2.17 Provisions

Provisions are recognized 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 a reliable estimate can be made of the
amount of the obligation. If the effect of the time value of
money is material, the amount of a provision shall be the
present value of expense expected to be required to settle
the obligation Provisions are therefore discounted, when
effect is material, The discount rate shall be pre-tax rate that
reflects current market assessment of time value of money
and risk specific to the liability. 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.

2.18 Contingent Liabilities, Contingent Assets

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 cannot be made. Information
on contingent liability is disclosed in the Notes to the
Financial Statements.

A contingent asset is a possible asset that arises from past
events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the entity,
Contingent assets are not recognized, but are disclosed
in the notes. However, when the realization of income
is virtually certain, then the related asset is no longer a
contingent asset, but it is recognized as an asset.

Contingent Liabilities, Contingent Assets are reviewed at
each balance sheet date.

2.19 Foreign currency translation

(i) Functional and presentation currency

The financial statements are presented in Indian rupee (INR),
which is functional and presentation currency.

(ii) Transactions< and balances

Foreign currency transactions are translated into the
functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the
translation of monetary assets and liabilities denominated in
foreign currencies at year end exchange rates are generally
recognised In Statement of Profit and Loss.

Foreign exchange differences regarded as an adjustment
to borrowing costs are presented in the Statement of Profit
and Loss, within finance costs. All other foreign exchange
galns and losses are presented In the Statement of Profit
and Loss on a net basls within other gains/(losses).

2.20 Impact of the Initial application of new and amended
Ind ASs that are effective for the previous year

In the previous year, the Company had applied the below
amendments to Ind ASs that are effective for an annual
period that begins on or after April 1,2020.

The Company has adopted the amendments to Ind AS
1 and Ind AS 8 for the first time in the previous year. The
amendments make the definition of material in Ind AS
1 easier to understand and are not intended to alter the
underlying concept of materiality in Ind ASs. The concept
of 'obscuring' material information with immaterial

information has been included as part of the new definition.

The threshold for materiality influencing users has been
changed from 'could influence' to 'could reasonably be
expected to influence' The definition of material in Ind
AS 8 has been replaced by a reference to the definition of
material in Ind AS 1. In addition, the NCA amended other
standards that contain the definition of 'material' or refer to
the term 'material' to ensure consistency.

The adoption of the amendments has not had any material
impact on disclosures or on the amounts reported in these
standalone financial statements.

Use of estimates and critical accounting judgement

The preparation of the Company's financial statements
requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities at the
date of the financial statements. Estimates and assumptions
are continuously evaluated and are based on management's
experience and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances.

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.

In particular, the Company has identified the following areas
where significant judgements, estimates and assumptions
are required. Further information on each of these areas
and how they impact the various accounting policies
are described below and also in the relevant notes to the
financial statements. Changes in estimates are accounted
for prospectively.

a) Judgements

In the process of applying the company's accounting
policies, management has made the following judgements,
which have the most significant effect on the amounts
recognized in the financial statements:

i) Contingencies:

Contingent liabilities may arise from the ordinary
course of business in relation to claims against the
company, including legal, contractor, land access
and other claims. By their nature, contingencies will
be resolved only when one or more uncertain future
events occur or fail to occur. The assessment of the

existence, and potential quantum , of contingencies
inherently involves the exercise of significant
judgments and the use of estimates regarding the
outcome of future events.

ii) Recognition of Deferred tax Assets

The extent to which deferred tax assets can be
recognized is based on an assessment of the
probability that future taxable income will be available
against which the deductible temporary differences
and tax loss carry-forward can be utilized. In addition,
significant judgement is required in assessing the
impact of any legal or economic limits or uncertainties
in various tax jurisdictions.

b) Estimates and Assumptions

The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date that
have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next
financial year, are described below.

The Company based its assumptions and estimates on
parameters available when the financial statements were
prepared. Existing circumstances and assumptions about
future developments, however, may change due to market
change or circumstances arising beyond the control of the
Company. Such changes are reflected in the assumptions
when they occur.

i) Useful lives of property ,plant & equipment :

The Company reviews its estimate of the useful lives
of property ,plant & equipment at each reporting date,
based on the expected utility of the assets.

ii) Defined benefit obligation :

The cost of the defined benefit plan and other post¬
employment benefits and the present value of such
obligation are determined using actuarial valuations.
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, mortality rates and future
pension increases. In view of the complexities involved
in the valuation and its long-term nature, a defined
benefit obligation is highly sensitive to changes in
these assumptions. All assumptions are reviewed at
each reporting date.

iii) Inventories :

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

iv) Fair Value measurement of Financial Instruments:

When the fair values of financial assets and financial
liabilities recorded in the Balance Sheet cannot be
measured based on quoted prices in active markets,
their fair value is measured using valuation techniques
including the DCF model. The inputs to these models
are taken from observable markets where possible,
but where this is not feasible, a degree of judgment
is required in establishing fair values. Judgements
include considerations of inputs such as liquidity
risk, credit risk and volatility. Changes in assumptions
about these factors could affect the reported fair value
of financial instruments.

Recent Accounting Developments

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. For the year ended 31.03.2025 MCA has not notified
any new standards or amendments to the existing standards
applicable to the company.

Note 32 : Segment Information

The Company is engaged in manufacturing and trading of UPVC,CPVC,HDPE Pipes and Fittings. 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 performance focuses on the business as whole . The CODM reviews the Company's performance focuses on the analysis
of profit before tax at an overall entity level. Accordingly, there is no other separate reportable segment as defined by IND AS 108
"Operating Segments".

(B) Defined Benefit Plans

a. Description of the Employee Benefit Plan

The company has an obligation towards gratuity, unfunded defined benefit retirement plan covering eligible employees. The
plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of the
employment of an amount equivalent to 15 days/ one month salary, as applicable, payable for each completed year of service or
part thereof in excess of six months in terms of Gratuity scheme of the company or as per payment of Gratuity Act, whichever is
higher. Vesting occurs upon completion of five years of service

b. Risk exposure
Investment Risk

The present value of the defined benefit plan liability (denominated in Indian Rupee) is calculated using a discount risk which
is determined by reference to market yields at the end of the reporting period on government bonds. Currently, for the plan in
India, it has relatively balanced mix of investments in Insurance related products.

Interest Rate Risk

A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return
on the plan's debt .

Longevity Risk

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

Salary Risk

The present value of the defined plan liability is calculated by reference to the future salaries of plan participants. As such, an
increase in the salary of the plan participants will increase the plan's liability.

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

In respect of the plan in India, the most recent actuarial valuation of the plan assets and the present value of the defined benefit
obligation were carried out as at March 31,2025 by an actuary.

c) Entities where Directors/Relatives of Directors have control/significant influence:

APL Apollo Tubes Limited

S Gupta Holding Private Limited (Formerly APL Infrastructure Private Limited)

APL Apollo Buildings Products Private Limited

Kisan Moulding Limited

SG Mart Limited

APL Apollo Mart Limited

A P L Apollo Tubes Company L.L.C.

Blue Ocean Projects Private Limited
SG Sports & Entertainment Private Limited

Transactions with Related Parties

(a) Employee Share Option Plan:

i) The ESOS scheme titled "Employee Stock Option Scheme 2020" (ESOS 2020) was approved by the shareholders
through postal ballot on April 21, 2020. 91,400 options are covered under the Scheme for 91,400 Equity shares and
The ESOS scheme titled "Employee Stock Option Scheme 2020" (ESOS 2020) was approved by the shareholders
through postal ballot on April 21, 2020. 91,400 options are covered under the Scheme for 91,400 Equity
shares.

ii) During the financial year 2020-21, the Nomination and Remuneration Committee in its meeting held on January 16, 2021
has granted 91,400 options respectively under the ESOS to eligible employees of the Company. Each option comprises one
underlying equity share. The options granted vest over a period of 4 years from the date of the grant in equal proportion of
25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is the
market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of options.
The exercise price has been determined at C498 per share."

iii) During the financial year 2022-23, the Nomination and Remuneration Committee in its meeting held on January 24, 2023
has granted 40,200 options respectively under the ESOS to eligible employees of the Company. Each option comprises one
underlying equity share. The options granted will vest over a period of 4 years from the date of the grant in equal proportion
of 25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is
the market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of
options.The exercise price has been determined at C166 per share.

iv) During the financial year 2023-24, the Nomination and Remuneration Committee in its meeting held on March 30, 2024
has granted 61,000 options respectively under the ESOS to eligible employees of the Company. Each option comprises one
underlying equity share. The options granted will vest over a period of 4 years from the date of the grant in equal proportion
of 25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is
the market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of
options.The exercise price has been determined at C166 per share.

v) During the financial year 2024-25, the Nomination and Remuneration Committee in its meeting held on March 29, 2025
has granted 51,900 options respectively under the ESOS to eligible employees of the Company. Each option comprises one
underlying equity share. The options granted will vest over a period of 4 years from the date of the grant in equal proportion
of 25% each year. Options may be exercised within one year from last date of vesting. The exercise price of each option is
the market price of the shares on the stock exchange with the highest trading volume, one day before the date of grant of
options.The exercise price has been determined at C166 per share.

##### During the year ended March 31,2025 ,2 Employees to whom Grant I option was granted had resigned from the company
so their options lapsed during the year. No. of share lapsed during the year is 2100 shares

#### During the year ended March 31, 2024 ,10 Employees to whom Grant I option was granted had resigned from the company
so their options lapsed during the year. No. of share lapsed during the year is 11400 shares

### During the year ended March 31, 2023 ,12 Employees to whom Grant I option was granted had resigned from the company
so their options lapsed during the year. No. of share lapsed during the year is 23100 shares

## During the year ended March 31, 2022 ,15 Employees to whom Grant I option was granted had resigned from the company so
their options lapsed during the year. No. of share lapsed during the year is 59100 shares

#During the year ended March 31, 2021 , 7 Employees to whom Grant I option was granted had resigned from the company so
their options lapsed during the year. No. of share lapsed during the year is 5200 shares"

### During the year ended March 31, 2025 , No Employees to whom Grant II option was granted had resigned from the company.

## During the year ended March 31,2024 ,1 Employees to whom Grant II option was granted had resigned from the company so
their options lapsed during the year. No. of share lapsed during the year is 12000 shares

# During the year ended March 31, 2023 , No Employees to whom Grant II option was granted had resigned from the company.

## During the year ended March 31,2025 ,1 Employees to whom Grant III option was granted had resigned from the company so
their options lapsed during the year. No. of share lapsed during the year is 4000 shares

#During the year ended March 31, 2024 ,No Employees to whom Grant III option was granted had resigned from the company."
#During the year ended March 31, 2025 ,No Employees to whom Grant IV option was granted had resigned from the company.

Level 1: Quoted prices in the active market. 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 debt based open ended mutual funds.

Level 2: Valuation techniques with observable inputs. This level of hierarchy includes items measured using inputs other than quoted
prices included within Level 1 that are observable for such items, either directly or indirectly. This level of hierarchy consists of debt
based close ended mutual fund investments and over the counter (OTC) derivative contracts.

Level 3: Valuation techniques with unobservable inputs. This level of hierarchy includes items measured using inputs that are not
based on observable market data (unobservable inputs). Fair value determined in whole or in part, 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 item in this category are unquoted equity instruments.

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 in debt mutual funds: Fair value is determined by reference to quotes from the financial institutions, i.e.. Net asset value
(NAV) for investments in mutual funds declared by mutual fund house.

Quoted equity investments: Fair value is derived from quoted market prices in active markets.

Unquoted equity investments: Fair value is derived on the basis of income approach, in this approach the discounted cash flow method
is used to capture the present value of the expected future economic benefits to be derived from the ownership of these investments.

I he company's management monitors and manages the financial risks relating to the operations of the company. I hese risks include
market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The management reviews cash resources, implements strategies for foreign currency exposures and ensuring market risk limit
and policies.

The company enters into Financial Instruments including Derivative Financial Instruments to minimize any adverse effect in its financial
performance due to foreign exchange risk.

(a) Market risk

Market risk is the risk of any loss in future earnings, in realizable fair values or in 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 result of changes in interest rates, foreign
currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements can
not be normally predicted with reasonable accuracy.

(i) Foreign currency risk

The Company's functional currency in Indian Rupees (INR). The Company undertakes transactions denominated in the 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 material. The Company is exposed to exchange rate risk
under its trade and debt portfolio.

Adverse movements in the exchange rate between the Rupee and any relevant foreign currency result's in the increase in
the Company's overall debt positions in Rupee terms without the Company having incurred additional debt and favorable
movements in the exchange rates will conversely result in reduction in the Company's receivable in foreign currency. In order to
hedge exchange rate risk, the Company has a policy to hedge cash flows up to a specific tenure using forward exchange contracts
and options. In respect of imports and other payables, the Company hedges its payable as when the exposure arises.

(b) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company's receivables from customers and loans given. Credit risk
arises from cash held with banks and financial institutions, as well as credit exposure to clients, including outstanding accounts
receivables. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing
counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties,
taking into account their financial position, past experience and other factors.

(c) Liquidity Risk

"The Company has a liquidity risk management framework for managing its short term, medium term and long term sources
of funding vis-a-vis short term and long term utilization requirement. This is monitored through a rolling forecast showing the
expected net cash flow, likely availability of cash and cash equivalents, and available undrawn borrowing facilities.

Maturities of financial liabilities

The table below analyses the company's all non-derivative financial liabilities into relevant maturity based on their contractual
maturities. The amounts disclosed in the table are the contractual undiscounted cash flows.

(a) Risk management

The Company being in a capital intensive industry, its objective is to maintain a strong credit rating, healthy capital ratios and
establish a capital structure that would maximize the return to stakeholders through optimum mix of debt and equity.

The Company's capital requirement is mainly to fund its capacity expansion, repayment of principal and interest on its borrowings
and strategic acquisitions. The principal source of funding of the Company has been, and is expected to continue to be, cash
generated from its operations supplemented by funding from bank borrowings and the capital markets. The Company is not
subject to any externally imposed capital requirements.

The Company regularly considers other financing and refinancing opportunities to diversify its debt profile, reduce interest
cost and elongate the maturity of its debt portfolio, and closely monitors its judicious allocation amongst competing capital
expansion projects and strategic acquisitions, to capture market opportunities at minimum risk.

The Company monitors its capital using gearing ratio, which is net debt divided to total equity. Net debt includes, interest bearing
loans and borrowings less cash and cash equivalents, Bank balances other than cash and cash equivalents.

EBIT - Earnings before interest and taxes

PBIT - Profit before interest and taxes including other income.

EBITDA - Earnings before interest, taxes, depreciation and amortisation.

PAT - Profit after taxes.

Debt includes current and non-current lease liabilities

Net worth includes Shareholder capital and reserve and surplus

Net Sales means revenue from operations

Capital Employed refers to total shareholders' equity and debt.

Note 44: Additional Regulatory Information

(a) The Company has not been declared a wilful defaulter by any bank or financial institution or consortium thereof in accordance
with the guidelines on wilful defaulters issued by the RBI.

(b) There are no proceedings initiated or pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(c) The Company has neither advanced, loaned or invested funds nor received any fund to/from any person or entity for lending or
investing or providing guarantee to/on behalf of the ultimate beneficiary during the reporting years.

(d) There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory period.

(e) The Company do not have any transaction not recorded in the books of accounts that has been surrendered or not disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961.

(f) All the quartely statements of current assets filed by the Company with banks or financial institutions are in agreement with books
of accounts.

(g) The Company did not enter transactions in Cryptocurrency or Virtual currency during the year ended March 31,2025 (March
31,2024: NIL).

(h) The company does not have any relationship with companies struck off (as defined by Companies Act, 2013) and did not enter
into transactions with any such company for the years ended March 31,2025 and March 31,2024.

(i) The company has used an accounting software i.e. SAP Hana for maitianing its books of accounts for the financial year ended
March 31,2025 which has a feature of recording of Audit Trail(edit log) facility and the same has operated throughout the year for
all relevent transactions recorded in the software and the management did not come across any instance of the audit trail feature
being tempered with.

Note 45: Previous year figures have been recasted, re-grouped and reclassified, wherever necessary to confirm to the current year
classification.

For VAPS & Co. For and On Behalf of the Board of Directors of

^Firm Reg. ^No. 003^612N APOLLO PIPES LIMITED

Chartered Accountants

Sd/- Sd/-

Sd/- Sameer Gupta Arun Agarwal

Praveen Kumar Jain Chairman & Managing Director Joint Managing Director

Partner DIN-00005209 DIN-10067312

Membership No. 082515

UDIN: 25082515BMLILB1942 Sd/- Sd/-

Place : Noida Ajay Kumar Jain Gourab Kumar Nayak

Date : May 10, 2025 Chief Financial Officer Company Secretary

ICSI Membership No: A44847