(xvii) Provisions, Contingent Liabilities and Contingent

Assets

a. Provisions & Warranties

Provisions are recognized when the Company has a
present obligation (legal or constructive) as a result
of 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 recognized 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 a
provision is measured using the cash flows
estimated to settle the present obligation, its
carrying amount is the present value 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 recognized as an
asset if it is virtually certain that reimbursement will
be received and the amount of the receivable can be
measured reliable.

Provisions for the expected cost of warranty
obligations under local sale of goods legislation are
recognize at the date of sale of the relevant products,
at the management's best estimate of the
expenditure -required to settle the Company's
warranty obligation.

b. Onerous contracts

An onerous contract is considered to exist where the
Company has a contract under which the
unavoidable costs of meeting the obligations under
the contract exceed the economic benefits expected
to be received from the contract. Present obligation
arising under onerous contracts are recognized and
measured as provisions.

c. Contingent liabilities

Contingent liability is a possible obligation that
arises from past events and 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 is a
present obligation that arises from past events but is
not recognized because either it is not probable that
an outflow of resources embodying economic
benefits will be required to settle the obligation, or a
reliable estimate of the amount of the obligation
cannot be made. Contingent liabilities are disclosed
and not recognized. In the normal course of
business, contingent liabilities may arise from
litigation and other claims against the Company.
Guarantees are also provided in the normal course of
business. There are certain obligations which
management has concluded, based on all available
facts and circumstances, are no probable of
payment or are very difficult to quantify reliably, and
such obligations are treated as contingent liabilities
and disclosed in the notes but are not reflected as
liabilities in the standalone financial statements.
Although there can be no assurance regarding the
final outcome of the legal proceedings in which the
Company is involved, it is not expected that such
contingencies will have a material effect on its
financial position or profitability.

d. Contingent Assets

Contingent Assets are neither recognized nor
disclosed except when realization of income is
virtually certain.

(xviii) Cash & Cash Equivalents

The Company considers all highly liquid financial
instruments, which are readily convertible into known
amount of cash that are subject to an insignificant risk of
change in value and having original maturities of less
than three months or less from the date of purchase, to
be cash equivalents. Cash and cash equivalents consist
of balance with banks which are unrestricted for
withdrawal and usage.

(xix) Borrowing Cost

Borrowing costs directly attributable to the acquisition,
construction or production of qualifying assets, which
are assets that necessarily take a substantial period of
time to get ready for their intended use or sale, are
added to the cost of those assets, until such time as the
assets are substantially ready for their intended use.

(xx) Segment Reporting

a) Based on the organizational structures and its
Financial Reporting System, the Company has
classified its operation into three business segments
namely Freight Car Division (FCD), Infra - Rail & Green
Energy and Infra - Electrical.

b) Revenue and expenses have been identified to
segments on the basis of their relationship to the
operating activities of the segment. Revenue and
expenses which are related to the enterprise as a
whole and are not allocable to segments on a
reasonable basis have been included under un¬
allocable expenses.

c) Capital Employed to each segment is classified on
the basis of allocable assets minus allocable
liabilities identifiable to each segment on
reasonable basis.

(xxi) Taxation

Income tax expense comprises current tax expense and
the net change in the deferred tax asset or liability
during the year. Current and deferred taxes are
recognized in statement of profit and loss, except when
they relate to items that are recognized in other
comprehensive income or directly in equity, in which
case, the current and deferred tax are also recognized in
other comprehensive income or directly in equity,
respectively.

a. Current income taxes

The current income tax expense includes income
taxes payable by the Company and its branches in
India and overseas. The current tax payable by the
Company in India is Indian income tax payable on
worldwide income. Current income tax payable by
overseas branches of the Company is computed in
accordance with the tax laws applicable in the
jurisdiction in which the respective branch operates.
The taxes paid are generally available for set off
against the Indian income tax liability of the
Company's worldwide income. Advance taxes and
provisions for current income taxes are presented in
the balance sheet after off-setting advance tax paid
and income tax provision arising in the same tax
jurisdiction and where the relevant tax paying unit
intends to settle the asset and liability on a net basis.

b. Deferred income taxes

Deferred income tax is recognized using the balance
sheet approach. Deferred income tax assets and
liabilities are recognized for deductible and taxable
temporary differences arising between the tax base
of assets and liabilities and their carrying amount,
except when the deferred income tax arises from the
initial recognition of an asset or liability in a
transaction that is not a business combination and
affects neither accounting nor taxable profit or loss at
the time of the transaction. Deferred income tax
assets are recognized to the extent that it is probable

that taxable profit will be available against which the
deductible temporary differences and the carry
forward of unused tax credits and unused tax losses
can be utilised. The carrying amount of deferred
income tax assets is reviewed at each reporting date
and reduced to the extent that it is no longer
probable that sufficient taxable profit will be
available to allow all or part of the deferred income
tax asset to be utilized.

Deferred tax assets and liabilities are measured using
substantively enacted tax rates expected to apply to
taxable income in the years in which the temporary
differences are expected to be received or settled.

Deferred tax assets include Minimum Alternative Tax
(MAT) paid in accordance with the tax laws in India,
which is likely to give future economic benefits in the
form of availability of set off against future income
tax liability. Accordingly, MAT is recognized as
deferred tax asset in the balance sheet when the
asset can be measured reliably and it is probable that
the future economic benefit associated with the
asset will be realized.

(xxii) Government Grant

The Company may receive government grants that
require compliance with certain conditions related to
the Company's operating activities or are provided to
the Company by way of financial assistance on the basis
of certain qualifying criteria. Government grants are
recognized when there is reasonable assurance that the
grant will be received, and the Company will comply
with the conditions attached to the grant. Accordingly,
government grants:

(a) related to or used for assets are included in the
Balance Sheet as deferred income and recognized as
income over the useful life of the assets.

(b) related to incurring specific expenditures are taken
to the Statement of Profit and Loss on the same basis
and in the same periods as the expenditures
incurred.

(c) by way of financial assistance on the basis of certain
qualifying criteria are recognized as they become
receivable. In the unlikely event that a grant
previously recognized is ultimately not received, it is
treated as a change in estimate and the amount
cumulatively recognized is expensed in the
Statement of Profit and Loss.

(xxiii) Earnings Per Share

Basic earnings per share are calculated by dividing the
net profit or loss for the period attributable to equity

shareholders by the weighted average number of equity
shares outstanding during the year. For the purpose of
calculating diluted earnings per share, the net profit or
loss for the year attributable to equity shareholders and
the weighted average number of shares outstanding
during the year are adjusted for the effects of all dilutive
potential equity shares.

(xxiv) Cash Flow Statement

Cash Flow is reported using the indirect method,
whereby profit before tax is adjusted for the effects of
transactions of a non cash nature and any deferrals or
accruals of past or future cash receipts or payments. The

cash flow from regular revenue generating, financing
and investing activities of the Company are seg regated.

(xxv) Exceptional Item

When items of income and expenses within statement of
profit and loss from ordinary activities are of as such size,
nature and or incidence that their disclosure is relevant
to explain the performance of the enterprise for the
period, the nature and amount of such material items
are disclosed separately as exceptional items.

(xxvi) Accounting for interests in Joint Ventures

Interests in joint ventures are accounted as follows:

(xxvii) Standards notified but not yet effective.

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

(xxviii) A new and amended standards

The Ministry of Corporate Affairs (MCA) has notified Companies (Indian Accounting Standards) Rules, 2024 to amend the
following Ind AS which are effective for annual periods beginning on or after April 1,2024.

The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

(i) Ind AS 117 Insurance Contracts

The Ministry of Corporate Affairs (MCA) notified the Ind AS 117, Insurance Contracts, vide notification dated 12 August 2024,
under the Companies (Indian Accounting Standards) Amendment Rules, 2024

(ii) Amendments 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 above amendments do not have any impact on the Company's standalone financial statements.

Note 1.18 Other Equity (Contd.)

(i) Capital Reserves: The Company recognises profit or loss on purchase, sale, issue or cancellation of the Company's own equity instruments to
Capital Reserve.

(ii) Security Premium: Security Premium represents to record the premium on issue of shares. The reserve is utilised in accordance with the
provisions of the Companies Act 2013

(iii) General Reserve: The General Reserve is used from time to time to transfer profit from Retained Earnings for appropriation purpose. As the
General Reserve is created by transfer from one component of equity to another and is not an item of other comprehensive income, items
includes in the General Reserve will not be reclassifies subsequently to Profit & Loss.

(iv) Reserve for Equity Instrument through Other Comprehensive Income (OCI): This reserve represents the cumulative gain or loss arising
on net revaluation of equity instruments measured at fair value through OCI, net of amounts reclassified to the Retained Earnings when those
assets have been disposed off.

(v) Foreign currency monetary items translation difference reserve: Exchange differences arising on settlement and remeasurement of
long term foreign currency monetary items are accumulated in "Foreign Currency Monetary items Translation Difference Account" and
amortised over the maturity period or up to the date of settlement of such monetary items, whichever is earlier, and charged to the
Statement of Profit and Loss.

(vi) Retained Earnings: Retained Earnings refers to the portion of net income which is retained by the corporation to be reinvested in its core
business. Similarly if the Company has a loss then that loss is retained and called retained losses or accumulated losses. Retained Earnings and
Losses are cumulative from year to year with losses off setting earnings.

(viI) Money Received Against Share Warrants: This represents the amount received by the Company toward share warrants, which entitle the
holder to apply for equity shares at a future date at a predetermined price. Until conversion, the amount is shown separately under other
equity. Upon exercise, it will be transferred to share capital and securities premium respectively.

In accordance with the requirement of Ind AS 37 "Provisions, Contingent Liabilities and Contingent Assets" issued by the Companies
(Accounting Standard) Rules 2006, the company has provided liability for other expenses amounting to ' 4,477.37 lakhs (Previous Year
'1,221.00 lakhs).

Site warranty period maintenance: The Company gives warranties and maintenance on certain products and services, undertaking to
repair, replace and maintain the items for satisfactory working during the warranty period. Provision as at March 31,2025 represents the
amount of the expected cost of meeting such obligations of rectification/ replacement/maintenance. The timing of the outflow is
expected to be within a period of two years.

Provision for others: It represents liabilities related to various site expenses including contractor service charges for sites, administrative
charges etc, likely to materialize in the next financial year. Provisions are recognised when the Company has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and are liable estimate can be made of the amount of the obligation. If the effect of the time value of money is material,
provisions are discounted using equivalent period government securities interest rate. Unwinding of the discount is recognized in the
Statement of Profit and Loss as a finance cost. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current
best estimate.

The Company's activities expose it to Credit Risk, Liquidity Risk, Market Risk, and Equity Price Risk.

This note explains the source of risk which the Company is exposed to and how the Company manages the risk and the impact. The
management of the company ensures that risks are identified, measured and mitigated in accordance with the Risk Management Policy of
the company. The Board provides guiding principles on risk management and also review these risks and related risk management
policies which are given as under.

The Company's financial liabilities comprise borrowings, capital creditors and trade and other payables. The company's financial assets
include trade and other receivables, cash and cash equivalents, investments including investments in subsidiaries, loans & advances, and
deposits.

A. Credit Risk- A risk that counter party may not meet its obligations under a financial instrument or customer contract, leading to a
financial loss is defined as Credit Risk. The Company is exposed to credit risk from its operating and financial activities.

Customer credit risk is managed by the respective marketing department subject to the Company's established policy,
procedures and control relating to customer credit risk management. The Company reviews the creditworthiness of these
customers on an on-going basis. The Company estimates the expected credit loss on the basis of past data, experience and policy
laid down in this respect. The maximum exposure to the credit risk at the reporting date is the carrying value of the trade
receivables disclosed in Note 1.11 as the Company does not hold any collateral as security. The Company has a practice to provide
for doubtful debts as per its approved policy.

B. Liquidity Risk- A risk that the Company may not be able to settle or meet its obligations at a reasonable price is defined as liquidity
risks. The Company's treasury department is responsible for managing liquidity, funding as well as settlement management. In
addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company's
net liquidity position through rolling forecasts on the basis of expected cash flows.

The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of cash credits,
Term loans among others.

C. Interest Risk - Interest Risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
change in market interest rates. The Company's exposure to the risk of change in market interest rates related primarily to the
company's short term borrowing (excluding commercial paper) with floating interest rates. For all long term borrowings with
floating rates, the risk of variation in the interest rates is mitigated through interest rate swaps. The Company constantly monitors
the credit markets and rebalances its financing strategies to achieve on optimal maturity profile and financing cost.

D. Market Risk- A risk that the fair value of future cash flows of a financial instrument may fluctuate because of changes in market
prices is defined as Marketing Risk. Such changes in the value of financial instruments may result from changes in the foreign
currency exchange rates, interest rates, credit, liquidity and other market changes.

(i) Foreign Currency Risk- A risk that the fair value or future value of the cash flows of an forex exposure will fluctuate because
of changes in foreign exchange rates is defined as Foreign Currency Risk. The Company's exposure to the risk of changes in
foreign exchange rates relates primarily to the Company's export, import and foreign currency loan/ derivatives operating
activities. The Company, as per its risk management policy, uses foreign exchange and other derivative instruments
primarily to hedge foreign exchange exposure. The management monitors the foreign exchange fluctuations on a
continuous basis.

(ii) Foreign currency sensitivity- The following table demonstrates the sensitivity to a reasonably possible change in USD and
Euro exchange rates, with all other variables held constant. The impact on the Company's profit before tax is due to
changes in the fair value of monetary assets and liabilities. The Company's exposure to foreign currency changes for all
other currencies are not material.

E. Equity Price Risk - A risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
equity prices (other than those arising from interest rate or foreign exchange rate risk), whether those changes are caused by
factors specific to the individual financial instruments or its issuer, or by factors affecting all similar financial instruments traded in
the market is defined as Equity Price Risk.

The Company generally invests in the equity shares of the Subsidiaries, Associates, Joint Ventures and some of the group
companies as part of the Company's overall business strategy and policy. The Company manages the equity price risk through
placing limits on individual and total equity investment in each of the subsidiaries and group companies based on the respective
business plan of each of the companies. The Company's investment in quoted equity instruments (other than above) is not
material. For sensitivity analysis of Company's investments in equity instruments, refer Note No. 1.04(Fair Value).

Note 1.55 Capital Management

The Company's objective when managing capital (defined as net debt and equity) is to safeguard the Company's ability to continue as a
going concern in order to provide returns to shareholders and benefits for other stakeholders, while protecting and strengthening the
Balance Sheet through the appropriate balance of debt and equity funding. The Company manages its capital structure and makes
adjustments to it, in taking into consideration the economic conditions and strategic objectives of the Company.

Note 1.56 Fair Value

Carrying amounts and Fair Value through Profit & Loss (FVTPL) of financial instruments, including their levels in the fair value hierarchy has
been mentioned in Note No. B (ix) and has been mentioned in Note No 1.04 and Note No 1.10. All the investments which have been fair
valued are classified under Level - 1 (Listed) & Level- 2 (Unlisted).

B. Measurement of fair values

The table shown below analyses financial instruments carried at fair value, by valuation method. The different levels have been

defined below:

- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e., as prices) or indirectly (i.e., derived from prices).

- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

C. Valuation techniques

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

1) Fair value of the cash and short term deposits, current loans and advances and other current financial liabilities, short term
borrowing from banks and other financial institutions and other similar items approximate their carrying value largely due to
short term maturities of these instruments.

2) Long-term receivables/borrowings are evaluated by the Company based on parameters such as interest rates, specific
country risk factors, individual credit worthiness of the customer and the risk characteristics of the financed project. Based on
this evaluation, allowances are taken into account for the expected credit losses of these receivables.

3) The fair value of unquoted instruments, loans from banks/financial institution and other financial liabilities is estimated by
discounting future cash flows using rates currently available for debt of similar terms, credit risk and remaining maturities.

1.62 Additional Regulatory Information

1) Company has used the borrowings from banks and financial institutions for the specific purpose for which it has taken
at the balance sheet date.

2) No proceedings have been initiated or pending against the company for holding any benami property under the
Benami Transactions (Prohibition) Act,1988 (45 of 1988) and the rules made thereunder, and company has not been
declared as a willful defaulter by any bank or institution or other lender.

3) To the best of the information available, the company has not entered any transactions with companies struck off
under section 248 of the Companies Act, 2013 or section 560 of Companies Act,1956

4) Company is filling monthly statement of current assets in respect of its borrowings from banks and status of
agreement of quarter end statements with books are as under:

5) There is no income surrendered or disclosed as income during the year in tax assessment under the Income Tax
Act,1961 (such as search or survey), that has not been recorded in the books of account.

6) The Company has not received any fund from any person(s) or entity(ies), including foreign entities ("Funding Party")
with the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly lend
or invest in other persons or entities identified in any manner whatsoever by or on behalf of the ultimate beneficiaries.

7) No funds (which are material either individually or in the aggregate) 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
person(s) or entity(ies), including foreign entity ("intermediaries"), with the understanding, whether recorded in
writing or otherwise, that the intermediary shall, whether 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 provide any
guarantee, security, or the like on behalf of the Ultimate Beneficiaries.

8) The Company has not traded or invested in crypto currency or virtual currency during the year.

Note 1.63 Previous year's figures have been regrouped/ rearranged/ restated/ recast wherever necessary to confirm this
year's classification.

Note 1.64 Figures below '500/- have been omitted for rounding off, '500/- and above have been rounded off to
the next '1,000/-.

In terms of our Report of even date attached herewith.

For L. B. Jha & Co.

Chartered Accountants
Firm Registration No: 301088E

Ranjan Singh

Partner Directors

Membership No.305423 S.K.Poddar

F2/2, Gillander House Utsav Parekh

8, Netaji Subhas Road Indrajit Mookerjee

Kolkata- 700 001 Sandeep K. Sultania K. K. Rajgaria Sudipta Mukherjee

Dated: 16^th May, 2025 Company Secretary C.F.O A.K.Vijay