2.22 Provisions and contingent liabilities
Provisions

A provision is recognised when the Company has
a present obligation (legal or constructive) as a
result of 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. These estimates are reviewed at each
reporting date and adjusted to reflect the current
best estimates. 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.

Warranty provisions

Provision for warranty-related costs are recognised
when the product is sold or service is provided to
customer. Initial recognition is based on historical
experience. The Company periodically reviews
the adequacy of product warranties and adjust
warranty percentage and warranty provisions
for actual experience, if necessary. The timing of
outflow is expected to be with in one to five years.

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 extremely 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 standalone financial statements
unless the probability of outflow of resources is
remote.

Contingent liabilities recognised in a business
combination

A contingent liability recognised in a business
combination is initially measured at its fair value.
Subsequently, it is measured at the higher of the
amount that would be recognised in accordance
with the requirements for provisions above or the
amount initially recognised less, when appropriate,
cumulative amortisation recognised in accordance
with the requirements for revenue recognition.

Provisions, contingent liabilities, contingent assets
and commitments are reviewed at each balance
sheet date.

2.23 Dividend Distributions

The Company recognises a liability to make the
payment of dividend to owners of equity, 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
other equity.

2.24 Fair value measurement

The Company measures certain 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 ordinary
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:

(i) In the principal market for asset or liability, or

(ii) 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 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 standalone financial
statements are categorised within the fair value
hierarchy, described as follows, based on the
lowest level input that is significant to the fair
value measurement as a whole:

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

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

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

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

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.

2.25 Business combination and Goodwill

Business combinations are accounted for using the
acquisition method. The cost of an acquisition is
measured as the aggregate of the consideration
transferred measured at acquisition date fair
value. Acquisition-related costs are expensed in
the periods in which the costs are incurred and
the services are received, with the exception of the
costs of issuing debt or equity securities that are
recognised in accordance with Ind AS 32 and Ind
AS 109.

The Company determines that it has acquired a
business when the acquired set of activities and
assets include an input and a substantive process

that together significantly contribute to the
ability to create outputs. The acquired process is
considered substantive if it is critical to the ability
to continue producing outputs, and the inputs
acquired include an organised workforce with
the necessary skills, knowledge, or experience to
perform that process or it significantly contributes
to the ability to continue producing outputs and is
considered unique or scarce or cannot be replaced
without significant cost, effort, or delay in the
ability to continue producing outputs.

At the acquisition date, the identifiable assets
acquired, and the liabilities assumed are recognised
at their acquisition date fair values. For this
purpose, the liabilities assumed include contingent
liabilities representing present obligation and
they are measured at their acquisition fair values
irrespective of the fact that outflow of resources
embodying economic benefits is not probable.
However, the following assets and liabilities
acquired in a business combination are measured
at the basis indicated below:

(i) Deferred tax assets or liabilities, and the
liabilities or assets related to employee benefit
arrangements are recognised and measured
in accordance with Ind AS 12 Income Tax and
Ind AS 19 Employee Benefits respectively.

(ii) Potential tax effects of temporary differences
and carry forwards tax losses/ unabsorbed
depreciation of an acquiree that exist at the
acquisition date or arise as a result of the
acquisition are accounted in accordance with
Ind AS 12.

(iii) Liabilities or equity instruments related
to share based payment arrangements of
the acquiree or share - based payments
arrangements of the Company entered into to
replace share-based payment arrangements
of the acquiree are measured in accordance
with Ind AS 102 Share-based Payments at the
acquisition date.

(iv) Assets (or disposal groups) that are classified
as held for sale in accordance with Ind AS
105 Non-current Assets Held for Sale and
Discontinued Operations are measured in
accordance with that Standard.

(v) Reacquired rights are measured at a value
determined on the basis of the remaining
contractual term of the related contract. Such
valuation does not consider potential renewal

of the reacquired right.

When the Company acquires a business, it assesses
the financial assets and liabilities assumed for
appropriate classification and designation in
accordance with the contractual terms, economic
circumstances and pertinent conditions as at the
acquisition date. This includes the separation of
embedded derivatives in host contracts by the
acquiree.

If the business combination is achieved in stages,
any previously held equity interest is re-measured
at its acquisition date fair value and any resulting
gain or loss is recognised in the statement of profit
and loss or OCI, as appropriate.

Any contingent consideration to be transferred
by the acquirer is recognised at fair value at
the acquisition date. Contingent consideration
classified as an asset or liability that is a financial
instrument and within the scope of Ind AS
109 Financial Instruments, is measured at fair
value with changes in fair value recognised in
statement of profit and loss in accordance with
Ind AS 109. If the contingent consideration is not
within the scope of Ind AS 109, it is measured
in accordance with the appropriate Ind AS and
shall be recognised in statement of profit and
loss. Contingent consideration that is classified as
equity is not re-measured at subsequent reporting
dates and subsequent its settlement is accounted
for within equity.

Goodwill is initially measured at cost, being the
excess of the aggregate of the consideration
transferred over the fair value of net identifiable
assets acquired and liabilities assumed. If the fair
value of the net assets acquired is in excess of the
aggregate consideration transferred, the Company
re-assesses whether it has correctly identified all of
the assets acquired and all of the liabilities assumed
and reviews the procedures used to measure
the amounts to be recognised at the acquisition
date. If the reassessment still results in an excess
of the fair value of net assets acquired over the
aggregate consideration transferred, then the
gain is recognised in other comprehensive income
and accumulated in equity as capital reserve.
However, if there is no clear evidence of bargain
purchase, the entity recognises the gain directly
in equity as capital reserve, without routing the
same through other comprehensive income. After
initial recognition, goodwill is measured at cost

less any accumulated impairment losses. For the
purpose of impairment testing, goodwill acquired
in a business combination is, from the acquisition
date, allocated to each of the Company's cash¬
generating units that are expected to benefit from
the combination, irrespective of whether other
assets or liabilities of the acquiree are assigned to
those units.

A cash generating unit to which goodwill has
been allocated is tested for impairment annually,
or more frequently when there is an indication
that the unit may be impaired. If the recoverable
amount of the cash generating unit is less than its
carrying amount, the impairment loss is allocated
first to reduce the carrying amount of any goodwill
allocated to the unit and then to the other assets
of the unit pro rata based on the carrying amount
of each asset in the unit. Any impairment loss for
goodwill is recognised in the statement of profit
and loss. An impairment loss recognised for
goodwill is not reversed in subsequent periods.

Where goodwill has been allocated to a cash¬
generating unit and part of the operation within
that unit is disposed off, the goodwill associated
with the disposed operation is included in
the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill
disposed in these circumstances is measured based
on the relative values of the disposed operation and
the portion of the cash-generating unit retained.

If the initial accounting for a business combination
is incomplete by the end of the reporting
period in which the combination occurs, the
Company reports provisional amounts for the
items for which the accounting is incomplete.
Those provisional amounts are adjusted through
goodwill during the measurement period, or
additional assets or liabilities are recognised, to
reflect new information obtained about facts and
circumstances that existed at the acquisition date
that, if known, would have affected the amounts
recognised at that date. These adjustments are
called as measurement period adjustments. The
measurement period does not exceed one year
from the acquisition date.

2.26 Key significant judgments, estimates and
assumptions

The preparation of the standalone financial
statements requires the management to make

judgments, 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 judgements,
assumptions and estimates could result in
outcomes that require a material adjustment
to the carrying amount of the asset or liability
affected in future periods.

a) Company as a 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).

b) Company as a lessor

The Company has entered into commercial
property leases on its investment property.
The Company has determined, based on an
evaluation of the terms and conditions of
the arrangements, such as the lease term not
constituting a major part of the economic life
of the commercial property and the present
value of the minimum lease payments not
amounting to substantially all of the fair
value of the commercial property, that it
retains substantially all the risks and rewards
incidental to ownership of these properties
and accounts for the contracts as operating
leases.

c) Defined benefit plans and other long
term incentive plan

The cost of defined benefit plans and leave
encashment is determined using actuarial
valuations. An actuarial valuation involves
making various assumptions which may differ
from actual developments in the future. These
include the determination of the discount
rate, future salary increases, mortality rates.
Due to the complexity of the valuation, the
underlying assumptions and its long-term
nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting
date. In determining the appropriate
discount rate, management considers the
interest rates of long term government bonds
with extrapolated maturity corresponding to
the expected duration of the defined benefit
obligation. The mortality rate is based on
publicly available mortality tables for India.
Future salary increases are based on expected
future inflation rates for India. Further details
about the assumptions used, including a
sensitivity analysis, are given in notes to
financial statements.

d) Fair value measurement of financial
instrument

When the fair value of financial assets and
financial liabilities recorded in the balance
sheet cannot be measured based on quoted
prices in active markets, their fair value
is measured using valuation techniques
including the Discounted Cash Flow (DCF)
model. The inputs to these models are taken
from observable markets where possible,
but where this is not feasible, a degree of
judgment is required in establishing fair
values. Judgments 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.

e) Impairment of financial assets

The impairment provisions of financial assets
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 Company's past history,
existing market conditions as well as forward

looking estimates at the end of each reporting
period.

f) Impairment of non-financial assets

The Company assesses at each reporting date
whether there is an indication that an asset
may be impaired. If any indication exists, or
when annual impairment testing for an asset
is required, the Company estimates the asset's
recoverable amount. An assets recoverable
amount is the higher of an asset's CGU'S fair
value less cost of disposal and its value in
use. Where the carrying amount of an asset
or CGU exceeds its recoverable amount, the
asset is considered impaired and is written
down to its recoverable amount.

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

g) Provision for warranty

Provisions for warranties is measured at
discounted present value using pre-tax
discount rate that reflects the current market
assessments of the time value of money and
the risks specific to the liability. Warranty
provisions is determined based on the
historical percentage of warranty expense to
sales for the same types of goods for which
the warranty is currently being determined.
The same percentage to the sales is applied
for the current accounting period to derive
the warranty expense to be accrued. It is very
unlikely that actual warranty claims will exactly
match the historical warranty percentage,
so such estimates are reviewed annually for
any material changes in assumptions and
likelihood of occurrence.

h) Property, plant and equipment,
investment properties and intangible
assets

Property, Plant and Equipment, investment
property, and intangible assets represent
significant portion of the asset base of the

Company. The charge in respect of periodic
depreciation is derived after determining an
estimate of assets expected useful life and
expected value at the end of its useful life. The
useful life and residual value of Company's
assets are determined by Management at
the time asset is acquired and reviewed
periodically including at the end of each year.
The Company uses its technical expertise
along with historical and industry trends for
determining the economic useful life of an
asset/component of an asset. The useful lives
are reviewed by management periodically and
revised, if appropriate. In case of a revision,
the unamortised amount is charged over the
remaining useful life of the assets.

i) Leases - Estimating the incremental
borrowing rate

The Company 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 (such as for subsidiaries that do
not enter into financing transactions) or when
they need to be adjusted to reflect the terms
and conditions of the lease. The Company
estimates the IBR using observable inputs
(such as market interest rates) when available
and is required to make certain entity-specific
estimates.

j) Employee stock option plan

Estimating fair value for employee stock
option transactions requires determination of
the most appropriate valuation model, which
is dependent on the terms and conditions
of the grant. This estimate also requires
determination of the most appropriate
inputs to the valuation model including the
expected life of the share option, volatility
and dividend yield and making assumptions
about them. For the measurement of the
fair value of equity-settled transactions with
employees at the grant date, the Company
uses Monte Carlo Simulation method. The
assumptions used for estimating fair value for

of the asset to be highly probable when:

i) The appropriate level of management is
committed to a plan to sell the asset

ii) An active programme to locate a buyer and
complete the plan has been initiated (if
applicable)

iii) The asset is being actively marketed for sale
at a price that is reasonable in relation to its
current fair value,

iv) The sale is expected to qualify for recognition
as a completed sale within one year from the
date of classification, and

v) Actions required to complete the plan indicate
that it is unlikely that significant changes to
the plan will be made or that the plan will be
withdrawn.

The criteria for held for sale classification is regarded
as met only when the sale is highly probable and
the asset is available for immediate sale in its
present condition and the assets must have actively
marketed for sale at a price that is reasonable in
relation to its current fair value. Actions required
to complete the sale should indicate that it is
unlikely that significant changes to the plan to sale
these assets will be made. Management must be
committed to the sale, which should be expected
to qualify for recognition as a completed sale
within one year from the date of classification.

Property, plant and equipment and intangible
assets once classified as held for sale are not
depreciated or amortised. Assets and liabilities
classified as held for sale are presented separately,
both from current and non-current aseets in the
balance sheet.

2.28 Goods and Services Tax (GST) paid on
acquisition of assets or on incurring income /
expenses

Expenses and assets are recognised net of the
amount of GST, except:

(a) When the tax incurred on a purchase of
assets or services is not recoverable from the
taxation authority, in which case, the tax paid
is recognised as part of the cost of acquisition
of the asset or as part of the expense item, as
applicable;

(b) When receivables and payables are stated
with the amount of tax included

The net amount of tax recoverable from, or payable
to, the taxation authority is included as part of
other current assets/ liabilities in the standalone
balance sheet.

2.29 Events after the reporting period

If the Company reviews information after the
reporting period, but prior to the date of approved
for issue, about conditions that existed at the end
of the reporting period, it assesses whether the
information affects the amounts that it recognises
in its separate financial statements. The Company
adjusts the amounts recognised in its financial
statements to reflect any adjusting events after
the reporting period and updates the disclosures
that relate to those conditions in light of the new
information. For non-adjusting events after the
reporting period, the Company does not change
the amounts recognised in its separate financial
statements but discloses the nature of the non¬
adjusting event and an estimate of its financial
effect, or a statement that such an estimate cannot
be made, if applicable.

2.30 New and amended standards adopted by the
Company

The Ministry of Corporate Affairs has 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. The amendments had
no impact on the Company's standalone financial
statements.

2.31 Standards issued but not yet effective

The new and amended standards and
interpretations that are issued, but not yet
effective, up to the date of issuance of the
Company's standalone financial statements are
disclosed below. The Company will adopt this
new and amended standard, when it become
effective.

Lack of exchangeability - Amendments to
Ind AS 21

On May 9, 2025, MCA notifies the amendments to
Ind AS 21 - Effects of Changes in Foreign Exchange
Rates. These amendments aim to provide clearer
guidance on assessing currency exchangeability
and estimating exchange rates when currencies
are not readily exchangeable. The amendments are
effective for annual periods beginning on or after
April 1, 2025. The amendments are not expected
to have a material impact on the Company's
standalone financial statements.

Notes:

(a) Refer note 14(A)for property, plant and equipment pledged/ hypothecated as security for borrowing by the Company.

(b) Refer note 29(B) for disclosure of contractual commitments for the acquisition of property, plant and equipment.

(c) Borrowing cost capitalised in case of property, plant and equipment for the year ended 31 March 2025 amounting to
' 4.96 crores ( 31 March 2024: ' 6.82 crores) and borrowing cost capitalised on property, plant and equipment under
construction for the year ended 31 March 2025 amounting to ' 5.76 crores (31 March 2024: ' 1.81 crores). The rate
used to determine the amount of borrowing costs eligible for capitalisation was 7.83% p.a. (31 March 2024: 7.76%
p.a. - 7.85% p.a.) which is the effective interest rate of the specific borrowing.

(d) The title deeds of immovable properties in the nature of freehold land along-with building thereon included in property,
plant and equipment, leasehold land along-with building theron included under right of use (refer note 6) are not held
in the name of the Company for the below mentioned cases:

(i) Impairment testing of goodwill

For the purpose of impairment testing, goodwill acquired in a business combination amounting to ' 137.57 crores
(31 March 2024: ' 134.41 crores) has been allocated to respective cash generating unit (CGU) i.e. Seating business
of ' 87.43 crores, Controller business of ' 26.75 crores and Alloy wheel four wheeler business of ' 23.39 crores. The
Company has performed an annual impairment test for the current year and previous year as at 31 March 2025 and 31
March 2024 respectively to ascertain the recoverable amount of respective CGU. The recoverable amount is determined
based on 'value in use' calculation using cash flow projections based on finance budgets approved by management
covering period of 5 years for all CGU's. Cash flow projection for all CGU's beyond 5 years time period are extrapolated
using the estimated growth rates which is consistent with forecasts included in industry reports in which CGU's operates.
Assumption used in the cash flow projection consist of sales growth rate over budget period, gross margin, working
capital movement, net margin, discount rate, growth rate beyond budget period and terminal value. Approach used in
determining key assumptions for impairment testing of CGUs as stated below.

Management has determined above mentioned assemption based on past performance and its expectations of market
development. Sale growth rates used are consistent with the forecasts included in industry reports of respective CGU.
The calculations performed indicate that recoverable amount of these CGUs is greater than the respective carrying value
and there is no impairment. Management has performed a sensitivity analysis with respect to changes in assumptions
for assessment of 'value in use' of respective CGUs. Based on this analysis, management believes that change in any of
the above assumption would not cause any material possible change in carrying value of these CGUs over and above its
recoverable amount.

(ii) There are no restrictions over the title of the Company's intangible assets, nor are any intangible assets pledged as
security for liabilities.

(iii) On transition to Ind AS (i.e. 01 April 2016), the Company had elected to continue with the carrying value of all intangible
assets measured as per the previous GAAP and use that carrying value as the deemed cost of intangible assets.

6. RIGHT OF USE ASSETS AND LEASES LIABILITIES

(i) Right of use assets: The Company's lease asset primarily consist of :

(a) Leasehold building representing the properties taken on lease for offices and warehouse having lease terms
between 2 to 30 years.

(b) Leasehold plant and equipment representing the leases for various equipment used in its operations having lease
terms between 1 to 20 years.

(c) Leasehold land represents land obtained on long term lease from various Government authorities.

The Company's obligations under its leases are secured by the lessor's title to the leased assets.

The Company also has certain leases with lease terms of 12 months or less and low value leases. The Company has
applied the 'short-term lease' recognition exemptions for these leases.

(c) During the current year, the Company has made additional investment in existing joint venture namely "Toyoda Gosei
Uno Minda India Private Limited (formerly known as Toyoda Gosei Minda India Private Limited) amounting to ' 16.97
Crores resulting in increase in the shareholding from 47.93% to 49.90%.

(d) The Board of the directors of the Company in its meeting held on 28 September 2023 has approved the acquisition
of 26% (twenty six percent) stake held by "Westport Fuel System Italia S.R.L” in erstwhile joint venture namely "Minda
Westport Technologies Limited” ("MWTL”) for a consideration of ' 14.81 crores. The said acquisition has been completed
on 18 April 2024 along with acquisition of control over board of directors and MWTL has become a subsidiary of the
Company.

(e) During the current year, the Board of the directors of the Company in its meeting held on 07 August 2024 has approved
the acquisition of 49% (forty nine percent) stake held by "Onkyo Sound Corporation” ("OSC") Japan in erstwhile joint
venture namely "Minda Onkyo India Private Limited” ("MOIPL”) for the consideration of ' 2.53 crores to be acquired in
two phases comprising of 30% acquisition in phase I for the consideration of ' 1.55 crores and 19% acquisition in phase
II for the consideration of ' 0.98 crores. Phase I acquisition has been completed on 24 September 2024 along with
acquisition of control over board of directors and MOIPL has become a subsidiary of the Company. Phase II acquisition
will be done post satisfaction of condition specified in share purchase agreement.

(f) During the current year, the Committee of the Board of the Company at its meeting held on 02 September 2024, has
approved the acquisition of 49% (forty nine percent) stake in Minda Nabtesco Automotive Private Limited ("MNAPL”)
held by "Nabtesco Automotive Corporation" ("NAM") for consideration of ' 1.30 Crores. The said transaction has been
completed on 26 September 2024 and MNAPL has become a associate of the Company.

(g) During the earlier year, the shareholders of joint venture company namely "Minda TTE Daps Private Limited " ("the entity")
at their Extra-Ordinary General Meeting held on 31 March 2023 had approved the voluntary liquidation of the entity
and approved the appointment of liquidator, as per the provisions of Section 59 of Insolvency and Bankruptcy Code,
2016. The entity is under liquidation with effect from 31 March 2023 i.e. liquidation commencement date.

(h) During the previous year, the Company had made additional investment in the existing subsidiaries namely "Uno Minda
Tachi-S Seating Private Limited" amounting to ' 4.03 Crores, "Uno Minda Buehler Motor Private Limited" amounting to
' 6.04 Crores with proportionate investment by other shareholder and in wholly owned subsidiary company namely
"Global Mazinkert, S.L." amounting to ' 26.11 Crores.

(a) Fixed deposits with original maturity of more than twelve months but remaining maturity of less than twelve months
have been disclosed under "other current financial assets" and fixed deposits with original and remaining maturity of
more than twelve months have been disclosed under "other non-current financial assets"

(b) Bank deposits includes deposits under lien as security amounting to ' 1.00 Crores (31 March 2024: ' 1.47 Crores)

(c) Security deposits includes amount recoverable from related party ' 2.84 crores (31 March 2024: ' 2.57 crores)
(refer note 35).

(d) Others includes amount recoverable by the Company from its related party amounting to ' 3.96 crores (31 March 2024:
' 2.64 crores) (refer note 35) and amount recoverable by "Transferor Company 3" as at 31 March 2024 from its erstwhile
related party not forming the part of the related party of the Company amounting to ' 10.10 crores.

(a) During the previous year, the Company had retired leasehold land having the net carrying value of ' 5.56 Crores from
active use and classified some of the asset as held for sale and recognised and measured it in accordance with Ind-AS
105 "Non Current Assets Held For Sale and Discontinued Operations” at lower of its carrying amount and fair value less
cost to sell. During the current year the sale has been completed.

(vi) Terms/rights attached to equity shares

The Company has only one class of issued equity shares capital having par value of '2/- per share (31 March 2024'2/-
per share). Each shareholder is entitled to one vote per share held. The Company declares and pays dividend 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, the equity shareholders are eligible to receive the remaining assets
of the Company after distribution of all preferential assets, in proportion to their shareholding.

(vii) Aggregate number of shares issued as bonus and shares issued for consideration other than cash during the period of
five years immediately preceding the reporting date are as follows:

* Out of the 1,88,84,662 non-convertible redeemable preference shares issued, 1,88,75,002 non-convertible
redeemable preference shares have been redeemed during the financial year 2021-22 and remaining 9,660 non¬
convertible redeemable preference shares have been redeemed during the financial year 2022-23.

Nature and purpose of other reserves

(i) Equity component of other financial instruments

Equity component of the financial instruments is recognised separately within equity and is not available for the
distribution to the shareholders. Equity component is measured at residual amount after deducting the fair value
of financial liability component from the fair value of entre compound financial instrument. The same is recognised
separately within equity.

(ii) Shares pending issuance

Share pending issuance represents the equity shares of transferee company to be issued to non-controlling shareholder
of transferror companies pursuant to scheme of amalgamation approved by NCL.T.

(iii) Securities premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited
purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

(iv) Capital redemption reserve

The Companies Act, 2013 requires that when a Company purchases its own shares out of free reserves or securities
premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital
redemption reserve. The reserve was created by the Company pursuant to redemption of preference shared in earlier
year and can be utilised in accordance with the provisions of the Companies Act, 2013

(v) Capital reserve

The excess of net assets acquired over the consideration transferred in business acquired in the earlier years is recognised
as capital reserve. Capital reserve is not available for the distribution to the shareholders.

(vi) Capital reserve arising on amalgamation

The excess of net assets acquired over the consideration transferred/ value of investment cancelled in a common control
business combination transaction is recognised as capital reserve arising on amalgamation and presented separately from
other capital reserves. Capital reserve arising on amalgamation is not available for the distribution to the shareholders.

(vii) General reserve

Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a
specified percentage in accordance with applicable regulations. The purpose of these transfers was to ensure that if a
dividend distribution in a given year is more than 10% of the paid-up capital of the Company for that year, then the total
dividend distribution is less than the total distributable results for that year. Consequent to introduction of Companies
Act 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been
withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance with
the specific requirements of Companies Act, 2013.

(viii) Employee stock options reserve

The employee stock options reserve is used to recognise the grant date fair value of options issued to employees under
Employee stock option plan. The Company transfers the amount from this reserve to security premium account upon
exercise of stock option by employees.

(ix) Retained earnings

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

(x) Foreign currency translation reserve

The exchange differences arising on translation of foreign operations (branches) are recognised as Foreign currency
translation reserve in other comprehensive income. On disposal of a foreign operation (branches), the component of
other comprehensive income relating to that particular foreign operation (branches) is recognised in Statement of Profit
and Loss.

(xi) Equity instruments through other comprehensive income

The Company has elected to recognise changes in the fair value of certain investments in equity securities in other
comprehensive income. These changes are accumulated within the Equity instrument through other comprehensive
income reserve within equity. The Company transfers amounts from this reserve to retained earnings when the relevant
equity securities are derecognised.

(viii) Borrowings contain certain debt covenants relating to security cover, debt to tangible net worth ratio, debt service
coverage ratio, fixed asset coverage ratio, interest coverage ratio, debt to EBITDA ratio, debt to cash accrual ratio
and current ratio. The Company has satisfied all debt covenants prescribed as per the terms of respective loan
agreements.

(ix) The Company has not made any default in the repayment of loan to banks and other financial institutions including
interest thereon.

(x) The term loan and debentures have been used for the purpose for which they were obtained and funds raised for
a short term basis have not been used for long term purposes.

(xi) The Company has been sanctioned working capital limits in excess of Rs. five crores in aggregate from banks
and financial institutions during the year on the basis of security of current assets of the Company, however the
quarterly returns/statements filed by the Company with such banks and financial institutions are not in agreement
with the audited books of accounts of the Company and the details are as follows:

(ii) The trade payables are unsecured and non interest-bearing and are usually on varying trade term.

(iii) Trade Payables include due to related parties amounting to ' 248.21 Crores (31 March 2024 : ' 145.46 Crores)
{refer to note 35}

(iv) For terms and conditions with related parties {refer to note 35}.

(v) Trade payable includes unbilled dues amounting to ' 138.66 Crores (31 March 2024: ' 152.50 Crores) included
under "Current but not due" category.

(vi) Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development
Act, 2006 (MSMED Act) for the year ended 31 March 2025 is given below. This information has been determined
to the extent such parties have been identified on the basis of information available with the Company.

Notes:

(i) Unpaid dividend account does not include any amount payable to Investor Education and Protection Fund which
is due and unpaid.

(ii) Payable to customer against claims" includes claims from a customer in respect of supplies made by the Company,
which were subject matter of product recall by the customer in the previous year. The Company has adequate
insurance coverage against the same. The Company, based on the terms of such insurance policy, partial approval
of claim and ongoing settlement with the customer, continue to believe insurance claim receivable {as disclosed
in note 7(F)} is fully recoverable and no adjustment is required to be made in these standalone financial statement.
During the current year, the Company has also recognised ' 0.84 crores under other expenses (refer note 28).

(iii) Capital creditors includes amount due to related party ' 48.32 crores (31 March 2024: ' 1.90 crores)
{refer note 35}.

(iv) Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development
Act, 2006 (MSMED Act) for the year ended 31 March 2025 is given below. This information has been determined
to the extent such parties have been identified on the basis of information available with the Company

(f) Effective tax rate has been calculated on profit before tax.

(g) The Company has deductible temporary differences with respect to allowance for impairment in value of investments
amounting to ' 34.97 crores (31 March 2024: ' 34.97 crores ) on which no deferred tax asset has been recognised by
the management due to lack of probability of future capital gain against which such deferred tax assets can be realised.
Further, during the current year, pursuant to business combination of entities under common control, the Company had
carried forward tax losses, unabsorbed deprecation and other temporary differences pertaining to "transferor company
1" amounting to '116.71 crores as at 31 March 2024 on which no deferred tax assets was recognised by "transferor
company 1" due to lack of probability of future taxable income against which such deferred tax assets could be realised.
These have been utilised by the Company in the current year.

Notes:

(a) Trade Receivable represents the amount of consideration in exchange for goods or services transferred to the customers
that is unconditional.

(b) The Company has entered into the agreement with customers for sales of goods and rendering of services. Contract
liabilities arises in respect of contracts where the Company has obligation to deliver the goods and perform specified
service to a customer for which the Company has received consideration in advance. Contract liabilities are recognised
as revenue when the Company performs obligation under the contract (i.e. transfers control of the related goods or
services to the customer). There is decrease in contract liabilities during the year mainly on account of satisfaction of
performace obligation in respect of amount collected in earlier years.

(c) Contract Liabilities includes balances with related party of ' 0.65 crores (31 March 2024: ' Nil) {refer note 35}.

(d) Unsatisfied performance obligations:

Information about the Company's performance obligations are summarised below:

Sale of products: Performance obligation in respect of sale of goods is satisfied when control of the goods is transferred
to the customer, generally on delivery of the goods and payment is generally due as per the terms of contract with
customers.

Sales of services: The performance obligation in respect of services is satisfied over a period of time and acceptance of
the customer. In respect of these services, payment is generally due upon completion of service based on time elapsed
and acceptance of the customer.

The transaction price allocated to remaining performance obligation (unsatisfied performance obligation) pertaining to
sales of goods/ services as at 31 March 2025 and expected time to recognise the same as revenue is as follows:

Note: The Company has ongoing disputes with various judicial forums relating to tax treatment of certain items
in respect of income tax, excise, sales tax, VAT, service tax and GST. The Company is contesting these demands
and the management believes that our position will likely to be upheld in the appellate process and accordingly no
provision is required to be accrued in these standalone financial statements with respect to these demands raised.
The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on
the Company's financial position and results of operations.

(iii) During the previous year, the Company had received show cause notice from GST authority in respect of
classification of certain product in HSN code 8714.10 instead of 9401.20. The Company had paid the said liability
under protest to the GST authority and recovered the same from customer. Further during the current year, the
Company has received show cause notices and demand notices from GST department in respect of certain years,
while demand notices have been set aside subsequent to reporting date. Based on development in the current
year and based on independent legal opinion obtained, the Company is strongly of the view that it has good case
on merits and chances of liability being materialised is possible, hence no provision is required to be considered

in these standalone financial statements. The Company has made the assessment of contingent liability towards
interest amounting ' 81.55 crores (31 March 2024: ' 79.37 crores) and towards indemnity provided to the
customer amounting ' 162.09 crores (31 March 2024: ' 162.09 crores).

(c) Corporate guarantees given by the Company and outstanding as at 31 March 2025 amounting to ' 131.48 crores
(31 March 2024: ' 130.73 crores) in respect of loans taken by subsidiary company namely UNO Minda Europe
GmbH. Further, the Company has given 'letter of comfort' to bank in respect of loan taken by subsidiary company
namely UNO Minda Europe GmbH amounting to ' Nil (31 March 2024: ' 20.80 crores), subsidiary company
namely "Clarton Horn S.A.U, Spain" amounting to ' Nil (31 March 2024: ' 26.60 crores) and subsidiary company
namely PT Minda Asean Automotive amounting to ' Nil (31 March 2024: ' 16.36 crores). The Company has
appropriately accounted for corporate guarantees in accordance with "Ind AS - 109, Financial instruments".

(d) The Hon'ble Supreme Court of India ("SC”) by their order dated 28 February 2019, set out the principles based
on which allowances paid to the employees should be identified for inclusion in basic wages for the purposes
of computation of Provident Fund contribution. Subsequently, a review petition against this decision is pending
before the SC for disposal. Further, there are interpretative challenges and considerable uncertainty, including
estimating the amount retrospectively. Pending the outcome of the review petition and directions from the EPFO,
the impact for past periods, if any, is not ascertainable reliably and consequently no financial effect is required to
be provided for in the standalone financial statements.

(b) Other commitments

(i) Liability of customs duty towards export obligation undertaken by the Company under "Export Promotion
Capital Goods Scheme (EPCG)” amounting to ' 54.55 crores (31 March 2024: ' 45.14 crores). As per the
EPCG terms and conditions, Company needs to export ' 327.30 crores (31 March 2024: ' 257.54 crores)
i.e. 6 times of duty saved on import of Capital goods on FOB basis within a period of 6 years. The Company
expect to fulfil the export obligation in due course of time.

(ii) The Company has given support letter to its subsidiary companies namely "Global Mazinkert S.L." and "Clarton
Horn S.A.U, Spain" considering the fund requirement of these companies and growth prospects.

(C) Undrawn committed borrowing facility

The Company has ' 187.56 crores (31 March 2024: ' 285.32 crores) of working capital loan facility and
' 148.81 crores ( 31 March 2024: ' 105.01 crores) of term loan facility remains undrawn.

* During the current year, the Company has contributed ' 11.43 crores (31 March 2024: ' 8.20 crores) to "Suman Nirmal
Minda Foundation" (formerly known as "Suman Nirmal Minda Charitable Trust") ("Trust") as a contribution towards ongoing
and other than ongoing project to be undertaken by the Trust. Out of the contribution made by the Company, ' 8.83 crores
(31 March 2024: ' 8.20 crores) has been spent for activities mentioned above with respect to ongoing projects undertaken
by it and ' 0.80 crores (31 March 2024: ' Nil) has been spent for activities mentioned above with respect to other than
ongoing projects undertaken by it and there is unspent CSR amount of ' 1.80 crores (31 March 2024 : ' Nil ) by the trust
which has been subsequently deposited into separate unspent CSR account on 21 April 2025.

** The Company has decided not to carry forward excess amount spent during the year to the next financial year.

31. SEGMENT INFORMATION

The Company deals in only one business segment of manufacturing, trading and sale of auto ancillary equipment. The chief
operating decision maker (board of directors and management) reviews the operations of the Company as a whole and the
risk and rewards from these services are not different from one another. hence goods and services provided by the Company
constitutes single reportable segment as per Ind AS 108 "Operating Segments". The Company has disclosed the entity wide
disclosure in respect of geographical spread as follows:

Note:

(i) Capital expenditure consists of additions of property, plant and equipment, other intangible assets, investment property,
capital work in progress net of capitalisation from previous year.

(ii) There are 2 customers having revenue exceeding 10% each of total revenue of the Company which account for 11.40%
and 10.65% respectively.

(iii) Non-current operating assets consist of property, plant and equipment, capital work in progress, investment property,
right of use assets, goodwill, other intangible assets, non-current tax assets (net) and other non-current assets.

32. EARNINGS PER SHARE (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to owners of the Company by the weighted
average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to owners of the Company by the weighted average
number of Equity shares outstanding during the year plus the weighted average number of Equity shares that would be
issued on conversion of all the dilutive potential Equity shares into Equity shares.

Note:

There have been no other transactions involving equity shares or potential equity shares between the reporting date and the
date of authorisation of these standalone financial statements.

33. EMPLOYEE BENEFIT OBLIGATIONS

Disclosures pursuant to Ind AS - 19 "Employee Benefits" (notified under the section 133 of the Companies Act 2013 (the Act)
read with Companies (Indian Accounting Standards) Rule 2015 (as amended from time to time) and other relevant provision
of the Act) are given below :

(A) Defined benefit plan

The Company operates following defined benefit obligations:

(a) Gratuity: The employees' Gratuity Fund Scheme, which is a defined benefit plan, is managed by the trust which
maintains its investments with Life Insurance Corporation of India (LIC). The gratuity plan is governed by the
Payment of Gratuity Act, 1972. Under the gratuity plan, every employee who has completed at least five years of
service usually gets a gratuity on departure 15 days of last drawn basic salary for each completed year of service.
The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method,
which recognises each period of service as giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation.

The following tables summaries the components of net benefit expense recognised in the statement of profit and
loss and the funded status and amounts recognised in the balance sheet:

(xi) The plan assets are maintained with Life Insurance Corporation of India (LIC).

(xii) Enterprise best estimate of contribution during the next year is ' 34.50 Crores (31 March 2024: ' 21.20 Crores)

(xiii) Discount rate is based on the prevailing market yields of Indian Government securities as at the balance sheet date
for the estimated term of the obligations.

(xiv) The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined
benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting
period while holding all other assumptions constraint. In practice it is unlikely to occur and change in some of
the assumption may be correlated. When calculating the sensitivity of the defined benefit obligation to significant
actuarial assumptions the same method (present value of the defined benefit obligation calculated with the
projected unit credit method at the end of the reporting period) has been applied as when calculating the defined
benefit liability recognised in the balance sheet.

(xv) The estimates of rate of escalation in salary considered in actuarial valuation are after taking into account inflation,
seniority, promotion and other relevant factors including supply and demand in the employment market.

(xvi) The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the
prior period.

34. SHARE BASED PAYMENTS

UNO Minda Employee Stock Option Scheme - 2019

The shareholders of the Company had approved the UNO Minda Employee Stock Option Scheme - 2019 (herein referred
as UNOMINDA ESOS-2019) through postal ballot resolution dated 25 March 2019. The employee stock option scheme is
designed to provide incentives to eligible employees of the Company and its group companies.

This scheme provided for conditional grant of stock options at nominal value to eligible employees as determined by the
Nomination and Remuneration Committee from time to time. The vesting conditions under this scheme include the Company
achieving the target market capitalisation. The maximum number of options to be granted under the scheme shall not exceed
78,66,500 options. The scheme is monitored and supervised by the Nomination and Remuneration Committee of the Board
of Directors in compliance with the provisions of Securities and Exchange Board of India (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021 and amendments thereof from time to time.

Tranche-I: During the earlier year, the nomination and remuneration committee of the Board of directors of the Company
approved and granted 10,12,259 number of options vide their meeting held on 16 May 2019, 88,325 number of options
vide their meeting held on 28 January 2021 and 1,62,340 number of options vide their meeting held on 13 June 2021
respectively to eligible employees of the Company and its group companies under UNO Minda Employee stock option
scheme 2019 subject to vesting condition of achieving market capitalisation of ' 27,000 Crores, which was subsequently
modified to ' 24,000 Crores in FY 2021-22 on or before vesting date i.e. 31 May 2022.

Tranche-II: During the earlier year, the nomination and remuneration committee of the Board of directors of the Company
approved and granted 30,44,832 number of options vide their meeting held on 08 August 2022, 3,72,400 number of
options vide their meeting held on 09 August 2023, 61,600 number of options vide their meeting held on 07 November
2023 and 2,04,300 number of options vide their meeting held on 23 May 2024 respectively to eligible employees of the
Company and its group companies under UNO Minda Employee stock option scheme 2019 subject to vesting condition of
achieving market capitalisation of ' 60,000 Crores on or before the vesting date i.e. 30 May 2025. Each option is convertible
into one equity share.

Notes:

(i) The expected price volatility is based on the historic volatility (based on the remaining life of the options), adjusted for
any expected changes to future volatility due to publicly available information.

(ii) The weighted average share price at the date of options exercised during the year is ' 723.26 per share (31 March 2024:
' 604.99 per share).

(iii) Pursuant to recognition of employee stock expense at grant date fair value, expense amounting to ' 14.25 Crores (31
March 2024: ' 13.80 Crores) is recognised in Statement of Profit and Loss.

(i) Terms and conditions related to material transactions are as below:

(a) Sale/ Purchase of products and services

Transactions of sales /purchase of products and services with related parties are entered into on the same
terms as applicable to third parties in an arm's length transaction and in the ordinary course of business.
The Company mutually negotiates and agrees consideration and payment terms with the related parties by
benchmarking the same to transactions with non-related parties, who purchase/sale product and services of
the Company in similar terms.

(b) Purchases of property, plant and equipment

Purchases of property, plant and equipment are made from related parties on the same terms as applicable to
third parties in an arm's length transaction. The Company mutually negotiates and agrees price and payment
terms with the related parties by benchmarking the similar transaction from non-related parties.

(c) Outstanding balance from / to related parties

Outstanding balances at the year-end are unsecured and interest free. The settlement for these balances occurs
through payment. The Company has not recorded any impairment of receivables relating to amounts owed
by related parties for the year ended 31 March 2025 (31 March 2024: Nil ). This assessment is undertaken
each financial year through examining the financial position of the related party and the market in which the
related party operates.

(d) All the liabilities for post-retirement benefits being 'Gratuity, compensated absence and pension benefit'
are provided on actuarial basis for the Company as a whole, accordingly the amount pertaining to Key
management personnel are not included in remuneration to KMP.

(ii) As at 31 March 2025, the Company has not granted any loans to the promoters, directors, KMPs and the related
parties (as defined under Companies Act, 2013), either severally or jointly with any other person (31 March 2024:
Nil).

The management has assessed that trade receivables, cash and cash equivalents, other bank balances, other current financial
assets, borrowings, trade payables, current lease liabilities and other financial current liabilities approximate their carrying
amounts largely due to the short-term maturities of these instruments.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and
assumptions were used to estimate the fair value

(i) The fair values of the unquoted equity shares have been estimated using a discounted cash flow (DCF) model. The
valuation requires management to make certain assumptions about the model inputs, including forecast cash flows,
discount rate, credit risk and volatility. The probabilities of the various estimates within the range can be reasonably
assessed and are used in management's estimate of fair value for these unquoted equity investments.

(ii) The fair values of the Company's interest-bearing borrowings are determined by using effective interest rate (EIR)
method using discount rate that reflects the issuer's borrowing rate as at the end of the reporting period. The own non¬
performance risk as at 31 March 2025 was assessed to be insignificant.

(iii) Long-term receivables/payables are evaluated by the Company based on parameters such as interest rates, risk factors,
individual creditworthiness of the counterparty and the risk characteristics of the financed project. Based on this
evaluation, allowances are taken into account for the expected credit losses of these receivables.

(iv) The fair values of the quoted equity shares has been determined based on quoted price available in open market.

(v) The Company has entered into derivative financial instruments with banks comprising of forward exchange contract,
valued at mark to market using valuation techniques which employs the use of market observable inputs. As at year end,
the mark-to-market value of these forward contract is based on confirmation from bank and is net of a credit valuation
adjustment attributable to derivative counterparty default risk. The changes in counterparty credit risk had no material
effect on the financial instruments recognised at fair value.

(vi) Fair value hierarchy

Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity
securities) is based on quoted market prices at the end of the reporting period for identical assets or liabilities. The
quoted market price used for financial assets held by the group 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 market (for example, traded bonds, over-
the-counter derivatives) 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: If one or more of the significant inputs is not based on observable market data, the instrument is included in
level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in
level 3.

There are no transfers among levels 1, 2 and 3 during the year

This section explains the judgement and estimates made in determining the fair value of financial assets and liabilities
recognised and measured at fair value

The fair value of derivative financial instrument comprising of forward currency contracts, has been calculated using
mark-to-mark value of these instrument based on bank confirmation.

40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company being the active supplier for the automobile industry is exposed to various market risk, credit risk and
liquidity risk. The Company has global presence and has decentralised management structure. The regulations, instructions,
implementation rules and in particular, the regular communication throughout the organization and management forms the
basis of risk management system used to define, record and minimise operating, financial and strategic risks.

The Company has set up a risk management committee (RMC) which comprise of group chief finance officer and two
independent directors. RMC periodically reviews operating, financial and strategic risk in the business and their mitigating
factors. RMC has formulated a risk management policy for the company which outlines the risk management framework
to help minimise the impact of uncertainty. The main objective of this policy is to ensure sustainable business growth with
stability and to promote a proactive approach in reporting, evaluating and resolving risk associated with the business.
This process provides assurance that the Company's financial risk-taking activities are governed by appropriate policies and
procedures and that financial risk are identified, measured and managed in accordance with Company policies and Company
risk objective. The Company's financial risk management is an integral part of how to plan and execute its business strategies.
Below notes explain the sources of risks in which the Company is exposed to and how it manages the risks.

(a) Market Risk

Market risk is the risk that the 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 loans deposits, and
investments, and foreign currency receivables, payables and derivative financial instruments. The sensitivity analysis

in the following sections relate to the position as at reporting date. The analysis exclude the impact of movements
in market variables on: the carrying values of gratuity and other post-retirement obligations, provisions and the non¬
financial assets and liabilities. The sensitivity of the relevant profit and loss item and equity is the effect of the assumed
changes in the respective market risks. This is based on the financial assets and financial liabilities held as of 31 March
2025 and 31 March 2024.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in foreign exchange rates. The Company also have operations in international market due to which the Company is also
exposed to foreign exchange risk arising from foreign currency transactions primarily with respect to the movement in
foreign currency exchange rates. The Company's exposure to the risk of changes in foreign exchange rates also relates
to the Company's operating activities (when revenue or expense is denominated in foreign currency). The Company
manages its foreign currency risk partly by taking forward exchange contract for transactions of sales and purchases and
partly balanced by purchasing of goods/services from the respective countries. The Company evaluates exchange rate
exposure arising from foreign currency transactions and follows established risk management policies.

Foreign currency risk sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in currency exchange rates, with
all other variables held constant. The impact on the Company profit before tax is due to changes in the fair value of
monetary assets and liabilities as given below:

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 main interest rate risk arises from long-term borrowings with floating
interest rates. The Company optimises the interest rate risk by regularly monitory the interest rate in the best interest of
the Company. The Company has following fixed interest rate and floating interest rate long term borrowing:

(iii) Commodity price risks

Fluctuation in commodity price in market affects directly or indirectly the price of raw material and components used
by the Company. The Company sells its products mainly to Original Equipment Manufacturer (OEM's) whereby there
is a regular negotiation / adjustment of sale prices on the basis of changes in commodity prices. The Company is not
significantly impacted by commodity price risk.

(b) Liquidity Risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations
without incurring unacceptable losses. The Company's objective is to, at all times maintain optimum levels of liquidity to
meet its cash and collateral requirements. The Company closely monitors its liquidity position and deploys a robust cash
management system. It maintains adequate sources of financing through the use of short term bank deposits, short
term loans, and cash credit facility etc. Processes and policies related to such risks are overseen by senior management.
Management monitors the Company's liquidity position through rolling forecasts on the basis of expected cash flows.
The Company assessed the concentration of risk with respect to its debt and concluded it to be low.

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations towards the Company. The Company is exposed to credit risk from its operating activities
(primarily trade receivables) and from its financing activities including deposit with banks, foreign exchange transaction
and other financial instrument. The maximum amount of the credit exposure is equal to the carrying amounts of these
receivables. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.
The Company only deals with parties which has good credit rating/worthiness given by external rating agencies or based
on company's past assessment.

(i) Trade receivables

The Company has developed guidelines for the management of credit risk from trade receivables. The Company's
primary customers are major automobile manufacturers with good credit ratings. All customer are subjected to credit
assessments as a precautionary measure, and the adherence of all customers to collection due dates is monitored on an
on-going basis, thereby practically eliminating the risk of default.

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. An impairment analysis is performed at each reporting date on
trade receivables by lifetime expected credit loss method. The Company does not hold collateral as security. The Company
evaluates the concentration of risk with respect to trade receivables and contract assets as low, as its customers are
located in several jurisdictions and industries and operate in largely independent markets.

(ii) Financial instruments and deposits

Credit risk from balances with banks is managed by the Company's treasury department in accordance with the
Company's policy. Investments of surplus funds are made in bank deposits and mutual funds. The limits are set to
minimise the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to
make payments. The Company's maximum exposure to credit risk for the components of the balance sheet at 31 March
2025 and 31 March 2024 is the carrying amounts .

The Company has deposited liquid funds at various banking institutions. No impairment loss is considered necessary
in respect of these fixed deposits that are with recognised commercial banks and are not past due over past years.
Trade Receivables and other financial assets are written off when there is no reasonable expectation of recovery, such
as debtor failing to engage in the repayment plan with the Company. The Company's maximum exposure relating to
financial instrument is noted in table below:

In order to achieve the overall objective, the Company's capital management, amongst the other things, aim is to ensure that
it meets the financial covenant attached to interest bearing loan and borrowing that define the capital structure requirement.
There have been no breaches in the financial covenant of any interest bearing loan and borrowing in the current and previous
year.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2025
and 31 March 2024.

42. BUSINESS COMBINATION

(i) During the previous year, the Board of Directors of the Company in its Meeting held on 20 March 2023, accorded its
consent for the Scheme of amalgamation ("the Scheme") of subsidiary companies namely, "Kosei Minda Aluminum
Company Private Limited" ('KMA') (Transferor Company 1), "Kosei Minda Mould Private Limited" ('KMM') (Transferor
Company 2), "Minda Kosei Aluminum Wheel Private Limited" ('MKA') (Transferor Company 3) hereinafter collectively
referred as transferror companies with Uno Minda Limited (Transferee Company) subject to necessary approvals of
shareholders, Creditors and other approvals and sanctions by National Company Law Tribunal (NCLT), New Delhi.

During the current year, the Company has received the requisite approvals and the scheme has been sanctioned by the
Hon'ble National Company Law Tribunal, New Delhi ('NCLT') on 18 December 2024. The Certified true copy of the said
order sanctioning the scheme same has been filed with the Registrar of Companies, New Delhi. Authorised share capital
of the Company has been increased in the current year. Accordingly, the Company has given accounting effect of the
scheme in accordance with the accounting treatment prescribed under the scheme and Appendix C of Ind AS 103 -
"Business combination of entities under common control". The comparative financial statements and other financial
information for the year ended 31 March 2024 included in the standalone financial statement have also been restated
in accordance with Appendix C of Ind AS 103 - "Business combination of entities under common control".

The above scheme of arrangement leads to greater efficiency in fund management and deployment, expansion of
business of combined entity and is a strategic fit for serving existing market along with catering additional value linked
to new customer.

Accounting treatment : Below is the summary of accounting treatment which has been given effect to in these
standalone financial statement, in accordance with accounting treatment prescribed in the scheme

(i) All assets and liabilities of the transferor companies are recorded at the respective book values as appearing in the
consolidated financial statement of transferee Company.

(ii) the identity of reserves of transferor companies has been preserved and recorded in the same form and at carrying
amount as appearing in the consolidated financial statement of the transferee company.

(iii) The inter-company balances and transaction between the transferor company and transferee company have been
eliminated.

(iv) The Company has restated the financial information as at and for year ended 31 March 2024 as if the business
combination has occurred from the beginning of the preceding period i.e. 01 April 2023 in accordance with
accounting Appendix C to Ind-AS 103 - 'Business Combinations of entities under Common Control' and the
schemes.

The difference between net identifiable assets acquired and value of investment cancelled has been recognised as capital
reserve and presented separately from other capital reserves.

The identifiable assets and liabilities acquired are as follows:

Note: Share pending issuance represents the equity shares of transferee company to be issued to non-controlling
shareholder of transferror company 1 and transferror company 2 pursuant to scheme approved by NCLT which have
been accounted for at nominal value as per accounting treatment prescribed under Appendix-C to "IND AS 103 -
Business combination" of entities under common control.

(ii) During the current year, the Board of Directors of the Company, in its meeting held on 12 November 2024, approved
the acquisition of the two-wheeler seat manufacturing business of Sundaram Auto Components Limited ("SACL") on a
slump sale basis.

The Company has also entered into a Business Transfer Agreement ("BTA") with SACL on 22 March 2025,
for the transfer of the said business with effect from 28 March 2025. Pursuant to the BTA, the Company
has accounted as a acquisition of business in accordance with accounting treatment as prescribed in Ind-
AS 103- "Business Combination". The accounting of business combination is incomplete at year end, pending
finalisation of purchase price allocation hence accounting of business combination has been done on provisional
basis, however the Company does not anticipate any material adjustment in the amounts recognised.
The difference between the provisional fair value of the net identifiable assets acquired and the consideration transferred
has been recognised as goodwill.

Assets acquired and liabilities assumed: The provisional fair values of the identifiable assets and liabilities in acquired
in the business combination on the date of acquisition are as follows:

Notes:

(a) Out of total purchase consideration, for above acquisition, amount of ' 14.00 crores has been paid till
reporting date and balance of ' 1.49 crores is payable which is presented under current financial liabilities
{refer note 14(D)}.

(b) The acquisition aligns with the Company's strategic objective to enhance its capabilities and presence in the two¬
wheeler seating business and to strengthen the Company's product portfolio, improve operational synergies,
and support long-term growth.

(c) The goodwill of ' 3.16 crores comprise the value of expected synergies arising from the acquisition which was not
separately recognised. Goodwill was allocated entirely to the seating segment. None of the goodwill recognised
was expected to be deductible for income tax purposes.

(d) From the date of acquisition, two-wheeler seat manufacturing business of SACL had contributed ' NIL crores of
revenue and ' NIL crores to the profit before tax of the Company in current year. If the combination had taken
place at the beginning of the year i.e. 01 April 2024, revenue from operations would have been ' 12,502.77 crores
and the profit before tax for the Company would have been ' 962.06 crores.

(iii) During the earlier year, the Board of directors of the Company in its meeting held on 06 February 2020, accorded
its consent for the scheme of amalgamation of "Minda I Connect Private Limited” (Transferor Company) with "Uno
Minda Limited” (Transferee Company) subject to necessary approvals of shareholders, creditors and other approvals and
sanctions by the National Company Law Tribunal (NCLT), New Delhi. During the previous year, the Company had received
the requisite approvals and the scheme had been sanctioned by Hon'ble National Company Law Tribunal (NCLT), New
Delhi on 12 December 2023 ("Date of acquisition"). The certified true copy of the said order sanctioning the scheme had
been filed with the Registrar of Companies, New Delhi. Accordingly, accounting treatment as per the Scheme had been
given effect in the standalone financial statement in accordance with accounting treatment prescribed in the scheme
and Ind AS 103 - "Business Combination”. The difference between the fair value of net identifiable assets acquired and
consideration transferred had been recognised as Goodwill.

The amalgamation is of significant strategic value to the Company and streamlines the range the product and services
that can be offered to the customer through enhanced base of product offering and serving as one stop solution for
controller component to its customer.

Assets acquired and liabilities assumed: The fair values of the identifiable assets and liabilities in acquired in the
business combination on the date of acquisition are as follows:

(a) The Company had issued 8,19,871 equity shares as consideration to the shareholders of transferor company. The
fair value of the shares was calculated with reference to the quoted price of the shares of the Company at the date
of acquisition, which was ' 646.20 each. The fair value of the consideration given is therefore ' 52.98 Crores.

(b) The fair value of the trade receivables amounts to ' 5.10 Crores. The gross amount of trade receivables was ' 5.10
Crores. However, none of the trade receivables was credit impaired and it was expected that the full contractual
amounts can be collected.

(c) The goodwill of ' 26.61 Crores comprise the value of expected synergies arising from the acquisition which was
not separately recognised. Goodwill was allocated entirely to the cash generated unit of acquired business. None
of the goodwill recognised was expected to be deductible for income tax purposes.

(d) From the date of acquisition, Minda I Connect Private Limited had contributed ' 7.01 Crores of revenue and ' 0.92
Crores to the profit before tax of the Company in FY 2023-24. If the combination had taken place at the beginning
of the year i.e. 01 April 2023, revenue from operations of FY 2023-24 would have been ' 10,537.17 Crores and
the profit before tax of FY 2023-24 for the Company would have been ' 841.02 Crores.

(iv) During the earlier year, the Board of Directors of the Company in its Meeting held on 24 May 2022 had accorded it's
consent for the Scheme of Arrangement ("the Scheme") among its wholly owned subsidiaries namely "Harita Fehrer
Limited" ("Transferor Company") and "Minda Storage Batteries Private Limited" ("Demerged Company") with Uno Minda
Limited ("Transferee Company") and their respective shareholders and creditors subject to the necessary approval of
authorities and sanction of Hon'ble National Company Law Tribunal (NCLT), New Delhi. During the previous year, the
Company had received the requisite approvals and the scheme had been sanctioned by Hon'ble National Company
Law Tribunal (NCLT), New Delhi on 13 July 2023. The Certified true copy of the said order sanctioning the scheme had
been filed with the Registrar of Companies, New Delhi. Accordingly, during the previous year, the Company had given
accounting effect of the same in accordance with accounting treatment prescribed under the scheme and Appendix-C
of Ind AS- 103 "Business Combination of entities under Common Control".

The above scheme of arrangement leads to greater efficiency in fund management and deployment, expansion of
business of combined entity and is a strategic fit for serving existing market along with catering additional value linked
to new customer.

Accounting treatment : Below is the summary of accounting treatment which had been given effect to in these
standalone financial statement, in accordance with accounting treatment prescribed in the scheme.

(i) All assets and liabilities of the transferor Company and demerged company are recorded at the respective book
values as appearing in the consolidated financial statement of transferee Company.

(ii) The identity of reserves of transferor company and demerged company had been preserved and recorded in
the same form and at carrying amount as appearing in the consolidated financial statement of the transferee
company.

(iii) The inter-company balances and transaction between the transferor company, demerged company and transferee
company have been eliminated.

(iv) The Company had restated the financial information as at and for year ended 31 March 2023 as if the business
combination had occurred from the beginning of the preceding period i.e. 01 April 2022 in accordance with
accounting Appendix C to Ind-AS 103 - 'Business Combinations of entities under Common Control' and the
schemes.

The Company had reduced the carrying value of investments in the Demerged company to the extent of reduction in
equity share capital/securities premium.

The difference between net identifiable assets acquired and value of investment cancelled had been recognised as
capital reserve and presented separately from other capital reserves.

The identifiable assets and liabilities acquired were as follows:

The transferor company 3 had imported duty free capital goods in earlier years under the Export Promotion Capital Goods
(EPCG) Scheme. Pending uncertainty around fulfilling of export obligation, the transferor company 3 had recognised the
liability towards custom duty payable along with interest payable thereon in earlier years. During the previous year, the Hon'ble
Supreme Court vide its order dated 28 July 2023 in the matter of Union of India & ORS vs Mahindra and Mahindra Limited
had ruled that interest and penalty cannot be imposed on delayed or short payments of additional duties of customs, such as
Countervailing Duty (CVD), Special Additional Duty (SAD), surcharge, etc., due to the absence of an enabling provision under
the Customs Tariff Act, 1975 (CTA). Accordingly, during the previous year, the transferor company 3 based on its internal
assessment, supreme court judgement and independent opinion from legal counsel, concluded interest and penalty is not
payable on delayed payment of custom duty mentioned above and reversed interest provision accrued in books amounting
to ' 29.61 crores and disclosed the same under "exceptional item” in the standalone statement of profit and loss. The
corresponding custom duty has been discharged fully in the current year.

45. OTHER STATUTORY INFORMATION

(i) The Company does not have any Benami Property where any proceedings have been initiated 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) The Company has not been declared willful defaulter by any bank or financial institution or government or any
government authority.

(iii) The Company has balance with the below-mentioned companies struck off under section 248 of Companies Act, 2013
or section 560 of Companies Act, 1956:

(iv) The Company has complied with the number of layers prescribed under section 2(87) of the Companies Act, 2013 read
with the Companies (Restriction on number of layers) Rules, 2017.

(v) With respect to the Scheme of amalgamation approved by the National Company law Tribunal during the current year,
appropriate accounting treatment as per the Scheme has been given effect in the standalone financial statement in
accordance with accounting treatment prescribed in the scheme and Ind AS 103 - Business Combination. (Refer note
42)

(vi) The Company has not advanced or loaned or invested funds to any other person or entity, 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 group (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 person or entity, 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

(vii) The Company does not have 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 provision of the Income Tax Act, 1961).

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

(ix) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or
both during the current or previous year.

(x) The Company does not have any charges or satisfaction which are yet to be registered with the Registrar of Companies
beyond the statutory period except certain charges on pledged assets of "Transferor Company 1" and "Transferor Company
3" pending for registration with the Registrar of Companies, Delhi due to pending execution of hypothecation deed with
the bank and certain charges on pledged assets of "Transferor Company 3" pending for satisfaction/modification with
the Registrar of Companies, Delhi due to pending formalities related to the merger, name change, and requisite bank
approvals.

46. The books of account are maintained in electronic mode and these books of account are accessible in India at all times and
the back-up of books of account has been kept in servers physically located in India on a daily basis.

47. The Company has established a comprehensive system of maintenance of information and documents as required by
the transfer pricing legislation under section 92-92F of the Income Tax Act, 1961. Since the law requires existence of
such information and documentation to be contemporaneous in nature, the Company is in the process of updating the
documentation for the transactions entered into with the associated enterprises during the financial year and expects such
records to be in existence latest by due date as required under the law. The management is of the opinion that its transactions
with the associated enterprises are at arm's length so that the aforesaid legislation will not have any impact on the standalone
financial statements, particularly on the amount of tax expense and that of provision for income tax.

48. The Company has used three accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the
software except that audit trail feature is not enabled in one of the accounting software and for other two software, audit
trail was not enabled for direct changes to data when using certain access rights and also for certain changes made using
privileged/ administrative access rights. Further, we did not come across any instance of audit trail feature being tampered
with in respect of accounting software where the audit trail has been enabled. Additionally, the audit trail has been preserved
by the Company as per the statutory requirements for record retention, wherever enabled.

49. EVENTS AFTER THE REPORTING PERIOD

The board of directors have proposed dividend after the balance sheet date which are subject to approval by the shareholders
at the annual general meeting. Refer note 12(ix) for details.

50. ' 0.00 represents the amount below ' 50,000 shown in various tables and paragraphs included in these standalone financial
statements.

The accompanying notes form an integral part of the Standalone Financial Statements

As per our report of even date attached For and on behalf of the Board of Directors of

For S.R. Batliboi & Co. LLP Uno Minda Limited

Chartered Accountants CIN: L74899DL1992PLC050333

ICAI Firm's Registration No: 301003E/E300005

per Vikas Mehra Nirmal K Minda Ravi Mehra

Partner Executive Chairman Managing Director

Membership No. 094421 DIN No. 00014942 DIN No. 01651911

Place : Gurugram, India Place : Gurugram, India

Date : 21 May 2025 Date : 21 May 2025

Sunil Bohra Tarun Kumar Srivastava

Group CFO Company Secretary

Membership No. - A11994

Place : Gurugram, India Place : Gurugram, India Place : Gurugram, India

Date : 21 May 2025 Date : 21 May 2025 Date : 21 May 2025