k. 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 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.

l. 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 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
extreme rare cases where there is a liability that cannot be
recognised because it cannot be measured reliably. The
Company does not recognise a contingent liability but
discloses its existence in the financial statements.

m. Retirement and other employee benefits
Short- term employee benefits

Employee benefits payable wholly within twelve months
of availing employee services are classified as short-term

employee benefits. These benefits include salaries and
wages, bonus and ex-gratia. The undiscounted amount
of short term employee benefits such as salaries and
wages, bonus and ex-gratia to be paid in exchange of
employee services are recognized in the period in which
the employee renders the related service.

Post-employment benefits
Defined contribution plans:

A defined contribution plan is a post-employment benefit
plan under which an entity pays specified contributions
to a separate entity and has no obligation to pay any
further amounts. The Company makes specified monthly
contributions towards Provident Fund and Employees
State Insurance Corporation ('ESIC'). The contribution
is recognized as an expense in the Statement of Profit
and Loss during the period in which employee renders
the related service. There are no other obligations other
than the contribution payable to the Provident Fund and
Employee State Insurance Scheme.

Defined benefit plan:

Gratuity liability, wherever applicable, is provided for on
the basis of an actuarial valuation done as per projected
unit credit method, carried out by an independent actuary
at the end of the year. The Companys' gratuity benefit
scheme is a defined benefit plan.

The Company makes contributions to a trust administered
and managed by an Insurance Company to fund the
gratuity liability. Under this scheme, the obligation to
pay gratuity remains with such Company, although the
Insurance Company administers the scheme.

Accumulated leave, which is expected to be utilised within
the next 12 months, is treated as short-term employee
benefit. The Company measures the expected cost of such
absences as the additional amount that it expects to pay
as a result of the unused entitlement that has accumulated
at the reporting date.

The Company treats accumulated leave expected to be
carried forward beyond twelve months, as long-term
employee benefit for measurement purposes. Such long¬
term compensated absences are provided for based on
the actuarial valuation using the projected unit credit
method at the year end. The Company presents the leave
as a short-term provision in the balance sheet to the
extent it does not have an unconditional right to defer its
settlement for 12 months after the reporting date. Where
Company has the unconditional legal and contractual right
to defer the settlement for a period beyond 12 months, the
same is presented as long-term provision.

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

n. 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 assets

Initial recognition and measurement

All financial assets are recognised initially at fair value,
plus in the case of financial assets not recorded at fair
value through profit or loss, transaction costs that are
attributable to the acquisition of the financial asset.
Purchases or sales of financial assets that require delivery
of assets within a time frame established by regulation
or convention in the market place (regular way trades)
are recognised on the trade date, i.e., the date that the
Company commits to purchase or sell the asset.

Subsequent measurement

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

- Debt instruments at amortised cost

- Debt instruments at fair value through other
comprehensive income (FVTOCI)

- Debt instruments, derivatives and equity instruments
at fair value through profit or loss (FVTPL)

- Equity instruments measured at fair value through
other comprehensive income (FVTOCI)

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

i. Debt instruments at amortised cost

A 'debt instrument' is measured at the amortised cost
if both the following conditions are met -

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

- 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.

This category is the most relevant to the Company.
After initial measurement, such financial assets are
subsequently measured at amortised cost using the

effective interest rate (EIR) method. 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 statement of
profit and loss. The losses arising from impairment
are recognised in the statement of profit and loss.

This category generally applies to trade and other
receivables.

ii. Debt instrument at FVTOCI

A 'debt instrument' is classified as at the FVTOCI if
both of the following criteria are met:

- The objective of the business model is achieved
both by collecting contractual cash flows and
selling the financial assets, and

- The asset's contractual cash flows represent
SPPI.

Debt instruments included within the FVTOCI
category are measured initially as well as at each
reporting date at fair value. Fair value movements are
recognized in the other comprehensive income (OCI).
However, the Company recognizes interest income,
impairment losses & reversals and foreign exchange
gain or loss in the statement of profit and loss. On
derecognition of the asset, cumulative gain or loss
previously recognised in OCI is reclassified from the
equity to the statement of profit and loss. Interest
earned whilst holding FVTOCI debt instrument is
reported as interest income using the EIR method.

iii. Debt instrument at FVTPL

FVTPL is a residual category for debt instruments.
Any debt instrument, which does not meet the criteria
for categorization as at amortized cost or as FVTOCI,
is classified as at FVTPL.

In addition, the Company may elect to designate a
debt instrument, which otherwise meets amortized
cost or FVTOCI criteria, as at FVTPL. However,
such election is allowed only if doing so reduces
or eliminates a measurement or recognition
inconsistency (referred to as 'accounting mismatch').
The Company has not designated any debt
instrument as at FVTPL.

Debt instruments included within the FVTPL
category are measured at fair value with all changes
recognized in the statement of profit and loss.

iv. 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 other
comprehensive income 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.

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.

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

Equity investments made by the Company in
subsidiaries, associates and joint ventures are carried
at cost less impairment loss (if any).

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 a 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

In accordance with Ind AS 109, the Company applies
expected credit loss (ECL) model for measurement
and recognition of impairment loss on the financial
assets which are not fair valued through statement of
profit and loss. Loss allowance for trade receivables
with no significant financing component is measured
at an amount equal to lifetime ECL at each reporting
date, right from its initial recognition. For all other
financial assets, expected credit losses are measured
at an amount equal to the 12-month ECL, unless
there has been a significant increase in credit risk
from initial recognition in which case those are
measured at lifetime ECL. If, in asubsequent period,
credit quality of the instrument improves such that
there is no longer a significant increase in credit
risk since initial recognition, then the entity reverts
to recognising impairment loss allowance based on
12-month ECL.

ECL impairment loss allowance (or reversal)
recognized during the period is recognized as income/
expense in the statement of profit and loss. This
amount is reflected under the head 'other expenses' in
the statement of profit and loss.

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 its historically observed
default rates over the expected life of the trade
receivables and is adjusted for forward-looking
estimates. At every reporting date, the historical
observed default rates are updated and changes in
the forward-looking estimates are analysed.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition,
as financial liabilities at fair value through Statement
of Profit and Loss, loans and borrowings, payables, or
as derivatives designated as hedging instruments in
an effective hedge, as appropriate.

All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings and
payables, net of directly attributable transaction
costs.

In order to hedge its exposure to interest rate risks
on external borrowings, the Company enters into
interest rate swap contracts. The Company does not
hold derivative financial instruments for speculative
purposes. The derivative instruments are marked to
market and any gains or losses arising from changes
in the fair value of derivatives are taken directly to the
Statement of Profit and Loss

The Company's financial liabilities include trade
and other payables, loans and borrowings including
bank overdrafts, financial guarantee contracts and
derivative financial instruments.

Subsequent measurement

The measurement of financial liabilities depends on
their classification, as described below:

Loans and borrowings

After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised
cost using the EIR method. Gains and losses are
recognised in Statement of Profit and Loss when the
liabilities are derecognised as well as through the EIR
amortisation process.

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 amortization is included as finance costs in the
Statement of Profit and Loss. This category generally
applies to borrowings.

Derivative Financial Instruments and Hedge
Activity

The Company uses various derivative financial
instruments such as interest rate swaps, Cross¬
currency swaps and forwards to mitigate the risk
of changes in interest rates and exchange rates. At
the inception of a hedge relationship, the Company
formally designates and documents the hedge
relationship to which the Company wishes to
apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
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 hedge
which is recognised in Other Comprehensive Income
and later to Statement of Profit and Loss when the
hedged item affects profit or loss or is treated as
basis adjustment if a hedged forecast transaction
subsequently results in the recognition of a Non¬
Financial Assets or Non-Financial liability.

For the purpose of hedge accounting, hedges are
classified as:

1. Fair value hedges when hedging the exposure to
changes in the fair value of recognized asset or
liability or an unrecognized firm commitment.

2. Cash flow hedges when hedging the exposure
to variability in cash flows that is either
attributable to a particular risk associated with a
recognized asset or liability or a highly probable
forecast transaction or the foreign currency risk
in an unrecognized firm commitment.

3. Hedges of a net investment in foreign operation.

At the inception of hedge relationship, the Company
formally designates and documents the hedge
relationship, the Company formally designates and
documents the hedge relationship to which the
Company wishes to apply hedge accounting and risk
management objective and strategy for undertaking
the hedge. The documentation includes the
Company's risk management objective and strategy
for undertaking hedge, the hedging/economic
relationship, the hedged item or transaction, the

nature of risk being hedged, hedge ratio and how
the entity will assess the effectiveness of changes
in the hedging instrument's fair value in offsetting
the exposure to change in the hedged item's fair
value or cash flows attributable to the hedged risk.
Such hedges are expected to be highly effective
in achieving the offsetting changes in fair value or
cash flows and are assessed on an ongoing basis
to determine that they actually have been highly
effective throughout the financial reporting periods
for which they were designated.

Hedges that meet the criteria for hedge accounting
are accounted for as follows:

Cash flow hedges

The effective portion of the gain or loss on the hedging
instrument is recognized in OCI in the cash flow
hedge reserves, while ineffective portion is recognized
immediately in the statement of profit and loss. The
Company uses future stream of annual dividends
receivable from its wholly owned subsidiary company
as well as receivables from overseas customers as
hedges of its exposure to foreign currency risk in the
forecast transaction. The ineffective portion relating to
Cross currency Interest rates swap is routed through
the statement of profit and loss. Amount recognized as
OCI are transferred to profit and loss when the hedged
transaction affects profit or loss. When the hedged
item is the cost of non-financial asset or non-financial
liability, the amount recognized as OCI are transferred
to the initial carrying amount of the non-financial asset
or liability.

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 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.

o. Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short-term deposits with
an original maturity of three months or less, which are
subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and
cash equivalents consist of cash and short-term deposits,
as defined above, net of outstanding bank overdrafts as
they are considered an integral part of the Company's
cash management.

p. Cash flow statement

Cash flows are reported using the indirect method,
whereby profit / (loss) before extraordinary items and
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 in the Cash flow statement.

q. Earnings per equity share

Basic earnings per share (EPS) amounts is calculated
by dividing the profit for the year attributable to equity
holders by the weighted average number of equity shares
outstanding during the year.

For the purpose of calculating diluted earnings per
share, the net profit of 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.

The number of equity shares and potentially dilutive
equity shares are adjusted retrospectively for all periods
presented for any share splits and bonus shares issues
including for changes effected prior to the approval of the
financial statements by the Board of Directors.

r. Dividend

The Company recognises a liability to pay dividend
to equity holders of the parent when the distribution
is authorised, and the distribution is no longer at the
discretion of the Company. As per the corporate laws in
India, a distribution is authorised when it is approved by
the shareholders. A corresponding amount is recognised
directly in equity.

2.3 New and amended standards

The Ministry of Corporate Affairs (MCA) notified the Ind
AS 117, Insurance Contracts, vide notification dated 12
August 2024, under the Companies (Indian Accounting
Standards) Amendment Rules, 2024, which is effective
from annual reporting periods beginning on or after 1 April
2024.

(i) Ind AS 116: Lease Liability in Sale and Lease back

The MCA notified the Companies (Indian Accounting
Standards) Second Amendment Rules, 2024, which
amend Ind AS 116, Leases, with respect to Lease Liability
in a Sale and Leaseback. This amendment had no impact
on the financial statements of the Company.

The amendment specifies the requirements that a seller-
lessee uses in measuring the lease liability arising in a
sale and leaseback transaction, to ensure the seller-lessee
does not recognise any amount of the gain or loss that
relates to the right of use it retains.

The amendment is effective for annual reporting periods
beginning on or after 1 April 2024 and must be applied
retrospectively to sale and leaseback transactions entered
into after the date of initial application of Ind AS 116.

The amendments do not have a material impact on the
Company's financial statements, as the company not have
any sale and lease back transactions.

(ii) Ind AS 117: Insurance Contracts

Ind AS 117 Insurance Contracts is a comprehensive new
accounting standard for insurance contracts covering
recognition and measurement, presentation and
disclosure. Ind AS 117 replaces Ind AS 104 Insurance
Contracts. Ind AS 117 applies to all types of insurance
contracts, regardless of the type of entities that issue them
as well as to certain guarantees and financial instruments
with discretionary participation features; a few scope
exceptions will apply. Ind AS 117 is based on a general
model, supplemented by:

• A specific adaptation for contracts with direct
participation features (the variable fee approach)

• A simplified approach (the premium allocation
approach) mainly for short-duration contracts

The application of Ind AS 117 does not have material
impact on the Company's separate financial statements as
the Company has not entered any contracts in the nature
of insurance contracts covered under Ind AS 117.

2.4 Significant accounting judgements, estimates and
assumptions:

The preparation of the Company's financial statements
requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities.
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. Some of the significant accounting
judgement and estimates are given below:

Revenue recognition

The Company uses percentage of completion method
in accounting of revenue for rendering of end-to-end
logistics services comprising of activities related to
consolidation of cargo, transportation, freight forwarding
and customs clearance services. Use of the percentage
of completion method requires the Company to estimate
the efforts or costs expended to date as a proportion of
the total efforts or costs to be expended. Percentage of
completion is arrived at on the basis of proportionate
costs incurred to date of total estimated costs, milestones
agreed or any other suitable basis, provided there is
a reasonable completion of activity and provision of

services. Provisions for estimated losses, if any, on
uncompleted contracts are recorded in the period in which
such losses become probable based on the expected
contract estimates at the reporting date.

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 several lease contracts that include
extension and termination options. The Company
applies judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to renew or
terminate the lease. That is, it considers all relevant factors
that create an economic incentive for it to exercise either
the renewal or termination. After the commencement
date, the Company reassesses the lease term if there
is a significant event or change in circumstances that
is within its control and affects its ability to exercise or
not to exercise the option to renew or to terminate (e.g.,
construction of significant leasehold improvements or
significant customisation to the leased asset).

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 (such as the credit rating).

Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and the
present value of the gratuity obligation are determined
using actuarial valuations. An actuarial valuation involves
making various assumptions that may differ from
actual developments in the future. These include the
determination of the discount rate, future salary increases
and mortality rates. All assumptions are reviewed at each
reporting date.

The parameter most subject to change is the discount
rate. In determining the appropriate discount rate for plans
operated in India, the management considers the interest
rates of government bonds in currencies consistent with

values. Judgements include considerations of inputs
such as liquidity risk, credit risk and volatility. Changes in
assumptions about these factors could affect the reported
fair value of financial instruments. See Note 31 for further
disclosures.

Property, plant and equipment

Property, plant and equipment represent a significant
proportion of the asset base of the Company. The
charge in respect of periodic depreciation is derived
after determining an estimate of an asset's expected
useful life and the expected residual value at the end of
its life. The useful lives and residual values of Company
assets are determined by management at the time the
asset is acquired and reviewed periodically, including at
each financial year end. The lives are based on historical
experience with similar assets.

*Pursuant to the approval of the shareholders vide postal ballot dated 21 December 2023, the Board of Directors of the
Company, at its meeting held on 04 January 2024, approved the increase in authorised share capital from 29.47 crore equity
shares of ' 2 each to 100 crore equity shares of ' 2 each, cancellation of the authorised but unissued preference capital and
allotment of 73,70,86,572 (Seventy Three Crores Seventy Lakhs Eighty-Six Thousand Five Hundred and Seventy Two) Equity
shares of ' 2/- each as fully paid up bonus equity shares in the ratio of 3 (three) fully paid Bonus Shares for every 1 (one)
Equity Share (3:1) held by the Equity Shareholders of the Company as on January 02, 2024 i.e. Record Date. Consequently,
the paid-up equity share capital of the Company has increased to ' 196,55,64,192/- (Rupees One Ninety Six Crores Fifty Five
Lakhs Sixty Four Thousand One Hundred and Ninety Two Only).

Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of ' 2 per share. Each holder of equity shares is entitled
to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.

Nature and purpose of reserves

a) General reserve

General reserve is used from time to time to transfer profit from retained earnings for appropriation purposes. As
the general reserve is created by a transfer from one component of equity to another and is not an item of other
comprehensive income, items included in the general reserve will not be reclassified subsequently to statement of profit
and loss.

b) Capital redemption reserve

Capital redemption reserve represents amounts set aside on redemption of preference shares.

c) Retained earnings

Retained earnings represents all accumulated net income netted by all dividends paid to shareholders.

d) Remeasurements of gains / (losses) on defined benefit plans (OCI)

It comprises of actuarial gains and losses, differences between the return on plan assets and interest income on plan
assets and changes in the asset ceiling (outside of any changes recorded as net interest).

e) Cash Flow Reserves (OCI)

The Company uses hedging instruments as part of its management of foreign currency risk and interest rate risk
associated on borrowings. For hedging foreign currency and interest rate risk, the Company uses foreign currency
forward contracts, cross currency swaps and interest rate swaps. To the extent these hedges are effective, the change
in fair value of the hedging instrument is recognised in the effective portion of cash flow hedges. Amounts recognised in
the effective portion of cash flow hedges is reclassified to the statement of profit and loss when the hedged item affects
profit or loss (e.g. interest payments). (Refer note 29B)

f) Tonnage Tax (utilised) and Tonnage Tax Reserve

These reserves are mandatory under the Income Tax Act, 1961 for companies who opt for the Tonnage Tax Scheme
prescribed under the said Act.

Term loans from banks (secured)

Rupee term loans from banks are secured against property, plant and equipment and certain immovable properties of the
Company and carry interest of 6.80% - 8.30% p.a. (31 March 2024: 6.80% - 9.75% p.a.) and are repayable within a period
ranging from 1-3 years.

*Consequent to Demerger Scheme the Axis Bank term loan had been allocated between the Company, Transindia Real Estate
Limited and Allcargo Terminals limited. As per the terms of borrowing it is secured against land and buildings of the Company,
Pursuant to demerger scheme, these assets have been transferred to Transindia Real Estate Limited. Accordingly this
borrowing is not secured by the Company Assets and secured by land and building of Transindia Real Estate Limited pursuant
to demerger. The Borrowing is disclosed as secured.

Foreign Currency Term Loan (secured)

The Company has availed Foreign Currency Term Loan carrying interest rate of 3.40% (31 March 2024 3.40%) and repayable
within a year. As per the terms of borrowing it is secured against land and buildings of the Company, Pursuant to demerger
scheme, these assets have been transferred to Transindia Real Estate Limited. Accordingly this borrowing is not secured by
the Company Assets and secured by land and building of Transindia Real Estate Limited pursuant to demerger. The Borrowing
is disclosed as secured.

Vehicle finance loans (secured)

Vehicle finance loans are secured against vehicle financed by the Bank and carry interest ranging from 8.00% - 8.50% p.a. (31
March 2024: 8.00% - 8.50% p.a.) and repayable within the period of 3 years.

Working capital demand loan from banks (secured)

Working capital loan is secured with pari-passu charge on present and future movable assets, inventories and book debts and
carry interest 7.65% - 9.30% (31 March 2024:7.65% - 8.95%) and are repayable within a period of six months.

The Company has filed quarterly returns or statements with the banks in lieu of the sanctioned working capital facilities. The
same are in agreement with books of account.

The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
Term loan from banks (unsecured)

The Company has availed an unsecured loan from the Bank carrying interest rate of 9.75% - 9.85% p.a (31 March 2024 : 9.65%)
and repayable within a year. Last instalments is due in May 2025.

Working capital demand loan from banks (unsecured)

The Company had availed an unsecured working capital loan from the Bank carrying interest rate of 8.30%. The same has
been repaid in the current year.

Inter-Corporate Deposit (unsecured)

The Company has availed inter-corporate deposit from its subsidiary carrying interest of 7.95%.

Loan covenants

Term loans from banks, financial institutions and others (which are secured in nature) contain certain debt covenants to be
maintained at a group level relating to limitation on indebtedness, debt-equity ratio, net borrowings to EBITDA ratio and debt
service coverage ratio. The Company has reasonably satisfied all debt covenants prescribed in the terms and conditions of
sanction letter of bank loan.

The Company has not been declared as wilful defaulter by any bank or financial institution or lender.

Risks

Investment risk

For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the
fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future
discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes in
the discount rate during the inter-valuation period.

Market Risk (Interest Rate)

Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets.

The discount rate reflects the time value of money. An increase in discount rate leads to decrease in Defined Benefit
Obligation of the plan benefits & vice versa. This assumption depends on the yields on the corporate/government bonds
and hence the valuation of liability is exposed to fluctuations in the yields as at the valuation date.

29 (A) Financial risk management objectives and policies

i) The Company's activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk.

The Company's primary risk management focus is to minimize potential adverse effects of market risk on its financial
performance. The Company's risk assessment and policies and processes are established to identify and analyse the
risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the
policies and processes. Risk assessment and policies and processes are reviewed regularly to reflect changes in market
conditions and the Company's activities. The Board of Directors and the management is responsible for overseeing the
Company's risk assessment and policies and processes.

ii) Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes
in market rates and prices (such as interest rates and foreign currency exchange rates) or in the price of market risk-
sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable to all
market risk-sensitive financial instruments, all foreign currency receivables and payables and all short term and long¬
term debt. The Company is exposed to market risk primarily related to foreign exchange rate risk and interest rate
risk. Thus, the Company's exposure to market risk is a function of investing and borrowing activities and it's revenue
generating and operating activities.

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 Company's long-term and short-term debt obligations with floating interest rates.

Interest rate Sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion
of loans and borrowings affected. With all other variables held constant, the Company's profit before tax is affected
through the impact on floating rate borrowings, as follows

When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of those
derivatives to match the terms of the hedged exposure. For hedges of forecast transactions, the derivatives cover
the period of exposure from the point the cash flows of the transactions are forecasted up to the point of settlement
of the resulting receivable or payable that is denominated in the foreign currency.

c) Unhedged foreign currency exposures

As at balance sheet date, the Company's net foreign currency exposure Receivable / (payable) that is not hedged is
' (12,130) Lakhs (31 March 2024: ' 1,606 lakhs). Majority of this amount represents the amount payable to overseas
subsidiary companies hence it remains manageable exposure within the group itself.

d) Foreign currency sensitivity

For the year ended 31 March 2025 and 31 March 2024, every 5% depreciation / appreciation in the exchange rate
between the Indian rupee and U.S. dollar, would have affected the Company's incremental operating margins by
approximately ' 362 lakhs and ' 101 lakhs each (net). The Company's exposure to foreign currency changes for all
other currencies is not material.

iii) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables)
and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions
and other financial instruments.

Investments

The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that
have a good credit rating. The Company does not expect any significant losses from non-performance by these counter¬
parties, and does not have any significant concentration of exposures to specific industry sectors or specific country
risks.

Trade receivables

Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and
control relating to customer credit risk management. Credit quality of a customer is assessed and individual credit
limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. The
Company has diversified customer base considering the nature and type of business.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large
number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The
calculation is based on historical data. The maximum exposure to credit risk at the reporting date is the carrying value
of each class of financial assets disclosed in Note 7.2. The Company does not hold collateral as security. The Company
evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several
jurisdictions and industries and operate in largely independent markets.

iv) Liquidity risk

The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of bank
overdrafts and bank loans. Approximately 100% of the Company's borrowings including current maturities of non-current
borrowings will mature in less than one year at 31 March 2025 (31 March 2024: 54%) based on the carrying value of
borrowings including current maturities of non-current 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

Concentration arises 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 concentration of credit risks are controlled and managed
accordingly.

(v) 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 maximise the shareholder value.

The funding requirement is met through a mixture of equity, internal accruals, borrowings.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants.

The Company's policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain
investor, creditors and market confidence and to sustain future development and growth of its business. The Company
will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The
Company includes within net debt, interest bearing borrowings, less cash and cash equivalents.

32 Other Statutory Information

i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property under The Benami Transactions (Prohibition) Amendment Act, 2016 rules
made thereunder.

ii) 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

iii) 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,

iv) The Company has not entered any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as,
search or survey or any other relevant provisions of the Income Tax Act, 1961

v) The Company do not have any transactions with companies struck off under section 248 of Companies Act, 2013.

vi) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

vii) The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post employment
benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. Certain
sections of the Code came into effect on 3 May 2023. However, the final rules/interpretation have not yet been issued

33 The Board of Directors in their meeting held on May 25, 2024 had recommended a final dividend of Re./- 1 per share for the
year ended March 31, 2024 aggregating to ' 9,828 lakhs which has been approved by the shareholders at the Annual General
Meeting of the Company held on September 26, 2024. It has been paid on October 03, 2024.

The Board of Directors in their meeting held on October 18, 2024 have declared an interim dividend of Rs./- 1.10 per equity
share aggregating to ' 10,811 lakhs. The same has been paid on October 30, 2024. Based on expert advice, the Company had
recognised tax benefit of ' 2,636 lakhs under Section 80M of the Income tax Act, 1961.

34 Corporate social responsibility

As per section 135 of the Act, a CSR committee has been formed by the Company. The funds are utilised throughout the year
on activities which are specified in Schedule VII of the Act. The utilisation is done either by way of direct contribution towards
various activities or by way of contribution to a trust - Avvashya Foundation.

(a) Gross amount required to be spent by the Company during the year: ' 244 lakhs (previous year: ' 527 lakhs)

(b) The areas of CSR activities and contributions made thereto are as follows:

(c) Includes a sum of ' 234 lakhs (previous year: ' 223 lakhs) as contribution to a trust Avvashya Foundation, (where key
managerial personnel and relatives are able to exercise significant influence) (refer note 28B)

(d) As per the rules contained and notified under Companies (Corporate Social Responsibility Policy) Amendment Rules,
2021 as at 31 March 2025 the Company does not have any unspent Corporate Social Responsibility amount which needs
to be transferred to a separate account maintained with scheduled bank within a period of 30 days from the end of
financial year. There are no ongoing projects during the year.

35 Segment reporting

The Company's Chief Operating Decision maker (CODm) reviews business and operations as a single segment i.e.
International Supply Chain, accordingly, there are no reportable business segments in accordance with Ind AS 108 - Operating
Segments.

36 Corporate restructuring

(a) On May 17, 2023, Share Purchase Agreement ("SPA") was entered into between the Company, Avvashya CCI Logistics
Private Limited (ACCI) and JKS Finance Limited and its affiliates ("JKS Group") - shareholders of ACCI for the sale of
16,00,994 (Sixteen Lakhs Nine Hundred Ninety Four) Equity Shares i.e. 61.13% stake held by Company in ACCI to JKS
Group for consideration of ' 3,923 Lakhs. Pursuant to said SPA, the Company sold its stake to JKS Group in ACCI and
ACCI ceased to be Joint-Venture of the Company. The profit on sale of investment of ' 1,522 Lakhs has been treated as an
exceptional item.

Further on May 17, 2023 a Share Purchase Agreement ("SPA") was executed between the Company, Allcargo Supply
Chain Private Limited ("ASCPL") and JKS Group - shareholders of ASCPL for the purpose of acquisition of 8,90,69,138
(Eight Crores Ninety Lakhs Sixty Nine Thousand One Hundred and Thirty Eight) Equity Shares i.e. 38.87% stake by the
Company from JKS Group, for consideration of approx. ' 16,305 Lakhs. Pursuant to said SPA, the Company acquired
38.87% stake in ASCPL from JKS Group and ASCPL has become a wholly owned subsidiary of the Company.

(b) On October 28, 2024, the Company sold its stake in Haryana Orbital Rail Corporation Limited ("HORCL") (912 lakhs
equity shares representing 7.6% stake) to Allcargo Terminals Limited for a consideration of ' 11,500 lakhs which included
contingent consideration of ' 1,100 Lakhs payable after March 31, 2025 subject to fulfilment of certain conditions. The
said conditions have been fulfilled and balance of ' 1,100 Lakhs has been received on April 22, 2025. Profit on sale of
investment of ' 2,380 Lakhs has been treated as an exceptional item.

(c) During the year ended 31 March 2024, the Company acquired 30% stake in Gati Express and Supply Chain Private
Limited (formerly known as Gati-Kintetsu Express Private Limited) ("GESCPL") (a step-down subsidiary) from the
Minority Shareholder of GESCPL for an aggregate consideration of ' 40,670 Lakhs.

(d) The Board of Directors of the Company at its meeting held on December 21, 2023, approved the Composite Scheme of
Arrangement between Allcargo Logistics Limited ("the Company"), Allcargo Supply Chain Private Limited ("ASCPL"),

Gati Express & Supply Chain Private Limited ("GESCPL"), Allcargo Gati Limited ("Gati") and Allcargo ECU Limited
("AEL") , (all subsidiaries of the Company) and their respective shareholders ("the Scheme").

The Scheme includes:

1) Demerger of International Supply Chain business of the Company in AEL effective from appointed date of October
01, 2023.

2) Merger of ASCPL and GESCPL with GATI effective from appointed date of October 01, 2023

3) Merger of GATI with Company, post the merger of ASCPL and GESCPL into GATI on the date, the scheme becomes
effective.

The Scheme has been approved by BSE on October 09, 2024 and by NSE on October 10, 2024. The Scheme along with
a petition to approve the same has been filed with the National Company Law Tribunal (NCLT) which has instructed
the Company and Gati to hold Extraordinary General Meeting ("EGM") respectively to approve the Scheme. The NCLT-
convened shareholders' meeting was held on February 18, 2025, where the Scheme was approved by the shareholders
and is currently pending before NCLT, Mumbai for final approval.

37 On 09 January, 2025, Competition Commission of India (CCI) issued a Show Cause Notice ('SCN') to the Company demanding
an explanation for not giving notice as required under the Competition Act, 2002 during the acquisition of 30% stake in Gati
Express and Supply Chain Private Limited (GESCPL) in June 2023. Management believes that the Company already controlled
GESCPL at the time of this acquisition as it already held 70% stake in GESCPL through a step-down subsidiary Allcargo Gati
Limited (Gati) which has been challenged by CCI. The Company has filed response on February 27, 2025. Their response is
awaited. Based on legal opinion, Management believes that the impact of this notice on the Holding Company, if any, is not
likely to be material.

38 During the year ended March 31, 2025, Income-Tax Authorities conducted search at the office premises of the Company, its
Subsidiaries and at the residence of three of its key management personnel. The Company extended full cooperation to the
Income-tax officials during the search and has provided all the requested information during search and continue to provide
information as and when sought by the authorities. Management made necessary disclosures to the stock exchanges in
this regard on February 12, 2025. As on the date of issuance of these financial results, the Company has not received any
communication from the Income-Tax Authorities regarding the findings of their investigation. Pending final outcome of this
matter, no adjustments have been recognised in the financial results.

39 The Company has used five accounting softwares for maintaining its books of account which has a feature of recording audit
trail (edit log) facility and the same have operated throughout the year for all relevant transactions recorded in the software,
except that audit trail feature of one of the software relating to spend management did not operate from period 01 April 2024 to
28 January 2025.

We confirm that no instance of audit trail feature being tampered with was noted in respect of other software's where audit
trail has been enabled. Additionally, the audit trail of prior year(s) has been preserved as per the statutory requirements for
record retention to the extent it was enabled and recorded in the respective years.

Company has used one accounting software related to maintaining books of account which is operated by third-party
software service providers. Service Organisation Controls reports obtained by the Management in respect of this software
covered for application side audit trail but does not cover reporting on audit trail feature on database to determine whether
audit trail feature of the said software was enabled and operated throughout the year.

40 Events after reporting period

The Company has evaluated subsequent events from the balance sheet date through 24 May 2025 the date at which the
financial statements were available to be issued, and determined that there are no material items to be disclosed other than
those disclosed above.

As per our report of even date attached

For S.R. Batliboi & Associates LLP For and on behalf of Board of directors of Allcargo Logistics Limited

ICAI firm registration No: 101049W/E300004 CIN No:L63010MH2004PLC073508
Chartered Accountants

per Aniket Sohani Shashi Kiran Shetty Kaiwan Kalyaniwalla Ravi Jakhar

Partner Founder and Chairman Non-Executive Director Director- Strategy & Group CFO

Membership No: 117142 DIN: 00012754 DIN: 00060776 PAN : AFQPJ0074A

Place: Mumbai Place: Mumbai Place: Mumbai

Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025

Swati Singh

Company Secretary & Compliance Officer
M.No:A20388

Place: Mumbai Place: Mumbai

Date: 24 May 2025 Date: 24 May 2025