(j) Provisions and contingencies

A provision is recognised if, as a result of a past event,
the Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an
outflow of economic benefits will be required to settle
the obligation. If the effect of the time value of money is
material, provisions are determined by discounting the
expected future cash flows at a pre-tax rate that reflects
current market assessments of the time value of money
and the risks specific to the liability. Where discounting is
used, the increase in the provision due to the passage of
time is recognised as a finance cost.

The amount recognised as a provision is the best estimate
of the consideration required to settle the present
obligation at reporting date, taking into account the risks
and uncertainties surrounding the obligation. When some
or all of the economic benefits required to settle a provision
are expected to be recovered from a third party, the
receivable is recognised as an asset if it is virtually certain
that reimbursement will be received and the amount of the
receivable can be measured reliably.

Contingent liability

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

(k) Revenue recognition

Revenue from sale of products is recognised when the
Company satisfies a performance obligation upon transfer
of control of products to customers at the time of shipment
to or receipt of goods by the customers. Service income
is recognised when the Company satisfies a performance
obligation as and when the underlying services are
performed.

The Company exercises judgment in determining whether
the performance obligation is satisfied at a point in time or
over a period of time. The Company considers indicators
such as how customer consumes benefits as services are
rendered or who controls the asset as it is being created or
existence of enforceable right to payment for performance
to date and alternate use of such product or service,
transfer of significant risks and rewards to the customer,
acceptance of delivery by the customer, etc. Invoices are
issued as per the general business terms and are payable
in accordance with the contractually agreed credit period.

Revenues are measured based on the transaction price
allocated to the performance obligation, which is the
consideration, net of taxes or duties collected on behalf of

the government and applicable discounts and allowances
including expected sales return etc. The computation of
these estimates using expected value method involves
significant judgment based on various factors including
contractual terms, historical experience, estimated
inventory levels and expected sell-through levels in
supply chain. The transaction price is allocated to each
performance obligation in the contract on the basis of the
relative standalone selling prices of the promised goods
or services. The transaction price may be fixed or variable
and is adjusted for time value of money if the contract
includes significant financing component.

Contract assets are recognised when there is excess
of revenue earned over billings on contracts, excluding
amounts classified as unbilled receivables (only act of
invoicing is pending) when there is unconditional right
to receive cash and only passage of time is required as
per contractual terms. Contract liabilities are recognised
when there are billings in excess of revenues. Contract
liabilities relate to the advance received from customers
and deferred revenue against which revenue is recognised
when or as the performance obligation is satisfied.

Income in respect of entitlement towards export incentives
is recognised in accordance with the relevant scheme
on recognition of the related export sales. Such export
incentives are recorded as part of other operating revenue.

(l) Employee benefits

(i) Short-term employee benefits:

All employee benefits falling due within twelve months from
the end of the period in which the employees render the
related services are classified as short-term employee
benefits, which include benefits like salaries, wages, short
term compensated absences, performance incentives,
etc. and are recognised as expenses in the period in which
the employee renders the related service and measured
accordingly.

(ii) Post-employment benefits:

Post employment benefit plans are classified into defined
benefits plans and defined contribution plans as under:

a) Defined benefit plans

The Company's obligation in respect of defined
benefit plans is calculated separately for each plan by
estimating the amount of future benefit that employees
have earned in the current and prior periods,
discounting that amount and deducting the fair value
of any plan assets. The calculation of defined benefit
obligations is performed annually by a qualified
actuary using the projected unit credit method.

b) Defined contribution plans

The Company's contributions to defined contribution
plans are charged to the Statement of Profit and
Loss as and when the services are received from the
employees.

(iii) Other long-term employee benefits:

The Company's obligation in respect of other long-term
employee benefits is the amount of future benefit that
employees have earned in return for their service in the
current and prior periods. That benefit is discounted
to determine its present value. Re-measurements are
recognised in profit or loss in the period in which they arise.

(iv) Termination benefits:

Termination benefits are recognised as an expense when,
as a result of a past event, the Company has a present
obligation that can be estimated reliably, and it is probable
that an outflow of economic benefits will be required to
settle the obligation.

(v) Actuarial valuation

The liability in respect of all defined benefit plans and other
long term benefits is accrued in the books of account on the
basis of actuarial valuation carried out by an independent
actuary using the Projected Unit Credit Method. The
obligation is measured at the present value of estimated
future cash flows.

Remeasurement gains and losses on other long term
benefits are recognised in the Statement of Profit and
Loss in the year in which they arise. Remeasurement gains
and losses in respect of all defined benefit plans arising
from experience adjustments and changes in actuarial
assumptions are recognised in the period in which they
occur, directly in other comprehensive income. They are
included in other equity in the Statement of Changes in
Equity and in the Balance Sheet. Changes in the present
value of the defined benefit obligation resulting from plan
amendments or curtailments are recognised immediately
in profit or loss as past service cost. Gains or losses on
the curtailment or settlement of any defined benefit plan
are recognised when the curtailment or settlement occurs.
Any differential between the plan assets (for a funded
defined benefit plan) and the defined benefit obligation as
per actuarial valuation is recognised as a liability if it is a
deficit or as an asset if it is a surplus (to the extent of the
lower of present value of any economic benefits available
in the form of refunds from the plan or reduction in future
contribution to the plan).

Past service cost is recognised as an expense in the
Statement of Profit and Loss on a straight-line basis over
the average period until the benefits become vested. To
the extent that the benefits are already vested immediately
following the introduction of, or changes to, a defined benefit
plan, the past service cost is recognised immediately in
the Statement of Profit and Loss. Past service cost may be
either positive (where benefits are introduced or improved)
or negative (where existing benefits are reduced).

(m) Share based payments

The Company has adopted the policy to account for
Employees Welfare Trust as a legal entity separate from the
Company but as a subsidiary of the Company. Any loan

from the Company to the trust is accounted for as a loan in
accordance with its term.

The grant date fair value of options granted (net of
estimated forfeiture) to employees of the Company is
recognised as an employee expense, and those granted
to employees of subsidiaries is recharged to subsidiaries
or considered as the Company's equity contribution and is
added to the carrying value of investment in the respective
subsidiaries, with a corresponding increase in equity, over
the period that the employees become unconditionally
entitled to the options. The expense is recorded for each
separately vesting portion of the award as if the award
was, in substance, multiple awards. The increase in equity
recognised in connection with share based payment
transaction is presented as a separate component in
equity under “share based payment reserve”. The amount
recognised as an expense is adjusted to reflect the actual
number of stock options that vest. For the option awards,
grant date fair value is determined under the option¬
pricing model (Black-Scholes-Merton). Forfeitures are
estimated at the time of grant and revised, if necessary,
in subsequent periods if actual forfeitures materially differ
from those estimates.

(n) Finance costs and finance income

Finance costs consist of interest and other costs that
an entity incurs in connection with the borrowing of
funds. Finance cost also includes exchange differences
to the extent regarded as an adjustment to the finance
costs. Finance costs that are directly attributable to the
construction or production or development of a qualifying
asset are capitalised as part of the cost of that asset.
Qualifying assets are assets that necessarily take a
substantial period of time to get ready for their intended
use or sale. All other finance costs are expensed in the
period in which they occur.

Investment income earned on the temporary investment of
specific borrowings pending their expenditure on qualifying
assets is deducted from the finance costs eligible for
capitalisation. Any difference between the proceeds
(net of transaction costs) and the redemption amount
is recognised in the Statement of Profit and Loss over
the period of the borrowings using the effective interest
method. Ancillary costs incurred in connection with the
arrangement of borrowings are amortised over the period
of such borrowings.

Finance income consists of interest income. Interest
income or expense is recognised using the effective
interest method. The ‘effective interest rate' is the rate
that exactly discounts estimated future cash payments or
receipts through the expected life of the financial instrument
to the gross carrying amount of the financial asset or
the amortised cost of the financial liability. In calculating
interest income or expense, the effective interest rate is
applied to the gross carrying amount of the asset (when
the asset is not credit-impaired) or to the amortised cost of

the liability. However, for financial assets that have become
credit-impaired subsequent to initial recognition, interest
income is calculated by applying the effective interest rate
to the amortised cost of the financial asset. If the asset is
no longer credit-impaired, then the calculation of interest
income reverts to the gross basis.

(o) Exceptional items

Exceptional items refer to items of income or expense within
the Statement of Profit and Loss from ordinary activities
which are non-recurring and are of such size, nature or
incidence that their separate disclosure is considered
necessary to explain the performance of the Company.

(p) Income tax

Income tax expense comprises current and deferred tax. It
is recognised in Statement of Profit and Loss except to the
extent that it relates to a business combination, or items
recognised directly in equity or in OCI.

• 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 payable or receivable is the best estimate of the
tax amount expected to be paid or received after
considering uncertainty related to income taxes,
if any. It is measured using tax rates enacted or
substantively enacted at the reporting date.

Current tax assets and 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.

• 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
amounts used for taxation purposes. 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;

- temporary differences related to freehold land
and investments in subsidiaries, to the extent
that the Company is able to control the timing
of the reversal of the temporary differences and
it is probable that they will not reverse in the
foreseeable future; and

- taxable temporary differences arising on the
initial recognition of goodwill.

Deferred tax assets (DTA) include Minimum Alternate
Tax (MAT) paid in accordance with the tax laws in
India, which is likely to give future economic benefits
in the form of availability of set off against future
income tax liability. MAT is a tax liability of a company
computed at specified rate on adjusted book profits
as per applicable provisions of the Income Tax Act.
A company is liable to pay MAT, if the income tax
payable under normal provisions of the Income Tax
Act is less than tax payable under MAT.

Deferred tax assets are recognised for unused tax
losses, unused tax credits and deductible temporary
differences to the extent that it is probable that future
taxable profits will be available against which they
can be used. Unrecognised deferred tax assets are
reassessed at each reporting date and recognised
to the extent that it has become probable that future
taxable profits will be available against which they can
be used.

Deferred tax is measured at the tax rates that are
expected to be applied 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 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.

Deferred income tax is not provided on the
undistributed earnings of the subsidiaries where it is
expected that the earnings of the subsidiary will not
be distributed in the foreseeable future.

(q) Leases - Company as a lessee

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:

(1) the contract involves the use of an identified asset; (2)
the Company has substantially all of the economic benefits
from use of the asset through the period of the lease; and
(3) the Company has the right to direct the use of the
asset.

The Company's lease asset classes primarily consist of
leases for land, buildings and vehicles which typically run
for a period of 2 to 6 years, with an option to renew the

lease after that date. At the date of commencement of the
lease, the Company recognises a right-of-use asset 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). For these short-term
leases, the Company recognises the lease payments as an
operating expense on a straight-line basis over the term of
the lease.

Right-of-use assets and lease liabilities includes the options
to extend or terminate the lease when it is reasonably
certain that they will be exercised.

The right-of-use assets are initially recognised 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, if any.

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 tested for impairment
whenever there is any indication that their carrying
amounts may not be recoverable. Impairment loss, if any,
is recognised in the Statement of Profit and Loss.

The lease liability is initially measured at amortised 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 based on information available
as at the date of commencement of the lease. Lease
liabilities are remeasured with a corresponding adjustment
to the related right-of-use asset if the Company changes
its assessment of whether it will exercise an extension or
a termination option. Lease liability and right-of-use asset
have been separately presented in the Balance Sheet and
lease payments have been classified as financing cash
flows.

Ind AS 116 requires lessees to determine the lease term
as the non-cancellable period of a lease adjusted with
any option to extend or terminate the lease, if the use of
such option is reasonably certain. The Company makes
an assessment on the expected lease term on a lease-by¬
lease basis and thereby assesses whether it is reasonably
certain that any options to extend or terminate the contract
will be exercised. In evaluating the lease term, the Company
considers factors such as any significant leasehold
improvements undertaken over the lease term, costs
relating to the termination of the lease and the importance
of the underlying asset to Company's operations taking
into account the location of the underlying asset and the
availability of suitable alternatives. The lease term in future
periods is reassessed to ensure that the lease term reflects
the current economic circumstances.

(r) Foreign currency translation

(i) Functional and presentation currency

The functional currency of the Company is the Indian
rupee. These financial statements are presented in Indian
rupees.

(ii) Transactions and balances

Foreign currency transactions are translated into the
functional currency using the exchange rates at the
dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions
and from the translation of monetary assets and liabilities
denominated in foreign currencies at balance sheet date
exchange rates are generally recognised in Statement of
Profit and Loss.

Non-monetary items that are measured at fair value in a
foreign currency are translated using the exchange rates
at the date when the fair value was determined. Translation
differences on assets and liabilities carried at fair value are
reported as part of the fair value gain or loss. For example,
translation differences on non-monetary assets such as
equity investments classified as FVOCI are recognised in
other comprehensive income (OCI).

(s) Government grants

Grants from the government are recognised at their fair
value where there is a reasonable assurance that the grant
will be received and the Company will comply with all
attached conditions.

Government grants relating to income are deferred and
recognised in the Statement of Profit and Loss over the
period necessary to match them with the costs that they
are intended to compensate and presented within other
operating revenue.

Government grants relating to the purchase of property,
plant and equipment are included in non-current liabilities
as deferred income and are credited to Statement of Profit
and Loss on a straight-line basis over the expected lives of
the related assets and presented within other income.

(t) Earnings per share

(i) Basic earnings per share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the Company

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

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the
determination of basic earnings per share to take into
account:

• the after income tax effect of interest and other
financing costs associated with dilutive potential
equity shares, and

• the weighted average number of additional equity
shares that would have been outstanding assuming
the conversion of all dilutive potential equity shares.

(u) Measurement of fair values

A number of the accounting policies and disclosures
require measurement of fair values, for both financial and
non-financial assets and liabilities.

Fair values are categorised into different levels in a fair
value hierarchy based on the inputs used in the valuation
techniques as follows:

Level 1: quoted prices (unadjusted) 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: inputs for the asset or liability that are not based on
observable market data (unobservable inputs).

The Company has an established control framework with
respect to the measurement of fair values. This includes a
finance team that has overall responsibility for overseeing
all significant fair value measurements, including Level 3
fair values.

The finance team regularly reviews significant unobservable
inputs and valuation adjustments. If third party information
is used to measure fair values, then the finance team
assesses the evidence obtained from the third parties to
support the conclusion that these valuations meet the
requirements of Ind AS, including the level in the fair value
hierarchy in which the valuations should be classified.

When measuring the fair value of an asset or a liability,
the Company uses observable market data as far as
possible. If the inputs used to measure the fair value of an
asset or a liability fall into different levels of the fair value
hierarchy, then the fair value measurement is categorised
in its entirety in the same level of the fair value hierarchy
as the lowest level input that is significant to the entire
measurement.

The Company recognises transfers between levels of
the fair value hierarchy at the end of the reporting period
during which the change has occurred.

Further information about the assumptions made in
measuring fair values used in preparing these financial
statements is included in the respective notes.

(v) Critical estimates and judgments

The preparation of financial statements requires
management to make judgments, estimates and

assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these
estimates.

Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised
and in any future periods affected.

Information about critical judgments in applying accounting
policies that have the most significant effect on the
amounts recognised in the financial statements is included
in the following notes:

• Revenue recognition: whether revenue is recognised
over time or at a point in time - Note 2(k)

• Lease term: whether the Company is reasonably
certain to exercise extension options - Note 2(q) and
39

Information about assumptions and estimation
uncertainties that have a significant risk of resulting in a
material adjustment to the carrying amounts of assets and
liabilities within the next financial year are included in the
following notes:

• Revenue recognition: measurement of transaction
price - Note 2(k)

• Assessment of useful life of property, plant and
equipment and intangible asset - Note 2(d)

• Valuation of inventories - Note 2(h)

• Impairment of financial assets and non-financial
assets - Note 2(f), 2(g) and 4(a)

• Recognition and estimation of tax expense including
deferred tax - Note 8 and 29

• Fair value measurement - Note 2(u) and 32

• Estimation of assets and obligations relating to
employee benefits - Note 2(l) and 31

• Recognition and measurement of contingency: Key
assumption about the likelihood and magnitude of an
outflow of resources - Note 37

(w) Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new
standard or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as
issued from time to time. For the year ended 31 March
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. 1 April 2024. These amendments did not have
any significant impact on the financial statements of the
Company.

Note 14: Nature and purpose of other equity

• Capital reserve

Accumulated capital surplus not available for distribution of dividend and expected to remain invested permanently and includes
excess/shortfall of consideration over book value of net assets/liabilities transferred under a common control transaction.

• Capital redemption reserve

Capital redemption reserve represents the unutilised accumulated amount set aside at the time of redemption of preference
shares. This reserve is utilised in accordance with the provisions of the Act.

• Amalgamation reserve

Amalgamation reserve represents the unutilised accumulated surplus created at the time of amalgamation of another company
with the Company. This reserve is not available for distribution of dividend and is expected to remain invested permanently.

• Share based payment reserve

The fair value of the equity settled share based payment transactions with employees is recognised in Statement of Profit and
Loss with corresponding credit to share based payment reserve. Further, equity settled share based payment transaction with
employees of subsidiary is recognised in investment of subsidiaries/recharged to subsidiaries with corresponding credit to
Share based payment reserve

• Retained earnings

Retained earnings represent the amount of accumulated earnings of the Company and re-measurement differences on defined
benefit plans.

• Equity instrument through OCI

The Company has elected to recognize changes in the fair value of certain investments in equity securities in other comprehensive
income. These changes are accumulated within the equity instrument through OCI within equity. The Company transfers
amount therefrom to retained earnings when the relevant equity securities are derecognised.

15 (a). Nature of security and other terms of repayment of borrowings

15(a)(i) Non-convertible debentures amounting to ^700 million (31 March 2024: ^700 million) are secured by way of first charge
on immovable fixed assets located at Plot No.15, Knowledge Park-II, Greater Noida, Uttar Pradesh. During the current
year, the tenure of non-convertible debentures has been extended upto January 2031. These non-convertible debentures
carry interest rate of 7.09% (31 March 2024: 7.35%) per annum.

15(a)(ii) Indian rupee term loan amounting to ^475 million (31 March 2024: ^500 million) from HDFC Bank Limited is secured by
a first pari-passu charge on all plant and machinery and movable assets, both present and future, of Jubilant Pharmova
Limited. The loan is repayable in 16 quarterly installments from November 2024. The loan carry floating interest rate of
T-Bill 1.17%. During the current year, the loan carried interest rate ranging from 7.40% to 8.35% (31 March 2024: 7.60%
to 8.10%) per annum.

15(a)(iii) Indian rupee term loan amounting to ^500 million (31 March 2024: ^500 million) from Bajaj Finance Limited is secured
by a first pari-passu charge on all movable assets, both present and future, of Jubilant Pharmova Limited. The loan is
repayable in 16 equal quarterly installments from December 2025. The loan carry floating interest rate of Repo rate
1.85%. During the current year, the loan carried interest rate ranging from 8.00% to 8.45% (31 March 2024: 8.60% to
8.70%) per annum.

(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 at retirement, death while in employment or on termination of employment
of an amount based on the respective employee's salary and the tenure of employment. The liability in respect of gratuity is
recognised in the books of accounts based on actuarial valuation by an independent actuary.

In accordance with Ind AS 19 “Employee Benefits”, an actuarial valuation has been carried out in respect of gratuity. The
discount rate assumed is 6.90% p.a. (31 March 2024: 7.13% p.a.) which is determined by reference to market yield at the
Balance Sheet date on Government bonds having maturity period approximating to the terms of the obligation. The retirement
age has been considered at 58 years (31 March 2024: 58 years) and mortality table is as per IALM (2012-14) (31 March 2024:
IALM (2012-14)).

The estimates of future salary increases, considered in actuarial valuation is 10% p.a. for first three years and 6% p.a. thereafter
(31 March 2024: 10% p.a. for first three years and 6% p.a. thereafter), taking into account of inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment market.

The plans assets were maintained with Life Insurance Corporation of India in respect of gratuity scheme for certain employees
of a unit of the Company. The details of investments maintained by Life Insurance Corporation were not available with the
Company, hence not disclosed. The expected rate of return on plan assets is 6.90% p.a. (31 March 2024: 7.13% p.a.).

The following methods / assumptions were used to estimate the fair values:

(a) Fair valuation of financial assets and liabilities with short term maturities is considered as approximate to respective carrying
amount due to the short term maturities of these instruments. Further, the fair value disclosure of lease liabilities is not required.

(b) Fair valuation of non-current financial assets has been disclosed to be same as carrying value as there is no significant
difference between carrying value and fair value.

(c) The fair value of long-term borrowings is estimated by discounting future cash flows using adjusted discount rate of 7.52%-
7.57% (31 March 2024: 8.17%-8.28%) (applicable to instruments with similar terms, currency, credit risk and remaining
maturities) to discount the future payouts.

(d) The fair value is determined by using the valuation model/technique with observable/non-observable inputs and assumptions.

There are no transfers between Level 1, Level 2 and Level 3 during the year ended 31 March 2025 and 31 March 2024.

Note 33. Financial risk management

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 Company, through three layers of defense namely policies and procedures, review mechanism and assurance aims to maintain a
disciplined and constructive control environment in which all employees understand their roles and obligations. The Audit committee
of the Board with top management oversees the formulation and implementation of the risk management policies. The risks are
identified at business unit level and mitigation plan are identified, deliberated and reviewed at appropriate forums.

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

- credit risk (see (i));

- liquidity risk (see (ii)); and

- market risk (see (iii)).

i. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company's receivables from customers, loans and investments.

The carrying amount of financial assets represents the maximum credit risk exposure.

Trade receivables and other financial assets

The Company has established a credit policy under which each new customer is analysed individually for creditworthiness before
the payment and delivery terms and conditions are offered. The Company's review includes external ratings, if they are available,
financial statements, credit agency information, industry information and business intelligence. Sale limits are established for each
customer and reviewed annually. Any sales exceeding those limits require approval from the appropriate authority as per policy.

In monitoring customer credit risk, customers are grouped according to their credit characteristics, including whether they are an
individual or a legal entity, whether they are an institutional, dealers or end-user customer, their geographic location, industry, trade
history with the Company and existence of previous financial difficulties.

Expected credit loss with respect to trade receivables:

With respect to trade receivables, based on internal assessment which is driven by the historical experience/ current facts available
in relation to default and delays in collection thereof, the credit risk for trade receivables is considered low. The Company estimates
its allowance for trade receivable using lifetime expected credit loss. Also refer note 10.

* Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy or failing to
engage in a payment plan with the Company.

Expected credit loss with respect to other financial asset:

With regards to all financial assets with contractual cash flows other than trade receivable, management believes these to be
high quality assets with negligible credit risk. The management believes that the parties, from which these financial assets are
recoverable, have strong capacity to meet the obligations and where the risk of default is negligible and accordingly no provision
for expected credit loss has been provided on these financial assets. Break up of financial assets other than trade receivables have
been disclosed in Balance Sheet.

ii. Liquidity risk

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'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, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Company's reputation.

The Company's treasury department is responsible for managing the short term and long term liquidity requirements. Short term
liquidity situation is reviewed weekly by treasury department. Longer term liquidity position is reviewed on a regular basis by the
Board of Directors and appropriate decisions are taken according to the situation.

Note:

(1) Contractual cash flows exclude interest payable.

iii. Market risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates that 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, while optimising the return.

Currency risk

The Company is exposed to currency risk to the extent that there is a mismatch between the currencies in which sales, purchases
and borrowings are denominated and the functional currency of the Company. The currencies in which the Company is exposed
to risk are USD, CAD, EUR and others.

The Company follows a natural hedge driven currency risk mitigation policy to the extent possible. Any residual risk is evaluated
and appropriate risk mitigating steps are taken, including but not limited to, entering into forward contract and interest rate swap.

Exposure to currency risk

The summary quantitative data about the Company's exposure to currency risk as reported to the management of the Company is
as follows:

Sensitivity analysis

A reasonably possible strengthening (weakening) of the USD, CAD, EUR and other currencies against all other currencies at year
end would have affected the measurement of financial exposure denominated in a foreign currency and affected profit or loss by the
amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any
impact on forecast sales and purchases.

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 is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates.
Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate. The borrowings of the Company
are principally denominated in INR with a mix of fixed and floating rates of interest. The Company has exposure to interest rate risk,
arising principally on changes in base lending rate. The risk is managed by the Company by maintaining an appropriate mix between
fixed and floating rate borrowings.

The sensitivity analysis below has been determined based on the exposure to interest rates for floating rate liabilities assuming the
amount of the liability outstanding at the year-end was outstanding for the whole year.

If interest rates had been 25 basis points higher / lower and all other variables were held constant, the Company's profit before tax
for the year ended 31 March 2025 would decrease / increase by T6 million (31 March 2024: T6 million). This is mainly attributable
to the Company's exposure to interest rates on its floating rate borrowings.

Note 34. Capital management

(a) Risk management

The Company's objectives when managing capital are to:

• safeguard its ability to continue as a going concern, so that it can continue to provide returns for its shareholders and
benefits for other stakeholders, and

• maintain an optimal capital structure to reduce the cost of capital.

Note 35. Segment information

In accordance with Ind AS 108 “Operating Segments”, segment information has been provided in the consolidated financial
statements of the Group and therefore no separate disclosure on segment information is given in these standalone financial
statements.

Note 36. Related Party Disclosures

1. Related parties where control exists or with whom transactions have taken place

a) Subsidiaries including step-down subsidiaries:

Jubilant Pharma Limited, Jubilant DraxImage (USA) Inc., Jubilant DraxImage Inc., Draximage (UK) Limited, Jubilant Pharma
Holdings Inc., Jubilant Clinsys Inc., Jubilant Cadista Pharmaceuticals Inc., Jubilant HollisterStier LLC, Jubilant Pharma NV,
Jubilant Pharmaceuticals NV, PSI Supply NV, Jubilant Biosys Limited, Jubilant Discovery Services LLC, Jubilant Clinsys Limited,
Jubilant First Trust Healthcare Limited, Jubilant Draximage Limited, Jubilant Innovation (USA) Inc., Jubilant HollisterStier Inc.,
Draxis Pharma LLC, Drug Discovery and Development Solutions Limited, TrialStat Solutions Inc., Jubilant Generics Limited,
Jubilant Pharma Australia Pty Limited, Jubilant Draximage Radiopharmacies Inc., Jubilant Pharma SA (Pty) Limited, Jubilant
Therapeutics India Limited, Jubilant Therapeutics Inc., Jubilant Business Services Limited, Jubilant Episcribe LLC, Jubilant
Epicore LLC, Jubilant Prodel LLC, Jubilant Epipad LLC, Jubilant Pharma UK Limited, Jubilant Pharma ME FZ-LLC, Jubilant
Biosys Innovative Research Services Pte. Limited, 1359773 B.C. Unlimited Liability Company, Jubilant Biosys France SAS
(acquired on 19 March 2025), Jubilant Employees Welfare Trust.

b) Other entities where control exists:

Jubilant HollisterStier General Partnership Canada (controlled through step down subsidiaries).

c) Key management personnel (KMP) and related entities:

Mr. Shyam S. Bhartia, Mr. Hari S. Bhartia, Mr. Priyavrat Bhartia, Mr. Arjun Shanker Bhartia, Mr. S Sridhar (upto 31 March 2024),
Ms. Sudha Pillai (upto 31 March 2024), Dr. Ashok Misra (upto 31 March 2024), Mr. Sushil Kumar Roongta, Mr. Vivek Mehra,
Mr. Arun Seth, Mr. Shirish G. Belapure, Mr. Jinang Parekh (from 1 November 2023 to 31 May 2024), Dr. Harsh Mahajan (w.e.f.
1 April 2024), Ms. Shivpriya Nanda (w.e.f. 1 April 2024), Dr. Ramakrishnan Arul (w.e.f. 1 June 2024), Mr. Arvind Chokhany,
Mr. R. Kumar (upto 31 October 2023), Mr. Arun Kumar Sharma (upto 31 May 2023), Mr. Naresh Kapoor.

Jubilant Enpro Private Limited, JOGPL Private Limited, Jubilant FoodWorks Limited, Jubilant Agri and Consumer Products
Limited, Jubilant Life Sciences (Shanghai) Limited, Jubilant Ingrevia Limited.

The above excludes claims in respect of business transferred to Jubilant Ingrevia Limited pursuant to the Composite Scheme in an
earlier year.

The above includes claims in respect of business acquired from Jubilant Generics Limited pursuant to the Scheme of Arrangement
in an earlier year, though the claims may be continuing in the name of Jubilant Generics Limited, however any liability arising in future
relating to these disputes will be borne by the Company.

Future cash outflows in respect of the above matters are determinable only on receipt of judgments/decisions pending at various
stages/forums.

Additionally, the Company is involved in other disputes, lawsuits, claims, governmental and/ or regulatory inspections, inquiries,
investigations and proceedings, including commercial matters that arise from time to time in the ordinary course of business.

The above does not include all other obligations resulting from claims, legal pronouncements having financial impact in respect of
which the Company generally performs the assessment based on the external legal opinion and the amount of which cannot be
reliably estimated.

The Company believes that none of above matters, either individually or in aggregate, are expected to have any material adverse
effect on its financial statements.

Note 38. Commitments as at year end

Capital Commitments:

Estimated amount of contracts remaining to be executed on capital account (net of advances) T96 million (31 March 2024: T145
million) for property, plant and equipment.

Note 39. Leases

The details of the right-of-use assets held by the Company is as follows:

Note 44. Employee Stock Option Scheme

The Company has a stock option plan in place namely “Jubilant Pharmova Employees Stock Option Plan 2018” (“Plan 2018”).

The Nomination, Remuneration and Compensation Committee (‘Committee') of the Board of Directors which comprises a majority
of Independent Directors is responsible for administration and supervision of the Stock Option Plan.

Under Plan 2018, up to 3,000,000 Stock Options / Restricted Stock Units can be issued to eligible directors (other than promoter
directors and independent directors) and other specified categories of employees of the Company / subsidiaries. Exercise price shall
not be higher than the market price (i.e. latest available closing price on a recognised stock exchange having highest trading volume
on which the equity shares of the Company are listed) of the equity shares at the time of grant and not less than the face value of
the equity shares of the Company. As per the Securities and Exchange Board of India (SEBI) guidelines, the market price is taken as
the closing price on the day preceding the date of grant of options, on the stock exchange where the trading volume is the highest.

Under Plan 2018, each option, upon vesting, shall entitle the holder to acquire one equity share of T1 each. Options granted will vest
in the manner decided by the Committee and specified in the grant letter, and in any event not earlier than 1 year from the grant date
and no later than a period of 5 years from the grant date. Vesting of Options is a function of achievement of performance criteria or
any other criteria, as specified by the Committee and communicated in the grant letter

In 2008-09, Jubilant Employees Welfare Trust (‘Trust') was constituted for the purpose of acquisition of equity shares of the Company
from the secondary market or subscription of shares from the Company, to hold the shares and to allocate/transfer these shares to
eligible employees of the Company/subsidiaries from time to time on the terms and conditions specified under Plan 2018.

Up to 31 March 2025, Jubilant Employees Welfare Trust (the “Trust”) purchased 979,815 equity shares of the Company from the
open market, out of which 95,405 equity shares were transferred to the employees on exercise of Options.

Note 46. (a) There are no funds which have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:

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

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

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

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

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

Note 47. The Company, in respect of financial year commencing on 1 April 2024, has used accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated
throughout the year for all relevant transactions recorded in the software at the application level. The audit trail feature was
enabled from 01 April 2024 till 28 January 2025 at database level for accounting software to log any direct data changes, used for
maintenance of all accounting records by the Company. The said audit trail feature for the period 29 January 2025 to 31 March
2025, was not enabled at database level as the Company was migrating to an advanced solution which has subsequently been
implemented with effect from 1 April 2025. The audit trail has been preserved by the Company as per the statutory requirements
for record retention for the period audit trail was enabled.

Note 48. Exceptional items for the year ended 31 March 2025 represent:

a) Provision for slow moving inventory aggregating to T57 million.

b) Provision for certain other current assets aggregating to T55 million.

Note 51 . Previous year figures have been regrouped/ reclassified to conform to the current year's classification.

The accompanying notes form an integral part of the standalone financial statements

As per our report of even date attached For and on behalf of the Board of Directors of Jubilant Pharmova Limited

For Walker Chandiok & Co LLP

Chartered Accountants

Firm Registration Number: 001076N/N500013

Ashish Gupta Shyam S. Bhartia Priyavrat Bhartia

Partner Chairman Managing Director

Membership No.: 504662 DIN: 00010484 DIN: 00020603

Arvind Chokhany Naresh Kapoor

Group Chief Financial Officer Company Secretary

and Whole Time Director ACS-11782

DIN : 06668147

Place: Mumbai Place: Noida

Date: 16 May 2025 Date: 16 May 2025