(p) Provisions and Contingent liabilities & Assets

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes.
Contingent Assets are neither recognised nor disclosed in the financial statements.

(q) Investment in Subsidiaries

Investments in subsidiaries are recognised at cost as per Ind AS 27.

(r) Employee Benefits

(i) Short-term Obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the
end of the period in which the employees render the related service are recognised in respect of employees' services up to the end of
the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations

The liabilities for earned leave that are not expected to be settled wholly within 12 months are measured as the present value of
expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the
projected unit credit method. The benefits are discounted using the Government Securities (G-Sec) at the end of the reporting period
that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and
changes in actuarial assumptions are recognised in the Statement of Profit and Loss.

(iii) Post-employment Benefits

The Company operates the following post-employment schemes:

(a) Defined benefit plans such as Gratuity and Pension; and

(b) Defined contribution plans such as Provident Fund.

Defined Benefit Plans

The liability or asset recognised in the balance sheet in respect of defined benefit pension and gratuity plans is the present value of
the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is
calculated annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference
to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related
obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value
of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the
period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes
in equity and in the balance sheet.

Defined Contribution Plans

Defined Contribution Plans such as Provident Fund etc., are charged to the Statement of Profit and Loss as incurred. Further for
certain employees, the monthly contribution for Provident Fund is made to a Trust administered by the Company. The interest payable
by the Trust is notified by the Government. The Company has an obligation to make good the shortfall, if any.

Termination Benefits

Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or when an employee
accepts voluntary redundancy in exchange for these benefits. The Company recognises termination benefits at the earlier of the following
dates: (a) when the Company can no longer withdraw the offer of those benefits; and (b) when the Company recognises costs for a
restructuring that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer.
Benefits falling due for more than 12 months after the end of the reporting period are discounted to present value..

(s) Earnings Per Share

Earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average
number of equity shares outstanding during the year.

(t) Income Taxes

Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided
is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or
substantially enacted at the balance sheet date. Deferred tax assets are recognised for all deductible temporary differences and unused
tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Current and
deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Current tax is determined
as the amount of tax payable in respect of taxable income for the period as per the provisions of Income Tax Act,1961.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance
sheet date, and any adjustment to tax payable in respect of previous years.

(u) Significant Accounting Judgements, Estimates and Assumptions

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results.
Management also needs to exercise judgement in applying the Company's accounting policies. The management overview the areas
that involve a higher degree of judgement or complexity and of items which are more likely to be materially adjusted due to estimates and
assumptions turning out to be different than those originally assessed.

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 has based assumptions and estimates on parameters available when the financial statements were prepared. However existing
circumstances and assumptions about future developments may change due to market changes or circumstances arising that are beyond
the control of the Company. Such changes are reflected in the assumptions as and when they occur.

i. Taxes

The Company provides for tax considering the applicable tax regulations and based on reasonable estimates, management periodically
evaluates positions taken in the tax returns giving due considerations to tax laws and establishes provisions in the event if required
as a result of differing interpretation or due to retrospective amendments, if any. The recognition of deferred tax assets is based on
availability of sufficient taxable profits in the Company against which such assets can be utilised.

ii. Defined Benefit Obligations

The cost of the defined benefit plans and the present value of the 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 and mortality rates. Due to 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. The parameters subject to change is the discount rate, escalation rate, expected rate of return and mortality rate. Future salary
increases are based on expected future inflation rates.

iii. Recoverability of Trade Receivables

Required judgements are used in assessing the recoverability of overdue trade receivables and for determining whether a provision
against those receivables is required. Factors considered include the credit rating of the counterparty, the amount and timing of
anticipated future payments and any possible actions that can be taken to mitigate risk of non-payment.

Nature and Purpose of Other Reserves:

1 Capital Redemption Reserve

Capital redemption reserve is towards the redemption of preference shares allotted to Industrial Development Bank of India (IDBI) in
FY 2014 - 15.

2 Securities Premium

Securities premium reserve is towards the premium on issue of equity shares. This reserve is utilised in accordance with the provisions
of The Companies Act, 2013.

3 Capital Reserve

Capital reserve of ' 44.39 Crores was created on demerger of manufacturing business of erstwhile Garware Chemicals Limited (GCL)
as per the scheme of arrangement between the Company and GCL under provisions of section 391 - 394 of the Companies Act, 1956
and ' 618.42 Crores (net of deferred tax) on account of fair valuation of property, plant and equipment done as at the transition date
of Ind AS. Capital reserve also includes revaluation reserve amounting to ' 45.85 Crores pertains to revaluation of land at Mumbai at
Vile Parle in 2007 and ' 187.56 Crores revaluation of land situated at Aurangabad and Nashik in FY 2012 - 13 and ' (132.35) Crores
pertains to impairment of assets taken over from GCL in FY 2012 - 13 and ' 0.02 Crores amount paid up on cancellation of 82,756
shares.

4 Fair Value Through Other Comprehensive Income (FVTOCI) Equity Instruments

The Company has elected to recognise changes in fair value of certain investments in equity instruments through other comprehensive
income. These changes are accumulated within the FVTOCI equity instruments reserve within equity. The Company transfers amounts
from this reserve to retained earnings when the relevant equity instruments are derecognised.

5 General Reserve

General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes. General
reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

6 Retained Earnings

This reserve represents undistributed accumulated earnings of the Company as on the balance sheet date.

VI Risk Exposure

1 Asset Volatility : All plan assets are maintained in a trust managed by a public sector insurer viz. LIC of India. LIC has a sovereign
guarantee and has been providing consistent and competitive returns over the years. The Company has opted for a traditional fund
wherein all assets are invested primarily in risk averse markets. The Company has no control over the management of funds but this
option provides a high level of safety for the total corpus. A single account is maintained for both the investment and claim settlement
and hence 100% liquidity is ensured. Also interest rate and inflation risk are taken care of.

2 Discount Rate Risk : Variations in the discount rate used to compute the present value of the liabilities may seem small, but in
practise can have a significant impact on the defined benefit liabilities.

3 Future Salary Increase and Inflation Risk : Since price inflation and salary growth are linked economically, they are combined for
disclosure purposes. Rising salaries will often result in higher future defined benefit payments resulting in a higher present value of
liabilities especially unexpected salary increases provided at management's discretion may lead to uncertainties in estimating this
increasing risk.

4 Asset-Liability Mismatch Risk : Risk arises if there is a mismatch in the duration of the assets relative to the liabilities. By matching
duration with the defined benefit liabilities, the Company is successfully able to neutralize valuation swings caused by interest rate
movements.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes quoted equity instruments. The fair
value of all the equity instruments which are treated in the stock exchanges is valued using the closing price as at the reporting period.

Level 2: The fair value of derivatives and investment in unquoted equity and unquoted mutual funds instruments is determined using
valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.The mutual funds are valued
using the closing NAV.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

ii) Valuation Technique Used to Determine Fair Value

Specific valuation techniques used to value financial instruments include:

- The use of quoted market prices or dealer quotes for similar instruments

- The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date

- The fair value of mutual funds is calculated by valuing them at closing NAV

iii) Fair Value of Financial Assets and Liabilities Measured at Amortised Cost

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable
approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the
values that would eventually be received or settled.

. FINANCIAL RISK MANAGEMENT

The Company's activities exposes it to market risk, liquidity risk and credit risk. In order to minimise any adverse effects on the financial
performance of the Company, derivative financial instruments, such as foreign exchange forward contracts are taken.

The Company's risk management is carried out by the Company's treasury department under policies approved by the board of directors. The
board provides written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest
rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

(A) Credit Risk

Credit risk refers to a risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The
Company is exposed to credit risk from its operating activities primarily trade receivables, derivative financial instruments, investment in
mutual funds, deposits held with banks, loans and other receivables.

The Company has a policy of only dealing with counterparties that have sufficiently high credit rating. The Company's exposure and
credit ratings of its customers are continuously monitored and the aggregate value of transactions is reasonably spread amongst the
counterparties.

For investment in mutual funds, derivative financial instruments and balances held with banks and recognised financial institutions with only
high credit rating are accepted.

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments
that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close
to its fair value.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an
adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature
of the underlying business, the Company's treasury maintains flexibility in funding by maintaining availability under committed credit lines.

(i) Maturities of Financial Liabilities:

Company's financial liabilities into relevant maturity groupings based on their contractual maturities for all non - derivative financial
liabilities are as follows:

I) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in foreign exchange
rates. The company is engaged in international trade and thereby exposed to foreign exchange risk arising from foreign currency
transactions, primarily with respect to the USD, GBP and EUR. Foreign exchange risk arises from future commercial transactions and
recognised assets and liabilities denominated in a currency that is not the Company's functional currency ('). The Company's risk
management policy is to hedge sales and purchases. The Company uses foreign exchange forward contracts to hedge its exposure
in foreign currency risk.

II) Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company is exposed to interest rate risk on financial liabilities such as borrowings, both non - current and current.
The Company has not used any interest rate derivatives. The Company is also exposed to interest rate risk on its financial assets
that include fixed deposits and liquid investments such as deposits which are part of cash and cash equivalents. Since all these are
generally for short durations, the Company believes it has manageable risk for achieving satisfactory returns.

III) Equity Price Risk

Equity price risk is related to the change in market reference price of the investments in quoted equity securities. The fair value of
some of the Company's investments exposes the Company to equity price risks. In general, these securities are not held for trading
purposes.

33. CAPITAL MANAGEMENT
a) Risk Management

The Company's objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can continue to
provide returns for shareholders and benefits for other stakeholders, and maintain an optimal capital structure to reduce the cost of capital.
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 parent. The primary objective of the Company's capital management is to maximise the shareholders value. The
Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the
financial covenants.

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2025 and March
31, 2024.

36. PREVIOUS YEAR FIGURES HAVE BEEN RECLASSIFIED/ REGROUPED TO CONFORM TO THIS YEAR CLASSIFICATION.

37. APPROVAL OF FINANCIAL STATEMENTS

The Financial Statements have been authorised for issue by the Board of Directors at their meeting held on May 14,2025.

As per our report of even date As per our report of even date For and on behalf of the Board of Directors

For V. SANKAR AIYAR & CO. For KIRTANE & PANDIT LLP Dr. S. B. GARWARE CHIRAG DOSHI MOHAN S. ADSUL

Chartered Accountants Chartered Accountants Chairman & Managing Director Director Whole-Time Director

(FRN. 109208W) (FRN. 105215W/W100057) DIN: 00943822 DIN: 08532321 DIN: 00146752

ASHA PATEL ADITYA A. KANETKAR AWANEESH SRIVASTAVA ABHISHEK AGARWAL

Partner Partner Company Secretary Chief Financial Officer

M. No. 166048 M. No. 149037 ICSIM. No. FCS 8513 ICAIM. No. 631952

Mumbai, May 14, 2025 Mumbai, May 14, 2025