l) Provisions

General

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of
the amount of the obligation. The expense relating to
a provision is presented in the statement of profit and
loss net of any reimbursement.

If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as
a finance cost.

Provision for mines restoration

The Company has recognized a provision for mines
restoration based on its best estimates. In determining
the fair value of the provision, assumptions and
estimates are made in relation to the expected
future inflation rates, discount rate, expected cost of

restoration of mines, expected balance of reserves
available in mines and the expected life of mines.

Decommissioning liability

The present value of the expected cost for the
decommissioning of an asset after its use and leasehold
improvements on termination of lease is included
in the cost of the respective asset if the recognition
criteria for a provision are met. The Company records
a provision for decommissioning costs of its plant for
manufacturing of Soda Ash and leasehold improvements
at the leasehold land. Decommissioning costs are
provided at the present value of expected costs to
settle the obligation using estimated cash flows and are
recognised as part of the cost of the particular asset.
The cash flows are discounted at a current pre-tax rate
that reflects the risks specific to the decommissioning
liability. The unwinding of the discount is expensed as
incurred and recognised in the statement of profit and
loss as a finance cost. The estimated future costs of
decommissioning are reviewed annually and adjusted
as appropriate. Changes in the estimated future costs
or in the discount rate applied are added to or deducted
from the cost of the asset.

The impact of climate-related matters on remediation
of environmental damage is considered with
determining the decommissioning liability on the
manufacturing facility.

Onerous Contracts

If the Company has a contract that is onerous, the
present obligation under the contract is recognised
and measured as a provision. However, before
a separate provision for an onerous contract is
established, the Company recognises any impairment
loss that has occurred on assets dedicated to that
contract. An onerous contract is a contract under
which the unavoidable costs (i.e., the costs that the
Company cannot avoid because it has the contract)
of meeting the obligations under the contract exceed
the economic benefits expected to be received under
it. The unavoidable costs under a contract reflect the
least net cost of exiting from the contract, which is the
lower of the cost of fulfilling it and any compensation
or penalties arising from failure to fulfil it. The cost
of fulfilling a contract comprises the costs that
relate directly to the contract (i.e., both incremental
costs and an allocation of costs directly related to
contract activities).

m) Gratuity and other post-employment benefits

Retirement benefit in the form of provident fund
and superannuation fund is a defined contribution
scheme. The Company has no obligation, other than
the contribution payable to the provident fund and
superannuation fund. The Company recognizes
contribution payable to the provident fund and
superannuation fund scheme as an expense, when
an employee renders the related service. If the
contribution payable to the scheme for service
received before the balance sheet date exceeds the
contribution already paid, the deficit payable to the
scheme is recognized as a liability after deducting
the contribution already paid. If the contribution
already paid exceeds the contribution due for services
received before the balance sheet date, then excess
is recognized as an asset to the extent that the pre¬
payment will lead to, for example, a reduction in future
payment or a cash refund.

The Company operates a defined benefit gratuity
plan, which requires contributions to be made to a
separately administered fund. The cost of providing
benefits under the defined benefit plan is determined
using the projected unit credit method.

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

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

• The date of the plan amendment or
curtailment, and

• The date that the Company recognises related
restructuring costs

Net interest is calculated by applying the discount
rate to the net defined benefit liability or asset. The
Company recognises the following changes in the
net defined benefit obligation as an expense in the
statement of profit and loss:

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

• Net interest expense or income
Short-term employee benefits

The undiscounted amount of short-term employee
benefits expected to be paid in exchange for the
services rendered by employees are recognized on an
undiscounted accrual basis during the year when the
employees render the services. These benefits include
performance incentive and compensated absences
which are expected to occur within twelve months
after the end of the period in which the employee
renders the related services.

Long-term employee benefits

Compensated absences which are not expected to
occur within twelve months after the end of the period
in which the employee renders the related service are
recognized as a liability at the present value of the
defined benefit obligation as at the Balance Sheet date.
The cost of providing benefits is determined using the
projected unit credit method, with actuarial valuations
being carried out at each Balance Sheet date. Actuarial
gains and losses are recognized in the Statement
of Profit and Loss in the period in which they occur.
The Company presents the entire leave liability as
current liability, since it does not have an unconditional
right to defer its settlement for 12 months after the
reporting period.

n) Share-based payments

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

Equity-settled transactions

The cost of equity-settled transactions is determined
by the fair value at the date when the grant is made
using an appropriate valuation model.

That cost is recognised, together with a corresponding
increase in share-based payment (SBP) reserves in
equity, over the year in which the performance and/
or service conditions are fulfilled in employee benefits
expense. The cumulative expense recognised for

equity-settled transactions at each reporting date
until the vesting date reflects the extent to which
the vesting year has expired and the Company's best
estimate of the number of equity instruments that will
ultimately vest. The expense or credit in the statement
of profit and loss for a year represents the movement
in cumulative expense recognised as at the beginning
and end of that year and is recognised in employee
benefits expense.

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

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

When the terms of an equity-settled award are
modified, the minimum expense recognised is the
grant date fair value of the unmodified award,
provided the original vesting terms of the award are
met. An additional expense, measured as at the date
of modification, is recognised for any modification
that increases the total fair value of the share-based
payment transaction, or is otherwise beneficial to the
employee. Where an award is cancelled by the entity or
by the counterparty, any remaining element of the fair
value of the award is expensed immediately through
profit or loss.

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

o) Financial instruments

A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or
equity instrument of another entity.

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value
plus, in the case of financial assets not recorded at fair
value through profit or loss, transaction costs that are
attributable to the acquisition of the financial asset.
Purchases or sales of financial assets that require
delivery of assets within a time frame established by
regulation or convention in the market place (regular
day trades) are recognised on the trade date, i.e.,
the date that the Company commits to purchase or
sell the asset.

Subsequent measurement

For purposes of subsequent measurement, financial
assets are classified in three categories:

• Financial assets at amortised cost
(debt instruments)

• Financial assets designated at fair value
through OCI with no recycling of cumulative
gains and losses upon derecognition
(equity instruments)

• Financial assets at fair value through profit or loss

Financial assets at amortised cost (debt instruments)

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

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

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

This category is the most relevant to the Company.
After initial measurement, such financial assets are
subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised cost

is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included
in finance income in the profit or loss. The losses
arising from impairment are recognised in the profit or
loss. The Company financial assets at amortised cost
includes trade receivables and loans included under
other financial assets.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss
are carried in the balance sheet at fair value with net
changes in fair value recognised in the statement of
profit and loss.

This category includes derivative instruments and
mutual/liquid funds investments which the Company
had not irrevocably elected to classify at fair value
through OCI. Dividends on listed equity investments
are recognised in the statement of profit and loss when
the right of payment has been established.

Financial assets designated at fair value through FVTPL
/FVTOCI (equity instruments)

Upon initial recognition, the Company can elect to
classify irrevocably its equity investments as equity
instruments designated at fair value through OCI
when they meet the definition of equity under Ind AS
32 Financial Instruments: Presentation and are not
held for trading. The classification is determined on an
instrument-by-instrument basis. Equity instruments
which are held for trading and contingent consideration
recognised by an acquirer in a business combination to
which Ind AS103 applies are classified as at FVTPL.

Gains and losses on these financial assets are never
recycled to profit or loss. Dividends are recognised as
other income in the statement of profit and loss when
the right of payment has been established, except when
the Company benefits from such proceeds as a recovery
of part of the cost of the financial asset, in which case,
such gains are recorded in OCI. Equity instruments
designated at fair value through OCI are not subject to
impairment assessment.

Equity instruments included within the FVTPL category
are measured at fair value with all changes recognized
in the Statement of Profit and Loss.

Derecognition

A financial asset (or, where applicable, a part of a
financial asset or part of a Company of similar financial
assets) is primarily derecognised (i.e. removed from the
Company's balance sheet) when:

• The rights to receive cash flows from the asset
have expired, or

• The Company has transferred its rights to receive
cash flows from the asset or has assumed an
obligation to pay the received cash flows in full
without material delay to a third party under a
'pass-through' arrangement; and either (a) the
company has transferred substantially all the
risks and rewards of the asset, or (b) the company
has neither transferred nor retained substantially
all the risks and rewards of the asset, but has
transferred control of the asset.

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

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

Impairment of financial assets

The Company recognises an allowance for expected
credit losses (ECLs) for all debt instruments not held
at fair value through profit or loss. ECLs are based on
the difference between the contractual cash flows due
in accordance with the contract and all the cash flows
that the Company expects to receive, discounted at an
approximation of the original effective interest rate.

The expected cash flows will include cash flows from
the sale of collateral held or other credit enhancements
that are integral to the contractual terms.

ECLs are recognised in two stages. For credit exposures
for which there has not been a significant increase in
credit risk since initial recognition, ECLs are provided
for credit losses that result from default events that
are possible within the next 12-months (a 12-month
ECL). For those credit exposures for which there has
been a significant increase in credit risk since initial
recognition, a loss allowance is required for credit
losses expected over the remaining life of the exposure,
irrespective of the timing of the default (a lifetime ECL).

For trade receivables, the Company applies a simplified
approach in calculating ECLs. Therefore, the Company
does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at
each reporting date. The Company has established a
provision matrix that is based on its historical credit
loss experience, adjusted for forward-looking factors
specific to the debtors and the economic environment.

Financial liabilities

Initial recognition and measurement

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

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

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

Subsequent measurement

For purposes of subsequent measurement, financial
liabilities are classified in two categories:

• Financial liabilities at fair value through
profit or loss

• Financial liabilities at amortised cost (loans
and borrowings)

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss
include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair
value through profit or loss. Financial liabilities are
classified as held for trading if they are incurred for the
purpose of repurchasing in the near term. This category
also includes derivative financial instruments entered
into by the Company that are not designated as
hedging instruments in hedge relationships as defined
by Ind-AS 109.

Gains or losses on liabilities held for trading are
recognised in the profit or loss.

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

Financial liabilities at amortised cost (Loans and Borrowings)

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

Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The
EIR amortisation is included as finance costs in the
statement of profit and loss.

This category generally applies to borrowings. For
more information refer Note 16.

Derecognition

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

Reclassification of financial assets

The Company determines classification and
measurement of financial assets and liabilities
on initial recognition. After initial recognition, no
reclassification is made for financial assets which are
equity instruments and financial liabilities. For financial
assets which are debt instruments, a reclassification is
made only if there is a change in the business model for
managing those assets. Changes to the business model
are expected to be infrequent. The Company's senior
management determines change in the business model
as a result of external or internal changes which are
significant to the Company's operations. Such changes
are evident to external parties. A change in the business
model occurs when the Company either begins or
ceases to perform an activity that is significant to
its operations. If the Company reclassifies financial
assets, it applies the reclassification prospectively from
the reclassification date which is the first day of the
immediately next reporting year following the change
in business model. The Company does not restate
any previously recognised gains, losses (including
impairment gains or losses) or interest. The following
table shows various reclassification and how they are
accounted for as per below:

i) Amortised cost to FVTPL - Fair value is measured
at reclassification date. Difference between
previous amortized cost and fair value is
recognised in P&L.

ii) FVTPL to Amortised Cost - Fair value at
reclassification date becomes its new gross
carrying amount. EIR is calculated based on the
new gross carrying amount.

iii) Amortised cost to FVTOCI - Fair value is
measured at reclassification date. Difference
between previous amortised cost and fair value

is recognised in OCI. No change in EIR due to
reclassification.

iv) FVTOCI to Amortised cost - Fair value at
reclassification date becomes its new amortised
cost carrying amount. However, cumulative
gain or loss in OCI is adjusted against fair value.
Consequently, the asset is measured as if it had
always been measured at amortised cost.

v) FVTPL to FVTOCI -

date becomes its new carrying amount. No other
adjustment is required.

vi) FVTOCI to FVTPL - Assets continue to be
measured at fair value. Cumulative gain or loss
previously recognized in OCI is reclassified
to Statement of Profit and Loss at the
reclassification date.

Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance sheet
if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to
settle on a net basis, to realise the assets and settle the
liabilities simultaneously.

p) Derivative financial instruments

Initial recognition and subsequent measurement

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

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

q) Cash and cash equivalents

Cash and cash equivalents in the balance sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months or
less, that are readily convertible to a known amount of
cash and subject to an insignificant risk of changes in
value. Bank balances other than the balance included
in cash and cash equivalents represents balance

on account of unpaid dividend and margin money
deposit with banks.

r) Dividend

The Company recognises a liability to pay dividend
to equity holders when the distribution is authorised
and the distribution is no longer at the discretion of
the Company. As per the corporate laws in India, a
distribution is authorised when it is approved by the
shareholders. A corresponding amount is recognised
directly in equity.

s) Foreign currencies

The Company's financial statements are presented in
INR, which is also the Company's functional currency.

Transactions and balances

Transactions in foreign currencies are initially recorded
in the functional currency, using the spot exchange
rates at the date of the transaction first qualifies
for recognition. Monetary assets and liabilities
denominated in foreign currencies are translated
at the functional currency spot rates of exchange at
the reporting date. Exchange differences that arise
on settlement of monetary items are recognised in
Statement of Profit and Loss. Non-monetary items that
are measured in terms of historical cost in a foreign
currency are translated using the exchange rates at
the dates of the initial transactions. Non-monetary
items measured at fair value in a foreign currency are
translated using the exchange rates at the date when
the fair value is determined. The gain or loss arising on
translation of nonmonetary items measured at fair value
is treated in line with the recognition of the gain or loss
on the change in fair value of the item (i.e., translation
differences on items whose fair value gain or loss is
recognised in OCI or profit or loss are also recognised
in OCI or profit or loss, respectively).

t) Investment in subsidiary

Investment in subsidiary is carried at cost in the
separate financial statements. Investment carried at
cost is tested for impairment as per IND AS 36.

u) Contingent Liabilities

A Contingent liability is a possible obligation that arises
from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more

uncertain future events beyond the control of the
Company or a present obligation that is recognized
because it is not probable that an outflow of resources
will be required to settle the obligation. A contingent
liability also arises in extremely rare cases where
there is a liability that cannot be recognized because
cannot be measured reliably. Therefore the Company
does not recognize a contingent liability but discloses
its existence in the financial statements. Contingent
assets are only disclosed when it is probable that the
economic benefits will flow to the entity.

v) Earnings per share

Basic earnings per share is calculated by dividing the
net profit or loss attributable to equity holders of the
Company by the weighted average number of equity
shares outstanding during the year.

For the purpose of calculating diluted earnings per
share, the net profit for the year attributable to equity
shareholders of the Company and the weighted average
number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity
shares. Treasury shares are reduced while computing
basic and diluted earnings per share.

w) Treasury shares

The Company has created a GHCL Employees Stock
Option Trust for providing share-based payment to its
employees. The Company uses GHCL Employees Stock
Option Trust as a vehicle for distributing shares to
employees under the employee remuneration schemes.
The GHCL Employees Stock Option Trust buys shares
of the Company from the market, for giving shares
to employees. The Company treats GHCL Employees
Stock Option Trust as its extension and shares held by
GHCL Employees Stock Option Trust are treated as
treasury shares.

Own equity instruments that are reacquired (treasury
shares) are recognised at cost and deducted from
equity. No gain or loss is recognised in profit or loss
on the purchase, sale, issue or cancellation of the
Company's own equity instruments. Any difference
between the carrying amount and the consideration,
if reissued, is recognised in Securities premium. Share
options exercised during the reporting period are
satisfied with treasury shares.

31 Significant accounting judgements, estimates and assumptions

The preparation of Company's financial statements requires management to make judgments, estimates and assumptions that affect
the reported amounts of assets, liabilities, income and expenses and the accompanying disclosures and disclosure of contingent
liabilities. Uncertainty about the assumptions and estimates could result in outcomes that require a material adjustment to the
carrying value of assets or liabilities affected in future years.

Other disclosures relating to the Company's exposure to risks and uncertainties includes:

• Financial risk management objectives and policies in Note 40

• Sensitivity analyses disclosures in Note 32 and Note 40

• Capital Management Note 41

(i) Judgements

In the process of applying the accounting policies, management has made the following judgements, which have significant
effect on the amounts recognised in the Standalone's financial statements:

Determining the lease term of contracts with renewal and termination options - Company as lessee

The Company determines the lease term as the non-cancellable year of a lease, together with any years covered by an option
to extend the lease if the Company is reasonably certain to exercise that option; or years covered by an option to terminate
the lease if the Company is reasonably certain not to exercise that option. In assessing whether the Company is reasonably
certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts
and circumstances that create an economic incentive for the Company to exercise the option to extend the lease, or not to
exercise the option to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable
year of a lease.

31 Significant accounting judgements, estimates and assumptions

Revenue from contracts with customers

The Company applied the following judgements that significantly affect the determination of the amount and timing of
revenue from contracts with customers:

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved,
in writing, by the parties to the contract, the parties to contract are committed to perform the irrespective obligations under
the contract, and the contract is legally enforceable.

Judgement is required to determine the transaction price for the contract and to ascertain the transaction price to each
distinct performance obligation. The transaction price could be either a fixed amount of customer consideration or variable
consideration with elements such as a right of return the goods within a specified year, volume discounts, cash discount and
price incentives. Any consideration payable to the customer is adjusted to the transaction price, unless it is a payment for a
distinct product from the customer. The Company allocates the elements of variable considerations to all the performance
obligations of the contract unless there is observable evidence that they pertain to one or more distinct performance obligations.

Provisions and contingencies

The assessments undertaken in recognising provisions and contingencies have been made in accordance with Ind AS 37,
'Provisions, contingent liabilities and contingent assets'. The evaluation of the likelihood of the contingent events has required
best judgment by management regarding the probability of exposure to potential loss.

Assessment of equity instruments

The Company has designated investments in equity instruments as FVTOCI investments since the Company expects to hold
these investment with no intention to sale. The difference between the instrument's fair value and carrying amount has been
recognized in retained earnings.

(ii) Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have
a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year, are described below. The Company based its assumptions and estimates on parameters available when the financial
statements were prepared. Existing circumstances and assumptions about future developments, however, may change due
to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the
assumptions when they occur.

(iii) Provision for expected credit losses of trade receivables and contract assets

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next
12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since
initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective
of the timing of the default (a lifetime ECL).

For trade receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track
changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company
has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors
specific to the debtors and the economic environment.

(iv) Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the
higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on
available data from binding sales transactions, conducted at arm's length, for similar assets or observable market prices less

31 Significant accounting judgements, estimates and assumptions

incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived
from the budget for the next five years and do not include restructuring activities that the Company is not yet committed to
or significant future investments that will enhance the asset's performance of the CGU being tested. The recoverable amount
is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used
for extrapolation purposes. These estimates are most relevant to impairment assessment of Property plant and equipment and
intangible assets.

(v) Share-based payments

For the measurement of the fair value of equity-settled transactions with employees at the grant date, the Company uses a
Black-Scholes model for Employee Share Option Plan (ESOP). The assumptions and models used for estimating fair value for
share-based payment transactions are disclosed in Note 33.

(vi) Useful lives of Property, plant and equipment

The estimated useful lives of property, plant and equipment are based on a number of factors including the effects of
obsolescence, demand, competition, internal assessment of user experience and other economic factors (such as the stability
of the industry, and known technological advances) and the level of maintenance expenditure required to obtain the expected
future cash flows from the asset. The Company reviews the useful life of Property, plant and equipment at the end of each
reporting date.

(vii) Post-retirement benefit plans

Employee benefit obligations (gratuity obligation) are determined using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the future. These include the
determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the
valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.
All assumptions are reviewed at each reporting date. The parameter most subject to change is the discount rate. In
determining the appropriate discount rate for plans operated in India, the management considers the interest rates of
government bonds where remaining maturity of such bond correspond to expected term of defined benefit obligation.
The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in
response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rates.
Further details about gratuity obligations are given in Note 32."

(viii) Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the Balance sheet cannot be measured based on
quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs
to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is
required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility.
Changes in assumptions about these factors could affect the reported fair value of financial instruments. Refer Note 39A for
further disclosures.

(ix) Leases - Estimating the incremental borrowing rate

The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing
rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a
similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a
similar economic environment. The IBR therefore reflects what the Company 'would have to pay', which requires estimation
when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. The
Company estimates the IBR using observable inputs (such as market interest rates) when available and is required to make
certain entity-specific estimates.

The employees' gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of the obligation is determined
based on actuarial valuation using the Projected Unit Credit Method, which recognises each year of service as giving rise to
additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Employees who are in continuous service for a year of 5 years are eligible for gratuity. The amount of gratuity payable to an
employee upon leaving the Company is the 50% of Fixed cost to Company per month computed proportionately for 15/26 days
salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to
Gratuity Trust registered under Income Tax Act, 1961.

The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for gratuity were carried
out as at March 31, 2025. The present value of the defined benefit obligations and the related current service cost and past service
cost, were measured using the Projected Unit Credit Method.

The plan assets are managed by the Gratuity Trust formed by the Company. The management of 100% of the funds is entrusted
according to norms of Gratuity Trust, whose pattern of investment is available with the Company.

The Company contributes provident fund liability to GHCL Officers Provident Fund Trust. As per the applicable accounting
standards, provident funds set up by the employers, which require interest shortfall to be met by the employer, needs to be
treated as defined benefit plan. The actuarial valuation of Provident Fund was carried out in accordance with the guidance note
issued by Actuarial Society of India for measurement of provident fund liabilities and a provision has been recognised in respect of
future anticipated shortfall with regard to interest rate obligation as at the balance sheet date. The following tables summarize the
components of net employee benefit expenses recognised in the statement of profit and loss and the funded status and amounts
recognised in the balance sheet for the above mentioned plan:

33 Share based compensation

In accordance with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and the Guidance
Note on accounting for 'Employees share-based payments, the Scheme detailed below is managed and administered, compensation
benefits in respect of the scheme is assessed and accounted by the Company. To have an understanding of the Scheme, relevant
disclosures are given below:

a) The Shareholders at their Annual General Meeting held on July 23, 2015, approved a maximum limit of 50,00,000 number of
stock options under the Employee Stock Option Scheme “GHCL ESOS 2015”. The following details show the actual status of
ESOS granted during the financial year ended on March 31, 2025 :

b) During the year, 30,800 equity shares of H 10 each were issued and allotted under the GHCL Employees Stock Option Scheme -
2015 (“ESOS”).

'represents (a) demands due to MAT credit & carry forward losses not allowed for assessment year 2015-2016, (b) demands
of income tax mainly on account of transfer pricing adjustments for the assessment years 2016 - 2017 to 2020 - 2021 and (c)
demands of income tax on account of certain disallowances for assessment years 2021 - 2022 & 2022 - 2023. The Company has
filed appeals and rectification applications against the abovesaid income tax matters.

'As per Appendix C to Ind AS 12, the Company considered whether it has any uncertain tax positions. The Company's tax filings includes
deduction related to 80IA, deduction allowances on subsidiary losses, 14A disallowances, transfer pricing matters, disallowance
u/s 56(2)(x) and others. The taxation authorities may challenge those tax treatments. The Company determined, basedon its tax
compliance and transfer pricing study, that it is probable that its tax treatments will be accepted by the taxation authorities.

The aforesaid Appendix did not have an impact on the financial statements of the Company.

"Represents disputed matters on account of (a) denial of CENVAT credits (b) differential customs duties on account of classifications
under different chapters of CETA and (c) other indirect tax matters.

'*' Government of India had vide its Notification dated March 29, 2020, issued under the National Disaster Management Act
2005, directed that all employers shall make full payment of wages, of their workers at their workplaces, for the year of closure
under the lockdown. Subsequently, on the petitions filed by some of the employers against the aforementioned notification, the
Hon'ble Supreme Court of India, passed an interim order dated June 12, 2020 and directed employers to enter into negotiation
and settlement with workers for wages payment during the lockdown year. The aforesaid notification stood withdrawn w.e.f May
18, 2020. In the meanwhile, the Company had made payments to its workers and decided to do the final settlement, if any as per

35 Commitments and contingencies

the final order of the Hon'ble Supreme Court of India. During the current year, the Hon'ble Supreme Court has vide its order dated
May 17, 2024 dismissed all the civil writ petitions filed by the employers challenging the Notification dated March 29, 2020, issued
under the National Disaster Management Act 2005, by reserving or leaving the rights of both, the employers and the workmen to
be decided by the forum having appropriate jurisdiction if, and when such issues are agitated before such forum. There are no such
issue are agitated till date.

""Claims under this heading relate to legal cases pending in different courts under the jurisdiction of Gujarat High Court and
the courts subordinate to it. The matters are relating to (a) certain claims relating to contractor's workmen, whose services were
terminated by the concerned contractor and the matter is between the contractor and their workmen and GHCL is made a party to
the dispute only, (b) water charges in dispute.

On the basis of current status of individual case for respective years and as per legal advice obtained by the Company, wherever
applicable, the Company is confident of winning the above cases and is of the view that no provision is required in respect
of above cases.

37 Segment information

The Company's operations pertain to one segment i.e. Inorganic Chemicals and the Chief Operating Decision Maker (CODM)
reviews the operations of the Company as a whole, hence there is no reportable segments as per Ind AS 108 “Operating Segments”.
The management considers that the various goods provided by the Company constitutes single business segment, since the risk and
rewards from these products are not different from one another. However the Company has disclosed the following geographical
information as follows:

Notes:

(i) The revenue information above is based on the locations of the customers.

(ii) Non-current assets for this purpose consist of Property, plant and equipment and Intangible assets, Right of use asset and
Capital work in progress.

(iii) There are no customers having revenue exceeding 10% of total revenue of the Company

38 Hedging activities and derivatives

The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed using derivative
instruments are foreign currency risk.

The Company's risk management strategy and how it is applied to manage risk are explained in Note 40.

Derivatives not designated as hedging instruments

The Company uses foreign exchange forward contracts to manage some of its transaction exposures. The foreign exchange forward
contracts are not designated as cash flow hedges and are entered into for a period consistent with foreign currency exposure of the
underlying transactions, generally upto 4 months. These contracts are not designated in hedge relationships and are measured at
fair value through profit or loss.

The management assessed that cash and cash equivalents, bank balances other than cash and cash equivalents, trade
receivables,Interest accrued on Bank deposits, others (Insurance Claim receivable) trade payables and other current financial
liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The other current
financial liabilities represents Dealer deposits, Security deposits, Capital creditors and Unpaid dividend the carrying value of which
approximates the fair values as on the reporting date.

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

i The fair value of the financial assets and liabilities is included at the amount at which the instrument is exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale.

40 Financial risk management objectives and policies

The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings, lease liabilities 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 holds FVTOCI & FVTPL investments and 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 Banking and Operations committee that advises on financial
risks and the appropriate financial risk governance framework for the Company. The financial risk 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 expert team 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 investments, loans and borrowings, deposits 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 sensitivity
analysis have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt
are all constant.

a) 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 obligations with floating interest rates.

In order to optimize the Company's position with regards to interest income and interest expenses and to manage the interest rate
risk, treasury performs a comprehensive corporate interest rate management by balancing the proportion of fixed rate and floating
rate financial instruments in its total portfolio.

The Company is not exposed the significant interest rate as at a respective reporting date.

c) Equity price risk

The Company's investments in listed equity securities and mutual funds are susceptible to market price risk arising from
uncertainties about future values of the investment securities. The Company manages the equity price risk through diversification
and by placing limits on individual and total equity instruments. Reports on the equity portfolio are submitted to the Company's
senior management on a regular basis. The Company's Board of Directors reviews and approves all equity investment decisions.

At the reporting date, the exposure to listed equity securities at fair value was INR 16.85 crore as on March 31, 2025 (INR 13.86
crores as on March 31, 2024). A decrease of 10% on the NSE/BSE market index could have an impact of approximately INR 1.69
crores on the OCI or equity attributable to the Company. An increase of 10% in the value of the listed securities would also impact
OCI and equity. These changes would not have an effect on profit or loss.

Further, at reporting date, the Company has exposure to investments in mutual funds of INR 634.18 crores (INR 406.51 crores as
on March 31, 2024). A decrease of 10% in the NAV of mutual funds could have an impact of approximately INR 63.42 crores on the
statement of profit and loss.

40 Financial risk management objectives and policies

d) Commodity risk

The Company is impacted by the price volatility of coal and other raw materials. Its operating activities require continuous
manufacture of Soda Ash, and therefore require a regular supply of coal and other raw materials. Due to the significant volatility of
the price of coal in international market, the Company has entered into purchase contract for coal with its designated vendor(s). The
price in the purchase contract is linked to the certain indexes. The Company's commercial department has developed and enacted
a risk management strategy regarding commodity price risk and its mitigation.

e) 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.

Trade receivables

Customer credit risk is managed by business unit subject to the Company's established policy, procedures and control relating
to customer credit risk management. Credit quality of a customer is assessed based on customer profiling, credit worthiness and
market intelligence. Outstanding customer receivables are regularly monitored and any shipments to major customers are generally
covered by letters of credit or other forms of credit insurance.

An impairment analysis is performed at each reporting date on an individual basis for major customers. In addition, a large number
of minor receivables are categorized and assessed for impairment collectively. The calculation is based on exchange losses historical
data. The Company does not hold collateral as security except for Letter of Credits for export customers. The Company evaluates
the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries
and operate in largely independent markets.

Financial instruments and cash deposits

Credit risk from balances with banks is managed by the Company's treasury department in accordance with the Company's policy.
Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty.
Counterparty credit limits are reviewed by the Company's Board of Directors on an annual basis, and may be updated throughout
the year subject to approval of the Banking & Operations Committee. The limits are set to minimise the concentration of risks and
therefore mitigate financial loss through counterparty's potential failure to make payments.

The Company's maximum exposure to credit risk for the components of the Balance sheet at March 31, 2025 and March 31, 2024
is the carrying amounts. The Company's maximum exposure relating to financial guarantees and financial derivative instruments is
noted in note on commitments and contingencies and the liquidity table below.

Liquidity risk

Liquidity risk is the risk that the Company will encounter in meeting the obligations associated with its financial liabilities that are settled
by delivering cash or another financial asset. The approach of the Company to manage liquidity is to ensure, as far as possible, that it
should have sufficient liquidity to meet its respective liabilities when they are due, under both normal and stressed conditions, without
incurring unacceptable losses or risk damage to their reputation. The Company also believes a significant liquidity risk with regard
to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.
The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low.

41 Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all other equity
reserves attributable to the equity holders of the Company. 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's policy is to keep the gearing ratio of less than 75%. The Company includes within net
debt, interest bearing loans and borrowings, lease liabilities, 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. Breaches in
meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in
the financial covenants of any interest-bearing loans and borrowing in the current year.

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

43 In prior years as per SEBI (ESOS & ESPS) Guidelines 1999 the Employees Stock Option Schemes of the Company was administered
by the registered Trust named GHCL Employees Stock Option Trust. However, the SEBI circular dated November 29, 2013, required
the closure of all Employee Stock Option Trusts by June 2014. Accordingly, GHCL closed its ESOS Scheme, disposed of GHCL shares
but retained its ESOS Trust for a limited purpose of litigation. ESOS Trust owns 20,46,195 GHCL shares, out of which 15,79,922
shares were illegally sold by broker involved, against which ESOS Trust has initiated legal proceedings and 4,66,273 shares were
blocked for transactions by Stock exchange under legal proceedings. During earlier year, 4,66,273 shares were transferred/released
to ESOS Trust as per NSE order dated July 24, 2019 and are currently held by the Trust.

43 During the tenure of ESOS Trust, the Company had advanced INR 29.54 crores interest free loan to the Trust to buy the shares
and at the end of March, 2014, the Company had written off an amount of INR 23.34 crores due from ESOS Trust on account of
permanent diminution in the value of 20,46,195 shares as on March 31, 2014 held by the Trust.

Once the legal matter will settle ESOS Trust will get the possession of 15,79,922 shares also, the sale proceeds from the disposal
of these 20,46,195 shares by ESOS Trust will first be used to repay the loan amounting to INR 29.54 crores due to the Company
which includes restatement of earlier write-off of INR 23.34 crores taken in March, 2014 and the balance surplus (if any) will be
used for the benefit of the employees of the Company as per the recommendation of GHCL's Compensation Committee.

45 Additional regulatory information

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

2 The Company does not have any transactions with Companies struck off.

3 The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory year.

4 The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

5 The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities

(Intermediaries) with the understanding that the Intermediary shall:

(a) 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

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

6 The Company has not received any fund 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 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,

7 The Company do not have any transaction which are not recorded in the books of accounts 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

46 Reclassification in the Balance sheet :

During the year, the Company has reassessed presentation of outstanding employee salaries and wages, which were previously
presented under 'Trade Payables' within 'Current Financial Liabilities'. In line the recent opinion issued by the Expert Advisory
Committee (EAC) of the Institute of Chartered Accountants of India (ICAI) on the “Classification and Presentation of Accrued Wages
and Salaries to Employees”, the Company has concluded that presenting such amounts under 'Other Financial Liabilities', within
'Current Financial Liabilities', results in improved presentation and better reflects the nature of these obligations. Accordingly,
amounts aggregating to INR 31.05 crores as at March 31, 2025 (INR 26.68 crores as at March 31, 2024), previously classified under
'Trade Payables', have been reclassified under the head 'Other Financial Liabilities'. Both line items form part of the main heading
'Financial Liabilities'.

The above changes do not impact recognition and measurement of items in the financial statements, and, consequentially, there
is no impact on total equity and/ or profit for the current or any of the earlier periods. Considering the nature of changes, the
management believes that they do not have any material impact on the balance sheet.

47 The Government of Gujarat had sanctioned Mining lease rights for Lignite in favour of the Company for a period of 30 years w.e.f.
December 09, 2003. On October 07, 2024, Joint Secretary, Industries and Mines Department, Gandhinagar, issued a corrigendum
and modified the period of mines to Twenty years instead of Thirty years. The Company has filed an application before the Joint
Secretary, Industries and Mines Department, Gandhinagar for an extension of the lease for a further period of 20 years. The Company
basis a legal opinion believes that the matter can be contested on merits. Further, the Company's mining cost is competitive with
market price and accordingly, the Company has assessed that there is no significant impact on the Company's financial performance
and its operations.

48 The Supreme Court of India issued a ruling on July 25, 2024, confirming that the State Governments are empowered to levy taxes
on mining activities and affirmed that State Governments have the authority to impose taxes on mineral rights, in addition to the
royalties already paid to the Central Government. Further, vide order dated August 14, 2024, it held that the States could levy/
demand tax on minerals w.e.f. April 01, 2005 and the same can be paid in 12 instalments commencing from April 01, 2026. The
Gujarat Mineral Rights Tax Act, 1985 provides for the levy and collection of tax on mineral rights of holders of mining leases in
respect of certain minerals in the State of Gujarat, however, no demand has been raised on the Company till date. As there are
various issues involved and pending clarity, based upon management evaluation and independent legal opinion, the Company would
be able to assess the financial impact, if any, of the possible obligation only on the occurrence and non-occurrence of uncertain
future events, not entirely within the control of the Company, and the consequent actions of the Union and State Government.

49 The Company 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 operated throughout the year for all relevant transactions recorded in the software, except that audit
trail feature is not enabled for certain changes made using privileged/ administrative access rights in respect of other software used
by the Company to maintain payroll records. Further, no instance of audit trail feature being tampered with was noted in respect
of above said software except in regard to privileged access users as mentioned above.

50 The Company carried out accounting of the Scheme of Arrangement related to demerger of spinning division during the quarter
ended June 30, 2023 as required by the approved Scheme of Arrangement and had accordingly debited the fair value of Demerged
division i.e. fair value of net assets of Spinning Division distributed to the shareholders of the Company amounting to H 1,597.28
crores to the retained earnings in the Statement of Changes in Equity as dividend distribution. The difference between the fair
value and the carrying amount of net assets of H 1,359.28 crores of Spinning Division as at April 01, 2023 was recognised as gain
on demerger of Spinning Division in the Statement of Profit and Loss as an Exceptional item amounting to H 219.29 crores (net of
estimated transaction cost and income tax on transaction cost).

51 The management has evaluated the likely impact of prevailing uncertainties relating to imposition or enhancement of reciprocal
tariffs and believes that there are no material impacts on the financial statements of the Company for the year ended March 31,
2025. However, the management will continue to monitor the situation from the perspective of potential impact on the operations
of the Company.

52 Standards notified but not yet effective

There are no new standards that are notified, but not yet effective, upto the date of issuance of the Company's financial statements.

As per report of even date For and on behalf of Board of Directors of

GHCL Limited (CIN : L24100GJ1983PLC006513)

sd/- sd/-

For S.R. Batliboi & Co. LLP Manoj Vaish R. S. Jalan

Chartered Accountants Director Managing Director

ICAI Firm Registration No. 301003E/E300005 DIN: 00157082 DIN: 00121260

sd/- sd/- sd/-

per Sonika Loganey Raman Chopra Bhuwneshwar Mishra

Partner CFO & Executive Vice President- Sustainability

Membership No. 502220 Director-Finance & Company Secretary

DIN: 00954190 Membership No.: FCS 5330

Place : New Delhi Place : New Delhi

Date: May 08, 2025 Date: May 08, 2025