23 Provisions - employee benefit obligations
Critical accounting estimates and judgement :

The Company provides both defined benefit employee retirement plans and defined contribution plans. Measurement
of pension and other superannuation costs and obligations under such plans require numerous assumptions and
estimates that can have a significant impact on the recognized cost and obligation, such as future salary level, discount
rate and mortality.

The Company provides defined benefit plans to its employees. The discount rate is based on Government bond yield.
Assumptions for salary increase in the remaining service period for active plan participants are based on expected
salary increase in India. Changes in these assumptions can influence the net asset or liability for the plan as well as
the pension cost.

(i) Defined Contribution plans:

The Company has certain defined contribution plans. Contributions are made to provident fund, employee deposit
linked insurance scheme (EDLI), employee's state insurance corporation (ESIC), and other funds. The contributions for
provident fund 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.

(ii) Other Contribution plans:

The Company has setup a trust for the welfare of its employees named "Dainik Bhaskar Karamchari Aapat Nidhi". The
object of the trust is to provide benefits to the Company’s employees for superannuation, on the event of illness in
family of the employee and benefits to the dependents on account of employee’s death.

(iii) Defined Benefits plans:

The Government of India has implemented four Labour Codes, viz., the Code on Wages, 2019, the Industrial Relations
Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code,
2020, by consolidating 29 existing labour laws on November 21, 2025. The Ministry of Labour & Employment have
published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in the regulations.
The Labour Codes have prescribed a uniform definition of "Wages” to be used for the purpose of calculating employee
benefits like gratuity and extending eligibility to fixed-term employees ("FTEs”). Under the Labour Codes, the base on
which employee benefits are calculated has increased, which has resulted in increase in the Company’s liability for
employee benefits.

The Company has assessed the impact of the changes, consistent with the Labour Codes, the draft rules, FAQs and
opinion obtained from the Company’s legal advisors.

In accordance with Ind AS 19 and the FAQs issued by ICAI, the changes to gratuity benefit resulting from the Labour
Codes are treated as past service costs and accordingly, the increase in the Company’s obligation due to application
of the Labour Codes has been recognised in the Statement of Profit and Loss. The Company continues to monitor
the finalisation of Central/ State Rules and further clarifications from the Government and would give appropriate
accounting effect considering those developments, as may be applicable.

(A) Gratuity

The Company operates a gratuity plan through the "D B Corp Limited - Employees Company Gratuity Assurance
Scheme”. Every permanent employee is entitled to a benefit equivalent to fifteen days wages (as defined in the Labour
Codes) based on the rate of wages last drawn by the permanent employee for each completed year of service or part
thereof in excess of six months in line with the Code on Social Security, 2020, notified with effect from November 21,2025.

Gratuity is payable to the employee on the termination of employment (due to superannuation, retirement or resignation,
death or disablement) after having rendered continuous service for the number of years as prescribed in the Code on
Social Security, 2020. The gratuity plan is a funded plan and the Company makes contributions to recognised funds
in India. The Company does not fully fund the liability and maintains a target level of funding to be maintained over a
period of time based on estimations of expected gratuity payments.

e) Risk exposure

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

Salary escalation risk:

The present value of the defined benefit plan liability is calculated with the assumption of salary increase rate of plan
participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase
in salary used to determine the present value of obligation will have a bearing on the plan's liability.

Demographic risk:

The Company has used certain mortality and attrition assumption in valuation of the liabilty. The Company is exposed
to the risk of the actual experience turning out to be worse.

Investment risk:

The funds are invested with an external insurer LIC of India, Kotak Mahindra Life Insurance Limited (Kotak) and HDFC
Life Insurance Company Limited. The insurer manages the Gratuity Fund and provides yearly interest returns. The
Company operates the gratuity plan through insurer with no history of defaults, the investment risk is low.

Asset Volatility

The plan liabilities are calculated using a discount rate set with reference to market yield of Government securities as
at the Balance Sheet date. If plan assets underperform this yield, this will create a deficit. Plan asset investments are
made in Group Gratuity Scheme of Kotak Mahindra Bank, LIC of India and HDFC Life Insurance Company Limited.
These are subject to interest rate risk and the fund manages interest rate risk.

Changes in yields

A decrease in yields of plan assets will increase plan liabilities, although this will be partially offset by an increase in
the value of the plan's holdings.

(B) Compensated absences

Eligible employees can carry forward (maximum 54 days) and encash leave on separation from the entity due to
death, retirement, superannuation or resignation in line with the provisions of the "The Occupational Safety, Health and
Working Conditions Code, 2020” (OSH&WC Code, 2020). In the event of any inconsistency between the Company's
policy and the provisions of the OSH&WC Code, 2020, the provisions of the Code shall prevail.

Note: Refund liabilities are recognised for volume discounts/incentive payable to customers and estimated liability for
credit notes to be issued to the customers.

25 Revenue from operationsAccounting policy

Revenue is recognized either at a point in time or over time, when (or as) the company satisfies performance obligations
by transferring the promised goods or services to its customers. Revenue towards satisfaction of a performance
obligation is measured at amount of transaction price allocated to that performance obligation. The Company considers
terms of the contracts in determining the transaction price. The transaction price of goods sold or services rendered is
net of variable consideration on account of various discounts, incentive, rebates and schemes etc. Transaction price
excludes taxes and duties collected on behalf of the government.

The Company has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in
all the revenue arrangements as it has pricing latitude and is also exposed to inventory and credit risks.

A contract liability is recognised when the Company receives consideration, or when consideration becomes due
(which ever occurs first), from a customer prior to transferring the related goods or services. This represents the
Company's obligation to deliver goods or services under the term of the contract.

Contract liabilities are subsequently recognised as revenue when the Company satisfies its performance obligation by
transferring control of the promised goods or services to the customer.

Conversely, if the Company satisfies a performance obligation before receiving the corresponding consideration, a
contract asset (unbilled revenue) is recognised. This accrues when the Company has a right to consideration that is
conditional on something other than the passage of time.

Unearned revenue related to unsatisfied or partialy satisfied performance obligation is presented as contract liabilities
in the Balance Sheet, while contract assets are recognised for performance obligation fulfilled but not yet billed.

The Company recognizes a refund liability if the Company receives consideration from a customer and expects to
refund some or all of that consideration to the customer. A refund liability is measured at the amount of consideration
received (or receivable) for which the Company does not expect to be entitled (i.e. amounts not included in the
transaction price). Refund liabilities are classified under 'Other Liabilities' in the balance sheet.

The specific recognition criteria described below must also be met before revenue is recognised:Advertisement revenue

Revenue from sale of advertisement space is recognized (net of estimated volume discounts), as and when the
relevant advertisement is published/aired on Radio/displayed on website in accordance with the terms of the contract
with the customer. Revenue for all barter transactions is recognized at the time of actual performance of the contract
to the extent of performance completed by either party against its part of contract and is with reference to non-barter
transactions.

A receivable is recognized when the goods are delivered as this is the point in time that the consideration is unconditional
because only the passage of time is required before the payment is due.

Barter transactions

Revenue from barter transactions involving exchange of advertisements with non-monetary assets is recognised at the
time of actual performance of the contract to the extent of performance completed by either party against its part of
contract and is measured at fair value of such non-monetary assets received / to be received or fair value in reference
to non-barter transactions.

The receivable relating to property barter agreements is grouped as advance for Investment properties and included
under the head ‘Other assets’.

Sale of newspapers and publications, magazines, wastage and scrap

Revenue from sale of newspaper and publications are recognized (net of credits for unsold copies), as and when the
newspapers and magazines are delivered which coincides with transfer of control of the goods to the customer.

Revenue from subscription of E-Paper is recognized over the period of the subscription, in accordance with the
established principles of accrual accounting. Deferred revenues are reported on the balance sheet under Contract
Liabilities.

Revenue from the sale of waste papers/scrap is recognised when the control is transferred to the buyer, usually on
delivery of the waste papers/scrap.

Job Work

Revenue from printing job work is recognised as and when the Company satisfies its performance obligations as per
terms of agreement with the Customer.

Income from event management

Revenue from event management is recognised over the period of event, when the event management services are
rendered as per the terms of agreement.

Financing Components

The Company does not have any contract where the period between the transfer of the promised goods or services to
the customer and payment by the customer exceeds one year. As a consequence the Company does not adjust any
of the transaction price for the time value of money.

(i) Disaggregation of Revenue from contracts with customers

The table below presents disaggregated revenue from contracts with customers. The Company believes that this
disaggregation best depicts how the nature, amount and timing of our revenue and cash flows are affected by market
and other economic conditions. The segment revenue is measured in the same way as in the statement of profit and
loss. The Company derives revenue from transfer of goods and services over time and at a point of time.

26 Other income
Accounting policy
Interest

Interest income from financial assets at fair value through profit or loss is disclosed as interest income within other
income. Interest income on financial assets at amortised cost and financial assets at FVOCI is calculated using the
effective interest method is recognized in the statement of profit and loss as part of other income.

Dividend income

Dividends are received from financial assets at FVTPL and at FVOCI. Dividends are recognised as other income in
profit or loss only when the right to receive payment is established.

Income from Lease rent (As a lessor)

Lease income from operating leases where the Company is a lessor is recognised in income on a straight-line basis
over the lease term. The respective leased assets are included in the balance sheet based on their nature.

Government Grants

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will
be received and the group will comply with all attached conditions. Government grants relating to income are deferred
and recognised in the profit or loss over the period necessary to match them with the costs that they are intended to
compensate and presented within other income.

Government grants relating to the purchase of property, plant and equipment are included in 'other liabilities' as
deferred income and are credited to profit or loss on a straight-line basis over the expected lives of the related assets.

Grants related to income are presented under 'Other Income' in the statement of profit and loss depending upon the
nature of the underlying grant, except for grants received in the form of rebate or exemptions, which are deducted in
reporting the related expense.

Terms and conditions of transactions with Related Parties:

• The sales to and purchases from related parties, rent paid to and received from related parties and other
transactions are made on terms equivalent to those that prevail in arm’s length transactions. These transactions
are approved by the Audit Committee.

• Outstanding balances at the year-end are unsecured and interest free, unless specified. The Company has not
recorded any impairment of receivables relating to amounts owed by related parties during the year ended March
31, 2026, and March 31, 2025.

• Transactions relevant to dividends were on the same terms and conditions that applied to other shareholders.

(d) For information on transactions with post-employment benefit plan mentioned in (a) above, Refer Note 23.

(e) There are no loans or advances in nature of loan granted to promoters, directors or key managerial personnel.

36. Disclosure in relation to LessorOperating lease (for assets given on Lease):

The Company has entered into operating lease on its Property, plant and equipment consisting of certain Plant and
machinery and Building premises. These leases have a term ranging from 1 to 6 years which includes cancellable and
non-cancellable period.

Lease incomes in respect of operating leases are recognised as an income in the statement of profit and loss, on a
straight-line basis over the lease term. Lease payments include escalation clause as part of inflation increase, but there
are no other variable lease payments.

37. Contingent liabilitiesContingent liabilities not provided for are as follows:

(a) There are several defamation and other legal cases pending against the Company and its directors. These
include criminal and civil cases. There are certain employee related cases also pending against the Company.
In view of large number of cases, it is impracticable to disclose the details of each case separately. Further the
amount of most of these is either not quantifiable or cannot be reliably estimated. The estimated contingency in
respect of some cases cannot be ascertained. Based on discussions with the legal advisors and also the past
trend in respect of such cases, the Company believes that there is no present obligation in respect of the above
and hence no provision is considered necessary against the same.

(b) The Contingent liability relating to determination of provident fund liability, based on judgement from Hon'ble
Supreme Court, is not determinable at present for the period prior to March 2019, due to uncertainty on the
impact of the judgement in the absence of further clarification relating to applicability. The Company has started
compliance with the above ruling from April 1,2019. The Company will continue to assess any further developments
in this matter for their implications on the Standalone Financial Statements, if any.

(c) Contingent liability in respect of income tax matters on account of disputed disallowances for the following
assessment years are as follows:

Based on the external tax expert’s opinion and management assessment, the Company believes that it is more
likely than not, no outflow of resources will be required in these matters.

(d) Claim against the Company not acknowledged as debts amounts to ' 235 million (March 31,2025'235 million).
Based on the legal opinion and its internal assessment, the Company has good chance to get the favorable order
considering merit of the case and therefore, it does not expect outflow of any economic resources in this matter.

(e) The Company has received demand towards Labour and Provident Fund for the period April 2011 to October
2017 amounting to ' 30.73 million (March 31,2025'30.73 million). The Company has paid ' 15.37 million (March
31, 2025: ' 15.37 million) under protest.

39. Employee Stock Option SchemesDetails of Active Stock Option Schemes

The Company has granted Stock Options to its employees through its equity settled schemes referred to as ‘DBCL
- ESOS 2008’, ‘DBCL- ESOS 2010’, ‘DBCL-ESOS 2011’ (issued in eighteen tranches, designated as "T-1 to T- 18”
hereinafter) and ‘DBCL-ESOS 2021’ (issued in two tranches, designated as "T-1 to T-2” hereinafter).

Options under ‘DBCL - ESOS 2008’ and ‘DBCL- ESOS 2010’ Schemes were already vested and exercised and
following schemes were in operation during the year ended March 31, 2026.

Fair value of options granted:

The fair value at grant date is determined using the Black Scholes Model which takes into account the exercise price,
the term of the option, the share price at grant date and expected price volatility of the underlying share, the expected
dividend yield and the risk-free interest rate for the term of the option.

There are no options granted during the year ended March 31, 2026 and year ended March 31, 2025.

41. Fair value measurements
Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments
that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are
disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining
fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting
standard.

Valuation techniques used to determine fair value

• The Company has used prices from prior transactions / third-party pricing information with relevant adjustment for
the valuation of unquoted equity shares. Hence, the quantitative information about the significant unobservable
inputs have not been disclosed.

• The Company enters into derivative financial instruments majorly foreign exchange forward contracts with the
banks. These foreign exchange forward contracts are valued using valuation techniques, which employs the use
of market observable inputs.

The finance department of the Company includes a finance team that carries out the valuation of financial assets and

liabilities required for financial reporting purposes. Finance team reports directly to the Chief Financial Officer (CFO).

The Company’s principal financial liabilities comprise borrowings, lease liabilities, security deposits, 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 and other receivables and cash and cash equivalents that derive directly from
its operations. The Company also holds quoted and unquoted investments.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the
management of these risks. The Company’s senior management ensures that the Company’s financial risk activities
are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in
accordance with the Company’s policies and risk objectives. It is the Company’s policy that no trading in derivatives
for speculative purposes can be undertaken. The senior management reviews and agrees policies for managing each
of these risks, which are summarised below.

(i) Market risk

Market risk is the risk of loss of future earnings, fair value of future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and
other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include
deposits, investments, derivative financial instruments and borrowings.

The sensitivity analysis has been prepared on the basis that the proportion of financial instruments in foreign currencies
is all constant as at March 31, 2026.

The analysis excludes the impact of movements in market variables on the carrying values of gratuity and non-financial
assets and liabilities.

The following assumptions have been made in calculating the sensitivity analysis:

• The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks.
This is based on the financial liabilities held at March 31, 2026 and March 31, 2025.

a. 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’s exposure to the risk of changes in market interest rates relates
primarily to the Foreign Currency Borrowings with floating interest rates.

The exposure of the Company’s borrowings to interest rate changes at the end of the reporting period is included in
the table below:

Note: The exposure is not considered to be significant and hence sensitivity disclosure has not been made.
b. Foreign exchange risk

The Company procures newsprint from the international markets after considering the prevailing prices in the domestic
and international markets. The Company uses foreign exchange forward contracts to manage some of its transaction
exposures. These foreign exchange forward contracts are not designated as cash flow hedges and are entered into for
the periods consistent with the foreign currency exposure of the underlying transactions, generally from one to six months.

The exposure to EUR and CAD is not considered to be significant and hence sensitivity disclosure has not been made
for those foreign currencies.

The impact on the Company’s profit before tax is due to changes in the fair value of monetary assets and liabilities
including non-designated foreign currency derivatives. The Company’s exposure to foreign currency changes for all
other currencies is not material.

(ii) Commodity price risk

The Company is affected by the price volatility of certain commodities. Its operating activities require the on- going
printing of newspapers and magazines and therefore require a continuous supply of newsprint. The Company’s Board
of Directors has developed and enacted a risk management strategy regarding commodity price risk and its mitigation.
Based on a 12-month forecast of the required newsprint supply, the Company hedges the purchase price by entering
6 to 12 months supply contract with vendors.

(iii) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contract obligation.

Credit risk arises from cash and cash equivalents, contractual cash flows of debt instruments, favourable derivative
financial instruments, security deposits and other deposits and deposit with banks and financial institutions (fixed
deposits) and other financial assets, as well as credit exposures to customers including outstanding receivables. The
carrying amount of financial assets represent the maximum credit risk exposure.

A default on a financial asset is when the counterparty fails to make contractual payments as per agreed terms. This
definition of default is determined by considering the business environment in which entity operates and other macro¬
economic factors. There are no loans or other financial assets at March 31, 2026 and March 31, 2025, which have
significant increase in credit risk or which are credit impaired, other than those disclosed in the financial statements.
Credit risk is managed on an entity level basis.

Credit risk related to cash and cash equivalents, fixed deposits and investments is managed by only accepting highly
rated banks and financial institutions and diversifying fixed deposits accounts in different banks across the country.
Investments primarily include investment in liquid mutual fund units.

Other financial assets measured at amortised cost includes security deposits and others. Credit risk related to these
other financial assets is managed by monitoring the recoverability of such amounts continuously. The Company’s
investments in preference shares, deposits with government authorities and security deposit for leased assets are
considered to be low risk investments. The credit ratings of the investments are monitored for credit deterioration.

The Company periodically monitors the recoverability and credit risks of its other financial assets including security
deposits and other receivables.

Credit risk refers to the risk of default on its obligation by the counter party resulting in financial loss. The Company’s
exposure to credit risk is influenced mainly by the individual characteristics of each customer. The management also
considers the factors that may influence the credit risk of its customer base, including the default risk of the industry
and country in which customers operate, its financial position, past experience and other factors. It has a credit risk
management policy in place to limit credit losses due to non-performance of financial counterparties and customers.
The Company monitors its exposure to credit risk on an ongoing basis at various levels. It closely monitors outstanding
customer receivables along with the acceptable financial counterparty credit ratings and credit limits and revises where
required in line with the market circumstances.

Due to the geographical spread and the diversity of the Company's customers, the Company is not subject to any
significant concentration of credit risks at Balance Sheet date.

As per Ind AS 109, the Company uses a simplified approach (lifetime expected credit loss model) for the purpose of
computation of expected credit loss for trade receivables. The Company calculates expected credit loss on its trade
receivables using 'allowance matrix'.

As a practical expedient, the Company uses a provision matrix to determine impairment loss allowance on portfolio
of its trade receivables. The provision matrix is based on twelve month rolling historical credit loss experience by
tenure and applying to the receivables held at year end, specific reviews of customer accounts as well as experience
with such customers, current and future economic and business conditions. At every reporting date, the historically
observed default rates are updated and changes in the forward-looking estimates are analysed.

The Company considers the probability of default upon initial recognition of assets and whether there has been a
significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a
significant increase in credit risk the Company compares the risk of a default occurring on the asset as at the reporting
date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive
forward-looking information.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared
credit risk characteristics (e.g. Government and Non-Government customers in respect to advertisement for print and
radio and circulation customers) and the days past due. The contract assets relate to unbilled services and have
substantially the same risk characteristics as the trade receivables for the same types of contracts. The Company has
therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates
for the contract assets.

Significant estimates:

The impairment provisions for financial assets disclosed above are based on assumptions about risk of default and
expected loss rates. The Company uses judgment in making these assumptions and selecting the inputs to the
impairment calculation, based on the Company’s past history, existing market conditions as well as forward looking
estimates at the end of each reporting period. For trade receivables only, the Company applies the simplified approach
permitted by Ind AS 109, "Financial Instruments”, which requires expected lifetime losses to be recognised from initial
recognition of the receivables.

Management judgment is required for assessing the recoverability of trade receivables and the valuation of the
allowances for impairment of trade receivables. The Company makes an impairment allowance for trade receivables
based on an assessment of the recoverability of trade receivables. Allowances are applied to trade receivables where
events or changes in circumstances indicate that the balances may not be collectible. The impairment allowance is
estimated by management based on historical experience and current economic environment. The Company assesses
the expected credit losses by calibrating historical experience with forward- looking estimates. This may include
information regarding the industry in which debtors are operating, historical and post year-end payment records, as
well as creditworthiness of debtors.

Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Impairment
losses on trade receivables and contract assets are presented as net impairment losses. Subsequent recoveries of
amounts previously written off are credited against the same line item. This amount is reflected under the head ‘Net
impairment losses on financial assets’ in the standalone statement of profit and loss.

(iv) Liquidity risk

The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of
buyer’s credit and bank loans. All of the Company’s debt will mature in less than one year at March 31, 2026 based
on the carrying value of borrowings reflected in the financial statements. The Company assessed the concentration of
risk with respect to refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of
sources of funding and debt maturing within 12 months can be rolled over with existing lenders.

Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the
same geographical region, or have economic features that would cause their ability to meet contractual obligations
to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative
sensitivity of the Company’s performance to developments affecting a particular industry.

In order to avoid excessive concentrations of risk, the Company’s policies and procedures include specific guidelines
to focus on the maintenance of a diversified portfolio. Identified concentrations of credit risks are controlled and
managed accordingly.

43. Capital Management

For the purpose of the Company’s capital management, capital includes issued equity capital, securities premium and
all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company’s
capital management is to maximize the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
the requirements of the financial covenants, if any. 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 equity. The Company includes within net debt, interest
bearing loans and borrowings, lease liabilities less cash and cash equivalents, as calculated below.

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. Breaches in meeting the financial covenants would permit the bank to immediately call loans and
borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing
(buyer’s credit) in the current year.

No changes were made in the objectives, policies or processes for managing capital during the year ended March 31,
2026 and March 31, 2025.

44. Since the segment information as per Ind AS 108-Operating Segments, is provided on the basis of Consolidated
Financial Statements, the same is not provided separately for the Standalone Financial Statements.

45. Additional regulatory information as required by Schedule IIIi. Details of benami property held

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

ii. Borrowing secured against current assets

The Company has borrowings from banks and financial institutions on the basis of security of current assets. The
quarterly returns or statements of current assets filed by the Company with banks and financial institutions are in
agreement with the books of accounts for the year ended March 31, 2026 and March 31, 2025.

iii. Wilful defaulter

The Company has not been declared as wilful defaulter by any bank or financial institution or government or any
government authority during the year ended March 31, 2026 and previous year ended March 31, 2025.

iv. Relationship with struck off companies

The Company has not entered into any transactions during the year ended March 31, 2026 and March 31, 2025, nor
does it have any outstanding balances as of that date with companies that have been struck off under the Companies
Act, 2013 or the Companies Act, 1956.

v. Compliance with number of layers of companies

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

vi. Compliance with approved scheme of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

vii. Utilisation of borrowed funds and share premium.

The Company has not advanced or loaned or invested funds to any other persons or entities, 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 to or on behalf of the ultimate beneficiaries

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:

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

viii. Undisclosed income

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

ix. The Company has not given any Loans or Advances to Specified Persons including Promoters, Directors, Key
Managerial Personnel and any other Related Parties during the year ended March 31, 2026 and previous year ended
March 31, 2025.

x. Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

xi. Valuation of Property, Plant and Equipment, Intangible Asset and Investment Property

The Company has not revalued its Property, Plant and Equipment (including Right-of-Use assets) or Intangible Assets
or both during the current year or previous year.

Reason for variance (only for change in the ratio by more than 25% as compared to the previous year):

0 Return on investment - Mutual Funds:

Returns on mutual fund investments during the current financial year were negative as compared to the previous
financial year due to prevailing market volatility and adverse movement in capital markets.

xiii. Other Regulatory Information(a) Title deeds of immovable properties not held in name of the Company

The title deeds of the following immovable properties (other than properties where the company is the lessee and the
lease agreements are duly executed in favor of the lessee), as disclosed in Note 4 and 5 to the Standalone Financial
Statements, are not held in the name of the Company.

Notes:

1. The Investment properties consist of land at 16 locations, 152 residential apartments and 13 commercial offices/
shops, which have been acquired under the barter arrangement. The Company has taken physical possession of
all these properties and possession letters are in the name of the Company.

2. The Company has received the possession letter and physical possession of the Land & buildings in its control
and is in process of getting the properties registered in its name.

(b) Registration of charges or satisfaction with Registrar of Companies

There are no charges or satisfactions which are yet to be registered with the Registrar of Companies beyond the

statutory period.

(c) Utilisation of borrowings availed from banks and financial institutions

The borrowings obtained by the company from banks and financial institutions have been applied for the purposes for

which such loans were taken.

46. Assets pledged as security (Refer Note 18 for details of borrowings)

The carrying amounts of assets pledged by the Company as security for borrowings are:

47. Summary of other accounting policies

This note provides a list of other accounting policies adopted in the preparation of these Standalone Financial
Statements to the extent they have not already been disclosed in the other notes above. These policies have been
consistently applied to all the years presented, unless otherwise stated.

(a) Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision Maker (CODM). The Board of Directors The board of directors and the Chief Financial Officer assesses the
financial performance and position of the Company and makes strategic decisions and has been identified as CODM.
Refer Note 44 to the Standalone Financial Statements.

(b) Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of the Company are measured using the currency of the primary economic
environment in which the entity operates (‘the functional currency’). The Standalone Financial Statements are presented
in Indian rupee (' ), which is Company’s functional and presentation currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency of the Company at exchange rates at the
dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date
are translated to the functional currency at the exchange rate prevailing on that date. Foreign exchange gains and
losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies at year end exchange rate are generally recongised in profit or loss.

Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the statement of profit
and loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit and
loss on a net basis within foreign exchange gain/loss (net).

(c) Income Taxes

The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on
the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary
differences and to unused tax losses.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or
directly in equity, respectively.

Current income tax

Current income tax liabilities are measured at the amount expected to be paid to the tax authorities in accordance
with the Income-tax Act, 1961. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted, at the reporting date.

Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax
regulations are subject to interpretation and establishes provisions where appropriate.

Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Deferred tax

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the Standalone Financial Statements. Deferred income tax
is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting
period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax
liability is settled.

The carrying amount of deferred tax assets are reviewed at the end of each reporting period and are recognised for
all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be
available to utilise those temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the same taxation authority.

(d) LeasesAs a lessee

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:

• fixed payments (including in-substance fixed payments), less any lease incentives receivable, if any,

• variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the
commencement date

• amounts expected to be payable by the Company under residual value guarantees

• the exercise price of a purchase option if the Company is reasonably certain to exercise that option, and

• payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the
liability.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over
the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each
period.

Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that
triggers those payments occurs.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset)
whenever:

• The lease term has changed or there is a change in the assessment of exercise of a purchase option, in which
case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

• A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case
the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

Right-of-use assets are measured at cost comprising the following:

• the amount of the initial measurement of lease liability

• any lease payments made at or before the commencement date less any lease incentives received

• any initial direct costs, and

• restoration costs, if any.

They are subsequently measured at cost less accumulated depreciation and impairment losses.

As a lessor

Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset
and recognised as expense over the lease term on the same basis as lease income.

(e) Impairment of non-financial assets

At the end of each reporting period, the Company reviews the carrying amounts of its non-financial assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset/cash generating unit is estimated in order to determine the extent of the impairment
loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separate identifiable cash inflows
which are largely independent of the cash inflows from other assets or groups of assets (cash-generated units).
Non- financial assets that suffered impairment are reviewed for possible reversal of the impairment at the end of each
reporting period.

Provision for advance for the properties is made considering the delay in the receipt of the properties, progress of the
construction work and fair value of the properties. The impairment loss is assessed at each reporting period including
all assumptions.

(f) 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. Bank overdrafts are shown within borrowings in current liabilities in the balance
sheet.

(g) Trade receivables

Refer Note 13 for information about the Company’s accounting for trade receivables and Note 42 and 47(e) for a
description of the Company’s impairment policies.

(h) Inventories

Cost of inventory includes cost of purchase and other costs incurred in bringing the inventories to their present location
and condition. Cost of purchased inventory is determined after deducting rebates and discounts.

Cost of raw material, stores and spares and gift/ promotional products comprises of Cost of purchases and also
includes all other costs incurred in bringing the inventories to their present location and condition.

The cost of finished goods (magazines and books) includes raw materials, direct labour, other direct costs and related
production overheads.

Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion
and the estimated costs necessary to make the sale.

(i) Investments in subsidiary

The equity investments in subsidiary is carried in the standalone financial statements at historical cost except when the
investment, or a portion thereof, is classified as held for sale, in which case it is accounted for as Non-current assets
held for sale and discontinued operations.

(j) Property, plant and equipment

The Company’s accounting policy for land is explained in the Note 4 (a). Historical costs include expenditure that is
directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company and the cost
of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is
derecognised when replaced. The costs of the day-to-day servicing of property, plant and equipment are recognised
in profit or loss during the reporting period in which they are incurred.

Costs of construction that relate directly to the specific asset and cost that are attributable to the construction activity
in general and can be allocated to the specific assets are capitalised. Income earned during the construction period
and income from trial runs is deducted from such expenditure pending allocation.

An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in the statement of profit and loss when the asset is derecognised.

The asset’s residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting
period.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.Gains and losses on disposals are determined by comparing proceeds
with carrying amount.

These are included in profit or loss within other gains/losses.

For entity specific details about property, plant and equipment Refer Note 4(a).

(k) Investment Properties

Investment property is measured initially at its cost, including related transaction costs and where applicable borrowing
costs. Subsequent expenditure is capitalised to the asset’s carrying amount only when it is probable that future
economic benefits associated with the expenditure will flow to the Company and the cost of the item can be measured
reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property
is replaced, the carrying amount of the replaced part is derecognised. For entity specific details about investment
properties, Refer Note 5.

(l) Intangible assets

Revenue and Development expenditure that do not meet the criteria for capitalisation are recognised as an expense
as incurred development costs previously recognised as an expense are not recognised as an asset in subsequent
period.

Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever
there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method
for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net
disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit and loss when
the asset is derecognised.

For entity specific details about intangible assets, Refer Note 6.

(m) Trade and other Payable

These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial
year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other
payables are presented as current liabilities unless payment is not due within 12 months after the reporting period.
They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest
method.

(n) Borrowings

Borrowing are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured
at amortised cost. Any differences between the proceeds (net of transaction costs) and the redemption amount is
recognised in profit or loss over the period of the borrowings using the effective interest method.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the
liability for atleast 12 months after the reporting period.

(o) Borrowing Costs

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of
an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised
as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing
costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost
also includes exchange differences to the extent regarded as an adjustment to the borrowing costs. These exchange
differences are presented in finance cost to the extent which the exchange loss does not exceed the difference
between the cost of borrowing in functional currency when compared to the cost of borrowing in a foreign currency.

(p) Provisions

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 any.

Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the
present obligation at the end of the reporting period. 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.

(q) Employee benefitsi. Short term obligation

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12
months after the end of the period in which the employees render the related service are recognised in respect of
employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when
the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

ii. Other long-term employee benefit obligations
Compensated Absences

The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the end of the
period in which the employees render the related service. They are therefore measured as the present value of expected
future payments to be made in respect of services provided by employees up to the end of the reporting period using
the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period
on government bonds that have terms approximating to the terms of the related obligation. Remeasurements as a result
of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.

The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional
right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement
is expected to occur.

iii. Post employment obligations

The Company operates the following post-employment schemes:

a) Defined contribution plans

A defined contribution plan is a post-employment plan under which an entity pays fixed contributions and will have no
legal or constructive obligation to pay further amounts.

The Company contributes to Provident Fund, Employee’s State Insurance Fund and Employees Deposit Linked
Insurance scheme and has no further obligation once the contributions have been paid. The contributions are
accounted for as defined contributions plan and the contributions are recognised as employee benefit expense when
they are due.

b) Other Contribution plans

Other contribution plan is an employee’s contingency benefit plan ("Dainik Bhaskar Karamchari Aapat Nidhi") under
which an entity pays fixed contributions and will have no legal or constructive obligation to pay further amounts. The
Company’s contributions to the above funds are charged to the Standalone Statement of Profit and Loss.

c) Defined benefit plans
Gratuity

The Company provides for gratuity, a defined benefit plan (the "Gratuity Plan”) covering eligible employees in
accordance with the Code on Social Security, 2020, in line with the notification of the Labour Codes with effect from
November 21, 2025. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death,
incapacitation, or termination of employment, of an amount based on the respective employee’s salary and the tenure
of employment. The Company’s liability is determined by an independent actuary (using the Projected Unit Credit
method) at the end of each year. Actuarial losses/ gains are recognised in the Statement of Profit and Loss in the year
in which they arise. Any increase in gratuity liability arising due to implementation of Labour Codes in respect of past
service cost is recognised immediately in the Statement of Profit and Loss, to the extent that the benefits are already
vested, and is recognised over the vesting period in the Statement of Profit and Loss in respect of the unvested portion.

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of
the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit
obligation is calculated annually by actuary using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by
reference to market yields at the end of the reporting period on government bonds that have terms approximating to
the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and
the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised in the period in which they occur, directly in other comprehensive income. They are included in retained
earnings in the statement of changes in equity and in the balance sheet.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are
recognised immediately in profit or loss as past service cost.

iv. Bonus plans

The Company recognises liability and expense for bonuses. The Company recognises a provision where contractually
obliged or where there is past practice that has created a constructive obligation.

v. Share-based payment
Employee options

Share-based compensation benefits are provided to employees via the DB Corp Ltd Employee stock Compensation
Plan. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using
Black and Scholes valuation model. The fair value of options granted is recognised as an employee benefit expenses
with a corresponding increase in equity.

The total expense is recognised over the vesting period, which is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each period, the Company revises its estimates of the number of options
that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of revision
to original estimates, if any, in the profit or loss, with a corresponding adjustment to equity.

(r) Dividends

Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the
discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting
period.

(s) Earnings per share

(i) Basic earnings per share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the Company

• by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus
elements in equity shares issued during the year

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account:

• the after-income tax effect of interest and other financing costs associated with dilutive potential equity shares

• the weighted average number of additional equity shares that would have been outstanding assuming the
conversion of all dilutive potential equity shares

(t) Contingent liabilities

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 arises from past events but is not recognised 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 recognised because it cannot be measured reliably.

Where there is a possible obligation or a present obligation and the likelihood of the outflow of the resources is remote,
no provision or disclosure for contingent liability is required.

(u) Fair value measurement

The Company measures financial instruments 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 in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption that
the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic

benefits by using the asset in its highest and best use or by selling it to another market participant that would use the

asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data
are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the 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: The fair value of financial instruments traded in active markets is based on quoted market prices at the end
of the reporting period. The mutual funds are valued using the closing NAV. The quoted market price used
for financial assets held by the Company is the current bid price. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an active is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on entity-specific estimates.
If all significant inputs required to fair value an instrument are observable, the instrument is included in
level 2.

Level 3: I f one or more of the significant inputs is not based on observable market data, the instrument is included
in level 3.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest
level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

External valuers are involved for valuation of significant assets, such as properties and unquoted financial investments.

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.

(v) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.

Financial assetsRecognition

Financial assets are recognised when the Company becomes a party to the contractual provisions of the instrument.
Measurement

At initial recognition, the Company measures a financial asset (excluding trade receivables which do not contain a
significant financing component) at its fair value plus, in the case of a financial asset not at fair value through profit
or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of
financial assets carried at fair value through profit or loss are expensed in profit or loss.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in three categories:

• Financial instruments at amortised cost

• Derivatives and equity instruments at Fair Value through Profit or Loss (‘FVTPL’)

• Equity instruments measured at Fair value through Other Comprehensive Income (‘FVTOCI’)

Financial instruments at amortised cost

A ‘financial instrument’ is measured at the amortised cost using the effective interest rate (‘EIR’) method 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. 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 finance income in the profit or
loss. The losses arising from impairment are recognised in the profit or loss. This category generally applies to trade
receivables, deposits and loans.

Derivative financial instruments

The Company uses forward currency contracts, to hedge its foreign currency risks. Such forward currency contracts
are initially recognised at fair value on the date on which a forward currency contracts is entered into and as at balance
sheet date any gains or losses arising from changes in the fair value of derivatives are taken directly to statement of
profit and loss.

Equity Investment in Subsidiary

Equity investments in subsidiary are measured at historical cost.

Other Equity investments

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading
are classified as at FVTPL. For all other equity instruments, the Company may make an irrevocable election to present
in OCI subsequent changes in the fair value. The Company makes such election on an instrument-by-instrument basis.
The classification is made on initial recognition and is irrevocable.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the
profit or loss.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument,
excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to profit and loss, even
on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a company of similar financial assets) is
primarily derecognised (i.e. removed from the Company’s balance sheet) 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 and either (a) the Company has
transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor
retained substantially all the risks and rewards of the asset but has transferred control of the asset.

Impairment of financial assets

The Company assesses on a forward-looking basis the expected credit losses associated with its financial assets
carried at amortised cost and FVOCI debt instruments. The impairment methodology applied depends on whether
there has been a significant increase in credit risk. Note 42 details how the Company determines whether there has
been a significant increase in credit risk.

The Company measures the loss allowance for trade receivables by applying the simplified approach at an amount
equal to life-time expected credit losses. Further, for the purpose of measuring lifetime expected credit loss allowance
for trade receivables, the Company has used practical expedient as permitted under Ind AS -109 ‘Financial instruments.
This expected credit loss allowance is computed based on provision matrix which takes into account historically
observed default rates over the expected life of trade receivables and is adjusted for forward-looking estimates.

The Company follows 'simplified approach' for recognition of impairment loss allowance on Trade receivables of
contract revenue receivables under the simplified approach, the Company does not track changes in credit risk.
Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial
recognition.

Financial liabilitiesInitial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or at
amortised cost, as appropriate.

All financial liabilities are recognised initially at fair value and in the case of loans, borrowings and payables, net of
directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, loans and
borrowings including bank overdrafts, financial guarantee contracts and derivative financial instruments.

Derecognition

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 liability 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 derecognition
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.

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) Exceptional Items

Exceptional items include income or expenses that are considered to be part of ordinary activities, however, are of
such significance and nature that separate disclosure enables the user of the financial statements to understand the
impact in a more meaningful manner. Exceptional items are identified by virtue of either their size or nature so as to
facilitate comparison with prior periods and to assess underlying trends in the financial performance of the Company.

(x) Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest million as per the
requirement of Schedule III, unless otherwise stated.

48. Previous year’s figures have been regrouped/reclassified wherever necessary to conform to current year’s classifications.
Also Refer Note 4(a).