will be required to settle the obligation
and a reliable estimate can be made of
the amount of the obligation.

When the Company expects some or
all of a provision to be reimbursed,
the reimbursement is recognised as
a separate asset, but only when the
reimbursement is virtually certain.
The expense relating to a provision is
presented in the Statement of Profit and
Loss, net of any reimbursement.

I f the effect of the time value of money
is material, provisions are discounted
using a current pre-tax rate that reflects,
when appropriate, the risks specific to
the liability. When discounting is used,
the increase in the provision due to
the passage of time (i.e. unwinding of
discount) is recognised as a finance cost.

Provisions are reviewed at the end of
each reporting period and adjusted to
reflect the current best estimate. If it is
no longer probable that an outflow of
resources would be required to settle
the obligation, the provision is reversed.

(ii) Contingent assets / liabilities

Contingent assets are not recognised.
However, when realisation of income is
virtually certain, then the related asset
is no longer a contingent asset, and is
recognised as an asset.

Contingent liabilities are disclosed
in notes to accounts 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.

(iii) Asset retirement obligations

Asset retirement obligations (ARO)
are provided for those operating lease

arrangements where the Company has a
binding obligation at the end of the lease
period to restore the leased premises in
a condition similar to inception of lease.

ARO are provided at the present
value of expected costs to settle the
obligation using estimated cash flows
and are recognized as part of the cost
of the particular asset. The cash flows
are discounted at a current pre-tax rate
that reflects the risks specific to the site
restoration obligation. The unwinding of
the discount is expensed as incurred and
recognized in the statement of profit
and loss as a finance cost. The estimated
future costs of decommissioning are
reviewed annually and adjusted as
appropriate. Changes in the estimated
future costs or in the discount rate
applied are added to or deducted from
the cost of the asset.

s) Earnings per share (EPS)

Basic EPS is calculated by dividing the profit
for the period attributable to the ordinary
equity shareholders of the Company by the
weighted average number of equity shares
outstanding during the period.

Diluted EPS is calculated by dividing
the profit attributable to ordinary equity
shareholders of the Company by the
weighted average number of Equity shares
outstanding during the period adjusted for
the effect of the weighted average number
of equity shares that would be issued on
conversion of all the dilutive potential equity
shares into equity shares.

t) Fair value measurement

The Company measures financial instruments
at fair value at each reporting date. Fair value
is the price that would be received to sell an
asset or paid to transfer a liability in an orderly
transaction between market participants
at the measurement date. The fair value
measurement is based on the presumption
that the transaction to sell the asset or
transfer the liability takes place either:

• In the principal market for the
asset or liability

• I n the absence of a principal market, in
the most advantageous market for the
asset or liability

The principal or the most advantageous
market must be accessible by the Company.

The fair value of an asset or a liability is
measured using the assumptions that market
participants would use when pricing the asset
or liability, assuming that market participants
act in their best economic interest.

A fair value measurement of a non-financial
asset takes into account a market
participant's ability to generate economic
benefits by using the asset in its highest and
best use or by selling it to another market
participant that would use the asset in its
highest and best use.

The Company uses valuation techniques
that are appropriate in the circumstances
and for which sufficient data are available
to measure fair value, maximising the use of
relevant observable inputs and minimising
the use of unobservable inputs.

All assets and liabilities for which fair value
is measured or disclosed in the financial
statements are categorised 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:

• Level 1- Quoted prices (unadjusted)
in active markets for identical assets
or liabilities.

• Level 2- Inputs other than quoted
prices included within Level 1 that are
observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e.
derived from prices)

• Level 3- Inputs for the assets or liabilities
that are not based on observable market
data (unobservable inputs)

For assets and liabilities that are recognised
in the financial statements on a recurring
basis, the Company determines whether
transfers have occurred between levels in

x) Recent accounting pronouncements

New amendments adopted during the year:

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
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. April 1, 2024. The Company
has reviewed the new pronouncements and
based on its evaluation it has determined
that it does not have any impact on its
financial statements.

Standards notified but not yet effective:

There are no standards that are notified and
not yet effective as on the date.

4.2 Significant accounting judgements,
estimates and assumptions

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. 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.

Key sources of estimation uncertainties,
assumptions, and critical judgements

The management is applying judgements in the
process of finalizing the Company's accounting
policies and critical estimates. 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
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 changes or
circumstances arising that are beyond the control

of the Company. Such changes are reflected in

the assumptions when they occur.

a) Leases
Company as lessor

The Company has assessed that its master
service agreement ("MSA”) with operators
contains lease of its tower sites and plant and
equipment and has determined, based on
evaluation of the terms and conditions of the
arrangements such as various lessees sharing
the same tower sites with specific area, the
fair value of the asset and all the significant
risks and rewards of ownership of these
properties retained by the Company, that
such contracts are in the nature of operating
lease and has accounted for as such.

Lease rentals under operating leases are
recognised as income on straight line basis
over the lease term.

Company as lessee

The Company determines the lease term as
the non-cancellable period of a lease, together
with both periods covered by an option to
extend the lease if the Company is reasonably
certain to exercise that option; and periods
covered by an option to terminate the lease
if the Company is reasonably certain not to
exercise that option. In assessing whether the
Company is reasonably certain to exercise an
option to extend a lease, or not to exercise
an option to terminate a lease, it considers all
relevant facts and circumstances that create
an economic incentive for the Company to
exercise the option to extend the lease, or not
to exercise the option to terminate the lease.
The Company evaluates if an arrangement
qualifies to be a lease as per the requirements
of Ind AS 116, Leases. Identification of a lease
requires significant judgment. The Company
uses significant judgement in assessing the
lease term (including anticipated renewals)
and the applicable discount rate. The discount
rate is generally based on the incremental
borrowing rate calculated as the weighted
average rate specific to the portfolio of
leases with similar characteristics.

b) Impairment of non-financial assets

Refer note 4.1(c) for accounting policy on
impairment of non- financial assets.

The carrying amounts of the Company
non-financial assets, other than deferred
tax assets, are reviewed at the end of each
reporting period to determine whether there
is any indication of impairment. If any such
indication exists, the Company estimates the
recoverable amount.

There is no indicator which triggers
impairment of cash-generating unit ('CGU')
of the Company on the reporting date.
However, the Company has assessed
impairment at asset level wherever necessary
and if applicable it has recognised impairment
charge in the statement of profit and loss.

c) Property, plant and equipment

Refer note 4.1(a) for the estimated useful life
of Property, plant and equipment.

Property, plant and equipment also represent
a significant proportion of the asset base
of the Company. Therefore, the estimates
and assumptions made to determine their
carrying value and related depreciation are
critical to the Company's financial position
and performance.

The charge in respect of periodic
depreciation is derived after determining an
estimate of an asset's expected useful life
and the expected residual value at the end
of its life. Increasing an asset's expected life
or its residual value would result in a reduced
depreciation charge in the Statement of
Profit and Loss.

The useful lives and residual values of
Company assets are determined by
management at the time the asset is
acquired and reviewed periodically. The lives
are based on historical experience with
similar assets as well as anticipation of future
events which may impact their life, such as
changes in technology.

d) Allowances for doubtful receivables

The expected credit loss is mainly based on
the ageing of the receivable balances and
historical experience. Based on the industry
practices and the business environment in
which the entity operates, management
considers that the trade receivables are
provided if the receipt is more than 180

days past due from related parties, 90 days
past due from other customers and nil days
in case of uncertainty of collection from
a customer. The receivables are assessed
on an individual basis or grouped into
homogeneous groups and assessed for
impairment collectively, depending on their
significance. Moreover, trade receivables are
written off on a case-to-case basis if deemed
not to be collectible on the assessment of the
underlying facts and circumstances.

e) Asset retirement obligation

The Company uses various leased premises
to install its tower assets. A provision is
recognised for the cost to be incurred for the
restoration of these premises at the end of
the lease period, which is estimated based
on actual quotes, which are reasonable and
appropriate under these circumstances. It is
expected that these provisions will be utilised
at the end of the lease period of the respective
sites as per respective lease agreements.

f) Revenue recognition

Refer note 4.1(i) for judgements and
estimates on revenue recognition.

g) Income taxes

The Company's tax jurisdiction is India.
Significant judgements are involved in
determining the provision for income taxes,
including amount expected to be paid/
recovered for uncertain tax positions.
Significant management judgement is
also required to determine the amount of
deferred tax assets that can be recognised,

based upon the likely timing and the level
of future taxable profits together with
future tax planning strategies, including
estimates of temporary differences reversing
on account of available benefits from the
Income Tax Act, 1961.

h) Provisions and contingent liabilities

The Company has ongoing litigations with
various regulatory authorities and third
parties that arise in the ordinary course of
business, the outcome of which is inherently
uncertain. The Company records a liability
when it is both probable that a loss has been
incurred and the amount can be reasonably
estimated. Significant judgment is required to
determine both probability and the estimated
amount. The Company reviews these
provisions at least quarterly and adjusts these
provisions accordingly to reflect the impact
of negotiations, settlements, rulings, advice
of legal counsel, and updated information.

i) Employee benefits

The cost of the defined benefit plan is
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 on a half yearly basis.

e. Aggregate number and class of shares bought back during the period of five years immediately
preceding the reporting date:

The Board of Directors at its meeting held on July 30, 2024 approved a proposal for buyback of upto
56,774,193 equity shares of the Company at a price of '465 per equity share, payable in cash for an
aggregate amount upto '26,400 Million through tender offer process in accordance with Companies Act,
2013 and rules made thereunder, and the Securities and Exchange Board of India (Buy-Back of Securities)
Regulations, 2018 (the "SEBI Buyback Regulations”) as amended.

The tendering period for the buyback offer opened on August 14, 2024 and closed on August 21, 2024 (both
days inclusive). The Company intimated to the stock exchanges regarding the completion of extinguishment
of shares and closure of Buyback vide its letter dated September 05, 2024.

Accordingly, the equity share capital of the Company was reduced by '568 Million and the premium
on buy-back of '25,832 Million was adjusted against securities premium account. An amount of '1,087

15 Share capital (Contd.)

Million was paid towards transaction costs and tax related to buyback, which has been adjusted against
securities premium. The Company has also created a capital redemption reserve of '568 Million, equal to
nominal value of shares bought back, as an appropriation from securities premium in accordance with
Companies Act, 2013.

f. Shares reserved for issue under options:

For details of shares reserved for issue under the employee stock option plan (ESOP) of the
Company, refer note 37.

16 Other equity (Contd.)

Scheme of Arrangement (Indus Scheme) in erstwhile Indus Towers Limited. The General Reserve account
shall be treated as free reserve for all intents and purposes. (refer note 3 and 45(b)).

(vii) Retained earnings

Retained earnings are the profits that the Company has earned till date, less transfer to other reserves (if
any), dividends and other distributions paid to shareholders.

(viii) Common control reserve

Common control reserve is created on account of acquisition of Passive Infrastructure Business Undertaking
by way of slump sale from the parent company. (refer note 48).

(xi) Other comprehensive income

Remeasurements gain/(loss) of defined benefit plans (net of tax). (refer note 36).

(i) Securities premium

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

(ii) Share based payment reserve

This relates to share options granted by the Company to its employees under its employee share options plan.

(iii) Capital redemption reserve

Capital redemption reserve was created on buy back of shares. A company may issue fully paid up bonus
shares to its members out of Capital redemption reserve account.

(iv) Capital reserve

Capital reserve was created out of slump purchase of assets. (refer note 45(c)).

(v) Merger capital reserve

Merger capital reserve was created on account of merger of the Company with erstwhile Indus Towers
Limited. (refer note 3).

(vi) General reserve

General reserve was created out of Composite Scheme of arrangement with Bharti Airtel Limited.
Pursuant to the merger of Joint Venture Company (i.e. erstwhile Indus Towers Limited) with the Company,
the investment in Joint Venture Company has been cancelled by debiting the General Reserve to the extent
available under the said Scheme (refer note 3 and 45(a)).

Further, pursuant to the merger of erstwhile Indus Towers Limited with the Company, General reserve
of erstwhile Indus Towers Limited was transferred to the Company which was created out on account of

Notes:

(i) Total employees stock options expense recognised for the year ended March 31, 2025 and March 31,
2024 is '140 Million and '89 Million respectively.

(ii) The Company had decided to issue equity shares on exercise of ESOPs through ESOP trust and with
this objective, Indus Towers Employee's Welfare Trust [a trust set up for administration of Employee
Stock Option Plan ('ESOP') of the Company] was formed in FY 2014-15.

The loan has been given to ESOP trust time to time for purchase the Equity Shares of the Company from
open market as permitted by SEBI (Share Based Employee Benefits) Regulations, 2014.

During the year ended March 31, 2025, the Trust has acquired 265,424 and 449,576 shares at an average
price of '355.99 per share and '363.75 per share respectively and 762,776 equity shares of exercise price
of '10 each have been transferred to employees upon exercise of stock options. As of March 31, 2025, the
Trust holds 925,702 shares of face value of '10 each of the Company.

During the year ended March 31, 2024, the Trust has acquired 711,000 shares at a price of '182.56 per
share and 419,639 equity shares of exercise price of '10 each have been transferred to employees upon
exercise of stock options. As of March 31, 2024, the Trust holds 967,683 shares of face Value of '10 each
of the Company.

Total payments made to micro, small and medium enterprises amounts to '31,335 Million ('35,335 Million
for the year ended March 31, 2024) out of which '1,026 Million ('1,467 Million for the year ended March 31,
2024) has been paid beyond the appointed date; which is primarily due to delays in receipt of invoices and
inadequate documentation in certain cases.

Dues to micro and small enterprises have been determined to the extent such parties have been identified
on the basis of information collected by management.

*Also include outstanding dues of medium enterprises.

Direct and indirect tax matters:

The management of the Company assesses all material claims in the nature of demands and the show
cause notices ("SCNs”), including intimation prior to SCNs, relating to direct and indirect taxes against the
Company and based on legal advice in certain cases, evaluates whether it is probable, possible or remote
("PPR”). The Company discloses matters as contingent liability that are assessed as possible.

Further, the management of the Company makes an assessment for uncertain tax positions for direct tax
matters and records a provision if it is probable and discloses it as part of contingent liabilities when it is
assessed as possible in nature.

Contingent liability amount disclosed above includes interest and penalty only to the extent such amounts
are assessed by various tax authorities through demand order and such demands are assessed by the
management as possible.

Legal and other matters:

The management of the Company assesses all material claims in the nature of demands relating to legal
and other matters against the Company and based on legal advice in certain cases, evaluates whether it is
probable, possible or remote ("PPR”). The Company discloses all the matters as contingent liability that are
assessed as possible and remote.

Contingent liability amount disclosed above includes interest and penalty only to the extent such amounts
are assessed by various government authorities through demand order.

i) Stamp duty

The Company had received demand in certain states for stamp duty on execution of Leave and License
Agreement of Cell Sites.

ii) Entry tax

The Hon'ble Supreme Court, in November 2016, with the nine-member bench, upheld the constitutional
validity i.e. the states are empowered to design the legislation w.r.t. levy of Entry Tax.

However, the Court directed the matter to respective High Courts on the issue whether or not the
respective State Entry tax Acts are discriminatory in nature.

Basis directions from Supreme Court, fresh writ petitions were filed before High Courts of several
states on the ground of discrimination. The Hon'ble High Court of Allahabad in the case of Indian Oil
Corporation Ltd., upheld the constitutional validity of the Uttar Pradesh Entry Tax Act followed by
Hon'ble High Court of Bombay in the case of Hindustan National Glass & Industries Ltd. Recently, the
Hon'ble High Court of Bombay (Goa Bench) in the case of the Company followed the judgment of High
Court Allahabad & Bombay and upheld the constitutional validity of Goa Entry Tax Act.

During the year ended March 31, 2024, the Company had accordingly reassessed the merits of the
ongoing matters and created a provision of '1,379 Million for entry tax liability and capitalized the same
in the property, plant and equipment and accordingly the impact of depreciation amounting '1,270
Million was charged in the statement of profit and loss.

Further, the Company has also taken an interest provision of '550 Million (March 31, 2024: 499 Million)
due to short payment made under protest. The Company will continue to pursue legal action in
all these states.

The Company has opted for Amnesty schemes in certain states for settlement of outstanding demand.

iii) Sales tax/VAT/GST

The claims for Sales tax/VAT comprises mainly cases relating to levy of VAT on right to use in goods.

I n case of GST, during the current year, the Company has received a favorable order from Hon'ble
Supreme Court, dated November 20, 2024, for the ongoing litigation relating to disallowance of
CENVAT credit in pre-GST regime wherein the Court has upheld that the towers are movable in nature.”

Further, the Company had received a show cause notice ("SCN”) from Directorate General of GST
Intelligence, Ghaziabad ("DGGI”), under Section 74 of the Central Goods and Services Tax Act, 2017
('CGST Act') on pan India basis (except for 6 states where proceedings were initiated earlier) for the
financial years from 2017-18 to 2023-24 proposing disallowance of Input Tax Credit ("ITC”) on passive
infrastructure assets ("PIA”) i.e. DG sets, battery banks, air conditioners etc. amounting to '54,546
Million alleging that the PIA are integral part of towers.

The above mentioned SCN has been quashed by the Hon'ble Delhi High Court following the principles
arising out of Hon'ble Supreme Court judgment and the Court held that the exclusion of towers under
Section 17(5) of CGST Act, from plant and machinery is not applicable and accordingly the ITC stands
allowed on Towers (including PIA).

iv) Municipal taxes

The Company based on its assessment of the applicability and tenability of certain municipal levies,
which is an industry-wide phenomenon, does not consider the impact of such levies to be material.
Further, in the event these levies are confirmed by the respective government authorities, the
Company would recover these amounts from its customers in accordance with the terms of Master
Service Agreement.

v) Service tax

The service tax department had issued certain orders for the disallowance of CENVAT credit availed on
Inputs, Capital Goods and Input Services under pre-GST regime. The Company has filed writ petition
before Hon'ble High Court of Delhi which was decided in favour of the Company vide order dated
October 31, 2018 wherein it was held that towers are movable in nature and CENVAT credit can be
availed on receipt of such goods. Further, the department has filed Special Leave Petition ("SLP”)
before Hon'ble Supreme Court against the favourable order of Delhi High Court. The Hon'ble Supreme
Court had tagged the SLP with pending matter on similar issue of telecom operators.

On the similar matter, there were contrary judgements by the Hon'ble High Court of Bombay in the
case of telecom operators against which, such operators have filed SLP before Hon'ble Supreme Court.

During the current year, Hon'ble Supreme Court upholding the judgment of Delhi High Court has held
that the towers are movable in nature and accordingly the CENVAT stands allowed in the hands of the
Company. As a result, contingent liability has been reduced with '37,044 Million.

I n a separate proceeding before Directorate General of Central Excise Intelligence, the department
had issued an order for payment of excise duty on removal of scrap under pre- GST regime against
which the Company has filed appeal before CESTAT. The Company has received favorable order from
CESTAT, Chandigarh on issue of reversal of CENVAT credit on removal of scrap for financial years
2015-16 to 2017-18. As a result, contingent liability has been reduced with '1,092 Million.

In another issue department has raised demand alleging difference in turnover in 26AS vs ST 3 against
which the Company had filed appeal before CESTAT, pending for hearing.

vi) Income tax matters

This pertains to tax demands mainly on account of disallowance of depreciation on Passive Infrastructure
Assets ("PIA”) transfer under merger scheme, provision for expenditure, etc.

During the year ended March 31, 2025, the Company has received a favorable order from Income Tax
Appellate Tribunal ("ITAT”) for the assessment year 2010-11 allowing the appeal of the Company.

Based on the above-mentioned order, there is a reduction of contingent liabilities by '37,572 Million.

vii) Other claims mainly include site and vendors related legal disputes

Amount assessed as contingent liability includes interest and penalty as demanded by various
authorities and vendors and doesn't include interest liability that could be claimed by authorities in
case of unfavorable orders.

viii) One of the Distribution Company (”DISCOM”) revised the electricity tariff from Industrial to Commercial
(I2C) tariff for the mobile towers vide its tariff order dated November 03, 2016 and same was challenged
before Appellate Tribunal for Electricity (APTEL) by the Industry including the Company. The Appellate
tribunal decided in favor of Appellants including the Company in February 2020. The said order has
been challenged by the DISCOM before the Hon'ble Supreme Court and in October 2020, the Hon'ble
Supreme Court passed an order directing parties that there shall be stay of the recovery in meantime.
Further, effective April 1, 2020, the DISCOM came out with Multi Year Tariff (MYT) by which industrial
tariff has been made applicable to mobile towers. The Company believes that the outcome of the case
will be favorable and the likelihood of outflow of resources is remote. Further, in case of an unfavorable
decision, which is not likely, the Company has obtained necessary undertakings from the customers for
payment/reimbursement of differential cost.

41 Fair values (Contd.)

The following methods / assumptions were used to estimate the fair values:

i) The carrying value of cash and cash equivalents, trade receivables, short term borrowings, trade payables
approximate their fair value mainly due to the short-term maturities of these instruments / being subject to
floating rates.

ii) The fair values of financial assets classified as fair value through profit or loss like investment in mutual funds
and government securities is based on net asset values/quoted market price at the reporting date.

iii) The fair value of security deposits included in other financial assets & other financial liabilities and fixed rate
long term borrowings is estimated by discounting future cash flows using rates applicable to instruments
with similar terms, currency, credit risk and remaining maturities. The fair values of other financial assets
and other financial liabilities (other than security deposits) are assessed by the management to be same
as their carrying value and is not expected to be significantly different if estimated by discounting future
cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.
The Company enters into derivative financial instruments with financial institutions/banks. Further, foreign
exchange forward contracts are valued using valuation techniques, which employs the use of market
observable inputs.

There are no significant unobservable inputs used in the fair value measurement.

42 Fair value hierarchy

All financial instruments for which value is recognized or disclosed 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;

Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted price included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: Inputs for assets or liabilities that are not based on observable market data (unobservable inputs).

The following table presents the financial instruments measured at fair value, by level within the fair value
measurement hierarchy:

Amount received from KMP for ESOP exercised during the year ended March 31, 2025 is '1 Million
(March 31, 2024 : Nil¹).

* Amount is less than '1 million.

Terms and conditions of transactions with related parties:

The transactions with related parties are made on terms equivalent to those that prevail in arm's length
transactions. Outstanding balances at the end of the year are unsecured and settlement occurs in cash
and no guarantees have been provided or received for any related party receivables or payables except
in case of one of the related party referred in note 52.

44 Segment Reporting

The Company was set-up with the object of, inter alia, establishing, operating and maintaining wireless
communication towers. This is the only activity performed and is thus also the main source of risks and
returns. The Company's segments as reviewed by the Chief Operating Decision Maker (CODM) does not
result into identification of different ways / sources into which they see the performance of the Company.
Accordingly, the Company has a single reportable and geographical segment. Hence, the relevant disclosures
as per Ind AS 108, "Operating Segments” are not applicable to the Company.

45 As per transitional provisions specified in Ind AS 101, "First time Adoption of Indian Accounting Standards”.
The Company has continued to apply the accounting prescribed under the scheme with respect to mergers
listed below.

a) Scheme accounting - Bharti Airtel Scheme

During the year ended March 31, 2008, pursuant to the Scheme of Arrangement with Bharti Airtel Limited
('BAL Scheme') under sections 391 to 394 of the Companies Act, 1956, the telecom infrastructure undertaking
of Bharti Airtel Limited was transferred to the Company. As per provisions of the Scheme, the Company
has created a General reserve equivalent to the amount of fair value of such telecom infrastructure which
shall be constituted as free reserve available for all purposes at the discretion of the Company. Pursuant to
the Scheme, the depreciation charged by the Company on the excess of the fair values over the original
book values of the assets transferred by Bharti Airtel Limited is being off-set against General Reserve.
Accordingly, depreciation charges on the excess of fair value over the original book values are charged to
General Reserve.

b) Scheme accounting - Indus Scheme

Pursuant to the Scheme of Arrangement ('Indus Scheme') under sections 391 to 394 of the Companies
Act, 1956, Vodafone Infrastructure Limited (formerly known as Vodafone Essar Infrastructure Limited),
Bharti Infratel Ventures Limited and Idea Cellular Tower Infrastructure Limited (collectively referred to as
'The Transferor Companies') and erstwhile Indus Towers Limited (referred to as 'erstwhile Indus' or 'The
Transferee Company'), jointly filed an application for sanctioning a scheme of arrangement ('the Scheme')
under Section 391 to 394 of the Companies Act, 1956. The Scheme was sanctioned by the Hon'ble High
Court of Delhi vide its order dated April 18, 2013. The Scheme had become operative from June 11, 2013
upon filing of certified copy of the order of the Hon'ble High Court with the Registrar of Companies, Delhi
with an appointed date of April 1, 2009.

General Reserve arising out of the Scheme

Pursuant to the terms of the Scheme, with effect from the appointed date, the Transferee Company
recorded all assets of the Transferor Companies at fair value, all the liabilities and reserves at their book
value and issued its equity shares to the shareholders. The excess of net value of assets, liabilities and
reserves taken over and the consideration payable, has been transferred to a General Reserve account
arising out of the Scheme. Accordingly, the General Reserve of '73,792 Million was recognised on account
of fair value adjustments as on April 1, 2009. Further, the General reserve amounting to '71,050 Million was
transferred from Bharti Infratel Ventures Limited and Idea Cellular Towers Infrastructure Limited to erstwhile
Indus Towers Limited under the Scheme. The resultant total General Reserve recorded in erstwhile Indus
Towers Limited amounted to '144,842 Million as on April 1, 2009.

The General Reserve account of the Transferee Company created pursuant to the Scheme shall be treated
as free reserve for all intents and purposes, including, without limitation, as may be decided by the Board
of Directors, including for amortisation of any merger related expenses or losses, issuance of bonus shares,
off-setting any additional or accelerated depreciation related to the fixed assets transferred to the transferee
company pursuant to the Scheme, lease equalization reserve, asset retirement obligations, deferred tax
assets or liabilities, as the case may be, any other expenses, impairment, losses or write-offs and any other
permitted purposes and shall form part of the net worth of the Transferee company.

Further, pursuant to merger of erstwhile Indus with the Company (refer note 3), such General Reserve
amounting to '73,257 Million has been recognised in the Company at the carrying value on the effective
date of merger i.e. November 19, 2020. As prescribed under the scheme, such general reserve had been
utilised for additional or accelerated depreciation related to the fixed assets transferred pursuant to the
Scheme. Had the scheme approved by the Hon'ble High Court of Delhi did not prescribe the accounting
treatment mentioned above, these amounts would have been recognized in the statement of profit and loss.

c) Capital reserve arising out of slump purchase of assets

The wholly owned subsidiary of the Company erstwhile Bharti Infratel Ventures Limited ('BIVL') had acquired
certain assets and liabilities from the Company as a going concern on slump sale basis for no consideration
as on December 31, 2011. Pursuant to this, BIVL had recognised total assets amounting to '4,695 Million,
total liabilities of '159 Million and the resultant difference of '4,536 Million has been recognised as a Capital
Reserve. Further, pursuant to Indus Scheme (refer note 45(b)), and thereafter merger of erstwhile Indus
Towers Limited ('erstwhile Indus') with the Company (refer note 3) and upon transfer of all the assets,
liabilities and reserves of BIVL to erstwhile Indus and from erstwhile Indus to the Company such capital
reserve has been recognised at the carrying value in the books of the Company.

(v) Reason for shortfall: I he amount has been incurred/spent on the ongoing projects through the
eligible partners.

(vi) The CSR amount has been spent on: Thematic areas of education and skill development; Empowering
girl child; Digital and creative literacy; Sanitation, health and hygiene; Sustainable growth focusing on
environment sustainability including research & development; Local community needs; Disaster relief
and rehabilitation; Monitoring and administration etc. ¹

46 Charity and donation (Contd.)

The remaining unspent money of '418 Million pertaining to the year ended March 31, 2025 (March 31,
2024 : 151 Million) has been (was) transferred to a separate bank account as per section 135 (6) of the
Companies Act, 2013.

(ii) In addition to above, Charity and donation includes '300 Million paid to Prudent Electoral Trust for the year
ended March 31, 2025 (March 31, 2024 : Nil).

47 Financial risk management objectives and policies

The Company's principal financial liabilities comprise loans and borrowings, lease liabilities, trade payables,
security deposits received, etc. The main purpose of these financial liabilities is to manage finances for
the Company's operations. The Company's principal financial assets include investment in mutual funds
and Government Securities, trade receivables, unbilled revenue, cash and cash equivalents, security
deposits paid, etc..

The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management
oversees the management of these risks. The senior professionals working to manage the financial risks
and the appropriate financial risk governance frame work for the Company are accountable to the Board
of Directors and Audit & Risk Management Committee. This process provides assurance to the Company's
senior management that the Company's financial risk-taking activities are governed by appropriate policies
and procedures and that financial risks are identified, measured and managed in accordance with Company's
policies and Company's risk appetite. It is the Company's policy that no trading in derivatives for speculative
purposes shall be undertaken. The Board of Directors reviews and agrees policies for managing each of
these risks which are summarised below:

Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because
of changes in market prices. Market prices comprise three types of risk: interest rate risk, foreign currency
risk and price risk. Financial instruments affected by market risk include interest bearing investment in
mutual funds, Government Securities, fixed deposits and loans and borrowings etc.

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market
risks. This is based on the financial assets and financial liabilities held at March 31, 2025 and March 31, 2024.

The Company's exposure to financial risks is to a variety of financial risks, including the effect of changes in
foreign currency exchange rates, if any. The Company uses derivative financial instruments such as foreign
exchange contracts to manage its exposures and foreign exchange fluctuations, if any.

Interest rate risk

I nterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates.

The Company had invested in Government securities which will fetch a fixed rate of interest, hence,
the income and operating cash flows are substantially independent of changes in market interest rates.
The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's
long-term debt obligations with floating interest rates, which are included in interest bearing loans and
borrowings in these financial statements. Further, the short-term borrowings of the Company do not have
a significant fair value or cash flow interest rate risk due to their short tenure.

47 Financial risk management objectives and policies (Contd.)

(primarily for trade and other receivables) and from its financing activities, including deposits with banks
and financial institutions, and other financial instruments. Management has a credit policy in place and the
exposure to credit risk is monitored on an ongoing basis.

Trade receivables

Customer credit risk is managed in accordance with Company's established policy, procedures and control
relating to customer credit risk management. Trade receivables are non-interest bearing and due after
15/21/45 days from the date of invoice. The Company is entitled to demand interest, wherever applicable
in case the customer does not pay within the due date. Outstanding customer receivables are regularly
monitored. The ageing analysis of trade receivables as of the reporting date is as follows:

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates.

The Indian Rupee is the Company's functional currency. As a consequence, the Company's results are
presented in Indian Rupee and exposures are managed against Indian Rupee accordingly. The Company
has very limited foreign currency exposure mainly due to incurrence of some expenses. The Company may
use foreign exchange option contracts or forward contracts towards operational exposures resulting from
changes in foreign currency exchange rates exposure. These foreign exchange contracts, carried at fair
value, may have varying maturities depending upon the primary host contract requirement.

The Company manages its foreign currency risk if any, by hedging appropriate percentage of its foreign
currency exposure, as per approved established risk management policy.

The unhedged foreign currency exposures is Nil as at March 31, 2025 (March 31, 2024 : '0.59 Million (USD
0.007 Million) included in trade payable.

Price risk

The Company invests its surplus funds in various Government securities, taxable and tax free quoted debt
bonds, liquid & Money Market schemes of mutual funds (liquid investments) and higher duration short
term debt funds.

These are susceptible to market price risk, mainly arising from changes in the interest rates or market yields
which may impact the return and value of such investments. The Company manages the price risk through
diversification from time to time.

Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities

Bank balances and cash deposits

Credit risk from balances with banks and financial institutions is managed by Company's treasury in accordance
with the approved policy. Investment of surplus funds are made only with approved counterparties who
meet the minimum threshold requirements under the counterparty risk assessment process. Based on its
on-going assessment of counterparty risk, the Company adjusts its exposure to various counterparties.
The Company's maximum exposure to credit risk for the components of the Balance Sheet at March 31,
2025 and March 31, 2024 is the carrying amounts as given in note 41.

Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral
obligations without incurring unacceptable losses. The Company's objective is to, at all times maintain
optimum levels of liquidity to meet its cash and collateral requirements. The Company principal sources of
liquidity are cash and cash equivalents and the cash flow generated from operations. The Company closely
monitors its liquidity position and deploys a robust cash management system.

The Company manages its capital structure and makes adjustments to it, in light of changes in economic
conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to
shareholders, return capital to shareholders or issue new shares.

I n order to achieve this overall objective, the Company's capital management, amongst other things,
aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings
that define capital structure requirements. There have been no breaches in the financial covenants of any
interest-bearing loans and borrowing in the year ended March 31, 2025.

48 The Company has entered into a "Business Transfer Agreement (BTA)” on February 07, 2025 for acquisition
of the passive infrastructure business undertaking by way of a slump sale from Bharti Airtel Limited, the
holding company. The transfer of business undertaking was completed on March 24, 2025 with discharge
of purchase consideration as per terms of the BTA.

The Company has accounted for the above-mentioned acquisition in accordance with the Appendix C of Ind
AS 103 "Business Combinations” as a common control transaction. Accordingly, the respective assets and
liabilities of the passive infrastructure business undertaking have been recorded in line with requirements
of Ind AS 103 at their carrying amounts as appearing in the financial statements of Bharti Airtel Limited as
on November 19, 2024, the date on which control relationship was established between the Company and
Bharti Airtel Limited, even though the actual transfer completion date is March 24, 2025.

The standalone statement of profit and loss for the year ended March 31, 2025 includes net loss (operating
expenses including depreciation) of '1,746 Million from November 19, 2024 to March 31, 2025 (net profit
of '81 Million from March 24, 2025 to March 31, 2025) related to financial results of the above-mentioned
passive infrastructure business undertaking.

The Company has recognised the difference of '18,050 Million between the estimated purchase consideration
of '19,820 Million and the carrying value of the net assets of '1,770 Million taken over on March 24, 2025
as 'Common Control Reserve'. The company has evaluated the tax implications and has not recognised
deferred assets (net) related to the acquisition of the business undertaking in statutory books of accounts on
a prudent basis. The aforesaid estimated purchase consideration is provisional and is subject to adjustments
for the site count and category of sites, which is in the process of reconciliation as of the date of signing of
the financial statements. On March 24, 2025, the Company had paid an amount of '18,288 Million to Bharti
Airtel Limited and deposited '2,032 Million (subject to deduction of '500 Million relating to adjustments to
be made for site count and category of sites identified till now) into the Escrow Account as per the terms
of BTA. As per the agreed terms of BTA, the reconciliation of site count and category of sites is to be
completed within 4 months from March 24, 2025.

51 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post
employment benefits received Presidential assent in September 2020. The Code has been published in the
Gazette of India. However, the date on which the Code will come into effect has not been notified and the
final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when
it comes into effect and will record any related impact in the period the Code becomes effective.

52 A large customer of the Company accounts for a substantial part of revenue from operations for the year
ended March 31, 2025 and constitutes a significant part of outstanding trade receivables and unbilled
revenue as at March 31, 2025.

(a) The said customer in its latest published unaudited financial results for the quarter and nine months ended
December 31, 2024 and filings with stock exchange reported the updates on financial performance,
financial position and funding status which are summarized below:

(i) It has incurred a loss and has negative net worth.

(ii) It has outstanding debt from banks and others and deferred payment obligation towards Spectrum and
AGR and has reclassified non-current borrowings of loans to current maturities of long-term debt for
not meeting certain covenant clauses under the financial agreements.

(iii) It was required to provide bank guarantees for spectrum installments at least 13 months prior to each
installment becoming due post the moratorium period i.e. from October 2025 to September 2026.
It also mentioned that Department of Telecommunication ("DoT”) vide its communication dated
December 27, 2024 has dispensed with the requirement of submission of Bank Guarantees for the
Spectrum acquired in Spectrum Auction held in 2012, 2014, 2015, 2016 and 2021, subject to certain
terms and conditions. Further, the aggregate payment made for each of spectrum auction is greater
than the pro-rated use of spectrum other than for the 2015 auction, where there is one partial shortfall
and DoT has requested either to provide bank guarantees of '60,907 Million for one year or make a cash

payment of '54,932 Million by March 10, 2025 i.e, thirteen months in advance of the next installment.
It continues to be in discussion with DoT and has requested to arrive at a solution for this requirement
as envisaged in the telecom reforms package 2021.

(iv) It is required to pay the installments related to spectrum and AGR falling due during FY 2026, on which
moratorium was availed, including the aforesaid 2015 spectrum shortfall aggregating to '327,235 Million.

(v) It has raised an amount aggregating to '180,000 Million by way of Further Public Offer (FPO).
Additionally, it issued equity shares aggregating to '20,750 Million on a preferential basis to an existing
shareholder entity forming part of the promoter group on May 21, 2024.

(vi) It issued Optionally Convertible Debentures (OCDs) amounting to '16,000 Million to one of its vendors
in February 2023 and subsequently '14,400 Million worth of OCDs were converted into equity shares
on March 23, 2024 and '1,600 Million worth of OCDs were converted into equity shares on July 12,
2024. The said customer also issued equity shares aggregating to '24,580 Million to two of its vendors
on July 19, 2024.

(vii) On January 09, 2025, it issued equity shares aggregating to '19,100 Million on a preferential basis to
two of its existing shareholders entity forming part of its promoter group.

(viii) The said customer had also disclosed in the aforesaid results that as of the date of its latest reporting
it had met all debt obligations payable to its lenders / banks and financial institutions along with
applicable interest.

(ix) In its filing with SEBI dated March 30, 2025, the said customer intimated that Ministry of Communications,
Government of India has, in line with the September 2021 Reforms and Support Package for Telecom
Sector has decided to convert the outstanding spectrum auction dues, including deferred dues
repayable after expiry of the moratorium period, into equity shares to be issued to the Government
of India. Accordingly, the said customer has issued equity shares aggregating to '369,500 Million on
April 08, 2025. Post the aforesaid issuance of equity shares, the Government of India shareholding in
the said customer increased from existing 22.60% to approx. 48.99%. The promoters of said customer
continue to have operational control of the said customer.

Further, the said customer stated that it believes, with the above mentioned capital infusion, it will
be able to conclude the negotiations with lenders, vendors and DoT for continued support, including
conversion of spectrum and AGR installments post moratorium into equity, if required, in line with the
Telecom Reforms Package of September 2021 and generation of cash flow from operations that will
enable it to settle its liabilities as and when they fall due and the financial results have, therefore, been
prepared on a going concern basis.

(b) The Company, subject to the terms and conditions agreed between the parties, had a secondary
pledge over the shares held by one of the customer's promoters in the Company and a corporate
guarantee ("Security Package”) provided by said customer's promoter which could be triggered in
certain situations and events in the manner agreed between the parties.

As per the terms of the Security Package, the proceeds from sale of equity shares held by the customer's
promoters in the Company will be first utilised to repay the outstanding borrowings of existing specific
lenders of such customer's promoters and the residual proceeds will be utilised towards the old
outstanding dues of the said customer to the Company.

During the current year, the necessary situations and events occurred on December 05, 2024 upon
disposal of remaining shareholding in the Company held by the customer's promoters. Consequently,

52 (Contd.)

the Company has received an amount of '19,099 Million from the said customer against the old
outstanding dues by utilizing the Security Package. After disposal of aforesaid shareholding, the
customer's promoters do not hold any equity shares in the Company.

(c) The said customer was paying an amount largely equivalent to monthly billing since January 2023.
In the month of March 2025, the said customer has also cleared all undisputed overdue amounts.
The Company continues to recognize revenue from operations relating to the said customer for the
services rendered. The Company carries an allowance for doubtful receivables of '2,981 Million as at
March 31, 2025 ('53,847 Million as at March 31, 2024) relating to the said customer. The said customer
has also paid an amount of '2,233 Million towards interest on its overdue outstanding balances for the
year ended March 31, 2025.

(d) Further, as per Ind AS 116 "Leases”, the Company recognises revenue based on straight lining of rentals
over the contractual period and creates revenue equalization asset in the books of accounts. During the
quarter ended December 31, 2022, the Company had recorded an impairment charge relating to the
revenue equalization assets up to September 30, 2022 for the said customer and the Company had
stopped recognizing revenue equalization asset on account of straight lining of lease rentals from
October 01, 2022 onwards due to uncertainty of collection in distant future.

(e) The Company will continue to monitor the financial condition of the said customer. The management
believes that the carrying amounts of receivable (including unbilled revenue) and property, plant and
equipment included in the financial statements as at March 31, 2025 related to the said customer will
be recovered in normal course of business.

53 During the current year, the Company resolved all the past reconciliation issues with one of its customers
and settled the disputed outstanding dues upto August 31, 2023. Consequently, the Company has taken
bad debt write off amounting to '471 Million for which the Company had sufficient allowance for doubtful
debts available.

54 During the current year, the Company has received a favourable order from Income Tax Appellate Tribunal
("ITAT”) for the assessment year 2010-11 allowing the appeal on issues primarily related to disallowance
of depreciation on Passive Infrastructure Assets transferred under scheme of arrangement, provision for
expenditure, amortization of asset retirement obligation etc.

Based on the above-mentioned order, the Company has reassessed income tax provisions recognised in its
books of account till date and accordingly the Company recognised a reversal of '1,366 Million in the current
tax expense related to the earlier periods. Further, it also resulted in reduction of contingent liabilities by
'37,572 Million.

55 During the current year, the Company has received a favorable order from Hon'ble Supreme Court, dated
November 20, 2024, for the ongoing litigation relating to disallowance of CENVAT credit in pre-GST regime
wherein the Court has upheld that the towers are movable in nature.

Further, the Company had received a show cause notice ("SCN”) from Directorate General of GST Intelligence,
Ghaziabad ("DGGI”), under Section 74 of the Central Goods and Services Tax Act, 2017 ('CGST Act') on pan
India basis (except for 6 states where proceedings were initiated earlier) for the financial years from 2017-18
to 2023-24 proposing disallowance of Input Tax Credit ("ITC”) on passive infrastructure assets ("PIA”) i.e.
DG sets, battery banks, air conditioners etc. amounting to '54,546 Million alleging that the PIA are integral
part of towers.

The above mentioned SCN has been quashed by the Hon'ble Delhi High Court following the principles
arising out of Hon'ble Supreme Court judgment and the Court held that the exclusion of towers under

55 (Contd.)

Section 17(5) of CGST Act, from plant and machinery is not applicable and accordingly the ITC stands
allowed on Towers (including PIA).

Accordingly, the Company has decapitalized '6,598 Million related to GST which was capitalized as part of
property, plant and equipment for the period from April 01, 2020 to December 31, 2024 and recognised
corresponding ITC asset with the same amount. This resulted in reversal of depreciation amounting to '650
Million on such assets related to aforesaid period.

Further, the Company has availed ITC on civil foundation amounting to '2,936 Million for the period from
April 01, 2023 to March 31, 2025, to protect the GST claim and kept the same unutilized to mitigate the
interest exposure. Additionally, the Company has created a provision against such ITC on civil foundation
and it has been accounted for under property, plant and equipment. There is no impact in the statement of
profit and loss on account of this matter.

The Company has made corresponding changes in income tax returns and computation for the
related periods.

56 The Company has used multiple accounting software for maintaining its books of account for the year ended
March 31, 2025 which have a feature of recording audit trail (edit log) facility and the same has operated for
a part of the year for all relevant transactions recorded in the software. In respect of accounting software
used for maintaining:

i) financial records the audit trail (edit log) facility has operated from April 29, 2024 to March 31, 2025;

ii) billing related records the audit trail (edit log) facility has operated from March 21, 2025 to March 31, 2025;

iii) tower related details the audit trail (edit log) facility has operated from January 28, 2025 to March 31, 2025;

iv) power and fuel related details the audit trail (edit log) facility has operated from June 20, 2024 to
March 31, 2025;

v) warehouse related details the audit trail (edit log) facility has operated from March 19, 2025 to
March 31, 2025;

vi) certain expense and property, plant and equipment related details the audit trail (edit log) facility has
operated from January 10, 2025 to March 31, 2025.

There are no instances of the audit trail feature being tampered with, in respect of aforesaid accounting
software for the period for which the audit trail feature was enabled and operating.

vii) in respect of an accounting software, operated by a third-party software service provider, based on an
independent auditor's System and Organization controls report which covers the requirements of audit
trail for the period from April 1, 2024 to December 31, 2024 the audit trail (edit log) facility has operated
from April 1, 2024 till December 31, 2024. No instance of audit trail feature being tampered with has
been reported in such independent auditor's report for the aforesaid period. In the absence of such
auditor's report covering the audit trail requirement for the remaining period, we are unable to assess
whether the audit trail feature of the said software was enabled and operated from 1 January 2025
till 31 March 2025, for all relevant transactions recorded in the software and whether there was any
instance of the audit trail feature been tampered with.

As audit trail feature was not enabled for the year ended March 31, 2024, requirements under Rule 11
(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory
requirements for record retention does not arise.

57 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the intermediary shall lend or invest in party identified
by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any
party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend
or invest in other persons or entities identified by or on behalf of the Company (Ultimate Beneficiaries) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

No funds have been received by the Company from any person(s) or entity(ies), including foreign entities
(Funding Parties), with the understanding (whether recorded in writing or otherwise) that the Company
shall (i) directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Funding Party (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.

58 The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.

59 Previous year figures have been restated/reclassified, wherever necessary, to conform to the current year's
presentation. These adjustments ensure consistency and comparability across reporting years.

1

The budgeted spent for the year ended March 31, 2025 is '1,647 Million increased by '151 Million on account of
unspent obligation of financial year 2023-24. The budgeted spent for the year ended March 31, 2024 was '1,373 Million
increased by '69 Million on account of unspent obligation of financial year 2022-23.