o) Provisions, Contingent Liabilities and Contingent
Assets

Provisions are recognised when the Company
has a present legal or constructive obligation as
a result of a past event and 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. Such provisions are determined based
on management estimate of the amount required to
settle the obligation at the balance sheet date. When
the Company expects some or all of a provision to
be reimbursed, the reimbursement is recognised as
a standalone asset only when the reimbursement is
virtually certain

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.

Contingent liabilities are disclosed on the basis of
judgment of management. These are reviewed at
each balance sheet date and are adjusted to reflect
the current management estimate

Contingent assets are not recognized but are
disclosed in the financial statements when inflow of
economic benefits is probable.

p) Impairment of non-financial assets - property,
plant and equipment and intangible assets

The Company assesses at each reporting date as to
whether there is any indication that any property,
plant and equipment and intangible assets or
group of assets, called cash generating units (CGU)
may be impaired. If any such indication exists the
recoverable amount of an asset or CGU is estimated
to determine the extent of impairment, if any. When
it is not possible to estimate the recoverable amount
of an individual asset, the Company estimates the
recoverable amount of the CGU to which the asset
belongs.

An impairment loss is recognised in the Statement of
Profit and Loss to the extent, asset's carrying amount
exceeds its recoverable amount. The recoverable
amount is higher of an asset's fair value less cost
of disposal and value in use. Value in use is based

on the estimated future cash flows, discounted to
their present value using pre-tax discount rate that
reflects current market assessments of the time
value of money and risk specific to the assets.

The impairment loss recognised in prior accounting
period is reversed if there has been a change in the
estimate of recoverable amount.

q) Share capital and share premium

Ordinary shares are classified as equity. Incremental
costs directly attributable to the issue of new shares
are shown in equity as a deduction, net of tax, from
the proceeds.

Par value of the equity share is recorded as share
capital and the amount received in excess of the par
value is classified as share premium

Treasury shares held in the Trust are deducted from
the equity.

r) Financial Instruments

i) Financial Assets

A. Initial recognition and measurement

All financial assets and liabilities are initially
recognized at fair value. Transaction
costs that are directly attributable to the
acquisition or issue of financial assets and
financial liabilities, which are not at fair
value through profit or loss, are adjusted
to the fair value on initial recognition.
Purchase and sale of financial assets are
recognised using trade date accounting.

B. Subsequent measurement

' Financial assets carried at amortised cost

A financial asset is measured at amortised
cost if it is held within a business model
whose objective is to hold the asset in order
to collect contractual cash flows and the
contractual terms of the financial asset give
rise on specified dates to cash flows that are
solely payments of principal and interest
on the principal amount outstanding.

Financial assets at fair value through
other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI
if it is held within a business model whose

objective is achieved by both collecting
contractual cash flows and selling financial
assets and the contractual terms of the
financial asset give rise on specified dates
to cash flows that are solely payments
of principal and interest on the principal
amount outstanding.

Financial assets at fair value through
profit or loss (FVTPL)

A financial asset which is not classified in
any of the above categories are measured
at FVTPL.

C. Investment in subsidiaries, Associates and
Joint Ventures

The Company has accounted for its
investments in subsidiaries, associates and
joint venture at cost.

D. Other Equity Investments

All other equity investments are measured
at fair value through Other Comprehensive
Income with value changes recognised therein.

E. Impairment of financial assets

In accordance with Ind AS 109, the Company
uses 'Expected Credit Loss' (ECL) model, for
evaluating impairment of financial assets other
than those measured at fair value through
OCI.

Expected credit losses are measured through a
loss allowance at an amount equal to:

The 12-months expected credit losses
(expected credit losses that result from those
default events on the financial instrument
that are possible within 12 months after the
reporting date); or

'- Full lifetime expected credit losses (expected
credit losses that result from all possible
default events over the life of the financial
instrument).

'For trade receivables Company applies
'simplified approach' which requires expected
lifetime losses to be recognised from initial
recognition of the receivables. The Company
uses historical default rates to determine
impairment loss on the portfolio of trade
receivables. At every reporting date these
historical default rates are reviewed and

changes in the forward looking estimates are
analysed.

ii) Financial Liabilities

A. Initial recognition and measurement

All financial liabilities are recognized at fair
value and in case of loans, net of directly
attributable cost. Fees of recurring nature
are directly recognised in the Statement of
Profit and Loss as finance cost.

'B. Subsequent measurement

Financial liabilities are carried at amortized
cost using the effective interest method.
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.

iii) Derivative financial instruments and Hedge
Accounting

The Company uses derivative financial
instruments such as interest rate swaps and
forward contracts to mitigate the risk of
changes in interest rates and exchange rates.
Such derivative financial instruments are
initially recognised at fair value on the date on
which a derivative contract is entered into and
are also subsequently measured at fair value.
Derivatives are carried as financial assets
when the fair value is positive and as financial
liabilities when the fair value is negative.

Any gains or losses arising from changes in
the fair value of derivatives are taken directly
to Statement of Profit and Loss, except for the
effective portion of cash flow hedges which is
recognised in Other Comprehensive Income
and later to Statement of Profit and Loss
when the hedged item affects profit or loss
or treated as basis adjustment if a hedged
forecast transaction subsequently results in
the recognition of a non-financial assets or
non-financial liability.

iv) Derecognition of financial instruments

The Company derecognizes a financial asset
when the contractual rights to the cash flows
from the financial asset expire or it transfers
the financial asset and the transfer qualifies
for derecognition under Ind AS 109. A financial

liability (or a part of a financial liability) is
derecognized from the Company's Balance
Sheet when the obligation specified in the
contract is discharged or cancelled or expires.

s) Earnings Per Share

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

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

t) Dividend Distribution

Dividend distribution to the Company's
shareholders is recognised as a liability in the
company's financial statements in the period in
which the dividends are approved by the Company's
shareholders.

u) Statement of Cash Flows

i) Cash and Cash equivalents

For the purpose of presentation in the
statement of cash flows, cash and cash
equivalents includes cash on hand, deposits
held at call with financial institutions, other
short-term, highly liquid investments with
original maturities of three months or less that
are readily convertible to known amounts of
cash and which are subject to an insignificant
risk of changes in value, and bank overdrafts.
However for Balance Sheet presentation, Bank
overdrafts are classified within borrowings in
current liabilities.

ii) Statement of Cash Flows is prepared in
accordance with the Indirect Method
prescribed in the relevant Accounting
Standard.

'v) Share Based Payment

Equity-settled share-based payments to employees
and others providing similar services are measured

at the fair value of the equity instruments at the
grant date. Details regarding the determination
of the fair value of equity-settled share-based
transactions are set out in note 15(i).

The fair value determined at the grant date of the
equity-settled share-based payments is expensed on
a straight-line basis over the vesting period, based
on the Company's estimate of equity instruments
that will eventually vest, with a corresponding
increase in equity. At the end of each reporting year,
the Company revises its estimate of the number of
equity instruments expected to vest. The impact
of the revision of the original estimates, if any, is
recognised in Statement of profit and loss such
that the cumulative expense reflects the revised
estimate, with a corresponding adjustment to the
equity-settled employee benefits reserve.

The dilutive effect of outstanding options is reflected
as additional share dilution in the computation of
diluted earnings per share.

2.3 KEY ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of the Company's financial statements
requires management to make judgement, estimates and
assumptions that affect the reported amount of revenue,
expenses, assets and liabilities and the accompanying
disclosures. 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.

a) Depreciation / amortisation and useful lives of
property plant and equipment / intangible assets

Property, plant and equipment / intangible assets
are depreciated / amortised over their estimated
useful lives, after taking into account estimated
residual value. The estimated useful lives and
residual values of the assets are reviewed annually
in order to determine the amount of depreciation
/ amortisation to be recorded during any reporting
period. The useful lives and residual values are
based on the Company's historical experience with
similar assets and take into account anticipated
technological changes and other related matters.
The depreciation / amortisation for future periods
is revised if there are significant changes from
previous estimates.

b) Recoverability of trade receivable

Judgements are required in assessing the
recoverability of overdue trade receivables and

determining whether a provision against those
receivables is required. Factors considered include
the period of overdues, the amount and timing of
anticipated future payments and the probability of
default.

c) Provisions

Provisions and liabilities are recognized in the period
when it becomes probable that there will be a future
outflow of resources resulting from past operations
or events and the amount of cash outflow can be
reliably estimated. The timing of recognition and
quantification of the liability requires the application
of judgement to existing facts and circumstances.
The carrying amounts of provisions and liabilities
are reviewed regularly and revised to take account
of changing facts and circumstances.

d) Impairment of non-financial assets

The Company assesses at each reporting date
whether there is an indication that an asset may
be impaired. If any indication exists, the Company
estimates the asset's recoverable amount. An
asset's recoverable amount is the higher of an
asset's or Cash Generating Units (CGU's) fair
value less costs of disposal and its value in use. It is
determined for an individual asset, unless the asset
does not generate cash inflows that are largely
independent of those from other assets or a groups
of assets. Where the carrying amount of an asset
or CGU exceeds its recoverable amount, the asset
is considered impaired and is written down to its
recoverable amount.

In assessing value in use, the estimated future cash
flows are discounted to their present value using
pre-tax discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset. In determining fair value
less costs of disposal, recent market transactions
are taken into account, if no such transactions can
be identified, an appropriate valuation model is
used.

e) Measurement of defined benefit obligations

The measurement of defined benefit and other post¬
employment benefits obligations 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, mortality rates and future
pension increases. Due to the complexities involved
in the valuation and its long-term nature, a defined
benefit obligation is highly sensitive to changes in
these assumptions. All assumptions are reviewed at
each reporting date.

f) Amortization of leasehold land

The Company's lease asset classes primarily consist
of leases for industrial land. The lease premium is the
fair value of land paid by the Company to the state
government at the time of acquisition and there is no
liability at the end of lease term. The lease premium
paid by the company has been amortized over the
lease period on a systematic basis and classified
under Ind AS 16 and therefore, the requirements
of both Ind AS 116 and Ind AS 17 as to the period
over which, and the manner in which, the right of use
asset (under Ind AS 116) or the asset arising from
the finance lease (under Ind AS 17) amortized are
similar.

g) Share based payments

The Company initially measures the cost of cash-
settled transactions with employees using a
binomial model to determine the fair value of the
liability incurred. Estimating fair value for share-
based payment transactions requires determination
of the most appropriate valuation model, which
is dependent on the terms and conditions of the
grant. This estimate also requires determination
of the most appropriate inputs to the valuation
model including the expected life of the share
option, volatility and dividend yield and making
assumptions about them. For cash-settled share-
based payment transactions, the liability needs to
be remeasured at the end of each reporting period
up to the date of settlement, with any changes in fair
value recognised in the profit or loss. This requires
a reassessment of the estimates used at the end of
each reporting period.

h) Determining the lease term of contracts with
renewal and termination options - Company as
lessee

The Company determines the lease term as the
non-cancellable term of the lease, together with any
periods covered by an option to extend the lease if it
is reasonably certain to be exercised, or any periods

covered by an option to terminate the lease, if it is
reasonably certain not to be exercised

The Company has only one 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.

The Company included the renewal period as part of
the lease term for leasehold properties with longer
non-cancellable periods (i.e., 5 years to 29 years) are
not included as part of the lease term as these are
not reasonably certain to be exercised. Furthermore,
the periods covered by termination options are

included as part of the lease term only when they
are reasonably certain not to be exercised.

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. The Company estimates the IBR
using observable inputs (such as market interest
rates) when available and is required to make certain
entity-specific estimates.

2.4 NEW AND AMENDED STANDARDS

The company has not early adopted any standards,
amendments that have been issued but are not yet
effective/notified.

h. Apart from authorised equity share capital, the company is also having authorised preference share capital consisting
3200000 preference shares of '10/- each as on 31.03.2025 and 31.03.2024.

i. Details of Employee Stock Option Plan:

Godawari Power & Ispat Limited Employees Stock Option Plan 2023 ("GPIL ESOP 2023") was approved by the
shareholders of the Company on 12th December, 2023. The plan is designed to provide incentives to all the
employees of the Company and its Subsidiaries for their long association with the Company. Under the plan the
employees would be granted stock options which would carry the right to apply for equivalent number of equity
shares of the Company of the face value of '1 each at a price to be determined by the Nomination and Remuneration
Committee of the Company. The total number of options to be granted under the Scheme would be 140,00,000
Options convertible into equal number of equity shares of'1 each. The Options shall be vested after one year from
the date of grant in 3 annual tranches of 35%, 35% and 30% of the options granted. The options may be exercised any
time after vesting but before 3 years from the date of vesting. In accordance with the Scheme, the Nomination and
Remuneration Committee of the Company on 15/01/2024 and 18/03/2024 has granted 44,31,280 and 2,99,040
options respectively to certain eligible employees of the Company and its Subsidiaries. The exercise price is fixed at
'116.20 by the Nomination and Remuneration Committee for the Options granted above.

Notes:

a. Capital Reserve

During amalgamation, the excess of net assets acquired, over the cost of consideration paid is treated as capital reserve.

b. Capital Redemption Reserve

On buy back of shares capital redemption reserve has been created. It is to be utilised in accordance with the provisions
of Companies Act, 2013.

c. Securities Premium

Securities Premium is used to record the premium received on issue of shares. It is to be utilised in accordance with the
provisions of Companies Act, 2013.

d. General Reserve

Under the erstwhile Companies Act, 1956, a General Reserve was created through an annual transfer of net profit at a
specified percentage in accordance with applicable regulations. Consequent to the introduction of the Companies Act,
2013, the requirement to mandatory transfer a specified percentage of net profit to general reserve has been withdrawn.

General Reserve is available for payment of dividend and buy back of equity shares as per the provisions of Companies
Act, 2013.

e. Retained earnings

Retained earnings are the profits/(loss) that the company has earned/incurred till date, less any transfers to general
reserve, dividends or other distributions paid to shareholders. Retained earnings include re-measurement loss / (gain) on
defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss.

f. Share Based Payment Reserve

The share options-based payment reserve is used to recognise the grant date fair value of option issued to employees
under Employee stock option plan.

g. Items of other comprehensive income

The cumulative gains and losses arising from fair value changes of equity investments measured at fair value through
other comprehensive income are recognised in fair value of financial assets. The balance of the reserve represents such
changes recognised net of amounts reclassified to retained earnings on disposal of such investments.

32. Contingent Liabilities and capital commitments :

Claims against the companies not acknowledged as debts:

i) Disputed liability of ' 702.71 lacs (Previous Year ' 645.63 lacs) on account of Service Tax against which the company has
preferred an appeal.

ii) Disputed liability of '240.80 lacs (Previous Year ' 243.40 lacs) on account of CENVAT against which the company has
preferred an appeal.

iii) Disputed liability of ' 1957.36 lacs (Previous Year Nil) on account of GST against which the company has preferred an
appeal.

iv) Disputed liability of '263.68 lacs (Previous year '263.68 lacs) on account of Sales Tax against which the company has
preferred an appeal.

v) Disputed liability of '10 lacs (Previous Year '10 lacs) on account of Custom Duty against which the company has preferred
an appeal.

vi) Disputed liability of '1222.69 lacs (Previous Year '593.50 lacs) on account of Income Tax and TDS against which the
company has preferred an appeal.

vii) Disputed energy development cess demanded by the Chief Electrical Inspector, Govt. of Chhattisgarh '9193.70 lacs
(Previous Year '8673.40 lacs). The Hon'ble High Court of Chhattisgarh has held the levy of cess as unconstitutional vide
its order dated 20th June,2008. The State Govt. has filed a Special Leave Petition before Hon'ble Supreme Court, which
is pending for final disposal.

viii) Disputed demand of '192.66 lacs (Previous Year '192.66 lacs) from Chhattisgarh State Power Distribution Company
Limited relating to cross subsidy on power sold under open access during the financial year 2009-10. The company has
contested the demand and obtained stay from CSERC and expect a favourable decision in favour of company.

ix) Disputed demand of '424.64 lacs (Previous Year '424.64 lacs) on account of Stamp Duty on Merger Scheme - Applicability
in case of Merger of 100% subsidiary against which the company has preferred an appeal with Board of Revenue.

x) Disputed demand of '68.77 lacs (Previous Year '68.77 lacs) from Mining Department of Chhattisgarh against which the
company has preferred an appeal.

Guarantees excluding financial guarantees:

i) Counter Guarantees given to banks against Bank guarantees issued by the Company Banker aggregate to ' 6565 lacs
(Previous Year '2880 lacs.).

ii) Corporate Guarantees given to lenders of subsidiary company aggregating to '14660 lacs (Previous Year '14660 lacs).
Capital Commitments:

i) Estimated amount of contracts remaining to be executed on capital accounts Rs.19355.03 lacs (Previous Year '29693.95
lacs).

33. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 19 EMPLOYEE BENEFITS:

a. Defined Contribution Plan:

The Company has certain defined contribution plans viz. provident fund . Contributions are made to provident fund
in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered
provident fund administered by the government. The obligation of the Company is limited to the amount contributed and
it has no further contractual nor any constructive obligation.

An amount of '1199.09 lacs (P.Y. '1042.89 lacs) is recognised as an expenses and included in employee benefit expense
as under the following defined contribution plans (Refer Note no 27).

b. Defined benefit plan:

Leave Obligations:

The Company provides for the encashment of leave or leave with pay subject to certain rules. The employees are entitled
to accumulate leave subject to certain limits, for future encashment. The liability is provided based on the number days
of unutilised leave at each balance sheet date on the basis of year-end actuarial valuation using projected unit credit
method. The scheme is unfunded.

Based on past experience and in keeping with Company's practice, the Company does not expect all employees to take the
full amount of accrued leave or require payment within the next 12 months and accordingly the total year end provision
determined on actuarial valuation, as aforesaid is classified between current and non current.

An amount of '324.87 lacs (PY. ' 208.90 lacs) is recognised as an expenses and included in employee benefit expense as
under the following defined contribution plans (Refer Note no 27).

Gratuity:

The Gratuity scheme is a final salary defined benefit plan that provides for a lump sum payment made on exit either by
way of retirement, death, disability or voluntary withdrawal. The benefits are defined on the basis of final salary and the
period of service and paid as lump sum at exit. Benefits provided under this plan is as per the requirement of the Payment
of Gratuity Act, 1972. The scheme was funded through Trust to LIC.

Notes:

(i) The actuarial valuation of the defined obligation were carried out at 31st March, 2025. The present value of the
defined benefit obligation and the related current service cost and past service cost, were measured using the
projected Unit Credit Method.

(ii) Risk Exposure

Through its defined benefit plans, the Company is exposed to some risks, the most significant of which are detailed
below:

Interest 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.

Salary inflation risk :

Higher than expected increases in salary will increase the defined benefit obligation.

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.

35. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES

The Company's principal financial liabilities comprise of loans and borrowings, trade payables and other financial liabilities.
The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial
assets include investments, loans, trade and other receivables, and cash and short-term deposits that derive directly from its
operations. The Company also enters into derivative contracts.

The Company is exposed to the following risks from its use of financial instruments:

- Credit risk

- Liquidity risk

- Interest rate risk

- Currency risk

- Price risk

The Company's board of directors has overall responsibility for the establishment and oversight of the company's risk
management framework. This note presents information about the risks associated with its financial instruments, the
Company's objectives, policies and processes for measuring and managing risk, and the Company's management of capital.

Credit Risk

The Company is exposed to credit risk as a result of the risk of counterparties non performance or default on their obligations.
The Company's exposure to credit risk primarily relates to investments, accounts receivable and cash and cash equivalents.
The Company monitors and limits its exposure to credit risk on a continuous basis. The Company's credit risk associated with
accounts receivable is primarily related to party not able to settle their obligation as agreed. To manage this the Company

periodically reviews the financial reliability of its customers, taking into account the financial condition, current economic
trends and analysis of historical bad debts and ageing of accounts receivables.

Trade receivables

Trade receivables represent the most significant exposure to credit risk and are stated after an allowance for impairment and
expected credit loss.

Loans

Financial assets in the form of loans are written off when there is no reasonable expectations of recovery. Where recoveries
are made, these are recognise as income in the statement of profit and loss. The company measures the expected credit loss
of dues based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are
based on actual credit loss experience and passed trends. Based on historical data, loss on collection of dues is not material
hence no additional provisions considered.

Bank, Cash and cash equivalents

Bank, Cash and cash equivalents comprise cash in hand and deposits which are readily convertible to cash. These are subject
to insignificant risk of change in value or credit risk.

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the
reporting date was:

Liquidity risk

The Company is exposed to liquidity risk related to its ability to fund its obligations as they become due. The Company monitors
and manages its liquidity risk to ensure access to sufficient funds to meet operationa l and financia l requirements. The Company
has access to credit facilities and debt capital markets and monitors cash balances daily. In relation to the Company's liquidity
risk, the Company's policy is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when
due, under both normal and stressed conditions as they fall due while minimizing finance costs, without incurring unacceptable
losses or risking damage to the Company's reputation.

Interest rate risk

Interest rate risk is the risk that an upward movement in the interest rate would adversely effect the borrowing cost of the
company. The Company is exposed to long term and short-term borrowings, Commercial Paper Program. The Company
manages interest rate risk by monitoring its mix of fixed and floating rate instruments, and taking action as necessary to
maintain an appropriate balance.

The exposure of the Company's borrowings to interest rate changes at the end of the reporting period are as follows:

PRICE RISK:

The entity is exposed to equity price risk, which arised out from FVTPL quoted equity shares and FVTOCI quoted and
unquoted equity shares including preference instrument. The management monitors the proportion of equity securities in its
investment portfolio based on market indices. Material investments within the portfolio are managed on an individual basis and
all buy and sell decisions are approved by the management. The primary goal of the entity's investment strategy is to maximize
investments returns.

Sensitivity Analysis for Price Risk:

Equity Investments carried at FVTOCI are not listed on the stock exchange. For preference investments and mutual funds
classified as at FVTPL, the impact of a 2 % in the index at the reporting date on profit & loss would have been an increase of '
16.64 lacs (2023-24: '15.27 lacs); an equal change in the opposite direction would have decreased profit and loss. For equity
instruments classified as at FVTOCI, the impact of a 2 % in the index at the reporting date on profit & loss would have been an
increase of '0.14 lacs (2023-24:'0.13 lacs); an equal change in the opposite direction would have decreased profit and loss

CAPITAL MANAGEMENT

"The Company's main objectives when managing capital are to:

- ensure sufficient liquidity is available (either through cash and cash equivalents, investments or committed credit facilities)
to meet the needs of the business;

• ensure compliance with covenants related to its credit facilities; and

• minimize finance costs while taking into consideration current and future industry, market and economic risks and
conditions.

• safeguard its ability to continue as a going concern

• to maintain an efficient mix of debt and equity funding thus achieving an optimal capital structure and cost of capital.

The Board of Directors has the primary responsibility to maintain a strong capital base and reduce the cost of capital through
prudent management of deployed funds and leveraging opportunities in domestic and international financial markets so as to
maintain investor, creditor and market confidence and to sustain future development of the business.

For the purpose of Company's capital management, capital includes issued capital and all other equity reserves. The Company
manages its capital structure in light of changes in the economic and regulatory environment and the requirements of the
financial covenants.

38. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities,
short term loans from banks and other financial institutions approximate their carrying amounts largely due to the short¬
term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such
as interest rates and individual credit worthiness of the counter party. Based on this evaluation, allowances are taken to
account for the expected losses of these receivables.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by
valuation technique:

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

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

Level 3 : techniques which use inputs that have a significant effect on the recorded fair value that are not based on
observable market data

iv) During the previous year, the company granted stock options to the Key Management Personnel under it's ESOP
Scheme at 'Market Price' [with in the meaning of the Securities Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014]. Since such options are not tradeable, no perquisites or benefits is immediately conferred upon the
employee by such grant options and accordingly, the said grant has not been considered as remuneration. However, the
company has recorded employee benefits expense by way of Share Based Payment obligation, in accordance with Ind
AS - 112 at '2524.44 lacs for the year ended 31st March, 2025 ( 2024: '374.76 lacs), out of which ' 986.93 lacs (2024:
'126.74 lacs) is attributable to Key Management Personnel

v) Terms and conditions of transactions with related parties

All related party transactions entered during the year were in ordinary course of business and on arm's length basis. Outstanding
balances at the year-end are unsecured and will be settled in cash. There have been no guarantees provided or received for any
related party receivables or payables. For the year ended 31 March 2025, the company has not recorded any impairment of
receivables relating to amounts owed by related parties (31 March 2024: ' Nil). This assessment is undertaken each financial
year through examining the financial position of the related party and the market in which the related party operates.

41. The company is in the business of manufacturing of Iron & Steel products and hence has only one reportable operating segment
i.e. Iron & Steel as per Ind AS 108 - Operating Segment.

42. During the previous year, the company had received additional amount of '1751.78 lacs from the buyer in terms of share
purchase agreement entered on 19.02.2022 executed for sale of investment in Godawari Green Energy Limited, has been
shown under exceptional item.

The Company had total cash outflows for leases of '70.06 lacs in 31 March 2025 ( '56.15 lacs in 31 March 2024) on account
of expenses and cash addition to right-of-use assets '314.70 lacs in 31 March 2025 ( Nil in 31 March 2024). The Company also
had non-cash additions to right-of-use assets and lease liabilities of '21.80 lacs in 31 March 2025 (' Nil in 31 March 2024).

48. The company has not undertaken any transactions with companies struck off under section 248 of the Companies Act 2013 or
section 560 of Companies Act 1956 during the current year or in previous year.

49. All the transactions are recorded in the books of accounts and there was no income that has been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961. Also there was no previously unrecorded
income and related assets which has been recorded in the books of account during the year.

50. No proceedings have been initiated or pending against the company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

51. The company has not advanced or loaned or invested funds to any other persons or entities, including foreign entities
(Intermediaries) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall 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 provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries. Further,
the company has not received any fund from any persons or entities, including foreign entities (Funding Party) with the
understanding , whether recorded in writing or otherwise, that the company shall 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
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

52. The company has complied with the number of layers of companies prescribed under clause (87) of section 2 of the Act read
with the Companies (Restriction on number of Layers) Rules, 2017.

53. The company has neither traded nor invested in Crypto Currency or Virtual Currency during the financial year.

54. No scheme of compromise or arrangement has been proposed between the company & its members or the company & its
creditors under section 230 of the Companies Act 2013 ("The Act") and accordingly the disclosure as to whether the scheme
of compromise or arrangement has been approved or not by the competent authority in terms of provisions of sections 230
to 237 of the Act is not applicable.

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

56. Previous year figures have been regrouped or rearranged wherever necessary.

For and on behalf of the Board of Directors of

For Si_nghi & C_o. Godawari Power & Ispat Limited

(ICAI Firm Reg. No.302049E)

Chartered Accountants

B.L. AGRAWAL ABHISHEK AGRAWAL

Sanjay Kumar Dewangan CHAIRMAN CUM EXECUTIVE DIRECTOR

Partner MANAGING DIRECTOR DIN: 02434507

Membership No.409524 DIN: 00479747

Place : Raipur Y.C. RAO SANJAY BOTHRA

Date : 20.05.2025 COMPANY SECRETARY CFO

FCS3679