i. Provisions, Contingent Liability and Contingent
Assets:

♦ Provisions are recognized only when there is
a present obligation, as a result of past events
and when a reliable estimate of the amount of
obligation can be made at the reporting date.
These estimates are reviewed at each reporting
date and adjusted to reflect the current best
estimates. Provisions are discounted to their
present values, where the time value of money
is material.

♦ Contingent liability is disclosed for:

a. Possible obligations which will be confirmed
only by future events not wholly within the
control of the Company; or

b. Present obligations arising from past events
where it is not probable that an outflow

of resources will be required to settle the
obligation or a reliable estimate of the amount
of the obligation cannot be made.

♦ Contingent assets are neither recognized nor
disclosed except when realization of income is
virtually certain, related asset is recognized.

j. Foreign Currency Transactions and Translations:

Foreign currency transactions are recorded in the
functional currency, by applying the exchange rate
between the functional currency and the foreign
currency at the date of the transaction.

Foreign currency monetary items outstanding at
the balance sheet date are converted to functional
currency using the closing rate. Non-monetary items
denominated in a foreign currency which are carried
at historical cost are reported using the exchange
rate at the date of the transactions.

Exchange differences arising on monetary items on
settlement, or restatement as at reporting date, at
rates different from those at which they were initially
recorded, are recognized in the Standalone Statement
of Profit and Loss in the year in which they arise.

k. Operating Segments:

Operating segments are reported in a manner
consistent with the internal reporting provided to
the Chief Operating Decision Maker ('CODM')
of the Company. The CODM is responsible for
allocating resources and assessing performance of
the operating segments of the Company.

l. Earnings per Share:

Basic earnings per share are calculated by dividing
the net profit for the period attributable to equity
shareholders by the weighted average number of
equity shares outstanding during the period.

For the purpose of calculating diluted earnings per
share, the net profit for the period attributed to equity
shareholders and the weighted average number of
shares outstanding during the period is adjusted for
the effects of all potentially dilutive equity shares.

m. Research and Development:

Expenditure on research is recognized as an expense
when it is incurred. Expenditure on development
which does not meet the criteria for recognition
as an intangible asset is recognized as an expense
when it is incurred.

Items of property, plant and equipment and
acquired intangible assets utilized for research and
development are capitalized and depreciated /
amortized in accordance with the policies stated for
Property, Plant and Equipment and Intangible Assets.

n. Borrowing Cost:

Borrowing cost consists of interest and other costs
incurred in connection with the borrowing of funds
and also include exchange differences to the extent
regarded as an adjustment to the same. Borrowing
costs directly attributable to the acquisition and/or
construction of a qualifying asset are capitalized
during the period of time that is necessary to
complete and prepare the asset for its intended use
or sale. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its
intended use. All other borrowing costs are charged
to the Standalone Statement of Profit and Loss as
incurred.

o. Cash and Cash Equivalents:

For the purpose of the Standalone Statement of Cash
Flows, cash and cash equivalents consist of cash and
cheques in hand, bank balances, demand deposits
with banks where the original maturity is three months
or less and other short-term highly liquid investments
net of outstanding bank overdrafts and cash credit
facilities as they are considered an integral part of
the Company's cash management.

5C. Significant management judgement in applying
material and other accounting policies and
estimation uncertainty:

The preparation of the Company's financial statements
requires the management to make judgements,
estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities,
and the accompanying disclosures, and the disclosure
of contingent liabilities:

Ý Evaluation of indicators for impairment of assets

The evaluation of applicability of indicators of
impairment of assets requires the management
to make an assessment of several external and
internal factors which could result in deterioration of
recoverable amount of the assets.

Ý Recoverability of advances / receivables

At each balance sheet date, based on historical
default rates observed over expected life, the

management assesses the expected credit losses on
outstanding receivables and advances.

Ý Defined Benefit Obligation ('DBO')

Management's estimate of the DBO is based on a
number of underlying assumptions such as standard
rates of inflation, mortality, discount rate and
anticipation of future salary increases. Variation in
these assumptions may significantly impact the DBO
amount and the annual defined benefit expenses.

Ý Provisions

At each balance sheet date basis the management
judgment, changes in facts and legal aspects, the
Company assesses the requirement of provisions
against the outstanding contingent liabilities.
However, the actual future outcome may be different
from this judgement.

Ý Leases

The Company enters into leasing arrangements
for various premises. The assessment (including
measurement) of the lease is based on several factors,
including, but not limited to, transfer of ownership of
leased asset at end of lease term, lessee's option to
extend/terminate etc. After the commencement date,
the Company reassesses the lease term if there is a
significant event or change in circumstances that is
within its control and affects its ability to exercise or
not to exercise the option to extend or to terminate.

Ý Contingencies

Contingent liabilities may arise from the ordinary
course of business in relation to claims against
the Company, (refer note 46A). By their nature,
contingencies will be resolved only when one or more
uncertain future events occur or fail to occur. The
assessment of the existence, and potential quantum,
of contingencies inherently involves the exercise of
significant judgments by management and the use
of estimates regarding the outcome of future events.

Ý Fair value measurements

Management applies valuation techniques to
determine the fair value of financial instruments
(where active market quotes are not available) and
share based payments. This involves developing
estimates and assumptions consistent with how
market participants would price the instrument.
The Company engages third party valuers, where
required, to perform the valuation. Information

about the valuation techniques and inputs used in
determining the fair value of various assets, liabilities
and share based payments are disclosed in the notes
to standalone financial statements.

Ý Inventories

The Company estimates the net realizable values of
inventories, taking into account the most reliable
evidence available at each reporting date. The future
realization of these inventories may be affected by
future demand or other market-driven changes that
may reduce future selling prices.

Ý Useful lives of depreciable / amortizable assets

Management reviews its estimate of the useful lives
of depreciable / amortizable assets at each reporting
date, based on the expected utility of the assets.
Uncertainties in these estimates relate to technical
and economic obsolescence that may change the
utility of assets.

Ý Valuation of investment property

Investment property is stated at cost. However,
as per Ind AS 40 'Investment Property', there is a
requirement to disclose fair value as at the balance
sheet date. The Company engages independent
valuation specialists to determine the fair value of its
investment property as at reporting date.

Ý Income taxes

The Company's tax jurisdiction is India. Significant
judgements are involved in estimating budgeted
profits for the purpose of paying advance tax,
determining the provision for income taxes,
including amount expected to be paid / recovered
for uncertain tax positions. The extent to which
deferred tax assets/minimum alternate tax credit can
be recognized is based on management's assessment
of the probability of the future taxable income against
which the deferred tax assets/minimum alternate tax
credit can be utilized.

b) As at 31 March 2025, the fair value of investment properties are ' 121.12 crores (31 March 2024: ' 108.14 crores).
These valuations are based on the valuations performed by a registered valuer as defined under rule 2 of Companies
(Registered Valuers and Valuation Rules, 2017. Fair value is based on market value approach. There has been no
restriction on disposal of property or remittance of income and proceeds of disposal.

c) Leasing arrangements : Certain investment properties which are leased to tenants under long-term operating leases
with rentals payable monthly will expire in FY 2029-30. Refer note 50 for details on future minimum lease rentals.

>D. INTANGIBLE ASSETS:

The changes in the carrying value of other intangible assets for the year ended 31 March 2024 and 31 March 2025 are
as follows:

d) Aggregate number of shares issued for consideration other than cash and shares bought back during the
period of five years immediately preceding the year end:

i) Shares allotted as fully paid pursuant to contract(s) without payment being received in cash during the
financial year 2020-21 to 2024-25:

Nil

ii) Shares issued in aggregate number and class of shares allotted by way of bonus shares during the financial
year 2020-21 to 2024-25:

Nil

iii) Shares bought back during the financial year 2020-21 to 2024-25:

iv) Shares issued under employee stock option plan (ESOP) during the financial year 2020-21 to 2024-25:

The Company has issued total 52,54,360 equity shares of ' 1.00 each (during FY 2019-20 to 2023-24: 57,48,021
equity shares) during the period of five years immediately preceding 31 March 2025 on exercise of options
granted under the employee stock option plan (ESOP).

v) Shares reserved for issue under options:

For details of shares reserved for issue under the employee stock option plan (ESOP) of the Company, refer note
61. These options are granted to the employees subject to cancellation under circumstance of his cessation of
employment with the Company on or before the vesting date.

Description of nature and purpose of each reserve
Capital reserve

Capital reserve represents the difference between value of the net assets transferred to the Company in the course of
business combinations and the consideration paid for such combinations.

Securities premium

Securities premium is used to record the premium on issue of shares, which will be utilised in accordance with provisions
of the Act.

Share option outstanding account

The reserve is used to recognize the grant date fair value of options issued to employees under employee stock option
schemes and is adjusted on exercise/ forfeiture of options.

General reserve

General reserve is created from time to time by way of transfer profits from retained earnings for appropriation purposes.
It is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

Retained earnings

Retained earnings are created from the profit / loss of the Company, as adjusted for distributions to owners, transfers to
other reserves, etc.

Debt instruments through other comprehensive income

This represents the cumulative gains and losses arising on the revaluation of debt instruments measured at fair value
through other comprehensive income reclassifiable in statement of profit and loss net off existing recognition whien such
investments are disposed of or subjected to impairment provision.

27.1 SECURITY NARRATION FOR THE OUTSTANDING CURRENT BORROWINGS FROM BANKS AS AT 31 MARCH
2025:

Working capital demand loan facility:

Repayable on demand and secured by first charge on current assets both present and future including inventories and
trade receivables, owned by the Company ranking pari-passu among bankers in consortium.

27.2 SECURITY NARRATION FOR THE OUTSTANDING CURRENT BORROWINGS FROM BANKS AS AT 31 MARCH
2024:

Collaterized Borrowing and Lending Obligation (CBLO) borrowings:

Secured against invetsment in government securites (G-Sec).

27.3 The Company has filed quarterly statements of current assets with the banks that are in agreement with the books of
accounts.

#Based on discussions with the solicitors / favourable decisions in similar cases / legal opinions taken by the Company,
the management believes that the Company has a good chance of success in above-mentioned cases and hence, no
provision is considered necessary.

* I n the event of any unfavourable outcome in respect to certain litigations, the liability would be settled to an extent
against unused minimum alternate tax credits which have not been recognized as an asset in the books of accounts
as been explained in note 26.2.

Pursuant to judgement by the Hon'ble Supreme Court of India dated 28 February 2019, it was held that basic wages,
for the purpose of provident fund, should include certain allowances which are common for all employees. However,
there is uncertainty with respect to the applicability of the judgement and period from which the same applies and
accordingly, the Company has not provided for any liability on account of this.

50. INFORMATION ON LEASE TRANSACTIONS PURSUANT TO IND AS 116 - LEASES
A Assets taken on lease *

The Company has leases for office building, warehouses, related facilities and cars. With the exception of short-term
leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset
and a lease liability. Variable lease payments which do not depend on an index or a rate are excluded from the initial
measurement of the lease liability and right of use assets. The Company currently classifies its right-of-use assets in a
consistent manner in leased buildings under property, plant and equipment.

Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublease the asset
to another party, the right-of-use asset can only be used by the Company. Some leases contain an option to extend the
lease for a further term. The Company is prohibited from selling or pledging the underlying leased assets as security.
For leases over office buildings and other premises the Company must keep those properties in a good state of repair
and return the properties in their original condition at the end of the lease. Further, the Company is required to pay
maintenance fees in accordance with the lease contracts.

i) Lease payments not included in measurement of lease liability

The expense relating to payments not included in the measurement of the lease liability is as follows:

52. INFORMATION ON SEGMENT REPORTING PURSUANT TO IND AS 108 - OPERATING SEGMENTS
Operating segments:

Consumer care business Home care, personal care and health care

Food business Juices, beverages and culinary

Other segments Guar gum, pharma and others

Identification of segments:

The chief operational decision maker monitors the operating results of its business segments separately for the purpose
of making decisions about resource allocation and performance assessment. Segment performance is evaluated based
on profit and loss of the segment and is measured consistently with profit or loss in these financial statements. Operating
segments have been identified on the basis of the nature of products.

Segment revenue and results

The expenses and income which are not directly attributable to any business segment are shown as unallocable expenditure
(net of unallocable income).

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing
ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans
and borrowings, trade and other payables, less cash and cash equivalents, excluding discontinued operations, if any.

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

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

58. FINANCIAL RISK MANAGEMENT - OBJECTIVES AND POLICIES

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

The Company's financial risk management is an integral part of how to plan and execute its business strategies.

The Company's activities expose it to market risk, interest rate risk and foreign currency risk. The Board of Directors ('Board')
oversee the management of these financial risks through its Risk Management Committee. The risk management policy of the
Company formulated by the Risk Management Committee and approved by the Board, states the Company's approach to
address uncertainties in its endeavour to achieve its stated and implicit objectives. It prescribes the roles and responsibilities
of the Company's management, the structure for managing risks and the framework for risk management. The framework
seeks to identify, assess and mitigate financial risks in order to minimize potential adverse effects on the Company's financial
performance.

The following disclosures summarize the Company's exposure to financial risks and information regarding use of derivatives
employed to manage exposures to such risks. Quantitative sensitivity analysis have been provided to reflect the impact of
reasonably possible changes in market rates on the financial results, cash flows and financial position of the Company.

A Market risk

Market risk is the risk of loss of future earnings, fair value or future cash flows arising out of change in the price of a financial
instrument. These include change as a result of changes in the interest rates, foreign currency exchange rates, equity prices
and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive
financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.

The Company manages market risk through a risk management committee engaged in, inter alia, evaluation and
identification of risk factors with the object of governing/mitigating them according to Company's objectives and

declared policies in specific context of impact thereof on various segments of financial instruments. The Board provides
oversight and reviews the risk management policy on a quarterly basis.

i) 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. In order to balance the Company's position with regards to interest income and interest expense
and to manage the interest rate risk, treasury performs comprehensive interest rate risk management. As the Company
does not have any significant amount of debt, the exposure to interest rate risk from the perspective of Financial Liabilities
is negligible. Further, treasury activities, focused on managing investments in debt instruments, are centralised and
administered under a set of approved policies and procedures guided by the tenets of safety, liquidity and returns. This
ensures that investments are made within acceptable risk parameters after due evaluation.

ii) Foreign currency risk

The Company operates internationally with transactions entered into several currencies. Consequently the Company
is exposed to foreign exchange risk towards honouring of export / import commitments.

Management evaluates exchange rate exposure in this connection in terms of its established risk management
policies which includes the use of derivatives like foreign exchange forward contracts to hedge risk of exposure in
foreign currency.

59. CATEGORY WISE CLASSIFICATION OF FINANCIAL INSTRUMENTS

The fair values of the financial assets and financial liabilities are defined as the price that would be received on sale of
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Methods and assumptions used to estimate the fair values are consistent with those used for the financial year 2023-24.
The following methods and assumptions were used to estimate the fair values:

i) The fair values of investments in mutual fund units is based on the net asset value ('NAV') as stated by the issuers of
these mutual fund units in the published statements as at Balance Sheet date. NAV represents the price at which the
issuer will issue further units of mutual fund and the price at which issuers will redeem such units from the investors.

ii) The fair values of other investments measured at FVTOCI and FVTPL are determined based on observable market data
other than quoted prices in active market.

iii) The carrying amount of financial assets and financial liabilities measured at amortised cost in these standalone financial
statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying
amounts would be significantly different from the values that would eventually be received or settled.

Financial assets and financial liabilities are measured at fair value in these financial statement and are grouped into
three levels of a fair value hierarchy. The three Levels are defined based on the observability of significant inputs to the
measurement elucidated in item 5B(e) of accounting policies.

* During the year, there were no transfers between Level 1 and Level 2 fair value measurements.

C Valuation technique used to determine fair value:

Specific valuation techniques used to value financial instruments include:

(a) Investment in mutual funds: The fair values of investments in mutual fund units is based on the net asset value
('NAV') as stated by the issuers of these mutual fund units in the published statements as at Balance Sheet date.

(b) Investment in debt instruments: The fair value of investments that are not traded in an active market is determined
using market approach and valuation techniques which maximize the use of observable market data and rely as little
as possible on entity-specific estimates.

60. DISCLOSURE RELATING TO EMPLOYEE BENEFITS PURSUANT TO IND AS 19 - EMPLOYEE BENEFITS

(A) Defined contribution plans

Amount of ' 3.01 crores (31 March 2024 : ' 3.23 crores) related to contribution to Employees' Superannuation Fund is
recognised as an expense and included in employee benefits expense in the Standalone Statement of Profit and Loss.

(B) Defined benefit plans
Gratuity (funded)

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. The gratuity plan
provides a lump sum payments to vested employees at retirement, death, incapacitation or termination of employment,
of an amount equivalent to 15 days salary for each completed year of service. Vesting occurs on completion of 5
continuous years of service as per Payment of Gratuity Act, 1972. However, no vesting condition applies in case
of death. The weighted average duration of defined benefit obligation is 3.58 years (31 March 2024 : 7.13 years).
The Company makes contributions to "Dabur Employee's Gratuity Trust", which is funded defined benefit plan for
qualifying employees.

Post separation benefit of directors

Post separation benefit of directors includes car, telephone, medical and housing facility for eligible directors.
Description of risk exposures:

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such, the Company
is exposed to various risks as follows:

(a) Salary increases - Actual salary increases will increase the plan's liability. Increase in salary increase rate assumption
in future valuations will also increase the liability.

(b) investment risk - If plan is funded then assets/liabilities mismatch and actual investment return on assets lower than
the discount rate assumed at the last valuation date can impact the liability.

(c) Discount rate - Reduction in discount rate in subsequent valuations can increase the plan's liability.

(d) Mortality and disability - Actual deaths and disability cases proving lower or higher than assumed in the valuation
can impact the liabilities.

(e) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal
rates at subsequent valuations can impact plan's liability.

The following tables summarises the components of net benefit expense recognized in the Standalone Statement of

Profit and Loss and the funded status and amounts recognized in the Standalone Balance Sheet:

Notes:

(i) The actuarial valuation of plan assets and the present valuation of defined benefit obligation were computed at
year end. The present value of the defined benefit obligation and the related current service cost and past service
cost, were measured using the Projected Unit Credit Method.

(ii) Discount rate is based on the prevailing market yields of Indian Government Securities as at the balance sheet date
for the estimated term of the obligations.

(iii) The salary escalation rate is computed after considering the seniority, the promotion and other relevant factors,
such as, demand and supply in employment market.

(C) Provident fund

The Company makes contribution towards provident fund which is administered by Dabur India Limited E.P.F Trust

("Trust").

Contribution made by the Company to the trust set-up by the Company during the year is ' 20.11 crores (31 March

2024 : ' 17.84 crores).

61. DISCLOSURES REQUIRED PURSUANT TO IND AS 102 - SHARE BASED PAYMENT

Under Employee Stock Option Scheme (ESOP) of the Company, share options of the Company are granted to the
senior executives subject to achievement of targets as defined in ongoing vision of the Company. Vesting period
ranges from 1 to 5 years. Each option carries the right to the holder to apply for one equity share of the Company at
par. There has been no variation in the terms of options during the year. The share options are valued at the fair value
of the options as on the date of grant using Black Scholes pricing model. There is no cash settlement alternative.

63. OTHER STATUTORY INFORMATION:

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

(ii) The Company does not have any charges pending satisfaction with ROC beyond the statutory period.

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

(iv) 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.

(v) 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.

(vi) The Company has no such transaction which is 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,

(vii) The Company has not been declared as wilful defaulter by any bank or financial institution (as defined under the
Companies Act, 2013) or any other lender or consortium thereof, in accordance with the guidelines on wilful
defaulters issued by the Reserve Bank of India.

(viii) The Company does not have any transactions with companies struck off, other than disclosed (refer note 29.3).

64. As per Rule 3(1) of Companies (Accounts) Rules, 2014 (as amended), the Company has used accounting software for
maintaining its books of account which, along with change log management, has a feature of recording audit trail (edit
log) facility in terms of laid down requirements, and the same has operated throughout the financial year 2024-25 for all
relevant transactions recorded in the software.

65. SESA CARE Private Limited a domestic company is poised for merger with the company at enterprise value in the range
of Rs. 315 crore to Rs. 350 crore (including debt of Rs. 296 crore) subject to approval of the scheme of the merger on
Hon'ble Court.

The company has acquired 51% of the paid up cumulative redeemable preference shares (comprising 1,25,90,070
number) of Rs. 10/- each at per of said company from existing shareholders. Considering ensuing merger of the company,
said investments are held at cost in the books of the company.

66. Dabur UK Trading Ltd. has joined the business combination as a step down wholly owned subsidiary of Dabur India Ltd.,
the parent company, subsequent to the year ended on 31.03.2025. This new entrant is incorporated in UK as a direct
wholly owned subsidiary of Dabur International FZE, which is another step-down wholly owned subsidiary of the parent
company.

67. Pursuant to approval of reduction of share capital of H&B Stores Ltd., one of the wholly owned domestic subsidiary within
the meaning of section 66(1)(b)(i) of Companies Act, 2013, the existing provision against the said investment has been
charged off by Rs. 29.60 crs leaving residual balance of Rs. 0.05 crs as investment.

68. In the opinion of the Board of Directors, current assets have a value on realization in the ordinary course of business at
least equal to the amount at which they are stated in the balance sheet and provisions for all known / expected liabilities
have been made.

69. The figures of the previous year have been re-classified according to current year classification wherever required.

As per our report of even date attached.

For G Basu & Co For and on behalf of the Board of Directors

Chartered Accountants
Firm Registration No: 301174E

Subroto Lahiri Mohit Burman Mohit Malhotra P.D. Narang

Partner Chairman Whole Time Director Whole Time Director

Membership No.:051717 DIN: 00021963 DIN: 08346826 DIN: 00021581

Saket Gupta Ankush Jain

Place : New Delhi Company Secretary Chief Financial Officer

Date : 07 May 2025 M. No.: ACS 20687