u) Provisions, contingent liabilities, commitments and contingent assets

The Company recognises a provision when there is a present obligation as a result of a past event and it is more likely
than not that there will be an outflow of resources embodying economic benefits to settle such obligations and the
amount of such obligation can be reliably estimated. Provisions are discounted to their present value (where time value
of money is material) and are determined based on the management's estimation of the outflow required to settle the
obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect current
management estimates.

Contingent liabilities are disclosed in respect of possible obligations that have arisen from past events and the existence
of which will be confirmed only by the occurrence or non-occurrence of future events, not wholly within the control of the
Company. Contingent liabilities are also disclosed for the present obligations that have arisen from past events in respect
of which it is not probable that there will be an outflow of resources or a reliable estimate of the amount of obligation
cannot be made.

When there is an obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure
is made.

Contingent assets are neither recognised nor disclosed except when realisation of income is virtually certain, related
asset is disclosed.

v) Financial instruments

Initial recognition and measurement

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions
of the financial instrument and are measured initially at fair value adjusted for transaction costs, except for those carried
at fair value through profit or loss which are measured initially at fair value. However, trade receivables that do not
contain a significant financing component are measured at transaction price. Subsequent measurement of financial
assets and financial liabilities is described below.

Financial assets

Subsequent measurement

Financial asset at amortised cost - the financial instrument is measured at the amortised cost if both the following
conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows; and

b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and
interest ('SPPI') on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest
rate (EIR) method.

Investments in equity instruments of subsidiaries

Investments in equity instruments of subsidiaries are accounted for at cost in accordance with Ind AS 27 Separate Financial
Statements.

Investments in mutual funds

Investments in mutual funds are measured at fair value through profit and loss (FVTPL).

De-recognition of financial assets

A financial asset is primarily de-recognized when the rights to receive cash flows from the asset have expired or the
Company has transferred its rights to receive cash flows from the asset.

Financial liabilities

Subsequent measurement

Subsequent to initial recognition, all financial liabilities are measured at amortised cost using the effective interest
method.

De-recognition of financial liabilities

A financial liability is de-recognized 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 recognized in
the statement of profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the 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.

w) Fair value measurement

The Company measures financial instruments such as investments, at fair value at each balance sheet date. Fair value is
the price that would be received to sell an asset or paid to transfer a liability at the measurement date.

All assets and liabilities for which fair value is measured or disclosed in the standalone financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value
measurement as a whole:

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

• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable

• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable

AMMIIAI DCDDDT OHO/.-OR I OflR

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of
the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

x) Cash and cash equivalents

Cash and cash equivalents comprises cash at bank and in hand, cheques in hand and short term investments that are readily
convertible into known amount of cash and are subject to an insignificant risk of change in value.

y) Statement of cash flows

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of
non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating,
investing and financing activities of the Company are segregated based on the available information.