4.11. Provisions and contingencies4.11.1. Provisions

Provisions are recognised when the Company has a present obligation as a result of a past event
and 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 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 obligation. When the effect of time value is material, the amount is
determined by discounting the expected future cash flows.

4.11.2. Contingent liabilities

Contingent liabilities are disclosed when there is a possible obligation arising from past events,
the existence of which will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Company or a present obligation that
arises from past events where it is either not probable that an outflow of resources will be required
to settle or a reliable estimate of the amount can not be made.

4.12. 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.

4.12.1. Financial assets4.12.1.1 .Initial recognition and measurement

All financial assets are recognised initially at fair value and in the case of financial assets not
subsequently measured at fair value through profit or loss, includes 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 way trades) are recognised on the trade date, i.e. the date that the Company commits to
purchase or sell the asset.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or
fair value, depending on the classification of the financial assets.

4.12.1.2. Classification of financial assets

Classification of financial assets depends on the nature and purpose of the financial assets and
is determined at the time of initial recognition. The Company classifies its financial assets in the
following measurement categories:

? those measured at amortized cost,

? those to be measured subsequently at fair value, either through other comprehensive income
(FVTOCI) or through profit or loss (FVTPL)

Financial assets at amortised cost:

A financial assets 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.

Financial assets at FVTOCI:

Financial assets at fair value through OCI (FVTOCI) (debt instruments) A 'financial asset' is classified
as at the FVTOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and
selling the financial assets, and

b) The asset's contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each
reporting date at fair value. For debt instruments, at fair value through OCI, interest income, foreign
exchange revaluation and impairment losses or reversals are recognised in the profit or loss and
computed in the same manner as for financial assets measured at amortised cost. The remaining
fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value changes
recognised in OCI is reclassified from the equity to profit or 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 for the issuer and are not held for trading. The classification
is determined on an instrument-by-instrument basis. Equity investment which are held for trading and
contingent consideration recognised by an acquirer in a business combination to which Ind AS 103
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 P&L 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.

Financial assets at FVTPL:

Financial assets at fair value through profit or loss Financial assets in this category are those that
are held for trading and have been either designated by management upon initial recognition or
are mandatorily required to be measured at fair value under Ind AS 109 i.e. they do not meet the
criteria for classification as measured at amortised cost or FVOCI. Management only designates an
instrument at FVTPL upon initial recognition, if the designation eliminates, or significantly reduces,
the inconsistent treatment that would otherwise arise from measuring the assets or liabilities or
recognising gains or losses on them on a different basis. Such designation is determined on an
instrument-by-instrument basis.

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.

Interest earned on instruments designated at FVTPL is accrued in interest income, using the EIR,
taking into account any discount/ premium and qualifying transaction costs being an integral part of
instrument. Interest earned on assets mandatorily requiredto be measured at FVTPL is recorded using
the contractual interest rate. Dividend income on equity investments are recognised in the P&L as
other income when the right of payment has been established.

4.12.1.3. Equity investment in subsidiaries and associates

Investments representing equity interest in subsidiaries and associates are carried at cost less
any provision for impairment. Investments are reviewed for impairment if events or changes in
circumstances indicate that the carrying amount may not be recoverable.

4.12.1.4. Derecognition

A financial asset (or where applicable, a part of financial asset or part of a group of similar
financial assets) is primarily derecognised (i.e. removed from the companies 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.

4.12.1.5. Impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for
measurement and recognition of impairment loss on the following financial assets and credit risk
exposure:

a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt
securities, deposits, trade receivables and bank balance.

b) Trade receivables or any contractual right to receive cash or another financial asset that result
from transactions that are within the scope of Ind AS 18.

The Company believes that, considering their nature of business and past history, the expected
credit loss in relation to its trade receivables and other financial assets is non-existent or grossly
immaterial. Thus, the Company has not recognised any provision for expected credit loss. The
Company reviews this policy annually, if required.

4.12.2. Financial liabilities4.12.2.1. Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through
profit or loss, loans and borrowings or payables, 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 lease liabilities,
trade and other payables, loans and borrowings including bank overdrafts and financial
guarantee contracts.

4.12.2.2. Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss (FVTPL)

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.

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 as such at the initial date of recognition, and only if the criteria in Ind AS 109 are
satisfied.

Financial liabilities at amortised cost:

After initial recognition, interest-bearing loans and borrowings, lease liabilities, trade and other
payables are subsequently measured at amortised cost using the Effective Interest Rate (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.

Financial guarantee contracts

Financial guarantee contracts issued by the Company are those contracts that require a payment
to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make
a payment when due in accordance with the terms of a debt instrument. Financial guarantee
contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are
directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the
higher of the amount of loss allowance determined as per impairment requirements of Ind AS 109
and the amount recognised less cumulative amortisation.

4.12.2.3. 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 and loss.

4.13. Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where
there is a legally enforceable right to offset the recognised amounts and there is an intention to
settle on a net basis or realise the asset and settle the liability simultaneously.

4.14. Cash and cash equivalents

Cash and cash equivalents comprises of cash on hand and at banks, short-term balances (with an
original maturity of three months or less from the date of acquisition), highly liquid investments that
are readily convertible into known amounts of cash and which are subject to insignificant risk of
changes in value.

For the purpose of the Statement of Cash Flows, Cash & Cash Equivalents consists of Cash and
Short term deposits as defined above net of outstanding bank overdraft as they are considered an
integral part of the company's cash management and balance in unclaimed dividend accounts
and corporate social responsibility unspent account.

4.15. Earnings per share (EPS)

Basic earnings per share has been computed by dividing the profit/(loss) after tax by the weighted average
number of equity shares outstanding during the year.

Diluted earnings per share has been computed by dividing the profit/(loss) after tax by the weighted
average number of equity shares outstanding during the year are adjusted for the effects of all dilutive
potential equity shares.

4.16. Fair value measurement

The Company measures financial instruments at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:

? In the principal market for the asset or liability, or

? In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants
would use when pricing the asset or liability, assuming that market participants act in their
economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant's ability
to generate economic benefits by using the asset in its highest and best use or by selling it to
another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the standalone financial
statements are categorised within the fair value hierarchy, described as follows, based on the
lowest level input that is significant to the fair value measurement as a whole:

? Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

? Level 2 - Valuation techniques for which the lowest level input that is significant to the fair

value measurement is directly or indirectly observable.

? Level 3 - Valuation techniques for which the lowest level input that is significant to the fair

value measurement is unobservable.

For assets and liabilities that are recognised in the standalone financial statements on a recurring
basis, the Company determines whether transfers have occurred between levels in the hierarchy
by re-assessing categorisation (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and
liabilities on the nature, characteristics and risks of the asset or liability and the level of the fair value
hierarchy as explained above.

4.17. Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/non-current
classification. An asset is treated as current when it is:

? Expected to be realised or intended to be sold or consumed in normal operating cycle

? Held primarily for the purpose of trading

? Expected to be realised within twelve months after the reporting period, or

? 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:

? It is expected to be settled in normal operating cycle

? It is held primarily for the purpose of trading

? It is due to be settled within twelve months after the reporting period, or

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

The Company classifies all other liabilities 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.

4.18. Dividend distribution to equity holders of the company

The Company recognises a liability to make cash distributions to equity holders of the company
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.

4.19. Employee share based payment

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 period 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 period 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 period represents the movement in cumulative expense recognised as at the beginning and end of
that period 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. No expense
is recognised for awards that do not ultimately vest because non-market performance and/or service
conditions have not been met.

4.20. Discontinued Operation

Discontinued operation is a component of the Company that has been disposed of and represents a
major line of business.

Discontinued operation is excluded from the results of continuing operations and presented
separately as profit or loss from discontinued operation, tax expense/ (benefit) of discontinued
operation and profit or loss after tax from discontinued operation, in the statement of profit and loss.

Additional disclosures are provided in Note No. 49. All other notes to the standalone financial
statements mainly include amounts for continuing operations, unless otherwise mentioned.

4.21. Application of new Standards and amendments

The Company has adopted, with effect from April 01, 2025, the following new and revised
standards. Their adoption has not had any significant impact on the amounts reported in the
financial statements.

1. Amendments to Ind AS 21- The Effects of Changes in Foreign Exchange Rates, regarding
assessment of exchangeable currency, determination of spot exchange rate when exchangeability is
lacking and related disclosures.

2. Amendments to Ind AS 7- Statement of Cash Flows and Ind AS 107 Financial Instruments:
Disclosures, regarding supplier finance arrangements.

3. Amendments to Ind AS 1- Presentation of Financial Statements, regarding classification of
liabilities as current or non-current and non-current liabilities with covenants.

4. Amendments to Ind AS 12- Income Taxes, regarding international tax reform- pillar two model rules.

4.22. Standards issued but not yet effective

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Second
Amendment Rules, 2025 dated August 13, 2025 resulting in amendments in Ind AS 1- Presentation
of Financial Statements and Ind AS 10- Events after the reporting period, whereby any waiver of a
breach of a debt covenant received after the reporting date would be treated as a non-adjusting event

These amendments are effective from April 01, 2026 retrospectively in accordance with Ind AS 8.
The amendments are not expected to have any impact on the Company. The Company has not early
adopted any amendments that have been notified but are not yet effective.

5. Significant accounting judgements, estimates and assumptions

The preparation of the standalone financial statements requires management of the Company to
make judgements, estimates and assumptions that involves measurement uncertainty and effect the
reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the carrying amount of assets or liabilities
affected in future periods

Judgements and estimates

In the process of applying the accounting policies, management has made the following judgements
and estimates, which have the most significant effect on the amounts recognised in the standalone
financial statements:

Provisions and contingent liabilities

The Company has ongoing litigations with various regulatory authorities and others. Where an
outflow of funds is believed to be probable and a reliable estimate of the outcome of the dispute can
be made based on management's assessment of specific circumstances of each dispute and relevant
external advice, management provides for its best estimate of the liability.

Where it is management's assessment that the outcome cannot be reliably quantified or is uncertain,
the claims are disclosed as contingent liabilities unless the likelihood of an adverse outcome is
remote. Such liabilities are disclosedin the notes but are not provided for in the standalone financial
statements. Liability for interest, if any, on the amount of entry tax provided in the books but not paid
as per stay ordered by the appellate authorities/courts is considered as remote.

When considering the classification of legal or tax cases as probable, possible or remote, there
is judgement involved. Management uses in-house and external professionals to make informed
decision. These are set out in Note no. 37.

Notes:

* Includes Rs. 0.02 lakhs (Previous year Rs. 0.02 lakhs) being the cost of shares in co-operative societies.

**1. The Hon'ble Supreme Court had in an earlier year held that the land at Satbari, New Delhi had been acquired by the Delhi
Development Authority (DDA). Consequently, the Company during the year ended March 31, 2025, impaired the carrying value of land
and building thereupon.

2. The Company had provided an office space situated at one of its properties in New Delhi to Mr. Samir Kumaar Modi in his capacity
as an Executive Director of the Company to carry out his official duties as a director of the Company. Even though Mr. Samir Kumaar
Modi ceased to be a director of the Company w.e.f close of business on September 6, 2024, he has not vacated the said office space
and continues to be in possession of the same. The Company is pursuing the matter with Mr. Samir Kumaar Modi for gaining peaceful
possession of the same along with compensation for use of the assets by him beyond his tenure of employment.

# Office building located in Delhi reclassified to Investment property based on future expected use as per IndAS 40, Investment Property.
For lien or charge against property, plant and equipment, refer Note No. 22.

34. Corporate social responsibility (CSR)

As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the Company.
The CSR activities are aimed at promoting education and healthcare, spreading awareness on water
conservation and resource management, maintenance of bio diversity conservation parks thus carrying
out community development programs in rural areas providing relief to marginalised communities.

Gross amount required to be spent by the Company during the year is Rs. 1,766 lakhs (Previous year Rs.
1,406 lakhs) and the details of amount spent are as under:

e) The Company has been regular in transferring amounts to the Investor Education and Protection Fund in accordance
with the requirements of the Companies Act.

f) The Company has received various show cause notices from various Government Authorities asking it to explain
why certain amounts mentioned therein should not be paid or for providing information and explanations. Thus the
Company does not consider these to constitute a liability of any kind. As and when these notices are recevied, the
Company responds to the same in accordance with the provisions of the law.

(c) Defined benefit plans
Gratuity

The Company makes annual contributions to gratuity fund established as a trust, for the defined benefit
gratuity plan. Every employee who has completed five years or more of service gets a gratuity as per
provisions of the Code on Social Security, 2020 or the Company Scheme, whichever is beneficial.

The plan typically exposes the Company to actuarial risks such as: loss of investment
risk, interest rate risk, mortality rate risk and salary rate risk.Loss of investment risk

The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.
Interest rate risk

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase
in the ultimate cost of providing the above benefit and will thus result in an increase in the plan's liability.
Mortality rate risk

The present value of defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants. An increase in the life expectancy of the plan participants will increase the
plan's liability.

Salary rate risk

The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan
participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of
increase in salary used to determine the present value of obligation will have a bearing on the plan's liability.

The following tables summarises the components of net benefit expense recognised in the Statement of profit
and loss and the funded status and amounts recognised in the balance sheet for defined benefit plan:

43.2 Company as a lessor

The Company has let out and sub-let part of its owned and rented office premises under lease
arrangements which are cancellable in nature but renewable on mutually agreeable terms. These
leases have terms ranging between 11 months to 3 years. Rental income recognised by the Company
during the year is Rs. 354 Lakhs (Previous Year Rs. 427 Lakhs). The carrying value of the said assets is
not material.

44. Financial instruments and risk management
44.1. Fair value measurements

The fair value of financial assets and liabilities are included at the amount at which the instruments
could be exchanged in as current transaction between willing parties, other than in a forced or
liquidation sale.

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

i) The fair value of cash and cash equivalents, trade receivables, trade payables, lease liabilities,
security deposits received, bank overdrafts and other current liabilities approximate their carrying
amounts largely due to the short-term maturities of these instruments. Other non-current financial assets
and liabilities, fair value is calculated using a discounted cash flow model with market assumptions,
unless the carrying value is considered to approximate to fair value.

ii) The financial instruments with fixed and variable interest rates are evaluated by the Company based
on parameters such as interest rates and individual credit worthiness of the counterparty/ies. Based on
this evaluation, allowances are taken to account for the expected losses of these receivables.

The Company uses the following hierarchy for determining and disclosing the fair value of financial
instruments by using valuation techniques that are appropriate in the circumstances and for which
sufficient data are available.

Level 1: This level of hierarchy includes financial assets that are measured by reference to quoted
prices in the active market. This category consists of quoted equity shares and/or debt based mutual
fund investments, bonds or debentures.

Level 2: This level hierarchy includes items measured using inputs, other than quoted prices included
within level 1, that are observable for such items, directly or indirectly.

Level 3: This level of hierarchy includes items measured using a valuation model based on assumptions
that are neither supported by prices from observable current market transactions in the same
instruments nor based on available market data. The main items in this category are unquoted equity
instruments.

Note: Investment in equity of subsidiaries and associates which are carried at cost as per Ind AS 27 and lease
liabilities which are measured as per Ind AS 116 are not covered under Ind AS 107 and hence not been
included above.

Note for Financial assets

The fair value of the financial assets are determined at the amount that would be received to sell an asset in an
orderly transaction between market participants. The following methods and assumptions were used to estimate
the fair values:

Investments at FVTPL: Fair value for investments aggregating to Rs. 27,124 lakhs (previous year Rs.20,932 lakhs)
and Rs.202,172 lakhs (previous year Rs.194,752 lakhs) have been determined with reference to the market
quoted price of the investments, a level 1 valuation and to the declared NAV, a level 2 valuation respectively.
Financial instruments at amortised cost: Fair value for bonds aggregating to Rs. 7,543 lakhs (previous year Rs.12,228
lakhs) is determined with reference to the market quoted price of the investments, a level 1 valuation. For all other
financial assets and financial liabilities, the carrying value approximate the fair value due to short term maturity.

44.3. Financial risk management objectives and policies

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

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change
in the price of a financial instrument. The value of a financial instrument may change as a result of changes in
the interest rates, foreign currency 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,
deposits and foreign currency receivables, payables, loans and borrowings.

The Company manages market risk through its finance department, which evaluates and exercises independent
control over the entire process of market risk management. The finance department recommends risk management
objectives and policies, which are approved by Board of Directors. The activities of this department include
management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing
strategies, and ensuring compliance with market risk limits and policies.

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 in order to optimize the Company's position with regard to interest income and
interest expenses and to manage the interest rate risk, the finance department undertakes the interest rate risk
management exercise from time to time.

The Company is not exposed to significant interest rate risk as at the respective reporting dates.

Foreign currency risk

The Company operates internationally and portion of the business is transacted in several currencies and
consequently the Company is exposed to foreign exchange risk through its sales in overseas markets and
purchases from suppliers in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company
follows established risk management policies.

Credit risk

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To
manage this, the Company periodically assesses the financial reliability of customers, taking into account the
financial condition, current economic trends, and analysis of historical bad debts and ageing of trade receivables.
The Company considers the probability of default upon initial recognition of asset and whether there has been a
significant increase in credit risk on an ongoing basis throughout each reporting period. The maximum exposure
to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in the financial
statement. The Company's maximum credit exposure to credit risk is Rs.362,954 lakhs (previous year Rs.286,494
lakhs). The Company has excluded cash and cash equivalents, other bank balances and investments in subsidiaries
and associates as the credit risk associated with them is minimal.

Financial assets are provided for, when there is no reasonable expectation of recovery, such as a debtor failing to
engage in a repayment plan with the Company. Where loans or receivables have been provided for, the Company
continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made,
these are recognised in profit or loss in the subsequent reporting period. The management believes that there is no
significant exposure of credit risk due to the nature of Company's business other than those for which impairment
allowance has been recorded. For details of trade receivables those are past due, refer Note No.13.

Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligation on time or at
a reasonable price. The Company's finance department is responsible for liquidity, funding as well as settlement
management. In addition, processes and policies related to such risks are overseen by Board of Directors.
Management monitors the Company's net liquidity position through rolling forecasts on the basis of expected cash

flows

(C) Exposure in mutual fund investments

The Company manages its surplus funds majorly through investments in debt based mutual fund schemes.
The fair value of these investments is reflected through net asset values (NAVs) declared by the Asset
Management Company on daily basis with regard to the invested schemes. The Company is exposed to
market price risk on such investments.

Sensitivity analysis of mutual fund investments

Had the NAVs been higher/lower by 1% at the end of the reporting period, profit for the year ended
31.3.2026 would have increased/decreased by Rs. 2,292 lakhs (for the year ended 31.3.2025 by Rs.
2,156 lakhs).

45. Capital management

For the purposes of the Company's capital management, capital includes issued capital and all other
equity reserves. Net debts comprises of non-current and current debts (including trade payables, lease
liabilities, other financial liabilities and other current liabilities as reduced by cash and cash equivalents
and current investments). The primary objective of the Company's capital management is to maximise
shareholder value. The Company manages its capital structure and makes adjustments in the light of
changes in economic environment and the requirements of the financial covenants.

# Adjusted for allocation pursuant to issue of bonus shares in the proportion of 2 bonus equity shares of Rs.2 each for every 1 fully paid
up equity share of Rs.2 each.

* Represents the number of shares and exercise price before adjustment for bonus shares.

During the year 4500 (March 31, 2025 Nil) previously exercised shares, equivalent to 1500 pre-bonus shares, were forfeited due to
cessation of employment. As at the year end 382,500 (March 31, 2025 : 171,500), equivalent to 127,500 pre-bonus shares, remained
under lock-in.

49. Discontinued Operation

a. The Board of Directors, at its meeting held on April 12, 2024, had decided to exit from carrying out the business
operations of the Company's Retail Business Division being operated under the name 24Seven. Pursuant to which the
Company had closed the operations of the said division during the previous year. Accordingly, the said retail business
had been classified and presented as discontinued operation in accordance with Ind AS 105 Non-Current Assets Held
for Sale and Discontinued Operations" in these financial statements.

51. The Company has used accounting software, Oracle EBS 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. Further, there are no instance of audit trail feature being
tampered with. Additionally, complete audit trail has been preserved by the Company for all transactions
recorded on or after November 18, 2024 for Oracle EBS as per the statutory requirements for record
retention. The Company has not preserved audit trail for transactions recorded in SAP S4 Hana, which
was being used in its discontinued operation.

52. Disclosures required by Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)
Regulation, 2015 and Section 186(4) of the Companies Act, 2013:

Investments:

Full particulars of investments made by the Company have been disclosed in Note No.9.
Guarantees:

Full particulars of guarantees given by the Company have been disclosed in Note No.37. Further, these
guarantees have been given to the banks to secure financial facilities provided by them to the subsidiaries
of the Company.

Loans:

Included in loans in Note No.10 are certain intercorporate loans the particulars of which are disclosed
below:

53. Other Statutory Information

a) There is no transaction and outstanding balance with struck off companies during the year and as at
March 31, 2026 and March 31, 2025.

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

c) The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

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

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

f) The Company does not have any 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).