net basis or simultaneously.

b. Deferred tax:

Deferred tax is recognised in respect of
temporary differences between the carrying
amounts of assets and liabilities for financial
reporting purposes and the corresponding
amounts used for tax purposes. Deferred
tax is also recognised in respect of carried
forward tax losses and tax credits. Deferred
tax is not recognised for temporary
differences arising on the initial recognition
of assets or liabilities in a transaction that is
not a business combination and that affects
neither accounting nor taxable profit or loss
at the time of the transaction.

Deferred tax assets are recognised to the
extent that it is probable that future taxable
profits will be available against which
they can be used. Deferred tax assets -
unrecognised or recognised, are reviewed
at each reporting date and are recognised/
reduced to the extent that it is probable/
no longer probable respectively that the
related tax benefit will be realised.

Deferred tax is measured at the tax rates that
are expected to apply to the period when
the asset is realised or the liability is settled,
based on the laws that have been enacted
or substantively enacted by the reporting
date.

The measurement of deferred tax reflects
the tax consequences that would follow
from the manner in which the Company
expects, at the reporting date, to recover or
settle the carrying amount of its assets and
liabilities.

Deferred tax assets and liabilities are offset
if there is a legally enforceable right to offset
current tax liabilities and assets, and they
relate to income taxes levied by the same
tax authority on the same taxable entity, or
on different tax entities, but they intend to
settle current tax liabilities and assets on a
net basis or their tax assets and liabilities will
be realised simultaneously.

19. Financial and Corporate guarantee contracts

Company as a beneficiary: Financial guarantee
contracts involving the Company as a beneficiary
are accounted as per Ind-As 109. The Company
assesses whether the financial guarantee is a
separate unit of account (a separate component
of the overall arrangement) and recognises a
liability as may be applicable Company as a
guarantor: The Company on a case to case basis
elects to account for financial guarantee contracts
as a financial instrument or as an insurance
contract, as specified in Ind AS 109 on Financial
Instruments and Ind AS 117 on Insurance
Contracts, respectively. Wherever the Company
has regarded its financial guarantee contracts as
insurance contracts, at the end of each reporting
period the Company performs a liability
adequacy test, (i.e. it assesses the likelihood
of a pay-out based on current undiscounted
estimates of future cashflows), and any deficiency
is recognised in profit or loss.

Where they are treated as a financial instrument,
the financial guarantee contracts are recognised
initially as a liability at fair value, adjusted for
transaction costs that are directly attributable
to the issuance of the guarantee. Subsequently,
the liability is measured at the higher of the
amount of less allowance determined as per
impairment requirements of Ind AS 109 and
the amount recognised less, when appropriate,
the cumulative amount of income recognised in
accordance with the principles of Ind AS 115."

20. Earnings per share

Basic earnings per share is computed by dividing
the profit after tax (including the post tax effect
of exceptional items, if any) by the weighted
average number of equity shares outstanding
during the year.

Diluted earnings per share is computed by
dividing the profit after tax (including the post
tax effect of exceptional items, if any) as adjusted
for dividend, interest and other charges to
expense or income relating to the additional
dilutive potential equity shares, by the weighted
average number of equity shares considered
for deriving basic earnings per share and the
weighted average number of equity shares
which could have been issued on the conversion
of all dilutive potential equity shares. Potential
equity shares are deemed to be dilutive only if
their conversion to equity shares would decrease
the net profit per share from continuing ordinary

operations. Potential dilutive equity shares are
deemed to be converted as at the beginning
of the period, unless they have been issued at
a later date. The dilutive potential equity shares
are adjusted for the proceeds receivable had
the shares been actually issued at fair value (i.e.
average market value of the outstanding shares).
Dilutive potential equity shares are determined
independently for each period presented.

21. Investment in subsidiaries and joint venture /
associate entities

Investment in subsidiaries and joint venture
/ associate entities are measured at cost less
accumulated impairment as per Ind AS 27.
Investments are reviewed for impairment if
events or changes in circumstances indicate that
the carrying amount may not be recoverable.

22. Dividend

The final dividend on shares is recorded
as a liability on the date of approval by the
shareholders and interim dividends are recorded
as a liability on the date of declaration by the
Board of Directors.

23. Segment reporting

The Company holds strategic investments and
operates in a single reportable segment, which
primarily includes providing support services
such as management, information technology,
business development and infrastructure to
entities in the Rane Group.

As the Company's operations are confined to only
one segment, no seperate segment disclosures
are presented in the standalone financial
statements. Segment information pertaining to
the underlying operating businesses is disclosed
in the consolidated financial statements of the
company

24. Recent pronouncements

Ministry of Corporate Affairs ("MCA") notifies
new standards or amendments to the existing
standards under Companies (Indian Accounting
Standards) Rules as issued from time to time.
For the year ended March 31, 2025, MCA has
notified Ind AS 117 Insurance Contracts and
amendments to Ind AS 116 -Leases, relating to
sale and leaseback transactions, applicable to the
Company w.e.f. April 1,2024. The Company has
reviewed the new pronouncements and based
on its evaluation has determined that it does
not have any significant impact in its financial
statements.

Notes:

7.1 During the year, pursuant to the scheme of amalgamation ("Scheme"), RBL and REVL were merged into
RML following approval from National Company Law Tribunal. The Appointed date for the amalgamation
was April 01,2024. As at March 31, 2025, the Company held equity shares in RBL and REVL, against
which the company is entitled to receive shares in RML basis the approved swap ratio. Subsequent to
the reporting date, the allotment of RML shares was completed.

7.2 During the year ended March 31, 2025, the Company acquired 91,29,000 equity shares (51% stake)
held by NSK Limited, Japan in Rane Steering Systems Private Limited (formerly known as Rane NSK
Steering systems Private Limited) for '4,500 Lakhs and accordingly RSSL became an wholly owned
subsidiary of the company effective from September 19, 2024.

7.3 The Company designated the investments shown below as equity investments at FVOCI because these
equity instruments represent investments that the Company intends to hold for long-term for strategic
purposes.

('47 Lakhs during the year ended March 31,2024) from AutoTech towards its share of distribution of
capital arising as a result of sale of investments held by AutoTech in some of the portfolio companies.
The said amount has been reduced from the carrying value of investments.

7.4 As per requirements of Ind AS 36, the Company has assessed the recoverable value of its total
investment in its erstwhile subsidiary and has accordingly recorded an impairment loss amounting to
'296 Lakhs during the year ended March 31,2024. The Company had sold its entire investment in Rt4u
for a consideration of '850 Lakhs in exchange for allotment of 862,505 equity shares in eTrans Solutions
Private Limited ("eTrans") representing 11.94% stake in eTrans and Rt4u ceased to be a subsidiary of the
Company effective July 19, 2023.

The interest rate is at 9.30% p.a for the loans outstanding as at March 31,2025.

The term loans outstanding as at March 31,2025 which were availed from Bajaj Finance Limited were secured
by charge created on the Company's land and building located at Kandanchavadi, Chennai.

Other borrowing notes

Term loans were applied for the purpose for which they were obtained.

The Company has not been declared as wilful defaulters by any bank or financial institutions or other lender.

Information about the Company's exposure to interest rate, foreign currency and liquidity risk is disclosed
in note 44

Breach of loan agreement

There is no breach of loan agreements.

33.3. Other statutory information

a. The Company has not traded or invested in Crypto currency or virtual currency during the financial year.

b. The Company does not have any transaction which is not recorded in the books of account that has
been surrendered or disclosed as income during the year in the tax assessments under the Income Tax
Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)

c. The Company does not have any transactions with struck off companies under section 248 of the
Companies Act, 2013 or section 560 of the Companies Act, 1956 during the year.

d. The Company has not advanced or loaned or invested funds to any persons or entities, including
foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that
the Intermediary shall:

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

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

e. The Company has not received any fund from any persons or entities, including foreign entities (Funding
Party) 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
by or on behalf of the Funding Party (Ultimate Beneficiaries) or

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

f. The Company does not have any charges or satisfaction which is yet to be registered with Registar of
Companies beyond the statutory period as at the reporting date.

g. The Company has complied with the number of layers prescribed under clause 87 of section 2 of the
Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

h. The Company has not entered into any scheme of arrangement as per sections 230 to 237 of the
Companies Act, 2013.

39. Employee benefit plans

A. Defined contribution plans

The Company participates in a number of defined contribution plans on behalf of relevant personnel. Any
expense recognised in relation to these schemes represents the value of contributions payable during the
period by the Company at rates specified by the rules of those plans. The only amounts included in the
balance sheet are those relating to the prior months contributions that were not due to be paid until after
the end of the reporting period.

(a) Provident fund

I n accordance with the Employee's Provident Fund and Miscellaneous Provisions Act, 1952, eligible
employees of the Company are entitled to receive benefits in respect of provident fund, a defined
contribution plan, in which both employees and the Company make monthly contributions at a specified
percentage of the covered employees salary.

The contributions, as specified under the law, are made to the Government.

(b) Superannuation fund

The Company has a superannuation plan for the benefit of its employees. Employees who are members
of the superannuation plan are entitled to benefits depending on the years of service and salary drawn.

The Company contributes up to 15% of the eligible employees' salary to LIC every year. Such
contributions are recognised as an expense as and when incurred. The Company does not have any
further obligation beyond this contribution.

The total expense recognised in profit or loss of '158 Lakhs (for the year ended March 31,2024 : '152
Lakhs) represents contributions payable to these plans by the company at rates specified in the rules of
the plans. As at March 31,2025 contributions of '25 Lakhs (as at March 31,2024 : '23 Lakhs) had not
been paid. The amounts were paid subsequent to the end of the respective reporting periods.

B. Defined benefit plans

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible
employees. The plan provides for a lump-sum payment to vested employees upon retirement, resignation,
death while in employment or on termination of employment of an amount equivalent to 15 days salary
payable for each completed year of service. Vesting occurs upon completion of five years of service. The
Company makes annual contributions to Life Insurance Corporation of India (LIC). The Company accounts
for the liability for gratuity benefits payable in the future based on an actuarial valuation.

The defined benefit plans typically expose the Company to actuarial risks such as: investment risk, interest
rate risk and salary risk.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has
been calculated using the projected unit credit method at the end of the reporting period, which is the same as
that applied in calculating the defined benefit obligation liability recognised in the balance sheet.

There was no change in the methods used in preparing the sensitivity analysis from prior years.

Defined benefit liability and employer contributions

The Company expects to contribute an amount of '72 Lakhs towards defined benefit plan obligations funds for
year ending March 31,2026 in view of deficit in plan assets as at March 31,2025. The weighted average duration
of the defined benefit obligation is 2.8 years (March 31, 2024 - 4.5 years). The expected maturity analysis of
undiscounted gratuity is as follows:

41. Segment reporting

An operating segment is a component of the Company that engages in business activities from which it may
earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of
the Company's other components, and for which discrete financial information is available. All operating
segments' operating results are reviewed regularly by the Company's Board of Directors to make decisions
about resources to be allocated to the segments and assess their performance. The Board of Directors are
considered to be the Chief Operating Decision Maker ('CODM') within the purview of Ind AS 108 Operating
Segments.

The Company holds strategic investments and operates in a single reportable segment, which primarily
includes providing support services such as management, information technology, business development,
and infrastructure to entities in the Rane Group. As the Company's operations are confined to only one
segment, no separate segment disclosures are presented in the Standalone financial statements. Segment
information pertaining to the underlying operating businesses is disclosed in the Consolidated financial
statements of the Company.

Note:

1. Investment in subsidiaries, joint venture / associate entities of '47,443 Lakhs ('42,943 Lakhs) is shown
at cost (net off impairment) in balance sheet as per the Ind AS 27 " Separate Financial Statements"

2. The Company has not disclosed fair values of financial instruments such as trade receivables, cash and
cash equivalents, bank balances other than cash and cash equivalents, loans, other financial assets,
borrowings, trade payables and other financial liabilities, since their carrying amounts are a reasonable
approximation of their fair values.

B. Financial risk management

The Company has exposure to the following risks arising from financial instruments:

a) Credit risk (see (ii) below);

b) Liquidity risk (see (iii) below); and

c) Market risk (see (iv) below).

i. Risk management framework

The Company's board of directors has overall responsibility for the establishment and oversight of the
Company's risk management framework. The board of directors along with the top management are
responsible for developing and monitoring the Company's risk management policies. The Company's
senior management advises on financial risks and the appropriate financial risk governance framework
for the Company.

The Company's risk management policies are established to identify and analyse the risks faced by
the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits.
Risk management policies and systems are reviewed regularly to reflect changes in market conditions
and the Company's activities. The Company, through its training and management standards and
procedures, aims to maintain a disciplined and constructive control environment in which all employees
understand their roles and obligations.

The board of directors oversees the compliance with respect to risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced
by the Company.

ii. Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss.

The Company's receivables are primarily only from its subsidiary, joint venture / associate entities. The
Company does not have any history of bad debts in earlier years in respect of receivable from the
Group companies and as a result, the Company do not perceive a credit risk with respect to receivables
from group companies and no loss allowance for trade receivables was required to be recognised.

I nvestments are made only with approval of Board of Directors. This primarily include investments in
equity instruments of subsidiaries, joint venture/associate entities amongst others. The Company does
not expect significant credit risks arising from these investments.

The Company holds cash and cash equivalents and bank balances other than cash and cash equivalents
with credit worthy banks as at the reporting dates. The credit risk on these instruments is limited because
the counterparties are banks with high credit ratings assigned by international credit rating agencies.

Other financial assets comprises of other receivables, long term deposits and rent advance. The
Company does not expect any loss from non-performance by these counter-parties.

iii. Liquidity risks

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. 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.

Taking into consideration the liquidity position of the Company as at the balance sheet date together
with the existing and proposed financing arrangements made for future, the management believes that
the liquidity risk is mitigated and that the Company will be able to meet all its obligations arising from
settlement of financial liabilities.

iv. Market risks

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates will
affect the Company's income or the value of its holdings of financial instruments. The objective of
market risk management is to manage and control market risk exposures within acceptable parameters
and optimising the return.

The Company is exposed to equity price risks arising from its investments in equity investments.
However all the equity investments in group companies are strategic in nature and held for long term
period rather than for trading purposes.

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 on account of investments and trade receivables.

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. The Company's exposure to the risk of changes in market
interest rates relates primarily to the Company's debt obligations with floating interest rates.

The Company constantly monitors the credit markets and rebalances its financing strategies to achieve
an optimal maturity profile and financing cost. The Company manages its interest rate risk by having a
balanced portfolio of fixed and variable rate borrowings. A 50 basis point increase or decrease is used
and represents management's assessment of the reasonably possible changes in interest rates.

If interest rate had been 50 basis point higher / lower and all other variables were held constant,
the Company's profit for the year ended March 31, 2025 would decrease / increase by '25 Lakhs
(March 31,2024 : Nil).

Equity price sensitivity analysis

The sensitivity analysis below have been determined based on the exposure to equity price risks at the
end of the reporting period.

If the fair value had been 1% higher / lower, profit for the year ended March 31,2025 would increase
/ decrease by '39 Lakhs (March 31,2024: '41 Lakhs) as a result of the changes in fair value of equity
investments which have been irrevocably designated at FVOCI.

Offsetting financial assets and financial liabilities

The Company does not have any financial instruments that offset or are subject to enforceable master
netting arrangements and other similar agreements.

45. Approval of financial statements

The financial statements were approved for issue by the Board of Directors on May 30, 2025.

As per our report of even date attached

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

Chartered Accountants Rane Holdings Limited

Firm's Registration No.: 101248W/W-100022

S Sethuraman Harish Lakshman Ganesh Lakshminarayan

Partner Vice Chairman and Joint Chairman and Managing Director

Membership No.: 203491 Managing Director DIN:00012583

DIN:00012602

Place: Chennai J Ananth Siva Chandrasekaran

Date: May 30, 2025 Chief Financial Officer Company Secretary