p) Provisions, Contingent Liabilities and
Contingent Assets

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of a
past event, it is probable that the Company will be required
to settle the obligation, and a reliable estimate can be
made of the amount of the obligation.

The amount recognised as a provision is the best estimate
of the consideration required to settle the present
obligation at the end of the reporting period, taking into
account the risks and uncertainties surrounding the
obligations. When a provision is measured using the cash
flow estimated to settle the present obligation, its carrying
amount is the present obligations of those cash flows
(when the effect of the time value of money is material).

When some or all of the economic benefits required to
settle a provision are expected to be recovered from a
third party, a 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

Contingent liability is a possible obligation arising from
past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the
entity or a present obligation that arises from past events
but is not recognized because it is not probable that an
outflow of resources embodying economic benefits will
be required to settle the obligation or the amount of the
obligation cannot be measured with sufficient reliability.

The Company does not recognize a contingent liability
but discloses its existence in the financial statements.

Contingent Asset

Contingent asset is not recognized in the financial
statements since this may result in the recognition of
income that may never be realised. However, when the
realisation of income is virtually certain, then the related
asset is not a contingent asset and is recognized.

Provisions, contingent liabilities and contingent assets are
reviewed at each Balance Sheet date.

q) Investments in subsidiaries and joint venture

Investments in subsidiaries and joint venture are carried
at cost less accumulated impairment losses, if any. Where
an indication of impairment exists, the carrying amount of
the investment is assessed and written down immediately
to its recoverable amount. On disposal of investments
in subsidiaries and joint venture, the difference between
net disposal proceeds and the carrying amounts are
recognised in the Statement of Profit and Loss.

r) Financial Instruments

Financial assets and financial liabilities are recognised when
a Company becomes a party to the contractual provisions
of the instruments. Financial assets and financial liabilities
are initially measured at fair value except trade receivables

which is measured at transaction price. Transaction costs
that are directly attributable to the acquisition or issue of
financial assets and financial liabilities (other than financial
assets and financial liabilities at fair value through profit
or loss) are added to or deducted from the fair value
measured on initial recognition of financial assets or
financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of
financial assets or financial liabilities at fair value through
profit or loss are recognised immediately in the statement
of profit and loss.

Financial assets at amortised cost

Financial assets are subsequently measured at amortised
cost if these financial assets are held within a business
whose objective is to hold these assets in order to collect
contractual cash flows and the contractual terms of the
financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the
principal amount outstanding.

Financial assets at fair value through profit or loss
(FVTPL)

Financial assets are measured at fair value through profit
and loss unless it is measured at amortised cost or at fair
value through other comprehensive income on initial
recognition. The transaction costs directly attributable
to the acquisition of financial assets and liabilities at fair
value through profit or loss are immediately recognised in
statement of profit and loss.

Financial assets designated at fair value through OCI
(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. Equity instruments designated
at fair value through OCI are not subject to impairment
assessment.

Financial liabilities

Financial liabilities are subsequently measured at
amortised cost using the effective interest method.

Equity instruments

An equity instrument is a contract that evidences residual
interest in the assets of the Company after deducting
all of its liabilities. Equity instruments recognised by the
Company are measured at the proceeds received net off
direct issue cost.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the
net amount is reported in financial statements 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.

Derecognition of Financial Assets and Liabilities

The Company derecognises a financial asset when the
contractual rights to the cash flows from the financial asset
expire, or when the Company transfers the contractual
rights to receive the cash flows of the financial asset in
which substantially all the risks and rewards of ownership
of the financial asset are transferred, or in which the
Company neither transfers nor retains substantially all the
risks and rewards of ownership of the financial asset and
does not retain control of the financial asset.

The Company derecognises a financial liability (or a part
of financial liability) when the contractual obligation is
discharged, cancelled or expired. The difference between
the carrying amount of the financial liability derecognised
and the consideration paid is recognised in the Statement
of Profit and Loss.

s) Derivative financial instruments

The Company enters into a variety of derivative financial
instruments to manage its exposure to interest rate and
foreign exchange rate risks, including foreign exchange
forward contracts/options and interest rate swaps.

The use of foreign currency forward contracts/options
is governed by the Company's policies approved by the
Board of Directors, which provide written principles on
the use of such financial derivatives consistent with the
Company's risk management strategy. The counter party
to the Company's foreign currency forward contracts is
generally a bank. The Company does not use derivative
financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the
date the derivative contracts are entered into and are
subsequently remeasured to their fair value at the end
of each reporting period. The resulting gain or loss is
recognised in the statement of profit and loss immediately.

Profit or loss arising on cancellation or renewal of a forward
exchange contract is recognised as income or as expense
in the period in which such cancellation or renewal occurs.

t) Impairment

Financial assets (other than at fair value)

The Company assesses at each Balance sheet whether a
financial asset or a group of financial assets is impaired.
Ind AS 109 requires expected credit losses to be measured
through a loss allowance. The Company recognizes
lifetime expected losses for all contract assets and/or
all trade receivables that do not constitute a financing
transaction. For all other financial assets, expected credit
losses are measured at an amount equal to the 12 month
expected credit losses or at an amount equal to the lifetime
expected credit losses if the credit risk on the financial
asset has increased significantly since initial recognition.

Non-financial assets

Property, plant and Equipment and intangible assets

At the end of each reporting period, the Company reviews
the carrying amounts of its property, plant and equipment
and intangible assets to determine whether there is any
indication that those assets have suffered an impairment
loss. If any such indication exists, the recoverable amount
of the asset is estimated in order to determine the extent
of the impairment loss (if any). When it is not possible to
estimate the recoverable amount of an individual asset,
the Company estimates the recoverable amount of the
cash generating unit to which the asset belongs. When
a reasonable and consistent basis of allocation can be
identified, corporate assets are also allocated to individual
cash generating units, or otherwise they are allocated
to the smallest group of cash generating unit for which
a reasonable and consistent allocation basis can be
identified.

Recoverable amount is the higher of fair value less costs
of disposal and value in use. In assessing value in use,
the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects
current market assessments of the time value of money
and the risks specific to the asset for which the estimates
of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash generating
unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (or cash generating unit) is
reduced to its recoverable amount. An impairment loss is
recognised immediately in the statement profit and loss.

When an impairment loss subsequently reverses, the
carrying amount of the asset (or a cash generating unit)
is increased to the revised estimate of its recoverable
amount, but so that the increased carrying amount does
not exceed the carrying amount that would have been
determined had no impairment loss been recognised for
the asset (or cash generating unit) in prior years. A reversal
of an impairment loss is recognised immediately in the
statement of profit and loss.

u) Business combinations

The Company determines that it has acquired a business
when the acquired set of activities and assets include an
input and a substantive process that together significantly
contribute to the ability to create outputs. The acquired
process is considered substantive if it is critical to the
ability to continue producing outputs, and the inputs
acquired include an organised workforce with the
necessary skills, knowledge, or experience to perform
that process or it significantly contributes to the ability
to continue producing outputs. Business combinations
are accounted for using the acquisition method. The cost
of an acquisition is measured as the aggregate of the
consideration transferred measured at acquisition date
fair value and the amount of any non-controlling interests
in the acquiree. For each business combination, the
Company elects whether to measure the non-controlling
interests in the acquiree at fair value or at the proportionate
share of the acquiree's identifiable net assets. Acquisition-
related costs are expensed in the periods in which the
costs are incurred and the services are received, with the
exception of the costs of issuing equity securities that are
recognised in accordance with Ind AS 32 and Ind AS 109.

At the acquisition date, the identifiable assets acquired and
the liabilities assumed are recognised at their acquisition
date fair values. For this purpose, the liabilities assumed
include contingent liabilities representing present
obligation and they are measured at their acquisition fair
values irrespective of the fact that outflow of resources
embodying economic benefits is not probable. However,

the following assets and liabilities acquired in a business
combination are measured at the basis indicated below:

• Deferred tax assets or liabilities, and the liabilities or
assets related to employee benefit arrangements are
recognised and measured in accordance with Ind
AS 12 Income Tax and Ind AS 19 Employee Benefits
respectively.

• Potential tax effects of temporary differences
and carry forwards of an acquiree that exist at the
acquisition date or arise as a result of the acquisition
are accounted in accordance with Ind AS 12.

Goodwill is initially measured at cost, being the excess of
the aggregate of the consideration transferred and the
amount recognised for non-controlling interests, and
any previous interest held, over the net identifiable assets
acquired and liabilities assumed.

After initial recognition, goodwill is measured at cost less
any accumulated impairment losses. For the purpose
of impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated to
each of the Company's cash-generating units that are
expected to benefit from the combination, irrespective
of whether other assets or liabilities of the acquiree are
assigned to those units.

A cash generating unit to which goodwill has been
allocated is tested for impairment annually, or more
frequently when there is an indication that the unit
may be impaired. If the recoverable amount of the cash
generating unit is less than its carrying amount, the
impairment loss is allocated first to reduce the carrying
amount of any goodwill allocated to the unit and then to
the other assets of the unit pro rata based on the carrying
amount of each asset in the unit. Any impairment loss for
goodwill is recognised in profit or loss. An impairment loss
recognised for goodwill is not reversed in subsequent
periods unless (a) the impairment loss was caused by a
specific external event of an exceptional nature that is not
expected to recur; and (b) subsequent external events
have occurred that reverse the effect of that event.

If the initial accounting for a business combination is
incomplete by the end of the reporting period in which
the combination occurs, the Company reports provisional
amounts for the items for which the accounting is
incomplete. Those provisional amounts are adjusted
through goodwill during the measurement period, or
additional assets or liabilities are recognised, to reflect
new information obtained about facts and circumstances
that existed at the acquisition date that, if known, would
have affected the amounts recognized at that date.
These adjustments are called as measurement period
adjustments. The measurement period does not exceed
one year from the acquisition date.

Common control business combination

A business combination involving entities or businesses
under common control is a business combination in which
all of the combining entities or businesses are ultimately
controlled by the same party or parties both before and
after the business combination and the control is not
transitory and are accounted for using the pooling of
interests method as follows:

• The assets and liabilities of the combining entities are
reflected at their carrying amounts included in the
Company's consolidated financial statements.

• No adjustments are made to reflect fair values, or
recognise any new assets and liabilities. Adjustments
are only made to harmonise accounting policies.

• The financial information in the financial statements
in respect of prior periods is restated as if the business
combination had occurred from the beginning of
the preceding period in the financial statements,
irrespective of the actual date of the combination.
However, where the business combination had
occurred after that date, the prior period information
is restated only from that date.

• The identity of the reserves are preserved and the
reserves of the transferor become reserves of the
transferee.

• The difference, if any, between the amounts
recorded as share capital issued plus any additional
consideration in the form of cash or other assets
and the amount of share capital of the transferor is
transferred to capital reserve.

v) Current versus non-current classification

The Company presents assets and liabilities in the balance
sheet based on current/non-current classification based
on operating cycle.

An asset is treated as current when it is:

1. Expected to be realized or intended to be sold or
consumed in normal operating cycle;

2. Held primarily for the purpose of trading;

3. Expected to be realized within twelve months after
the reporting period; or

4. Cash or cash equivalent unless restricted from being
exchanged or used to settle a liability for at least
twelve months after the reporting period.

All other assets are classified as non-current:

A liability is current when:

1. It is expected to be settled in normal operating cycle;

2. It is held primarily for the purpose of trading;

3. It is due to be settled within twelve months after the
reporting period; or

4. There is no unconditional right to defer the
settlement of the liability for at least twelve months
after the reporting period.

All other liabilities are classified as non-current:

Deferred tax assets and liabilities are classified as non¬
current assets and liabilities. The operating cycle is the time
between the acquisition of assets for processing and their
realisation in cash and cash equivalents. The Company has
identified twelve months as its operating cycle.

w) Dividend

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

x) Critical accounting judgements and key
sources of estimation uncertainty

The preparation of the financial statements in conformity
with the Ind AS requires management to make judgements,
estimates and assumptions that affect the application
of accounting policies and the reported amounts of
assets, liabilities and disclosures as at date of the financial
statements and the reported amounts of the revenues
and expenses for the years presented. The estimates
and associated assumptions are based on historical
experience and other factors that are considered to be
relevant. Actual results may differ from these estimates
under different assumptions and conditions. The estimates
and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision
and future periods if the revision affects both current and
future periods.

Key sources of estimation uncertainty

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

i. Useful lives of property, plant and equipment and
intangible assets

As described in Note 2 (g) and (h), the Company reviews
the estimated useful lives and residual values, if any, of
property, plant and equipment and intangible assets at
the end of each reporting period. The lives are based on
historical experience with similar type assets as well as
anticipation of technical or commercial obsolescence
arising from a upgraded technological improvement.
During the current financial year, the management
determined that there were no changes to the useful lives
and residual values of the property plant and equipment
and intangible assets.

ii. Provisions and Contingent Liabilities

Provisions and Contingent Liabilities are reviewed at each
Balance Sheet date and adjusted to reflect the current
best estimates.

iii. Impairment of Investment in Subsidiaries and Joint
Venture

The investment in subsidiaries and joint venture are tested
for impairment in accordance with provisions applicable
to impairment of non-financial assets. The determination
of recoverable amounts of the Company's investments in
subsidiaries and involves significant judgements. Market
related information and estimates are used to determine

the recoverable amount. Key assumptions on which
management has based its determination of recoverable
amount includes weighted average cost of capital and
estimated operating margins.

iv. Impairment of goodwill

The Company tests whether goodwill has suffered any
impairment on an annual basis. For the current and
previous financial year, the recoverable amount of the cash
generating units (CGUs) was determined based on value-
in-use calculations which require the use of assumptions.
The calculations use cash flow projections based on
financial budgets approved by management covering a
five-year period. Cash flows beyond the five-year period
are extrapolated using the estimated growth rates.

Goodwill of ? 1,844 Million (Previous year: ? 1,844 Million)
and ? 192 Million (Previous year: ? 192 Million) have been
allocated for impairment testing purpose to the Cash
Generating Unit (CGU) viz., Adhesives and Plumbing
respectively.

The recoverable amount of all cash generating units (CGUs)
has been determined based on value in use calculations.
These calculations use cash flow projections based on
financial budgets approved by management. Recoverable
amounts for these CGUs has been determined based on
value in use for which cash flow forecasts of the related
CGU and pre tax discount rate ranges from 7% - 14% has
been applied. The values assigned to the assumption
reflect past experience and are consistent with the
management's plans for focusing operations in these
markets. The management believes that the planned
market share growth is reasonably achievable.

An analysis of the sensitivity of the computation to a
change in key parameters (operating margin, discount
rate and growth rate), based on a reasonable assumption,
did not identify any probable scenario in which the
recoverable amount of the CGU would decrease below its
carrying amount.

v. Defined benefit obligation

The cost of the defined benefit gratuity plan and the
present value of the 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.

vi. Discount, Incentives & Rebates

Revenue is measured net of variable consideration such as
discounts, incentives, rebates etc. given to the customers
on the Company's sales. These discounts, incentives,
rebates etc. are given on monthly, quarterly and annual
basis based on target achievement by the customers.
Estimation is involved during the financial year until the
end of reporting year. At reporting year end date, since
the targets are already achieved, no significant element of
estimation are present.

vii. Leases

a. Company uses significant judgement in the
applicable discount rate. The discount rate is
generally based on the incremental borrowing rate
specific to the lease being evaluated or for a portfolio
of leases with similar characteristics.

b. In determining the lease term, the Company has
assessed that its termination rights as a lessee,
exercisable after the non-cancellable period, are not
substantive due to the potential costs and commercial
disadvantages associated with early termination.
Accordingly, the termination right is considered to
be substantive for the lessor, and the Company has
deemed to have an unconditional obligation for the
entire lease term on prudence basis. This lease term
has been used in the measurement of lease liabilities.

y) New and amended standards

Ind AS 117 Insurance Contracts

The Ministry of corporate Affairs (MCA) notified the Ind
AS 117, Insurance Contracts, vide notification dated August
12, 2024, under the Companies (Indian Accounting
Standards) Amendment Rules, 2024, which is effective
from annual reporting periods beginning on or after April
1, 2024.

Ind AS 117 Insurance Contracts is a comprehensive new
accounting standard for insurance contracts covering
recognition and measurement, presentation and
disclosure. Ind AS 117 replaces Ind AS 104 Insurance
Contracts. Ind AS 117 applies to all types of insurance
contracts, regardless of the type of entities that issue them
as well as to certain guarantees and financial instruments
with discretionary participation features; a few scope
exceptions will apply. Ind AS 117 is based on a general
model, supplemented by:

• A specific adaptation for contracts with direct
participation features (the variable fee approach).

• A simplified approach (the premium allocation
approach) mainly for short-duration contracts.

The application of Ind AS 117 had no impact on the
Company's financial statements as the Company has not
entered any contracts in the nature of insurance contracts
covered under Ind AS 117.

Amendment to Ind AS 116 Leases - Lease Liability in a
Sale and Leaseback

The MCA notified the Companies (Indian Accounting
Standards) Second Amendment Rules, 2024, which
amend Ind AS 116, Leases, with respect to Lease Liability in
a Sale and Leaseback.

The amendment specifies the requirements that a seller-
lessee uses in measuring the lease liability arising in a sale
and leaseback transaction, to ensure the seller-lessee
does not recognise any amount of the gain or loss that
relates to the right of use it retains.

The amendment is effective for annual reporting periods
beginning on or after April 1, 2024 and must be applied
retrospectively to sale and leaseback transactions entered
into after the date of initial application of Ind AS 116.

The Company does not have such transaction hence
amendment does not have an impact on the Company's
financial statements.

z) Standards notified but not yet effective

There are no standards that are notified and not yet
effective as on the date.

f) Stock options granted under the Employee Stock Options scheme:

1. Details of the Employee stock option plan of the company:

Astral Limited (the Company) formulated Employees Stock Option Scheme viz. Astral Employee Stock Option
Scheme 2015 ("the Scheme”) for the benefit of employees of the Company. Shareholders of the Company approved
the Scheme by passing special resolution through postal ballot dated October 21, 2015 and was further amended
vide shareholders resolution passed in the Annual General Meeting held on August 21, 2020. Under the said Scheme,
Nomination and Remuneration Committee is empowered to grant stock options to eligible employees of the Company,
up to 2,43,923 (Post bonus) Minimum vesting period of stock option is one year and exercise period of stock option is
one year from the date of vesting.

The Committee granted 16,282 stock options on November 14, 2015, 21,600 stock options on March 30, 2017, 22,400
stock options on November 13, 2017, 7,450 stock options on June 29, 2019, 9,310 stock options on October 24, 2019, 9310
stock options on August 4, 2020, 12,413 stock options on July 1, 2021, 11,997 stock options on October 8, 2022 and 15,436
stock options on October 18, 2023 totalling 1,26,198 stock options till date, 5,040 stock options lapsed or are forfeited will
be available for future grant to the eligible Employee and 10,746 stock options are issued as bonus shares due to impact
of bonus on outstanding option series as on the bonus record date. Each stock option is exercisable into one equity share
of face value of ? 1/- each.

Notes:

a. In August 2024 and November 2024, the dividend of ? 2.25 per share (total dividend ? 604 Million) and ? 1.5 per
share (total dividend ? 403 Million) respectively, was paid to holders of fully paid equity shares.

b. In August 2023 and October 2023, the dividend of ? 2.25 per share (total dividend ? 604 Million) and ? 1.5 per share
(total dividend ? 403 Million) respectively, was paid to holders of fully paid equity shares.

c. Nature and Purpose of reserve:

Capital reserve

The company has created capital reserve out of capital subsidies received from state Governments of ? 4 Million,
further Capital Reserve of ? 91 Million created on amalgamation of erstwhile subsidiaries, Resinova Chemie Limited
and Astral Biochem Private Limited, with the Company.

Securities premium

The amount received in excess of face value of the equity shares is recognised in Securities Premium. This reserve
is available for utilization in accordance with the provisions of the Companies Act, 2013. In case of equity-settled
share based payment transactions, the difference between fair value on grant date and nominal value of share is
accounted as securities premium.

General reserve

General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation
purposes. General reserve is created by a transfer from one component of equity to another and is not an item of
other comprehensive income. It can be used for distribution to equity shareholders only in compliance with the
Companies Act, 2013, as amended.

Revaluation Reserve

The company has created revaluation reserve out of revaluation of land carried out during the year 2004-05.

Stock Options Outstanding Account

Stock Option Outstanding Account is used to recognise grand date fair value options vested to employees under
various equity settled schemes. 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 Stock Options Outstanding Account.

Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders.

Notes:

a) Refer Note 38 for information about liquidity risk.

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

c) Working capital facilities of the company from certain banks are secured by way of first Pari-Passu charge on the
current asset.

d) Term Loan of IndusInd Bank Limited of ? 297 Million (as at March 31, 2024: ? 300 Million) repayable within 72
months till December 2029. Rate of Interest for Term Loan ranges from 7.5% to 8.5%.

e) Buyers Credit: Rate of interest for Buyer's Credit ranges from 3.00% to 5.00% p.a..

1. ICICI Bank Limited Buyers Credit of ? 323 Million (as at March 31, 2024: ? Nil) repayable by December 2027.

2. HSBC Bank Limited Buyers Credit of ? 57 Million (as at March 31, 2024: ? Nil) repayable by November 2027.

3. Yes Bank Limited Buyers Credit of ? 68 Million (as at March 31, 2024: ? Nil) repayable by October 2027.

4. Kotak Mahindra Bank Limited Buyers Credit of ? 39 Million (as at March 31, 2024: ? Nil) repayable by
November 2027.

34. EMPLOYEE BENEFITS:

Post-employment Benefit

Defined Contribution Plan:

Amount towards Defined Contribution Plan have been
recognized under "Contribution to Provident and Other
Funds” in Note 27 ? 101 Million (Previous Year: ? 92 Million).

Defined Benefit Plan:

The Company has defined benefit plans for gratuity to
eligible employees, contributions for which are made to
insurance service providers who invests the funds as per
IRDA guidelines. The details of these defined benefit plans
recognised in the financial statements are as under:

General Description of the Plan:

The Company operates a defined benefit plan (the
Gratuity Plan) covering eligible employees, which provides
a lump sum payment to vested employees at retirement,
death, incapacitation or termination of employment, of an
amount based on the respective employees salary and the
tenure of employment.

The defined benefit plans typically expose to the
Company to various risk such as:

Interest rate risk:

A fall in the discount rate which is linked to the Government
Securities. Rate will increase the present value of the
liability requiring higher provision. A fall in the discount
rate generally increases the mark to market value of the
assets depending on the duration of asset.

Salary Risk:

The present value of the defined benefit plan liability is
calculated by reference to the future salaries of members.
As such, an increase in the salary of the members more
than assumed level will increase the plan's liability.

Investment Risk:

The present value of the defined benefit plan liability is
calculated using a discount rate which is determined by
reference to market yields at the end of the reporting
period on government bonds. If the return on plan asset is
below this rate, it will create a plan deficit. Currently, for the
plan in India, it has a relatively balanced mix of investments
in government securities, and other debt instruments.

Asset Liability Matching Risk:

The plan faces the ALM risk as to the matching cash flow.
Since the plan is invested in lines of Rule 101 of Income Tax
Rules, 1962, this generally reduces ALM risk.

Mortality risk:

Since the benefits under the plan is not payable for life
time and payable till retirement age only, plan does not
have any longevity risk.

Concentration Risk:

Plan is having a concentration risk as all the assets are
invested with the insurance company and a default will
wipe out all the assets. Although probability of this is
very low as insurance companies have to follow stringent
regulatory guidelines which mitigate risk.

There have been no transfers amount in Level 1, Level 2 and Level 3 during the years ended March 31, 2025 and
March 31, 2024.

3. Financial risk management objectives

The Company's financial liabilities comprise mainly of borrowings, trade payables and other financial liabilities. The
Company's financial assets comprise mainly of investments, cash and cash equivalents, other balances with banks, loans,
trade receivables and other financial assets.

The Company's business activities are exposed to a variety of financial risks, namely market risk, credit risk and
liquidity risk.

The Company's senior management has the overall responsibility for establishing and governing the Company's risk
management framework who are responsible for developing and monitoring the Company's risk management policies.
The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set
and monitor appropriate risk limits and controls, periodically review the changes in market conditions and reflect the
changes in the policy accordingly. The key risks and mitigating actions are also placed before the Audit Committee of the
Company. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the
results of which are reported to the audit committee.

A. Management of Market Risk

The Company's size and operations result in it being exposed to the following market risks that arise from its use of
financial instruments:

- currency risk

- interest rate risk

- commodity risk

i. Currency risk

The Company's activities expose it primarily to the financial risk of changes in foreign currency exchange rates. The
Company enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk.

The carrying amounts of the Company's foreign currency dominated monetary assets and monetary liabilities at the end
of the reporting period are as follows:

Foreign currency sensitivity analysis

The Company is mainly exposed to the currency: USD, EUR, GBP, CHF and AED.

The following table details, Company's sensitivity to a 5% increase and decrease in the rupee against the relevant foreign
currencies. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel
and represents management's assessment of the reasonably possible change in foreign exchange rates. This is mainly
attributable to the exposure outstanding not hedged on receivables and payables in the Company at the end of the
reporting period. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and
adjusts their translation at the period end for a 5% change in foreign currency rate. A positive number below indicates an
increase in the profit and equity where the rupee strengthens 5% against the relevant currency. For a 5% weakening of
the rupee against the relevant currency, there would be a comparable impact on the profit and equity, and the balances
below would be negative.

The Company, in accordance with its risk management policies and procedures, enters into foreign currency forward
contracts to manage its exposure in foreign exchange rate variations. The counter party is generally a bank. These
contracts are for a period between one day and three years. The above sensitivity does not include the impact of foreign
currency forward contracts and option contracts which largely mitigate the risk.

ii. Interest rate risk

Interest rate risk is the risk that the future cash flow with respect to interest payments on borrowing will fluctuate because
of change 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 obligation 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 risk management by balancing the proportion of fixed rate and floating rate financial instruments
in its total portfolio.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans
and borrowings affected. With all other variables held constant, the Company's profit before tax and pre-tax equity is
affected through the impact on floating rate borrowings, as follows:

The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable
market environment, showing a significantly higher volatility than in prior years.

39. LEASE:

Company as a lessee

The Company's lease asset classes primarily consist of leases for Property, Plant and Equipment.

The Company has lease contracts for land and buildings used in its operations. The Company's obligations under its
leases are secured by the lessor's title to the leased assets. Generally, the Company is restricted from assigning and
subleasing the leased assets.

The Company also has certain leases of buildings with lease terms of 12 months or less. The Company applies the 'short¬
term lease' recognition exemptions for these leases.

⁽¹⁾ Earnings for debt service = Net profit after taxes Depreciation Finance cost Loss on Sale of Property, Plant and
Equipment

⁽²⁾ Debt service = Interest & Lease Payments Principal Repayments

⁽³⁾ Cost of goods sold = Cost of materials consumed Purchase of Traded goods Changes in inventories

⁽⁴⁾ Working capital = Current assets - Current liabilities

⁽⁵⁾ Capital Employed = Tangible Net Worth Total Debt Deferred Tax Liability
Notes:

a. The increase in ratio is on account of increase in long-term borrowings during the year.

b. The major reason for decrease in debt-service coverage ratio is the increase of long term borrowing.

41. SEGMENT REPORTING

The company has presented segment information in the Consolidated Financial Statement which is presented in the
same financial report. Accordingly, in terms of paragraph 4 of Ind AS 108 - Operating Segments, no disclosure related to
segments are presented in this standalone financial statement.

43. TRANSACTIONS WITH STRUCK OFF COMPANIES

There are no transactions with struck of companies during the year ended March 31, 2025 and March 31, 2024.

44. No funds 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 lend or invest in party identified
by or on behalf of the Company (Ultimate Beneficiaries). Further, No funds have been received by the Company from
any parties (Funding Parties) with the understanding that the Company shall whether, directly or indirectly lend or invest
in other persons or entities identified by or on behalf of the Company or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

45. The Company uses accounting software to maintain its books of account, which includes an audit trail (edit log) feature.
This feature was operational throughout the year for all relevant transactions recorded in the accounting software. However,
with respect to direct changes to data, privileged access to the database has been restricted to a limited set of users who
require such access for maintaining and administering the underlying database for which the Company initiated the process
of enabling audit trail features for recording direct changes to the database and enabled this functionality, effective from
November 18, 2024.

Additionally, the audit trail for the prior year has been preserved by the Company in accordance with statutory record
retention requirements, to the extent it was enabled and recorded.

46. The figures for the previous year have been regrouped/reclassified wherever necessary to confirm with the current
year's classification. The impact, if any, of such regrouping is not material to the financial statements.

47. EVENTS AFTER THE REPORTING PERIOD

a. The Board of Directors, in its meeting held on May 21, 2025, has proposed a final dividend of ? 2.25 per equity share
for the financial year ended March 31, 2025. The proposal is subject to the approval of shareholders at the Annual
General Meeting and if approved would result in a cash outflow of approximately ? 604 Million.

b. Subsequent to the financial year ended March 31, 2025, the Company has acquired 100% equity shares of Al-Aziz
Plastics Private Limited ("Al-Aziz”) with effect from April 1, 2025 vide definitive agreements dated April 17, 2025, for
a consideration of ? 330 Million. Al-Aziz is engaged into the business of manufacturing of electrofusion fittings,
compression fittings, saddles, electrical fittings, Irrigation Sprinklers and Filters, solar fittings, and accessories for the
distribution of water, gas, electricity and solar power.

At the date of approval of these financial statements, the Company is in the process of carrying out a detailed
assessment of the fair value of certain identifiable net assets and the allocation of the cost of the business combination
in accordance with Ind AS 103 - Business Combinations. Accordingly, the determination of goodwill and recognition
of identifiable intangible assets, if any, is subject to finalisation of the said assessment.

Since the agreement was executed after the reporting date, this transaction is considered a non-adjusting
subsequent event in accordance with Ind AS 10 - Events after the Reporting Period. Accordingly, no adjustments
have been made in the financial statements for the year ended March 31, 2025.

See accompanying notes to the standalone financial statements
As per report of even date

For S R B C & CO LLP For and on behalf of the Board of Directors of

Chartered Accountants Astral Limited

ICAI Firm Registration Number: 324982E/E300003 CIN: L25200GJ1996PLC029134

Per Shreyans Ravrani Sandeep P. Engineer Jagruti S. Engineer

Partner Chairman & Managing Director Whole Time Director

Membership Number: 62906 DIN: 00067112 DIN: 00067276

Hiranand A. Savlani Chintankumar M. Patel

Whole Time Director & CFO Company Secretary

DIN: 07023661

Place: Ahmedabad Place: Ahmedabad

Date: May 21, 2025 Date: May 21, 2025