xii. Provisions and Contingent liabilities:

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.

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.

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed by
the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the
Company or a present obligation that is not recognized
because it is not probable that an outflow of resources
will be required to settle the obligation. A contingent
liability also arises in extremely rare cases where there
is a liability that cannot be recognized because it cannot
be measured reliably. The Company does not recognize a
contingent liability but discloses its existence in the
financial statements.

xiii. Retirement and other employee benefits

Retirement benefit in the form of provident fund is a
defined contribution scheme. The Company has no
obligation, other than the contribution payable to the
provident fund. The Company recognizes contribution
payable to the provident fund scheme as an expense in
the statement of profit and loss.

Provisions for liabilities in respect of leave encashment
benefits and gratuity are made based on actuarial
valuation made by an independent actuary as on the
balance sheet date. The cost of providing benefits under
the defined benefit plan is determined using the projected
unit credit method.

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 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.

xiv. Earnings per share:

Basic earnings per share are calculated by dividing the
net profit or loss for the period attributable to equity
shareholders by the weighted average number of equity
shares outstanding during the period. The weighted
average numbers of equity shares outstanding during
the period are adjusted for events of bonus issue.

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

xv. Impairment of assets

As at each Balance Sheet date, the carrying amount of
assets is tested for impairment so as to determine the
provision for impairment loss, if any, required or the
reversal, if any, required of impairment loss recognized
in previous periods. Impairment loss is recognized when
the carrying amount of an asset exceeds its recoverable
amount.

xvi. Leases

The Company evaluates if an arrangement qualifies to
be a lease as per the requirements of Ind AS 116.
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 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 revises the lease
term if there is a change in the non-cancellable period of
a lease. The discount rate is generally based on the
incremental borrowing rate specific to the lease being
evaluated or for a portfolio of leases with similar
characteristics.

xvii. Current versus non-current classification

The Company presents assets and liabilities in the
balance sheet based on current/ non-current
classification. An asset is treated as current when it is:

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

b. Held primarily for the purpose of trading, or

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

All other assets are classified as non-current.

A liability is current when:

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

b. It is held primarily for the purpose of trading, or

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

The Company classifies all other liabilities as non¬
current.

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

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

Transition to Ind AS 116 - Leases - effective April 1, 2019, the Company has adopted Ind AS 116, 'Leases'. Ind AS 116
introduces a single lease accounting model and requires a lessee to recognise Right-of-Use assets and lease liabilities for
all leases with a term of more than 12 months, unless the underlying asset is of low value. The company has used the
'modified retrospective approach' from transition from previous standard -Ind AS 17, and consecutively comparatives for
previous periods have been retrospectively adjusted. On transition, the company records the lease liability at the present
value of future lease payments discounted using the incremental borrowing rate and has also chosen the practical
expedient provided in the standard to measure the right-of-use at the same value as the lease liability. The effect of Ind AS
116 on profit for current year is not material.

10. During the year, the company has received its Share of Profits from its Subsidiary LLPs. This income is recognised as and
when the right to receive is established.

11. During the year ended March 31, 2022, the company had allotted 2,00,00,000 (Two Crore) Warrants of the face value of
Rs. 51/- (Rupees Fifty-One only) each at par, for cash, for an aggregate amount of Rs. 1,020 Mn, in dematerialised form.
During the year ended March 31, 2023, out of the total outstanding warrants, 32,00,000 warrants were converted into
32,00,000 equity shares of the face value of Rs. 10/- each at a premium of Rs. 41/- per share. Further, during the previous
year ended March 31, 2024, the company converted 1,68,00,000 warrants into 1,68,00,000 equity shares of the face
value of Rs.10/ at a premium of Rs. 41/- per share.

During the current year, the company has raised funds through preferential issue of 2,43,24,313 equity shares issued at
a premium of Rs.64 per share. The total amount received during the period from preferential issue is Rs.1799.99 Mn.

12. During the year, the company has provided for Impairment Loss of Rs.7.60 Mn on Inter Corporate Deposit given to its
Subsidiary company REL Wardha Solar Project 3 Private Limited.

13. During the previous year, the company has sold the shares held in its Associate company REL - Marine Infra Private Limited
(Formerly Known as REL Marinetek Infra Pvt. Ltd.) and also recovered the Inter Corporate Deposit. This has resulted in
reversal of the Impairment loss which was booked in the Previous year of Rs.9.69 Mn.

14. Exceptional item includes amount of ' 145.33 Mn of loan and investment written off on account of voluntary liquidation
of the foreign subsidiary Renuka Energy Resource Holdings (FZE).The Company has received closure certificate dated 21st
April 2025 from Government of Sharjah, SAIF ZONE confirming the liquidation.

During the year, the company has earned a Net profit of Rs.91.54 Mn by sale of equity shares of its subsidiary companies.
The same has been shown under exceptional item.

During the year, the company has impaired its investments in LLPs to the tune of Rs.10.84 Mn and the same is shown under
exceptional item.

15. The Company, in its Nomination & Remuneration Committee of Directors meeting held on 10th January 2025 has approved
the grant of 10,67,301 (Ten Lakh-Sixty Seven Thousand-Three Hundred One) employee stock options to the eligible employees
under the 'Ravindra Energy Employees Stock Option Scheme 2022' ("REL ESOP Scheme 2022" or "Plan") to eligible employees
with grant date as 15^th of January 2025. Further, the "REL ESOP Scheme 2022" was approved by the Board of Directors on
15^th January 2025. Under the scheme, each option upon exercise would be entitled for allotment of one equity share of face
value INR 10 each of the Company. 25% of the stocks will be vested after 1 year and balance 75% will be vested after 2
years. All the vested options shall be exercised by the eligible employees within 10 years from the date of respective
vesting. With respect to the scheme, the Company has accounted the required entries with compliance with Ind AS 102
Share based payment.

18. Trade Receivables, Trade Payables and all Advance accounts are subject to confirmation.

19. Previous year figures have been regrouped and reclassified wherever necessary.

To be read with our report of even date

For P. Ishwara Bhat & Co., ^{For and on behalf of the Board}

Chartered Accountants
Firm Reg. No - 001156S

Sd/- Sd/- Sd/-

P. Ishwara Bhat Vidya Murkumbi Shantanu Lath

Partner Executive Chairperson Whole Time Director

Membership No - 019716 DIN: 00007588 DIN: 07876175

Sd/- Sd/-

Vikas Pawar Madhukar Shipurkar

Place : Mumbai Chief Financial Officer Company Secretary

Date : May 27, 2025 ACS: 64947