2.9 Provisions, Contingent Liabilities and Contingent Assets

2.9.1 Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of 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.

2.9.2 Contingent Liabilities

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present
obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation
or a reliable estimate of the amount cannot be made.

2.9.3 Contingent Assets

Contingent assets are not recognised in the financial statements. Contingent assets if any, are disclosed in the notes to the financial
statements.

2.10 Revenue from Operation

Revenue from contracts with customers is recognized on transfer of control of promised goods or services to a customer at an amount that reflects
the consideration to which the Company is expected to be entitled to in exchange for those goods or services. Revenue towards satisfaction of a
performance obligation is measured at the amount of transaction price (net of variable consideration) allocated to that performance obligation.
The transaction price of goods sold and services rendered is net of variable consideration on account of various discounts and schemes offered
by the Company as part of the contract. This variable consideration is estimated based on the expected value of outflow. Revenue (net of variable
consideration) is recognized only to the extent that it is highly probable that the amount will not be subject to significant reversal when uncertainty
relating to its recognition is resolved.

Revenue from sale of products is recognized when the control on the goods have been transferred to the customer. The performance obligation
in case of sale of product is satisfied at a point in time i.e., when the material is shipped to the customer or on delivery to the customer, as may be
specified in the contract.

2.11 Export incentives

Revenue from export incentives are accounted for on export of goods if the entitlements can be estimated with reasonable assurance and
conditions precedent to claim are fulfilled.

The Company has received approval under the Production Linked Incentive Scheme of the Government of India for specific product categories.
Incentive under the scheme is subject to meeting certain committed investments and defined incremental sales threshold. Such Incentive are
recognised as other operating revenue when there is a reasonable assurance that the Company will comply with all necessary conditions attached
to the incentive. Income from such incentive is recognised on a systematic basis over the periods to which they relate.

2.12 Other Non-Operating Income

2.12.1 Interest Income

Interest income is recognized using the Effective Interest Rate (EIR) method.

2.12.2 Dividend Income

Dividend income on investments is recognised when the right to receive dividend is established.

2.13 Employee Benefits

Liabilities in respect of employee benefits to employees are provided for as follows:

a) Short-term employee benefits

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

b) Long Term Employee Benefit Plan

The Company has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of
accumulating compensated absences is determined by actuarial valuation performed by an independent actuary at each balance sheet
date using projected unit credit method on the additional amount expected to be paid / availed as a result of the unused entitlement that
has accumulated at the balance sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the
absences occur.

c) Post Separation Employee Benefit Plan

i) Defined Benefit Plan

• Gratuity Liability on the basis of actuarial valuation as per Ind AS-19. Liability recognised in the balance sheet in respect of
gratuity is the present value of the defined benefit obligation at the end of each reporting period less the fair value of plan
assets.

The defined benefit obligation is calculated annually by actuaries using the projected unit credit method. The present value of
defined benefit is determined by discounting the estimated future cash outflows by reference to market yield at the end of each
reporting period on government bonds that have terms approximate to the terms of the related obligation. The net interest cost
is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets.
This cost is included in employee benefit expense in the statement of profit and loss.

• Actuarial gain / loss pertaining to above and other components of re-measurement of net defined benefit liability (asset) are
accounted for as OCI. All remaining components of costs are accounted for in statement of profit & loss.

ii) Defined Contribution Plans:

Defined contribution plans are Employee Provident Fund scheme and Employee State Insurance scheme for eligible employees. The
Company's contribution to defined contribution plans is recognised as an expense in the Statement of Profit and Loss as they fall due.

2.14 Taxes

2.14.1 Current Taxes

Current tax comprises the expected tax payable or recoverable on the taxable profit or loss for the year and any adjustment to the tax
payable or recoverable in respect of previous years.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting
period in the countries where the company and its branch operate and generate taxable income. Management periodically evaluates
positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Income tax expense is recognized in the statement of profit and loss except to the extent that it relates to items recognized directly
in equity/OCI, in which case it is recognized in other comprehensive income. The company offsets current tax assets and current tax
liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis,
or to realize the asset and settle the liability simultaneously.

2.14.2 Deferred Taxes

Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. Deferred tax assets are recognised to the extent that it is probable
that taxable profit will be available against which the deductible temporary timing differences and the carry forward of unused tax
credits and unused tax losses can be utilised. Such assets are reviewed at each reporting date and are reduced to the extent that it is
no longer probable that the related tax benefit will be realized.

Deferred tax assets are not recognised for temporary differences between the carrying amount and tax bases of investments in
subsidiaries where it is not probable that the differences will reverse in the foreseeable future and taxable profit will not be available
against which the temporary difference can be utilised.

Deferred tax assets are recognised for all deductible temporary differences, unused tax losses and MAT credit entitlements only if it is
probable that future taxable amounts will be available to utilise those temporary differences, losses and credit.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when
the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a
legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

2.15 Foreign Currencies

The Company's functional currency is Indian Rupee (INR) and it is also the presentation currency for the Company.

Transactions in foreign currencies are initially recorded by the Company at the functional currency spot rate of exchange prevailing on the date
of the transaction. Monetary assets and monetary liabilities denominated in foreign currencies and remaining unsettled at the end of the year are
converted at the functional currency spot rate of exchange prevailing on the reporting date.

Differences arising on settlement or conversion of monetary items are recognised in statement of profit and loss. Non-monetary items that are
measured in terms of historical cost in a foreign currency are recorded using the exchange rates at the date of the transaction except for the
qualifying cash flow hedge, which are recognised in OCI to the extent that the hedges are effective.

2.16 Borrowing Cost

Borrowing cost includes interest, amortisation of ancillary costs incurred in connection with the arrangement of borrowings. Borrowing costs, if
any, directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready
for its intended use or sale are capitalised, if any. All other borrowing costs are expensed in the period in which they occur.

2.17 Leases

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease requires significant
judgment. The Company uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate.

The Company determines the lease term as the non-cancellable period of a lease, together with both periods covered by an option to extend
the lease if the Company is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the Company is
reasonably certain not to exercise that option. In assessing whether the Company is reasonably certain to exercise an option to extend a lease, or
not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Company
to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a
change in the non-cancellable period of a lease

The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar
characteristics

The Company's lease asset classes primarily consist of leases for Land and Buildings and Plant & Machinery. The Company assesses whether a
contract is or contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified
asset, the Company assesses whether:

(i) the contract involves the use of an identified asset

(ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and

(iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognises a right-of-use asset ("ROU") and a corresponding lease liability for all lease
arrangements in which it is a lessee, except for leases with a term of twelve months or less (short term leases) and leases of low value assets. For
these short term and leases of low value assets, the Company recognises the lease payments as an operating expense on a straight line basis
over the term of the lease. The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease liability adjusted

for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They

are subsequently measured at cost less accumulated depreciation and impairment losses, if any. Right-of-use assets are depreciated from the
commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

The lease liability is initially measured at the present value of the future lease payments. The lease payments are discounted using the interest
rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates. The lease liability is subsequently remeasured by
increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made.

A lease liability is remeasured upon the occurrence of certain events such as a change in the lease term or a change in an index or rate used to
determine lease payments. The remeasurement normally also adjusts the leased assets.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

2.18 Dividend

The Company recognises a liability for any dividend declared but not distributed at the end of the reporting period, when the distribution is
authorised and the distribution is no longer at the discretion of the Company on or before the end of the reporting period. As per Corporate laws
in India, a distribution is authorized when it is approved by the shareholders. A corresponding amount is recognized directly in equity.

2.19 Earnings Per Share

Basic earnings per equity share are computed by dividing the net profit attributable to the equity holders of the company by the weighted average
number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit for the period attributed to equity shareholders and the weighted average
number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

3. Recent Pronouncements:

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards)
Rules as issued from time to time. On March 31,2025, MCA has not notified any new Standards or Amendment to the existing standards applicable to
the Company.

* During the year ended 31 March 2024, the Company on 11 September 2023 (Record Date), sub-divided the Equity Shares from 1 (One) Equity Share having face value of
f 10/- (Rupees Ten only) each fully paid-up, into 5 (Five) Equity Shares having face value of f 2/- (Rupees Two only) each fully paid-up. Accordingly, earnings per share of
comparative periods presented has been calculated based on number of shares outstanding in respective periods, as increased by sub-division of shares.

(i) Of the above 37,83,000 equity shares equity shares of f 2/- each (f 37.83 lakhs) (March 31, 2024: 37,83,000 equity shares of f 2/- each)
forfeited in earlier years are not cancelled by the Company.

(b) The Board of Directors of the Company, at its meeting held on June 5, 2018 approved buyback of Equity Shares. The Company adopted the
open market route in accordance with provision contained in SEBI (buyback of security) Regulation, 1998 and any statutory notification or re¬
entitlement for the time being in force.

The buyback of Equity Shares opened on July 23, 2018 and closed on September 19, 2018. As on the date of the closure of Buyback, the Company
bought back an aggregate of 11,78,742 Equity Shares, utilizing a total of f 29,99,12,542/- (excluding Transaction Costs) which represents 99.97%
of the Maximum Buy-back size. The Equity Shares were bought back at an average price of f 254.43 per Equity Share. All the shares bought back
have been extinguished . The Company has adjusted an amount of f 1,17,87,420/- against Retained Earning and f 28,84,25,043/- against Security
premium.

(b) Terms and rights attached to equity shares

The Company has one class of equity shares having a par value of f 2 per share. Each shareholders is eligible for one vote per share held. The
dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of
interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.

Nature of Reserves

(a) Capital reserve

The Company recognises profit and loss on purchase, sale, issue or cancellation of the Company's own equity instruments to capital
reserve.

(b) Capital redemption reserve

As per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares out of free reserves or securities
premium. A sum equal to the nominal value of the shares so purchased is transferred to capital redemption reserve.

(c ) Securities Premium

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision of the
Companies Act, 2013.

(d) General reserve

General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes. General reserve is
created by a transfer from one component of equity to another and is not an item of other comprehensive income.

(e) Retained earning

This represents surplus of profit and loss account.

(f) Cash flow hedge reserve

The Company uses hedging instruments as part of its management of foreign currency risk associated with its highly probable forecast sale. For
hedging foreign currency risk, the Company uses foreign currency forward contracts which are designated as cash flow hedges.To the extent these
hedges are effective; the change in fair value of the hedging instrument is recognised in the cash flow hedging reserve. Amounts recognised in the
cash flow hedging reserve is reclassified to profit or loss when the hedged item affects profit or loss.

3) No Loan to related Party repayable on Demand.

4) No loans are due from Directors or other officers of the Company either severally or jointly with any other person or amount due by firms or
private companies in which any director is a partner, a director or a member.

43. Disclosures in respect of Ind AS 116 - Lease

The Company has applied discount rate between 7.00% to 9.00% to a portfolio of leases with reasonably similar characteristics.

The Company has treated the leases with remaining lease term of less than 12 months as if they were "short term leases"

The Company has not applied the requirements of Ind AS 116 for leases of low value assets.

Movement of right-of-use assets and depreciation is given in Note no. 4(a)(ii) and Interest on account of Ind AS 116 is given in Note no. 35

The Company has entered into operating leases for Land, office building and guest house. These leases have terms of between 3 and 99 years.
All leases include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions. Future
minimum contractual rentals payable under non-cancellable operating leases are as follows:

The Company's hedging policy only allows for effective hedge relationships to be established. Hedge effectiveness is determined at the inception
of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the
hedged item and hedging instrument. The Company enters into hedge relationships where the critical terms of the hedging instrument match
exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the
terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Company uses
the hypothetical derivative method to assess effectiveness.

Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component value of the hedging instrument
exceeds on an absolute basis the change in value of the hedged item attributable to the hedged risk. In hedges of foreign currency forecast sale
may arise if:

- The critical terms of the hedging instrument and the hedged item differ (i.e. nominal amounts, timing of the forecast transaction, interest resets
changes from what was originally estimated), or

- Differences arise between the credit risk inherent within the hedged item and the hedging instrument.

Refer Note -19 for the details related to movement in cash flow hedge reserve.

46. Employee Benefits

a. Defined contribution plans

Amount of f 117.89 lakhs (PY 2023-24: f 106.71 lakhs) representing contribution to provident fund is recognised as an expense and is
included in "Employee benefits expenses" in the Statement of Profit and Loss.

Amount of f 9.33 lakhs (PY 2023-24: f 9.29 lakhs) representing contribution to Employee State Insurance scheme is recognised as an expense
and is included in "Employee benefits expenses" in the Statement of Profit and Loss.

Amount of f 0.24 lakhs (PY 2023-24: f 0.13 lakhs) representing contribution to Labour Welfare fund is recognised as an expense and is
included in "Employee benefits expenses" in the Statement of Profit and Loss.

b. Defined benefit plan
Compensated absence

Provision for compensated absences is made for outstanding leave balance at the year end at salary cost which can be utilized in future and
are en-cashable. Amount of f 146.20 lakhs (PY 2023-24: f 144.54 lakhs) has been recognised in balance sheet of which f 130.82 lakhs (PY
2023-24: f 128.88.lakhs) shown under long term provision and balance f 15.38 lakhs (PY 2023-24: f 15.66 lakhs) is shown under short term
provision as given in the Actuarial report as on March 31,2025.

Expenses of f 30.14 lakhs (PY 2023-24: f 53.93 lakhs) are recognised in the Statement of Profit and Loss.

Compensated sick leave

Provision for compensated absences is made for outstanding sick leave balance at the year end at salary cost which can be utilized in future
and are non en-cashable. Amount of f 30.30 lakhs (PY 2023-24: f 24.35lakhs) has been recognised in balance sheet of which f 26.09 lakhs
(PY 2023-24: f 20.99lakhs) shown under long term provision and balance f 4.21 lakhs (PY 2023-24: f 3.36 lakhs) is shown under short term
provision as given in the Actuarial report as on March 31, 2025.

Expenses of f 5.95 lakhs (PY 2023-24: f 4.85lakhs) are recognised in the Statement of Profit and Loss.

Gratuity

Funded

The Company has offered its employees defined benefit plan in the form of Group Gratuity Scheme. Gratuity Scheme covers all qualifying
employees as statutorily required under the Payment of Gratuity Act, 1972. The Company has made irrevocable contribution of funds to LIC
of India.

The present value of the defined benefit obligation and the related current service cost is measured using the Projected Unit Credit method,
with actuarial valuations being carried out at each Balance Sheet date.

The present value of the defined benefit obligation and the related current service cost is measured using the Projected Unit Credit method,
with actuarial valuations being carried out at each Balance Sheet date.

49. The Company held majority shareholding in Power Brands (Foods) Private Limited ('PBFPL'). It presently holds 2,08,85,992 fully paid Equity
Shares of f 10/- each (including 20,75,992 Equity shares acquired at f 330.08 lakhs in Financial Year 2012-13). PBFPL is presently under voluntary
liquidation process.

Pursuant to a special resolution passed on November 5, 2012 by its members, PBFPL went into the members' voluntary liquidation. In the course of
liquidation process, the voluntary liquidator, with the prior approval of the members vide their special resolution dated March 8, 2013, distributed
PBFPL's intangible asset - Ashoka brand and part of cash and bank balance to its Shareholders in proportion to their respective shareholding in
PBFPL while retaining certain other fixed and current assets to meet its contingent and other liabilities.

By virtue of the above distribution, the Company received Ashoka brand in the financial year 2012-13 (valued at f 2,935.99 lakhs by an independent
valuer) in lieu of its investment in PBFPL's equity shares of f 2,211.08 lakhs. Accordingly, the Company capitalised the said brand in its books at
f 2,935.99 lakhs in the said financial year after adjusting the same against the investment value of f 2,211.08 lakhs and carried the balance of f
724.91 lakhs to the credit of the Statement of Profit and Loss as an exceptional item in that year.

During the Financial Year 2012-13, the voluntary liquidator, with the prior approval of the members vide their special resolution dated 10th
November 2014, distributed PBFPL's immovable property situated at Sewree, Mumbai and part of cash and bank balance to its Shareholders in
proportion to their respective shareholding in PBFPL while retaining certain other current assets to meet with its contingent and other liabilities.
The excess value of assets so received over the investment value in Equity Shares of PBFPL was accounted for in the Company's Statement of Profit
& Loss under the head exceptional item.

Consequently, the investment in Equity Shares of PBFPL stand fully realised. However, pending completion of liquidation process, the Company
has not surrendered the said shares to the Voluntary liquidator and they have been shown under the head "Investment" at nil value.

50. Financial instruments - Fair values and risk management

Accounting classification and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value
hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is
a reasonable approximation of fair value

Fair Value Hierarchy

The fair value of financial instruments as referred to in note above have been classified into three categories depending on the inputs used
in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and lowest priority to unobservable inputs (Level 3 measurements).

The categories used are as follows:

• Level 1: Quoted prices for identical instruments in an active market;

• Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and

• Level 3: Inputs which are not based on observable market data.

Calculation of Fair Values

The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are
consistent with prior years.

Financial assets and liabilities measured at fair value as at Balance Sheet date:

1. The fair values of investments in mutual fund units is based on the net asset value ('NAV') as stated by the issuers of these mutual fund units
in the published statements as at Balance Sheet date. NAV represents the price at which the issuer will issue further units of mutual fund and
the price at which issuers will redeem such units from the investors.

2. The fair values of the derivative financial instruments have been determined using valuation techniques with market observable inputs. The
models incorporate various inputs including the credit quality of counter-parties and foreign exchange forward rates.

3. Loans - Security Deposits have fair values that approximate to their carrying amounts as it is based on the net present value of the anticipated
future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.

51. Financial Risk Management

The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company's primary focus is to foresee
the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary market risk to
the Company is foreign exchange risk. The Company uses derivative financial instruments - foreign currency forward contracts to mitigate foreign
exchange related risk exposures. The Company's exposure to credit risk, excluding receivables from related parties, is influenced mainly by the
individual characteristic of each customer

(i) Credit Risk

Credit risk arises from trade receivables, cash and cash equivalents and deposits with banks and financial institutions.

Credit risk refers to the risk of default on its obligation by the counter party resulting in a financial loss. Credit risk is managed on a financial asset
basis. For banks and financial institutions, only high rated banks/institutions are accepted.

Company's maximum exposure to credit risk for each class of financial asset is the carrying amount of the financial assets recognised in the
statement of financial position.

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

• Historical trend default in case of applicable financial asset

• Actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change
to the counter party's ability to meet its obligations

• Other applicable macroeconomic information such as regulatory changes

A default on a financial asset is when the counter party fails to make contractual payments within agreed credit terms from the date when they fall
due. This definition of default is determined by considering the business environment in which entity operates and other macro-economic factors.

The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to ?11,586.93 lakhs (PY March 31,
2024 - ? 9,840.93 lakhs) shown as current as at reporting date. Trade receivables are typically unsecured. Credit risk is managed through credit
approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms
in the normal course of business. The Company expects that estimate of expected credit loss for impairment is immaterial based on historical
trend and the nature of business. No provision is considered necessary as at reporting date other than disclosed in Note 12 and Management
continuously assesses the requirement for provision on ongoing basis. During the year, the Company has made no write-offs of trade receivables.

(ii) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled
by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will have
sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Company's reputation.

(iii) Currency Risk

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, primarily
with respect to the USD and GBP. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities
denominated in a currency that is not the Company's functional currency. The risk is measured through a forecast of highly probable foreign
currency cash flows. The objective of the hedges is to minimize the volatility of the INR cash flows of highly probable forecast transactions.

The company's risk management policy is to consider 100% of forecasted net exposures for period of 1 to 3 months of export sales and 70%
of forecasted net exposures for 4 to 12 months of export sales for hedge purpose under hedge program.

In accordance with its risk management policies and procedures, the Company uses foreign currency forward contracts to hedge its risks
associated with foreign currency fluctuations relating to highly probable forecasted transactions. When derivative is entered into for the
purpose of being a hedge, the Company negotiates the terms of those derivatives to match the terms of the hedge exposure and assesses
the effectiveness of the hedged item and hedging relationship based on economic relationship.

52. The Company is primarily engaged in the business of manufacturing and trading of processed foods. There is no separate reportable segment as
per Ind AS 108 - Operating Segments for standalone financial statements for the year ended March 2025.

53. During any point of time of the year, the Company has been sanctioned working capital limits in excess of ? 5 crores rupees, in aggregate from
Banks on the basis of security of current assets.

The Company has availed the facility of packing credit and as on March 31,2025, there is no overdrawn amount.

The borrowings obtained by the Company from Banks have been applied for which such Packing Credit Facility were taken.

The Quarterly returns filed by the Company with Banks are in agreement with Books of Accounts.

54. Subsequent events:

The Board of Directors in its meeting held and declared a Final Dividend of ? 0.60/- per share (i.e. 30%) on equity shares of the Company of face
value of ? 2 /- (Rupees Two Only) each for the Financial Year 2024-25. The record date for the Final Dividend is fixed as August 06, 2025 to ascertain
the number of Shareholders of the Company entitled for the payment of Dividend. On October 28th 2024, the Board had declared an interim
dividend of ?0.60 per equity share (i.e. 30%) which was paid to the eligible shareholders. Accordingly, the total dividend for the Financial Year
2024-25 amounts to ?1.20 per equity share (i.e. 60% on the face value of ?2/- per share).

55. Information's required as per schedule III (amended by MCA notification dated March 23, 2021) and as per Ind-AS has been disclosed in the
financial statements to the extent applicable.

56. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards Provident
Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020.
However, the date on which the code will come into effect has not been notified. The Company will assess the impact and will record any related
impact in the period once the code becomes effective.

57. The Company has advanced or loaned or invested (either from borrowed funds or share premium or any other source of funds) to other person(s)

58. No transactions to report against the following disclosure requirements as notified by MCA pursuant to
amended Schedule III:

a) Crypto Currency or Virtual Currency

b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

c) Registration of charges or satisfaction with Registrar of Companies

59. The Company did not have any transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies
Act, 1956.

60. The company did not have any transactions not recorded in books of accounts that has been surrendered or disclosed as income during the year
in tax assessments under the Income Tax Act, 1961.

61. The company has compiled with the number of layers prescribed under section 2(87) of the companies Act, 2013 with the Companies (Restriction
on Number of Layers) Rules, 2017.

62. The company has not entered into any scheme of arrangement which has an accounting impact in the current or previous financial year.

63. The figures for the corresponding previous year have been regrouped / reclassified, wherever considered necessary, to make them comparable
with current period's classification. Certain prior year amounts have been reclassified for consistency with the current year presentation. These
reclassification does not affect the networth of the Company. These reclassifications had no effect on the reported net profit for the year ended 31
March 2024 and are inconsequential to the readers of the financials nor it trigger the restatement of financials as per Ind AS 8. Further, it does not
affect the decision-making process of the Group.

An adjustment has been made for year ended 31 March 2024, as follows:

a. Reclassified lease hold land to ROU by INR 1,262.59 Lakhs which was earlier disclosed under property plant and equipment;

b. Reclassified accrual of expenses to trade payables by INR 511.74 Lakhs which was earlier disclosed under provision for expenses;

c. Reclassified gratuity payable to Current Provision for employee benefits by INR 127.16 Lakhs which was earlier disclosed under Other Current
Financial Liabilities;

d. Reclassified contract labour charges to other expenses by INR 2,445.38 Lakhs which was earlier disclosed under cost of goods sold;

64. Gujarat Pollution Control Board ('GPCB') issued directions for closure of two manufacturing units of the Company situated at Nadiad vide their
communication dated 11th April, 2025 for alleged violation of the provisions of Water (Prevention and Control of Pollution Act), 1974. In this
regard, the Company made a representation to GPCB based on which GPCB revoked the said closure directions w.e.f 28th April, 2025 subject to
fulfillment of certain conditions by the Company. The Company has reviewed the conditions set out in the revocation orders and has initiated the
necessary steps to ensure compliance within a period of 3 months as extended by GPCB. AS per the internal assessment of the management there
is no impact on the operations of the Company.

65. The borrowings obtained by the company from the bank and financial institutions have been applied for the purpose for which such borrowings
taken.

66. Title deeds of all immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in
favour of the lessee) are held in the name of the company.

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

For M S K A & Associates

Chartered Accountants

Firm Registration Number: 105047W

Amrish Vaidya Bimal R. Thakkar Shardul A. Doshi Shalaka Ovalekar

Partner Chairman, Chief Financial Officer Company Secretary

Membership Number: 101739 Managing Director & C.E.O. Place: Mumbai Membership No: A15274

Place: Mumbai DIN: 00087404 Place: Mumbai

Date: May 14, 2025 Place: Mumbai Date: May 14, 2025