1.13 Provisions, Contingent Liabilities, Contingent Assets &

Capital Commitments

(a) A provision is recognized if, as a result of a past event,
the Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an
outflow of economic benefits will be required to settle the
obligation.

(b) The amount recognized as a provision is the best estimate of
the consideration required to settle the present obligation
at reporting date, considering the risks and uncertainties
surrounding the obligation.

(c) When some or all of the economic benefits required to
settle a provision are expected to be recovered from a
third party, the receivable is recognized as an asset if it is
virtually certain that reimbursement will be received and
the amount of the receivable can be measured reliably.
The expense relating to a provision is presented in the
statement of profit and loss net of reimbursement, if any.

(d) Contingent liabilities are possible obligations that arise from
past events and whose existence will only be confirmed by
the occurrence or non-occurrence of one or more future
events not wholly within the control of the Company. Where
it is not probable that an outflow of economic benefits will
be required, or the amount cannot be estimated reliably,
the obligation is disclosed as a contingent liability, unless

the probability of outflow of economic benefits is remote.
Contingent liabilities are disclosed on the basis of judgment
of the management/independent experts. These are
reviewed at each balance sheet date and are adjusted to
reflect the current management estimate.

(e) Show Cause Notices (SCNs) issued by various Government
authorities are generally not considered as obligation.
However, when the demand notices are raised against the
SCNs and disputed by the Company, they are classified as
disputed obligations.

(f) Contingent assets are possible assets that arise 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 Company. Contingent assets are disclosed in the
financial statements when inflow of economic benefits is
probable on the basis of judgment of management. These
are assessed continually to ensure that developments are
appropriately reflected in the financial statements.

(g) Provisions involving substantial degree of estimation in
measurement are recognized 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/
assets exceeding ? 5 Lacs in each case are disclosed by
way of notes to accounts except when there is remote
possibility of settlement/realization.

(h) Estimated amount of contracts (Inclusive of Tax & net of
advances) remaining to be executed on capital accounts
are disclosed in each case above ? 5 lacs.

1.14 Taxes on Income

a) Current Tax

Provision for current tax is made as per the provisions of
the Income Tax Act, 1961. The tax rates and tax laws used
to compute the amount are those that are enacted or
substantially enacted at the reporting date.

Current tax relating to items recognized out side the P&L
are recognized either in Other Comprehensive Income or
Other Equity.

b) Deferred Tax

Deferred tax is provided, using the balance sheet method,
on all temporary differences at the reporting date between
the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes considering
the tax rate and tax laws that have been enacted or
substantively enacted as on the reporting date.

Deferred tax relating to items recognized outside Statement
of Profit and Loss is recognized outside Statement of Profit
and Loss (either in Other Comprehensive Income or in
Equity).

Deferred tax assets and deferred tax liabilities are offset if
a legal right exists to set off the same.

1.15 Cash and Cash Equivalents

Cash and cash equivalents consist of cash at bank, cash in hand,

TREPS/CROMS and short-term deposits with an original maturity

of three months or less, which are subject to an insignificant risk

of changes in value.

1.16 Segment reporting

The Management of the company monitors the operating results
of its business Segments for the purpose of making decisions
about resource allocation and performance assessment.
Segment performance is evaluated based on profit or loss
and is measured consistently with profit or loss in the financial
statements.

The Operating segments have been identified on the basis of the
nature of products / services.

a) Segment revenue includes directly identifiable with/
allocable to the segment including inter-segment revenue.

b) Expenses that are directly identifiable with / allocable to
segments are considered for determining the segment
result.

c) Expenses which relate to the Company as a whole and
not allocable to segments are included under unallocable
expenditure.

d) Income which relates to the Company as a whole and not
allocable to segments is included in unallocable income.

e) Segment assets including CWIP and liabilities include
those directly identifiable with the respective segments.
Unallocable assets and liabilities represent the assets and
liabilities that relate to the Company as a whole and not
allocable to any segment.

1.17 Earnings Per Share

Basic earnings per equity share is computed by dividing the
net profit after tax attributable to the equity shareholders by
the weighted average number of equity shares outstanding
during the year. Diluted earnings per equity share is computed
by dividing adjusted net profit after tax by the aggregate of
weighted average number of equity shares and dilutive potential
equity shares during the year.

1.18 Statement of Cash Flow

Statement of cash flow is prepared in accordance with the
indirect method prescribed in Ind AS 7, 'Statement of Cash
Flows'

1.19 Fair value measurement

The Company measures financial instruments including
derivatives and specific investments (other than subsidiary, joint
venture and associates), at fair value at each balance sheet date.

All assets and liabilities for which fair value is measured or
disclosed in the financial statements are categorized within the
fair value hierarchy, described as follows, based on the lowest
level input that is significant to the fair value measurement as
a whole:

(i) Level 1 — Quoted (unadjusted) market prices in active
markets for identical assets or liabilities

(ii) Level 2 — Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
directly or indirectly observable

(iii) Level 3 — Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
unobservable.

For assets and liabilities that are recognized in the balance sheet
on a recurring basis, the Company determines whether transfers
have occurred between levels in the hierarchy by re-assessing
categorization (based on the lowest level input that is significant
to the fair value measurement as a whole) at the end of each
reporting period.

For the purpose of fair value disclosures, the Company has
determined classes of assets and liabilities on the basis of the
nature, characteristics and risks of the asset or liability and the
level of the fair value hierarchy as explained above.

1.20 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.

(A) Financial assets

a) Classification

The Company classifies financial assets as subsequently
measured at amortized cost, fair value through other
comprehensive income or fair value through Statement
of Profit and Loss on the basis of its business model for
managing the financial assets and the contractual cash
flows characteristics of the financial asset.

b) Initial recognition and measurement

All financial assets are recognized initially at fair value plus,
in the case of financial assets not recorded at fair value
through Statement of Profit and Loss, transaction costs
that are attributable to the acquisition of the financial
asset.

c) Subsequent measurement

For purposes of subsequent measurement financial assets
are classified in below categories:

i. Financial assets carried at amortised cost

A financial asset other than derivatives and specific
investments, is subsequently measured at amortised
cost if it is held within a business model whose
objective is to hold the asset 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.

ii. Financial assets at fair value through other
comprehensive income

A financial asset other than derivatives comprising
specific investment is subsequently measured at
fair value through other comprehensive income if it
is held within a business model whose objective is
achieved by both collecting contractual cash flows
and selling financial assets 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. The
Company has made an irrevocable election for its
investments which are classified as equity instruments
to present the subsequent changes in fair value in
other comprehensive income based on its business
model.

iii. Financial assets at fair value through Statement
of Profit and Loss

A financial asset comprising derivatives which is
not classified in any of the above categories are
subsequently fair valued through profit or loss.

d) De recognition

A financial asset is primarily derecognized 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.

e) Investment in subsidiaries, joint ventures and
associates

i. The company has accounted for its investment in
subsidiaries, joint ventures and associates at cost.
The company assesses whether there is any indication
that these investments may be impaired. If any such
indication exists, the investment is considered for
impairment based on the fair value thereof.

ii. When the company issues financial guarantees on
behalf of subsidiaries, joint ventures and associates
initially it measures the financial guarantee at their
fair values and subsequently measures at higher of:

• The amount of loss allowance determined in
accordance with impairment requirements of Ind
AS 109 and

• The amount initially recognized less, when
appropriate, the cumulative amount of income
recognized in accordance with the principles
of Ind AS 115 'Revenue from Contracts with
Customers'

iii. The Company recognize the initial fair value of
financial guarantee as deemed investment with a
corresponding liability recorded as financial guarantee
obligation. Such deemed investment is added to
the carrying value amount of the investment in
subsidiaries, joint venture and associates. Financial
guarantee obligation is recognized as other income
in Statement of Profit and Loss over the remaining
period of financial guarantee.

f) Impairment of other financial assets

The Company assesses impairment based on expected
credit losses (ECL) model for measurement and recognition
of impairment loss on the financial assets that are trade
receivables or contract revenue receivables and all lease
receivables etc.

(B) Financial Liabilities

a) Classification

The Company classifies all financial liabilities as subsequently
measured at amortized cost, except for financial liabilities
at fair value through Statement of Profit and Loss. Such
liabilities, including derivatives shall be subsequently
measured at fair value.

b) Initial recognition and measurement

All financial liabilities are recognized initially at fair value
and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs. The Company's
financial liabilities include trade and other payables, loans
and borrowings including bank overdrafts, and derivative
financial instruments.

c) Subsequent measurement

The measurement of financial liabilities depends on their
classification, as described below:

i. Financial liabilities at amortised cost

After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortized
cost using the effective interest rate (EIR) method.
Gains and losses are recognized in Statement of Profit
and Loss when the liabilities are derecognized as well
as through the EIR amortization process.

Amortized cost is calculated by taking into account
any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The
EIR amortization is included as finance costs in the
Statement of Profit and Loss.

ii. Financial liabilities at fair value through Statement
of Profit and Loss

Financial liabilities at fair value through Statement
of Profit and Loss include financial liabilities held for
trading and financial liabilities designated upon initial
recognition as at fair value through Statement of
Profit and Loss. Financial liabilities are classified as
held for trading if they are incurred for the purpose
of repurchasing in the near term. This category
comprises derivative financial instruments entered
into by the Company that are not designated as
hedging instruments in hedge relationships as defined
by Ind AS 109. Separated embedded derivatives are
also classified as held for trading unless they are
designated as effective hedging instruments.

Gains or losses on liabilities held for trading are
recognized in the Statement of Profit and Loss.

d) Derecognition

A financial liability is derecognized when the obligation
under the liability is discharged or cancelled or expires.

(C) Embedded Derivatives

a) If the hybrid contract contains a host that is an asset
within the scope of Ind AS 109, the Company does
not separate embedded derivatives. Rather, it applies
the classification requirements contained in Ind AS
109 to the entire hybrid contract.

b) If the hybrid contract contains a host that is not an
asset within the scope of Ind AS 109, the Company
separate embedded derivatives from the host and
measures at fair value with changes in fair value
recognized in statement of profit or loss if, and only if:

(i) The economic characteristics and risks of the
embedded derivative are not closely related to
the economic characteristics and risks of the
host.

(ii) A separate instrument with the same terms
as the embedded derivative would meet the
definition of a derivative; and

(iii) The hybrid contract is not measured at fair value
with changes in fair value recognized in profit or
loss

(D) Offsetting of financial instruments

Financial assets and financial liabilities are offset and the
net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognized
amounts and there is an intention to settle on a net basis,
to realize the assets and settle the liabilities simultaneously

(E) Derivative financial instruments and Hedge
Accounting

The Company uses derivative financial instruments, in form
of forward currency contracts, interest rate swaps, cross
currency interest rate swaps, commodity swap contracts
to hedge its foreign currency risks, interest rate risks and
commodity price risks.

a) Derivatives Contracts not designated as hedging
instruments

i. The derivatives that are not designated as hedging
instrument under Ind AS 109, are initially recognized
at fair value on the date on which a derivative contract
is entered into and are subsequently re-measured at
fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities
when the fair value is negative.

ii. Any gains or losses arising from changes in the fair
value of derivatives are taken directly to Statement of
Profit and Loss.

b) Derivatives Contracts designated as hedging
instruments

i. The derivatives that are designated as hedging
instrument under Ind AS 109 to mitigate its risk
arising out of foreign currency and commodity hedge
transactions are accounted for as cash flow hedges.

ii. The Company enters into hedging instruments in
accordance with policies as approved by the Board
of Directors, provide written principles which is
consistent with the risk management strategy of the
Company.

iii. The hedge instruments are designated and
documented as hedges at the inception of the
contract. The effectiveness of hedge instruments
is assessed and measured at inception and on an
ongoing basis. The effective portion of change in the
fair value of the designated hedging instrument is
recognized in the "Other Comprehensive Income" as
"Cash Flow Hedge Reserve". The ineffective portion is
recognized immediately in the Statement of Profit and
Loss as and when occurs. The amount accumulated
in Cash Flow Hedge Reserve is reclassified to profit or
loss in the same period(s) during which the hedged
item affects the Statement of Profit or Loss Account.
In case the hedged item is the cost of non- financial
assets / liabilities, the amount recognized as Cash Flow
Hedge Reserve are transferred to the initial carrying
amount of the non-financial assets / liabilities.

iv. If the hedging relationship no longer meets the
criteria for hedge accounting, then hedge accounting
is discontinued prospectively. If the hedging
instrument expires or sold, terminated or exercised,
the cumulative gain or loss on the hedging instrument
recognized in Cash Flow Hedging Reserve remains in
Cash Flow Hedging Reserve till the period the hedge
was effective. The cumulative gain or loss previously

recognized in the Cash Flow Hedging Reserve is
transferred to the Statement of Profit and Loss upon
the occurrence of the underlying transaction. If the
forecasted transaction is no longer expected to occur,
then the amount accumulated in cash flow hedging
reserve is reclassified in the Statement of Profit and
Loss.

1.21 Leases

The Company assesses at the inception of contract whether a
contract is, or contains, a lease i.e. if the contract conveys the
right to control the use of an identified asset for a period of time
in exchange for consideration.

As a Lessee

a) Identifying a lease

The Company applies a single recognition and measurement
approach for all leases except for short term leases and
leases of low value assets. The Company recognizes lease
liabilities to make lease payments and right-of-use assets
representing the right to use the underlying assets.

b) Initial recognition of Right of use asset (ROU)

The Company recognizes a ROU asset at the lease
commencement date (i.e., the date the underlying asset is
available for use). ROU assets are initially measured at cost
less any accumulated depreciation and impairment losses,
and adjusted for any remeasurement of lease liabilities.

c) Subsequent measurement of Right of use asset (ROU)

ROU assets are subsequently amortized using the straight¬
line method from the commencement date to the earlier
of the end of the useful life of ROU asset or the end of
the lease term. If ownership of the leased asset transfers
to the Company at the end of the lease term or the cost
reflects the exercise of a purchase option, depreciation
is calculated using the estimated useful life of the asset.
In addition, the right of use asset is periodically reduced
by impairment losses, if any, and adjusted for certain re¬
measurement of the lease liability.

Initial recognition of lease liability

Lease liabilities are initially measured at the present value
of the lease payments to be paid over the lease term.
Lease payments included in the measurement of the lease
liabilities comprise of the following:

i. Fixed payments, including in-substance fixed payments

ii. Variable lease payments that depend on an index or a
rate

iii. Amounts expected to be payable under a residual
value guarantee; and

iv. The exercise price under a purchase option, extension
option and penalties for early termination only if
the Company is reasonably certain to exercise those
options.

d) Subsequent measurement of lease liability

Lease liabilities are subsequently increased to reflect the
accretion of interest and reduced for the lease payments
made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in the
lease term, a change in the lease payments (e.g., changes
to future payments resulting from a change in an index or

rate used to determine such lease payments) or a change
in the assessment of an option to purchase the underlying
asset.

e) Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition
exemption to its short-term leases (i.e., those leases
that have a lease term of 12 months or less from the
commencement date and do not contain a purchase
option). It also applies the lease of low-value assets
recognition exemption. Lease payments on short-term
leases and leases of low-value assets are recognized as
expense in Statement of Profit and Loss.

As a Lessor

Leases in which the Company does not transfer
substantially all the risks and rewards of ownership of an
asset are classified as operating leases. Rental income from
operating lease is recognised on a straight-line basis over
the lease term.

Leases are classified as finance leases when substantially
all of the risks and rewards of ownership transfer from the
Company to the lessee. Amounts due from lessees under
finance leases are recorded as receivables and finance lease
income is allocated to accounting periods so as to reflect
a constant periodic rate of return on the net investment
outstanding in respect of the lease.

Estimates and assumptions
Determination of discount rate as a lessee

Company cannot readily determine the interest rate implicit
in the lease, therefore, it uses its incremental borrowing
rate (IBR) to measure lease liabilities. Company estimates
its incremental borrowing rate, which is the rate of interest
that the Company would have to pay to borrow on a
collateralized basis over a similar term an amount equal
to the lease payments in a similar economic environment
using observable available inputs (such as market interest
rates).

1.22 Current Versus Non-Current

The Company presents assets and liabilities in the Balance Sheet
based on current/ non-current classification as below.

(a) An asset is treated as current when it is:

i. Expected to be realised or intended to be sold or
consumed in normal operating cycle

ii. Held primarily for the purpose of trading

iii. Expected to be realised within twelve months after
the reporting period, or

iv. Cash or Cash Equivalents unless restricted from being
exchanged or used to settle a liability for at least
twelve months after the reporting period

All other assets are classified as non-current.

(b) A liability is treated as current when:

i. It is expected to be settled in normal operating cycle

ii. It is held primarily for the purpose of trading

iii. It is due to be settled within twelve months after the
reporting period, or

iv. There is no unconditional right to defer the settlement
of the liability for at least twelve months after the
reporting period

All other liabilities are classified as non-current

1.23 Recent accounting pronouncements:

The Ministry of Corporate Affairs ("MCA") notifies new standards
or amendment to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time.
For the year ended March 31, 2025, MCA has notified Ind AS
- 117 Insurance contracts and amendments to Ind AS 116 -
Leases, relating to sale and leaseback transactions, applicable
to the Company w.e.f. 1^st April 2024 and notified amendments
to Ind AS 21 The Effects of Changes in Foreign Exchange Rates,
applicable to the Company w.e.f. 1^st April 2025. The Company
has reviewed the new pronouncements based on its evaluation
has determined that it does not have any significant impact in
its financial statements.

The preparation of the Company's standalone financial statements
requires management to make judgments, estimates and
assumptions that affect the reported amounts of revenues, expenses,
assets and liabilities, accompanying disclosures, contingent liabilities/
assets at the date of the standalone 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 adjustment to the carrying
amount of assets or liabilities affected in future periods.

In particular, the Company has identified the 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.

1. Judgments

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

1.1 Materiality

Ind AS requires assessment of materiality by the Company
for accounting and disclosure of various transactions
in the financial statements. Accordingly, the Company
assesses materiality limits for various items for accounting
and disclosures and follows on a consistent basis. Overall
materiality is also assessed based on various financial
parameters such as Revenue and Profit Before Tax. The
materiality limits are reviewed from time to time.

1.2 Contingencies

Contingent liabilities and assets which 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 involve the exercise
of significant judgments and the use of estimates regarding
the outcome of future events.

2. 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 adjustment to the carrying amounts of
assets and liabilities within the next financial year, are described
below. The Company determines its assumptions and estimates
on parameters available when the financial statements are
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.

2.1 Impairment of non-financial assets

The Company assesses at each reporting date whether
there is an indication that an asset may be impaired. In
assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax
discount rate that reflects current market assessments
of the time value of money and the risks specific to the
asset. In determining fair value, recent market transactions
are taken into account. If no such transactions can be
identified, an appropriate valuation model is used.

2.2 Defined benefit plans

The cost of the defined benefit plan and other post¬
employment benefits and the present value of such
obligation are determined using actuarial valuation. 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. 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.

2.3 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. Judgments 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.

2.4 Impairment of financial assets

The impairment provisions for financial assets are based
on assumptions about risk of default and expected loss
rates. The Company uses judgments in making these
assumptions and selecting the inputs to the impairment
calculation, based on Company's past history, existing
market conditions as well as forward looking estimates at
the end of each reporting period. Impairment of investment
in subsidiaries, joint ventures or associates is based on the
impairment calculations using discounted cash flow/net
asset value method, valuation report of external agencies,
Investee Company's past history etc.

2.5 Income Taxes

The Company uses estimates and judgements based on the
relevant facts, circumstances, present and past experience,
rulings, and new pronouncements while determining the
provision for income tax. A deferred tax asset is recognised
to the extent that it is probable that future taxable profit
will be available against which the deductible temporary
differences and tax losses can be utilised.

b Capital Redemption Reserve

As per the Companies Act 2013, Capital Redemption Reserve is created when the Company purchases its own shares out of free reserves
or securities premium. A sum equal to the nominal value of the shares purchased is transferred to Capital Redemption Reserve. Utilization
of this reserve is governed by the provisions of the Companies Act 2013.

c Fair Value Gain/ (Loss) of Equity Instruments

'This reserve represents the cumulative effect of fair value fluctuations of investments made by the company in equity instruments of other
entities. The cumulative gain or loss arising on such changes are recognised through Other Comprehensive Income (OCI) and accumulated
under this reserve. This will not be re-classified to the statement of profit and loss in subsequent periods.

d Cash Flow Hedge Reserve

The Cash Flow Hedge Reserve represents the cumulative effective portion of gains/ (losses) arising on changes in fair value of designated
portion of hedging instruments entered into for cash flow hedges. The cumulative gain/ (loss) arising on such changes are recognised
through Other Comprehensive Income (OCI) and accumulated under this reserve. Such gains/ (losses) will be reclassified to statement of
profit and loss in the period in which the hedged item occurs/ affects the statement of profit and loss.

31. Claims by the Company not
acknowledged as Income / Asset:

I. In respect of certain customers towards Ship or
Pay charges, matter being sub-judice / under
dispute, the Company has been issuing claim
letters, aggregate amount of which as on
31^st March 2025 is ?1,744.84 crore (Previous Year:
? 1,744.84 crore). Income in respect of the same shall
be recognized as and when the matter is finally decided.
The amount includes ^816.71 crore pertaining
to customers who are under liquidation and CIRP
proceedings and there is a rertio9 chance of recovery of
the said amount.

II. Pending court cases in respect of certain customers
for recovery towards invoices raised by the Company
for use of APM gas for non-specified purposes by
fertilizer companies pursuant to guidelines of Ministry
of Petroleum & Natural Gas (MoPNG), the Company
has issued claim letters amounting to ? 1,704.56
crore (Previous Year: ? 1,704.56 crore) on the basis of
information provided by Fertilizer Industry Coordination
Committee (FICC). The proceeds, if received, will be
transferred to the Gas Pool.

32. Pricing and Tariff:

I. With effect from 1st April 2002, Liquefied Petroleum Gas
(LPG) prices have been de-regulated and decided on the

basis of import parity prices fixed by the Oil Marketing
Companies. However, the pricing mechanism is provisional
and is yet to be finalized by the Ministry of Petroleum and
Natural Gas (MoPNG). Impact on pricing, if any, will be
recognized as and when the matter is finalized.

II. Natural Gas Pipeline Tariff and Petroleum Products Pipeline
Transportation Tariff are subject to various Regulations
issued by Petroleum and Natural Gas Regulatory Board
(PNGRB) from time to time. Impact on profits, if any, is
being recognized consistently as and when the pipeline
tariff is revised by orders of PNGRB.

III. The Company has filed appeal(s) before Appellate Tribunal
(APTEL), against various moderations done by PNGRB in
respect of Final Tariff Order(s) issued by PNGRB for Dadri-
Bawana-Nangal Natural Gas Pipeline (DBNPL), Chhainsa-
Jhajjar-Hissar Natural Gas Pipeline (CJHPL), Cauvery
Basin, Kochi -Koottanad -Mangalore-Bengaluru Pipeline
(KKMBPL), Krishna Godavari Basin (KG Basin) and Dabhol-
Bangalore Pipeline (DBPL) Networks. The same are pending
for final adjudication.

IV. During the financial year 2015-16, the Company has filed a
Writ Petition before Hon'ble Delhi High Court challenging
the jurisdiction of PNGRB to fix transmission tariff for
natural gas marketed to consumers. Hon'ble High Court
has dismissed the aforesaid Writ Petition vide its Order
dated 11th April 2017. In this regard, the Company has
filed a Review Petition before the Hon'ble Delhi High Court
on 12th May 2017 which has been admitted by the Hon'ble
Court and is pending for final adjudication.

V. PNGRB vide Gazette Notification F. No. PNGRB/COM/11-
PPPL(1)/2024 (E- 5022) dated 19th July 2024, amended
the LPG Pipeline tariff determination regulations providing
for a one-time escalation of 17% (@3.40% from 2019-20
till 2023-24, based on 10 year WPI CAGR from 2013-14
to 2022-23) over the Railway's goods tariff table of above
railway rate circular No.19 of 2018 on the base tariff till
the end of financial year 2024-25 and an annual escalation
based on WPI Data from 2025-26 onwards. Based on the
amended regulations, PNGRB has also issued the amended
tariff orders for JLPL and VSPL LPG pipelines on 28.11.2024,
boosting LPG transportation revenues.

33. On 19th February 2014, PNGRB notified the Amended Affiliate
Code of Conduct Regulations by insertion of Regulation 5A
mandating that an entity engaged in both marketing and
transportation of natural gas shall create a separate legal
entity on or before 31^st March 2017 so that the activity of
transportation of natural gas is carried on by such separate
legal entity and the right of first use shall, however, be available
to the affiliate of such separate legal entity. The Company has
challenged the said PNGRB Regulation before Hon'ble Delhi
High Court by way of a Writ Petition and the same is pending
for final adjudication.

34. PNGRB, vide Tariff Order Ref No. : TO/ 2023-24/02 dated
31.05.2023, determined the revised tariff of the Agartala
Regional Natural Gas Pipeline Network at ' 2.06/MMBtu with
effect from 01.06.2023 as against ' 1.02/MMBtu and vide Tariff
Order Ref No.: TO/2023-24/11 dated 27.12.2023, determined
the revised tariff of the KG-Basin Natural Gas Pipeline Network
at '8.40/MMBtu with effect from 01.01.2024 as against
'16.14 /MMBtu impacting transmission revenues.

35. In accordance with the Office Memorandum (OM) issued
periodically by the Department of Fertilizers (DoF), the
Company continued the supply of gas to Nagarjuna Fertilizers
and Chemicals Limited (NFCL) in the public interest to ensure
uninterrupted urea production. Gas Supply to NFCL was
discontinued from 8^th June 2024 to avoid further financial
exposure to the company. Payment for the gas supplied under
the subsidy payment mechanism has been secured through
an Escrow Arrangement, as communicated by the DoF vide
OM dated 25^th November 2021 which has been extended up
to 31^st March 2025 vide DoF's OM dated 2^nd January 2025.
Further, as per the Hon'ble Delhi High Court's order dated
24^th December 2024 in Application I.A. 49910/2024 (O.M.P.(I)
(COMM.) 205/2024), escrow mechanism was extended up to
31^st December 2025.

As per SARFAESI Act 2002, the core assets of NFCL were
sold by Assets Care & Reconstruction Enterprise Limited.
Total outstanding dues of NFCL are '870.86 crore whereas
approximately '332.93 crore is expected to flow in the
Escrow account as on 31^st March 2025. The Company filed a
petition in the Hon'ble Delhi High Court mentioning the "issue
of misleading" stand of NFCL regarding escalation claim for
energy component of ' 656 crore to be part of outstanding
subsidy payable by DoF to to NFCL. This claim was actually not
part of outstanding subsidy amount and said claim requires
certain government policy changes and approval from various
governmental departments. This put strain over the recovery
of pending dues from NFCL. Hon'ble Delhi High Court passed
a stay order against the sale of NFCL's non-core assets till next
date of hearing. The company is constantly pursuing matter
with Ministry of Chemical and Fertiliser for early settlement of
outstanding dues towards gas supplies to NFCL.

II. Gas Pool Money (Provisional) shown under "Other Financial
Liabilities - Non-Current" amounting to ? 581.33 crore
(Previous Year: ? 581.33 crore) with a corresponding debit
thereof under Trade Receivable will be invested / paid as and
when the said amount is received from the customers.

38. The Company is acting as Pool Operator in terms of the
decision of the Government of India for capacity utilization of
the notified gas-based power plants. The Scheme, which was
applicable till 31^st March 2017, envisaged support to the power
plants from the Power Sector Development Fund (PSDF) of the
Government of India. The gas supplies were on provisional /
estimated price basis, which were to be reconciled based on
actual cost. Accordingly, current liabilities include a sum of
? 91.21 crore (Previous Year: ? 87.63 crore) on this account,
as on 31^st March 2025 which is payable to the above said
power plants and / or to the Government of India.

39. Ind AS 115 - Revenue from Contracts
with Customers:

Ind AS 115 establishes a five-step model to account for
revenue arising from contracts with customers and requires
that revenue be recognized at an amount that reflects the
consideration to which an entity expects to be entitled in
exchange for transferring goods or services to a customer.

Ind AS 115 requires entities to exercise judgement, taking
into consideration all of the relevant facts and circumstances
when applying each step of the model to contracts with their
customers. The standard also specifies the accounting for
the incremental costs of obtaining a contract and the costs
directly related to fulfilling a contract. In addition, the standard
requires extensive disclosures.

42. Disclosure under the Ind AS 19 on Employee Benefits is given as below:

I. Defined Contribution Plans

a. Employees' Superannuation Benefit Fund

During the year, the Company has contributed ? 124.46 crore (Previous Year: ? 114.67 crore) to Superannuation Benefit Fund
(including National Pension System) and charged to Statement of Profit and Loss/ CWIP.

b. Employee Pension Scheme (EPS-95)

During the year, the Company has contributed ? 4.86 crore (Previous Year: ? 4.99 crore) to EPS-95 and charged to Statement of Profit
and Loss/ CWIP.

II. Defined Benefit Plans:

a. Provident Fund

During the year, the Company has contributed ? 109.52 crore (Previous Year: ? 100.68 crore) to Provident Fund Trust at predetermined
fixed percentage of eligible employees' salary and ? 1.84 crore (Previous year: nil) towards Provident Fund contribution for interest
shortfall/losses on portfolio basis, and charged to statement of profit and loss/CWIP. Further, the obligation of the Company is to make
good shortfall, if any, in the fund assets based on the statutory rate of interest.

b. Gratuity

Each employee rendering continuous service of 5 years or more is entitled to receive gratuity amount based on completed tenure of
service subject to maximum of ? 0.20 crore at the time of separation from the Company.

c. Post-Retirement Medical Scheme (PRMS)

PRMS provides medical coverage to retired employees and their eligible dependant family members.
d Terminal Benefits (TB)

At the time of superannuation, employees are entitled to settle at a place of their choice in India and they are eligible for Transfer
Travelling Allowance from their last place of posting.

e. Relief Measures for Dependent Family Members of Deceased Employees

The Company provides various assistance to the dependent family members of the deceased employees for Education of Children,
Medical Benefits and Residential Quarter Facilities in the event of death of an employee during the service.

III. Other Long Term Benefit Plans:

a. Earned Leave Benefit (EL)

Earned Leave is accrued 30 days per year. Earned Leave is encashable in the multiple of 5 any no of times in a year while in service,
subject to keeping a minimum balance of 15 days in the respective employee's account. Encashment on retirement or superannuation
is limited to 300 days.

b. Half Pay Leave (HPL)

HPL is accrued 20 days per year. The encashment of unavailed HPL is allowed as per approved Company rules at the time of
Superannuation.

c. Long Service Award (LSA)

As per approved policy of the Company, on completion of specified period of service with the company and also at the time of
retirement, employees are rewarded monetarily based on the duration of service completed.

d. Financial Assistance Scheme (FAS)

The Financial Assistance Scheme is formulated by the Company for the welfare of its regular employees. The obligation of the Company
is to provide an assured lump sum amount in the event of death or permanent total disablement of an employee while in service.

Notes:

(i) The Company is a Non-operating partner in E&P blocks for which reserves are disclosed.

(ii) The initial oil and gas reserve assessment was made through an expert third party agency / internal expert assessment by respective
operators of E&P blocks. The year-end oil reserves are estimated based on information obtained from operators / on the basis of
depletion during the year. Re-assessment of oil and gas reserves carried out by the respective Operator as and when there is new
significant data or discovery of hydrocarbon in the respective block.

(iii) E&P blocks are assessed individually for impairment.

III The Company's share of balance cost recovery is ? 476.52 crore (Previous Year ? 310.41 crore) to be recovered from future revenues from
E&P blocks having proved reserves as per production sharing contracts. The increase in Cost Recovery in FY 2024-25 is due to increase in
investment in A-3, Myanmar Block for Phase-IV Development activities.

47. Impairment of Assets - Ind AS-36 & Ind AS 109:

In compliance of 'Ind AS 36 Impairment of Assets' and 'Ind AS 109 Financial Instruments', the Company carried out assessments of
impairment in respect of assets of GAIL Tel, LPG Plant at Vaghodia, Producing Property of Exploration and Production, Plant and Machinery
and Right of Use (RoU) for Pipelines as on 31^st March 2025:

I. The Company accounted impairment loss of ? 0.92 crore (Previous Year impairment loss ? 1.95 crore) in respect of assets of GAIL
Tel.

II. The Company has accounted reversal of impairment loss of ? 0.22 crore (Previous Year Nil) in respect of Plant and Machinery.

III. The Company accounted impairment loss of ? 0.30 crore (Previous Year ? 19.37 crore) in respect of Producing Property of
Exploration and Production business.

IV. The Company has accounted impairment loss of ? 8.98 crore (Previous Year Nil) in respect of assets of LPG Plant at Vaghodia.

V. The Company conducted impairment study of RoUs for Pipelines in compliance to the provisions of Ind AS 36. There is no impairment
loss found in respect of RoUs.

48. In compliance of Ind AS 109 on Expected Credit Loss (ECL) on Financial Guarantee, the Company has carried out an assessment in respect
of its following Financial Guarantee as on 31^st March 2025:

During the year, based on the fair valuation of GAIL Global USA Inc. (GGUI), the Company has provided for Expected Credit Loss of
? 49.32 crore (Previous Year: ? 46.05 crore) against Corporate Guarantee provided by the company on behalf of GGUI.

49. In compliance of Ind AS 37 on "Provisions, Contingent liabilities and Contingent Assets", the required information on Provision for
Probable Obligations is as under:

54. Cabinet Committee on Economic Affairs (CCEA), Government of India in its meeting held on 21st September 2016 approved 40% capital
grant of estimated capital cost of ? 12,940 crore i.e. ? 5,176 crore to the Company for execution of Jagdishpur Haldia Bokaro Dhamra
Pipeline Project (JHBDPL). The Company has received ? 4,926.29 crore (Previous year ? 4,926.29 crore) towards Capital Grant till 31^st
March 2025. During the year, the Company has amortised the capital grant amounting ? 143.42 crore (Previous Year: ? 137.48 crore)
based on the useful life of the asset capitalized.

55. Other Current Assets includes of ' 177.94 crores (Previous year ' 155.08 cores) receivable from Custom departments on account of
custom duty paid provisionally on import of Liquefied Natural Gas (LNG) Cargoes sourced from United Arab Emirates (UAE) under India-
UAE Comprehensive Economic Partnership Agreement (CEPA) in terms of notification No. 22/2022-Cus dated 30^th April 2022 issued by
Ministry of Finance, Govt of India. Central Board of Indirect Taxes and Custom (CBIC) vide Instruction No 21/2024 Custom dated 16.10.24
issued clarification for acceptance of retrospective issuance of Certificate of Origin under India-UAE CEPA. Against the denial of Nil custom
duty benefit for such imports under CEPA by adjudicating Authority, GAIL preferred appeal before Commissioner of Custom (Appeals),
Ahmedabad. Commissioner of Custom (Appeal), Ahmedabad vide order dated 31.01.2025 allowed the appeal and remanded the cases
to adjudicating authority with a direction to finalize the provisional assessment of such BoEs after considering the CBIC instruction dated
16.10.2024. Final re-assessment of these BoEs are pending with Adjudicating Authority.

56. Financial Risk Management:

The company is exposed to a number of financial risks arising from natural business exposures as well as its use of financial instruments.
This includes risks relating to commodity prices, foreign currency exchange, interest rates, credit and liquidity.

I. Market Risk

Market risk is a risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises of interest rate risk, foreign currency risk, equity price risk and commodity price risk. Financial
instruments affected by market risk includes Loans, Borrowings, Deposits and Derivative Instruments.

a. Interest Rate Risk

Interest rate risk is a risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the long-term domestic rupee
term loans with floating interest rates. The Company manages its interest rate risk according to its Board approved Foreign Currency and
Interest Rate Risk Management Policy. Market interest rate risk is mitigated by hedging through appropriate derivatives products such as
interest rate swaps & full currency swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable
rate interest amounts calculated by reference to an agreed-upon notional principal amount.

Interest rate sensitivity

With all other variables held constant, the following table demonstrates the sensitivity to a reasonably possible change in interest rates on
floating rate portion of forex loans and borrowings outstanding as on 31^st March 2025, after considering the impact of swap contracts.

b. Foreign Currency Risk

Foreign currency risk is a risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign
exchange rates. The Company transacts business in local currency and foreign currency, primarily US Dollars. Company has obtained
foreign currency loans and has foreign currency trade payables and receivables and is therefore, exposed to foreign exchange risk. As
per its Board approved policy, Company may mitigate its foreign currency risk through plain vanilla derivative products such as foreign
exchange option contracts, swap contracts and forward contracts for hedging such risks. These foreign exchange contracts, carried at fair
value, may have varying maturities depending upon the underlying contract requirement and risk management strategy of the Company.

Foreign Currency Sensitivity

The following table demonstrates the sensitivity in the USD, EURO, and other currencies to the functional currency of the Company, with
all other variables held constant. The impact on the Company's profit before tax is due to changes in the fair value of monetary assets and
liabilities including foreign currency derivatives.

c. Commodity Price Risk

The Company imports LNG for marketing and its internal consumption on an on-going basis and is not exposed to the price risk to the
extent it has contracted with customers in India and overseas on back to back basis. However, the Company is exposed to the price risk
on the volume which is not contracted on back to back basis. As most of the LNG purchase and sales contracts are based on natural gas
or crude based index, such price risk arises out of the volatility in these indices. Further, Company has index linked price exposure on sales
of LPG/LHC products and sales of crude oil & natural gas produced from E&P blocks. In order to mitigate this index linked price risk, the
Company has been taking appropriate derivative products in line with the Board approved Commodity Price Risk Management Policy'.

d. Equity Price Risk

The Company's investment in listed and unlisted equity instruments are subject to market price risk arising from uncertainties about future
values of these investments. The Company manages the equity price risk through review of investments on a regular basis. The Company's
Board of Directors reviews and approves all the equity investment decisions of the Company.

At the reporting date, the exposure to unlisted equity investments at fair value was ^386.14 crore (Previous Year: ? 374.75 crore).

At the reporting date, the exposure to listed equity investments at fair value was ? 7608.69 crore (Previous Year: ? 8276 crore). A
variation of ( /-) 10% in share price of equity investments listed on the stock exchange could have an impact of approximately ( /-)
^760.87 crore (Previous Year ? 827.6 crore) on the OCI and equity investments of the Company. These changes would not have an effect
on profit or loss.

Liquidity Risk

Liquidity risk is a risk that suitable sources of funding for Company's business activities may not be available. The Company's objective is
to maintain optimum level of liquidity to meet its cash and collateral requirements. The Company closely monitors its liquidity position and
deploys a robust cash management system. It also maintains adequate sources to finance its short term and long term fund requirements
such as overdraft facility and long term borrowing through domestic and international market.

III. Credit risk

Credit risk is a risk that a customer or ship party to a financial instrument may fail to perform or pay the due amounts causing financial loss
to the Company. It is considered as a part of the risk-reward balance of doing business and is considered on entering into any business
contract to the extent to which the arrangement exposes the Company to credit risk. It may arises from Cash and Cash Equivalents,
Derivative Financial Instruments, deposits with financial institutions and mainly from credit exposures to customers relating to outstanding
receivables. Credit exposure also exists in relation to guarantees issued by the Company. Each segment is responsible for its own credit
risk management and reporting.

The Company has issued Corporate Guarantees on behalf of its group companies, refer note no. 51 for details.

Trade Receivables

Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and controls relating to
customer credit risk management. Outstanding receivables from customers are regularly monitored. An impairment analysis is performed
at each reporting date on an individual basis for major clients.

Financial Instruments and Cash Deposits

Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in accordance with
approved limits of its empanelled banks, for the purpose of investment of surplus funds and foreign exchange transactions. Foreign
exchange transaction and investments of surplus funds are made only with empanelled Banks and Liquid & Overnight Mutual Funds. Credit
limits of all Banks are reviewed by the Management on regular basis.

V. Capital Management

Capital includes issued 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 ensure that it maintains a strong credit rating and healthy capital ratios in order to support its
business and maximize 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, return
capital to shareholders, or issue new shares. No changes were made in the objectives, policies or processes during the reporting year.

57. Accounting classifications and fair value measurements:

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
indirectly

Level 3: technique which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
As at 31^st March 2025, the Company held the following financial instruments carried at fair value on the statement of financial position:

Note:

i) The carrying cost of Interest bearing Loans & Borrowings is approximately equal to their Fair Market Value.

ii) The carrying amount of trade receivables, cash and cash equivalents, other bank balance, others receivables, trade payables,
interest accrued and due, other payables and other financial liabilities are considered to be same as their fair value due to their short
term nature.

iii) With respect to borrowings, the fair value was calculated based on cash flows discounted using the current lending rate. They are
classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit
risk.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current

transaction between willing parties, other than in a forced or liquidation sale.

As at 31^st March 2024, the Company held the following financial instruments carried at fair value on the statement of financial position:

58. Hedging Activities and Derivatives

Derivatives not designated as hedging instruments

The Company uses forward currency contracts, interest rate swaps, cross currency interest rate swaps, commodity swap contracts to
hedge its foreign currency risks, interest rate risks and commodity price risks. Derivative contracts not designated by management as
hedging instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently
remeasured at fair value on each reporting date. Such contracts are entered into for periods consistent with exposure of the underlying
transactions.

Derivatives designated as hedging instruments:

Cash Flow Hedges

The Company enters into hedging instruments in accordance with policies as approved by the Board of Directors with written principles
which is consistent with the risk management strategy of the Company. Company has decided to apply hedge accounting for certain
derivative contracts that meets the qualifying criteria of hedging relationship entered into post October 01, 2017.

Foreign Currency Risk

Foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm commitment of capital purchases
in USD and existing borrowings e.g. USD / Japanese Yen etc.

Commodity Price Risk

The Company purchases and sells natural gas / liquefied petroleum gas on an ongoing basis as its operating activities. The significant
volatility in natural gas / liquefied petroleum gas prices over the years has led to Company's decision to enter into hedging instruments
through swap transactions including basis swaps. These contracts are designated as hedging instruments in cash flow hedges of forecasted
sales and purchases of natural gas / liquefied petroleum gas.

The table below shows the position of hedging instruments and hedged items (underlying) as at the balance sheet date.

60. Confirmation of Assets & Liabilities:

I. Some balances of trade and other receivables, trade and other payables are subject to confirmation / reconciliation. Adjustment, if any,
will be accounted for on confirmation / reconciliation of the same, which will not have a material impact.

II. In the opinion of management, the value of assets, other than fixed assets and non-current investments, on realization in the ordinary
course of business, will not be less than the value at which these are stated in the Balance Sheet.

63. Based on the internal technical analysis by the Company, the residual value of Roads has been revised to 'NIL' against earlier 5%, which
resulted in additional depreciation of ? 7.59 crore during financial year ended 31^st March 2025.

64. The Company has extended moratorium of Principal repayment on Inter Corporate Loan (ICL - I, ' 2,700 Cr) given to one of its subsidiary
for a period of two years (i.e., from Mar'25 to Mar'27). Further, Company has extended moratorium on monthly interest payment on Inter
Corporate Loan (ICL - II, ' 1,113 Cr) given to same subsidiary for a period of two years (i.e., from Apr'25 to Apr'27) and interest accrued
till Mar'27, shall be payable from Dec'27 in eight quarterly equal instalments. Based on the future projections including commissioning of
Break Water, Company is confident of recovering its Inter Corporate Loans including Interest thereon.

67. Consequent upon settlement agreement dated 15^th January 2025 entered with one of the LNG supplier, which includes payment of
US$ 285 million by LNG supplier to the Company towards settlement of litigation for non-supply of LNG cargos during FY 2022-23, the
Company has recognised ? 2,440.03 crore (US$ 285 million) as an exceptional income during the year ended 31^st March 2025.

68. Wilful Defaulter:

The Company has not been declared as a wilful defaulter by any bank or financial institution or any other lender as on 31^st March 2025
and 31^st March 2024.

69. Benami Property:

The Company is not holding any Benami Property as on 31^st March 2025 and 31^st March 2024. Further, no proceedings have been initiated
or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
the rules made thereunder.

70. Borrowings Secured against Current Assets:

During the financial year ended 31^st March 2025, the Company has not availed any borrowings from banks or financial institutions against
security of current assets. Accordingly there is no requirement for filing quarterly return/statements of current assets by the Company with
Banks or Financial Institutions.

71. Registration of Charges or satisfaction with Registrar of Companies (ROC):

During the financial year 2024-25, the Company has registered charges or satisfaction with ROC on or before the statutory date and there
is no delay in registration.

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

For and on behalf of the Board of Directors

Sd/- Sd/- Sd/-

M K Agarwal R K Jain S K Gupta

Company Secretary Director (Finance) Chairman & Managing Director

(ACS No. 69402) (DIN: 08788595) (DIN: 07570165)

As per our separate report of even date

For Arun K. Agarwal & Associates For Ravi Rajan & Co. LLP

Chartered Accountants Chartered Accountants

Firm No.003917N FRN. 009073N/N500320

Sd/- Sd/-

Lokesh Kumar Garg Sachin Kumar Jindal

(Partner) (Partner)

Membership No. 413012 Membership No. 531700

Place : New Delhi
Date : 13^th May, 2025