2.15 Provisions and contingencies:

A provision is recognised if, as a result of a past event, the Company has a present obligation that can be estimated reliably, and it is probable
(more likely than not) that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best
estimate of the consideration required to settle the obligation at the reporting date.

Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of
those cash flow (when the effect of the time value of money is material).

Onerous contracts:

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

Post-sales warranties and liquidated damages:

The Company provides its clients with a fixed-period warranty on contracts as per stipulated terms. Costs associated with such contracts
are accrued at the time related revenues are recorded and included in cost of sales. The Company estimates such costs based on historical
experience and the estimates are reviewed annually for any material changes in assumption. Liquidated damages are provided as per
Management's estimates on case to case basis.

Contingencies :

Contingent liabilities exist 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 or the amount cannot be reliably estimated.
Contingent liabilities are appropriately disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.

2.16 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.
Initial recognition and measurement:

Financial assets and liabilities are recognised when the Company becomes a part to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value, except for trade receivables. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value
through profit or loss (FVTPL) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on
initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit
or loss are recognised immediately in the Statement of Profit and Loss. However trade receivables that do not contain a significant financing
component are measured at transaction price.

Financial assets:

Financial assets at amortised cost:

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

Effective Interest method:

Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as FVTPL. Interest income
is recognised in the Statement of Profit and Loss.

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

Financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other
comprehensive income on initial recognition. Gains or losses arising on remeasurement are recognised in the Statement of Profit and Loss.
The net gain or loss recognised in the Statement of Profit and Loss incorporates any dividend or interest earned on the financial asset and is
included in the Other income as separate line item.

Impairment of financial assets and contract assets:

The Company recognises loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through
profit or loss. For trade receivables or any contractual right to receive cash or another financial asset or contract assets that result from transactions
that are within the scope of Ind AS 115, the Company always measures the loss allowance at an amount equal to lifetime expected credit losses.
The Company follows 'simplified approach' for recognition of impairment loss allowance on trade receivables and contract assets. Further, for the
purpose of measuring lifetime expected credit loss allowance for trade receivables, the Company has used a practical expedient as permitted
under Ind AS 109. This expected credit loss allowance is computed based on a provision matrix which takes into account historical credit loss
experience and adjusted for forward-looking information. The amount of expected credit losses (or reversal) that is required to adjust the loss
allowance at the reporting date to the amount that is required to be recognised as an impairment gain or loss in the Statement of Profit and Loss.

Derecognition of financial assets:

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

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

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

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

Foreign exchange gains and losses:

The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the
end of each reporting period.

For foreign currency denominated financial assets measured at amortised cost, the exchange differences are recognised in the Statement of
Profit and Loss except for those which are designated as hedging instruments in a hedging relationship.

Financial liabilities and equity instruments:

Classification as debt or equity:

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance
of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments:

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity
instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.

Financial liabilities:

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

Financial liabilities subsequently measured at amortised cost:

Financial liabilities that are not held - for trading and are not designated as at FVTPL are measured at amortised cost at the end of subsequent
accounting periods. The carrying amounts of financial liabilities that are subsequently measured at amortised cost are determined based on
the effective interest method. Interest expense that is not capitalised as part of costs of an asset is included in the 'Finance costs' line item.

Foreign exchange gains and losses:

For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the
foreign exchange gains and losses are determined based on the amortised cost of the instruments and are included in the Statement of Profit
and Loss.

The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at
the end of the reporting period.

Derecognition of financial liabilities:

The Company derecognises financial liabilities when, and only when the Company's obligations are discharged, cancelled or have expired.
An exchange with a new lender or debt instruments with substantially different terms is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability
(whether or not attributable to the financial difficulty of the debtor) is accounted for as an extinguishment of the original financial liability
and the recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognised and the
consideration paid and payable is recognised in the Statement of Profit and Loss.

Derivative financial instruments:

The Company enters into a foreign exchange forward contracts to manage its exposure to foreign exchange rate risk. Further details of
derivative financial instruments are disclosed in Note 38.

Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their
fair value at the end of each reporting period. The resulting gain or loss is recognised in the Statement of Profit and Loss immediately unless
the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Statement of Profit and
Loss depends on the nature of hedging relationship and the nature of hedged item.

Hedge accounting:

The Company designates certain hedging instruments which include derivatives in respect of foreign currency risk as either cash flow hedge
or fair value hedge. Hedges of foreign currency risk on firm commitments are accounted for as cash flow hedges.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along
with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge

and on an on going basis, the Company documents whether the hedging instrument is highly effective in offsetting changes in fair values or
cash flows of the hedged item attributable to the hedged risk.

(i) Cash flow hedges:

The effective portion of the changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in
other comprehensive income and accumulated under the heading of 'Effective portion of cash flow hedges'. The gain or loss relating to
the ineffective portion is recognised immediately in the Statement of Profit and Loss.

Amounts previously recognised in other comprehensive income and accumulated in equity relating to effective portion as described
above are reclassified to the Statement of Profit and Loss in the periods when the hedged item affects profit or loss, in the same line as
the recognised hedged item.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies
for hedge accounting. Any gain or loss recognised in other comprehensive income and accumulated in equity at that time remains in equity
and is recognised when the forecast transaction is ultimately recognised in the Statement of Profit and Loss. When a forecast transaction
is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Statement of Profit and Loss.

(ii) Fair value hedges:

Changes in fair value of the designated portion of derivatives that qualify as fair value hedges are recognised in profit or loss immediately,
together with any change in the fair value of the hedged asset or liability that are attributable to the hedged risk. The change in fair value
of the designated portion of hedging instrument and the change in the hedged item attributable to hedged risk are recognised in profit
or loss in the line item relating to the hedged item.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer
qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is
amortised to profit or loss from that date.

2.17 Cash flow statement:

Cash flows are reported using the indirect method, whereby profit/(loss) before tax is adjusted for the effects of transactions of non-cash
nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing
activities of the Company are segregated based on the available information.

2.18 Cash and cash equivalents:

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are 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 and cash equivalents consist of cash and short-term deposits, as defined above, net of
outstanding bank overdrafts as they are considered an integral part of the Company's cash management.

2.19 Cash dividend:

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

2.20 Earnings per share:

Basic and diluted earnings per share are calculated by dividing the net profit or loss after tax for the year attributable to equity shareholders
by the weighted average number of equity shares outstanding during the year.

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

2.21 Operating cycle:

Based on the nature of products/activities of the Company and the normal time between acquisition of assets and their realisation in cash or
cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as
current or non-current. All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle
and other criteria set out in the Schedule III to the Companies Act, 2013.

2.22 Segment reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The
Managing Director of the Company has been identified as the Chief Operating Decision Maker which reviews and assesses the financial
performance and makes the strategic decisions.

2.23 Critical accounting judgements and key sources of estimation uncertainty:

In the course of applying the policies outlined in all notes under Section 2 above, the management of the Company is required to make
judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual
results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period, if the revision affects
current and future period.

In the following areas, the management of the Company has made critical judgements and estimates:

Revenue and profit recognition:

Recognition of revenue and profit from construction contracts is based on judgements made in respect of the ultimate profitability of a
contract. Such judgements are arrived at through the use of estimates in relation to the costs and value of work performed to date and to
be performed in bringing contracts to completion. These estimates are made by reference to changes in work scope, the contractual terms
under which the work is being performed, including the recoverability of any unagreed income from variations and the likely outcome of
discussions on claims and costs incurred. Management continually reviews the estimated final outcome on contracts and makes adjustments
where necessary. The actual outcome of projects may deviate from the Company's estimates and calculation, which could impact revenue
recognition up to the stage of project completion with such amounts being recognised prospectively in the financial statements.

Impairment of financial assets and contract assets:

Refer Note 2.16

Useful lives of property, plant and equipment, investment properties and intangible assets:

As described in Notes 2.9, 2.10 and 2.11 above, the Company reviews the estimated useful lives of property, plant and equipment and
intangible assets at the end of each reporting period. There was no change in the useful life of property, plant and equipment and intangible
assets as compared to previous year.

Provisions and liabilities:

Provisions and liabilities are recognised in the period when it becomes probable that there will be a future outflow of funds resulting from past
operations or events that can reasonably be estimated. The timing of recognition requires application of judgements to existing facts and
circumstances which may be subject to change. The amounts are determined by discounting the expected future cash flows at a pre-tax rate
that reflects current market assessments of the time value of money and the risk specific to the liability.

Warranty Provisions:

Refer Note 2.15
Contingencies:

In the normal course of business, contingent liabilities may arise from litigation and other claims against the Company. Potential liabilities that
are possible but not probable of crystallising or are very difficult to quantify reliably are treated as contingent liabilities. Such liabilities are
disclosed in the Note 35 but are not recognised.

Taxes:

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the
losses can be utilise. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised
based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

Defined benefit plans:

The cost of the defined benefit plans and the present value of the defined benefit obligation are based on actuarial valuation using the
projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the
future. These include the determination of the discount rate, future salary increases and mortality rates. All assumptions are reviewed at each
Balance Sheet date and disclosed in Note 37.

2.24 Recent accounting pronouncements:

Ministry of Corporate Affairs ("MCA”) notifies new standards or amendments to the existing standards under Companies (Indian Accounting
Standards) Rules as issued from time to time. During the year ended December 31, 2024, MCA has notified Ind AS - 117 Insurance Contracts
and amendments to Ind AS 116 - Leases, relating to sale and leaseback transactions. The Company has reviewed the new pronouncements
and based on its evaluation has determined that it does not have any impact in its financial statements.

Notes:

(a) Securities premium is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the
Companies Act, 2013.

(b) General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is
created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the
general reserve will not be reclassified subsequently to the Statement of Profit and Loss. The reserve is utilised in accordance with the
provisions of the Companies Act, 2013.

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

(d) The effective portion of cash flow hedges represents the cumulative effective portion of gains or losses arising on changes in fair value of
designated portion of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value of
the designated portion of the hedging instruments that are recognised and accumulated under the heading of ‘Effective portion of cash flow
hedges' will be reclassified to profit or loss only when the hedged transaction affects the profit or loss.

* Service Tax

During the period April 2010 to December 2014, the Company had paid service tax for services rendered and paid excise duty on dispatch of
goods considering contracts as divisible contracts. Service tax department issued Show cause Notice dated October 21, 2015 for demanding
service tax of ' 4,817.55 lakhs categorised as "works contract” service by the Department on which excise duty of ' 10,510.51 lakhs had been
paid. The Company had replied to Show cause notice and personal hearing had also been held. The Commissioner of Central Excise & Service Tax,
Large Taxpayer Unit vide their order dated November 30, 2016 upheld the service tax liability of ' 4,817.55 lakhs, penalty of ' 4,817.65 lakhs and
interest, as applicable, estimated to be ' 9,956.80 lakhs. An appeal had been filed by the Company before CESTAT Mumbai dated March 20, 2017.
The Company had paid appropriate excise duty on goods manufactured and service tax on service rendered. The order is seen by the Company
as change of opinion by the department after higher bench judgement in one of the recent case. The Company had pre-deposited ' 361.32 lakhs.

In continuation to the above matter, the Company had further received show cause notice dated December 22, 2017 for the period January 2015 to
March 2015 demanding service tax of '175.46 lakhs categorised as "works contract” service on which excise duty of ' 377.56 lakhs had been paid and
show cause notice dated March 19, 2018 for the period April 2015 to June 2017 demanding service tax of '759.27 lakhs categorised as "works contract”
service on which excise duty of ' 1,670.08 lakhs had been paid. The Company had replied to Show cause notice and personal hearing had also been
held. The Commissioner of Central Excise & Service Tax, Large Taxpayer Unit vide their order dated February 14, 2019 upheld the service tax liability
of ' 175.46 lakhs and ' 759.27 lakhs respectively and penalty of ' 175.56 lakhs and ' 759.37 lakhs respectively and interest, as applicable, ' 273.85
lakhs and ' 1,017.36 lakhs respectively. An appeal had been filed by the Company before CESTAT, Mumbai dated May 06, 2019. The Company had
paid appropriate excise duty on goods manufactured and service tax on service rendered. The order is seen by the Company as change of opinion by
the Department after higher bench judgement in one of the recent case. The Company had pre-deposited ' 13.16 lakhs and ' 56.94 lakhs respectively.

** Local Body Tax (PMC)

Panvel Municipal Corporation had raised Local Body Tax demand for the period from 01.01.2017 to 31.03.2017 and from 01.04.2017to 30.06.2017
under rule 33 of Panvel Municipal Corporation Act vide order dated November 13, 2018 & March 14, 2019 respectively. Total demand was of '
186.97 lakhs consisting LBT Tax of ' 117.80 lakhs, interest of ' 12.92 lakhs and penalty initially levied of ' 56.25 lakhs. Out of penalty initially levied
in LBT assessment has been reduced to ' 14.14 lakh at Appellate level. Of which Tax had been paid and interest is provided in the books. Penalty
is not provided in the books. Writ Petitions have been filed against the orders issued by Appellate Authorities by the Company in Hon'ble Mumbai
High Court on 29th July 2023 against demand of interest and penalty.

***CGST Act (Jharkhand)

Jharkhand GST Department has conducted Audit for four financial years - 2017-18 to 2020-22, On completion of the Audit, Adjudication Order was
issued on 14.02.2024 with demand of ' 1.04 lakh, penalty of ' 1.04 lakh and estimated interest of ' 0.96 lakh. The demand was raised by Jharkhand
GST Dept. with contention that less taxable Turnover in GST Returns shown as compared Form 26 AS and not shared GSTR-3B of a particular vendor
as proof of payment of GST Tax. The Company has filed Appeal before Commissioner, Appeal (GST Dept. Jharkhand) on 06.05.2024 against the
adjuducation order. The Company had pre-deposited ' 0.10 lakh.

*** Panvel Municipal Corporation (PMC) had raised Property tax bill in May 22 for FY2022-23 of ' 85.89 lakhs and cumulative demand is ' 111.39 lakhs
and the Company had provided for property tax of ' 30.34 lakhs in the books. In March 23, PMC issued notice for recovery of the said bill amount. Taloja
Manufacturers Association, of which the Company is a member, have filed a writ petition bearing (St) No. 9175 of2022 before the Hon'ble High Court of
Judicature at Mumbai. The said issue being a matter which is subjudice before the Hon'ble High Court and in identical petition filed by the Association
and other Member-Industries, the Hon'ble High Court has already passed order to the effect of restraining the PMC from taking any coercive action.

*****Income Tax

Above Income-tax contingent liablity of ' 118.61 lakhs, include income-tax liability of ' 90.09 lakhs for AY 2010-11, which is already adjusted against
refund of AY 2019-20 and hence same is not outstanding as per income-tax department record.

Note 36 Disclosure of Lease as per Ind AS 116:

Lessee

The following is the summary of practical expedients elected on application:

• Used a single discount rate to a portfolio of leases with reasonably similar characteristics

• Applied the short-term leases exemptions to leases with lease term that ends within 12 months of the date of initial application

• Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application

The Company has lease contracts for various items of Plant and machinery, land, flat, vehicles and other equipment used in its operations. Leases
of land generally have lease terms between 49 and 66 years, while flat generally have lease terms between 1 and 5 years. Generally, the Company
is restricted from assigning and subleasing the leased assets.

The Company also has certain leases of Plant and machinery and vehicles with lease terms of 12 months or less and leases of office equipment with
low value. The Company applies the 'short-term lease' and 'lease of low-value assets' recognition exemptions for these leases.

The Company had total cash outflows for leases of ' 116.18 lakhs during the year ended December 31,2024 (for the nine months ended December
31, 2023: ' 19.59 lakhs).

Refer Note 5 for additions to right-of-use assets and the carrying amount of right-of-use assets as at December 31, 2024.

The effective interest rate for lease liabilities is 10.70% & 13.10%.

The maturity analysis of lease liabilities are disclosed in Note 38.13.

Note 37 Employee benefits

a) Defined contribution plan:

Superannuation

All eligible employees are entitled to benefits under superannuation, a defined contribution plan. The Company makes quarterly contributions
until retirement or resignation of the employee. The Company recognises such contributions as an expense when incurred. The Company
has no further obligation beyond its quarterly contribution.

Company's contribution to superannuation recognised in Statement of Profit and Loss is ' 28.95 lakhs (for the nine months ended December
31, 2023'25.05 lakhs) (included in Note 28).

Provident fund/Social security

All eligible employees of the Company are entitled to receive benefits under the provident fund, a defined contribution plan in which both the
employees and employer (at a determined rate) contribute monthly. Contributions are made to provident fund in India for employees at the
rate of 12% of basic salary as per regulation. The contributions are made to registered provident fund administered by the government. The
obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation.

Company's contribution to Provident fund/Social security recognised in Statement of Profit and Loss is ' 219.35 lakhs (for the nine months
ended December 31, 2023'182.97 lakhs) (included in Note 28).

b) Defined benefit plans:

Gratuity (funded)

The Company sponsors funded defined benefit plans for all eligible employees. The defined benefit plan is administered by a separate fund
that is legally separated from the entity.

Under the gratuity plan, the eligible employees are entitled to post-retirement benefit at the rate of 15 days salary for each year of service until
the retirement age of 60 years, without any payment ceiling. The vesting period for gratuity as payable under The Payment of Gratuity Act is 5
years.

The plans in India typically expose the Company to actuarial risks such as investment risk, interest rate risk, liquidity risk and salary risk.

a) Investment risk

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

b) 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 value of the liability (as shown in financial statements).

c) Liquidity risk

This is the risk that the Company is not able to meet the short-term gratuity pay outs. This may arise due to non availability of enough
cash / cash equivalents to meet the liabilities or holding of liquid assets not being sold in time.

d) Salary escalation 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.

No other post-retirement benefits are provided to these employees.

The discount rate is based on the prevailing market yields of Government of India securities as at the balance sheet date for the estimated
term of the obligations.

Interest income on plan asset is a component of the return on plan asset and is determined by multiplying the fair value of the plan assets by
the discount rate, both as determined at the start of the annual reporting period, taking account of any changes in the plan assets held during
the period as a result of contributions and benefit payments.

The estimate of future salary increase, considered in actuarial valuation, take into account the inflation, seniority, promotion and other relevant
factors, such as supply and demand in the employment market.

Due to absence of data provided by Life Insurance Corporation of India, break-up of plan assets (asset allocation) in insurer managed funds
have not been furnished.

Note 38 Financial Instruments
38.1 Capital management

The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the returns to stakeholders
through the optimisation of the debt and equity balance. For the purpose of the Company's capital management, capital includes issued
equity capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital
management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the
financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders. The Company
is a debt free company and cash required for operation is managed through internal accruals.

38.3 Financial risk management objective

The Company has a Risk Management Committee established by its Board of Directors for overseeing the Risk Management Framework
and developing and monitoring the Company's risk management policies. The risk management policies are established to ensure timely
identification and evaluation of risks, setting acceptable risk threshold, identifying and mapping controls against these risks, monitor the risks
and their limits, improve risk awareness and transparency. Risk management policies and systems are reviewed regularly to reflect changes
in the market conditions and the Company's activities to provide reliable information to the management and the Board to evaluate the
adequacy of the risk management framework in relation to the risk faced by the Company.

The risk management policies aims to mitigate the following risk arising from the financial instruments:

- Market risk (includes foreign currency risk and price risk)

- Credit risk and

- Liquidity risk

38.4 Market risk

Market risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate because of changes in the market prices.
The Company in the ordinary course of its business is exposed to risks related to changes in foreign currency exchange rates.

The Company seeks to minimise the effect of these risks by using derivative financial instruments to hedge risk exposures. The Company
does not enter into or trade financial instruments, including derivatives for speculation purposes.

38.5 Foreign Currency risk management

The Company's functional currency is Indian Rupees (INR). The Company undertakes transactions denominated in foreign currencies;
consequently, exposure to exchange rate fluctuations arise. Volatility in exchange rates affects the Company's revenue from export markets
and the costs of imports, primarily in relation to raw materials. The Company is exposed to exchange rate risk under its trade portfolio.

Favourable movements in the exchange rates will conversely result in reduction in the Company's receivables in foreign currency. In order to
hedge exchange rate risk, the Company hedges cash flows up to a specific tenure using forward exchange contracts in respect of exports,
imports, other receivables and payables. The Company uses forward foreign exchange contracts to hedge its exposure in foreign currency
related to firm commitments and highly probable forecast transactions.

38.8 Commodity price risk

The Company is exposed to movement in metal commodity price of steel. Our sales contracts are on fixed price basis. Profitability in case
of firm price orders is impacted by movement in the prices of steel. The Company primarily purchases its raw materials in the open market
from third parties. The Company either places long term firm price order with the suppliers or builds stock on need basis to mitigate the
risk.

38.9 Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate because of changes in market interest
rates. The Company is debt free Company and has not borrowed fund during the year from banks, therefore, the Company is not exposed to
interest rate risk.

38.10 Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The
Company is exposed to credit risk for trade receivables, contract assets, deposits with banks, derivative financial instruments and other
financial instruments.

38.11 Trade receivables

Customer credit risk is managed centrally by the Company. The Company evaluates the creditworthiness based on publicly available financial
information and the Company's historical experiences. Further, majority of the Company's customers are Companies with strong financial
stability. Credit risk on receivables is also mitigated by securing the same against letters of credit of reputed banks. Trade receivables spread
across diverse geographical areas with no significant concentration of credit risk. Outstanding trade receivables are regularly monitored and
appropriate actions are taken for collection of overdue receivables. The Company's exposure to counterparties are continuously reviewed
and monitored by the management. Credit period varies as per the contractual terms with the customers. No interest is generally charged on
overdue trade receivables.

The Company directly reduces the gross carrying amount of financial assets when the Company has no reasonable expectations of
recovering a financial asset in its entirety or a portion thereof. The amount of financial assets are net of allowance for doubtful accounts,
estimated by the Company and based, in part, on the age of specific receivable balance and the current and expected collection trends.
The Company has used practical expedient by computing expected credit loss allowance for trade receivables by taking into consideration
historic credit loss experience and adjusted for forward looking information. The expected credit loss is based on the ageing of the days and
the expected credit loss rate.

Apart from the major customers of the Company in India and Belgium (where the parent company is based), the Company does not have
significant credit risk exposure to any single customer. Concentration of credit risk related to the customers in India 77% of the trade
receivables of the Company as at December 31, 2024 (As at December 31,2023: India accounts for 79%). Concentration of credit risk to any
other customer did not exceed 10% of the trade receivables of the Company at reporting date.

As at December 31, 2024 the Company had contract assets amounting to ' 8,935.64 lakhs (As at March 31, 2023: ' 21,983.82 lakhs). At
December 31,2024 the Company had 2 customer (As at December 31, 2023: 3 customer) that owed the Company more than ' 1,000 lakhs
each and accounted for approximately 81% (As at December 31, 2023: 98%) of all the contract assets outstanding.

The history of trade receivables shows a negligible impairment allowance.

38.12 Other financial assets

The Company maintains exposure in cash and cash equivalents, term deposits with banks, and derivative instruments. The Company attempts
to limit the credit risk by only dealing with reputable banks having high-credit ratings assigned by credit-rating agencies. The Company's
maximum exposure to the credit risk for the component of Balance Sheet as at December 31, 2024 and December 31, 2023 is the carrying
amounts of each class of financial assets.

38.13 Liquidity risk management

Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in a situation
where business conditions unexpectedly deteriorate and require financing. The Company requires fund both for short-term operational needs
as well as for long-term capital expenditure growth projects. The Company generates sufficient cash flow for operations, which together with
the available cash and cash equivalents and short-term investments provide liquidity in the short-term and long-term. The Company manages
liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities by continuously monitoring forecast and
actual cash flow and by matching the maturity profiles of the financial assets and liabilities.

The Company regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet operational needs. Any
short-term surplus cash generated, over and above the amount required for working capital management and other operational requirements,
is retained as cash and cash equivalents (to the extent required) and any excess is invested in bank fixed deposits to optimise the returns on
cash and cash equivalents while ensuring sufficient liquidity to meet its liabilities.

38.14 Collateral

Property, plant and equipment, capital work-in-progress, specific right-of-use asset, investment properties with a carrying amount of
' 3,337.00 lakhs (As at December 31, 2023: ' 2,934.40 lakhs), have been mortgaged as security for fund based and non-fund based credit
facilities from banks.

Further, these facilities are also secured by hypothecation against trade receivables and inventories. The amount of unused borrowing
facilities (fund and non fund based) available for future operating activities and to settle commitments as at December 31,2024'17,998.50
lakhs (As at December 31, 2023'11,882.88 lakhs). The returns/statements filed by the Company with such banks are in agreement with the
books of accounts of the Company.

38.15 Fair value measurement
Calculation of fair values

The fair values of the financial assets and liabilities are defined as 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. Methods and assumptions used to estimate the fair values
are consistent with those used for the nine months ended December 31, 2023.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair value.

Financial assets and liabilities measured at fair value as at Balance Sheet date:

1. The fair values of the forward contracts used for expected future sale has been determined using forward pricing, based on present
value calculations.

2. The Company has disclosed financial instruments such as trade receivables (current), cash and cash equivalents, other bank balances,
loans to employees, other current financial assets, trade payables (current) and other current financial liabilities at carrying value,
because, their carrying amounts are a reasonable approximation of the fair values due to their short-term nature.

Note 39 Segment information:

The principal activities of the Company comprise customised manufacturing and installation of cold rolling mills, galvanizing lines, colour coating
lines, tension levelling lines, skin pass mills, acid regeneration plants, wet flux line and pickling lines ("the projects”) for ferrous and non-ferrous
industries world wide.

For management purpose, the Company comprise of only one reportable segment - Original equipment manufacturer and project management.
Information is reported to and evaluated regularly by the Chief Operational Decision Maker (CODM) i.e. Managing Director for the purpose of
resource allocation and assessing the performance of the business as a whole. The CODM reviews the Company's performance on the analysis
of profit before tax and turnover at an overall entity level. Accordingly there is no other separate reportable segment as defined by Ind AS 108
"Operating Segments”.

(vi) The Company has not received any fund from any person or entity 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 Funding
Party (Ultimate Beneficiaries) or

• provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vii) The Company does not have any 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.

(viii) The accounting software used by the Company for maintaining its books of account during the year ended December 31, 2024, had the
functionality of recording an audit trail/edit log, throughout the said period. However, the audit trail is disabled/not effective for changes to
data at a database level and also in data for certain specific tables at an application level. There are no instance of audit trail feature being
tampered with in respect of the accounting software wherever it is enabled. Additionally, the audit trail of previous year has been preserved
by the Company as per the statutory requirements for record retention to the extent it was enabled and recorded in the previous year.

(ix) The revised quarterly returns or statements of current assets filed by the Company with banks are in agreement with the books of accounts.
(b) Corporate Social Responsibility (CSR) Expenditure

As per Section 135 of the Companies Act, 2013, a Company meeting the applicability threshold, needs to spend at least 2% of it's average
net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. A CSR committee has been
formed by the Company as per the Companies Act, 2013. The expenditure has been incurred on activities specified in Schedule VII of the
Companies Act, 2013.

Since the Company does not have debt, Debt Equity Ratio and Debt Service Ratio is not applicable.

Explanations given where the change in the ratio is more than 25% as compared to the preceding year.

Note 1: Decrease due to net loss incured during the current year.

Note 2: Decrease due to reduction in business activities.

Note 4 Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/
disclosure.

As per our report of even date
For R B C & CO LLP

Chartered Accountants Michael Kotas Vivek Bhide

ICAI Firm Registration No. 324982E/E300003 Managing Director Director

DIN: 10053364 DIN: 02645197

per Vinayak Pujare

Partner Marc Dumont Haresh Vala

Membership No. 101143 Chief Financial Officer Company Secretary

Place: Mumbai Place: Mumbai

Date: February 20, 2025 Date: February 20, 2025