Consolidated Financial Statements of PCBL Chemical Limited for the FY 24-25

S.R. BATLIBOi a Co. LLP

Chartered Accountants

INDEPENDENT AUDITOR'S REPORT

To the Members of PCBL Chemical Limited (Formerly PCBL Limited) Report on the Audit of the Coiisolidated Financial Statements Opinion

12th F-loor, The Ruby

29 Senapati Bapat Marg Dadai (West)

Mumbai - 400 028, India

Te1 : +91 22 6819 8000

We have audited the accompanying consolidated financial statements of PCBL Chemical Limited (Formerly PCBL Limited) (hereinafter referred to as "the Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") comprising of the consolidated Balance sheet as at March 31 2025, the consolidated Statement of Profit and Loss, including other comprehensive income, the consolidated Cash Flow Statement and the consolidated Statement of Changes in Equity for the year then ended, and notes to the consolidated financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "the consolidated financial statements").

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate financial statements and on the other financial information of the subsidiaries, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013, as amended ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at March 31, 2025, their consolidated profit including other comprehensive income, their consolidated cash flows and the consolidated statement of changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for the Audit of the Consolidated Financial Statements' section of our report. We are independent of the Group, in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the financial year ended March 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole,

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s.R. Bat iiboi 8 co. LLP. a Limited Liability Partnership with rrP Ident it y No. e-42g< Pegd. office : zz. camac sfreel, eiock 'e'. ord rioor, xoikata 7oo o t6

and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of audit procedures performed by us and by other auditors of components not audited by us, as reported by them in their audit reports furnished to us by the management_, including those procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

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We have determined that there are no other key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor's Report Thereon

The Holding Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board's Report including Annexures to Board's Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholder's Information, but does not include the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management for the Consolidated Financial Statements

The Holding Company's Board of Directors is responsible for the preparation and presentation of these consolidated financial statements in terms of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated cash flows and consolidated statement of changes in equity of the Group in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of their respective companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of their respective companies.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

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As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group of which we are the independent auditors, to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other

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S.R. BAriiaoia Co. LLP

Chartered Accountants

matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the financial year ended March 31, 2025 and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

We did not audit the financial statements and other financial information, in respect of 14 subsidiaries, whose financial statements include total assets of Rs 7,316.04 crores as at March 31, 2025, total revenues of Rs 2,697.59 crores and net cash outflows of Rs 39.65 crores for the year ended on that date. These financial statement and other financial information have been audited by other auditors, which financial statements, other financial information and auditor's reports have been furnished to us by the management. Our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of sub-sections (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, is based solely on the reports of such other auditors.

Certain of these subsidiaries are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion above on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of the subsidiary companies, incorporated in India, as noted in the 'Other Matter' paragraph, there are no qualifications or adverse remarks by the respective auditors in the Companies(Auditor's Report) Order reports of the companies included in the consolidated financial statements.

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   S.R. BATLIBOia Co. LLP

   Chartered Accountants

2. As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of subsidiaries, as noted in the 'other matter' paragraph we report, to the extent applicable, that:

   1. We and the other auditors whose report we have relied upon have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements;

   2. In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidation of the financial statements have been kept so far as it appears from our examination of those books and reports of the other auditors;

   3. The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the consolidated financial statements;

   4. In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

   5. On the basis of the written representations received from the directors of the Holding Company as on March 31, 2025 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors who are appointed under Section 139 of the Act, of its subsidiary companies, none of the directors of the Group's companies" incorporated in India, is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act;

   6. With respect to the adequacy of the internal financial controls with reference to consolidated financial statements of the Holding Company and its subsidiary companies, incorporated in India, and the operating effectiveness of such controls, refer to our separate Report in "Annexure" to this report;

   7. In our opinion and based on the consideration of reports of other statutory auditors of the subsidiaries, incorporated in India, the managerial remuneration for the year ended March 31, 2025 has been paid / provided by the Holding Company and its subsidiaries, incorporated in India to their directors in accordance with the provisions of section 197 read with Schedule V to the Act;

   8. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditors on separate financial statements as also the other financial information of the subsidiaries, as noted in the 'Other matter' paragraph:

S.R BAriiBOi a Co. LLP

Chartered Accountants

The consolidated financial statements disclose the impact of pending litigations on its consolidated financial position of the Group, in its consolidated financial statements -Refer Note 23 to the consolidated financial statements.

ii. Provision has been made in the consolidated financial statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on longterm contracts including derivative contracts.

There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company and its subsidiaries, incorporated in India during the year ended March 31, 2025.

1. a) The respective managements of the Holding Company and its subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries, respectively that, to the best of its knowledge and belief, as disclosed in the Note 33 to the consolidated financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Holding Company or any of such subsidiaries to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the respective Holding Company or any of such subsidiaries ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

   1. The respective managements of the Holding Company and its subsidiaries, which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries, respectively that, to the best of its knowledge and belief, as disclosed in the Note 33 to the consolidated financial statements, no funds have been received by the respective Holding Company or any of such subsidiaries from any person or entity, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Holding Company or any of such subsidiaries, shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

   2. Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us and that performed by the auditors of the subsidiaries, which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our or other auditor's notice that has caused us or the other auditors to believe that the representations under sub-clause (a) and (b) contain any material mis-statement.

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S.R l3ATLIBOi a Co. LLP

Chartered Accountants

1. The interim dividend declared and paid during the year by the Holding Company and until the date of the respective audit reports of such Holding Company, is in accordance with section 123 of the Act.

2. Based on our examination which included test checks and that performed by the respective auditors of the subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act, the Holding Company and subsidiaries have used 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 as disclosed in Note 33 to the consolidated financial statements. Further, during the course of our audit, we and respective auditors of the above referred subsidiaries did not come across any instance of audit trail feature being tampered in respect of accounting software. Additionally, the audit trail of prior year has been preserved by the Holding Company and the above referred subsidiaries, as per the statutory requirements for record retention.

For S.R. Batliboi & Co. LLP Chartered Accountants

MUMBAI j

ICAI Firm Registration Number: 301003E/E300005

per Jai Prakash Yadav Partner

Membership Number: 066943 UDIN: 25066943BMMJTI5780

Place of Signature: Mumbai Date: April 29, 2025

S.&B»riiaoiaCo. LLP

Chartered Accountants

Annexure to the Independent Auditor's Report of even date on the Consolidated Financial Statements of PCBL Chemical Limited (Formerly PCBL Limited) Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

In conjunction with our audit of the consolidated financial statements of PCBL Chemical Limited (Formerly PCBL Limited) (hereinafter referred to as the "Holding Company") as of and for the year ended March 31, 2025, we have audited the internal financial controls with reference to consolidated financial statements of the Holding Company and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), which are companies incorporated in India, as of that date.

Management's Responsibility for Internal Financial Controls

The respective Board of Directors of the companies included in the Group, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Holding Company's internal financial controls with reference to consolidated financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both, issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to consolidated financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statements included obtaining an understanding of internal financial controls with reference to consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated financial statements.

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S.R. BATLIBOI & Co. LLP

Chartered Accountants

Meaning of Internal Financial Controls With Reference to Consolidated Financial Statements

A company's internal financial control with reference to consolidated financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control with reference to consolidated financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls With Reference to Consolidated Financial Statements

Because of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated financial statements to future periods are subject to the risk that the internal financial controls with reference to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Group, which are companies incorporated in India, have, maintained in all material respects, adequate internal financial controls with reference to consolidated financial statements and such internal financial controls with reference to consolidated financial statements were operating effectively as at March 31, 2025, based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

Other Matters

Our report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to consolidated financial statements of the Holding Company, in so far as it relates to three (3) subsidiaries, which are companies incorporated in India, is based on the corresponding report of the auditor of such subsidiary incorporated in India.

For S.R. Batliboi & Co. LLP Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

MUMBAI

per Jai Prakash Yadav Partner

Membership Number: 066943

UDIN: 25066943BMMJTI5780

Place of Signature: Mumbai Date: April 29, 2025

PCBL Chemical Limited (Fomerly PCBL Limited) Consolidated Balance Sheet as at3t March, 202s

Notes

(All amounts in Z Crores, unless otheMise stated) As at As at

TOTAL ASSETS 11,721.B9

EQUITY AND LIABILITIES

EQUITY

Equiy Share Capital

37.75

37.75

4 116-06

Total Non-current liabilities Current liabilities

Financial Liabilities

Total Current liabilities

TOTAL LIABILITIES

TOTAL EQUITY AND LIABILITIES

The accompanying notes form an ItltBgldt part of lhe Consolidated financial statements. As per our lepplt of even date attached

3.210.77

8,012.73

11,721.89

S,0d gg 11 295.41

For S. R Batliboi & Co. LLP

V.UMBAI

ICAI Firm Registration Number 301003E/E300005 Chartered Accountants

per Jai Prafi Yadav Partner

Membership Number: 066943

Place : Mumbai Date: 29 April, 2025

For a on berth Bond of Cl 3S1

Kaushlk Roy

N 4 Diroutor

Company Secretary

of PCBL Chemical Limited

Rusha hitra Director

(DIN: 08402204)

Raj Kumar Gupta Chief Financial 0

PCBL Chemical Limited (Formerly PCBL Limited)

Consolidated Statement of Profit and Loss for the year ended 31 Marh2025

Notes

(All amounts in 7 Crores, unless otherwise stated) Year ended Year ended

31 March, 2025 31 March, 2024

The accompanying notes form an integral part of the Consolidated financial statements As per our report of even date attached

For S. R Batliboi & Co. LLP

ICAI Firm Registration Number 3010O3E/E300005 Chartered Accountants

For and on behalf of Board of Directors of PCBL Chemical Limited

r Jai Pra sh Yadav

Partner

Membership Number: 066943

E

Place

Date: 29 April, 2025

MUMBAI

Kaushik Roy Managing Director ( IN: 06513489)

CIN : L2 O9WB19 PLC02460

Kaus ik Mukherjee Company Secretary

Rusha Mitra Director

KOLKATA

(DIN: 08402204)

Raj Kumar Gu

Chief Financial 0 cer

PCBL Chemical Mmlad {f'•om$j4y PGgL Limited)

Consolidated StNamajtt afGt¥ngea )I+ Equity for the year ended 31 March, 2025

A Equlty share capital

B. Other éqwlfy

(All amounts in T Crores. unless olherwise slated)

•hfst of tax

The acaonlpdny rt06 fe/m.an irnegraj petal tM Consolidated financial statements. As per our reporl of even date altached

For S. R Batliboi & Co. LLP

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ICAI Firm Regislration Number 301003E/E300005 Chartered Accounams

For and on behalf of Board of Directors of PCBL Chemical Limited

;

I er" *

Membership Number: 066943

Place : Mumbai Dale: 29 April, 2025

Rusha Milra Director

CIN : L2g l8g0PLC0g4$0g

Kaushik oy' Ua " D"

(DIN: 134

KOLKAfAp

(DIN: 08402204)

Raj Kumar Gupta Chief Financial Officer

PCBL Chemical Limited (Fomedy PCBL Limited)

Statement or consolidated Cash Flows for the year ended 31 March, 2025

Particulars

' A. casn Flows rrom / (used in) Operating qnivities

Notes

#AII amounts in Z Ut/¥¥g ¥t¥I0d} _ Year ended Taasej¥ta

31 March, 202s 31 March, 2024

Profit before Tax

srf.oa

676.33

;

C. Cash Flows from / (used in) Financing Activities

using the effective interest rate method and effect of addition. renewal and accretion oi interest of lease liabilities. " Refer Note 34

For the purpose of presentation in they of Cash Flows, cash and cash equivalents includes cash on hand, olher ¥t+0fI•NmthighIy liquid investments with original maturities of three months or less that are readily oowarBflg to known amounts of cash and which are subject to an insignificant risk of QwI$es1n value.

The accompanying notes form an integral part of the Consolidated financial statements. As per our report of even date attached

For S- R Batliboi & Co. LLP

ICAI Firm Registration Number 301003E/E300005 Chartered Accountants

For and on behalf of Board of Directors of PC8L Chemical Limited CIN" IMWB1

Jat"

'Y¥da¥

Partner

Membership Number: 066943

Place : Mumbai Date: 29 April, 2025

MUMBAI

Company Secretary

Rusha Mitra Director

K0LKA{A

(DIN: 08402204)

Raj Kumar Gupta Chief Financial Officer

Corporate information

The consolidated financial statements comprise financial statements of PCBL Chemical Limited (Formerly PCBL Limited) (CIN: L23109WB1960PLC024602) (the "Company" or "the Parent Company" or "the Parent") and its subsidiaries (collectively, the "Group") for the year ended 31 March, 2025. The Company is a public company limited by shares domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. The Group is primarily engaged in the business of manufacturing & sale of carbon black, sale of power, chemicals and battery chemical as detailed under segment information in Note 28. Equity shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited.

The registered office of the Company is located at Duncan House, 31, Netaji Subhas Road, Kolkata 700001, West Bengal, India.

These consolidated financial statements were approved and authorised for issue in accordance with resolution of the Board of Directors on 29 April, 2025.

I. Basis of Preparation and Material Accounting Policy Information

The Group presents assets and liabilities in the Balance Sheet based on current/non-current classification. An asset is classified as current when it is:

1. expected to be realised or intended to be sold or consumed in the normal operating cycle,

2. held primarily for the purpose of trading,

3. expected to be realised within twelve months after the reporting period, or

4. cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current. A liability is classified as current when:

1. it is expected to be settled in the normal operating cycle,

2. it is held primarily for the purpose of trading,

3. it is due to be settled within twelve months after the reporting period, or

4. there is no unconditional right to defer settlement of the liability for at least twelve months after the reporting period.

K OLKATA

II other liabilities are classified as non-current.

@T ed tax assets and liabilities

are classified as non-current.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Group has identified twelve months as its operating cycle.

gO/ here are no standards issued but not effective up to the date of issuance of the Group's financial stateme . (.,.t -

New and amended standards

inistry of Corporate Affairs (MCA) has notified Companies (Indian Accounting Standards) Rules, 2 @ amend t

*w

following Ind AS which are effective for annual periods beginning on or after April 1, 2024. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective

1. Ind AS 117 Insurance Contracts

   The Ministry of Corporate Affairs (MCA) notified the Ind AS 117, Insurance Contracts, vide notification dated 12 August 2024, under the Companies (Indian Accounting Standards) Amendment Rules, 2024.

2. Amendments to Ind AS 116 Leases - Lease Liability in a Sale and Leaseback

The MCA notified the Companies (Indian Accounting Standards) Second Amendment Rules, 2024, which amend Ind AS 116, Leases, with respect to Lease Liability in a Sale and Leaseback.

The above amendments do not have any impact on the Company's consolidated financial statements. NOTE 2: SIGIFICANT ACCOUNTING JUDGEMETS, ESTIMATES AND ASSUMPTIONS

The preparation of consolidated financial statements in conformity with the Ind AS requires management to make

judgments, estimates and assumptions, that affect the application of accounting policies and reported amounts of assets, liabilities, income, expense and disclosure of contingent assets and liabilities at the date of these consolidated financial statements and the reported amount of revenues and expenses for the years presented. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each Balance Sheet date. Revision to accounting estimates is recognised in the period in which the estimates are revised, and future periods are impacted.

The areas involving critical estimates and judgments are: Contingent Liabilities and Provisions for claims and litigations

Legal proceedings covering a range of matters are pending against the Group. Due to the uncertainty inherent in such matters, it is often difficult to predict the final outcomes. The cases and claims against the Group often raise difficult and complex factual and legal issues that are subject to many uncertainties and complexities, including but not limited to the facts and circumstances of each particular case and claim, the jurisdiction and the differences in applicable law, in the normal course of business. The Group consults with legal counsel and certain other experts on matters related to litigations. The Group accrues a liability when it is determined that an adverse outcome is probable, and the amount of the loss can be reasonably estimated. In the event an adverse outcome is possible, or an estimate is not determinable, the matter is disclosed.

Employee Benefits (Estimation of defined benefit obligation)

Post-employment benefits represent obligation that will be settled in future and require assumptions to project benefit obligations. Post-employment benefits accounting is intended to reflect the recognition of future benefits cost over the employee's approximate service period, based on the terms of plans and the investment and funding decisions made. The accounting requires the Group to make assumptions regarding variables such as discount rate, rate of compensation increase and future mortality rates. Changes in these key assumptions can have a significant impact on the defined benefit obligations, funding requirements and benefit costs incurred.

Estimation of expected useful lives and residual values of property, plant and equipment

Property, plant and equipment are depreciated at historical cost using straight-line method based on the estimated useful life, taking into account any residual value. The asset's residual value and useful life are based on the Group's best estimates and reviewed, and adjusted if required, at each Balance Sheet date.

Fair Value Measurements

When the fair values of financial assets and financial liabilities recorded in the Balance Sheet cannot be measured based on quoted prices in active markets, their fair values are measured using valuation techniques which involve various judgements and assumptions. Judgements include consideration of inputs such as liquidity risk, credit risk and volatility. Changes in the assumption about these factors could affect the reported fair value of financial instruments. Refer Note 30 & 31 for further disclosures.

MUMBAI y

PCBL Chemical Limited (Formerly PCBL Limited) Notes to Consolidated Financial Statements as at and for the year ended 31 March, 2025

Note 3(a) Property, plant and equipment Accountinq Policy

All items of property, plant and equipment are stated either at historical cost i.e. cost of acquisition / construction or at deemed cost as on the date of transition to Ind AS less accumulated depreciation, impairment loss, if any. Capital work in progress is stated at cost, net of accumulated impairment loss, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the assets.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the asset will flow to the Company and the cost of the asset can be measured reliably. The carrying amount of the replaced component is derecognised when replaced. All other repairs and maintenance are charged to the statement of profit and loss during the reporting period in which they are incurred.

Depreciation

In case of certain property, plant and equipment, depreciation is provided on a pro-rata basis on the straight line method over the estimated useful lives of the assets which are different than the rates prescribed under the Schedule II to the Companies Act, 2013.

The Group, based on technical assessment made by technical expert and management estimate, depreciates certain items of Plant & Equipment and Electrical Installations over estimated useful life of 5 to 23 years which are different from the useful life prescribed in Schedule II to the Companies Act, 2013. The management believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used along with consideration of the climate related matters.

Depreciation on historical cost/deemed cost of other property, plant and equipment (except land) is provided on pro rata basis on straight line method based on useful lives specified in Schedule II to the Companies Act, 2013.

The useful lives, residual values and method of depreciation of property, plant and equipment are reviewed and adjusted, if appropriate at the end of each reporting year.

KOLKATA

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

The cost of property, plant and equipment not ready to use are disclosed under capital work -in- progress.

MUMBAI y

PCBL Chemical Limited (Formerly PCBL Limited)

Notes to Consolidated Financial Statements as at and for the year ended 31 March, 2025

Note 3 (a): Property, plant and equipment

"Amount is below the rounding off norm adopted by the Group.

1. Gross Carrying amount and accumulated depreciation includes Rs. 232.08 Crores (31 March, 2024 - Rs. 155.69 Crores) and Rs. 27.02 Crores (31 March, 2024 - Rs. 26.57 Crores), respectively in respect of Buildings on Leasehold Land.

2. The Group has borrowings which carry security charge over certain of the above property, plant and machinery.(Refer Note 10(a) for details).

   ,

3. Gross carrying amount on leasehold land is against certain lease agreements where the Group has an option to renew the properties on expiry of the lease period. The Group based on terms and conditions of lease agreements has assessed these lease arrangements to be perpetual in nature, accordingly leasehold land is not amortised.

regate amount of depreciation has been included under depreciation and amortization expense in the Statement of Profit and Loss (Refer note 20).

4 for disclosure of contractual commitments for purchase of Property, Plant and Equipment.

1. Title aee all the immovable properties (other than properties where the Group is the lessee and the lease arrangements are duly executed in favour of the lessee) are held in the name of the Group.

   MUMBAI

2. The Gro s not revalued its Property,PIant and Equipment during the year ended 31 March, 2025 and 31 March, 2024.

   {njl smourgi b e cturas, unless otherwise stated

   Note 3(b): Capital Work-in-Progress (CNP)

   Particulars	CWIP
   Year ended 31 March, 2025
   Opening balance as at 1 April, 2024	433.04
   Additions during the year	69367
   Capitalization during the year	(397J8)
   Closing carrying amount as at 31 March, 2025 "	729.63
   Year ended 31 March, 2024
   Opening balance as at 1 April, 2023	1,130.01
   Acquisition through business combination (Refer Note 34)	100.70
   Additions during me year	380.72
   Capitalization during the year	t1,178.39)
   Closing carrying amount as at 31 March, 2024	433.04

   	31 March, 2025	31 March, 2024
   Finance Cost	29.51	24.52
   Salaries and wages	17.23	16.86
   Other Overheads	13.06	16.71
   Trial Run Production Costs (Net of Sales : [ Rs Nil (Prev'ious year Rs 30.90 Crores) ]		13.45
   	59.80	71.56
   Add: Balance brought forward from previous year	33.98	84.87
   Acquisition through business combination		2.55
   Less: Capitalised during the year to Property, plant and equipment	28A5	125.00
   Balance lying in capital work-in-progress	65.33	33.98

   "Includes Rs. 8.69 Crores (31 March. 2024 Rs. Nil) on account of duty saved on assets imported under the Export Promotion Capital Goods (EPCG) scheme. During the year the Group has capitalised the following expenses to cost of Property,plant and equipment / capital work-in-progress:

   	Amount in CWIP for a period of				Tolal
   	Less than 1 year	1-2 years	2-3 years	More than 3 years
   As at 31 March 2025
   	523 39	178W	26.63	1.17	729 63
   As at 31 March 2024
   Projects in progress	322.96	107.27	2.81		433.04

   There has been no project that has been temporarily suspended during the year ended 31 March, 2025 and 31 March, 2024.

   There are no projects whose completion is overdue or has exceeded its cost compared to its original plan during the year ended 31 March, 2025 and 31 March, 2024.

   Note 3(c): Investment property Accounting Pa1isy

   Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Group, is classified as investment property. Investment property is measured ini1iaIIy at its cost, including related transaction costs. Subsequent to initial recognition. investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any. Subsequent expenditure is capitalised to the asset's carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reIiab.

   Investment properties are derecognised either when they have been disposed off or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in the statement of profit or loss in the period of derecognition.

   	Land"
   Year ended 31 March, 2020 Opening carrying amount at 1 April, 2024	4.48
   Closing carrying amount as at 31 March 2025
   Year ended 31 Marcñ, Z0z4 Opening carrying amount at 1 April, 2023	%48
   CloSlng oarryblg amount ¥a at 31 March 2024

   "No movement in Investment property during Ihe year ended 31 March, 2025 and 31 March. 2024.

   There is no income and expenditure arising from the above investment property during lhe year 31 March, 2025 and 31 March, 2024.

   Estimation of fair value

   The Group's investment property consists of freehold land in Angul, Odisha, India.

   The fair value of the investment property is based on current prices for similar property. The main inputs used are quantum, area, location, demand and trend of fair market value in Ihe area.

   Tfiie fair value is based on independent valuation done by registered valuer [as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017]. Fair valuation is based on market approach method and categorised as Level 2 fair value hierarchy. The fair value of the property is Rs. 9.00 Crores and Rs. 8,51 Crores as at 31 March, 2025 and 31 March. 2024 respectively.

   ,

   K0LK.ATA

   
   
   

   The Group has no restrictions on the realisability of its investment property and no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance and enhancements.

   
   
   

   (AJI amounts in Z Crores, unless otherwise stated)

   Note 0(d): Goodwill

   Goodwill represents the purchase consideration in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquired entily. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds purchase consideration, the fair value of net assets acquired is reassessed and the bargain purchase gain is recognized in capital reserve. Goodwill is measured at cost less accumulated impairment losses.

   Impaiment

   The Group 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 Group estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value less costs of disposal and its value in use. The recoverable amount is detemined for an individual asset, unless the asset does not generate cash inflows Ihat are largely independent of fhose from other assets or groups of assets. Mere 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 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 net selling price, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used•

   Particulars	Goodwill
   Year ended 31 March, 2025 Gross carrying amount Opening balance as at 1 April, 2024 Translation adjustments	1,161.37 0.11
   closing Gross carrying amount as at 31 March, 2025	1 16t.48
   Accumulated amortisation and impariment Opening balance as at 1 April, 2024 mpairment Loss (Refer note 35) AmoroeaArs' elf I'§edJdng the year	554.72
   Closinpaccumulated amortisation and impairment	554.72
   Net Carrying Amount as at 31 March, 2025	606 76
   Year ended 31 March, 2024 Gross carrying amount Acquisition through business combination (Refer Note 34) Translation adjustments	1,161.29 0 08
   Closing Gross carrying amount as at 31 March, 2024	1,161.37
   Accumulated amortisation Amortisation charge during the year
   closing accumulated amortisation
   Net Carrying Amount as at 31 March, 2024	1,161.37

   Goodwill of Rs. 1,161.29 Crores had arisen on acquisition of Aquapharm Chemicals Private Limited ("ACPL") during the year ended 31 March, 2024 (Refer Note 34). The Group assesses the goodwill for any indication of impairment at annual basis:

   Pursuant 1o amalgamalion of ACPL into Advaya Chemical Industries Limited ("ACIL") (Refer Note 35) and consequent change in tax base of the assets, deferred tax liability of Rs. 554.20 crores has been reversed through statement of Profit & Loss and ACIL has performed impairment assessment of goodwill arisen on acquisition of ACPL and has accounted for impairment loss of Rs. 554.72 crores based on calculation of value in use performed by external valuer.

   The impairment assessment was triggered by aforesaid reversal of deferred tax liabiliy and consequent increase in carrying amount of Cash Generating Unit, on account of amalgamation.

   
   
   

   Key Assumptions used for value in use calculations are as folIows•

   Particulars	As at 31 March, 2025
   Earnings before Interest Tax Depreciation. and Amortisation % in forecast period	21°/» to 24%
   Profit before tax % in forecast period	18% to 22%
   Growth rate used for extrapolation perpetuity rate	4°/
   Obcojzlt rate (post tax)	18.50%

   
   
   
   
   
   

   rJUMBAl

   (All amounts in 7 Crores, unless otherwise stated)

   Note 3(e) : Other Intangible assets

   Intangible assets are slated al cost less accumulated amortization and impaiment.. Intangible assets are amugtbed over their respective individual es1imated useful lives on a st dghN+8: basis, from the date that they are available for use, The estimated useful life of an identifiable intangible asset &6asa on a number of factors including the effects of obsolescence.den§nd.. coMjB9|Ion, wId,othBf', ¥g¥ 0 .factors (such as .6ie.eIeédfly.Office tuftlatly, bcIq.mm zale60n6hips, and known t08I/t¥0gicaI advance9]'¥fid #'fe'level of maintenance expenditures.figured to obtah th.e sxpaoted.:.§ztUt8'aB$ft flows from the aeaet. Amatizabon'M#ttiadp:Md Us¥fld §u¥g are reviewed p'etélidfdd$y including at 8dch Mgncial year end.The cost of intangib]q gb$o$s. acquksd in a Jza¥¥i0se:aambPta on is their fair vdhl0 dt 8te 'dNl bf dtXttlbil rt. Fg$0+¥IzIg' ¥1itiaI recognition, intangible assels are carried at cost less any accumulated amonisation and accumulated impairment losses. The estimated useful life oi the amortisable intangible assets are as follows:

   Category Useful life Computer SoMare 3 years

   Customer-related intangibles 25 years

   Product-related intangibles 20 years

   Intellectual Property 10 years

   An intangible asset is derecognised upon disposal (in., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of Ihe asset (calculated as the difference between the net disposal proceeds and Ihe carrying amount of the asset) is included in the statement of profit and loss, when the asset is derecognised,

   Impairment

   Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset wilh a finite useful life are reviewed at least at Ihe end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite life is recognised in Ihe statement of profit and loss unless such expenditure forms part of carrying value of another assef.

   Particulars	Computer Software	Customer-related intangibles	Product- related intangibles	Intellectual Property "	Total
   Year ended 31 March, 2025
   Gross carrying amount
   Opening balance as at 1 April, 2024	5.14	1,710.80	467.80		2,183.74
   AddNotB dutIh§ tfib yéR				13077	13077
   	5.14	1,7f0 80	407:8g	1d0-T7	9,6tAb1
   Accumulated amortisation
   Opening balance as at 1 April, 2024	2.12	11.48	3.90		1740
   Amortisation charge during the year	1 01	68 17	23C6		92,51
   Closing accumulated amortisation	3.13	79.66			110 11
   Net Carrying Amount as at 31 March 2025	2 01	1.631.1G		130.77	2 204.50

   "Intellectual Property means Patents,Technical lnfomation & Trademarks

   	Computer SofMare	Customer-related intangibles	Product-related intangibles	Total
   Yeaf ended 31 March, 2024
   @fa0B carrying amount
   Opening balance as at 1 April, 2023 Acquisition through business combination (Refer Note 34) ':dtiIfl1g:the y¥W'	2.57 1.05 1 52	1,710.80	467,80	2.57 2,179.65 1.52
   Cloatng Gross cerrytnpamount as at 61Mefeh 2024	5.14	1,710.80	467.80	2,163 74
   Accumulated amortisation
   Opening balance as at 1 April, 2023	1.90			1&0
   Amortisation charge during the year	0.Z2	1.48	3.90	15.60
   Closing accumulated amortisation	2.12	11 48	3.90	17.50
   Net Carrying Amount as at 31 March, 3a24	302	1.699J2	463-9Q	2,166.24

   1. Amortisation has been included under depreciation and amortisation expense in the Statement of Profit and Loss (Refer Note 20).

   2. The Group has not revalued its intangible assets during the year ended 31 March, 2025 and 31 March, 2024.

   
   
   

   {All amounts in Z Crores, unless otherwise statedL

   Note 3(f} Right of use assets

   ¿caounzfnq poJky

   The Group recognises right-of-use assets at the commencement date of Ihe lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impaiment losses. and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date. Right-of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

   Particulars	Right of use assets"
   Year ended 31 March, 2020 Gross carrying amount Balance as of 1 April, 2024 Additions during the year Translation adiustments	317.56 61.40 0.38
   closing Gross carrying amount as at 31 March. 2025	379 34
   Accumulated depreciation Balance as of 1 April, 2024 Depreciation charge during the year Translation adiustments	111.18 36.67 0.05
   Closing accumulated depreciation	147.90
   Net Carrying Amount as at 31 March, 2025	234.44

   Particulars	Right of use assets"
   Year ended 31 March, 2024 Gross carrying amount Balance as of 1 April, 2023 Acquisition through business combination (Refer Note 34) Additions during the year Translation adiustments	152.3s 68J4 96.79 0 08
   Closing Gross carrying amount as at 31 March, 2024	317.56
   Accumulated depreciation Balance as of 1 April, 2023 Depreciation charge during the year Translation adjustments	78.76 32.39 0.03
   Closing accumulated depreciation	111-18
   Net Carrying Amount as at 31 March, 2024	206.38
   "Right of use assets mainly consists of Leasehold land, Leasehold Building,Buildings,Plant and Equipment and Vehicles taken under lease agreement.

   1. Aggregate amount of bap/ecIatlon hBs been included under depreciation and amonization expense In the Statement of Profit and Loss (Refer Note 20)

   2. The Group has not revalued its Right of use assets during the year ended 31 March, 2025 and 31 March, 2024

Note 3(g): Intangible Assets under Development (IAUD)

Age§›g of lnlsngible Assets undar Devalopmart! (LAUDj :

The Pa

Bn:exc¥t

" a technology transfer agreement with Ningxia Jinhua Chemical Co., Ltd ("Jinhua") on 14 February, 2025, to acquire echnok›gy from Jinhua.

n

e

eati temporarily suspended during the year ended 31 March, 2025.

is overdue or has exceeded its cost compared to its original plan during the year ended 31 March. 2025.

KOLKATA

As at As at

31 March, 2025 31 March, 2024

Note 4(a) : INVESTMENTS

Aecounti^q !!•v 1 Investment

At initial recognition, the Group measures an investment at its fair value plus, in the case of investment not at fair value through profit and loss, transaction costs that are directly attributable to the acquisition of the investment. Transaction costs of investments carried at fair value through profit and loss are expensed in the statement of profit and loss.

1. Debt Instrument

   Subsequent measurement of debt instruments depends on the Group's business model for managing the investment and the cash flow characteristics of the investment. The Group classifies its debt instruments as:

   Fair Value Through Profit and Loss (FVTPL) : Investments that do not meet the criteria for amortised cost or FVTOCI are measured at fair value through profit and loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit and loss is recognised in statement of profit and loss and presented on net basis in the statement of profit and loss within other income/ other expense in the year in which it arises.

2. Equity Instrument

The Group subsequently measures all equity investments at fair value through Other Comprehensive Income and there is no subsequent reclassification of fair value gains and losses to the statement of profit and loss, At the time of derecognition of such investments, the gain or loss is transferred to retained earnings.

Non-Current

Investments In gubsldlety at coat

Unquoted

Aquapharm Foundation, India"

9,999 (31 March, 2024: 9,999) equity shares of Rs. 1O/- each fully paid up

Total (A)

0.01

0.01

0.01

0.01

Inv8atments In Equity Instruments {fully pald•up) - Othefs Quoted f@

Bank of Baroda

35,930 (31 March, 2024: 35,930) equity shares of Rs. 2/- each

Indian Overseas Bank

11,400 (31 March, 2024: 11,400) equity shares of Rs. 1O/- each

CESC Limited

1,68,61,980 (31 March, 2024: 1,68,61,980) equity shares of Re1/- each

RPSG Ventures Limited

3,37,239 (31 March, 2024: 3,37,239) equity shares of Rs. 10/- each

Spencer's Retail Limited

11,46,613 (31 March, 2024: 11,46,613) equity shares of Rs. 5/- each

Unquoted tE/

Apeejay Charter Private Limited

1,600 (31 March, 2024: 1,600) equity shares of Rs 10/- each ^ RPSG Resources Private Limited

4,60,909 (31 March, 2024: 4,60,909) equity shares of Rs.10/- each

Woodlands Multispeciality Hospital Limited

1,45,480 (31 March, 2024: 1,45,480) equity shares of Rs.10/- each

Ritushree Vanijya Private Limited

1,900 (31 March, 2024: 1,9O0) equity shares of Rs.10/- each

Solty Commercial Private Limited

1,900 (31 March, 2024: 1,900) equity shares of Rs.10/- each

Spotboy Tracom Private Limited

30,875 (31 March, 2024: 3,30,875) equity shares of Rs.10/- each

4,

y•

8 (P) Limited

(3t March, 2024: 4,02, 000) equity shares of Rs.10/- each ^

Total (B)

Total (C)

0.82

004

259.44

28.54

7.36

296.20

28.57

14.08

58.19

58.34

50.91

0.95

0.07

205.13

21.00

10.47

237.62

15.13

11.53

39.93

39.93

42.40

(All amounts in Z CroreB, unless of stated)

As at As at

31 March, 2025 31 Marh 2024

Imreetments in Preference haTee fkitlypaid-tsp) - Others } At FVTPL$ Unquoted

Devise Properties Private Limited

10,50,000 (31 March, 2024: 10,50, 000) 0% Convertible Preference shares of Rs. 100/- each at par

9.81

9.62

Total (D) 9.81

(E)=(A)+(B)+ (C )+(D)

516.11

396.17

Current

fnve8tma+rts in Mutual Funde [ At FVTPL ]

Quoted.

ABSL Corporate Bond Fund Direct Growth Plan

Nil (31 March, 2024: 14,20,700. 90) Units of face value Rs 100 /- each

HDFC Short Term Debt Fund Direct Growth Plan

Nil (31 March, 2024: 23,04,350.54) Units of face value Rs 10 /-each

HSBC Cash Fund Direct Growth Plan

Nil (31 March, 2024: 63,773.80 ) Units of face value Rs 10/- each

14.67

6.84

15,34

Refer note 30 for information about fair value measurements and note 31 for credit risk and market risk on investments.

3 The Board of Directors of the Parent Company, at its board meetings granted authorisation to execute the Joint Venture Agreement dated 16 March, 2024 between the Parent Company and Kinaltek Pty Ltd ("Kinaltek") as novated and amended vide joint venture novation and amendment agreement between the Parent Company, Kinaltek and Kindia Pty Ltd as a trustee of Kindia Unit Trust ("Kindia") dated 17 September, 2024 ("Joint Venture Agreement"). The Parent Company incorporated a wholly owned subsidiary Nanovace Technologies Limited ("JV Company"), on 29 March, 2024.

During fhe year ended 31 March, 2025, the Parent Company invested Rs 2.55 crores as equity contribution which represents 51°/» of the shareholding in the JV Company and Kindia invested Rs 2.45 crores as equity contribution which represents 49% of the shareholding in the JV Company. Further, the Parent Company invested Rs. 194.80 crores by way of subscription to optionally convertible debenture (OCDs) and Kindia invested Rs 1.66 crores by way of subscription to compulsorily convertible debentures (CCDs).

'@ These investments in equil:y instruments are not held for trading. Upon application of Ind AS 109, the Group has chosen to designate these investments in equity instruments at FVTOCI as the management believes that this provides a more meaningful presentation for long term investments than reflecting changes in fair values immediately in statement of profit and loss. Based on the aforesaid election, fair value changes are accumulated within Equity under "Fair Value Changes through Other Comprehensive Income - Equity Instruments". The Group transfers amounts from this reserve to retained earnings when relevant equity shares are derecognized. The fair value of such unquoted investments has been carried out by applying applicable valuation methodologies, which has been performed by independent valuation experts.

The cost of unquoted investments in equity instruments (fully paid up) have been written off, though quantity thereof appears in the books.

*Aquapharm Foundation is a Section 8 company not considered for consolidation since it can apply its income for charitable purposes only. "Includes Rs Nil (31 March, 2024 : Rs 36.85 Crores) pledged in favour of bank to secure ECB and SBLC Limits by one of its subsidiary.

Note 4(b) : TRADE RECEIVABLES

Trade receivables are amounts receivable from customers for goods sold in the ordinary course of business. Trade receivable are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

For trade receivables, the Group applies the simplified approach permitted by Ind AS 109 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

1. No trade or other receivable are due from directors or other officers of the Group either severally or jointly with any other person. Nor any trade or other receivable are due from firms or private companies respectively in which any director is a partner, a director or a member.

2. Trade receivables are non-interest bearing and are generally on terms of 0 to 90 days.

   
   
   

3. The carrying amount of trade receivables may be affected by the changes in the credit risk of the counterparties as well as the currency risk as explained in note 31.

4. For lien / charge against trade receivables, Refer note 10 (a).

ra no disputed trade receivables as at 31 March, 2025 and 31 March, 2024. no unbilled receivables as at 31 March, 2025 and 31 March, 2024.

MUMBAI

fAlI amounts in 7 Crores, unless otherwise stated1

As at As at

31 March, 2025 31 March, 2024

Note 4(C): CASH AND CASH EQUIVALENTS

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

Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.

Note 4(d): OTHER BANK BALANCES

Balances with Banks

• Deposits with original maturity of more than three months but less than twelve months #

• In Unpaid Dividend Accounts "

" Earmarked for payment of Unclaimed Dividends [Refer Note 10 (d)]

64.34

6.29

70.63

66.62

5.89

7Z.51

# Includes Rs Nil (Previous year Rs 14 Crores) lien marked in favour of the bank to secure SBLC Facility by one of its subsidiary .

Note 4(e): LOANS

(Unsecured, considered good)

Non-current

Other Loans

# Refer note 30 for information about fair value measurements.

MUMBAI