N. Provision, Contingent Liabilities and Contingent
Assets
Provisions

A provision is recognized when the Company has a
present obligation as a result of past events and it is
probable that an outflow of resources will be required
to settle the obligation in respect of which a reliable
estimate can be made.

The amount recognised as a provision is the best
estimate of the consideration required to settle the
present obligation at the end of the reporting period,
taking into account the risks and uncertainties
surrounding the obligation. When a provision is
measured using the cash flows esti mated to settle the
present obligation, its carrying amount is the present
value of those cash flows (when the effect of the time
value of money is material).

Contingent liability

A possible obligation that arises from past events
and 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 enterprise are disclosed as contingent liability
and not provided for. Such liability is not disclosed if
the possibility of outflow of resources is remote.

Contingent assets

A contingent asset is a possible asset that arises from
past events and whose existence will be confirmed
only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the
control of the entity.

Contingent assets are not recognised but disclosed
only

O. Cash and cash equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months
or less, which are subject to an insignificant risk of
changes in value.

For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank
overdrafts as they are considered an integral part of
the Company's cash management.

P. Earnings per share

Basic Earnings per share is calculated by dividing the
net profit for the period attributable to the equity
shareholders by the weighted average number
of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per
share, the net profit for the period attributable to
the equity shareholders and the weighted average
number of equity shares outstanding during the
period is adjusted for the effects of all dilutive
potential equity shares.

Q. Cash flows

Cash flows are reported using the indirect method,
whereby profit / (loss) before extraordinary items
and tax is adjusted for the effects of transactions
of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments and item
of income or expenses associated with investing or
financing cash flow. The cash flows from operating,
investing and financing activities of the Company are
segregated based on available information.

R. Current / non-current classification

An asset is classified as current if:

a) It is expected to be realized or sold or consumed
in the Company's normal operating cycle;

b) It is held primarily for the purpose of trading;

c) It is expected to be realized within twelve
months after the reporting period; or

d) It is cash or cash equivalents unless it is
restricted from being exchanged or used to
settle a liability for at least twelve months after
the reporting period.

Deferred tax assets and liabilities are classified as
non-current assets and liabilities.

The operating cycle is the between acquisition of
assets for processing / trading / assembling and their
assembling and their realization in cash and cash
equivalents. The Company has identified twelve
months as its operating cycle.

S. Dividends

Final dividend on shares is recorded as a liability on
the date of approval by the shareholders and Interim
dividend share recorded as a liability on the date of
declaration by the Company's Board of Directors.

Footnotes:

1 On July 4, 2024, the Board of Directors, at its meeting, approved the issuance and allotment of 5,92,940 equity shares of ?10
each at a price of ?1,388 per equity share (including a premium of ?1,378 per equity share) by way of preferential allotment, in
accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("the Regulations" ), aggregating to
approximately ?82.30 crore

2 During the period, employees exercised 7,653 stock options at an exercise price of ?10 per equity share, resulting in the
allotment of an equivalent number of equity shares under the Advait Infratech Limited ESOP Scheme 2022, in accordance with
the provisions of the said scheme. The issuance is in compliance with the Securities and Exchange Board of India (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021

3 The shareholders of the Company, at their Extra-Ordinary General Meeting held on August 7, 2024, approved the issue of
convertible warrants. Subsequently, in-principle approval was granted by BSE Limited on August 21, 2024. Upon receipt of
?6.29 crore, representing 25% of the total amount payable towards the subscription of the warrants from the allottees, the
Board of Directors, at its meeting held on September 5, 2025, considered and approved the allotment of 1,41,591 warrants, each
convertible into one equity share of the Company having a face value of ?10 each and a premium of ?1,766 each. These warrants
are convertible within a period of 18 months from the date of allotment i.e. September 5, 2024.

4 On March 1,2025, the Board of Directors accorded its consent for the allotment of 19,261 equity shares of ?10 each at a premium
of ?1,766 per equity share, pursuant to the conversion of 19,261 warrants into equity shares, upon receipt of the balance 75%
payment amounting to ?2.57 crore from the respective allottees.

Notes

(i) Securities premium is used to record the premium on issue of shares. This can be utilised in accordance with the provisions of
the Companies Act, 2013.

(ii) The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes.
General Reserve is created by the transfer from one component of equity to another and is not an item of other comprehensive
income. This can be utilised in accordance with the provisions of Companies Act, 2013.

(iii) Exchange differences of foreign operations arising on translation of the foreign operation are recognised in other comprehensive
income and accumulated in a separate reserve within equity.

(iv) Reserve for remeasurement of defined benefit obligations represents the effects of remeasurement of defined benefit
obligations on account of actuarial gains and losses.

(v) Retained earnings represents accumulated profit of the Company as on reporting date. The reserve can be utilised in accordance
with the provisions of the Companies Act, 2013.

40 DISCLOSURES PURSUANT TO IND AS 19 EMPLOYEE BENEFITS

(a) Define contribution plans:

The Company has certain defined contribution plans in which both employee and employer contribute monthly, at the rate of 12%
of basic salary, as per regulations to provident fund set up as trust and to the respective regional provident fund commissioner.

The Company's contributions to provident fund, pension scheme and employee state insurance scheme are made to the
relevant government authorities as per the prescribed rules and regulations. The Company's contributions to the above
defined contribution plans are recognised as employee benefit expenses in the statement of profit and loss for the year in
which they are due

The Company's contribution to provident, pension, superannuation funds and to employees state insurance scheme aggregating
to ' 3.54 Lakhs (Previous year - ' 1.55 lakhs) has been recognised in the statement of profit and loss under the head employee
benefits expense [Refer note 33]

(b) Defined benefits plans:

(i) Gratuity

The Company provides for gratuity for employees as per the Payment of Gratuity Act, 1972. The amount of gratuity shall be
payable to an employee on the termination of his employment after he has rendered continuous service for not less than
five years, or on their superannuation or resignation. However, in case of death of an employee, the minimum period of
five years shall not be required. The amount of gratuity payable on retirement is the employees last drawn basic salary per
month computed proportionately for 15 days salary multiplied by the number of year's service completed.

(ii) Risk exposure to defined benefit plans

The plans typically expose the Company to actuarial risks such as: Investment risk, Liquidity risk, Market risk and
Legislative risk.

Actuarial risk:

It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:

Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an
increase in Obligation at a rate that is higher than expected.

Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than the Gratuity
Benefits will be paid earlier than expected. Since there is no condition ofvesting on the death benefit, the acceleration of cash
flow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

Variability in withdrawal rates: tf actual withdrawal rates are higher than assumed withdrawal rate assumption than the
Gratuity Benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are vested as
at the resignation date.

Investment risk:

For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the
fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future
discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes in
the discount rate during the inter-valuation period.

Liquidity risk:

Employees with high salaries and long dL1rations or those higher in hierarchy, accumulate significant level of benefits.
If some of such employees resign/retire from the Company there can be strain on the cash flows.

Market risk:

Market risk Is a collective term for risks that are related to the changes and fluctuations of the financial markets One actuarial
assumption that has a material effect is the discount rate. The discount rate reflects the time.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation
as it is unlikely that the changes in assumptions would occur in isolation of one another as some of the assumptions
may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been
calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in
calculating the defined benefit obligation liability recognized in the balance sheet.

(c) Employee Share based Payment Plan

The Company has the share option plan schemes for permanent employees of the Company in the identified grades of
employees for respective plans / schemes including any Director except promoter or independent Directors, nominee Directors
and non-executive Directors or a Director who either himself or through relatives or through anybody directly or indirectly
holds more than 10% of the outstanding equity shares of the parent Company.

[A] ADVAIT EMPLOYEE STOCK OPTION PLAN 2022 (ESOP 2022)

The award value shall be determined as percentage of Total Fixed Pay. The grant shall be at such price as may be determined
by the Committee and shall be specified in the Grant letter. The option shall not be transferable and can be exercised only
by the employees of the Company.

The number of options to be granted to each eligible employees is determined by dividing the Award Value (amount
equivalent to percentage of Annual Fix Pay) by the Fair Value of option provided. The Fair Value of option on the date of
each grant is determined by using Black Scholes model.

The acquisitions provide the Company with expansion into strategic business segments, enabling operational synergies and market
diversification.

The financial results of each subsidiary have been consolidated from their respective acquisition dates, and all interCompany
transactions and balances have been eliminated upon consolidation.

During the year, the Company's equity interest in its subsidiary Advait Greenergy Private Limited was reduced as a result of a fresh
issue of equity shares by the subsidiary to outside investors. Prior to the issue, the Company held 76.31% of the equity share capital,
which reduced to 66.91% following the allotment of new shares. Despite the dilution, the Company continues to retain control over
Advait Greenergy Private Limited, and accordingly, it remains consolidated in the financial statements. In accordance with Ind AS 110
Consolidated Financial Statements, such a transaction is treated as an equity transaction since control is retained.

42 CONTINGENT LIABILITIES AND COMMITMENTS

The Company's pending litigations comprise mainly claims against the Company, property disputes, proceedings pending with Tax
and other Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions,
wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements.

Note :

1 The total amount of Claims against the group not acknowledged as debts include ' 14.16 lakh from the service tax department
and ' 397.68 lakh from the Office of the Commissioner of Customs (SN-V). This demand include the Interest & Penalty till the
demand notice received. Corporate guarantee of ' 2000 lakh given to ICICI bank on behalf of its Subsidary and The Company
has provided contract performance guarantees in favour of customers amounting to ? 2,065.71 lakh (? 20.66 crore) as at 31
March 2025. These guarantees are contingent upon the non-fulfilment of contractual obligations by the Company.

2 The contingent liabilities amount to ' 15,211 lakh, comprising ' 3,739 lakh in letters of credit and bill payments, and ' 11,472 lakh
in bank guarantees provided to various customers by the Company.

3 In the previous year's financial statements, a disputed income tax demand of ? 11.96 lakh was disclosed under "Disputed Demand

of Income-tax" in the contingent liabilities note. During the current year, the Company has paid the said demand, and the matter
fully settled. Accordingly, no amount is disclosed under contingent liabilities in respect of this matter as at 31 March 2025.

43 THE COMPANY HAS GIVEN LOANS TO ITS SUBSIDIARY COMPANIES AS UNDER

(a) Dislousre under Regulation 34(3) read with para A of Schedule V of Securities and Exchanges Board of India (SEBI) (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (as amended from time to time):

46 FINANCIAL INSTRUMENT AND RISK MANAGEMENT
(a) Capital management

The Company manages its capital structure in manner to ensure that it will be able to continue as going concerns while
maximizing the return to stakeholders through the optimization of the debt and equity balance.

The Company's capital structure is represented by equity (comprising issued capital, retained earnings and other reserves as
detailed in notes 14 and 15) and debt (borrowings as detailed in note 22).

The Company's management reviews the capital structure of the Company on an annual basis. As part of this review, the
management considers the cost of capital and the risks associated with each class of capital. The Company's plan is to ensure
that the gearing ratio (debt equity ratio) is well within the limit of 2:1. The Company review dividend policy from time to time.

Notes

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fa ir value that are either observable
or unobservable and consists of the following three levels:

Level 1: Inputs are Quoted (unadjusted) market prices in active markets for identical assets or liabilities. This includes quoted
equity instruments, investments in mutual funds that have quoted price.

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable. This includes unquoted floating and fixed rate borrowing.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
This includes unquoted equity shares, loans, security deposits, investments in Debentures, floating rate borrowings.

(d) Fair value of financial assets and liabilities measured at amortized cost

The Management has assessed that fair value of loans, trade receivables. cash and cash equivalents, other bank balances, other
financial assets, trade payables and other financial liabilities approximate their carrying amounts largely due to their short-term
nature. Difference between carrying amount of Bank deposits, other financial assets, borrowings and other financial liabilities
subsequently measure significant in each of the years presented.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair.

(e) Financial risk management

The Company's board of Directors has overall responsibility for the establishment and oversight of the Company's risk
management framework. The board has established the key management personnel, which is responsible for developing and
monitoring the Company's risk management policies. The key management personnel holds regular meetings and report to
board on its activities.

The Company's risk management policies are established to identify and analysis the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are
reviewed regularly to reflect changes in market conditions and the Company's activities. The Company, through its training
and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all
employees understand their roles and obligations.

The board of Directors oversees the following risk how key management personnel monitor compliance with the Company's
risk management polices and procedures;

(A) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market prices.

Market risk comprises of currency risk, interest rate risk and price risk. Financial instruments affected by market risk include
loans and borrowings, trade receivables and trade payables involving instruments affected by market risk include loans
and borrowings, trade receivables and trade payables involving foreign currency exposure. The sensitivity analyses in the
following sections relate to the position as at March 31, 2025 and March 31, 2024.

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

(i) Foreign currency exchange rate risk

Foreign currency risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rate. The Company is exposed to foreign currency risk due to import of materials.
The Company measures risk through sensitivity analysis.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of change in market interest rates. The Company's exposure to the risk of changes in market interest rates relates
primarily to the Company's debt obligations with floating interest rates. As the Company has certain debt obligations
with floating interest rates, exposure to the risk of changes in market interest rates are dependent of changes in
market interest rates. Management monitors the movement in interest rate and, wherever possible, reacts to material
movements in such rates by restructuring its financing arrangement.

As the Company has no significant interest bearing assets, the income and operating cash flows are substantially
independent of changes in market interest rates.

(B) Credit Risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge
an obligation. Credit risk encompasses both, the direct risk of default and the risk of deterioration of credit worthiness.

Credit risk arises primarily from financial assets such as trade receivables, investments in mutual funds, cash and cash
equivalent and other balances with banks.

In respect of trade receivables, credit risk is being managed by the Company through credit approvals, establishing
credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms
in the normal course of business. All trade receivables are also reviewed and assessed for default on a regular basis.
The concentration of credit risk is limited due to the fact that the customer base is large.

(C) Liquidity risk

(i) Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of
funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature
of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.

(ii) Management monitors rolling forecasts of the Company liquidity position and cash and cash equivalents on the basis
of expected cash flows. The Company takes into account the liquidity of the market in which it operates. In addition,
the Company's liquidity management policy involves projecting cash flows in major currencies and considering the
level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external
regulatory requirements and maintaining debt financing plans

Maturities of financial liabilities:

The tables below analyse the Company's financial liabilities into relevant maturity groupings based on their contractual
maturities for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted
cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant

48 CODE ON SOCIAL SECURITY, 2020

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. The Company will assess the impact of the Code when it comes into

effect and will record any related impact after the code become effective.

49 OTHER DISCLOSURES

a) No proceedings have been initiated on or are pending against any of the entities in the Company for holding benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

b) None of the entities in the Company have been declared wilful defaulter by any bank or finanacial institution or government
or any government authority.

c) The Company has not traded or invested in crpto currency or virtual currency during the current or pervious year.

d) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

e) There is no income surrendered or disclosed as income during the current or pervious year in the tax assessments under
the Income Tax Act, 1961 that has not been recorded in the books of account.

f) The Company has not revalued its property, plant and equipment (including right-to-use assets) or intangible assets or
both during the current or pervious year.

g) The borrowings obtained by the Company from banks and financial institutions have been applied for the purposes for
which such loans were taken.

h) There are no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period.

50 REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES:

There are certain charges which are historical in nature, and it involves practical challenges in obtaining no-objection certicates
(NOCs) and/or getting requisite formalities completed towards charge satisfaction from the charge holders ofsuch charges, despite
repayment of the underlying loans. The Company is in the continuous process of getting the charge satisfaction e-form led and
processed with MCA, within the timelines,

51 UTILISATION OF BORROWINGS AVAILED FROM BANKS AND FINANCIAL INSTITUTIONS

The borrowings obtained by the Company from banks and nancial institutions have been applied for the purposes for which such
loans were taken.

52 UNDISCLOSED INCOME:

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income
Tax Act, 1961, that has not been recorded in the books of account.

53 The Board of Directors have recommended a dividend of ' 1.75 per equity share for the financial year 2024-25, subject to
approval by shareholders at the Annual General Meeting and if approved, would result in cash outflow of ' 191.49 Lakh,
which has not been included as liability in these standalone financial statements.

54 The financial statement were approved for issue by the Board of Directors on 12^th May, 2025.

55 Previous year's figure have been regroup and rearranged, whenever necessary.

Signatures to Notes 1 to 55 which form an integral part of financial statements.

In terms of our report of even date For and on behalf of the Board of Directors of

For V. Goswami & Co. ADVAIT ENERGY TRANSITIONS LIMITED

Firm Reg No. 128769W
Chartered Accountants

VIPUL GOSWAMI SHALIN SHETH REJAL SHETH DEEPA FERNANDES

Partner Managing Director Whole-time Director & Company Secretary

Membership No. 119809 DIN:02911544 Chief Financial Officer (PAN No. AOUPM6271R)

Place: Ahmedabad DIN:02911576

Date: 12^th May 2025