(k) Provisions and Contingencies

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

The amount recognised as a provision is the best
estimate of the consideration required to settle present
obligation at the end of reporting period, taking into
account the risk 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 recognised as an asset if it is
virtually certain that reimbursement will be received and
the amount of receivable can be measured
reliably.

A disclosure for contingent liabilities is made where
there is a possible obligation or a present obligation that
may probably not require an outflow of resources or
where there is an an obligation for which the future
outcome cannot be ascertained with reasonable

certainty. When there is a possible or a present
obligation where the likelihood of outflow of resources is
remote, no provision or disclosure is made.

Contingent assets are not recognized in the financial
statements.

(l) Financial Instruments

Financial assets and financial liabilities are recognised
when the Company becomes a party to the contractual
provision of the instruments.

Financial assets (excluding trade receivables which do
not contain a significant financing component) and
financial liabilities are initially measured at fair value.
Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial
liabilities (other than financial assets and financial
liabilities at fair value through profit or loss) are added to
or deducted from the fair value of the financial assets or
financial liabilities, as appropriate, on initial recognition.
Transactions 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 or loss.

(m) Financial assets

All regular way purchases or sales of financial assets
are recognised and derecognised on a trade date basis.
Regular way purchases or sales are purchases or sales
of financial assets that require delivery of assets within
the time frame established by regulation or convention
in the market place.

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

(i) Classification of financial assets

Financial Assets that meet the following conditions are
subsequently measured at amortised cost (except for
financial assets that are designated as fair value
through profit or loss on initial recognition) :

• the asset is held within business model whose
objective is to hold assets in order to collect
contractual cash flows; and

• the contractual terms of the instruments give rise on
specified dates to cash flows that are solely
payments of principal and interest on the principal
and interest on the principal amount outstanding.

Financial assets are presented as current assets,
except for those maturing later than 12 months after the
reporting date which are presented as non-current
assets. Financial assets are measured initially at fair
value plus transaction costs and subsequently carried
at amortised cost using the effective interest method,
less any impairment loss.

For the impairment policy on financial assets measured
at amortised cost, refer Note 43(m)(iii)

Financial assets that meet the following conditions are
subsequently measured at fair value through other
comprehensive income (except for financial assets that
are designated as fair value through profit or loss on
initial recognition) :

• the asset is held within a business model whose
objective is achieved both by collecting contractual
cash flows and selling financial assets; and

• the contractual terms of the instruments give rise on
specified dates to cash flows that are solely
payments of principal and interest on the principal
and interest on the principal amount outstanding.

(ii) Financial assets at fair value through
Profit or loss (FVTPL)

FVTPL is a residual category for financial assets. Any
financial categorisation which is not at amortised cost or
as FVTOCI, is classified at FVTPL. In addition, the
Company may elect to designate the financial asset,
which otherwise meets amortised cost or FVTOCI
criteria, at FVTPL, if doing so eliminates or significantly
reduces a measurement or recognition inconsistency.

(iii) Impairment of financial assets

The Company measures the loss allowance for a
financial instrument at an amount equal to the lifetime
expected credit losses if the credit risk on that financial
instrument has increased significantly since initial
recognition. If the credit risk on a financial instrument
has not increased significantly since initial recognition,
the Company measures the loss allowance for that
financial instruments at an amount equal to 12 month
expected credit losses. 12 month expected credit losses
are portion of the lifetime expected credit losses and
represents the lifetime cash shortfalls that will result if
default occurs within the 12 months after the reporting
date and thus, are not cash shortfalls that are predicted
over the 12 months

(n) Trade and other payables

These amounts represent liabilities for goods and
services provided to the Company prior to the end of the
financial year which are unpaid. The amounts are
unsecured and are usually paid within 60 days of
recognition based on the agreed credit period. Trade
and other payables are presented as current liabilities
unless payment is not due within 12 months after the
reporting period. They are recognised initially at their
transaction price and subsequently measured at
amortised cost using the effective interest method, if
applicable.

Note 44 - Approval of Standalone Financial Statements

The Standalone Financial Statements were approved for issue by the Board of Directors on April 23, 2025.

For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors

Firm Registration Number : 012754N/N500016

Jagadeesh Sridharan Sridharan Rangarajan Ninad Gadgil

Partner Director Executive Director & CEO

Membership Number : 217038 DIN:01814413 DIN: 08707884

Place : Chennai Place : Hosur

Place : Bengaluru

Mukesh Kumar Hamirwasia Arjun Raj P

Chief Financial Officer Company Secretary

Place : Hosur Membership Number: A30324

Place : Chennai

Date : April 23, 2025