• Impairment

At the end of each reporting year, the
Company reviews the carrying amounts of its
tangible and intangible assets to determine
whether there is any indication that those
assets have suffered an impairment loss. If
any such indication exists, the recoverable
amount of the asset is estimated in order to
determine the extent of the impairment loss (if
any). Where it is not possible to estimate the
recoverable amount of an individual asset, the
Company estimates the recoverable amount
of the cash-generating unit to which the asset
belongs. Where a reasonable and consistent
basis of allocation can be identified, corporate
assets are also allocated to individual cash¬
generating units, or otherwise they are
allocated to the smallest group of cash¬
generating units for which a reasonable and
consistent allocation basis can be identified.
Intangible assets with indefinite useful lives
and intangible assets not yet available for use
are tested for impairment at least annually,
and whenever there is an indication that
the asset may be impaired. Recoverable
amount is the higher of fair value less costs
to sell and value in use. 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 for which the
estimates of future cash flows have not been
adjusted. If the recoverable amount of an
asset (or cashgenerating unit) is estimated to
be less than its carrying amount, the carrying
amount of the asset (or cash-generating unit)
is reduced to its recoverable amount. An
impairment loss is recognised immediately
in the Statement of Profit and Loss Goodwill
and intangible assets that do not have definite
useful life are not amortised and are tested
at least annually for impairment. If events
or changes in circumstances indicate that
they might be impaired, they are tested for
impairment once again.

H. Investments

The investments in subsidiaries, associates and joint
ventures are carried in these financial statements
at historical ‘cost, except when the investment or
a portion thereof, is classified as held for sale,
in which case it is accounted for as Non-current
assets held for sale and discontinued operations.
Where the carrying amount of an investment is
greater than its estimated recoverable amount, it is
written down immediately to its recoverable amount
and the difference is transferred to the Statement
of Profit and Loss. On disposal of investment, the
difference between the net disposal proceeds and
the carrying amount is charged or credited to P & L.

I. Borrowing costs

General and specific borrowing costs that are
directly attributable to the acquisition, construction
or production of a qualifying asset are capitalised
during the period of time that is required to complete
and prepare the asset for its intended use or sale.
Qualifying assets are assets that necessarily take
a substantial period of time to get ready for their
intended use or sale. Other borrowing costs are
expensed in the period in which they are incurred.
Borrowing costs consist of interest and other
costs that an entity incurs in connection with the
borrowing of funds. Borrowing cost also includes
exchange difference to the extent regarded as an
adjustment to the borrowing costs.

J. Segment Reporting

Operating segments are reported in a manner
consistent with the internal reporting provided to
the Chief Operating Decision Maker (“CODM”) of
the Company. The CODM, who is responsible for
allocating resources and assessing performance
of the operating segments, has been identified as
the Board of directors. The Company has identified
only one segment as reporting segment based on
the information reviewed by CODM.

K. Financial Instruments

• Recognition initial measurement

Trade receivables are initially recognised when
they originate. All other financial assets and
financial liabilities are initially recognised when

the Company becomes a party to the contractual
provisions of the instrument. A financial asset or
financial liability is 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. However,
trade receivables that do not contain a significant
financing component are measured at transaction
price.

• Classification and subsequent measurement

• Financial Assets

On initial recognition, a financial asset is
classified as measured at

• amortised cost or

• FVTPL

Financial assets are not reclassified
subsequent to their initial recognition, except
if and in the period the Company changes its
business model for managing financial assets.
A financial asset is measured at amortised
cost if it meets both of the following conditions
and is not designated as at FVTPL:

• the asset is held within a business model
whose objective is to hold assets to
collect contractual cash flows; and

• 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.

• Financial assets: Business model assessment
The Company makes an assessment of
the objective of the business model in
which a financial asset is held at a portfolio
level because this best reflects the way the
business is managed and information is
provided to management. The information
considered includes:

• The stated policies and objectives for
the portfolio and the operation of those
policies in practice. These include
whether management’s strategy focuses
on earning contractual interest income,
maintaining a particular interest rate
profile, matching the duration of the
financial assets to the duration of any
related liabilities or expected cash
outflows or realising cash flows through
the sale of the assets;

• how the performance of the portfolio is
evaluated and reported to the Company’s
management;

• t he risks that affect the performance of
the business model (and the financial
assets held within that business model)
and how those risks are managed;

• how managers of the business are
compensated e.g. whether compensation
is based on the fair value of the assets
managed or the contractual cash flows
collected; and

• the frequency, volume and timing of sales
of financial assets in prior periods, the
reasons for such sales and expectations
about future sales activity.

Transfers of financial assets to third parties
in transactions that do not qualify for
derecognition are not considered sales for
this purpose, consistent with the Company’s
continuing recognition of the assets. Financial
assets that are held for trading or are managed
and whose performance is evaluated on a
fair value basis are measured at FVTPL.
The Company recognises transfers between
levels of the fair value hierarchy at the end of
the reporting period during which the change
has occurred.

• Financial assets: Assessment whether
contractual cash flows are solely payments of
principal and interest

For the purposes of this assessment,
‘principal’ is defined as the fair value of the

financial asset on initial recognition. ‘Interest’
is defined as consideration for the time value
of money and for the credit risk associated
with the principal amount outstanding during
a particular period of time and for other basic
lending risks and costs (e.g. liquidity risk
and administrative costs), as well as a profit
margin.

In assessing whether the contractual cash
flows are solely payments of principal
and interest, the Company considers the
contractual terms of the instrument. This
includes assessing whether the financial asset
contains a contractual term that could change
the timing or amount of contractual cash flows
that it would not meet this condition. In making
this assessment, the Company considers:

• contingent events that would change the
amount or timing of cash flows;

• terms that may adjust the contractual
coupon rate, including variable interest
rate features;

• prepayment and extension features; and

• terms that limit the Company’s claim to
cash flows from specified assets (e.g.
non-recourse features).

A prepayment feature is consistent with
the solely payments of principal and
interest criterion if the prepayment amount
substantially represents unpaid amounts of
principal and interest on the principal amount
outstanding, which may include reasonable
additional compensation for early termination
of the contract Additionally, for a financial
asset acquired at a significant discount or
premium to its contractual par amount, a
feature that permits or requires prepayment
at an amount that substantially represents
the contractual par amount plus accrued (but
unpaid) contractual interest (which may also
include reasonable additional compensation
for early termination) is treated as consistent
with this criterion if the fair value of the
prepayment feature is insignificant at initial
recognition.

• Financial assets: subsequent measurement
and gains and losses

Financial assets at FVTPL: These assets
are subsequently measured at fair value. Net
gains and losses, including any interest or
dividend income, are recognised in profit or
loss.

Financial assets at amortised cost: These
assets are subsequently measured at
amortised cost using the effective interest
method. The amortised cost is reduced by
impairment losses. Interest income, foreign
exchange gains and losses and impairment
are recognised in profit or loss. Any gain or
loss on derecognition is recognised in profit or
loss

• Financial liabilities: Classification, subsequent
measurement and gains and losses
Financial liabilities are classified as measured
at amortised cost or FVTPL. A financial liability
is classified as at FVTPL if it is classified as
held-for-trading, or it is a derivative or it is
designated as such on initial recognition.
Financial liabilities at FVTPL are measured at
fair value and net gains and losses including
any interest expense, are recognised in
profit or loss. Other financial liabilities are
subsequently measured at amortised cost
using the effective interest method. Interest
expense and foreign exchange gains and
losses are recognized in profit or loss.
Any gains or loss on derecognition is also
recognized in the statement of profit and loss.

• Derecognition

• Financial assets

The Company derecognizes a financial
asset when the contractual rights to
the cash flows from the financial asset
expire, or it transfers the rights to
receive the contractual cash flows in a
transaction in which substantially all of
the risks and rewards of ownership of
the financial asset are transferred or in
which the Company neither transfers
not retains substantially all of the risks

and rewards of ownership but does not
retain control of the financial asset. If
the Company enters into transactions
whereby it transfers assets recognized
on its balance sheet, but retains either
all or substantially all of the risks and
rewards of the transferred assets, the
transferred assets are not derecognized.

• Financial liabilities

The Company derecognises a financial
liability when its contractual obligations
are discharged or cancelled, or expired.
The Company also derecognises a
financial liability when its terms are
modified and the cash flow under
the modified terms are substantially
different. In this case, a new financial
liability based on the modified terms is
recognised at fair value. The difference
between the carrying amount of the
financial liability extinguished and the
new financial liability with modified terms
is recognised in the statement of profit
and loss

• Offsetting

Financial assets and financial liabilities
are offset and the net amount presented
in the balance sheet when, and only
when, the Company currently has a
legally enforceable right to set off the
amounts and it intends either to settle
them on a net basis or to realise the asset
and settle the liability simultaneously

• Equity instruments

Equity instruments issued by the
Company are classified according
to the substance of the contractual
arrangements entered into and the
definitions of an equity instrument. An
equity instrument is any contract that
evidences a residual interest in the
assets of the Company after deducting all
of its liabilities and includes no obligation
to deliver cash or other financial assets.

L. Leases

A contract is, or contains, a lease if the contract
conveys the right to control the use of an
identified asset for a period of time in exchange
for consideration. Company as a lessee The
Company’s lease asset classes primarily consist of
leases for land. The Company assesses whether
a contract contains a lease, at inception of a
contract. A contract is, or contains, a lease if the
contract conveys the right to control the use of an
identified asset for a period of time in exchange
for consideration. To assess whether a contract
conveys the right to control the use of an identified
asset, the Company assesses whether: (i) the
contract involves the use of an identified asset (ii)
the Company has substantially all of the economic
benefits from use of the asset through the period
of the lease and (iii) the Company has the right to
direct the use of the asset.

At the date of commencement of the lease, the
Company recognizes a right-of-use asset (“ROU”)
and a corresponding lease liability for all lease
arrangements in which it is a lessee, except for
leases with a term of twelve months or less (short¬
term leases) and low value leases. For these
short-term and low value leases, the Company
recognizes the lease payments as an operating
expense on a straight-line basis over the term of
the lease. Certain lease arrangements includes
the options to extend or terminate the lease
before the end of the lease term. ROU assets and
lease liabilities includes these options when it is
reasonably certain that they will be exercised. The
right-of-use assets are initially recognized at cost,
which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
prior to the commencement date of the lease plus
any initial direct costs less any lease incentives.
They are subsequently measured at cost less
accumulated depreciation and impairment losses.
Right-of-use assets are depreciated from the
commencement date on a straight-line basis over
the shorter of the lease term and useful life of the
underlying asset. Right of use assets are evaluated
for recoverability whenever events or changes in
circumstances indicate that their carrying amounts
may not be recoverable. The lease liability is initially

measured at amortized cost at the present value
of the future lease payments. The lease payments
are discounted using the interest rate implicit in
the lease or, if not readily determinable, using
the incremental borrowing rates in the country
of domicile of these leases. Lease liabilities are
remeasured with a corresponding adjustment
to the related right of use asset if the Company
changes its assessment if whether it will exercise
an extension or a termination option. Lease liability
and ROU asset have been separately presented in
the Balance Sheet and lease payments have been
classified as financing cash flows.

M. 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.

N. Earnings per share

• Basic earnings per share

Basic earnings per share is calculated by dividing:

a) the profit attributable to owners of the
Company

b) by the weighted average number of equity
shares outstanding during the financial year,
adjusted for bonus elements in equity shares
issued during the year and excluding treasury
shares.

O. Business combination

Business combinations are accounted for using
the acquisition method. 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 if any. Acquisition-related costs
are expensed as incurred. At the acquisition date,
the identifiable assets acquired and the liabilities
assumed if any 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. 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. Goodwill is
initially measured at cost, being the excess of the
aggregate of the consideration transferred and the
amount recognised for noncontrolling 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 (bargain
purchase), the company re-assesses whether it has
correctly identified all the assets acquired an 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 Other Comprehensive
Income (OCI) an 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.

Business combinations arising from transfers of
interests in entities that are under common control
are accounted using pooling of interest method.
The difference between consideration given and
the aggregate historical carrying amounts of assets
and liabilities of the acquired entity are recorded in
equity

P. 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.

(b) Rights, preferences & Restriction of each class of shares

The Company has one class of Equity shares having a par value of ' 10 per share. Each Share holder is eligible for
one vote per share held. All Equity Shareholders are eligible to receive dividends in proportion to their shareholdings.
The dividends proposed by the Board of Directors are subject to the approval of the Shareholders in the ensuing Annual
General Meeting. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the
Company, after distribution of all preferential amounts, in proportion to their share holding.

The Description of the nature and purpose of each reserve within equity:

General Reserve: General reserve is a free reserve which is created by transferring fund from retained earnings to meet future
obligations and purposes.

Retained Earnings: Retained earnings are the profits that the company has earned till date, less any transfers to general
reserve, dividends paid to shareholders.

Securities Premium: Security premium is used to record the premium received on issue of shares. It is utilised in accordance
with the provisions of Companies Act, 2013.

Capital Reserve on Business Combination: This represents the capital reserve on account of business combination on
purchase of unit of Solaris Chemtech industries limitd, amalgmation of BuLi Chemicals India Private Limited under common
control buisness combination transaction.

Other Comprehensive Income: Remeasurement of defined benefit plans : Remeasurement of defined benefit plans represents
actuarial gains and losses relating to gratuity

Notes:

1 The secured term loan outstanding of ' 12.98 crore (March 31,2024 : ' 55.64 crore) from Kotak Bank carries interest at
8.25 % (REPO rate plus 2%). The loan is repayable within 7 years from its origination and the final instalment of repayment
is due on 25-07-2029 (original repyament schedule), however as per agreed terms with bank outstanding amount would
be paid in next one year. Charge created on movable and immovables assets of the Company.

2 The secured term loan outstanding of ' 48.82 crore (March 31,2024 : ' 72.96 crore) from HDFC Bank carries interest
at 8.53% (REPO rate plus 2.51%). The loan is repayable within 7 years from its origination and the final instalment of
repayment is due on 30-03-2028. Charge created with on movable and immovables assets of the Company.

3 The secured term loan outstanding of ' 18.75 crore (March 31, 2024 : ' 23.75 crore) from Axis Bank carries interest
at 8.95% (REPO rate plus 2.75%). The loan is repayable within 7 years from its origination and the final instalment of
repayment is due on 31-12-2028. Charge created on movable and immovables assets of the Company.

4 The secured term loan outstanding of ' 11.99 crore (March 31,2024 : NIL) from Bandhan Bank carries interest at 8.90%
(REPO rate plus 2.25%). The loan is repayable within 7 years from its origination and the final instalment of repayment is
due on 24-05-2031. Charge created on movable and immovables assets of the Company.

5 Secured by way of charge on current assets (Inventories and Trade Receivables)

On March 05, 2025 there was fire at Multi-Purpose Plant (MPP3)- Facility, Tank Farms and warehouse at Dahej SEZ Plant of
the Company. This incident led to damage of certain property, plant and equipment, inventory and interrupted business. The
Company is adequately insured for reinstatement value of damaged assets and loss of profits due to business interruption. The
Company has intimated the fire incident with the insurance company and submitted loss estimate pertaining to replacement
value of the damaged property, plant and equipment, loss of damaged inventory and incidental expenses incurred on account
of fire. The Company is awaiting for completion of surveyor assessment appointed by the insurance company.

The Company has recognised loss of ' 348.16 Crore on account of damage to certain property, plant & equipment, inventory
and estimated cost of incidental charges. The Company has recognised insurance claim receivable of ' 334.60 Crore to the
extent of recovery of loss after adjusting applicable deductibility considering its assessment of loss and admissibility of claims
as per the policy, adequacy of coverage and nature of loss and based upon the independent opinion obtained by the company
from Independent Surveyor and Independent Expert Practitioner. The Company has not accounted claim for loss of profit due
to business interruption and excess value of reinstatement of assets over written down value as per accounting conservatism.
The aforementioned losses and corresponding insurance claim has been presented on a net basis of ' 13.56 Crore under
exceptional item and claim receivable in other current financial assets in these standalone financials.

Note : 32. Earnings Per Share

Basic Earnings per share (EPS) amounts are calculated by dividing the profit for the year attributable to equity holders of the
Company by the weighted average number of equity shares outstanding during the year. Diluted earnings /(loss) per share
amounts are calculated by dividing the profit/loss (after adjusting for interest on the convertible preference shares) attributable
to equity holders by the weighted average number of equity shares outstanding during the year plus the weighted average
number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.

(b) Defined Benefit Plans

Gratuity

The Company has covered its Gratuity liability under Group Gratuity policy viz ‘Employee Group Gratuity Scheme’ issued
by LIC of lndia. As per company policy, an employee on separation (after fulfilling other conditions) is eligible for benefit,
which is equal to 15 days salary for each completed year of service. Hence, Gratuity is covered under a defined benefit
plan. The Insurance policy represents the plan assets. The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit
of employee benefit entitlement and measure each unit separately to build up the final obligation.

Compensated Absences

The Company has also provided long term compensated absences which is outstanding. The obligation for leave
encashment is recognised in the same manner as gratuity

The following tables summarise the components of net benefit expense recognised in the statement of profit and loss and
the funded status and amounts recognised in the balance sheet for gratuity and leave encashment plan:

Note : 39. Financial risk management objectives and policies

The Company’s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables.
The main purpose of these financial liabilities is to finance the Company’s operations and to provide guarantees to support its
operations. The Company’s principal financial assets include loans, trade and other receivables, and cash and cash equivalents
that derive directly from its operations. The Company also enters into derivative transactions.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the
management of these risks. The Company’s senior management is supported by a risk management committee that advises
on financial risks and the appropriate financial risk governance framework for the Company. The risk management committee
provides assurance to the Company’s senior management that the Company’s financial risk activities are governed by
appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the
Company’s policies and risk objectives. 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 derivatives for
speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks,
which are summarised below.

Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk.
Financial instruments affected by market risk include loans and borrowings, deposits, investments and derivative financial
instruments.

The sensitivity analyses in the following sections relate to the position as at March 31,2025 and March 31,2024.

The analysis excludes the impact of movements in market variables on: the carrying values of gratuity and other post-retirement
obligations and provisions.

The following assumptions have been made in calculating the sensitivity analyses:

The sensitivity of the relevant profit or loss 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.

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
long-term debt and short term debt obligations with floating interest rates.

If the interest rates had been 1% higher / lower and all other variables held constant, impact on the Company’s profit for the
year ended 31st March, 2025 will not be significant.

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).

The Company uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the
reporting date. The Company uses forward exchange contracts to hedge the currency exposure and is therefore not exposed
to significant currency risk at the respective reporting dates.

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 hedged exposure. For hedges of forecast transactions the derivatives cover the period of exposure from
the point the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or payable
that is denominated in the foreign currency.

Foreign currency sensitivity

The following table details the Company’s sensitivity to a 5% appreciation and depreciation in the ' against the relevant foreign
currencies net of hedge accounting impact.

The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at
the year-end for a 5% change in foreign currency rates, with all other variables held constant. A positive number below indicates
an increase in profit or equity where ' strengthens 5% against the relevant currency. For a 5% weakening of ' against the
relevant currency, there would be a comparable impact on profit or equity, and the balances below would be negative.

Price risk

The Company does not have much exposure to price risk due to annual contracts and pass through mechanism for imports.
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) and from its
financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial
instruments.

The entity continuously monitors defaults of customers and other counterparties and incorporates this information into its credit
risk controls.

None of the financial instruments of the Company result in material concentrations of credit risk. The company’s objective is to
seek continual revenue growth while minimising losses incurred due to increased credit risk exposure.

Liquidity Risk

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

The entity’s approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities
when they are due. Management monitors rolling forecasts of the entity’s liquidity position and cash and cash equivalents on
the basis of expected cash flows. The entity takes into account the liquidity of the market in which the entity operated.

Note : 42. Capital management

The primary objective of the Company’s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. 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 capital plus net debt. The Company includes within net debt, interest bearing loans and
borrowings, trade and other payables, less cash and cash equivalents.

In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.

No changes made in the objectives, policies or processes for managing capital during the years ended March 31,2025 and
March 31,2024.

Note : 43. Other statutory information

i) The Company does not have any benami property, where any proceeding has been initiated or pending against the
Company for holding any benami property.

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

iii) The Company has not received any funds from any person(s) or entity(ies), including foreign entities (funding party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lends or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the funding party (ultimate beneficiaries) or

(b) provides any guarantee, security or the like on behalf of the ultimate beneficiaries

iv) The Company has not advanced or loaned or Invested fund to any other person(s) or entity(ies), including foreign entities
(intermediaries) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lends or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the company (ultimate beneficiaries) or

(b) provides any guarantee, security or the like on behalf of the ultimate beneficiaries

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

vi) The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was
obtained.

vii) The Company does not have any transactions with companies which are struck off.

viii) The Company is not declared wilful defaulter by any bank or financial institution or lender during the year.

ix) The Company have no charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

x) All the title deeds of Immovable properties (other than properties where the Company is the lessee and lease agreements
are duly executed in favour of the lessee) are held in the name of the company and the properties are not held in joint
name.

xi) The Company has not revalued its intangible assets and accordingly the revaluation as defined under rule 2 of Companies
(Registered Valuers and Valuation) Rules, 2017 is not applicable.

xii) The company has complied provision prescribed under clause (87) of section 2 of the Companies Act, 2013 for maintaining
layers of Companies.

xiii) There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under
the Income Tax Act, 1961, that has not been recorded in the books of account.

xiv) Subsequent Event:

There are no subsequent events which require disclosure or adjustment subsequent to the Balance Sheet date.

Note : 44. Proposed Dividend

The Board of Directors of the Company at its meeting held on May 17 2025, has recommended a final dividend of ' 1 per equity

share on the paid-up equity share capital of the company for F.Y. 2024-25, subject to approval of Shareholders

Note : 46. Disclosure pursuant to Ind AS 103 “Business Combination”

Buli Chemicals India Private Limited, wholly owned subsidiary, merged with company under scheme of Amalgamation approved
by National Company Law Tribunal, Mumbai Bench, through order dated Januray 9, 2025, the Scheme is effective from the date
of filing of the certified copy of Order with the Registrar of Companies, Mumbai i.e. January 31, 2025 (“Effective Date”),with
appointed date as April 1, 2024. The Scheme sanctioned being a common control transaction has been accounted using
pooling of interest method, in accordance with Ind AS 103 “Business Combination” involving the following:

i) The assets and liabilities of Buli Chemicals India Private Limited were reflected at their carrying amounts. No adjustment
was made to reflect the fair values, or recognise any new asset or liability.

ii) The balance of the Retained earnings appearing in the financial statements of the Buli Chemicals India Private Limited
was aggregated with the corresponding balance appearing in the financial statements of the Company.

iii) Restating the financials of the Company from April 1, 2023.

Note : 47. Previous year figures have been regrouped/rearranged where necessary to conform to current year’s classification.
As per our report of even date attached

For Chandabhoy & Jassoobhoy For and on behalf of the Board of Directors

Chartered Accountants NEOGEN CHEMICALS LIMITED

Firm Registration No. 101647W CIN- L24200MH1989PLC050919

Bhupendra Nagda Haridas Kanani Dr. Harin Kanani

Partner Chairman & Managing Director Managing Director

Membership No.102580 DIN: 00185487 DIN: 05136947

Gopikrishnan Sarathy Unnati Kanani

Place: Thane Chief Financial Officer Company Secretary and Compliance Officer

Date: May 17, 2025 M. no. A35131