(i) The amount of expenditure recognised in the carrying amount of property, plant and equipment (including capital work-in progress) in the course of construction is T 4.67 crores (March 31, 2023: T 14.74 crores) [Refer Note 39].

(ii) Land admeasuring 18.94 acres amounting to T 77.84 crores is registered in the name of Mangal Industries Limited, erstwhile Company from which plastic component business was demerged and merged with the Company pursuant to the Scheme of Arrangement approved by Hon'ble National Company Law Tribunal [Refer Note 47]. The aforementioned land parcel is pending registration in the name of the Company.

(iii) Capital work-in-progress ageing schedule

* There are no capital work-in-progress where completion is overdue against original planned timelines or where estimated cost exceeded its original planned cost as on March 31, 2023. Project execution plans are calibrated annually on the basis of Management's judgement and estimates w.r.t future business, technology developments / economy / industry / regulatory environment and all the projects are assessed as per rolling annual plan.

Leasehold land admeasuring 15.66 acres amounting to ? 25.85 crores is registered in the name of Mangal Industries Limited, erstwhile Company from which plastic component business was demerged and merged with the Company pursuant to the Scheme of Arrangement approved by Hon'ble National Company Law Tribunal [Refer Note 47]. The aforementioned lease is pending to be registered in the name of the Company.

(i) Allocation of Goodwill to cash generating units

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the Cash Generating Units (CGU) or groups of CGUs, which benefit from the synergies of the acquisition which is assessed primarily to be the lead acid batteries business.

The Company tests goodwill on an annual basis and whenever there is an indication that the CGU to which the goodwill has been allocated may be impaired. The goodwill impairment test is performed at the level of the CGU or group of CGUs that benefit from the synergies of the acquisition and which represents the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount is determined based on higher of value-in-use and fair value less cost of disposal. Where there is no basis for making a reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions, the recoverable amount is determined by value-in-use. In determining the value-in-use, cash flow projections approved by appropriate level of management are considered. In circumstances where a reliable value-in-use estimate is difficult to make whereas market value of the asset or the CGU or group of CGUs is readily available, the latter is used for the determination of recoverable amount with appropriate adjustments, where applicable. As at March 31, 2024, based on the Company's assessment of the recoverable amount duly considering the prevailing market factors and other information related to the lead acid batteries business, no impairment indicators exist.

* There are no intangible assets under development where completion is overdue against original planned timelines or where estimated cost exceeded its original planned cost as on March 31, 2024 and March 31, 2023. Project execution plans are calibrated annually on the basis of Management's judgement and estimates w.r.t future business, technology developments / economy / industry / regulatory environment and all the projects are assessed as per rolling annual plan.

(i) The Company has advanced working capital loan to Amara Raja Advanced Cell Technologies Private Limited which is repayable on demand and carries an interest of 8% p.a.

(ii) The Company as part of its strategic initiative to venture into new energy business and EV batteries had entered into a transaction agreement with Inobat AS [Formerly known as Inobat Auto AS], Oslo Norway ('InoBat Auto') for investment by way of conditionally convertible instruments in Inobat Auto for a value of Euro 9.90 Million. Due to the conditions not being met, the investment had been classified as loan as per terms of the agreement and is recoverable within a period of 1 year from the date of initial investment along with simple interest @ 8% p.a. The parties entered into an amendment agreement dated May 5, 2023 to extend the tenure by another six months.

Subsequent to the amendment agreement, the parties entered into another amendment agreement dated October 26, 2023 to convert the principal and interest portion of the loan into equity based on the terms and conditions. Consequently, the debt instrument was de-recognised and the equity instrument has been recognised at the conversion price which is representative of the fair value.

(i) The cost of inventories recognised as an expense during the year has been disclosed on the face of the Statement of Profit and Loss, Notes 25 and 29. During the previous year, an amount of T 199.43 crores has been recognised as loss of inventories on account of fire accident (Refer Note 31).

(ii) The cost of inventories recognised as an expense includes T 1.92 crores (during 2022-23: T 3.38 crores) in respect of writedowns of inventory to net realisable value, and has been reduced by T Nil crores (during 2022-23: T Nil) in respect of reversal of such write-downs.

(iii) There are no inventories expected to be liquidated after more than twelve months.

(iv) The mode of valuation of inventories has been stated in Note 2.E.

(i) The average credit period for after market sales is one week and for sales to other customers is in the range of 30 - 60 days. No interest is charged on overdue receivables, except for overdue balances of related parties.

(ii) Of the trade receivables balance, T 224.58 crores (as at March 31, 2023: T 150.03 crores) is due from two of the Company's large customers (March 31, 2023: one of the Company's large customer). There are no other customers who represent more than 10% of the total balance of trade receivables.

(iii) The Company has used a practical expedient by computing the expected credit loss allowance for doubtful trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forwardlooking estimates. The expected credit loss allowance is based on the ageing of the receivables which are due and the rates used in the provision matrix.

(ii) Rights, preferences and restrictions attached to the equity shares:

The Company has only one class of shares referred to as equity shares having a face value of T 1 each. Each holder of equity share is eligible for one vote per share held. The Company declares and pays dividends in Indian rupees and foreign currency. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in the case of interim dividend. In the event of liquidation, the holders of equity shares will be entitled to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to the number of equity shares held by the shareholders.

All amounts are in T crores, except share data and where otherwise stated

(2) The interest free sales tax deferment loans were availed by the Company under the Government of Andhra Pradesh TARGET 2000 New Industrial Policy as per which the loans are repayable at the end of the 14th year from the year in which these loans were availed. The Company has also entered into agreements with the Deputy Commissioner of Commercial Taxes, Chittoor in respect of the aforementioned loans as per which the repayment schedule of the loans have been determined as being repayable at the end of the 14th year from the month in which these loans were availed. The Management is however of the view that these loans are repayable at the end of the 14th year from the year in which these loans were availed in terms of the sanction of these loans by the Government of Andhra Pradesh, Commissionerate of Industries and are accordingly making an yearly repayment of these loans.

The deferred revenue of ? 70.58 crores (March 31, 2023: ? 74.49 crores) arises primarily as a result of duty benefit received on import of plant and equipment under Export Promotion Capital Goods (EPCG) schemes of the Government of India. It also includes subsidy received on lease of immovable property from State Industries Promotion Corporation of Tamil Nadu. The deferred revenue will be recognised in the Statement of Profit and Loss in the proportion of depreciation charged on such assets.

Note 22: Assets classified as held for sale

Pursuant to approval granted by the Board of Directors at their meeting held on January 25, 2023, the Management entered into a Business Transfer Agreement (BTA), as amended with Amara Raja Advanced Cell Technologies Private Limited ("ARACT”), a wholly-owned subsidiary of the Company for sale/transfer of the New Energy Business of the Company as a going concern on a slump sale basis, for a consideration of ? 223.96 crores representing the net assets sold/transferred on June 1, 2023. The gain/loss on account of this transaction is ? Nil.

Note: The tax rate used for the year 2023-2024 and 2022-2023 reconciliations above is the corporate tax rate of 25.168% payable by corporate entities in India on taxable profits under the Indian tax law.

Note 31: Exceptional items

On January 30, 2023, a fire broke out at one of the manufacturing facilities of the Company at Chittoor, Andhra Pradesh which caused damage to the Company's property, plant and equipment and inventories. There were no loss of lives. The Company recognised a loss of T 438.56 crores arising from such incident for the year ended March 31, 2023.

The Company had a valid mega all risk insurance policy covering the fire accident and lodged a claim with the Insurance Company for losses suffered on account of the property, plant and equipment, inventories and loss of profits. The Insurance Company admitted the claim based on an interim survey carried out by the surveyor appointed by it and the extent of final loss admissible under the policy is being evaluated by the surveyor. The Company estimated and recognised an insurance claim receivable in respect of the claim in accordance with its accounting policy. The aforementioned losses and the corresponding credit arising from the insurance claim receivable were presented on a net basis under Exceptional items for the year ended March 31, 2023.

During the year ended March 31, 2024, the Company has received an adhoc payment of T 224.13 crores from the Insurance Company and has realised T 100.13 crores from processing and/or sale of scrap. The Company is confident of realizing the balance amount on final determination of the loss and completion of the related activities.

It is not practicable for the Company to estimate the closure of these issues and the consequential timings of cash flows, if any, in respect of the above.

Note: Includes an amount of T 10.54 crores (March 31, 2023: T 10.54 crores) which has been claimed by Andhra Pradesh Gas Power Corporation Limited ('APGPCL') with respect to the power supplied by it to the Company through Andhra Pradesh Southern Power Distribution Corporation Limited ('APSPDCL'). The Management has contended that the said

All amounts are in ? crores, except share data and where otherwise stated

dues charged by APSPDCL as part of the regular electricity bills has been duly discharged by the Company to APSPDCL. APGPCL has also consequently placed a lien on the investment held by the Company in it for non-payment of dues. The Management has initiated arbitration proceedings against the claim and the said action of APGPCL and is confident of a favourable outcome in this matter.

b. Defined benefit plans

The Company provides to the eligible employees defined benefit plans in the form of gratuity. The gratuity plan provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days' salary payable for each completed year of service. Vesting occurs upon completion of five continuous years of service. The measurement date used for determining retirement benefits for gratuity is March 31.

These plans typically expose the Company to actuarial risks such as investment risk, interest rate risk, longevity risk and salary risk.

Risk Management:

Investment risk - The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.

Interest rate risk - The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability.

Longevity risk - The present value of defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after employment. An increase in the life expectancy of the plan participants will increase the plan's liability.

Salary risk - The present value of the defined benefit plan is calculated with reference to the future salaries of participants under the plan. Increase in salary due to adverse inflationary pressures might lead to higher liabilities.

The sensitivity analysis above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the year and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption, the same method used to calculate the liability recognised in the Balance Sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous year.

Note 42: Details of Provisions

(a) Provision for warranty is made for estimated warranty claims in respect of sale of certain storage batteries which are still under warranty at the end of the reporting period, the estimated cost of which is accrued at the time of sale. These claims are expected to be settled as and when warranty claims arise. The provision for warranty claims represents the present value of the Management's best estimate of the future outflow of economic benefits that will be required under the Company's obligation for warranties. Management estimates the provision based on historical warranty claim information and may vary as a result of new materials, altered manufacturing processes or other events affecting product quality. The products are generally covered under a free warranty period ranging from 6 months to 42 months.

A. Capital Management

The Company's financial strategy aims to support its strategic priorities and provide adequate capital to its businesses for growth and creation of sustainable stakeholder value. The Company funds its operations through internal accruals. The Company aims at maintaining a strong capital base largely towards supporting the future growth of its businesses as a going concern. The capital structure of the Company is based on Management's judgment of its strategic day-to-day needs with a focus on total equity so as to maintain investor, creditors and market confidence.

The Management and the Board of Directors monitor the return on capital as well as the level of dividends to shareholders. The Company may take appropriate steps in order to maintain, or if necessary, adjust its capital structure.

Equity share capital and other equity are considered for the purpose of Company's Capital Management.

C. Financial risk management objectives

The Company has a system-based approach to risk management, anchored to policies and procedures and internal financial controls aimed at ensuring early identification, evaluation and management of key financial risks (such as market risk, foreign currency risk, credit risk and liquidity risk) that may arise as a consequence of its business operations as well as its investing and financing activities. Accordingly, the Company's risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a disciplined and consistent manner and in compliance with applicable regulation. It also seeks to drive accountability in this regard. The key risks and mitigating actions are overseen by the Board of Directors of the Company.

The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. Also, the Company has unutilised credit limits with banks. The Company maintained a cautious liquidity strategy, with a positive cash balance throughout the year ended March 31, 2024 and March 31, 2023. Cash flow from operating activities provides the funds to service the financial liabilities on a day to day basis.

The Company regularly maintains the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet operational needs. Any short-term surplus cash generated, over and above the amount required for working capital management and other operational requirements, is retained as cash and cash equivalents (to the extent required) and any excess is invested in interest bearing term deposits and mutual funds with appropriate maturities to optimise the cash returns on investments while ensuring sufficient liquidity to meet its liabilities.

The Company's current assets aggregate T 3,549.02 crores (March 31, 2023 T 3,327.06 crores) including Current investments, Cash and cash equivalents and Other bank balances of T 369.44 crores (March 31, 2023 T 123.60 crores) against an aggregate current liability of T 1,657.92 crores (March 31, 2023 T 1,487.48 crores). The table below provides details regarding the contractual maturities of significant non-current financial liabilities as of March 31, 2024 and March 31, 2023. Contractual maturities in respect of lease liabilities has been disclosed in Note 38.

Further, while the Company's borrowings stands at T 53.33 crores (March 31, 2023: T 111.06 crores) it has a total equity of T 6,768.65 crores (March 31, 2023: T 6,005.64 crores). In such circumstances, liquidity risk or the risk that the Company may not be able to settle or meet its obligations as they become due does not exist.

Market Risk

The Company continues to hold certain investments in equity for long term value accretion which are accordingly measured at fair value through Other Comprehensive Income. The value of investments in such equity and preference share instruments as at March 31, 2024 is T 360.57 crores (March 31, 2023 T 261.66 crores). Accordingly, fair value fluctuations arising from market volatility is recognised in Other Comprehensive Income.

Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is primarily not exposed to interest rate risk considering the amount of borrowings availed from banks & which were transferred under the Scheme of Arrangement. Further, treasury activities, focused on managing current investments are administered under a set of approved policies and procedures guided by the tenets of liquidity, safety and returns. This ensures that investments are only made within acceptable risk parameters after due evaluation. The Company invests in Mutual Fund schemes of leading fund houses. Such investments are susceptible to market price risk that arise mainly from changes in interest rate which may impact the return and value of such investments. However, given the relatively short tenure of underlying portfolio of the Mutual Fund schemes in which the Company has invested, such price risk is not significant. Fixed deposits are held with highly rated banks and have a short tenure and are not subject to interest rate volatility.

Commodity Price Risk

Material cost is the largest cost component for the Company, thus exposing it to the risk of price fluctuations based on the supply and demand conditions of those materials. Commodity price risk exposure is evaluated and managed through operating procedures and sourcing policies. The Company has put in place a mix of long-term and short-term mitigation plans. The long-term price view consisted of identifying single vendor dependency and finding alternate vendors and sources for the same. The Company also has a robust process of estimating the prices periodically, analyzing deviations, if any, and taking short-term corrective measures in addition to altering the outlook for the long-term, if required. The Company also leverages its financial resources to modify the inventory levels as required keeping in mind the price outlook in the near term. Similarly, the Company modifies the contract period in negotiations with the vendors to either lock in prices or link them to expected market prices. During the year ended March 31, 2024 and March 31, 2023, the Company had not entered into any derivative contracts to hedge exposure to fluctuations in commodity prices.

Foreign Currency Risk

The Company is subject to the risk that changes in foreign currency values impact the Company's export revenues and import of raw materials and property, plant and equipment. The Company is exposed to foreign exchange risk arising from currency exposures, primarily with respect to US Dollars, EURO and GBP. Financial assets and liabilities denominated in foreign currency, are also subject to reinstatement risk.

The Company manages currency exposures within prescribed limits. The aim of the Company's approach to management of currency risk is to leave the Company with no material residual risk.

Foreign currency sensitivity analysis

For every percentage point increase in the underlying exchange rate of the outstanding foreign currency denominated assets and liabilities, holding all other variables constant, the profit before tax for the year ended March 31, 2024 would change by T 1.39 crores [March 31, 2023: T 1.80 crores]. For every percentage point decrease in the underlying exchange rate would have led to an equal but opposite effect.

The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end for a 1% change in foreign currency rates.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligation. Concentration of credit risk with respect to trade receivables are limited, due to Company's customer base being large and

diverse. All trade receivables are reviewed and assessed for default on a monthly basis. The Company's historical experience of collecting receivables and the level of default indicate that credit risk is low and generally uniform across markets; consequently, trade receivables are considered to be a single class of financial assets. All overdue customer balances are evaluated taking into account the age of the dues, specific credit circumstances, the track record of the counterparty etc. loss allowances and impairment is recognised, where considered appropriate by responsible management.

The credit risk on cash and bank balances and fixed deposits is limited because the counterparties are banks with high credit ratings.

D. Fair value measurement Fair value hierarchy

The fair value of financial instruments as referred to in Note 43.B above have been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identified assets or liabilities [Level 1 measurements] and lowest priority to unobservable inputs [Level 3 measurements]

The following levels have been used for classification:

• Level 1: Quoted prices (unadjusted) for identical instruments in active market.

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

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

If one or more of the significant inputs is not based on observable market data, the fair value is determined using generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparty.

The fair value of trade receivables, trade payables and other current financial assets and liabilities is considered to be equal to the carrying amounts of these items due to their short-term nature. Where such items are non-current in nature, the same has been classified as Level 3 and fair value determined using discounted cash flow basis. Similarly for certain unquoted equity instruments where most recent information to measure fair value is insufficient, or if there is a wide range of possible fair value measurements, cost has been considered as the best estimate of fair value.

The carrying amount of financial assets and financial liabilities measured at amortised cost in the Financial Statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

There has been no change in the valuation methodology for Level 3 inputs during the year. The Company has classified certain unquoted equity instruments under Level 3 of the fair value hierarchy. There were no transfers between Level 1 and Level 2 during the year.

(i) During the previous year ended March 31, 2023, the performance of investments in unquoted shares of Andhra Pradesh Gas Power Corporation Limited along with the relevant economic and market indicators, supply chain challenges and closure of power plants resulted in indicators of impairment. Accordingly, the Company determined the fair value of the Investment as ? Nil and recorded the impairment loss in other comprehensive income. There has been no change in these factors during the current year.

(ii) The fair value of equity and preference shares carried at fair value through other comprehensive income were determined using indirect market observable inputs and recent transactions for same / similar securities.

Interim dividend of ? 4.80 per equity share of face value of ? 1 each approved by the Board of Directors at its meeting held on October 31, 2023 was paid during the current year. The Board of Directors at its meeting held on May 28, 2024 has recommended a dividend of ? 5.10 per equity share of face value of ? 1 each which is subject to approval of the shareholders at the ensuing Annual General Meeting of the Company and hence is not recognized as a liability. The total dividend (including interim dividend) for FY 2023-24 amounts to ? 9.90 per equity share (Previous year ? 6.10 per equity share).

Note 47: Business Combination

The Board of Directors of the Company at its meeting held on September 26, 2022 approved a Scheme of Arrangement amongst Mangal Industries Limited ('Demerged Company') and Amara Raja Energy & Mobility Limited (formerly known as Amara Raja Batteries Limited) ['the Company'] and their respective shareholders and creditors, under the provisions of Section 230 to 232 and other applicable provisions of the Companies Act, 2013 (“the Scheme”). The Scheme, inter-alia, provides for demerger of the plastic component for battery business ('Demerged Undertaking') from the demerged company to the Company. The Scheme has been approved by the Hon'ble jurisdictional National Company Law Tribunal ('NCLT') vide its order dated January 10, 2024, and the same has become cffective from February 1, 2024.

The Demerged Company is engaged in various businesses such as Plastic Component for Battery Business, manufacturing of auto components (including fasteners, plastics, copper inserts /connectors and others), metal fabrication, storage solution, lead bushes and trading of various products, etc. The entire output generated from the Plastic Component for Battery Business is currently sold to the Company. This backward integration is expected to enhance the Company's control over the supply and inventory management of its raw materials. This would help with a unified approach on supply chain management and consequent synergies leading to optimization of resource utilisation, reduced operational, logistics, supervisory and overhead / utilities costs, reduce duplication of administrative efforts and better procurement policies and prices, for the Resulting Company.

The Company has given effect to the Scheme in accordance with the MCA's General Circular 9/2019 dated August 21, 2019 from April 1, 2022 being the appointed date as per the Scheme and the previously issued standalone financial statements for the year ended March 31, 2023 have been restated, as below.

Fair Value of the Consideration transferred:

The fair value of purchase consideration was determined as ? 672.56 crores which has been discharged through issue of 1,22,12,864 fully paid-up equity shares of face value of ? 1/- each to the equity shareholders of the Demerged Company, in accordance with the share entitlement ratio (65 equity shares of the Company for every 74 equity shares held) approved in the Scheme. Consequent to the approval of the scheme, these shares were alloted to RN Galla Family Private Limited (shareholders of demerged Company). The fair value of the shares issued has been determined based on the Volume-weighted average market price as on the Appointed Date. The transaction was accounted in accordance with the acquisition method as per Ind AS 103 — Business Combination. As per Ind AS 103, purchase consideration has been allocated on the basis of fair valuation determined by an independent valuer.

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset. And acquisition results in enhanced control over the supply and inventory management of its raw materials. This would help with a unified approach on supply chain management and consequent synergies leading to optimization of resource utilisation, reduced operational, logistics, supervisory and overhead / utilities costs, reduce duplication of administrative efforts and better procurement policies and prices. Goodwill is not tax-deductible.

Acquisition related costs:

During the year ended March 31, 2024 acquisition related costs of T 17.13 Crores had been recognised under Rates and Taxes, Legal and professional Expenses and Miscellaneous Expenses in the Statement of Profit and Loss.

Note 48: Acquisitions

The Company entered into a Share Purchase Agreement with RNGalla Family Private Limited (promoter of the Company) to purchase entire shareholding in Amara Raja Power Systems Limited ("ARPSL”), an entity primarily engaged in the manufacture of industrial chargers, integrated power systems, EV chargers for 2W and 3W applications and other energy management devices for a consideration of T 133 crores. The acquisition of shares has been disclosed as Investments in subsidiary in Note 5 and ARPSL has become a wholly-owned subsidiary of the Company effective September 29, 2023.

Note 49:

The Company on April 30, 2021 received closure orders from the Andhra Pradesh Pollution Control Board ('APPCB') for the Company's plants situated at Karakambadi, Tirupati and Nunegundlapalli Village, Chittoor District. Consequently, the Company went in appeal against the said orders to the Hon'ble High Court of Andhra Pradesh at Amravati, which granted interim suspension of the closure orders. The plants of the Company were closed for a period of 5 days during the quarter ended June 30, 2021, from the date of closure orders till the date of the said interim suspension. The Company did not incur any material loss during the period of closure.

APPCB also issued two show cause notices in February, 2022 against which the Company filed a special leave petition with the Hon'ble Supreme Court which vide its order dated February 20, 2023 disposed off the matter for it to be heard at the lower courts and the same is pending disposal.

The Management has also been working with the APPCB to satisfactorily resolve the matter.

Note 50:

The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post employment benefits has been enacted. However, the date on which the Code will come into effect has not yet been notified. The Management will complete its evaluation and will give appropriate impact in its financial statements in the period in which the Code becomes effective.

Note 51: The standalone financial statements are approved for issue by the Audit Committee and Board of Directors at their meetings held on May 28, 2024.