l. Provisions and contingent liabilities
General

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation and a reliable estimate can be
made of the amount of the obligation. When the
Company expects some or all of a provision to be
reimbursed, for example, under an insurance contract,
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.

If 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 is recognised
as a finance cost.

If the Company has a contract that is onerous, the
present obligation under the contract is recognised and
measured as a provision. However, before a separate
provision for an onerous contract is established, the
Company recognises any impairment loss that has
occurred on assets dedicated to that contract.

An onerous contract is a contract under which the
unavoidable costs (i.e., the costs that the Company
cannot avoid because it has the contract) of meeting
the obligations under the contract exceed the economic
benefits expected to be received under it. The
unavoidable costs under a contract reflect the least net
cost of exiting from the contract, which is the lower of
the cost of fulfilling it and any compensation or penalties
arising from failure to fulfil it. The cost of fulfilling a
contract comprises the costs that relate directly to the
contract (i.e., both incremental costs and an allocation
of costs directly related to contract activities).

Contingent liability is-

(i) a possible obligation arising 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, or

(ii) a present obligation that arises from past events
but is not recognized because

- it is not probable that an outflow of resources
embodying economic benefits will be required
to settle the obligation, or

- the amount of the obligation cannot be
measured with sufficient reliability.

The Company does not recognize a contingent
liability but discloses its existence and other required
disclosures in notes to the financial statements, unless
the possibility of any outflow in settlement is remote.

Provisions and contingent liability are reviewed at
each reporting date.

m. Retirement and other employee benefits

Retirement benefit in the form of provident fund
and pension fund are defined contribution scheme.
The Company has no obligation, other than the
contribution payable. The Company recognizes
contribution payable to provident fund and pension
fund as expenditure, when an employee renders the
related service. If the contribution payable to the
scheme for service received before the balance sheet
date exceeds the contribution already paid, the deficit
payable to the scheme is recognized as a liability
after deducting the contribution already paid. If the
contribution already paid exceeds the contribution
due for services received before the balance sheet
date, then excess is recognized as an asset to the
extent that the pre-payment will lead to, for example,
a reduction in future payment or a cash refund.

Accumulated leave, which is expected to be utilized
within the next twelve months, is treated as short¬
term employee benefit. The Company measures the
expected cost of such absences as the additional
amount that it expects to pay as a result of the
unused entitlement that has accumulated at the
reporting date. The Company recognizes expected
cost of short-term employee benefit as an expense,
when an employee renders the related service.

The Company treats accumulated leave expected to
be carried forward beyond twelve months, as long¬
term employee benefit for measurement purposes.
Such long-term compensated absences are provided
for based on the actuarial valuation using the
projected unit credit method at the reporting date.
Actuarial gains/losses are immediately taken to the
statement of profit and loss and are not deferred.
The obligations are presented as current liabilities
in the balance sheet if the entity does not have an
unconditional right to defer the settlement for at
least twelve months after the reporting date.

The Company presents the leave as a current liability
in the Ind AS balance sheet, to the extent it does not
have an unconditional right to defer its settlement for
twelve months after the reporting date.

The cost of providing benefits under the defined
benefit plan is determined using the projected unit
credit method using actuarial valuation to be carried
out at each balance sheet date.

Re-measurements, comprising of actuarial gains
and losses, the effect of the asset ceiling, excluding
amounts included in net interest on the net defined
benefit liability and the return on plan assets (excluding
amounts included in net interest on the net defined
benefit liability), are recognised immediately in the Ind
AS balance sheet with a corresponding debit or credit
to retained earnings through OCI in the period in which
they occur. Re-measurements are not reclassified to
profit or loss in subsequent periods.

Past service costs are recognised in profit or loss on
the earlier of:

a) The date of the plan amendment or curtailment,
and

b) The date that the Company recognises related
restructuring costs

Net interest is calculated by applying the discount
rate to the net defined benefit liability or asset. The
Company recognises the following changes in the
net defined benefit obligation as an expense in the
statement of profit and loss:

a) Service costs comprising current service costs,
past-service costs, gains and losses on curtailments
and non-routine settlements; and

b) Net interest expense or income.

n. Financial instruments

Financial assets and financial liabilities are recognised
when the Company becomes a party to the contract
embodying the related financial instruments. All
financial assets, financial liabilities and financial
guarantee contracts are initially measured at
transaction cost and where such values are different
from the fair value, at fair value. Transaction costs that
are directly attributable to the acquisition or issue of
financial assets and financial liabilities (other than
financial assets and financial liabilities at fair value
through profit and loss) are added to or deducted
from the fair value measured on initial recognition of
financial asset or financial liability. Transaction costs
directly attributable to the acquisition of financial
assets and financial liabilities at fair value through
profit and loss are immediately recognised in the
statement of profit and loss.

Financial assets are classified, at initial recognition,
as subsequently measured at amortised cost and
fair value through profit or loss. The classification of
financial assets at initial recognition depends on the
financial asset's contractual cash flow characteristics
and the Company's business model for managing
them. With the exception of trade receivables that
do not contain a significant financing component
or for which the Company has applied the practical
expedient, the Company initially measures a
financial asset at its fair value plus, in the case of a
financial asset not at fair value through profit or
loss, transaction costs. Trade receivables that do
not contain a significant financing component or
for which the Company has applied the practical
expedient are measured at the transaction price as
disclosed in section 2.3.(c) Revenue recognition.

In order for a financial asset to be classified and
measured at amortised cost, it needs to give rise to
cash flows that are 'solely payments of principal and
interest (SPPI)' on the principal amount outstanding.
This assessment is referred to as the SPPI test and
is performed at an instrument level. Financial assets
with cash flows that are not SPPI are classified
and measured at fair value through profit or loss,
irrespective of the business model.

Effective interest method

The effective interest method is a method of
calculating the amortised cost of a financial instrument
and of allocating interest income or expense over
the relevant period. The effective interest rate is the
rate that exactly discounts future cash receipts or
payments through the expected life of the financial
instrument, or where appropriate, a shorter period.

(i) Financial assets

Financial assets at amortised cost

Financial assets are subsequently measured at
amortised cost if these financial assets are held
within a business model whose objective is to hold
these assets 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. This category is the most
relevant to the Company. After initial measurement,
such financial assets are subsequently measured
at amortised cost using the effective interest rate
(EIR) method and are subject to impairment as per

the accounting policy applicable to 'Impairment
of financial assets.' Amortised 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 amortisation is included in other
income in the profit or loss. The losses arising from
impairment are recognised in the profit or loss. The
Company's financial assets at amortised cost includes
trade receivables, cash and cash equivalents, other
bank balances and other financial assets. For more
information on financial assets, refer note 44.

Financial assets measured at fair value

Financial assets are measured at fair value through
other comprehensive income if these financial assets
are held within a business model whose objective is
to hold these assets in order to collect contractual
cash flows and to sell these 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.

Financial asset not measured at amortised cost or
at fair value through other comprehensive income is
carried at fair value through the statement of profit
and loss.

For financial assets maturing within one year from
the balance sheet date, the carrying amounts
approximate fair value due to the short maturity of
these instruments.

Impairment of financial assets

Loss allowance for expected credit losses is recognised
for financial assets measured at amortised cost and
fair value through the statement of profit and loss.

The Company recognises impairment loss on trade
receivables using expected credit loss model, which
involves use of provision matrix constructed on the
basis of historical credit loss experience as permitted
under Ind AS 109 - Financial Instruments.

For financial assets whose credit risk has not
significantly increased since initial recognition,
loss allowance equal to twelve months expected
credit losses is recognised. Loss allowance equal
to the lifetime expected credit losses is recognised
if the credit risk on the financial instruments has
significantly increased since initial recognition.

For financial assets maturing within one year from
the balance sheet date, the carrying amounts

approximates fair value due to the short maturity of
these instruments.

De-recognition of financial assets

The Company de-recognises a financial asset only
when the contractual rights to the cash flows from
the financial asset expire, or it transfers the financial
asset and the transfer qualifies for de-recognition
under Ind AS 109.

If the Company neither transfers nor retains
substantially all the risks and rewards of ownership
and continues to control the transferred asset, the
Company recognises its retained interest in the assets
and an associated liability for amounts it may have to
pay.

If the Company retains substantially all the risks and
rewards of ownership of a transferred financial asset,
the Company continues to recognise the financial
asset and also recognises a collateralised borrowing
for the proceeds received.

On de-recognition of a financial asset in its entirety, the
difference between the carrying amount measured
at the date of de-recognition and the consideration
received is recognised in statement of profit or loss.

(ii) Financial liabilities and equity instruments

Classification as debt or equity

Financial liabilities and equity instruments issued
by the Company are classified according to the
substance of the contractual arrangements entered
into and the definitions of a financial liability and an
equity instrument.

Equity Instruments

An equity instrument is any contract that evidences
a residual interest in the assets of the Company after
deducting all of its liabilities. Equity instruments are
recorded at the proceeds received, net of direct
issue costs.

Financial Liabilities

Financial liabilities are initially measured at fair
value, net of transaction costs, and are subsequently
measured at amortised cost, using the effective
interest rate method where the time value of money
is significant. Interest bearing bank loans, overdrafts
and issued debt are initially measured at fair value and
are subsequently measured at amortised cost using
the effective interest rate method. Any difference

between the proceeds (net of transaction costs)
and the settlement or redemption of borrowings is
recognised over the term of the borrowings in the
statement of profit and loss.

For trade and other payables maturing within one year
from the balance sheet date, the carrying amounts
approximate fair value due to the short maturity of
these instruments.

a) De-recognition

A financial liability is derecognised when the obligation
under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced
by another from the same lender on substantially
different terms, or the terms of an existing liability
are substantially modified, such an exchange or
modification is treated as the de-recognition of the
original liability and the recognition of a new liability.
The difference in the respective carrying amounts is
recognised in the statement of profit and loss.

b) Supplier finance arrangements

The Company has established supplier finance
arrangements [Refer Note 20(b)]. The Company
evaluates whether financial liabilities covered such
arrangements continue to be classified within
trade payables, or they need to be classified as a
borrowing or as part of other financial liabilities/ as
a separate line item on the face of the balance sheet.
Such evaluation requires exercise of judgment basis
specific terms of the arrangement.

The Company classifies financial liabilities covered
under supplier finance arrangement within trade
payables in the balance sheet only if (i) the obligation
represents a liability to pay for goods and services,

(ii) is invoiced and formally agreed with the supplier,

(iii) is part of the working capital used in its normal
operating cycle, (iv) the company is not legally
released from its original obligation to the supplier,
and has not assumed a new obligation toward the
bank, and another party (iv) there is no substantial
modification to the terms of the liability.

If one or more of the above criteria are met, the
Company derecognises its original liability toward
the supplier and recognise a new liability toward
the bank which is classified as bank borrowing or
other financial liability, depending on factors such
as whether the Company (i) has obligation toward
bank, (ii) is getting extended credit period such that
obligation is no longer part of its working capital

cycle, (iii) is paying interest directly or indirectly, (iv)
has provided guarantee or security, and/ or (v) is
recognized as borrower in the bank books.

Cash flows related to liabilities arising from supplier
finance arrangements that continue to be classified
in trade payables in the balance sheet are included
in operating activities in the statement of cash flows,
when the Company finally settles the liability.

In cases, where the Company has derecognised its
original liability toward the supplier and recognise
a new liability toward the bank, the Company has
assessed that the bank is acting as its agent in making
payment to the supplier. Accordingly, the Company
presents operating cash outflow and financing cash
inflow, when bank made payment to the supplier. The
payment made by the Company to the bank toward
interest, if any, as well as on settlement is presented
as financing cash outflow.

Off-setting of financial instruments

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

o. Cash and cash equivalents

Cash and cash equivalent in the Ind AS balance sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months or
less that are readily convertible to a known amount of
cash and 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, as they are considered an
integral part of the Company's cash management.

p. Dividend

The Company recognises a liability to pay dividend
to equity holders of the parent when the distribution
is authorised, and the distribution is no longer at
the discretion of the Company. As per the corporate
laws in India, a distribution is authorised when it is
approved by the shareholders. A corresponding
amount is recognised directly in equity. Final
dividends on shares are recorded as a liability on
the date of approval by the shareholders and interim
dividends are recorded as a liability on the date of
declaration by the Company's Board of Directors.

q. Foreign currencies

The Ind AS financial statements are presented in INR,
which is also the Company's functional currency.

Transactions in foreign currencies are initially recorded
at functional currency spot rates at the date the
transaction first qualifies for recognition. However, for
practical reasons, the Company uses average rate if the
average approximates the actual rate at the date of the
transaction.

Monetary assets and liabilities denominated in foreign
currencies are translated at the functional currency
spot rates of exchange at the reporting date.

Exchange differences arising on settlement or
translation of monetary items are recognised in profit
or loss.

Non-monetary items that are measured in terms of
historical cost in a foreign currency are translated using
the exchange rates at the dates of the initial transactions.
Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the
date when the fair value is determined. The gain or loss
arising on translation of non-monetary items measured
at fair value is treated in line with the recognition of the
gain or loss on the change in fair value of the item (i.e.,
translation differences on items whose fair value gain
or loss is recognised in OCI or profit or loss are also
recognised in OCI or profit or loss, respectively).

Exchange differences arising on the retranslation or
settlement of other monetary items are included in the
statement of profit and loss for the period.

r. Corporate social responsibility (‘CSR’) expenditure

The Company charges its CSR expenditure during the
year to the statement of profit and loss.

s. Earnings per share

Basic earnings per share is calculated by dividing the net
profit or loss attributable to equity holder of the Company
by the weighted average number of equity shares
outstanding during the period. Partly paid equity shares
are treated as a fraction of an equity share to the extent
that they are entitled to participate in dividends relative to
a fully paid equity share during the reporting period.

For the purpose of calculating diluted earnings per
share, the net profit or loss for the period attributable
to equity shareholders of the parent Company and the
weighted average number of shares outstanding during
the period are adjusted for the effects of all dilutive
potential equity shares.

t. Events after the reporting period

If the Company receives information after the reporting
period, but prior to the date of approved for issue,
about conditions that existed at the end of the reporting
period, it will assess whether the information affects
the amounts that it recognises in its Ind AS financial
statements. The Company will adjust the amounts
recognised in its financial statements to reflect any
adjusting events after the reporting period and update
the disclosures that relate to those conditions in light
of the new information. For non-adjusting events after
the reporting period, the Company will not change the
amounts recognised in its Ind AS financial statements,
but will disclose the nature of the non-adjusting event
and an estimate of its financial effect, or a statement
that such an estimate cannot be made, if applicable.

2.4 Standard notified but not yet effective

(i) Amendments to Ind AS 21 - Lack of exchangeability

The MCA notified amendments to Ind AS 21 The effects
of changes in foreign exchange rates to specify how an
entity should assess whether a currency is exchangeable
and how it should determine a spot exchange rate
when exchangeability is lacking. The amendments also
require disclosure of information that enables users
of its Ind AS financial statements to understand how
the currency not being exchangeable into the other
currency affects, or is expected to affect, the entity's
financial performance, financial position and cash flows.

The amendments are effective for annual reporting
periods beginning on or after 1 April 2025. When
applying the amendments, an entity cannot restate
comparative information.

The amendments are not expected to have a material
impact on the Company's Ind AS financial statements.

2.5 Climate - related matters

The Company considers climate-related matters in
estimates and assumptions, where appropriate. This
assessment includes a wide range of possible impacts
on the Company due to both physical and transition
risks. Even though the Company believes its business
model and products will still be viable after the transition
to a low-carbon economy, climate-related matters
increase the uncertainty in estimates and assumptions
underpinning several items in the Ind AS financial
statements. Even though climate-related risks might not
currently have a significant impact on measurement, the
Company is closely monitoring relevant changes and
developments, such as new climate-related legislation.

35 Income tax

The Company is subject to income tax in India on the basis of Ind AS financial statements. Business loss can be carried forward
for a maximum period of eight assessment years immediately succeeding the assessment year to which the loss pertains.
Unabsorbed depreciation can be carried forward for an indefinite period.

Pursuant to the Taxation Law (Amendment) Ordinance, 2019 (‘Ordinance') issued by Ministry of Law and Justice (Legislative
Department) on September 20, 2019 which is effective from April 1, 2019, domestic companies have the option to pay income tax
at 22% plus applicable surcharge and cess (‘new tax regime') subject to certain conditions. The Company based on the current
projections has chosen to adopt the reduced rates of tax as per the Income Tax Act, 1961 from the financial year 2020-21 and
accordingly the Company has accounted deferred tax asset based on the reduced applicable tax rates.

36 Earnings per share (‘EPS’)

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity shareholders of the Company by the
weighted average number of equity shares outstanding during the year. Partly paid equity shares are treated as a fraction of
an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the
reporting period.

Diluted EPS amounts are calculated by dividing the profit attributable to equity shareholders by the weighted average number
of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on
conversion of all the dilutive potential equity shares into equity shares.

Notes:

i) Plan assets are fully represented by balance with the ICICI Prudential Life Insurance Company Limited

ii) The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan

assets held, assessed risks of asset management, historical results of the return on plan assets and the Company's policy for
plan asset management.

iii) The estimate of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and
other relevant factors such as supply and demand factors in the employment market.

iv) Plan Characteristics and Associated Risks: The Gratuity scheme is a Defined Benefit Plan that provides for a lump sum
payment made on exit either by way of retirement, death or disability. The benefits are defined on the basis of final salary
and the period of service and paid as lump sum at exit. The Plan design means the risks commonly affecting the liabilities
and the financial results are expected to be:

a. Discount rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond

yields fall, the defined benefit obligation will tend to increase

b. Salary inflation risk : Higher than expected increases in salary will increase the defined benefit obligation

c. Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality,

withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight
forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to
overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs
less per year as compared to a long service employee.

39 Leases

I. Company as a lessee

The Company has lease contracts for its factories and offices used in its operations. These leases generally have
lease terms between 11 months and 20 years. The Company's obligations under its leases are secured by the
lessor's title to the leased assets. Generally, the Company is restricted from assigning and subleasing the leased
assets. There are several lease contracts that include extension and termination options at mutual consent.

The Company has lease contracts for its factory land. These leases generally have lease terms between 10 years
and 99 years. The Company's obligations under its leases are secured by the lessor's title to the leased assets.
The Company has lease contracts that include extension and termination options. The Company applies judgement
in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease.
That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or
termination. After the commencement date, the Company reassesses the lease term if there is a significant event
or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option
to renew or to terminate (e.g., construction of significant leasehold improvements or significant customisation to
the leased asset).

The Company applies the 'short-term lease' and 'lease of low-value assets' recognition exemptions for certain
leases.

b. Contingent liabilities

In the ordinary course of business, the Company faces claims and assertions by various parties. The Company assesses
such claims and assertions and monitors the legal environment on an ongoing basis with the assistance of external
legal counsel, wherever necessary. The Company records a liability for any claims where a potential loss is probable and
capable of being estimated and discloses such matters in its financial statements, if material. For potential losses that are
considered possible, but not probable, the Company provides disclosure in the financial statements but does not record
a liability in its accounts unless the loss becomes probable.

* The aforementioned amounts under disputes are as per the demands from various authorities for the respective periods
and has not been adjusted to include further interest and penalty leviable, if any, at the time of final outcome of the appeals.

(A) During October 2020, the Company received summons from Directorate of Revenue Intelligence (DRI), Indirect Taxes
with respect to enquiry under the Customs Act, 1962 regarding valuation of certain goods imported by the Company.
The Company had received demand order amounting to ' 1,271.05 million (including fine and penalty ' 896.97 million)
from Commissioner of Customs against such matter. The Company had filed an appeal against the aforesaid demand
before Customs, Excise and Service Tax Appellate Tribunal (CESTAT). During the year ended March 31, 2024, the
Company had received a favourable order from CESTAT against the aforesaid matter. The Commissioner of Customs
appealed to the Supreme Court which was dismissed by the Supreme Court during the year ended March 31, 2025
citing concurrence with the view taken by the Tribunal.

(ii) The Hon'ble High Court of Karnataka, based on a preliminary hearing of writ petition filed by the Karnataka Employers'
Association, of which, the Company is a Member, on February 02, 2016, has stayed the retrospective applicability of
The Payment of Bonus (Amendment) Act, 2015 from April 01, 2014. The Hon'ble High Court has further ordered that the
amended provision shall be implemented effective from FY 2015-16 pending disposal of the writ petition.

(iii) The Company has certain disputes pertaining to customers, vendors and employee related matters which the
management is contesting before various forums. The management does not expect any adverse financial implications
in this regard.

(iv) 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. Certain
sections of the Code came into effect on May 03, 2023. However, the final rules/interpretation have not yet been issued.
Based on a preliminary assessment, the entity believes the impact of the change will not be significant.

(v) The Hon'ble Supreme Court of India in the month of February 2019 had passed a judgement relating to definition of
wages under the Provident Fund Act, 1952. The Management is of the view that there are interpretative challenges on
the application of the judgement retrospectively. Based on management assessment, the Company does not expect any
material impact of the said judgement.

(a) Information about reportable segments

“Basis of identifying operating segments / reportable segments:

(i) Basis of identifying operating segments:

Operating segments are identified as those components of the Company (a) that engage in business activities to earn
revenues and incur expenses (including transactions with any of the Company's other components); (b) whose operating
results are regularly reviewed by the Company's Chief Operating Decision Maker (CODM) to make decisions about resource
allocation and performance assessment and (c) for which discrete financial information is available. The accounting policies
consistently used in the preparation of financial statements are also applied to record revenue and expenditure in individ¬
ual segments. Assets, liabilities, revenues and direct expenses in relation to segments are categorised based on items that
are individually identifiable to that segment, while other items, wherever allocable, are apportioned to the segment on an
appropriate basis. Certain items are not specifically allocable to individual segments as the underlying services are used in¬
terchangeably. The Company therefore believes that it is not practical to provide segment disclosures relating to such items
and accordingly such items are separately disclosed as ‘unallocated'

(ii) Reportable segments:

An operating segment is classified as reportable segment if reported revenue (including inter-segment revenue) or absolute
amount of result or assets exceed 10% or more of the combined total of all the operating segments.”

The Company has one business unit based on its products and has one reportable segment. The Company's Board of Directors is
the Chief Operating Decision Maker (CODM). The Board monitors the operating results of its single business unit for the purpose
of making decisions about resource allocation and performance assessment. The following tables present revenue and non-cur¬
rent operating assets details of the Company for the year ended March 31, 2025 and March 31, 2024.

The preparation of the Company's Ind AS financial statements
requires management to make judgements, estimates and
assumptions that affect the reported amount of revenues,
expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Actual
results could differ from those estimates. 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.

The estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and
future periods affected.

Significant judgements and estimates relating to the
carrying values of assets and liabilities include impairment
of non financial assets, taxes, fair value measurement of
financial instruments, contingencies, defined benefit plans
(gratuity benefits), provision for inventory obsolescence,
leases - estimating the incremental borrowing rate, useful
life of assets considered for depreciation of property, plant
and equipments and provision for dealer incentive and
accrual for sales return.

(i) Estimates and assumptions:

The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next
financial year, are described below. The Company based
its assumptions and estimates on parameters available
when the Ind AS 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.

Impairment of non financial assets:

Determining whether property, plant and equipment and
capital work-in-progress are impaired requires an estimation
of the value in use of the respective asset or the relevant
cash generating units. The value in use calculation is based
on DCF model. Further, the cash flow projections are based
on estimates and assumptions which are considered as
reasonable by the management.

Taxes

Deferred tax assets are recognised for unused tax losses
to the extent that it is probable that taxable profit will be
available against which the same can be utilised. Significant

management judgement is 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. Refer
note 7 and 35 for further disclosures.

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
judgement is required in establishing fair values. Judgements
include considerations of inputs such as liquidity risk, credit
risk and volatility. Changes in assumptions about these factors
could affect the reported fair value of financial instruments.
Refer note 44 for further disclosures.

Contingencies

Contingent liabilities may arise from the ordinary course of
business in relation to claims against the Company, including
legal and contractual claims. By their nature, contingencies
will be resolved only when one or more uncertain future
events occur or fail to occur. The assessment of the existence,
and potential quantum, of contingencies inherently involves
the exercise of significant judgement and the use of
estimates regarding the outcome of future events. Refer
note 40 (b) for further disclosures.

Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and the
present value of the gratuity obligation are determined
using actuarial valuations. An actuarial valuation involves
making various assumptions that may differ from actual
developments in the future. These include the determination
of the discount rate, future salary increases and mortality
rates. Due to the complexities involved in the valuation
and its long-term nature, a defined benefit obligation
is highly sensitive to changes in these assumptions.
All assumptions are reviewed at each reporting date.
The parameter most subject to change is the discount rate. In
determining the appropriate discount rate for plans operated
in India, the management considers the interest rates of
government bonds where remaining maturity of such bond
correspond to expected term of defined benefit obligation.
The mortality rate is based on publicly available
mortality tables for India. Those mortality tables tend
to change only at interval in response to demographic
changes. Future salary increases and gratuity increases
are based on expected future inflation rates for India.
Further details about gratuity obligations are given in note 38.

Provision for inventory obsolescence

Inventory obsolescence provision are determined using
policies framed by the Company and in accordance with
the methodologies that the Company deems appropriate
to the business. Significant judgement is exercised in
identifying the slow-moving and obsolete inventories and
in assessing whether provision for obsolescence should be
recognized.

Leases - Estimating the incremental borrowing rate

The Company cannot readily determine the interest rate
implicit in the lease, therefore, it uses its incremental
borrowing rate (IBR) to measure lease liabilities. The IBR is
the rate of interest that the Company would have to pay to
borrow over a similar term, and with a similar security, the
funds necessary to obtain an asset of a similar value to the
right-of-use asset in a similar economic environment. The
IBR therefore reflects what the Company ‘would have to
pay', which requires estimation when no observable rates
are available or when they need to be adjusted to reflect the
terms and conditions of the lease. The Company estimates
the IBR using observable inputs (such as market interest
rates) when available and is required to make certain entity-
specific estimates.

Useful life of assets considered for depreciation of
property, plant and equipments

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.
The useful lives and residual values of Company‘s assets
are determined by management at the time the asset is
acquired and reviewed at each financial year end. The lives
are based on prior asset usage experience and the risk of
technological obsolescence.

Provision for dealer incentive and accrual for sales
return

The Company has various incentive schemes for its
retailers and distributors which are based on volume
of sales achieved during the stipulated period. The
estimate of sales likely to be achieved by each retailer
/ distributor is based on judgment, historic trends and
assessment of market conditions. The Company reviews
the trend at regular intervals and accordingly makes
a provision for such incentives at each reporting date.

The Company has contracts with customers which entitles
them the right to return. The Company makes provision for
such right to return, based on historic trends.

44 Disclosures on financial instruments

This section gives an overview of the significance of financial instruments of the Company and provides additional information on
balance sheet items that contain financial instruments.

The details of material accounting policies, including the criteria for recognition, the basis of measurement and the basis on which
income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are disclosed
in note 2.3(b) and 2.3(n), to the Ind AS financial statements.

(a) Financial assets and liabilities

The management assessed the trade receivables, trade payables, cash and cash equivalents, other bank balances, other financial
assets, borrowings, lease liabilities and other financial liabilities approximate their carrying amounts largely due to the short-term
maturities of these instruments.

Assumptions used in estimating fair value: The fair value of the financial assets and liabilities is 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.

The following tables presents the carrying value and fair value of each category of financial assets and liabilities as at March 31, 2025
and March 31, 2024:

(b) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped
into Level 1 to Level 3, as described below:

Quoted prices in an active market (Level 1): This level of hierarchy includes financial assets that are measured by reference to quoted
prices (unadjusted) in active markets for identical assets or liabilities.

Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured using
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).

Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities
measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in
part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in
the same instrument nor are they based on available market data.

(i) Short-term financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.

(ii) Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent limitations
in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not
necessarily indicative of the amounts that the Company could have realised or paid in sale transactions as of respective dates. As
such, fair value of financial instruments subsequent to the reporting dates may be different from the amounts reported at each
reporting date.

(iii) The Company does not have any Level 1 and Level 2 financial instruments, nor there have been no transfers between Level 1, Level 2
and Level 3 for the years ended March 31, 2024 and March 31, 2023.

(c) Financial risk management objectives and policies

The Company's principal financial liabilities comprise borrowings, lease liabilities, trade and other payables. The main purpose of these
financial liabilities is to finance the Company's operations. The Company's principal financial assets include trade receivables, other
financial assets and cash and bank balances derived from its operations.

In the course of its business, the Company is exposed primarily to fluctuations in foreign currency exchange rates, interest rates, equity
prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments. The Company has a risk management
policy which not only covers the foreign exchange risks but also other risks associated with the financial assets and liabilities such as
interest rate risks and credit risks. The risk management policy is approved by the Board of Directors. The risk management framework
aims to:

(i) create a stable business planning environment by reducing the impact of currency and interest rate fluctuations on the Company's
business plan.

(ii) achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.

Market risk

Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash flows that may result from a change in the
price of a financial instrument. The value of a financial instrument may change as a result of changes in interest rates, foreign currency
exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements cannot be normally
predicted with reasonable accuracy.

(a) Market risk - 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 changes in market
interest rates. The Company doesn not have significant exposure to the risk of changes in market interest rates as there are no
outstanding borrowings as at March 31, 2025 and March 31, 2024.

(b) Market risk- Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's
operating activities. The Company's exposure to foreign currency changes from financing activities, investing activities and other
currencies is not material. Currently, the Company does not enter into any derivative financial instruments to hedge its foreign
currency risk exposures.

The sensitivity analysis has been based on the composition of the Company's financial assets and liabilities at March 31, 2025 and
March 31, 2024. The period end balances are not necessarily representative of the average debt outstanding during the period.

Foreign currencies

USD = United States Dollar
EUR = EURO

(c) 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. Financial instruments that are subject to credit risk and concentration thereof principally consist of trade
receivables, cash and cash equivalents, and other financial assets of the Company.

The carrying value of financial assets represents the maximum credit risk. The maximum exposure to credit risk was ' 6,825.99
million and ' 5,035.37 million as at March 31, 2025 and March 31, 2024 respectively, being the total carrying value of trade
receivables, cash and cash equivalents, other bank balances and other financial assets.

With respect to trade receivables, the Company has constituted the terms to review the receivables on periodic basis and to
take necessary mitigations, wherever required. The Company creates allowance for all unsecured receivables based on lifetime
expected credit loss based on a provision matrix. The provision matrix takes into account historical credit loss experience and is
adjusted for forward looking information. Outstanding customer receivables are regularly monitored and major customers are
generally secured by obtaining security deposits/bank guarantee. The expected credit loss allowance is based on the ageing of
the receivables that are due and rates used in the provision matrix.

(d) Liquidity risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management
is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company has obtained fund
and non-fund based working capital limits from various banks. The Company invests its surplus funds in bank fixed deposits,
which carry no or low market risk.

The Company monitors its risk of shortage of funds on a regular basis. The Company's objective is to maintain a balance between
continuity of funding and flexibility through the use of bank overdrafts, bank loans, etc. The Company assessed the concentration
of risk with respect to refinancing its debt and concluded it to be medium.

The following table shows a maturity analysis of the anticipated cash flows including interest obligations for the Company's
financial liabilities on an undiscounted basis, which may differ from both carrying value and fair value.

46 Capital management

The Company's capital management is intended to create value for the shareholders by facilitating the meeting of long term and short term
goals of the Company.

The Company determines the amount of capital required on the basis of annual business plan coupled with long term and short term strategic
investment and expansion plans. The funding needs are met through equity, cash generated from operations and short term bank borrowings.

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all other equity reserves
attributable to the equity shareholders of the Company.

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. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net
debt. The Company's policy is to keep the gearing ratio at an optimum level to ensure that the debt related covenants are complied with.

In 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.

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

47 Other statutory information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

(ii) The Company does not have any transactions with struck off company under section 248 of Companies Act, 2013.

(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(iv) The Company has not traded or invested in Crypto currency or Virtual currency during the financial year.

(v) The Company has not advanced or loaned or invested funds to any other person or entity, including foreign entities (Intermediaries)
with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the

understanding (whether recorded in writing or otherwise) that the Company shall:

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

(vii) The Company has no such transaction which is not recorded in the books of accounts that has been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other
relevant provisions of the Income Tax Act, 1961.

48 MCA has amended the Rule 3 of the Companies (Accounts) Rules, 2014 (the "Accounts Rules”) vide notification dated August
05, 2022, relating to the mode of keeping books of account and other books and papers in electronic mode. Back-ups of the
books of account and other books and papers of the company maintained in electronic mode are now required to be retained
on a server located in India on daily basis (instead of back-ups on a periodic basis as provided earlier) as prescribed under
Rule 3(5) of the Accounts Rules. With respect to the above, the Company has complied with the aforesaid requirement except
for one application where the servers were located outside India.

49 The Company has used certain accounting softwares for maintaining its books of account which has a feature of recording audit
trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the softwares,
except that, audit trail feature is not enabled for certain changes made, if any, to data using privileged/ administrative access
rights in so far it relates to the aforesaid applications / underlying databases. Further, no instances of audit trail feature being
tampered with respect to the above accounting software has been noted. Additionally, the audit trail of the financial year
ended March 31, 2024 has been preserved by the Company as per the statutory requirements for record retention to the
extent it was enabled and recorded in the financial year except in the case of one application where the audit trail has not been
preserved by the company as per the statutory requirements for record retention.

50 Events after reporting period

The Board of Directors of the Company have declared interim dividend of ' 200 per equity share after the balance sheet date
at their meeting held on May 15, 2025. Refer note 16(b) for more details.

51 Previous year numbers have been reclassified/regrouped wherever necessary to confirm to current year classifications.

52 Certain amounts (currency value or percentages) shown in the various tables and paragraphs included in these Ind AS financial
statements have been rounded off or truncated as deemed appropriate by the management of the Company.

As per our report of even date

For S.R. BATLIBOI & ASSOCIATES LLP For and on behalf of the Board of Directors of

Chartered Accountants Page Industries Limited

ICAI Firm Registration No.: 101049W/E300004

per Sandeep Karnani Sunder Genomal Ganesh V S Karthik Yathindra

Partner Chairman Managing Director Chief Executive Officer

Membership number: 061207 DIN No.: 00109720 DIN No.: 07822261

Deepanjan Bandyopadhyay C Murugesh

Chief Financial Officer Company Secretary

Membership no.: A21787

Place: Bengaluru, India Place: Bengaluru, India

Date: May 15, 2025 Date: May 15, 2025