Emmvee Photovoltaic Power Ltd Auditor Reports

Basis for Opinion

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone 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 on this regard.

Responsibilities of Management and Board of Directors for the Standalone Financial Statements

Other Matters:

(a) The standalone financial statements of the Company for the year ended March 31,2024, were audited by another auditor whose report dated June 14, 2024 expressed an unmodified opinion on those statements.

(b) The comparative standalone financial information of the Company for the year ended March 31, 2024 and the transition date opening Balance Sheet as at April 1, 2023 included in these standalone financial statements, are based on the previously issued financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2021, specified under Section 133 and other relevant provisions of the Act audited by the predecessor auditor whose report for the year ended March 31, 2024 and March 31, 2023 dated June 14, 2024 and July 31, 2023 respectively expressed an unmodified audit opinion on those financial statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS, which have been audited by us.

. Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

2. As required by Section 143(3) of the Act, we report that:

(a) We 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.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books, except for the matters stated in the paragraph 2(h)(vi) below on reporting under Rule 11(g).

(c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, the Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act.

(g) The reservation relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 2(b) above on reporting under Section 143(3)(b) and paragraph 2(h)(vi) below on reporting under Rule 11(g).

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements Refer Note 34 to the standalone financial statements;

ii. The Company did not have any longterm contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

iv.

3) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, and according to the information and explanations provided to us by the Management in this regard nothing has come to our notice that has caused us to believe that the representations under subclause

(i) and (ii) of Rule 11(e) as provided under (1) and (2) above, contain any material misstatement.

v. The Company has neither declared nor paid any dividend during the year.

vi. Based on our examination which included test checks, the Company has used certain accounting software for maintaining its books of accounts, which is managed and maintained by a thirdparty software service provider as explained in note 44 to the standalone financial statements. However, in absence of sufficient and appropriate audit evidence including adequate coverage in SOC report we are unable to comment whether the accounting software has a feature of recording audit trail (edit log) facility and whether the same has operated throughout the year for all relevant transactions recorded in the software or whether there is any instance of audit trail feature being tampered with. Additionally, we are unable to comment whether the audit trail of prior year(s) has been preserved by the Company as per the statutory requirements for record retention.

3. In our opinion, according to information, explanations given to us, the provisions of Section 197 read with Schedule V of the Act and the rules thereunder are not applicable to the Company as it is a private Company.

For MSKC6 Associates LLP (Formerly known as M S K C 8t Associates)

Chartered Accountants

ICAI Firm Registration Number 001595S/S000168

Deepak Khatri

Partner

Membership No. 130795 <2\

udin: JHAT ht

Auditors Responsibilities for the Audit of the Standalone Financial Statements

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 standalone 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 company has adequate internal financial controls with reference to standalone 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 and Board of Directors.

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

We communicate with those charged with governance 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 matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

For M S K C ft Associates LLP (Formerly known as M S K C 8t Associates)

Chartered Accountants

ICAI Firm Registration Number 001595S/S000168

Deepak Khatri Partner

Membership No. 130795

udin: ?5130^5 gMm

Place: Bengaluru Date: July 01, 2025

i. (a)A The Company has maintained proper records showing full particulars including quantitative details and situation of property, plant and equipment and relevant details of rightofuse assets.

B The Company has maintained proper records showing full particulars of intangible assets.

(b) Property, Plant and Equipment and right of use assets have been physically verified by the management at during the year and no material discrepancies were identified on such verification.

(c) According to the information and explanations given to us, the title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) as disclosed in the standalone financial statements are held in the name of the Company. The title deeds of immovable properties aggregating to Rs. 5,470.20 Lakhs as at March 31, 2025, are pledged with the banks and original copies are not available with the Company. The same has been independently confirmed by the bank and financial institution to us and verified by us.

(d) According to the information and explanations given to us, the Company has not revalued its property, plant and Equipment (including Right of Use assets) and intangible assets during the year. Accordingly, the provisions stated under clause 3(i)(d) of the Order are not applicable to the Company.

(e) According to the information and explanations given to us, no proceeding has been initiated or pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988, as amended and rules made thereunder. Accordingly, the provisions stated under clause 3(i)(e) of the Order are not applicable to the Company.

ii. (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification, coverage and procedure of such verification is reasonable and appropriate, having regard to the size of the Company and the nature of its operations. The discrepancies noticed on physical verification of inventory as compared to book records were not 10% or more in aggregate for each class of inventory.

(b) During the year, the Company has been sanctioned working capital limits in excess of Rs. 5 crores rupees, in aggregate from Banks on the basis of security of current assets. Refer Note 41.3 to the standalone financial statements.

Based on the records examined by us in the normal course of audit of the standalone financial statements, quarterly statements filed with such Banks are not in agreement with the books of accounts of the Company. Details of the same are as below.

"June 2024 (Inventory) 6t September 2024 (Inventory) Difference is on account of timing gap of consumption entry taken in the trial balance.

March 2025 (Inventory) Difference is mainly on account of goods in transit cut off entries taken in the financial statements.

March 2025 (Trade Receivables) Difference is mainly due to yearend adjustments (including sales cut off).

iii. (a) According to the information and explanations provided to us, the Company has provided loans, advances in the nature of loans and stood guarantee to subsidiary and other entities. The Company has not provided any security to companies, firms, limited liability partnership firms or any other parties.

(A) The details of such loans, advances in the nature of loans and guarantee to subsidiaries are as follows:

Amount in Rs. Lakhs

(B) The details of such loans, advances and guarantee to parties other than Subsidiaries are as follows:

__ Amount in Rs. Lakhs

(b) According to the information and explanations given to us and based on the audit procedures performed by us, we are of the opinion that the investments made and guarantees provided and terms and conditions in relation to grant of all loans and advances in the nature of loans, investments made and guarantees provided are not prejudicial to the interest of the Company. The Company has not provided any security to companies, firms, limited liability partnership firms or any other parties.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the interest free loan to one of the subsidiaries is repayable on demand, the repayment of principal amount demanded has been received during the year. In case of interestbearing loans and advances in the nature of loans given, the schedule of repayment of principal and payment of interest has been stipulated, and the repayments or receipts have been regular.

(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there are no amounts overdue for more than ninety days in respect of the loans and advances in the nature of loans, granted to other parties.

(e) According to the information and explanations provided to us, the loans or advances in the nature of loan granted has not fallen due during the year. Accordingly, the provisions stated under clause 3(iii)(e) of the Order are not applicable to the Company.

(f) According to the information and explanations provided to us, the Company has granted loan to one of its subsidiary which is repayable on demand without specifying any terms or period of repayment. The details of the same are as follows:

iv. According to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act, in respect of loans, investments, guarantees and security made.

v. According to the information and explanations given to us, the Company has neither accepted any deposits from the public nor any amounts which are deemed to be deposits, within the meaning of the provisions of Sections 73 to 76 of the Act and the rules framed there under. Accordingly, the requirement to report under clause 3(v) of the Order is not applicable to the Company.

vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products/ services. We have broadly reviewed the same, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

vii. (a) According to the information and explanations given to us and the records examined by

According to the information and explanations given to us, there are no undisputed amounts payable in respect of Goods and Services tax, provident fund, employees state insurance, incometax, salestax, service tax, duty of customs, cess and other statutory dues in arrears as at March 31, 2025 for a period of more than six months from the date they became payable.

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(b) According to the information and explanations given to us and the records examined by us, details of statutory dues referred to in subclause (a) above which have not been deposited as on March 31, 2025, on account of any dispute, are as follows:

viii. According to the information and explanations given to us, there are no transaction which are not recorded in the books of account which have been surrendered or disclosed as income during the year in Incometax Assessment under the Income Tax Act, 1961. Accordingly, the requirement to report as stated under clause 3(viii) of the Order is not applicable to the Company.

ix. (a) In our opinion and according to the information and explanations given to us and the

records of the Company examined by us, the Company has not defaulted in repayment of loans or borrowings or in payment of interest thereon to any lender.

(b) According to the information and explanations given to us and on the basis of our audit procedures, we report that the Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(c) In our opinion and according to the information and explanations provided to us, no money was raised by way of term loans. Accordingly, the requirement to report under clause 3(ix)(c) of the Order is not applicable to the Company.

(d) According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the standalone financial statements of the

Company, we report that no funds raised on shortterm basis have been utilised for long

term purposes by the Company.

(e) According to the information and explanations given to us and on an overall examination of the standalone financial statements of the Company, we report that the Company has not taken any funds from an any entity or person on account of or to meet the obligations of its subsidiaries.

(f) According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries. Further, the Company do not have any associate or joint ventures. Accordingly, reporting under clause 3(ix)(f) of the order is not applicable to the Company.

x. (a) In our opinion and according to the information and explanations given to us, the

Company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, the reporting requirement under clause 3(x)(a) of the Order is not applicable to the Company.

(b) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partly, or optionally convertible) during the year. Accordingly, the requirements to report under clause 3(x)(b) of the Order is not applicable to the Company.

xi. (a) Based on our examination of the books and records of the Company and according to the

information and explanations given to us, we report that no fraud by the Company or no material fraud on the Company has been noticed or reported during the year in the course of our audit.

(b) During the year no report under Section 143(12) of the Act, has been filed by us in Form ADT4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the Management, there are no whistleblower complaints received by the Company during the year.

xii. The Company is not a Nidhi Company. Accordingly, the provisions stated under clause 3(xii)(a) to (c) of the Order are not applicable to the Company.

xiii. According to the information and explanations given to us and based on our examination of the records of the Company, the provisions of section 177 of the Act are not applicable to the Company. Further, the transactions with the related parties are in compliance with Section 188 of the Act and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

xiv. (a) In our opinion and based on our examination, the Company has an internal audit system

commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the Company issued till the date of our audit report, for the period under audit.

xv. According to the information and explanations given to us, and based on our examination of the records of the Company, in our opinion during the year the Company has not entered into any noncash transactions with its directors or persons connected with its directors and accordingly, the requirement to report on clause 3(xv) of the Order is not applicable to the Company.

xvi. (a) The Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934 (2 of 1934) and accordingly, the requirements to report under clause 3(xvi)(a) of the Order is not applicable to the Company.

(b) The Company is not engaged in any NonBanking Financial or Housing Finance activities during the year and accordingly, the provisions stated under clause 3 (xvi)(b) of the Order are not applicable to the Company.

(c) The Company is not a Core investment Company (CIC) as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report under clause 3 (xvi)(c) of the Order is not applicable to the Company.

(d) The Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) does not have any Core Investment Company (as part of its group. Accordingly, the requirement to report under clause 3(xvi)(d) of the Order is not applicable to the Company.

xvii. Based on the overall review of standalone financial statements, the Company has not incurred cash losses in the current financial year and in the immediately preceding financial year. Accordingly, the requirement to report under clause 3(xvii) of the Order is not applicable to the Company.

xviii. There has been resignation of the erstwhile statutory auditors during the year. No issues, objections or concerns were raised by the outgoing auditor(s).

xix. According to the information and explanations given to us and on the basis of the financial ratios (as disclosed in Note 42 to the standalone financial statements), ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the standalone financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

xx.

In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a Fund as specified in Schedule VII of the Act as disclosed in note 31.2 to the standalone financial statements.

(b) There are no ongoing projects and accordingly reporting under Clause 3(xx)(b) of the Order is not applicable to the Company.

xxi. The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements. Accordingly, no comment in respect of the said Clause has been included in the report.

For M S K C 6t Associates LLP (Formerly known as M S K C & Associates)

Chartered Accountants

ICAI Firm Registration Number: 001595S/S000168

Deepak Khatri

Partner

Membership No. 130795 J udin: 261yoW$

Place: Bengaluru J^r

Date: July 01, 2025

Opinion

Our responsibility is to express an opinion on the Companys internal financial controls with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls. 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 standalone financial statements was established and maintained and if such controls operated effectively in all material respects.

Meaning of Internal Financial Controls With reference to Standalone Financial Statements

Inherent Limitations of Internal Financial Controls With reference to Standalone financial statements

Because of the inherent limitations of internal financial controls with reference to standalone 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 standalone financial statements to future periods are subject to the risk that the internal financial control with reference to standalone financial statements may become, inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

For M S K C 6 Associates LLP (Formerly known as M S K C fit Associates)

Chartered Accountants

ICAI Firm Registration Number 001595S/S000168

Deepak Khatri

Partner

Membership No. 130795 k/ "Mr

UDIN: 25130 W6MJHAT4118 \?l

Place: Bengaluru V

Date: July 01, 2025

#NAStart#

Notes forming part of the Standalone financial statements for the year ended 31 March 2025

(All amounts in INR lakhs, unless otherwise stated)

1 Corporate information

Tire Company manufactures and sells photovoltaic modules and photovoltaic systems. Further, the Company executes grid and offgrid photovoltaic projects on a turnkey basis.

These financial statements were approved for issue in accordance with a resolution of the directors on 01 July 2025.

2 Summary of material accounting policies

These notes provide a list of the material accounting policies adopted in the preparation of these standalone financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated.

2.1 Statement of compliance and basis of preparation

(a) Compliance

The standalone financial statements of the Company up to year ended 31 March 2024 were prepared in accordance with the accounting standards notified under Section 133 of the Act, read with paragraph 7 of the Companies (Accounts) Rules, 2021 ("Indian GAAP").

These standalone financial statements have been prepared by making Ind AS adjustments to the audited statutory financial statements of the Company:

As at and for the year ended 31 March 2023, which were approved by the Board of directors at their meeting held on 31 July 2023.

As at and for the year ended 31 March 2024, which were approved by the Board of directors at their meeting held on 14 June 2024.

(b) Basis of measurement

The standalone financial statements have been prepared under the historical cost convention with the exception of certain assets and liabilities that are required to be carried at fair values by Ind AS.

(c) Current and noncurrent classification

All assets and liabilities are presented in the Standalone Balance Sheet based on current or noncurrent classification as per the Companys normal operating cycle and other criteria set out in Schedule III of the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for

processing and their realisation into cash and cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of

current/noncurrent classification of assets and liabilities. An asset is treated as current when it is :

Expected to be realised or intended to be sold or consumed in normal operating cycle

Held primarily for the purpose of trading

Expected to be realised within twelve months after the reporting period

Cash or cash equivalent 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 noncurrent.

A liability is current when :

It is expected to be settled in normal operating cycle

It is held primarily for the purpose of trading

It is due to be settled within twelve months after the reporting period

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

All other liabilities arc classified as noncurrent.

TVfprrnH fax ivoI, anH liabilities are rlassifieH as noncurrent assets and liabilities

(d) Presentation currency and rounding off

These standalone financial statements are presented in Indian Rupees (INR), which is also the functional currency of the Company. All amounts have been roundedoff to the nearest lakhs and decimals thereof, unless otherwise indicated.

(e) Going concern

2.2 Summary of material accounting policies

(a) Property, plant and equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any.

Cost comprises the purchase price and any cost attributable to bringing the assets to its working condition for its intended use.

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that fUture economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to the Standalone Statement of Profit and Loss during the year in which they are incurred. Gains or losses arising from derecognition of property, plant and equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the standalone statement of profit and loss when the asset is derecognised.

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is classified as capital advances under other noncurrent assets and the cost of assets not put to use before such date are disclosed under capita! workin progress ("CWIP"). CWIP is stated at cost, net of accumulated impairment loss, if any.

Freehold land is not depreciated. Depreciation is provided on all other items of property, plant and equipment on a straight line basis so as to write off their carrying value over their expected useful economic lives as follows: _

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Management is of the view that wherever it is not practicable to identify the component of .an asset as a separate depreciable asset, have been identified and depreciated considering the useful life of the asset or the component whichever is shorter.

(b) Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.

Ainnrtisfltion is calculated nn a straightline hasis over the estimated useful lives of the assets as follows

The amortisation period and the amortisation method for an intangible assets are reviewed at each financial year end and adjusted prospectively, if appropriate.

(c) Leases

The Company assesses at contract inception whether a contract is or contains a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Company as a lessee

The Company applies a single recognition and measurement approach for all leases, except for shortterm leases and leases of lowvalue assets. The Company recognises lease liabilities to make lease payments and rightofuse assets representing the right to use the underlying assets.

i) Rightofuse assets

The Company recognises rightofuse assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Rightofuse assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of rightof use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Rightofuse assets are depreciated on a straightline basis over the shorter of the lease term and the estimated useful lives of the assets. The rightofuse assets are also subject to impairment.

ii) Lease liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees if any. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g.,. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

iii) Shortterm leases and leases of lowvalue assets

The Company applies the shortterm lease recognition exemption to its shortterm leases of buildings (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of lowvalue assets recognition exemption to certain leases that are considered to be low value. Lease payments on shortterm leases and leases of lowvalue assets are recognised as expense on a straightline basis over the lease term.

(d) Impairment of nonfinancial assets (excluding inventories and deferred tax assets)

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

Impairment losses of non financial assets are recognised in the standalone statement of profit and loss.

(e) Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the standalone financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

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

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

(f) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.

Subsequent measurement

For purposes of subsequent measurement all financial assets are currently classified at amortised cost.

Financial assets at amortised cost

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in other income in the standalone statement of profit or loss. The losses arising from impairment are recognised in the profit or loss.

Derecognition

The rights to receive cash flows from the asset have expired, or

The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full vvithou material delay to a third party under a ^Lpassthrough arrangement; and either (a) the Company has transferred substantially all the risks and rewards of thi asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset an< the maximum amount of consideration that the Company could be required to repay.

Impairment of financial assets

The Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs ai\ h.i c< on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to rccu\c discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of coll held or uthe credit enhancements that are integral to the contractual terms.

For trade receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes . vdti risk, bu instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix l! based on it: historical credit loss experience, adjusted for forwardlooking factors specific to the debtors and the economic environment.

Financial liabilities

Initial recognition and measurement

All financial liabilities are recognised initially at fair value and, in the case of financial liabilities at amortised cost, net of directly attributable transactioi Subsequent measurement

For purposes of subsequent measurement all financial liabilities are classified at amortised cost.

Financial liabilities at amortised cost

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIF amortisation is included as finance costs in the standalone statement of profit and loss.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the standalone balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

[g) Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and shortterm deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

(h) Inventories

Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

The method of determining cost is as follows:

Raw material: Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on weighted average cost method.

Finished goods: Cost includes cost of direct materials and labour and a proportion of manufacturing overheads based on the normal operating capacity. Cost is detennined on weighted average basis.

Stores and spares: Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Cost is detennined on weighted average cost method.

Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.

Raw materials and other supplies held for use in the production of finished products are not written down below cost except in cases where material prices have declined and it is estimated that the cost of the finished products will exceed their net realisable value.

Necessary adjustments/provisions are made in respect of nonmoving, slow moving and damaged items of inventory.

(i) Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares during the year.

The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue and share split that have changed the number of equity shares outstanding, without a corresponding change in resources.

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

(j) Provisions, contingent liabilities and contigent assets

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

If the effect of the time value of money is material, provisions are discounted using a current pretax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Warranties

The Company provides performance warranty on PV Modules for 25 years for Glass to Back sheet Modules and 30 years for Galss to Glass Modules. Provisions related to these assurance type warranties are recognised when the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The initial estimate of warrantyrelated costs is revised annually.

Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognised because it cannot be measured reliably. The Company does not recognise a contingent liability but discloses its existence in the financial statements, unless the possibility of any outflow in settlement is remote.

Contingent assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the entity. The Company does not recognise the contingent asset in its standalone financial statements since this may result in the recognition of income that may never be realised. Where an inflow of economic benefits is probable, the Company disclose a brief description of the nature of contingent assets at the end of the reporting period.

However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and the Company recognise such assets.

(k) Revenue from contracts with customers

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

Revenue is measured at transaction price (net of variable consideration, if any). The transaction price is the consideration received or receivable and is reduced by rebates, allowances and taxes and duties collected on behalf of the government.

Revenue from the sale of manufactured goods is recognised at the point in time when control of the goods is transferred to the customers, which generally coincide with the delivery of goods.

Revenue from Engineering, procurement and construction (EPC) services, where the outcome can be estimated reliably, is recognised under the percentage of completion method by reference to the stage of completion of the contract activity. The stage of completion is measured by calculating the proportion that costs incurred to date bear to the estimated total costs of a contract. Determination of revenues under the percentage of completion method necessarily involves making estimates by the management.

Revenue from sale of power is recognised over time for each unit of electricity delivered at the contracted rate on a monthly basis.

Significant financing component Generally, the Company receives shortterm advances from its customers. Using the practical expedient in Ind AS 115, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less.

Interest income

Interest income from financial assets at fair value through profit or loss is disclosed as interest income within other income. Interest income on financial assets at amortised cost and financial assets at FVTOCI is calculated using the effective interest method is recognised in the statement of profit and loss as part of other income.

(l) Foreign currencies

Functional and presentation currency

Transactions and balances

On initial recognition, all foreign currency transactions are recorded by applying to the foreign currency amount the exchange rate between the functional currency and the foreign currency at the date of the transaction. Gains/losses arising out of fluctuation in foreign exchange rates between the transaction date and settlement date are recognised in the standalone statement of profit and loss.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date and the exchange differences are recognised in the standalone statement of profit and loss.

Transactions in foreign currencies are initially recorded by the Company at functional currency spot rates at the date the transaction first qualifies for recognition.

Nonmonetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Nonmonetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of nonmonetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).

(m) Borrowing costs

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

Borrowing cost includes interest, amortisation of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currenc^borrowings to the extent they are regarded as an adjustment to the interest cost.

(n) Employee benefits

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation, other than the contribution payable to the provident fund. The Company recognises contribution payable to the provident fund scheme as an expense, when an employee renders the related service.

The Company operates a defined benefit gratuity plan in India. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.

Remeasurements, comprising of actuarial gains and losses, are recognised immediately in the standalone balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.

Accumulated leave, which is expected to be utilised within the next 12 months, is treated as shortterm employee benefit. The Company measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date. The Company recognises expected cost of shortterm employee benefit as an expense, when an employee renders the related service.

The Company treats accumulated leave expected to be carried forward beyond twelve months, as longterm employee benefit for measurement purposes. Such longterm compensated absences are provided for based on the actuarial valuation using the projected unit credit method at the reporting date. Actuarial gains/losses are immediately taken to the standalone statement of profit and loss and are not deferred. The obligations are presented as current liabilities in the standalone balance sheet if the entity does not have an unconditional right to defer the settlement for at least twelve months after the reporting date. Where Company has the unconditional legal and contractual right to defer the settlement for a period beyond 12 months, the same is present as noncurrent liabilities.

(o) Income taxes Current income tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company reflects the effect of uncertainty for each uncertain tax treatment by using either most likely method or expected value method, depending on which method predicts better resolution of the treatment.

Deferred tax

Deferred tax is provided using the balance sheet approach on temporary differences between the tax base of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date

Deferred tax liabilities are recognised for all taxable temporary differences, except:

When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences.

In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in Other Comprehensive Income ("OCI") or directly in equity.

The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority or intends to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

(p) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decisionmaker (CODM). Only those business activities are identified as operating segment for which operating results are regularly reviewed by CODM to make decisions about resource allocation and performance measurement.

(q) Events after the reporting period

If the Company receives information after the reporting period, but prior to the date when the standalone financial statements are approved for issue, about conditions that existed at the end of the reporting period, it will assess whether the information affects the amounts that it recognises in its standalone financial statements. The Company will adjust the amounts recognised in its standalone financial statements to reflect any adjusting events after the reporting period and update the disclosures that relate to those conditions in light of the new information. For nonadjusting events after the reporting period, the Company will not change the amounts recognised in its standalone financial statements, but will disclose the nature of the non adjusting event and an estimate of its financial effect, or a statement that such an estimate cannot be made, if applicable.

2.3 Critical accounting estimates and judgements

The Company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

(a) Leases estimating the incremental borrowing rate ("IBR")

(b) Provision for expected credit losses ("ECLs") on trade receivables

(c) Defined benefit plan (postemployment gratuity)

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate; future salary increases and mortality rates. Due to the complexities involved in the valuation and its longterm nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

(d) Deferred tax assets

Valuation of deferred tax assets is dependent on managements assessment of future recoverability of the deferred tax benefit. Expected recoverability may result from expected taxable income in the future, planned transactions or planned optimising measures. Economic conditions may change and lead to a different conclusion regarding recoverability.

(e) Provision for warranties

The Companys performance warranty obligations for its PV Modules are determined using historical information of claims received up to the year end and the managements estimate of further liability to be incurred during the 25year warranty period, computed on the basis of past trends of such claims. These assurancetype warranties are recognised when the product is sold or the service provided, with initial recognition based on historical experience, and the initial estimate of warrantyrelated costs is revised annually

(f) Useful lives of property, plant and equipment and intangible assets

Management reviews its estimate of the useful lives of property, plant and equipment and intangible assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and economic obsolescence that may change the utility of property, plant and equipment and intangible assets.

(g) Contingencies

Legal proceedings covering a range of matters are pending against the Company. Due to the uncertainty inherent in such matters, it is often difficult to predict the final outcome. The cases and claims against the Company often raise factual and legal issues that are subject to uncertainties and complexities, including the facts and circumstances of each particular case/claim, the jurisdiction and the differences in applicable law. The Company consults with legal counsel and other experts on matters related to specific litigations where considered necessary. The Company 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.

(h) Impairment of investments and loans to subsidiary

Investment in subsidiaries and loans to subsidiaries are tested for impairment at least annually and when event occur or changes in circumstances indicate that the recoverable amount of the asset or cash generating units to which these pertain is less than its carrying value. The recoverable amount is higher of valueinuse and fair value less cost to disposal. The calculation of value in use involves use of significant estimates and assumptions which includes growth rates to calculate projected future cash flows, riskadjusted discount rate, future economic and market conditions.

2.4 Recent accounting pronouncements

On 9 May 2025, Ministry of Corporate Affairs notified the amendments to Ind AS 21 Effects of Changes in Foreign Exchange Rates. These amendments aim to provide clearer guidance on assessing currency exchangeability and estimating exchange rates when currencies are not readily exchangeable. The amendments are effective for annual periods beginning on or after l April 2025. The Company is currently assessing the probable impact of these amendments on its standalone financial statements.

2.5 First time adoption of IND AS Reconciliations

The following reconciliations provides the effect of transition to Ind AS from Indian GAAP in accordance with Ind AS 101.

The Indian GAAP figures have been reclassified to conform to Ind AS presentation requirements for the purpose of this note. (ci Reconciliation of total eouitv as at 31 March 2024. and 1 Anri! 2023

(d) Reconciliation of total comprehensive income for the year ended 31 March 2024

(f) Notes to Ind AS adjustments

(i) Roll assets and lease liability

Under Indian IGAAP, leases were classified as operating leases and lease rentals under operating leases were recognised in the statement of profit or loss on a straight line basis over the lease term. Per Ind AS 116, all leases as lessee are capitalised at the lease inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Further, lessee shall recognise a right of use (ROU) asset and a lease liability.

Accordingly, ROU asset of INR 664.25 lakhs (1 April 2023: INR 598.90 lakhs), lease liabilities (Noncurrent) of INR 123.55 lakhs (l April 2023: INR 32.35 lakhs), lease liabilities (current) of INR 61.90 lakhs (1 April 2023: INR 21.12 lakhs) has been recognised. Amortisation of ROU assets and interest on lease liabilities of INR 107.71 lakhs and INR 12.19 lakhs respectively has been recognised in the profit and loss for the year ended 31 March 2024 with a reduction in lease rental expenses of INR 45.49 lakhs for the year ended 31 March 2024.

(ii) Expected credit loss on trade receivables

Under Indian GAAP, the provision was made when the receivable turned doubtful based on the assessment on case to case basis. Under Ind AS, the Company provides loss allowance on receivables based on the Expected Credit Loss (ECL) model which is measured following the "simplified approach" at an amoimt equal to the lifetime ECL at each reporting date.

Accordingly, the provision for ECL has been recognised amounting to INR 287.24 lakhs as at 31 March 2024 (1 April 2023: INR 1,989.19 lakhs) with a corresponding impact on the retained earnings. Further, the impact on profit and loss for the year ended 31 March 2024 is INR 1,701.95 lakhs due to reduction in provision for ECL.

(ill) Security deposits

Under Indian GAAP, interest free lease security deposits (that are refundable in cash on completion of the lease term) are recorded at their transaction value. Under Ind AS, all financial assets are required to be recognised at fair value at initial recognition. Accordingly, the Company has fair valued these security deposits under Ind AS. Difference between the fair value and transaction value of the security deposit has been recognised as prepaid rent/ROU. On this fair valued deposit, interest is accounted annually at Effective Interest Rate (EIR) which will have an incremental impact on the interest income and security deposit every year. Further, portion of security deposit which is shown as ROU will be amortised over the period of concession on straight line basis over the useful life of the ROU asset.

The amortised cost adjustment using EIR method on security deposits (presented under noncurrent financial assets) of INR 505.46 lakhs (1 April 2023: INR 545.43 lakhs) has been recognised as a reduction of security deposit. Additionally, unwinding of discount on security deposit amounting to INR 47.74 lakhs has been recognised in the profit and loss for the year ended 31 March 2024.

(iv) Reineasurements of postemployment benefit plans

Under both Indian GAAP and Ind AS, the Company recognised costs related to its postemployment defined benefit plan on an actuarial basis. Under Indian GAAP, the entire cost including actuarial gains and losses, were charged to profit and loss. Under Ind AS, remeasurements (comprising of actuarial gains and losses) are recognised through OCI. Tlius, the employee benefit cost for the year ended 31 March 2024 has decreased by INR 12.78 lakhs and remeasurement loss on defined benefit plan of INR 12.78 lakhs has been recognised in the Other Comprehensive Income, with a corresponding deferred tax impact.

(vi) Borrowings

Under Indian GAAP borrowings are recorded at their transaction value. Under Ind AS, all financial liabilities are required to be recognised at fair value, net of transaction costs at initial recognition. Accordingly, the transaction costs incurred on borrowings at initial recognition have been adjusted with borrowings and accounted under EIR method.

As a result, borrowings (noncurrent) have decreased with the amount of INR 70.73 lakhs (1 April 2023: INR 57.37 lakhs) corresponding impact on the retained earnings. The finance cost for the year ended 31 March 2024 has decreased by INR 13.35 lakhs due to this adjustment.

(g) Notes to IGAAP adjustments

(i) Revenue and corresponding cost

Under IGAAP, the Company had recognised certain revenue even though significant risks and rewards/control was not transferred. This has now been corrected resulted in reduction in trade receivables of INR 54.52 lakhs (1 April 2023: INR Nil); increase in inventories of INR 1,953.07 lakhs (1 April 2023: INR 923.54 lakhs) and increase in other current liabilities (advance from customers) of INR 2,295.39 lakhs (1 April 2023: INR 1,119.10 lakhs). Further, this has resulted in decrease in revenue from operations of INR 1,230.81 lakhs and decrease in changes in inventories of finished goods of INR 1,029.54 lakhs for the year ended 31 March 2024.

(ii) Provision for warranty

Under the Indian GAAP, provision for warranties were not recognised as at l April 2023. This has now been corrected resulting in increase in provisions (noncurrent) by INR 21.66 lakhs with a corresponding reduction in retained earnings.

(h) Deferred tax adjustments

Deferred tax has been recognised on account of adjustments made above and in line with requirements of Ind AS. Accordingly, deferred tax liabilities (net) have increased/(decreased) by INR 49.26 lakhs (1 April 2023: INR (312.47) lakhs) with corresponding impact in retained earnings. Deferred tax expense for the year has increased by INR 364.95 lakhs ended 31 March 2025.

3.1 On transition to Ind AS (i.e. I Apnl 2023). the Company had elected to continue with the net carrying value of all property , plant and equipment measured as per the Indian GAAP and use that net earn ing value as the deemed cost of property, plant and equipment.

3.2 Property, plant and equipment pledged as security

Refer Note 17 for the details of property, plant and equipment pledged as securin.

3.3 Impairment of plant and machinery

The Company operates a manufacturing facility located at #13/1. International Airport Road. Bettahalasur Post. Bengaluru — 562157 (hereinafter referred to as Unit 1 ). which was based on polycrystalline silicon solar cell technology. With advancements in solar technology, this particular technology has become obsolete.

As a result, the plant and machinery at Unit I is no longer in use. Accordingly, the written down value of the related assets has been fully provided for in the books of account for the year ended 31 March 2025 amounting to INR 2.001.04 lakhs (31 March 2024: INR Nil) (Also. Refer Note 31).

3.4 Contractual obligations

Refer Note 34.2(a) for details on contractual commitments for acquiring property, plant and equipment.

3.5 Capital workinprogress ("CWIP")

This represents costs relating to the manufacturing facility under construction.

There is no project wbps^&ApjStiSP ^s overdue or has exceeded its cost compared to its original plan during the year.

. v^sso?^ ,

4 Leases

4.1 Leases as lessee

The Company has lease contracts primarily for buildings.

The Company also has certain leases with lease term up to 12 months. The Company applies the recognition exemptions relating to shortterm leases for these leases.

5 Other intangible assets

5.1 On transition to Ind AS (i.e.. 1 April 2023). the Company had elected to continue with the carrying value of all intangible assets measured as per the Indian GAAP and use that carrying value as the deemed cost of intangible assets.

5.2 Net gain on disposal of trade marks amounting to INR 9.02 lakhs during the year ended 31 March 2025. The book value of the said intangible assets was INR Nil as on 1 April 2023.

The Company sold Ihe entire investment in ES Neptune Solar Private Limited on 5 December 2023 at a consideration of 1NR 1.00 lakh.

6.1 Impairment assessment

The management has tested whether investment and loan given to Emmvee Energy GmbH as at 31 March 2025 has suffered any impairment loss. The recoverable amount has been determined based on valueinuse calculations on a discounted cashflow method which require use of assumptions. The calculations use cash flow projections using the estimated growth and pretax discount rates stated below.

7.1 Details of loans or advances (Gross) in the nature of loans are granted to the related parties (as defined under Companies Act 2013) either severally or jointly with any other person, are as follows:

7.2 The Company has granted loans or advances in the nature of loans to Emmvec Energy Private Limited amounting to INR 37,419.00 lakhs (31 March 2024: INR 29.924.80 lakhs. I April 2023: INR 6.623.80 lakhs). The loan is granted as an unsecured loan to Emmvee Energy Private Limited towards promoters contribution for the project as per the requirements of the Sanction terms of 1REDA. which carries interest rate ?, 7.90% to comply the regulations of Companies Act 2013. However interest and principal shall become due and payable by the borrower only upon the repayment of term loan or as may be allowed by IREDA in the term loan financing documents or as may be mutually agreed among the promoter, borrower and 1RED A.

7.3 The Company has granted loans or advances in the nature of loans to Emmvee Energy GmbH amounting to INR 3.701.70 lakhs (net of impairment loss of INR 1.473.60 lakhs) (31 March 2024: INR 5.063.60 lakhs. I April 2023: INR 5.049.30 lakhs). The loan (interest free) is granted as an unsecured loan (repayable on demand) to Emmvee Energy GmbH towards production of power and sale of power generated from solar and purchase of photovoltaic equipments and as well as the trade with these products.

7.4 Refer Note 38 for fair value measurements and Note 39 for information about the Companys exposure to financial risks.

8.1 Held as margin money for bank guarantee and letter of credit facilities.

9.1 Includes amount of INR 132.67 lakhs (31 March 2024: INR NiL I April 2023: INR Nil) towards expenses against proposed initial Public Offer (IPO) work which will be allocated between the selling shareholders and the Companywherein the Companys portion will be adjusted against the Securities Premium on completion of IPO.

9.2 Refer Note 35 for the details of outstanding balances with related parties.

i. A A

10.1 During the year ended 31 March 2025, amount of INR 637.14 lakhs (31 March 2024: INR 232.46 lakhs) was recognised as provision for inventories carried at net realisable value and provision for slow moving and obsolete items.

10.2 Refer Note 17 for the details of inventories pledged as security.

11.1 No trade receivables are due from directors or other officers of the company either severally or jointly with any other person or firms or private companies in which any director is a partner, a director or a member other than as disclosed in Note 35.

11.2 Trade receivables are noninterest bearing and are generally on credit terms of 60 days.

11.3 Refer Note 17 for the detai Is of trade receivables pledged as security.

11.5 Trade receivables ageing schedule

13.1 Represents deposits held as margin money for bank guarantees and letter of credit facilities.

13.2 Refer Note 38 for fair value measurements and Note 39 for information about the Companys exposure to financial risks.

Pursuant to the resolution passed by the shareholders of the Company on 10 February 2025 through extra ordinary general meeting, the authorised share capital of the Company have been increased from INR 1,200.00 lakhs to INR 1,300.00 lakhs (through addition of 1,00,000 number of preference shares of INR 100 each).

(a) Subdivision of equity shares

Pursuant to a resolution passed by the shareholders in the EGM dated 24 March 2025, the Company has subdivided the face value of its equity shares from INR 10 each to INR 2 each. Accordingly, 1,07,91,810 equity shares of INR 10 each of the Company were subdivided into 5,39,59,050 equity shares of INR 2 each.

(b) Bonus issue of equity shares after the reporting period Refer Note 45.1

15.2 Rights, preferences and restrictions attached to the equity shares

The Company has one class of equity shares having a par value of INR 2 per share. Each shareholder is eligible for one vote per share held. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

15.3 Shareholders holding more than 5% of each class of shares

As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the

above shareholding represents both legal and beneficial ownerships of shares

Refer Note 17 for the details of equity shares pledged as security by promoters of the Company.

15.4 Aggregate number of shares issued for consideration other than cash, bonus shares allotted and shares bought back during the period of five years immediately preceding the reporting date

There are no such shares issued, allotted or bought back during the period of five years immediately preceding the reporting date.

Also refer Note 45.1 for details of bonus shares issued subsequent to the reporting date.

15.5 Shareholding of promoters

16.2 Nature and purpose of items in other equity

The follow ing describes the nature and purpose of each item within other equity: