i. Provisions and Contingent liabilities, Contingent
assets

(i) Provision: A provision is recognized 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 pretax rate that reflects, when appropriate, the
risks specific to the liability. When discounting is used,
the increase in the provision due to the assage of time
is recognized as a finance cost.

(ii) 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 recognized 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
recognized because it cannot be measured reliably.
The Company does not recognize a contingent liability
but discloses its existence in the financial statements
unless the probability of outflow of resources is remote.

(iii) Contingent assets: Contingent assets are not
recognized. However, when the realization of income
is virtually certain, then the related asset is no longer
a contingent asset, but it is recognized as an asset.
Provisions, contingent liabilities, contingent assets and
commitments are reviewed at each balance sheet date.

j. Revenue

The Company follows Ind AS 115 “Revenue
from Contracts with Customers”. The Company
manufactures and sells in plywood and allied products,
medium density fibreboard and allied products.
Sales are recognised when control of the products
has transferred, being when the products are delivered
to the dealer, the dealer has full discretion over the
channel and price to sell the products, and there is
no unfulfilled obligation that could affect the dealer’s
acceptance of the products. Delivery occurs when the
products have been shipped to the specific location,
the risk of obsolescence and loss have been transferred
to the dealer, and either the dealer has accepted the
products in accordance with the sales contract, the
acceptance provisions have lapsed, or the Company
has objective evidence that all criteria for acceptance
have been satisfied.

The products are often sold with volume discounts
based on aggregate sales over a 12 months period,
cash discount on payment within specified period,
promotional gift on achieving specific targets, quality
claims if claims made in the specified period and
other promotional expenses such as tours and travel
packages to dealer, etc. Revenue from these sales
is recognised based on the price specified in the
contract, net of the estimated volume discounts, cash
discounts, quality claims and promotional expenses.
Accumulated experience is used to estimate and
provide for the discounts/claims/provisions, using the
expected value method, and revenue is only recognised
to the extent that it is highly probable that a significant
reversal will not occur. A refund liability is recognised
under 'Other Financial Liabilities' for expected volume
discount payables and cash discount payables to
dealers in relation to sale made until the end of reporting
period. Provision (included in other current liabilities) is
recognised for expected sales promotional expenses
against the sales made until the end of reporting period.
No element of financing is deemed present as the sales
are made with a credit term of 30-90 days, which is
consistent with market practice.

k. Government Grants

Grants from Government are recognised at their fair
value where there is reasonable assurance that the
grant will be received and the Company will comply with
the conditions attached thereto. Government grants
related to revenue are recognised in the Statement of
Profit and Loss on a systematic and rational basis in the
periods in which the Company recognises the related
costs for which the grants are intended to compensate
and are netted off with the related expenditure. If not
related to a specific expenditure, it is taken as income
and presented under ""Other Income"".

l. Leases

The Company’s leased assets primarily consist of leases
for office space. The Company assesses whether a
contract 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 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.

Right of use assets

At the date of commencement of the lease, the
Company recognizes 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 low value
leases. For these short-term and low-value leases,
the Company recognizes 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 recognized 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. 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 unless the lease transfers ownership
of the underlying asset to the Company by the end
of the lease term or the cost of the right-of-use asset
reflect that the Company exercise a purchase option.
The Company applies Ind AS 36 to determine whether
a right-of-use asset is impaired and accounts for any
identified impairment loss as described in the accounting
policy below on “Impairment of non- financial assets”.

Lease liabilities

The lease liability is initially measured at amortized cost
at the present value of the future lease payments that
are not paid at the commencement date. The lease
payments are discounted using the interest rate implicit
in the lease or, if not readily determinable, using the
Company’s incremental borrowing rates. Lease liabilities
are remeasured with a corresponding adjustment to the
related right of use asset (or in profit or loss if the carrying
amount of the right-of-use asset has been reduced
to zero) if the Company changes its assessment of
whether it will exercise an extension or a termination
or a purchase option. The interest cost on lease liability
(computed using effective interest method), is expensed

in the statement of profit and loss. Lease liability and
right-of-use asset have been presented in the Financial
Statements and lease payments have been classified
as financing cash flows.

m. Recognition of interest income

Interest income is recognised using the effective
interest method. The ‘effective interest rate' is the rate
that exactly discounts estimated future cash payments
or receipts through the expected life of the financial
instrument to the gross carrying amount of the financial
asset; or the amortised cost of the financial liability.

In calculating interest income, the effective interest
rate is applied to the gross carrying amount of the
asset (when the asset is not credit-impaired) or to the
amortised cost of the liability. However, for financial
assets that have become credit-impaired subsequent
to initial recognition, interest income is calculated by
applying the effective interest rate to the amortised
cost of the financial asset. If the asset is no longer
credit-impaired, then the calculation of interest income
reverts to the gross basis.

n. Income tax

Income tax expense comprises of current tax and
deferred tax. Current tax and deferred tax is recognised
in the Statement of Profit and Loss except to the extent
that it relates to a business combination, or items
recognised directly in equity or in OCI.

(i) Current tax

Current tax comprises the expected tax payable or
receivable on the taxable income or loss for the year
and any adjustment to the tax payable or receivable in
respect of previous years. The amount of current tax
reflects the best estimate of the tax amount expected
to be paid or received after considering the uncertainty,
if any, related to income taxes. It is measured using tax
rates (and tax laws) enacted or substantively enacted
by the reporting date. Current tax assets and current tax
liabilities are off set only if there is a legally enforceable
right to set off the recognised amounts, and it is
intended to realise the asset and settle the liability on a
net basis or simultaneously.

(ii) Deferred tax

Deferred tax is recognised in respect of temporary
differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the
corresponding amounts used for taxation purposes
(tax base). Deferred tax is also recognised in respect of
carried forward tax losses and tax credits. Deferred tax
is not recognised for:

• temporary differences arising on the initial recognition
of assets or liabilities in a transaction that is not
a business combination and that affects neither
accounting nor taxable profit or loss at the time of
the transaction;

• temporary differences related to investments in
subsidiaries, associates and joint arrangements
to the extent that the Group is able to control the
timing of the reversal of the temporary differences
and it is probable that they will not reverse in the
foreseeable future;

Deferred tax assets are recognised to the extent that it
is probable that future taxable profits will be available
against which they can be used. The existence of
unused tax losses is strong evidence that future taxable
profit may not be available. Therefore, in case of a history
of recent losses, the Company recognises a deferred
tax asset only to the extent that it has sufficient taxable
temporary differences or there is convincing other
evidence that sufficient taxable profit will be available
against which such deferred tax asset can be realised.

Deferred tax assets - unrecognised or recognised, are
reviewed at each reporting date and are recognised/
reduced to the extent that it is probable/ no longer
probable respectively that the related tax benefit will
be realised. Deferred tax is measured at the tax rates
that are expected to apply to the period when the asset
is realised or the liability is settled, based on the laws
that have been enacted or substantively enacted by the
reporting date.

The measurement of deferred tax reflects the tax
consequences that would follow from the manner in
which the Company expects, at the reporting date, to
recover or settle the carrying amount of its assets and

liabilities. Deferred tax assets and liabilities are offset if
there is a legally enforceable right to off set current tax
liabilities and assets, and they relate to income taxes
levied by the same tax authority on the same taxable
entity, or on different tax entities, but they intend to settle
current tax liabilities and assets on a net basis or their
tax assets and liabilities will be realised simultaneously.

o. Borrowing costs

Borrowing costs are interest and other costs (including
exchange differences relating to foreign currency
borrowings to the extent that they are regarded as an
adjustment to interest costs) incurred in connection
with the borrowing of funds. Borrowing costs directly
attributable to acquisition or construction of an asset
which necessarily take a substantial period of time to
get ready for their intended use are capitalised as part
of the cost of that asset. Other borrowing costs are
recognised as an expense in the period in which they
are incurred. Where there is an unrealised exchange
loss which is treated as an adjustment to interest and
subsequently there is a realised or unrealised gain in
respect of the settlement or translation of the same
borrowing, the gain to the extent of the loss previously
recognised as an adjustment is recognised as an
adjustment to interest.

p. Cash and cash equivalents

Cash and cash equivalents include cash and cash-on-
deposit with banks. The Company considers all highly
liquid investments with a remaining maturity at the
date of purchase of three months or less and that are
readily convertible to known amounts of cash to be
cash equivalents.

q. Earnings per share

Basic earnings per share is calculated by dividing the
net profit or loss for the period attributable to equity
shareholders by the weighted average number of
equity shares outstanding during the period. For the
purpose of calculating diluted earnings per share, the
net profit or loss for the period attributable to equity
shareholders and the weighted average number of
shares outstanding during the period are adjusted for
the effects of all dilutive potential equity shares.

r. Operating segment

An operating segment is a component of the Company
that engages in business activities from which it may
earn revenues and incur expenses, including revenues

and expenses that relate to transactions with any of
the Company's other components, and for which
discrete financial information is available. All operating
segments' operating results are reviewed regularly by
the Chief Operating Decision Maker (CODM) to make
decisions about resources to be allocated to the
segments and assess their performance. The CODM
consists of the Executive Chairman, Managing Director
& CEO and Chief Financial Officer. The Company
has currently two reportable segments namely:
i) Plywood and allied products, ii) Medium density
fibreboards and allied products

s. Determination of fair values

Fair values have been determined for measurement
and disclosure purposes based on the following
methods. Where applicable, further information about
the assumptions made in determining fair values is
disclosed in the notes specific to that asset or liability.

(i) Non-derivative financial assets

Non-derivative financial assets are initially
measured at fair value. If the financial asset is
not subsequently accounted for at fair value
through profit or loss, then the initial measurement
includes directly attributable transaction costs.
These are measured at amortised cost or at
FVTPL. Investments in quoted equity instruments
are measured at FVTPL.

(ii) Trade and other receivables

The fair values of trade and other receivables
are estimated at the present value of future cash
flows, discounted at the market rate of interest at
the measurement date. Short-term receivables
with no stated interest rate are measured at the
original invoice amount if the effect of discounting
is immaterial. Fair value is determined at initial
recognition and, for disclosure purposes, at each
annual reporting date.

(iii) Derivative financial liabilities

The Company uses derivative financial instruments,
such as forward currency contracts and interest
rate swaps to hedge its foreign currency risks
and interest rate risks. Such derivative financial
instruments are initially recognised at fair value on
the date on which a derivative contract is entered
into and are subsequently re-measured at fair value.

(iv) Other non-derivative financial liabilities

Other non-derivative financial liabilities are
measured at fair value, at initial recognition and
for disclosure purposes, at each annual reporting
date. Fair value is calculated based on the present
value of future principal and interest cash flows,
discounted at the market rate of interest at the
measurement date.

t. Recent accounting 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. For the year ended

31 March 2025, MCA has notified Ind AS - 117
Insurance Contracts and amendments to Ind AS 116
- Leases, relating to sale and leaseback transactions.
The Company has reviewed the new pronouncements
and based on its evaluation has determined that it does
not have any significant impact in its financial statements.

u. Standards notified but not yet effected

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. MCA has notified
amendments to Ind AS 21 - The Effects of Changes in
Foreign Exchange Rates with effect from 1 April 2025.

Details of security

(a) Term loan from Landesbank Baden-Wurttenberg (LBBW) of ' 5,411.53 lakhs (31 March 2024: ' 8,387.31 lakhs) is
secured by first ranking priority hypothecation charge on main press line of MDF plant and other machinery at Chittoor,
Andhra Pradesh financed by Landesbank Baden-Wurttenberg

(b) Term loan from Landesbank Baden-Wurttenberg (LBBW) of ' 27,203.41 lakhs (31 March 2024: ' 20,419.03 lakhs) is
secured by first ranking priority hypothecation charge on main press line of MDF plant under brownfield expansion at
Chittoor, Andhra Pradesh along with other movable fixed assets financed by Landesbank Baden-Wurttenberg

(c) Term loan from CITI Bank N.A. of ' 8,000 lakhs (31 March 2024: ' Nil) is secured by first charge on movable fixed assets
of the company at Chittoor, Andhra Pradesh (except assets exclusively charged to Landesbank Baden-Wurttenberg), and
second pari passu charge on all current assets of the Company

(d) Working capital loans of ' Nil (31 March 2024: ' Nil) are secured by first pari passu charge on all current assets of the
Company, and second pari passu charge on all movable fixed assets of the Company except assets exclusively charged
to Landesbank Baden-Wurttenberg

(a) Defined contribution plan: Employee benefits in the form of provident fund is considered as defined contribution plan
and the contributions to Employees' Provident Fund Organisation established under The Employees' Provident Fund and
Miscellaneous Provisions Act 1952 is charged to the Statement of Profit and Loss of the year when the contributions to
the respective funds are due.

(b) Defined benefit plan: Retirement benefits in the form of gratuity is considered as defined benefit obligations and is
provided for on the basis of third party actuarial valuation, using the projected unit credit method, as at the date of the
Balance Sheet. Every Employee who has completed five years or more of service is entitled to gratuity on terms not less
favourable than the provisions of The Payment of Gratuity Act, 1972.

(c) Salaries, wages, bonus, etc. includes ' 944.79 lakhs (31 March 2024'918.81 lakhs) relating to outsource manpower cost.

(d) Amount incurred as expense for defined contribution to Provident Fund is ' 800.81 lakhs (31 March 2024'761.18 lakhs)

The Board of Directors, through resolution by circulation on 29 November 2022, approved the winding up of the Company’s
wholly owned subsidiary (WOS) namely, Greenpanel Singapore Pte. Ltd. subject to the rules and regulations of Singapore.
The Board also approved write off the investment in the WOS to the extent of impairment of the asset due to accumulated losses
of the WOS. As such, the company had accounted for impairment of the investment in the WOS to the extent of ' 3,038.77
lakhs, and has presented it as an exceptional item in the Statement of Profit and Loss for the year ended 31 March 2023.
Subsequently, the company had filed for voluntary liquidation of WOS in Singapore and all requisite approvals were received.
Consequently, the impairment of ' 3,038.77 lakhs recognised earlier has been derecognised and the accumulated losses of
' 2,930.67 lakhs post receipt of the balance funds from WOS has been written off and net gain of ' 108.10 lakhs has been
presented as an exceptional item in the Statement of Profit and Loss for the year ended 31 March 2024.

As the future liability for gratuity and compensated encashment is provided on an actuarial basis for the Company as
a whole, the amount pertaining to each key management personnel is not separately ascertainable and, therefore,
not included above. Based on the recommendation of the Nomination and Remuneration Committee, all decisions
relating to the remuneration of the KMPs are taken by the Board of Directors of the Company, in accordance with
shareholders' approval, wherever necessary.

h) Terms and conditions of transactions with related parties

Purchase from related parties are made in the ordinary course of business and on terms equivalent to those that
prevail in arm's length transactions with other vendors. Outstanding balances at the year-end are unsecured and will
be settled in cash and cash equivalents. The Company has not recorded any impairment of receivables relating to
amounts owed by related parties.

39. Fair value measurement

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in forced or liquidation sale. The Company has established the following
fair value hierarchy that categories the value into 3 levels. The inputs to valuation techniques used to measure fair value of
financial instruments are:

Level 1: The hierarchy uses quoted prices in active markets for identical assets or liabilities.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximise the use of observable market data and rely lesser on company 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.

The management assessed that trade receivables, cash and cash equivalent, other bank balances, trade payable, cash
credits, borrowings and other financial assets and liabilities approximate their carrying amounts largely due to the short term
maturities of these instruments. The fair value of forward foreign exchange contracts is calculated as the mark to market value
determined based on report obtained from bankers.

Note: For fair value hierarchy between financial assets and financial liabilities, refer Note 38.

40. Financial risk management

The Company has exposure to the following risks arising from financial instruments (i) Credit risk, (ii) Liquidity risk, (iii) Market risk
Risk management framework

The Company's principal financial liabilities, other than derivatives, comprises of borrowings, trade and other payables. The main
purpose of these financial liabilities is to finance the Company operations. The Company's principal financial assets, other than
derivatives include trade and other receivables, investments and cash and cash equivalents that derive directly from its operations.
The Company’s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company’s
primary risk management focus is to minimise potential adverse effects of market risk on its financial performance. The Company
uses derivative financial instruments to mitigate foreign exchange related risk exposures. Foreign currency forward contract
are entered to hedge certain foreign currency risk exposures. The Company's exposure to credit risk is influenced mainly by
the individual characteristic of each customer and the concentration of risk from the top few customers. The Company’s risk
management assessment and policies and processes are established to identify and analyse the risks faced by the Company,
to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and
management policies and processes are reviewed regularly to reflect changes in market conditions and the Company’s activities.

(i) Credit risk

Credit risk is the risk of financial loss of the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations, and arises principally from the Company receivables from customers and loans. The Company
is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing/investing activities,
including deposits with bank, foreign exchange transactions and financial guarantees. The Company has no significant
concentration of credit risk with any counterparty. The carrying amount of financial assets represent the maximum
credit risk exposure.

Trade receivable

The management has established a credit policy under which each new customer is analysed individually for
creditworthiness before the Company's standard payment and delivery terms and conditions are offered. The Company's
review includes external ratings, if they are available, financial statements, credit agency information, industry information
and in some cases bank references.

Market risk is the risk of loss of future earnings, fair value or future cash flows that may result from a change in the price
of a financial instrument . The value of a financial instrument may change as a result of changes in the interest rates,
foreign currency exchange rates, commodity prices, equity prices and other market changes that effect market risk
sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and
deposits, foreign currency receivables, payables and borrowings. The Company uses derivatives to manage market risks.
All such transactions are carried out within the guidelines set by the management.

(a) Currency risk

Foreign currency risk is the risk impact related to fair value or future cash flows of an exposure in foreign currency,
which fluctuate due to changes in foreign exchange rates. The Company's exposure to the risk of changes in
foreign exchange rates relates primarily to the foreign currency borrowings, import of raw materials and spare
parts, capital expenditure, exports of finished goods. The Company evaluates exchange rate exposure arising from
foreign currency transactions. The Company follows established risk management policies and standard operating
procedures. It uses derivative instruments like foreign currency forwards to hedge exposure to foreign currency risk.

45. Dividend paid: The Company has paid an interim dividend of ' 0.30 per equity share i.e. 30% on face value of ' 1 per share
for the financial year 2024-25 on 12,26,27,395 equity shares (previous year ' 1.50 per equity share). Proposed dividends
on equity shares are subject to approval at the annual general meeting and are not recognised as a liability as at 31
March 2025. Since no dividend has been proposed in the current and previous year, financial figures with respect to the
same has not been given.

46. Data Access and Audit Trail: MCA required the Companies to maintain the back-up of the books of account and other
relevant books and papers in electronic mode that should be accessible in India at all the time. The Companies are also
required to create back-up of accounts on servers physically located in India on a daily basis. The books of account along
with other relevant records and papers of the Company are maintained in electronic mode. These are readily accessible
in India at all times and a back-up is maintained in servers situated in India and the Company and its officers have full
access to the data in the servers.

The Company has evaluated the requirements under Rule 3(1) of the Companies (Accounts) Rules, 2014, as amended,
regarding the maintenance of books of account in accounting software that has the feature of recording an audit trail (edit
log). Accordingly, the Company has identified SAP (SAP SOH EHP 7) as the accounting software used for the creation
and maintenance of its books of account. The audit trail (edit log) feature in the said software was enabled and remained
operational throughout the financial year for all relevant transactions. Based on the Company’s internal assessment,
there has been no instance of the audit trail feature being tampered with during the year. For system-level database
logs, however, SAP (SAP SOH EHP 7) has the inherent capability to automatically preserve data on rolling basis only.
Further, with effect from December 25, 2024, the Company has start preserving such edit logs to align with applicable
statutory requirements.

47. Significant Events after the Reporting Period: There were no significant adjusting events that occurred subsequent
to the reporting period other than the events disclosed in the relevant notes

48. During the current financial year, the Company has changed the presentation of ‘Discount Payable’, which was previously
netted off from Trade Receivables, and has now been separately presented under ‘Other Financial Liabilities’. Consequently,
Trade Receivables are presented at gross value. This change has been made to enhance the clarity and transparency
of financial reporting and align the presentation with industry practices and better reflect the nature of liabilities and
receivables. The comparative figures for the previous year have been reclassified accordingly to ensure consistency with
the current year’s presentation. The Trade Receivables has increased by ' 1,520.54 lakhs and correspondingly has been
classified under other financial liabilities. This reclassification has no impact on the profit or loss of the Company.

49. The Company has successfully commissioned the new MDF line under brownfield expansion at Andhra Pradesh at a total
cost of ' 61,315.98 lakhs on 29 March 2025. This project will enhance the MDF production capacity by 231,000 cubic
meters per annum, strengthening the Company’s market position in the engineered wood segment.

50. During the year, the Company has received a refund amounting to ' 1,287.47 lakhs (including interest of ' 393.41 lakhs)
from Office of the Assistant Commissioner of Income Tax, Dibrugarh via Greenply Industries Limited in August 2024.
The said amount pertains to 50% share that is in accordance with the Composite Scheme of Arrangement between
Greenply Industries Limited and Greenpanel Industries Limited since the refund relates to period before the Scheme of
Arrangement. Earlier years tax for the year includes the said refund of ' 894.06 lakhs and the interest on such refund
amounting to ' 393.41 lakhs has been disclosed under Other Income.

51. Other Information:

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

(ii) The Company does not have any transactions with companies struck off.

( iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period,

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall: (a) directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries)
or (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(vi) The Company has not received any fund from any person(s) or entity(ies), 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.

(viii) There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at 31 March 2025.

(ix) The figures for the corresponding previous year have been regrouped / reclassified wherever necessary, to make
them comparable.

In terms of our report attached

For S S Kothari Mehta & Co LLP For and on behalf of the Board

Chartered Accountants

Firm Registration No. 000756N/N500441

Deepak Kumar Gupta Shiv Prakash Mittal Shobhan Mittal

Partner Executive Chairman Managing Director & CEO

Membership No: 411678 (DIN: 00237242) (DIN: 00347517)

Place: Gurgaon Vishwanathan Venkatramani Lawkush Prasad

Dated: 22 May 2025 Chief Financial Officer Company Secretary & VP-Legal