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Notes to Accounts of Godrej Industries Ltd.

Mar 31, 2023

C. Risk Management strategies related to agricultural activities

The Company is exposed to the following risks relating to its Oil Palm business.

i. Regulatory and environmental risks

The Company is subject to laws and regulations in the country in which it operates. It has established various environmental policies and procedures aimed at compliance with the local environmental and other laws.

ii. Supply and demand risks

The Company is exposed to risks arising from fluctuations in the price and sales volume of plants. When possible, the Company manages this risk by aligning its harvest volume to market supply and demand. Management performs regular industry trend analysis for projected harvest volumes and pricing.

iii. Climate and other risks

The Companyâs Oil Palm business is exposed to the risk of damage from climatic changes, diseases, forest fires and other natural forces. The Company has extensive processes in place aimed at monitoring and mitigating those risks, including regular plantation health surveys and industry pest and disease surveys.

Rights, preferences and restrictions attached to

Equity Shares: The Company has one class of Equity shares having a par value of '' 10 per share. Each Share holder is eligible for one vote per share held. All Equity Shareholders are eligible to receive dividends in proportion to their shareholdings. The dividends proposed by the Board of Directors are subject to the approval of the Shareholders in the ensuing 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 share holding.

General Reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Companyâs stock grant plan.

Securities Premium

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

Note 39.1 Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year plus the weighted average number of Equity shares that would be issued on conversion of all the dilutive potential Equity shares into Equity shares.

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

The Companyâs contributions paid/payable to Regional Provident Fund at certain locations, Superannuation Fund, Employees State Insurance Scheme, Employees Pension Schemes, 1995 and other funds, are determined under the relevant approved schemes and/or statutes and are recognised as expense in the Standalone Statement of Profit and Loss during the year in which the employee renders the related service. There are no further obligations other than the contributions payable to the approved trusts/appropriate authorities.

The Company recognised '' 11.01 crore for the year ended March 31,2023 (Previous Year '' 10.54 crore) towards provident fund contribution, ''0.37 crore for the year ended March 31,2023 (Previous Year '' 0.47 crore) towards employeesâ state insurance contribution and ''0.45 crore for the year ended March 31,2023 (Previous Year '' 0.48 crore) towards superannuation fund contribution in the Standalone Statement of Profit and Loss.

Defined Benefit Plan:

I. Provident Fund

The Company manages the Provident Fund plan through a Provident Fund Trust for its employees which is permitted under The Employeesâ Provident Fund and Miscellaneous Provisions Act, 1952 and is actuarially valued. The plan envisages contribution by the employer and employees and guarantees interest at the rate notified by the Provident Fund authority. The contribution by employer and employee, together with interest, are payable at the time of separation from service or retirement, whichever is earlier.

The Company has an obligation to fund any shortfall on the yield of the trustâs investments over the administered interest rates on an annual basis. These administered rates are determined annually predominantly considering the social rather than economic factors and the actual return earned by the Company has been higher in the past years. The actuary has provided a valuation for provident fund liabilities on the basis of guidance issued by Actuarial Society of India and based on the below provided assumptions there is no shortfall as at March 31, 2023.

Gratuity

In accordance with the provisions of the Payment of Gratuity Act, 1972, the Company has a defined benefit plan which provides for gratuity payments. The plan provides a lump sum gratuity payment to eligible employees at retirement or termination of their employment. The amounts are based on the respective employeeâs last drawn salary and the years of employment with the Company.

Liabilities in respect of the gratuity plan are determined by an actuarial valuation, based upon which the Company makes annual contributions to the Group Gratuity cum Life Assurance Schemes administered by the ICICI Prudential Life insurance, a funded defined benefit plan for qualifying employees. The Company has a Gratuity Trust and the Trustees administer the contributions made by the Company to the gratuity scheme.

The most recent actuarial valuation of the defined benefit obligation along with the fair valuation of the plan assets in relation to the gratuity scheme was carried out as at March 31,2023. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.

Other long-term employee benefits:

Compensated absences are payable to employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement. The charge towards compensated absences for the year ended March 31,2023 based on actuarial valuation using the projected accrued benefit method is ''1.00 crore (previous year '' 4.38 crore).

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standalone Statement of Profit & Loss.

Incentive Plans: The Company has a scheme of Incentives to employees which is fully expensed in the Statement of Profit & Loss in the respective periods. The Scheme rewards its employees based on the achievement of key performance indicators and profitability, as prescribed in the scheme.

Note 41: Share-based payment arrangements:

Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The ESGS Scheme is effective from April 1,2018, (the âEffective Dateâ) and shall continue to be in force until (i) its termination by the Board or (ii) the date on which all of the shares to be vested under Employee Stock Grant Scheme 2018 have been vested in the Eligible Employees and all restrictions on such Stock Grants awarded under the terms of ESGS Scheme, if any, have lapsed, whichever is earlier.

The Scheme applies to the Eligible Employees who are in whole time employment of the Company or its Subsidiary Companies. The entitlement of each employee would be decided by the Nomination and Remuneration Committee of the respective Company based on the employeeâs performance, level, grade, etc.

The total number of Stock Grants to be awarded under the ESGS Scheme are restricted to 25,00,000 (Twenty five Lakhs) fully paid up equity shares of the Company. Not more than 5,00,000 (Five Lakh) fully paid up equity shares or 1% of the issued equity share capital at the time of awarding the Stock Grant, whichever is lower, can be awarded to any one employee in any one year.

The Stock Grants shall vest in the Eligible Employees pursuant to the ESGS Scheme in the proportion of 1/3rd at the end of each year from the date on which the Stock Grants are awarded for a period of three consecutive years, or as may be determined by the Nomination and Remuneration Committee, subject to the condition that the Eligible Employee continues to be in employment of the Company or the Subsidiary company as the case may be.

The Eligible Employee shall exercise her / his right to acquire the shares vested in her / him all at one time within 1 month from the date on which the shares vested in her / him or such other period as may be determined by the Nomination and Remuneration Committee.

The Exercise Price of the shares has been fixed at '' 10 per share. The fair value of the employee share options has been measured using the Black-Scholes Option Pricing Model and charged to the Statement of Profit and Loss. The value of the options is treated as a part of employee compensation in the Standalone financial statements and is amortised over the vesting period.

The Company has provided '' 2.71 crore (Previous Year '' 2.72 crore) for all the eligible employees for current year.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

â¢ Credit risk ;

â¢ Liquidity risk;

â¢ Market risk;

â¢ Currency risk;

i. Risk management framework

The Companyâs Board of Directors has overall responsibility for the establishment and oversight of the Companyâs risk management framework. The board of directors has established the Risk Management Committee, which is responsible for developing and monitoring the Companyâs risk management policies. The committee reports regularly to the board of directors on its activities.

The Companyâs risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Companyâs activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The audit committee oversees how management monitors compliance with the companyâs risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.

Note 42.2: Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Companyâs receivables from customers and loans and advances.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances.

The Companyâs exposure to credit risk is influenced mainly by the individual characteristics of each customer and the geography in which it operates. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The Risk Management Committee has established a credit policy under which each new customer is analysed individually for creditworthiness before the Companyâs standard payment and delivery terms and conditions are offered. Further for domestic sales, the company segments the customers into Distributors and Others for credit monitoring.

The Company maintains security deposits for sales made to its distributors. For other trade receivables, the company individually monitors the sanctioned credit limits as against the outstanding balances. Accordingly, the Company makes specific provisions against such trade receivables wherever required and monitors the same at periodic intervals.

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

The Company held cash and cash equivalents and other Bank balances of '' 12.52 crore at March 31,2023 (Previous Year '' 19.97 crore) . The cash and cash equivalents and other bank balances are held with bank and financial institution counterparties with good credit rating.

Note 42.3: Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Companyâs approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Companyâs reputation. The company has access to funds from debt markets through loans from banks, commercial papers and other debt instruments.

Note 42.4 : Currency Risk

Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Companyâs income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

Our Board of Directors and its Audit Committee are responsible for overseeing our risk assessment and management policies. Our major market risks of foreign exchange, interest rate and counter-party risk are managed centrally by our Company treasury department, which evaluates and exercises independent control over the entire process of market risk management.

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised. Currency risk

The functional currency of Company is primarily the local currency in which it operates. The currencies in which these transactions are primarily denominated are INR. The Company is exposed to currency risk in respect of transactions in foreign currency. Foreign currency revenues and expenses are in the nature of export sales and import of purchases / services.

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing financial assets or borrowings because of fluctuations in the interest rates, if such assets/borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing borrowings will fluctuate because of fluctuations in the interest rates.

The company offsets tax assets and 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 related to income taxes levied by the same tax authority.

Significant management judgement is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income by each jurisdiction in which the relevant entity operates and the period over which deferred income tax assets will be recovered.

Given that the Company does not have any intention to dispose investments in subsidiaries and certain joint ventures in the foreseeable future, deferred tax asset/liabilities related to such investments has not been recognised.

The Companyâs policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital as well as the level of dividends to ordinary shareholders.

The board of directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. The primary objective of the Companyâs Capital Management is to maximise shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in the economic environment and the requirements of the financial covenants, if any.

The Company monitors capital using a ratio of âadjusted net debtâ to âequityâ. For this purpose, adjusted net debt is defined as total borrowings, comprising interest-bearing loans and borrowings (excluding lease liability) less cash and cash equivalents. Equity comprises all components of equity.

Note 46: Segment information for the year ended March 31, 2023

Factors used to identify the entityâs reportable segments, including the basis of organisation -

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (âCODMâ) of the Company. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Managing Director (MD) of the Company. The Company has identified the following segments as reporting segments based on the information reviewed by CODM:

1) Animal feed

2) Crop Protection

3) Vegetable Oil

4) Other Business Segment includes Real Estate, Seed Business and Energy Generation through Windmill.

(iii) Segment Revenue, Results, Assets and liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis

(iv) Unallocable expenditure/income includes general administrative expenses & other expenses incurred on common services and income earned at the corporate level and relate to the Group as a whole.

(v) Revenues from transactions with a single customer in no case exceeded 10% of the Companyâs sales in current as well as previous year.

(vi) Non Current assets of the company are situated in India.

Note 47 : Contingent Liabilities ('' in crore)
Particulars	March 31, 2023	March 31, 2022
Claims against the Company not acknowledged as debts:
(i) Excise Matter
Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	14.44	21.67
(ii) Customs Matter
Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.48	1.37
(iii) Income Tax
The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.78	1.41
(iv) GST matters
GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted.	0.87	0.87
(v) Surety Bond issued on behalf of related party.	1.21	1.21
(vi) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	25.00
(vii) Claims against the Company not acknowledged as debt	6.63	6.26

Note 47.1 : Contingent liabilities represents estimates made mainly for probable claims arising out of litigation/ disputes pending with authorities under various statutes (Excise duty, Customs duty, Income tax).The probability and timing of outflow with regard to these matters depend on the final outcome of litigations/ disputes. Hence, the Company is not able to reasonably ascertain the timing of the outflow.

Note 47.2 : The Honâble Supreme Court of India (âSCâ) by their order dated February 28, 2019, in the case of Surya Roshani Limited & others v/s EPFO, set out the principles based on which allowances paid to the employees should be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution. The company has started complying with this prospectively from the month of March 2019. In respect of the past period there are significant implementation and interpretative challenges that the management is facing and is awaiting for clarity to emerge in this regard, pending which, this matter has been disclosed under the Contingent liability section in the Standalone financial statements. The impact of the same is not ascertainable.

Note 48 : Commitments		('' in crore)
Particulars	March 31, 2023	March 31, 2022
a) Estimated value of contracts remaining to be executed on capital account (net of Advances), to the extent not provided for:	41.38	37.23
b) Outstanding Export obligation Under EPCG Scheme	-	2.21

'' 0.09 crores remained unutilised for the Financial year 2022-23 which has been subsequently deposited in Unspent CSR Account.

'' 1.43 crores remained unutilised for the Financial year 2021-22 which has been spent subsequently in the Financial Year 2022-23.

Note 50 : With a view to focus on its core activities, the Company has partially sold the real estate project during the year to Godrej Properties Limited and the revenue of '' 2.33 crore (Previous year : '' Nil) has been included in other operating revenue and cost thereof has been included in the cost of material consumed.

Note 51 : No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.â

Note 52 : Events occurring after the reporting period -

Refer Note 45 (b) (ii) Capital Management for the final dividend recommended by the directors which is subject to the approval of shareholders in the ensuing annual general meeting.

Note 53 : The amount reflected as â0.00â in Financials are values with less than '' one lakh.

Mar 31, 2023

C. Risk Management strategies related to agricultural activities

The Company is exposed to the following risks relating to its Oil Palm business.

i. Regulatory and environmental risks

ii. Supply and demand risks

iii. Climate and other risks

Rights, preferences and restrictions attached to

General Reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Companyâs stock grant plan.

Securities Premium

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

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

Defined Benefit Plan:

I. Provident Fund

Gratuity

Other long-term employee benefits:

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standalone Statement of Profit & Loss.

Note 41: Share-based payment arrangements:

Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The Company has provided '' 2.71 crore (Previous Year '' 2.72 crore) for all the eligible employees for current year.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

â¢ Credit risk ;

â¢ Liquidity risk;

â¢ Market risk;

â¢ Currency risk;

i. Risk management framework

Note 42.2: Credit risk

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances.

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

Note 42.3: Liquidity risk

Note 42.4 : Currency Risk

Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Companyâs income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised. Currency risk

Note 46: Segment information for the year ended March 31, 2023

Factors used to identify the entityâs reportable segments, including the basis of organisation -

1) Animal feed

2) Crop Protection

3) Vegetable Oil

4) Other Business Segment includes Real Estate, Seed Business and Energy Generation through Windmill.

(iii) Segment Revenue, Results, Assets and liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis

(iv) Unallocable expenditure/income includes general administrative expenses & other expenses incurred on common services and income earned at the corporate level and relate to the Group as a whole.

(v) Revenues from transactions with a single customer in no case exceeded 10% of the Companyâs sales in current as well as previous year.

(vi) Non Current assets of the company are situated in India.

Note 47 : Contingent Liabilities ('' in crore)
Particulars	March 31, 2023	March 31, 2022
Claims against the Company not acknowledged as debts:
(i) Excise Matter
Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	14.44	21.67
(ii) Customs Matter
Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.48	1.37
(iii) Income Tax
The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.78	1.41
(iv) GST matters
GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted.	0.87	0.87
(v) Surety Bond issued on behalf of related party.	1.21	1.21
(vi) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	25.00
(vii) Claims against the Company not acknowledged as debt	6.63	6.26

Note 48 : Commitments		('' in crore)
Particulars	March 31, 2023	March 31, 2022
a) Estimated value of contracts remaining to be executed on capital account (net of Advances), to the extent not provided for:	41.38	37.23
b) Outstanding Export obligation Under EPCG Scheme	-	2.21

'' 0.09 crores remained unutilised for the Financial year 2022-23 which has been subsequently deposited in Unspent CSR Account.

'' 1.43 crores remained unutilised for the Financial year 2021-22 which has been spent subsequently in the Financial Year 2022-23.

Note 52 : Events occurring after the reporting period -

Refer Note 45 (b) (ii) Capital Management for the final dividend recommended by the directors which is subject to the approval of shareholders in the ensuing annual general meeting.

Note 53 : The amount reflected as â0.00â in Financials are values with less than '' one lakh.

Mar 31, 2023

C. Risk Management strategies related to agricultural activities

The Company is exposed to the following risks relating to its Oil Palm business.

i. Regulatory and environmental risks

ii. Supply and demand risks

iii. Climate and other risks

Rights, preferences and restrictions attached to

General Reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Companyâs stock grant plan.

Securities Premium

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

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

Defined Benefit Plan:

I. Provident Fund

Gratuity

Other long-term employee benefits:

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standalone Statement of Profit & Loss.

Note 41: Share-based payment arrangements:

Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The Company has provided '' 2.71 crore (Previous Year '' 2.72 crore) for all the eligible employees for current year.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

â¢ Credit risk ;

â¢ Liquidity risk;

â¢ Market risk;

â¢ Currency risk;

i. Risk management framework

Note 42.2: Credit risk

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances.

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

Note 42.3: Liquidity risk

Note 42.4 : Currency Risk

Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Companyâs income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised. Currency risk

Note 46: Segment information for the year ended March 31, 2023

Factors used to identify the entityâs reportable segments, including the basis of organisation -

1) Animal feed

2) Crop Protection

3) Vegetable Oil

4) Other Business Segment includes Real Estate, Seed Business and Energy Generation through Windmill.

(iii) Segment Revenue, Results, Assets and liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis

(iv) Unallocable expenditure/income includes general administrative expenses & other expenses incurred on common services and income earned at the corporate level and relate to the Group as a whole.

(v) Revenues from transactions with a single customer in no case exceeded 10% of the Companyâs sales in current as well as previous year.

(vi) Non Current assets of the company are situated in India.

Note 47 : Contingent Liabilities ('' in crore)
Particulars	March 31, 2023	March 31, 2022
Claims against the Company not acknowledged as debts:
(i) Excise Matter
Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	14.44	21.67
(ii) Customs Matter
Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.48	1.37
(iii) Income Tax
The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.78	1.41
(iv) GST matters
GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted.	0.87	0.87
(v) Surety Bond issued on behalf of related party.	1.21	1.21
(vi) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	25.00
(vii) Claims against the Company not acknowledged as debt	6.63	6.26

Note 48 : Commitments		('' in crore)
Particulars	March 31, 2023	March 31, 2022
a) Estimated value of contracts remaining to be executed on capital account (net of Advances), to the extent not provided for:	41.38	37.23
b) Outstanding Export obligation Under EPCG Scheme	-	2.21

'' 0.09 crores remained unutilised for the Financial year 2022-23 which has been subsequently deposited in Unspent CSR Account.

'' 1.43 crores remained unutilised for the Financial year 2021-22 which has been spent subsequently in the Financial Year 2022-23.

Note 52 : Events occurring after the reporting period -

Refer Note 45 (b) (ii) Capital Management for the final dividend recommended by the directors which is subject to the approval of shareholders in the ensuing annual general meeting.

Note 53 : The amount reflected as â0.00â in Financials are values with less than '' one lakh.

Mar 31, 2023

C. Risk Management strategies related to agricultural activities

The Company is exposed to the following risks relating to its Oil Palm business.

i. Regulatory and environmental risks

ii. Supply and demand risks

iii. Climate and other risks

Rights, preferences and restrictions attached to

General Reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Companyâs stock grant plan.

Securities Premium

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

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

Defined Benefit Plan:

I. Provident Fund

Gratuity

Other long-term employee benefits:

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standalone Statement of Profit & Loss.

Note 41: Share-based payment arrangements:

Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The Company has provided '' 2.71 crore (Previous Year '' 2.72 crore) for all the eligible employees for current year.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

â¢ Credit risk ;

â¢ Liquidity risk;

â¢ Market risk;

â¢ Currency risk;

i. Risk management framework

Note 42.2: Credit risk

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances.

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

Note 42.3: Liquidity risk

Note 42.4 : Currency Risk

Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Companyâs income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised. Currency risk

Note 46: Segment information for the year ended March 31, 2023

Factors used to identify the entityâs reportable segments, including the basis of organisation -

1) Animal feed

2) Crop Protection

3) Vegetable Oil

4) Other Business Segment includes Real Estate, Seed Business and Energy Generation through Windmill.

(iii) Segment Revenue, Results, Assets and liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis

(iv) Unallocable expenditure/income includes general administrative expenses & other expenses incurred on common services and income earned at the corporate level and relate to the Group as a whole.

(v) Revenues from transactions with a single customer in no case exceeded 10% of the Companyâs sales in current as well as previous year.

(vi) Non Current assets of the company are situated in India.

Note 47 : Contingent Liabilities ('' in crore)
Particulars	March 31, 2023	March 31, 2022
Claims against the Company not acknowledged as debts:
(i) Excise Matter
Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	14.44	21.67
(ii) Customs Matter
Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.48	1.37
(iii) Income Tax
The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.78	1.41
(iv) GST matters
GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted.	0.87	0.87
(v) Surety Bond issued on behalf of related party.	1.21	1.21
(vi) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	25.00
(vii) Claims against the Company not acknowledged as debt	6.63	6.26

Note 48 : Commitments		('' in crore)
Particulars	March 31, 2023	March 31, 2022
a) Estimated value of contracts remaining to be executed on capital account (net of Advances), to the extent not provided for:	41.38	37.23
b) Outstanding Export obligation Under EPCG Scheme	-	2.21

'' 0.09 crores remained unutilised for the Financial year 2022-23 which has been subsequently deposited in Unspent CSR Account.

'' 1.43 crores remained unutilised for the Financial year 2021-22 which has been spent subsequently in the Financial Year 2022-23.

Note 52 : Events occurring after the reporting period -

Refer Note 45 (b) (ii) Capital Management for the final dividend recommended by the directors which is subject to the approval of shareholders in the ensuing annual general meeting.

Note 53 : The amount reflected as â0.00â in Financials are values with less than '' one lakh.

Mar 31, 2023

C. Risk Management strategies related to agricultural activities

The Company is exposed to the following risks relating to its Oil Palm business.

i. Regulatory and environmental risks

ii. Supply and demand risks

iii. Climate and other risks

Rights, preferences and restrictions attached to

General Reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Companyâs stock grant plan.

Securities Premium

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

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

Defined Benefit Plan:

I. Provident Fund

Gratuity

Other long-term employee benefits:

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standalone Statement of Profit & Loss.

Note 41: Share-based payment arrangements:

Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The Company has provided '' 2.71 crore (Previous Year '' 2.72 crore) for all the eligible employees for current year.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

â¢ Credit risk ;

â¢ Liquidity risk;

â¢ Market risk;

â¢ Currency risk;

i. Risk management framework

Note 42.2: Credit risk

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances.

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

Note 42.3: Liquidity risk

Note 42.4 : Currency Risk

Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Companyâs income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised. Currency risk

Note 46: Segment information for the year ended March 31, 2023

Factors used to identify the entityâs reportable segments, including the basis of organisation -

1) Animal feed

2) Crop Protection

3) Vegetable Oil

4) Other Business Segment includes Real Estate, Seed Business and Energy Generation through Windmill.

(iii) Segment Revenue, Results, Assets and liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis

(iv) Unallocable expenditure/income includes general administrative expenses & other expenses incurred on common services and income earned at the corporate level and relate to the Group as a whole.

(v) Revenues from transactions with a single customer in no case exceeded 10% of the Companyâs sales in current as well as previous year.

(vi) Non Current assets of the company are situated in India.

Note 47 : Contingent Liabilities ('' in crore)
Particulars	March 31, 2023	March 31, 2022
Claims against the Company not acknowledged as debts:
(i) Excise Matter
Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	14.44	21.67
(ii) Customs Matter
Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.48	1.37
(iii) Income Tax
The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.78	1.41
(iv) GST matters
GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted.	0.87	0.87
(v) Surety Bond issued on behalf of related party.	1.21	1.21
(vi) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	25.00
(vii) Claims against the Company not acknowledged as debt	6.63	6.26

Note 48 : Commitments		('' in crore)
Particulars	March 31, 2023	March 31, 2022
a) Estimated value of contracts remaining to be executed on capital account (net of Advances), to the extent not provided for:	41.38	37.23
b) Outstanding Export obligation Under EPCG Scheme	-	2.21

'' 0.09 crores remained unutilised for the Financial year 2022-23 which has been subsequently deposited in Unspent CSR Account.

'' 1.43 crores remained unutilised for the Financial year 2021-22 which has been spent subsequently in the Financial Year 2022-23.

Note 52 : Events occurring after the reporting period -

Refer Note 45 (b) (ii) Capital Management for the final dividend recommended by the directors which is subject to the approval of shareholders in the ensuing annual general meeting.

Note 53 : The amount reflected as â0.00â in Financials are values with less than '' one lakh.

Mar 31, 2023

C. Risk Management strategies related to agricultural activities

The Company is exposed to the following risks relating to its Oil Palm business.

i. Regulatory and environmental risks

ii. Supply and demand risks

iii. Climate and other risks

Rights, preferences and restrictions attached to

General Reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Companyâs stock grant plan.

Securities Premium

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

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

Defined Benefit Plan:

I. Provident Fund

Gratuity

Other long-term employee benefits:

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standalone Statement of Profit & Loss.

Note 41: Share-based payment arrangements:

Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The Company has provided '' 2.71 crore (Previous Year '' 2.72 crore) for all the eligible employees for current year.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

â¢ Credit risk ;

â¢ Liquidity risk;

â¢ Market risk;

â¢ Currency risk;

i. Risk management framework

Note 42.2: Credit risk

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances.

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

Note 42.3: Liquidity risk

Note 42.4 : Currency Risk

Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Companyâs income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised. Currency risk

Note 46: Segment information for the year ended March 31, 2023

Factors used to identify the entityâs reportable segments, including the basis of organisation -

1) Animal feed

2) Crop Protection

3) Vegetable Oil

4) Other Business Segment includes Real Estate, Seed Business and Energy Generation through Windmill.

(iii) Segment Revenue, Results, Assets and liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis

(iv) Unallocable expenditure/income includes general administrative expenses & other expenses incurred on common services and income earned at the corporate level and relate to the Group as a whole.

(v) Revenues from transactions with a single customer in no case exceeded 10% of the Companyâs sales in current as well as previous year.

(vi) Non Current assets of the company are situated in India.

Note 47 : Contingent Liabilities ('' in crore)
Particulars	March 31, 2023	March 31, 2022
Claims against the Company not acknowledged as debts:
(i) Excise Matter
Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	14.44	21.67
(ii) Customs Matter
Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.48	1.37
(iii) Income Tax
The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.78	1.41
(iv) GST matters
GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted.	0.87	0.87
(v) Surety Bond issued on behalf of related party.	1.21	1.21
(vi) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	25.00
(vii) Claims against the Company not acknowledged as debt	6.63	6.26

Note 48 : Commitments		('' in crore)
Particulars	March 31, 2023	March 31, 2022
a) Estimated value of contracts remaining to be executed on capital account (net of Advances), to the extent not provided for:	41.38	37.23
b) Outstanding Export obligation Under EPCG Scheme	-	2.21

'' 0.09 crores remained unutilised for the Financial year 2022-23 which has been subsequently deposited in Unspent CSR Account.

'' 1.43 crores remained unutilised for the Financial year 2021-22 which has been spent subsequently in the Financial Year 2022-23.

Note 52 : Events occurring after the reporting period -

Refer Note 45 (b) (ii) Capital Management for the final dividend recommended by the directors which is subject to the approval of shareholders in the ensuing annual general meeting.

Note 53 : The amount reflected as â0.00â in Financials are values with less than '' one lakh.

Mar 31, 2023

C. Risk Management strategies related to agricultural activities

The Company is exposed to the following risks relating to its Oil Palm business.

i. Regulatory and environmental risks

ii. Supply and demand risks

iii. Climate and other risks

Rights, preferences and restrictions attached to

General Reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Companyâs stock grant plan.

Securities Premium

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

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

Defined Benefit Plan:

I. Provident Fund

Gratuity

Other long-term employee benefits:

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standalone Statement of Profit & Loss.

Note 41: Share-based payment arrangements:

Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The Company has provided '' 2.71 crore (Previous Year '' 2.72 crore) for all the eligible employees for current year.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

â¢ Credit risk ;

â¢ Liquidity risk;

â¢ Market risk;

â¢ Currency risk;

i. Risk management framework

Note 42.2: Credit risk

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances.

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

Note 42.3: Liquidity risk

Note 42.4 : Currency Risk

Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Companyâs income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised. Currency risk

Note 46: Segment information for the year ended March 31, 2023

Factors used to identify the entityâs reportable segments, including the basis of organisation -

1) Animal feed

2) Crop Protection

3) Vegetable Oil

4) Other Business Segment includes Real Estate, Seed Business and Energy Generation through Windmill.

(iii) Segment Revenue, Results, Assets and liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis

(iv) Unallocable expenditure/income includes general administrative expenses & other expenses incurred on common services and income earned at the corporate level and relate to the Group as a whole.

(v) Revenues from transactions with a single customer in no case exceeded 10% of the Companyâs sales in current as well as previous year.

(vi) Non Current assets of the company are situated in India.

Note 47 : Contingent Liabilities ('' in crore)
Particulars	March 31, 2023	March 31, 2022
Claims against the Company not acknowledged as debts:
(i) Excise Matter
Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	14.44	21.67
(ii) Customs Matter
Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.48	1.37
(iii) Income Tax
The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.78	1.41
(iv) GST matters
GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted.	0.87	0.87
(v) Surety Bond issued on behalf of related party.	1.21	1.21
(vi) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	25.00
(vii) Claims against the Company not acknowledged as debt	6.63	6.26

Note 48 : Commitments		('' in crore)
Particulars	March 31, 2023	March 31, 2022
a) Estimated value of contracts remaining to be executed on capital account (net of Advances), to the extent not provided for:	41.38	37.23
b) Outstanding Export obligation Under EPCG Scheme	-	2.21

'' 0.09 crores remained unutilised for the Financial year 2022-23 which has been subsequently deposited in Unspent CSR Account.

'' 1.43 crores remained unutilised for the Financial year 2021-22 which has been spent subsequently in the Financial Year 2022-23.

Note 52 : Events occurring after the reporting period -

Refer Note 45 (b) (ii) Capital Management for the final dividend recommended by the directors which is subject to the approval of shareholders in the ensuing annual general meeting.

Note 53 : The amount reflected as â0.00â in Financials are values with less than '' one lakh.

Mar 31, 2023

2. The Company''s investment properties consist of 16 properties in India. The Management has determined that the investment property consists of two classes of assets - Land and Building - based on the nature, characteristics and risks of each property.

The Company has no restriction on the realisability of its investment properties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

3. The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum, area, location, demand, age of building and trend of fair market rent in the location of the property.

The fair value is based on valuation performed by an accredited independent valuer. Fair valuation is based on replacement cost method. The fair value measurement is categorised in level 3 fair value hierarchy.

1 There are no loans which have significant increase in credit risk.

2 The Company had advanced an amount of '' 10.33 crores under diverse loan-cum-pledge agreements to certain individuals who had pledged certain equity shares as security. The Company enforced its security and lodged the shares for transfer in its name. The said transfer application of the Company was rejected, and the Company had preferred an application to the Company Law Board (CLB) against rejection of the said transfer application. The CLB rejected the application of the Company and advised the parties to approach the High

Court. The Company filed an appeal before the Honâble Bombay High Court against the order of the Company Law Board under section 10F of the Companies Act, which was disposed with the direction that the transfer of shares be kept in abeyance till the pendency of the arbitration proceedings between the parties. The Honâble Bombay High Court had by its order dated September 18, 2012, restrained the Company from inter alia, dealing, selling or creating third party rights, etc. in the pledged shares and referred the matter to arbitration. The Company filed a Special Leave Petition (SLP) before the Supreme Court against this interim order of the Honâble Bombay High Court which was dismissed by the Honâble Supreme Court. The Ld. Sole Arbitrator, Justice (Retired)*, A.P. Shah on June 29, 2019 passed an Award ruling that the Company shall return all the pledged shares along with the original loan-cum-pledge agreements and the power of attorneys executed by the said individuals in favour of the Company to the said individuals upon the said individuals repaying an amount of '' 10.33 crores to the Company.

The Company has challenged this Award before the Honâble High Court of Bombay by way of Section 34 petition under the Arbitration & Conciliation Act,1996. The Honâble Bombay High Court by its Order dated September 13, 2019 has stayed the operation and execution of the said Award dated June 29, 2019 till the final disposal of the said Section 34 Petition. The matter is pending for final hearing before the Honâble Bombay High Court.

The management is confident of recovery of this amount as the underlying value of the said shares is substantially greater than the amount of loan advanced. However, on a conservative basis, the Company has provided for the entire amount of '' 10.33 crore in the books of account.

B Nature and purpose of reserve

1 Capital Redemption Reserve : The Company recognised Capital Redemption Reserve on buyback of equity shares from its retained earnings.

2 Securities Premium Account : The amount received in excess of face value of the equity shares is recognised in Securities Premium Account. In case of equity-settled share based payment transactions, the difference between fair value on grant date and nominal value of share is accounted as securities premium reserve. This Reserve can be used only for the purposes specified in the Companies Act, 2013.

3 Capital Reserve : During amalgamation, the excess of net assets taken, over the cost of consideration paid is treated as capital reserve.

4 Employee Stock Grants Outstanding : The fair value of the equity-settled share based payment transactions with employees is recognised in Statement of Profit and Loss with corresponding credit to Employee Stock Options Outstanding Account.

5 General Reserve : The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to the earlier provisions of Companies Act,1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013.

6 Retained Earnings : Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. These are stated net of amount relating to Remeasurement of defined benefit plans.

2 The Company does not have any default as on the Balance Sheet date in repayment of loan or interest.

3 During the year, the Company has issued 55,000 Unsecured Redeemable Non Convertible Debentures (NCD) of face value '' 1 lac each. The total value of NCD is '' 550 crore. The NCD is listed on National Stock Exchange. The Company will utilise the proceeds to meet its business purposes, investments in body corporate(s), repayment / prepayment of certain loans and for general corporate purposes.

During previous year, the Company had issued 15,000 Unsecured Redeemable Non Convertible Debentures (NCD) of face value '' 10 lac each. The total value of NCD is '' 1500 crore. The NCD is listed on National Stock Exchange. The Company will utilise the proceeds to meet its business purposes, investments in body corporate(s), repayment / prepayment of certain loans and for general corporate purposes.

Note 25 : Contingent Liabilities Particulars	As at March 31,2023	'' in Crore As at March 31,2022
1 Claims against the Company not acknowledged as debts
(a) Excise duty / Service Tax demands relating to disputed classification, post manufacturing expenses, assessable values, etc. which the Company has contested and is in appeal at various levels.	1.22	1.46
(b) Customs Duty demands relating to lower charge, differential duty, classification, etc.	11.20	-
(c) Sales Tax demands relating to purchase tax on Branch Transfer / disallowance of high seas sales, etc. at various levels.	43.99	41.99
(d) Octroi demand relating to classification issue on import of Palm Stearine and interest thereon.	0.29	0.29
(e) Stamp duties claimed on certain properties which are under appeal by the Company.	1.82	1.82
(f) Income tax demands relating to disallowance against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One etc. against which the Company has preferred appeals.	97.33	97.33
(g) Industrial relations matters under appeal.	0.43	0.35
(h) Demand of Arrears of Rent / Compensation by Mumbai Port Trust Authority - refer note 3 below	159.58	-
(i) Others	4.00	4.00
2 Surety Bonds
Surety Bonds given by the Company in respect of refund received from excise authority for exempted units of associate company - refer note 4 below.	31.65	32.56

Notes:

1 The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial statements.

2 It is not practical for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings as it is determinable only on receipt of judgements/decisions pending with various forums/authorities.

3 The Company had received a notice from a Lessor demanding differential rent amounting to '' 159.58 crores upto March 31, 2023, for certain plots of land situated at Wadala. The Company has filed detailed replies denying any liability to pay such differential lease rental. Management has obtained legal advice, basis which, the Company believes that it has a very strong case and accordingly, no provision for the same has been made in the financial Statements but has been considered as a contingent liability.

4 Detail of Guarantee given covered under section 186 (4) of the Companies Act, 2013 :

The Corporate surety bond of '' 31.65 crore ( previous year '' 32.56 crore) is in respect of refund received from excise authority for exempted units (North East) of Godrej Consumer Products Limited, an Associate company.

Note 26 : Commitments		'' in Crore
Particulars	As at March 31, 2023	As at March 31, 2022
1 Estimated amount of contracts remaining to be executed on capital account and not provided for	12.29	16.11
[Net of Advances amounting to '' 1.30 crore (previous year - '' 5.72 crore)]
2 Uncalled liability on partly paid shares / debentures (*)	0.00	0.00
* Amount less than '' 0.01 crore

1 An application was made to the Reserve Bank of India (RBI) on April 5, 2021 to seek its approval for change in shareholding and change in Directors of Ensemble Holdings & Finance Limited (a subsidiary of the Company) (renamed as Godrej Finance Limited w.e.f. November 03, 2021 ) by virtue of proposed transfer of shares from its existing shareholders (i.e. Godrej Industries Limited and its nominees) to Pyxis Holdings Limited,(renamed as Godrej Capital Limited w.e.f October 26, 2021) a subsidiary of the Company. The RBI had approved the said proposal vide its letter dated June 2, 2021. The procedure for the change in the shareholding and directors, as per the guidelines of the RBI, has been completed. Effective August 24^th 2021, Godrej Finance Limited had become a direct subsidiary of Godrej Capital Limited. Net Gain of Rs. 2.56 crores has been recorded on sale of holding in Godrej Finance Limited to Godrej Capital Limited in standalone financial statements of the Company.

2 During the previous financial year, the Company has reassessed the future economic benefits from certain plant and machinery and considering expected usage and market conditions it has recorded an exceptional expense of '' 66.57 crore to write down the Property, Plant and Equipment to estimated recoverable amount.

The Company offsets tax assets and 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 tax authority.

Significant Management judgement is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income in which the relevant entity operates and the period over which deferred income tax assets will be recovered.

Note 39 : Employee Benefits

1 DEFINED CONTRIBUTION PLAN Provident Fund :

The contributions to the Provident Fund and Family Pension Fund of certain employees are made to a Government administered Provident Fund and there are no further obligations beyond making such contribution.

2 DEFINED BENEFIT PLAN Gratuity :

The Company participates in the Employeesâ Group Gratuity-cum-Life Assurance Scheme of ICICI Prudential Life Insurance Co. Ltd, HDFC Standard Life Insurance Co. Ltd. and SBI Life Insurance Co. Ltd, a funded defined benefit plan for qualifying employees. Gratuity is payable to all eligible employees on death or on separation / termination in terms of the provisions of the Payment of Gratuity (Amendment) Act, 1997, or as per the Companyâs scheme whichever is more beneficial to the employees.

The liability for the Defined Benefit Plan is provided on the basis of a valuation, using the Projected Unit Credit Method, as at the Balance Sheet date, carried out by an independent actuary.

Provident Fund :

The Company manages the Provident Fund plan through a Provident Fund Trust for a majority of its employees which is permitted under The Employeesâ Provident Fund and Miscellaneous Provisions Act, 1952. The plan envisages contribution by the employer and employees and guarantees interest at the rate notified by the Provident Fund authority. The contribution by employer and employee, together with interest, are payable at the time of separation from service or retirement, whichever is earlier.

The Company has Pension plan for eligible employees. The liability for the Defined Benefit Plan is provided on the basis of a valuation, using the Projected Unit Credit Method, as at the Balance Sheet date, carried out by an independent actuary.

3 Basis Used to Determine Expected Rate of Return on Assets :

The expected return on plan assets of 7.35% p.a. has been considered based on the current investment pattern in Government securities.

4 Amounts Recognised as Expense :

i) Defined Contribution Plan

Employer''s Contribution to Provident Fund amounting to '' 4.16 crore (previous year '' 4.41 crore) has been included in Note 31 Employee Benefits Expenses.

ii) Defined Benefit Plan

Gratuity cost amounting to '' 2.44 crore (previous year '' 2.48 crore) has been included in Note 31 Employee Benefits Expenses.

Employer''s Contribution to Provident Fund amounting to '' 1.54 crore (previous year '' 1.46 crore) has been included in Note 31 Employee Benefits Expenses.

Pension cost amounting to '' 0.02 crore (previous year '' 0.24 crore) has been included in Note 31 Employee Benefits Expenses.

Note 40 : Employee Stock Benefit Plans 1 Employee Stock Grant Scheme

(a) The Company had set up the Employees Stock Grant Scheme 2011 (ESGS) pursuant to the approval by the Shareholders at their Meeting held on January 17, 2011.

(b) The ESGS Scheme is effective from April 1, 2011, (the âEffective Dateâ) and shall continue to be in force until (i) its termination by the Board or (ii) the date on which all of the shares to be vested under Employee Stock Grant Scheme 2011 have been vested in the Eligible Employees and all restrictions on such Stock Grants awarded under the terms of ESGS Scheme, if any, have lapsed, whichever is earlier.

(c) The Scheme applies to the Eligible Employees who are in whole time employment of the Company or its Subsidiary Companies. The entitlement of each employee would be decided by the Compensation Committee of the respective Company based on the employeeâs performance, level, grade, etc.

(d) The total number of Stock Grants to be awarded under the ESGS Scheme are restricted to 25,00,000 (Twenty Five Lac) fully paid up equity shares of the Company. Not more than 5,00,000 (Five Lac) fully paid up equity shares or 1% of the issued equity share capital at the time of awarding the Stock Grant, whichever is lower, can be awarded to any one employee in any one year.

(e) The Stock Grants shall vest in the Eligible Employees pursuant to the ESGS Scheme in the proportion of 1/3^rd at the end of each year from the date on which the Stock Grants are awarded for a period of three consecutive years, or as may be determined by Compensation Committee, subject to the condition that the Eligible Employee continues to be in employment of the Company or the Subsidiary company as the case may be.

(f) The Eligible Employee shall exercise her / his right to acquire the shares vested in her / him all at one time within 1 month from the date on which the shares vested in her / him or such other period as may be determined by the Compensation Committee.

(g) The Exercise Price of the shares has been fixed at ''1 per share. The fair value of the employee share options has been measured using the Black-Scholes Option Pricing Model and charged to the Statement of Profit and Loss. The value of the options is treated as a part of employee compensation in the financial statements and is amortised over the vesting period.

* The fair value in respect of the unquoted equity investments cannot be reliably estimated. The Company has currently measured them at net book value as per the latest audited financial statements available.

The Fair value of cash and cash equivalents, other bank balances, trade receivables, trade payables approximated their carrying value largely due to short term maturities of these instruments.

Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

2 Measurement of fair values

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or

indirectly

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

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

b. The Company uses the Discounted Cash Flow valuation technique (in relation to financial assets measured at amortised cost and fair value through profit or loss) which involves determination of present value of expected receipt/ payment discounted using appropriate discounting rates. The fair value so determined for financial asset measured at fair value through profit and loss are classified as Level 2.

c. The Company uses the discounted cash flow valuation technique (in relation to financial liabilities measured at amortised cost) which involves determination of the present value of expected payments, discounted using bank rate.The fair value of non-convertible debentures is valued using FIMMDA guidelines.

Note 43 : Financial Risk Management

1 Financial Risk Management objectives and policies

The Companyâs business activities are exposed to a variety of financial risks, namely Credit risk, Liquidity risk, Currency risk, Interest risks and Commodity price risk. The Companyâs Senior Management has the overall responsibility for establishing and governing the Companyâs risk management framework. The Company has constituted a Risk Management Committee, which is responsible for developing and monitoring the Companyâs risk management policies. The committee reports regularly to the Board of Directors on its activities.

The audit committee oversees how Management monitors compliance with the Companyâs risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.

2 Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and loans and advances and Bank balances and derivative transactions.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances.

The Company has a policy under which each new customer is analysed individually for creditworthiness before offering credit period and delivery terms and conditions. The Company''s export sales are backed by letters of credit and insured through Export Credit Guarantee Corporation. The Company bifurcates the Domestic Customers into Large Corporates, Distributors and others for Credit monitoring.

The Company maintains adequate security deposits for sales made to its distributors. For other trade receivables, the Company individually monitors the sanctioned credit limits as against the outstanding balances. Accordingly, the Company makes specific provisions against such trade receivables wherever required and monitors the same at periodic intervals.

The Company monitors individual loans and advances given and makes any specific provision wherever required.

Based on prior experience and an assessment of the current economic environment, Management believes there is no credit risk provision required. Also Company does not have any significant concentration of credit risk.

Management monitors rolling forecasts of the Companyâs liquidity position on the basis of expected cash flows. This monitoring includes financial ratios and takes into account the accessibility of cash and cash equivalents.

The Company has access to funds from debt markets through loan from banks, commercial papers, fixed deposits from public and other Debt instruments. The Company invests its surplus funds in bank fixed deposits and debt based mutual funds.

Maturity profile of financial liabilities

The following are the remaining contractual maturities of financial liabilities as at Balance Sheet Dates:

4 Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates - will affect the Companyâs income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables and long term debt. The Company''s exposure to market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of investments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

4(i) Currency risk

The Company is exposed to currency risk on account of its Receivables for Exports and Payables for Imports in foreign currency. The functional currency of the Company is Indian Rupee. The Company manages currency exposures within prescribed limits, through use of forward exchange contracts. Foreign exchange transactions are covered with strict limits placed on the amount of uncovered exposure, if any, at any point in time.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.

The Management is responsible for the monitoring of the Companyâs interest rate position. Various variables are considered by the Management in structuring the Company''s borrowings to achieve a reasonable, competitive, cost of funding.

Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for the Company by the amounts indicated in the table below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the period.

4(iii) Commodity Price risk

The Company is exposed to commodity risks mainly due to price volatility in Palm oil derivatives and Rapeseed Oil. We enter into fixed price contracts with suppliers and in certain cases, enter into back to back sale contract with customers. We periodically review the open exposure of Raw material regularly.

Forward Contracts

The Company uses forward exchange contracts to hedge its foreign exchange exposure relating to the underlying transactions and firm commitment in accordance with its forex policy as determined by its Forex Committee. The Company does not use foreign exchange forward contracts for trading or speculation purposes.

Note 47 : Utilisation of Borrowed Funds and Share Premium

a) To the best of our knowledge and belief, other than the details mentioned below, the Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b) To the best of our knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

Note 49 : Dividend On Equity Shares

The Company has not declared or paid any dividend during the year FY 2022-23.

Note 50

The Company has presented segment information in the consolidated financial statements which are presented in the same financial report. Accordingly, in terms of Ind AS 108 âOperating Segmentsâ, no disclosures related to segments are presented in these standalone financial statements.

Note 51

Corporate Social Responsibility contribution required to be made as per provisions of Section 135 of the Companies Act, 2013 is NIL for the current year and previous year.

Note 52

There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

Note 53

Previous year figures have been regrouped/ reclassified wherever necessary, to conform to current period''s classification.

Mar 31, 2022

4. Rights, preferences and restrictions attached to

Equity Shares: The Company has one class of Equity shares having a par value of ^ 10 per share. Each Share holder is eligible for one vote per share held. All Equity Shareholders are eligible to receive dividends in proportion to their shareholdings. The dividends proposed by the Board of Directors are subject to the approval of the Shareholders in the ensuing 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 share holding.

General reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Company''s stock grant plan.

Securities Premium

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

The Board, in its meeting on May 9, 2022 has recommended a final dividend of ^ 9.50/- per equity share for the financial year ended March 31, 2022 subject to the approval at the Annual General Meeting. The cash outflow on account of dividend would be ^ 182.5 crore.

Note 25.1: Working Capital Demand Loans from Bank are at an interest rate of 7.10% (Previous year 6.80%) and is repayable within the next 3 months. This is secured against inventories and receivables.

Note 25.2: Commercial Paper carries interest rate of 3.25% to 4.33% (Previous year 3.50% to 3.67%) and are repayable within the next 3 months from the date of the Standalone financial statements.

Note 25.3: Working Capital Loans from Banks are at an Interest Rate of 4% to 7.40% and T Bill 0.20% to T Bill 1.70% (Previous Year T Bill 0.20% to T Bill 0.40%, Repo rate 0% and three months MCLR 0.15%). These loans are repayable on different dates upto 6 months from the date of the Standalone financial statements.

Note 39.1: Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year.

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

The Company''s contributions paid/payable to Regional Provident Fund at certain locations, Superannuation Fund, Employees State Insurance Scheme, Employees Pension Schemes, 1995 and other funds, are determined under the relevant approved schemes and/or statutes and are recognised as expense in the Standalone Statement of Profit and Loss during the year in which the employee renders the related service. There are no further obligations other than the contributions payable to the approved trusts/appropriate authorities.

The Company recognised ^ 10.54 crore For the year ended March 31, 2022 (Previous Year ^ 10.11 crore) towards provident fund contribution, ^ 0.47 crore For the year ended March 31, 2022 (Previous Year ^ 0.52 crore) towards employees'' state insurance contribution and ^ 0.48 crore For the year ended March 31, 2022 (Previous Year ^ 0.52 crore) towards superannuation fund contribution in the Standalone Statement of Profit and Loss.

Defined Benefit Plan:I. Provident Fund

The Company manages the Provident Fund plan through a Provident Fund Trust for its employees which is permitted under The Employees'' Provident Fund and Miscellaneous Provisions Act, 1952 and is actuarially valued. The plan envisages contribution by the employer and employees and guarantees interest at the rate notified by the Provident Fund authority. The contribution by employer and employee, together with interest, are payable at the time of separation from service or retirement, whichever is earlier.

The Company has an obligation to fund any shortfall on the yield of the trust''s investments over the administered interest rates on an annual basis. These administered rates are determined annually predominantly considering the social rather than economic factors and the actual return earned by the Company has been higher in the past years. The actuary has provided a valuation for provident fund liabilities on the basis of guidance issued by Actuarial Society of India and based on the below provided assumptions there is no shortfall as at March 31, 2022.

II. Gratuity

In accordance with the provisions of the Payment of Gratuity Act, 1972, the Company has a defined benefit plan which provides for gratuity payments. The plan provides a lump sum gratuity payment to eligible employees at retirement or termination of their employment. The amounts are based on the respective employee''s last drawn salary and the years of employment with the Company.

The most recent actuarial valuation of the defined benefit obligation along with the fair valuation of the plan assets in relation to the gratuity scheme was carried out as at March 31, 2022. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.

Other long-term employee benefits:

Compensated absences are payable to employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement. The charge towards compensated absences For the year ended March 31, 2022 based on actuarial valuation using the projected accrued benefit method is ^ 4.38 crore (previous year ^ 0.10 crore)

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standlone Statement of Profit & Loss.

Incentive Plans: The Company has a scheme of Performance Linked Variable Remuneration (PLVR) which is fully written off to the Standalone Statement of Profit & Loss. The Scheme rewards its employees based on the achievement of key performance indicators and profitability, as prescribed in the scheme.

Note 41: Share-based payment arrangements Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The ESGS Scheme is effective from April 1, 2018, (the "Effective Date") and shall continue to be in force until (i) its termination by the Board or (ii) the date on which all of the shares to be vested under Employee Stock Grant Scheme 2018 have been vested in the Eligible Employees and all restrictions on such Stock Grants awarded under the terms of ESGS Scheme, if any, have lapsed, whichever is earlier.

The total number of Stock Grants to be awarded under the ESGS Scheme are restricted to 25,00,000 (Twenty five Lakh) fully paid up equity shares of the Company. Not more than 5,00,000 (Five Lakh) fully paid up equity shares or 1% of the issued equity share capital at the time of awarding the Stock Grant, whichever is lower, can be awarded to any one employee in any one year.

The Exercise Price of the shares has been fixed at Re. 10 per share. The fair value of the employee share options has been measured using the Black-Scholes Option Pricing Model and charged to the Statement of Profit and Loss. The value of the options is treated as a part of employee compensation in the Standalone financial statements and is amortised over the vesting period.

The Company has provided ^ 2.72 crore (Previous Year ^ 2.03 crore) for all the eligible employees for current year.

i. Risk management framework

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The board of directors has established the Risk Management Committee, which is responsible for developing and monitoring the Company''s risk management policies. The committee reports regularly to the board of directors on its activities.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.

Note 42.2: Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and loans and advances.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each c ustomer and the geography in which it operates. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The Risk Management Committee has established a credit policy under which each new customer is analysed individually for creditworthiness before the Company''s standard payment and delivery terms and conditions are offered. Further for domestic sales, the company segments the customers into Distributors and Others for credit monitoring.

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

The Company held cash and cash equivalents and other Bank balances of ^ 20.13 crore at March 31, 2022 (Previous Year ^ 33.48 crore). The cash and cash equivalents are held with bank and financial institution counterparties with good credit rating.

Note 42.3: Liquidity risk

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

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements, if any

The gross inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows relating to derivative financial liabilities held for risk management purposes and which are not usually closed out before contractual maturity. The disclosure shows net cash flow amounts for derivatives that are net cash-settled and gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement.

The Company has sufficient current assets to manage the liquidity risk, if any, in relation to current financial liabilities. Note 42.4: Currency Risk Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices -will affect the Company''s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised.

Currency risk

Exposure to currency risk

The summary quantitative data about the Company''s exposure to currency risk as reported to the management of the Company is as follows. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.

Note 42.5: Interest rate risk

Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any borrowings at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points (bps) in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.

The risk estimates provided assume a change of 100 basis points interest rate for the interest rate benchmark as applicable to the borrowings summarized above. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the year.

Note 45: Capital Management

The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital as well as the level of dividends to ordinary shareholders.

The board of directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. The primary objective of the Company''s Capital Management is to maximise shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in the economic environment and the requirements of the financial covenants, if any.

The Company monitors capital using a ratio of ''adjusted net debt'' to ''equity''. For this purpose, adjusted net debt is defined as total borrowings, comprising interest-bearing loans and borrowings (excluding lease liability) less cash and cash equivalents. Equity comprises all components of equity.

Factors used to identify the entity''s reportable segments, including the basis of organization.

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ("CODM") of the Company. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Managing Director (MD) of the Company. The Company has identified the following segments as reporting segments based on the information reviewed by CODM:

1. Animal feed

2. Crop Protection

3. Vegetable Oil

4. Real Estate

5. Other Business Segment includes Seed Business and Energy Generation through Windmill\

Note 47: Contingent Liabilities (^ in crore)
Particulars	March 31, 2022	March 31, 2021
Claims against the Company not acknowledged as debts:
(i) Excise Matter Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	21.67	20.24
(ii) Customs Matter Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.37	1.26
(iii) Income Tax The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.41	1.41
(iv) GST matters GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted	0.87	-
(v) Surety Bond issued on behalf of related party	1.21	1.21
(vi) Guarantees issued by the Banks and counter guaranteed by the Company	5.62	8.10
(vii) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	-
(viii) Claims against the Company not acknowledged as debt	6.26	8.50

Note 47.1: Contingent liabilities represents estimates made mainly for probable claims arising out of litigation/ disputes pending with authorities under various statutes (Excise duty, Customs duty, Income tax).The probability and timing of outflow with regard to these matters depend on the final outcome of litigations/ disputes. Hence, the Company is not able to reasonably ascertain the timing of the outflow.

Note 47.2:The Hon''ble Supreme Court of India ("SC") by their order dated February 28, 2019, in the case of Surya Roshani Limited & others v/s EPFO, set out the principles based on which allowances paid to the employees should be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution. The company has started complying with this prospectively from the month of March 2019. In respect of the past period there are significant implementation and interpretative challenges that the management is facing and is awaiting for clarity to emerge in this regard, pending which, this matter has been disclosed under the Contingent liability section in the Standalone financial statements. The impact of the same is not ascertainable.

Note 49: Corporate Social Responsibility (CSR) expenditure

As per Section 135 of the Companies Act, 2013 a CSR Committee has been formed by the company. The funds are utilised during the year on activities which are specified in schedule VII of the Act. The utilisation is done by the way of direct contribution towards various activities. Gross amount required and amount approved by the Board to be spent by the company during the year ^ 6.73 crore (Previous year ^6.22 crore).

Note:

^ 1.43 crore remained unutilised for the Financial year 2021-22 which has been subsequently deposited in Unspent CSR Account.

^ 1.24 crore remained unutilised for the Financial year 2020-21 which has been spent subsequently in the Financial Year 2021-22.

Note 50: Assessment of impact of Covid-19 pandemic

The management has considered internal and certain external sources of information including economic forecasts and industry reports up to the date of approval of the financial statements in determining the impact on various elements of its financial statements. The management has used the principles of prudence in applying judgments, estimates and assumptions including sensitivity analysis and based on the current estimates, the management expects to fully recover the carrying amount of inventories, trade receivables, loans and advances and investments. The eventual outcome of impact of the global health pandemic may be different from those estimated as on the date of approval of the Standalone financial statements.

Note 51:With a view to focus on its core activities, the Company has partially sold the real estate project during the previous year to Godrej Properties Limited and the revenue of ^ Nil (Previous year : ^ 9.60 crore) has been included in other operating revenue and cost thereof has been included in the cost of material consumed.

Note 52: No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries."

Note 53: The amount reflected as "0.00" in Financials are values with less than ^ one lakh.

Note 58: The figures for the previous year have been regrouped/ reclassified to correspond with current year''s classification/ disclosures in order to comply with the requirements of the amended Schedule III to the Companies Act, 2013 w.e.f. April 1, 2021.

Mar 31, 2022

4. Rights, preferences and restrictions attached to

General reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Company''s stock grant plan.

Securities Premium

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

Note 25.2: Commercial Paper carries interest rate of 3.25% to 4.33% (Previous year 3.50% to 3.67%) and are repayable within the next 3 months from the date of the Standalone financial statements.

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

Defined Benefit Plan:I. Provident Fund

II. Gratuity

In accordance with the provisions of the Payment of Gratuity Act, 1972, the Company has a defined benefit plan which provides for gratuity payments. The plan provides a lump sum gratuity payment to eligible employees at retirement or termination of their employment. The amounts are based on the respective employee''s last drawn salary and the years of employment with the Company.

The most recent actuarial valuation of the defined benefit obligation along with the fair valuation of the plan assets in relation to the gratuity scheme was carried out as at March 31, 2022. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.

Other long-term employee benefits:

Compensated absences are payable to employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement. The charge towards compensated absences For the year ended March 31, 2022 based on actuarial valuation using the projected accrued benefit method is ^ 4.38 crore (previous year ^ 0.10 crore)

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standlone Statement of Profit & Loss.

Note 41: Share-based payment arrangements Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The Company has provided ^ 2.72 crore (Previous Year ^ 2.03 crore) for all the eligible employees for current year.

i. Risk management framework

Note 42.2: Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and loans and advances.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

Note 42.3: Liquidity risk

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

Exposure to liquidity risk

The Company has sufficient current assets to manage the liquidity risk, if any, in relation to current financial liabilities. Note 42.4: Currency Risk Market risk

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised.

Currency risk

Exposure to currency risk

Note 42.5: Interest rate risk

Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any borrowings at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable-rate instruments

Note 45: Capital Management

The board of directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. The primary objective of the Company''s Capital Management is to maximise shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in the economic environment and the requirements of the financial covenants, if any.

Factors used to identify the entity''s reportable segments, including the basis of organization.

1. Animal feed

2. Crop Protection

3. Vegetable Oil

4. Real Estate

5. Other Business Segment includes Seed Business and Energy Generation through Windmill\

Note 47: Contingent Liabilities (^ in crore)
Particulars	March 31, 2022	March 31, 2021
Claims against the Company not acknowledged as debts:
(i) Excise Matter Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	21.67	20.24
(ii) Customs Matter Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.37	1.26
(iii) Income Tax The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.41	1.41
(iv) GST matters GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted	0.87	-
(v) Surety Bond issued on behalf of related party	1.21	1.21
(vi) Guarantees issued by the Banks and counter guaranteed by the Company	5.62	8.10
(vii) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	-
(viii) Claims against the Company not acknowledged as debt	6.26	8.50

Note 47.1: Contingent liabilities represents estimates made mainly for probable claims arising out of litigation/ disputes pending with authorities under various statutes (Excise duty, Customs duty, Income tax).The probability and timing of outflow with regard to these matters depend on the final outcome of litigations/ disputes. Hence, the Company is not able to reasonably ascertain the timing of the outflow.

Note 49: Corporate Social Responsibility (CSR) expenditure

Note:

^ 1.43 crore remained unutilised for the Financial year 2021-22 which has been subsequently deposited in Unspent CSR Account.

^ 1.24 crore remained unutilised for the Financial year 2020-21 which has been spent subsequently in the Financial Year 2021-22.

Note 50: Assessment of impact of Covid-19 pandemic

Note 53: The amount reflected as "0.00" in Financials are values with less than ^ one lakh.

Mar 31, 2022

1. Refer Note No 26 for disclosure of contractual commitments for the acquisition of Property, Plant and Equipment.

2. No Property, Plant and Equipment is pledged as security by the Company.

3. Additions to Property, Plant and Equipments includes ? 3.75 crore (previous year ? NIL) on account of Capitalisation of borrowing cost on eligible project.

4. The Company has reassessed the future economic benefits from certain Plant and Machiney and considering expected usage and market conditions, it has recorded an exceptional expense of ? 66.57 crore to write down the Property, Plant & Equipment to estimated recoverable amount. (Refer Note 35)

a) The Board of Directors of the Company in the meeting dated 12.02.2021 has decided to transfer holding of EHFL to Pyxis Holdings Limited. Accordingly in the previous year, investment in EHFL has been shown as current investment. An application was made to the Reserve Bank of India (RBI) on April 5, 2021 to seek its approval for change in shareholding and change in Directors of Ensemble Holdings & Finance Limited (a subsidiary of the Company) (renamed as Godrej Finance Limited w.e.f. November 03, 2021) by virtue of proposed transfer of shares from its existing shareholders (i.e. Godrej Industries Limited and its nominees) to Pyxis Holdings Limited (renamed as Godrej Capital Limited w.e.f October 26, 2021) a subsidiary of the Company. The RBI has approved the said proposal vide its letter dated June 2, 2021. The procedure for the change in the shareholding and directors as per the guidelines of the RBI has been completed. Effective August 24 2021, Godrej Finance Limited has become a direct subsidiary of Godrej Capital Limited.

b) On March 25, 2021, Company has completed the acquisition of shares of Godrej Capital Limited (Formerly Known as Pyxis Holdings Ltd), consequent to the said acquisition, Godrej Capital Limited has become the subsidiary of the Company with effect from March 25, 2021.

a During the previous year as per the Resolution Plan approved by Honâble NCLT, the issued, subscribed and paid-up equity capital of the Ruchi Soya Ltd stand reduced from '' 66,82,01,444/- consisting of 33,41,00,722 equity shares of face value of '' 2/- each to '' 66,82,014/-consisting of 33,41,007 equity shares of '' 2/- each thereby reducing the value of issued, subscribed & paid-up equity share capital of the Company by '' 66,15,19,430 divided into 33,07,59,715 equity shares of '' 2/- each.

Accordingly the number of shares Ruchi Soya Ltd held by GIL has been reduced from 3532 to 35 shares. b The said shares have been refused for registration by the investee company. c Uncalled Liability on partly paid shares

- Tahir Properties Ltd. - Equity - '' 80 per share (Previous year - '' 80 per share). d View Group LP has been dissolved on December 14, 2012, however, the Company has still not received an approval from RBI for writing-off the investment.

1 There are no loans which have significant increase in credit risk.

2 The Company had advanced an amount of '' 10.33 crore to certain individuals who also pledged certain equity shares as security against the said advance. The Company has enforced its security and lodged the shares for transfer in its name. The said transfer application was rejected and Company has preferred an appeal to the Company Law Board (CLB). The CLB rejected the application and advised the parties to approach the High Court. The Company had filed an appeal before the Honorable High Court against the order of the Company Law Board under section 10 F of the Companies Act, which was disposed off with the direction to keep the transfer of shares in abeyance till the arbitration proceedings between the parties are on. The Honorable Bombay High Court passed an interim order dated September 18, 2012, restraining the Company from inter-alia, dealing, selling or creating third party rights, etc. in the pledged shares and referred the matter to arbitration. The Company had filed a Special Leave Petition (SLP) before the Supreme Court against this interim order of the Honorable Bombay High Court which the Supreme Court has dismissed and the matter is presently before the Arbitrator. Single Arbitrator, Justice ((Retired ), A.P. Shah on 29^th June 2019 passed an Award ruling that Godrej Industries Ltd shall return all the pledged shares along with the original loan-cum-pledge agreements and the Power of Attorneys executed by the said individuals in favor of Godrej Industries Ltd to the said individuals upon the said Individuals repaying an amount of ''10.33 crores to Godrej Industries Ltd.

Godrej Industries Ltd, challenged this Award before the Honâble High Court of Bombay by way of Section 34 petition under the Arbitration & Conciliation Act, 1996. Honâble Bombay High Court by its Order dated 13/09/2019 has now stayed the operation of the said Award dated 29^th June 2019 till the said Section 34 Petition is finally disposed off. The matter is now pending before the Bombay High Court.

The Management is confident of recovery of this amount as underlying value of the said shares is substantially greater than the amount of loan and interest thereon. However, on a conservative basis, the Company has provided for the entire amount of '' 10.33 crore in the books of account.

a The Optionally Convertible Promissory Notes (15%) of Boston Analytics Inc. in respect of which the Company did not exercise the conversion option and Boston Analytics Inc. promissory notes (20%) where there was a partial conversion option which the Company did not exercise, were due for redemption on June 30, 2009 and August 21,2009, respectively. The said promissory notes have not been redeemed as of the Balance Sheet date and have been fully provided for.

b 12% promissory notes were repayable on or before December 31, 2011, along with interest on maturity. The said promissory notes have not been redeemed as of the Balance Sheet date and have been fully provided for.

B Nature and purpose of reserve

1 Capital Redemption Reserve : The Company recognised Capital Redemption Reserve on buyback of equity shares from its retained earnings.

2 Securities Premium Account : The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve. In case of equity-settled share based payment transactions, the difference between fair value on grant date and nominal value of share is accounted as securities premium reserve. This Reserve can be used only for the purposes specified in the Companies Act, 2013.

3 Capital Reserve : During amalgamation, the excess of net assets taken over the cost of consideration paid is treated as capital reserve.

5 General Reserve : The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act 2013.

The Company does not have any default as on the Balance Sheet date in repayment of loan or interest.

During the year, the Company has issued 15,000 Unsecured Redeemable Non Convertible Debentures (NCD) of face value '' 10 lac each. The total value of NCD is '' 1500 crore. The NCD is listed on National Stock Exchange. The Company will utilise the proceeds to meet its business purposes, investments in body corporate(s), repayment / prepayment of certain loans and for general corporate purposes.

1 Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 are provided as under for the financial year 2021-22, to the extent the Company has received intimation from the âSuppliersâ regarding their status under the Act.

1 There are no amounts due for payments to the Investor Education and Protection Fund under Section 125 of the Companies Act, 2013 as at the year end.

Note 25 : Contingent Liabilities		'' in Crore
Particulars	As at March 31, 2022	As at March 31, 2021
1 Claims against the Company not acknowledged as debts
(a) Excise duty / Service Tax demands relating to disputed classification, post manufacturing expenses, assessable values, etc. which the Company has contested and is in appeal at various levels.	1.46	1.46
(b) Sales Tax demands relating to purchase tax on Branch Transfer / disallowance of high seas sales, etc. at various levels.	41.99	40.01
(c) Octroi demand relating to classification issue on import of Palm Stearine and interest thereon.	0.29	0.29
(d) Stamp duties claimed on certain properties which are under appeal by the Company.	1.82	1.82
(e) Income tax demands relating to disallowance against Section 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One etc. against which the Group has preferred appeals.	97.33	97.33
(f) Industrial relations matters under appeal.	0.35	0.38
(g) Others.	4.00	4.00
2 Surety Bonds
Surety Bonds given by the Company in respect of refund received from excise authority for exempted units of associate company - refer note 1 below.	32.56	40.24

Notes

1 Detail of Guarantee given covered under section 186 (4) of the Companies Act, 2013 :

The Corporate surety bond of '' 32.56 crore ( previous year '' 40.24 crore) is in respect of refund received from excise authority for exempted units (North East) of Godrej Consumer Products Limited, an associate company.

2 The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial statements.

3 It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings as it is determinable only on receipt of judgements/decisions pending with various forums/authorities.

4 The proposed Social Security Code, 2019, when promulgated, would subsume labour laws including Employees'' Provident Funds and Miscellaneous Provisions Act and amend the definition of wages on which the organisation and its employees are to contribute towards Provident Fund. The Company believes that there will be no significant impact on its contributions to Provident Fund due to the proposed amendments. Additionally, there is uncertainty and ambiguity in interpreting and giving effect to the guidelines of Hon. Supreme Court vide its ruling in February 2019, in relation to the scope of compensation on which the organisation and its employees are to contribute towards Provident Fund. The Company will evaluate its position and act, as clarity emerges.

1 a) An application was made to the Reserve Bank of India (RBI) on April 5, 2021 to seek its approval for change in shareholding and change in Directors of Ensemble Holdings & Finance Limited (a subsidiary of the Company) (renamed as Godrej Finance Limited w.e.f. November 03, 2021) by virtue of proposed transfer of shares from its existing shareholders (i.e. Godrej Industries Limited and its nominees) to Pyxis Holdings Limited (renamed as Godrej Capital Limited w.e.f October 26, 2021) a subsidiary of the Company. The RBI has approved the said proposal vide its letter dated June 2, 2021. The procedure for the change in the shareholding and directors, as per the guidelines of the RBI, has been completed. Effective August 24^th 2021, Godrej Finance Limited has become a direct subsidiary of Godrej Capital Limited. Net Gain of '' 2.56 crores has been recorded on sale of holding in Godrej Finance Limited to Godrej Capital Limited in standalone financial statements of the Company.

b) During the previous year, the Company, consequent to the approvals received from the Board of Directors on May 17, 2019 and from the shareholders on June 25, 2019 consummated the sale of Natures Basket Limited (NBL) a wholly owned subsidiary of the Company to Spencer''s Retail Limited (SRL) on July 04, 2019 and received a sale consideration of '' 174.38 crore. Consequently, considering the provisions of Share Purchase Agreement (SPA) dated May 17, 2019 between the Company, NBL and SRL, exceptional gain of '' 1.27 crore was recorded due to recoveries from SRL pursuant to the SPA in the standalone financial statements for the year ended March 31,2021.

2) During the current financial year, the Company has reassessed the future economic benefits from certain plant and machinery and considering expected usage and market conditions it has recorded an exceptional expense of '' 66.57 crore to write down the Property, Plant and Equipment to estimated recoverable amount.

The applicable statutory tax rate for the years ended March 31,2022 is 25.168% (PY 25.168%). The Company has not recognised Deferred tax assets on unused tax losses and unused tax credits (refer note 5 below) as there is no reasonable certainity of availing the same in future years against normal taxes.

In the previous financial year, the Company has opted to adopt the new Concessional tax rate under section 115BAA of the Income Tax Act which was inserted in the Income Tax Act, 1961, by the Government of India on September 20, 2019 vide the Taxation Laws (Amendment) Ordinance 2019 with all the provisions/conditions stated therein.

Significant Management judgment is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income in which the relevant entity operates and the period over which deferred income tax assets will be recovered.

During the year, the Company has not accounted for tax credits in respect of Minimum Alternative Tax (MAT credit) of '' NIL crore (previous year '' Nil crores). The Company is not reasonably certain of availing the said MAT credit in future years against the normal tax expected to be paid in those years and accordingly has not recognised a deferred tax asset for the same.

1 DEFINED CONTRIBUTION PLAN Provident Fund :

2 DEFINED BENEFIT PLAN Gratuity :

The liability for the Defined Benefit Plan is provided on the basis of a valuation, using the Projected Unit Credit Method, as at the Balance Sheet date, carried out by an independent actuary.

Provident Fund :

Pension :

3 Basis Used to Determine Expected Rate of Return on Assets :

The expected return on plan assets of 6.70% p.a. has been considered based on the current investment pattern in Government securities.

4 Amounts Recognised as Expense :

i) Defined Contribution Plan

Employer''s Contribution to Provident Fund amounting to '' 4.41 crore (previous year '' 3.56 crore) has been included in Note 31 Employee Benefits Expenses

ii) Defined Benefit Plan

Gratuity cost amounting to '' 2.48 crore (previous year '' 2.29 crore) has been included in Note 31 Employee Benefits Expenses.

Note 40 : Employee Stock Benefit Plans 1 Employee Stock Grant Scheme

(a) The Company had set up the Employees Stock Grant Scheme 2011 (ESGS) pursuant to the approval by the Shareholders at their Meeting held on January 17, 2011.

(g) The Exercise Price of the shares has been fixed at '' 1 per share. The fair value of the employee share options has been measured using the Black-Scholes Option Pricing Model and charged to the Statement of Profit and Loss. The value of the options is treated as a part of employee compensation in the financial statements and is amortised over the vesting period.

The Fair value of cash and cash equivalents, other bank balances, trade receivables, trade payables approximated their carrying value largely due to short term maturities of these instruments.

2 Measurement of fair values

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or

indirectly

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market

data.

1 Financial Risk Management objectives and policies

2 Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and loans and advances and Bank balances and derivative transactions.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances.

The Company monitors individual loans and advances given and makes any specific provision wherever required.

The Company has access to funds from debt markets through loan from banks, commercial papers, fixed deposits from public and other Debt instrument. The Company invests its surplus funds in bank fixed deposits and debt based mutual funds.

4 Market risk

4(i) Currency risk

Fair value sensitivity analysis for fixed-rate instruments

Cash flow sensitivity analysis for variable-rate instruments

4(iii) Commodity Price risk

Forward Contracts

a) To the best of our knowledge and belief, the Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b) To the best of our knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Funding Party or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

Note 49 : Dividend On Equity Shares

The Company has not declared or paid any dividend during the year FY 2021-22.

Note 50

Note 51

Corporate Social Responsibility contribution required to be made as per provisions of Section 135 of the Companies Act, 2013 is NIL for the current year and previous year.

Note 52

There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

Note 53

Previous year figures have been regrouped/ reclassified wherever necessary, to conform to current period''s classification in order to comply with the requirements of the amended Schedule Ill of the Companies Act, 2013.

Mar 31, 2022

4. Rights, preferences and restrictions attached to

General reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Company''s stock grant plan.

Securities Premium

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

Note 25.2: Commercial Paper carries interest rate of 3.25% to 4.33% (Previous year 3.50% to 3.67%) and are repayable within the next 3 months from the date of the Standalone financial statements.

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

Defined Benefit Plan:I. Provident Fund

II. Gratuity

In accordance with the provisions of the Payment of Gratuity Act, 1972, the Company has a defined benefit plan which provides for gratuity payments. The plan provides a lump sum gratuity payment to eligible employees at retirement or termination of their employment. The amounts are based on the respective employee''s last drawn salary and the years of employment with the Company.

The most recent actuarial valuation of the defined benefit obligation along with the fair valuation of the plan assets in relation to the gratuity scheme was carried out as at March 31, 2022. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.

Other long-term employee benefits:

Compensated absences are payable to employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement. The charge towards compensated absences For the year ended March 31, 2022 based on actuarial valuation using the projected accrued benefit method is ^ 4.38 crore (previous year ^ 0.10 crore)

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standlone Statement of Profit & Loss.

Note 41: Share-based payment arrangements Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The Company has provided ^ 2.72 crore (Previous Year ^ 2.03 crore) for all the eligible employees for current year.

i. Risk management framework

Note 42.2: Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and loans and advances.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

Note 42.3: Liquidity risk

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

Exposure to liquidity risk

The Company has sufficient current assets to manage the liquidity risk, if any, in relation to current financial liabilities. Note 42.4: Currency Risk Market risk

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised.

Currency risk

Exposure to currency risk

Note 42.5: Interest rate risk

Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any borrowings at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable-rate instruments

Note 45: Capital Management

The board of directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. The primary objective of the Company''s Capital Management is to maximise shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in the economic environment and the requirements of the financial covenants, if any.

Factors used to identify the entity''s reportable segments, including the basis of organization.

1. Animal feed

2. Crop Protection

3. Vegetable Oil

4. Real Estate

5. Other Business Segment includes Seed Business and Energy Generation through Windmill\

Note 47: Contingent Liabilities (^ in crore)
Particulars	March 31, 2022	March 31, 2021
Claims against the Company not acknowledged as debts:
(i) Excise Matter Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	21.67	20.24
(ii) Customs Matter Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.37	1.26
(iii) Income Tax The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.41	1.41
(iv) GST matters GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted	0.87	-
(v) Surety Bond issued on behalf of related party	1.21	1.21
(vi) Guarantees issued by the Banks and counter guaranteed by the Company	5.62	8.10
(vii) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	-
(viii) Claims against the Company not acknowledged as debt	6.26	8.50

Note 47.1: Contingent liabilities represents estimates made mainly for probable claims arising out of litigation/ disputes pending with authorities under various statutes (Excise duty, Customs duty, Income tax).The probability and timing of outflow with regard to these matters depend on the final outcome of litigations/ disputes. Hence, the Company is not able to reasonably ascertain the timing of the outflow.

Note 49: Corporate Social Responsibility (CSR) expenditure

Note:

^ 1.43 crore remained unutilised for the Financial year 2021-22 which has been subsequently deposited in Unspent CSR Account.

^ 1.24 crore remained unutilised for the Financial year 2020-21 which has been spent subsequently in the Financial Year 2021-22.

Note 50: Assessment of impact of Covid-19 pandemic

Note 53: The amount reflected as "0.00" in Financials are values with less than ^ one lakh.

Mar 31, 2022

4. Rights, preferences and restrictions attached to

General reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Company''s stock grant plan.

Securities Premium

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

Note 25.2: Commercial Paper carries interest rate of 3.25% to 4.33% (Previous year 3.50% to 3.67%) and are repayable within the next 3 months from the date of the Standalone financial statements.

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

Defined Benefit Plan:I. Provident Fund

II. Gratuity

In accordance with the provisions of the Payment of Gratuity Act, 1972, the Company has a defined benefit plan which provides for gratuity payments. The plan provides a lump sum gratuity payment to eligible employees at retirement or termination of their employment. The amounts are based on the respective employee''s last drawn salary and the years of employment with the Company.

The most recent actuarial valuation of the defined benefit obligation along with the fair valuation of the plan assets in relation to the gratuity scheme was carried out as at March 31, 2022. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.

Other long-term employee benefits:

Compensated absences are payable to employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement. The charge towards compensated absences For the year ended March 31, 2022 based on actuarial valuation using the projected accrued benefit method is ^ 4.38 crore (previous year ^ 0.10 crore)

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standlone Statement of Profit & Loss.

Note 41: Share-based payment arrangements Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The Company has provided ^ 2.72 crore (Previous Year ^ 2.03 crore) for all the eligible employees for current year.

i. Risk management framework

Note 42.2: Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and loans and advances.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

Note 42.3: Liquidity risk

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

Exposure to liquidity risk

The Company has sufficient current assets to manage the liquidity risk, if any, in relation to current financial liabilities. Note 42.4: Currency Risk Market risk

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised.

Currency risk

Exposure to currency risk

Note 42.5: Interest rate risk

Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any borrowings at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable-rate instruments

Note 45: Capital Management

The board of directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. The primary objective of the Company''s Capital Management is to maximise shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in the economic environment and the requirements of the financial covenants, if any.

Factors used to identify the entity''s reportable segments, including the basis of organization.

1. Animal feed

2. Crop Protection

3. Vegetable Oil

4. Real Estate

5. Other Business Segment includes Seed Business and Energy Generation through Windmill\

Note 47: Contingent Liabilities (^ in crore)
Particulars	March 31, 2022	March 31, 2021
Claims against the Company not acknowledged as debts:
(i) Excise Matter Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	21.67	20.24
(ii) Customs Matter Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.37	1.26
(iii) Income Tax The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.41	1.41
(iv) GST matters GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted	0.87	-
(v) Surety Bond issued on behalf of related party	1.21	1.21
(vi) Guarantees issued by the Banks and counter guaranteed by the Company	5.62	8.10
(vii) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	-
(viii) Claims against the Company not acknowledged as debt	6.26	8.50

Note 47.1: Contingent liabilities represents estimates made mainly for probable claims arising out of litigation/ disputes pending with authorities under various statutes (Excise duty, Customs duty, Income tax).The probability and timing of outflow with regard to these matters depend on the final outcome of litigations/ disputes. Hence, the Company is not able to reasonably ascertain the timing of the outflow.

Note 49: Corporate Social Responsibility (CSR) expenditure

Note:

^ 1.43 crore remained unutilised for the Financial year 2021-22 which has been subsequently deposited in Unspent CSR Account.

^ 1.24 crore remained unutilised for the Financial year 2020-21 which has been spent subsequently in the Financial Year 2021-22.

Note 50: Assessment of impact of Covid-19 pandemic

Note 53: The amount reflected as "0.00" in Financials are values with less than ^ one lakh.

Mar 31, 2022

4. Rights, preferences and restrictions attached to

General reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Company''s stock grant plan.

Securities Premium

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

Note 25.2: Commercial Paper carries interest rate of 3.25% to 4.33% (Previous year 3.50% to 3.67%) and are repayable within the next 3 months from the date of the Standalone financial statements.

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

Defined Benefit Plan:I. Provident Fund

II. Gratuity

In accordance with the provisions of the Payment of Gratuity Act, 1972, the Company has a defined benefit plan which provides for gratuity payments. The plan provides a lump sum gratuity payment to eligible employees at retirement or termination of their employment. The amounts are based on the respective employee''s last drawn salary and the years of employment with the Company.

The most recent actuarial valuation of the defined benefit obligation along with the fair valuation of the plan assets in relation to the gratuity scheme was carried out as at March 31, 2022. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.

Other long-term employee benefits:

Compensated absences are payable to employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement. The charge towards compensated absences For the year ended March 31, 2022 based on actuarial valuation using the projected accrued benefit method is ^ 4.38 crore (previous year ^ 0.10 crore)

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standlone Statement of Profit & Loss.

Note 41: Share-based payment arrangements Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The Company has provided ^ 2.72 crore (Previous Year ^ 2.03 crore) for all the eligible employees for current year.

i. Risk management framework

Note 42.2: Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and loans and advances.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

Note 42.3: Liquidity risk

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

Exposure to liquidity risk

The Company has sufficient current assets to manage the liquidity risk, if any, in relation to current financial liabilities. Note 42.4: Currency Risk Market risk

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised.

Currency risk

Exposure to currency risk

Note 42.5: Interest rate risk

Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any borrowings at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable-rate instruments

Note 45: Capital Management

The board of directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. The primary objective of the Company''s Capital Management is to maximise shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in the economic environment and the requirements of the financial covenants, if any.

Factors used to identify the entity''s reportable segments, including the basis of organization.

1. Animal feed

2. Crop Protection

3. Vegetable Oil

4. Real Estate

5. Other Business Segment includes Seed Business and Energy Generation through Windmill\

Note 47: Contingent Liabilities (^ in crore)
Particulars	March 31, 2022	March 31, 2021
Claims against the Company not acknowledged as debts:
(i) Excise Matter Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	21.67	20.24
(ii) Customs Matter Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.37	1.26
(iii) Income Tax The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.41	1.41
(iv) GST matters GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted	0.87	-
(v) Surety Bond issued on behalf of related party	1.21	1.21
(vi) Guarantees issued by the Banks and counter guaranteed by the Company	5.62	8.10
(vii) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	-
(viii) Claims against the Company not acknowledged as debt	6.26	8.50

Note 47.1: Contingent liabilities represents estimates made mainly for probable claims arising out of litigation/ disputes pending with authorities under various statutes (Excise duty, Customs duty, Income tax).The probability and timing of outflow with regard to these matters depend on the final outcome of litigations/ disputes. Hence, the Company is not able to reasonably ascertain the timing of the outflow.

Note 49: Corporate Social Responsibility (CSR) expenditure

Note:

^ 1.43 crore remained unutilised for the Financial year 2021-22 which has been subsequently deposited in Unspent CSR Account.

^ 1.24 crore remained unutilised for the Financial year 2020-21 which has been spent subsequently in the Financial Year 2021-22.

Note 50: Assessment of impact of Covid-19 pandemic

Note 53: The amount reflected as "0.00" in Financials are values with less than ^ one lakh.

Mar 31, 2022

4. Rights, preferences and restrictions attached to

General reserve

General reserve is a free reserve which is created by transferring fund from retained earnings to meet future obligations and purposes.

Employee Stock Grants Outstanding

The employee stock grants outstanding account is used to recognise grant date fair value of options issued to employees under the Company''s stock grant plan.

Securities Premium

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

Note 25.2: Commercial Paper carries interest rate of 3.25% to 4.33% (Previous year 3.50% to 3.67%) and are repayable within the next 3 months from the date of the Standalone financial statements.

Note 40: Employee benefits

The Company contributes to the following post-employment plans in India.

Defined Contribution Plans:

Defined Benefit Plan:I. Provident Fund

II. Gratuity

In accordance with the provisions of the Payment of Gratuity Act, 1972, the Company has a defined benefit plan which provides for gratuity payments. The plan provides a lump sum gratuity payment to eligible employees at retirement or termination of their employment. The amounts are based on the respective employee''s last drawn salary and the years of employment with the Company.

The most recent actuarial valuation of the defined benefit obligation along with the fair valuation of the plan assets in relation to the gratuity scheme was carried out as at March 31, 2022. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.

Other long-term employee benefits:

Compensated absences are payable to employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement. The charge towards compensated absences For the year ended March 31, 2022 based on actuarial valuation using the projected accrued benefit method is ^ 4.38 crore (previous year ^ 0.10 crore)

Termination Benefits: All termination benefits including voluntary retirement compensation are fully written off to the Standlone Statement of Profit & Loss.

Note 41: Share-based payment arrangements Description of share-based payment arrangements Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20, 2018.

The Company has provided ^ 2.72 crore (Previous Year ^ 2.03 crore) for all the eligible employees for current year.

i. Risk management framework

Note 42.2: Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and loans and advances.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances

The Company monitors each loans and advances given and makes any specific provision wherever required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and loans and advances.

Cash and cash equivalents

Note 42.3: Liquidity risk

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

Exposure to liquidity risk

The Company has sufficient current assets to manage the liquidity risk, if any, in relation to current financial liabilities. Note 42.4: Currency Risk Market risk

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimised.

Currency risk

Exposure to currency risk

Note 42.5: Interest rate risk

Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any borrowings at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable-rate instruments

Note 45: Capital Management

The board of directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. The primary objective of the Company''s Capital Management is to maximise shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in the economic environment and the requirements of the financial covenants, if any.

Factors used to identify the entity''s reportable segments, including the basis of organization.

1. Animal feed

2. Crop Protection

3. Vegetable Oil

4. Real Estate

5. Other Business Segment includes Seed Business and Energy Generation through Windmill\

Note 47: Contingent Liabilities (^ in crore)
Particulars	March 31, 2022	March 31, 2021
Claims against the Company not acknowledged as debts:
(i) Excise Matter Excise duty demands relating to disputed classification, assessable values, availment of credit etc. which the Company has contested and is in appeal at various levels.	21.67	20.24
(ii) Customs Matter Customs duty demands relating to disputed classification which the Company has contested and is in appeal at various levels.	1.37	1.26
(iii) Income Tax The company has preferred an appeal before the Commissioner of Income Tax (Appeals) against the Order of the Assessing Officer in which they have disallowed against sec. 14A in respect of exempt income, Depreciation on Land/ rights in Land of Godrej One and cash deposited during demonetization period.	1.41	1.41
(iv) GST matters GST demand pertains to disallowance of input tax credit claimed in Trans 1 & 2. The Company shall be filing an appeal against the impugned order in the GST Appellate Tribunal as and when the same is constituted	0.87	-
(v) Surety Bond issued on behalf of related party	1.21	1.21
(vi) Guarantees issued by the Banks and counter guaranteed by the Company	5.62	8.10
(vii) Letter of comfort issued to a bank on behalf of Subsidiary Company	25.00	-
(viii) Claims against the Company not acknowledged as debt	6.26	8.50

Note 47.1: Contingent liabilities represents estimates made mainly for probable claims arising out of litigation/ disputes pending with authorities under various statutes (Excise duty, Customs duty, Income tax).The probability and timing of outflow with regard to these matters depend on the final outcome of litigations/ disputes. Hence, the Company is not able to reasonably ascertain the timing of the outflow.

Note 49: Corporate Social Responsibility (CSR) expenditure

Note:

^ 1.43 crore remained unutilised for the Financial year 2021-22 which has been subsequently deposited in Unspent CSR Account.

^ 1.24 crore remained unutilised for the Financial year 2020-21 which has been spent subsequently in the Financial Year 2021-22.

Note 50: Assessment of impact of Covid-19 pandemic

Note 53: The amount reflected as "0.00" in Financials are values with less than ^ one lakh.

Mar 31, 2021

(a) The Companyâs investment property under construction consists of some commercial and retail properties in India.

(b) Based on the intention and business plans, some commercial and retail properties owned by the Company is considered as being held for capital appreciation and rental income rather than for business purposes. Hence, the Company had reclassified the same from inventories to investment property under construction during the previous year.

(d) Though the Company measures investment property under construction using cost based measurement, the fair value of investment property is based on valuation performed by an accredited independent valuer. The main inputs used are location and locality, facilities and amenities, quality of construction, residual life of building, business potential, supply and demand, local nearby enquiry, market feedback of investigation and Ready Reckoner published by the Government.

(e) Fair valuation of investment property under construction is based on Sales Comparison method which is INR 8.73 Crore (Previous Year: INR 21.78 Crore). Fair valuation of an investment property under construction which is at initial design concept stage is based on Cost method which is INR 3.23 Crore (Previous Year: INR Nil). The fair value measurement is categorised in level 3 fair value hierarchy.

(f) Refer Note 48 for disclosure of Capital Commitments for acquisition of property, plant and equipment and investment property.

(a) The Companyâs investment property consists of some commercial and retail properties in India.

(c) The Company has no restriction on the realisability of its investment property and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

(d) Though the Company measures investment property using cost based measurement, the fair value of investment property is based on valuation performed by an accredited independent valuer. The main inputs used are location and locality, facilities and amenities, quality of construction, residual life of building, business potential, supply and demand, local nearby enquiry, market feedback of investigation and Ready Reckoner published by the Government.

(e) Fair valuation of Retail Properties is based on Sales Comparison Method which is INR 27.85 Crore (Previous Year: INR 11.40 Crore) and Commercial Properties is based on Sales Comparison Method, which is INR 9.56 Crore (Previous Year: INR 9.38 Crore based on Rent Capitalization Method). The fair value measurement is categorised in level 3 fair value hierarchy.

d) The Company has recognised deferred tax asset to the extent that the same will be recoverable using the estimated future taxable income based on the approved business plans and budgets of the Company.The Company is expected to genrate taxable income in upcoming years. The business losses can be carried forward for a period of 8 years as per the tax regulations and the Company expects to recover the losses.

e) Section 115BAA of the Income Tax Act, 1961, provides an option to companies for paying income tax at reduced rates in accordance with the provisions/conditions defined in the said section and accordingly, the Company has decided to adopt the new tax rate and recognised provision for income tax on the basis of the rate prescribed in the said section and remeasured its deferred tax assets/liabilities accordingly for the year ended March 31,2021.

f) Deferred tax assets amounting to INR 26.85 Crore (Previous Year: INR 15.26 Crore) have not been recognised in respect of expected credit loss on investments and other assets due to uncertainty as at the current date with respect to future realisation.

g) As per the Companyâs assessment, there are no material income tax uncertainties over income tax treatments during the current and previous financial year.

(a) Includes

(i) Balances with Banks in current accounts includes INR 0.02 Crore (Previous Year: INR 0.03 Crore) is on account of earmarked balance for unclaimed dividend.

(ii) Balances with Banks in current accounts includes INR 0.42 Crore (Previous Year: INR 0.54 Crore) received from flat buyers towards maintenance charges.

(b) Includes

(i) INR 49.41 Crore (Previous Year: INR 40.01 Crore) received from flat buyers and held in trust on their behalf in a corpus fund and towards maintenance charges.

(ii) Deposits held as Deposit Repayment Reserve amounting to INR 0.10 Crore (Previous Year: INR 0.10 Crore).

(iii) Fixed deposits held as margin money and lien marked for issuing bank guarantees amounting to INR 0.20 Crore (Previous Year: INR 0.19 Crore).

20 Other Current Non Financial Assets

(a) Advance to Suppliers and Contractors includes advances amounting to INR 2.50 Crore (Previous Year: INR 1.35 Crore) secured against bank guarantees.

(b) Includes amount unbilled to a director INR Nil (Previous Year: INR 0.98 Crore) and entities where directors are interested, viz. Godrej Redevelopers (Mumbai) Private Limited INR 0.19 Crore (Previous Year: INR Nil).

21 Equity Share Capital

g) Rights, preferences and restrictions attached to Equity shares

The Company has only one class of equity shares having a par value of INR 5/- per share. Each holder of equity shares is entitled to one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the Annual General Meeting except in case of interim dividend. In the event of liquidation, the shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(a) The Working Capital Loan (WCL) of INR 715 Crore (Previous Year: INR 500 Crore) from SBI is secured by a primary charge of hypothecation of Current Assets of the Company and work-in-progress of Godrej Projects Development Limited (wholly owned subsidiary) and by a collateral of Mortgage of Immovable Property (including all fit-outs therein) of the Company at Unit No 5C, on the 5th Floor in Godrej One (along with car parking spaces) at Pirojshanagar, Vikhroli East, Mumbai and the hypothecation of Current Assets excluding work-in-progress of Godrej Projects Development Limited (wholly owned subsidiary) The WCL of INR 210 Crore (Previous Year: INR 400 Crore) from SBI is secured by a collateral of Mortgage of Immovable property (including all fit-outs therein) of the Company at Unit No 5C, on the 5th Floor in Godrej One (along with car parking spaces) at Pirojshanagar, Vikhroli East, Mumbai and the hypothecation of Current Assets excluding work-in-progress of Godrej Projects Development Limited (wholly owned subsidiary).

(b) The Cash Credit (CC) of INR 120.99 Crore (Previous Year: INR 110.48 Crore) from SBI is secured by a primary charge of hypothecation of Current Assets of the Company and work-in-progress of Godrej Projects Development Limited (wholly owned subsidiary) and by a collateral of Mortgage of Immovable property (including all fit-outs therein) of the Company at Unit No 5C, on the 5th Floor in Godrej One (along with car parking spaces) at Pirojshanagar, Vikhroli East, Mumbai and the hypothecationofCurrentAssetsexcludingwork-in-progress of GodrejProjectsDevelopmentLimited(whollyownedsubsidiary). The Cash Credit (CC) of INR 0.16 Crore (Previous Year: INR Nil) from SBI is secured by a collateral of Mortgage of Immovable property (including all fit-outs therein) of the Company at Unit No 5C, on the 5th Floor in Godrej One (along with car parking spaces) at Pirojshanagar, Vikhroli East, Mumbai and the hypothecation of Current Assets excluding work-in-progress of Godrej Projects Development Limited (wholly owned subsidiary). Cash Credit availed from SBI is secured by a primary charge of hypothecation of Current Assets of the Company and work-in-progress of Godrej Projects Development Limited (wholly owned subsidiary) and by a collateral of Mortgage of Immovable property (including all fit-outs therein) of the Company at Unit No 5C, on the 5th Floor in Godrej One (along with car parking spaces) at Pirojshanagar, Vikhroli East, Mumbai and the hypothecation of Current Assets excluding work-in-progress of Godrej Projects Development Limited (wholly owned subsidiary) and is payable on demand.

(d) Other Loans includes Unsecured Term Loan, Unsecured Working Capital Loans and Commercial Papers. Term Loan and Working Capital Loans are repayable within one year and Commercial Papers are repayable within 16 to 177 days.

b) Measurement of Fair Value

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

(ii) The Company uses the Discounted Cash Flow valuation technique (in relation to financial assets measured at amortised cost and fair value through profit or loss) which involves determination of present value of expected receipt/ payment discounted using appropriate discounting rates. The fair value so determined for financial asset measured at fair value through profit and loss are classified as Level 2.

(iii) The Company uses the discounted cash flow valuation technique (in relation to financial liabilities measured at amortised cost) which involves determination of the present value of expected payments, discounted using bank rate. The fair value of non-convertible debentures is valued using FIMMDA guidelines.

(iv) For financial assets that are measured at fair value under Level 3, the carrying amounts are equal to the fair values.

(v) Lease liabilities are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

(vi) The sensitivity analysis below for lease liabilities have been determined based on reasonablly possible changes of the discounting rate occuring at the end of the reporting period, while holding all other assumptions constant. If the discounting rate is 50 basis points higher/(lower), would decrease by INR 0.01 crore (Increase by INR 0.01 crore).

c) Risk Management Framework

The Companyâs Board of Directors have overall responsibility for the establishment and oversight of the Companyâs risk management framework. The Board of Directors have established the Risk Management Committee, which is responsible for developing and monitoring the Companyâs risk management policies. The committee reports regularly to the Board of Directors on its activities.

The Audit Committee oversees how management monitors compliance with the Companyâs risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The Audit Committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.

d) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit Risk

(ii) Liquidity Risk

(iii) Market Risk.

(i) Credit risk

The carrying amount of financial assets represents the maximum credit exposure.

Trade Receivables

Customer credit risk is managed by requiring customers to pay advances through progress billings before transfer of ownership, therefore substantially eliminating the Companyâs credit risk in this respect.

The Companyâs credit risk with regard to trade receivable has a high degree of risk diversification, due to the large number of projects of varying sizes and types with numerous different customer categories in a large number of geographical markets.

As per simplified approach, the Company makes provision of expected credit losses on trade receivables to mitigate the risk of default payments and makes appropriate provision at each reporting date wherever outstanding is for longer period and involves higher risk.

Investment in Securities, Loans to Related Parties, Project Deposits and Other Financial Assets

The Company has investments in compulsorily convertible debentures / optionally convertible debentures, preference shares, loans to related parties and project deposits. The settlement of such instruments is linked to the completion of the respective underlying projects. The movement in the provision for expected credit loss due to lifetime expected credit loss during the year are as follows:

The Company has recorded provision / expected credit loss on investment in debt and equity instruments of INR 35.43 Crore (Net of impairment reversal) (Previous Year: INR 54.18 Crore), other current financial assets of INR 11.63 Crore (Previous Year: INR 5 Crore).

As at March 31, 2021, the Company had secured project deposits of INR 5.48 Crore (Previous Year: INR 5.48 Crore) and unsecured loans given to related parties of INR 16.65 Crore (Previous Year: INR 16.65 Crore), which have been considered as doubtful by the Company. The Company has fully provided such doubtful project deposits and unsecured loans as at March 31,2021 (Previous Year provision : INR Nil). The Company does not have any Loans for which credit risk has increased significantly in the current and previous year.

(ii) Liquidity risk

The Company has access to funds from capital and debt markets through loan from banks, commercial papers and other debt & equity instruments. The Company invests its surplus funds in bank fixed deposits and debt based mutual funds.

(iii) Market Risk

Market risk is the risk that changes in market prices such as foreign exchange rate and interest rates will affect the Companyâs income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

a) Currency Risk

Currency risk is not material, as the Companyâs primary business activities are within India and does not have significant exposure in foreign currency.

b) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The management is responsible for the monitoring of the Companyâs interest rate position. Various variables are considered by the management in structuring the Companyâs borrowings to achieve a reasonable, competitive cost of funding.

Fair value sensitivity analysis for fixed rate instruments

The Company does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for the Company by the amounts indicated in the table below. Given that the Company capitalises interest to the cost of inventory to the extent permissible, the amounts indicated below may have an impact on reported profits over the life cycle of projects to which such interest is capitalised. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the period.

40 Capital Management

The Companyâs policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Board of Directors seek to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages by a sound capital position.

The Company monitors capital using a ratio of ''Net Debt to Equityâ. For this purpose, net debt is defined as total borrowings (including interest accrued) less cash and bank balances and other current investments.

41 Employee Stock Grant Scheme

b) The weighted average exercise price of the options outstanding as at March 31,2021 is INR 5 per share (Previous year: INR 5 per share) and the weighted average remaining contractual life of the options outstanding as at March 31, 2021 is 0.89 years (Previous year: 0.74 years)

c) The fair value of the employee share options has been measured using the Black-Scholes Option Pricing Model. The weighted average fair value of the options granted is INR 880.46 (Previous year: INR 756.42). The following table lists the average inputs to the model used for the plan for the year ended March31,2021:

42 Leases

a) The Company has recognised INR 3.45 Crore (Previous Year: INR 2.28 Crore) towards minimum lease payments for shortterm leases and INR 0.37 Crore (Previous Year: INR 0.13 Crore) for low-value assets accounted as per paragraph 6 of IND AS 116 and INR 1.17 Crore (Previous Year:INR 2.81 Crore) minimum lease receipt in the Standalone Statement of Profit and Loss.

b) As a lessor

The Companyâs significant leasing arrangements are in respect of operating leases for Commercial premises. Lease income from operating leases is recognised on a straight-line basis over the period of lease. The future minimum lease receivables of non-cancellable operating leases are as under:

The Company engaged primarily in the business of real estate construction, development and other related activities.

All the Contracts entered with the customers consists of a single performance obligation thereby the consideration allocated to the performance obligation is based on standalone selling prices.

Revenue is recognised upon transfer of control of residential and commercial units to customers for an amount that reflects the consideration which the Company expects to receive in exchange for those units. The trigger for revenue recognition is normally completion of the project or receipt of approvals on completion from relevant authorities or intimation to the customer of completion, post which the contract becomes non-cancellable by the parties.

The revenue is measured at the transaction price agreed under the contract. In certain cases, the Company has contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company adjusts the transaction price for the effects of a significant financing component.

Any costs incurred that do not contribute to satisfying performance obligations are excluded from the Companyâs input methods of revenue recognition as the amounts are not reflective of our transferring control of the system to the customer. Significant judgment is required to evaluate assumptions related to the amount of net contract revenues, including the impact of any performance incentives, liquidated damages, and other forms of variable consideration.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognises the entire estimated loss in the period the loss becomes known.

The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as at March 31, 2021 is INR 1,374.15 Crore (Previous Year: INR 648.58 Crore), of which INR 997.79 Crore (Previous Year: INR 179.16 Crore), which will be recognised as revenue over a period of 1-2 years and INR 376.36 Crore (Previous Year: INR 469.42 Crore) which will be recognised over a period of 2-4 years.

(d) Reconciliation of revenue recognised in the Standalone Statement of Profit and Loss

The following table discloses the reconciliation of amount of revenue recognised as at 31 March 2021:

47 Scheme of Amalgamation

Amalgamation of Wonder Space Properties Private Limited (WSPPL) with Godrej Properties Limited (GPL) :

Pursuant to the Scheme of Amalgamation (the Scheme) under Section 230 to 240 of the Companies Act, 2013 sanctioned by the

National Company Law Tribunal at Mumbai Bench on September 14, 2020 and filed with the Registrar of Companies (RoC) on

October 26, 2020, WSPPL, a 100% Subsidiary of Godrej Properties Limited (GPL), is amalgamated with GPL w.e.f. April 05, 2019,

the Appointed Date.

As per the said Scheme:

i) All the assets and liabilities as appearing in the books of WSPPL as on the Appointed Date have been recorded in the books of GPL at their respective book values and inter-company balances , if any have been cancelled.

ii) GPL has incurred additional expenses such as charges, taxes including duties, levies and other expenses of INR 0.35 Crore which have been charged to the Standalone Statement of Profit and Loss during the year ended March 31,2020.

iii) In accordance with the requirements of Para 9(iii) of Appendix C of Ind AS 103 Business Combinations, the Standalone Financial Statements of GPL for the year ended March 31, 2020 have been restated from the Appointed Date when the business combination had occurred.

Impact on the Standalone Balance Sheet and Standalone Statement of Profit and Loss:

The impact of amalgamation on the Balance Sheet and Statement of Profit and Loss due to the above amalgamations are

summarised as below:

48 Contingent Liabilities and Commitments
a)	Contingent Liabilities
Matters			March 31,2021	March 31, 2020 (Restated)
I)	Claims against Company not Acknowledged as debts:
	i)	Claims not acknowledged as debts represent cases filed by parties in the Consumer forum, Civil Court and High Court and disputed by the Company as advised by advocates. In the opinion of the management the claims are not sustainable	194.90	36.98
	ii)	Claims under Income Tax Act, Appeal preferred to The Deputy Commissioner/ Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal	11.65	10.91
	iii)	Claims under VAT, Appeal preferred to The Deputy Commissioner/Joint Commissioner of Sales Taxes (Appeals)	14.72	13.73
	iv)	Appeal preferred to Customs, Excise and Service Tax Appellate tribunal.	69.89	61.65
	v)	Appeal under GST, preferred before Mumbai High Court	13.21	-
	vi)	Appeal under GST, to be preferred before Commissioner Appeals	0.06	-
	vii)	Appeal preferred to The Joint Commissioner of Sales Tax (Appeal -4) at Maharashtra under Entry of Goods Into Local Areas Act, 2002	0.79	0.77
II)	Guarantees:
	i)	Guarantees given by Bank, counter guaranteed by the Company	177.72	36.02
	ii)	Guarantees given by the Company	7.29	13.10

b) The Honâble Supreme Court of India ("SC") by their order dated February 28, 2019, in the case of Surya Roshani Limited & others v/s EPFO, set out the principles based on which allowances paid to the employees should be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution. Subsequently, a review petition against this decision has been filed and is pending before the SC for disposal. In view of the management, the liability for the period from date of the SC order to 31 March 2019 is not significant and has been provided in the books of account. Further, pending decision on the subject review petition and directions from the EPFO, the impact for the past period, if any, is not ascertainable and consequently no effect has been given in the accounts.

c) Commitments
(i) Particulars	March 31, 2021	March 31, 2020 (Restated)
Capital Commitment (includes Capital work-in-progress and Investment Property under construction) (Net of advance)	17.54	31.76

(ii) The Company enters into construction contracts for Civil, Elevator, External Development, MEP work etc. with its vendors. The total amount payable under such contracts will be based on actual measurements and negotiated rates, which are determinable as and when the work under the said contracts are completed.

(iii) The Company has entered into development agreements with owners of land for development of projects. Under the agreements the Company is required to pay certain payments/ deposits to the owners of the land and share in built up area/ revenue from such developments in exchange of undivided share in land as stipulated under the agreements.

(iv) The Company will arrange funds / subscribe to further capital to support continuing operations in certain subsidiaries and joint ventures (jointly with the shareholders / Partners of the respective joint ventures), if required, based upon operation of such entities. The Company expects the said subsidiaries and joint ventures to meet its obligations and no liability on this account is anticipated.

50 Foreign Exchange Difference

The amount of exchange difference included in the Standalone Statement of Profit and Loss, is INR 0.06 Crore (Net Loss) (Previous Year: INR 0.22 Crore (Net Gain)).

51 Other Expenses includes provision for expected credit loss on investments and other assets of INR 80.41 Crore (Previous Year: 66.63 Crore) and financial assets written off INR 10.42 Crore (Previous Year: INR Nil).

52 Corporate Social Responsibility

The Company has spent INR 6.35 Crore* (Previous Year: INR 2.57 Crore) and created provision for unspent amount of INR 0.91 Crore during the year as per the provisions of Section 135 of the Companies Act, 2013 towards Corporate Social Responsibility (CSR) activities grouped under ''Other Expensesâ.

(a) Gross amount required to be spent by the Company during the year INR 6.71 Crore. (Previous Year: INR 3.13 Crore)

54 Segment Reporting

A. Basis of Segmentation

Factors used to identify the entity''s reportable segments, including the basis of organisation

For management purposes, the Company has only one reportable segment namely, Development of real estate property. The Managing Director of the Company acts as the Chief Operating Decision Maker ("CODM"). The CODM evaluates the Companyâs performance and allocates resources based on an analysis of various performance indicators viz. Profit after tax. (Refer note 29)

B. Geographical Information

The geographic information analyses the Companyâs revenue and Non-Current Assets other than financial instruments, deferred tax assets, post-employment benefit assets by the Companyâs country of domicile and other countries. As the Company is engaged in Development of Real Estate property in India, it has only one reportable geographical segment.

C. Information about major customers

Revenue from one customer is INR 195.20 Crore for the year ended March 31,2021 (Previous Year: INR Nil) constituted more than 10% of the total revenue of the Company.

55 The write-down of inventories to net realisable value during the year amounted to INR 105.71 Crore (Previous Year: INR 27.74 Crore).

57 The Company has assessed the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of Receivables, Inventories, Investments and other assets / liabilities. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Company, as at the date of approval of these financial results has used internal and external sources of information. As on current date, the Company has concluded that the impact of COVID - 19 is not material based on these estimates. Due to the nature of the pandemic, the Company will continue to monitor developments to identify significant uncertainties in future periods, if any.

58 As per the approvals secured by the Company under relevant provisions of DCR Regulations, 1991 / DCPR 2034, the Company had obligation to handover 35,618.85 sqmt of land to The Municipal Corporation of Greater Mumbai (MCGM). The Company is entitled to receive the Transferable Development Rights (TDR) of 71,237.70 sqm, in lieu of land earmarked and handover to MCGM. The handover of the physical possession of the earmarked land has been completed during the month of February 2021. Based upon receipt of Possession Receipts of Land handed over obtained from MCGM, the Company has recognised the entitlement of TDR as revenue and reflected under Revenue from operations (Refer Note 29) based upon valuation report obtained from registered valuer at INR 195.20 Crore. This TDR forms part of the inventory and is reflected as such (Refer Note 13).

59 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.

60 Cash and Cash Equivalents and Bank Balances includes balances in Escrow Account which shall be used only for specified purposes as defined under Real Estate (Regulation and Development) Act, 2016.

Mar 31, 2021

(a) The Companyâs investment property under construction consists of some commercial and retail properties in India.

(f) Refer Note 48 for disclosure of Capital Commitments for acquisition of property, plant and equipment and investment property.

(a) The Companyâs investment property consists of some commercial and retail properties in India.

g) As per the Companyâs assessment, there are no material income tax uncertainties over income tax treatments during the current and previous financial year.

(a) Includes

(i) Balances with Banks in current accounts includes INR 0.02 Crore (Previous Year: INR 0.03 Crore) is on account of earmarked balance for unclaimed dividend.

(ii) Balances with Banks in current accounts includes INR 0.42 Crore (Previous Year: INR 0.54 Crore) received from flat buyers towards maintenance charges.

(b) Includes

(i) INR 49.41 Crore (Previous Year: INR 40.01 Crore) received from flat buyers and held in trust on their behalf in a corpus fund and towards maintenance charges.

(ii) Deposits held as Deposit Repayment Reserve amounting to INR 0.10 Crore (Previous Year: INR 0.10 Crore).

(iii) Fixed deposits held as margin money and lien marked for issuing bank guarantees amounting to INR 0.20 Crore (Previous Year: INR 0.19 Crore).

20 Other Current Non Financial Assets

(a) Advance to Suppliers and Contractors includes advances amounting to INR 2.50 Crore (Previous Year: INR 1.35 Crore) secured against bank guarantees.

21 Equity Share Capital

g) Rights, preferences and restrictions attached to Equity shares

b) Measurement of Fair Value

(iv) For financial assets that are measured at fair value under Level 3, the carrying amounts are equal to the fair values.

(v) Lease liabilities are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

c) Risk Management Framework

d) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit Risk

(ii) Liquidity Risk

(iii) Market Risk.

(i) Credit risk

The carrying amount of financial assets represents the maximum credit exposure.

Trade Receivables

Investment in Securities, Loans to Related Parties, Project Deposits and Other Financial Assets

(ii) Liquidity risk

(iii) Market Risk

a) Currency Risk

Currency risk is not material, as the Companyâs primary business activities are within India and does not have significant exposure in foreign currency.

b) Interest Rate Risk

Fair value sensitivity analysis for fixed rate instruments

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for the Company by the amounts indicated in the table below. Given that the Company capitalises interest to the cost of inventory to the extent permissible, the amounts indicated below may have an impact on reported profits over the life cycle of projects to which such interest is capitalised. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the period.

40 Capital Management

The Companyâs policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Board of Directors seek to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages by a sound capital position.

41 Employee Stock Grant Scheme

42 Leases

b) As a lessor

The Company engaged primarily in the business of real estate construction, development and other related activities.

All the Contracts entered with the customers consists of a single performance obligation thereby the consideration allocated to the performance obligation is based on standalone selling prices.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognises the entire estimated loss in the period the loss becomes known.

(d) Reconciliation of revenue recognised in the Standalone Statement of Profit and Loss

The following table discloses the reconciliation of amount of revenue recognised as at 31 March 2021:

47 Scheme of Amalgamation

Amalgamation of Wonder Space Properties Private Limited (WSPPL) with Godrej Properties Limited (GPL) :

Pursuant to the Scheme of Amalgamation (the Scheme) under Section 230 to 240 of the Companies Act, 2013 sanctioned by the

National Company Law Tribunal at Mumbai Bench on September 14, 2020 and filed with the Registrar of Companies (RoC) on

October 26, 2020, WSPPL, a 100% Subsidiary of Godrej Properties Limited (GPL), is amalgamated with GPL w.e.f. April 05, 2019,

the Appointed Date.

As per the said Scheme:

Impact on the Standalone Balance Sheet and Standalone Statement of Profit and Loss:

The impact of amalgamation on the Balance Sheet and Statement of Profit and Loss due to the above amalgamations are

summarised as below:

48 Contingent Liabilities and Commitments
a)	Contingent Liabilities
Matters			March 31,2021	March 31, 2020 (Restated)
I)	Claims against Company not Acknowledged as debts:
	i)	Claims not acknowledged as debts represent cases filed by parties in the Consumer forum, Civil Court and High Court and disputed by the Company as advised by advocates. In the opinion of the management the claims are not sustainable	194.90	36.98
	ii)	Claims under Income Tax Act, Appeal preferred to The Deputy Commissioner/ Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal	11.65	10.91
	iii)	Claims under VAT, Appeal preferred to The Deputy Commissioner/Joint Commissioner of Sales Taxes (Appeals)	14.72	13.73
	iv)	Appeal preferred to Customs, Excise and Service Tax Appellate tribunal.	69.89	61.65
	v)	Appeal under GST, preferred before Mumbai High Court	13.21	-
	vi)	Appeal under GST, to be preferred before Commissioner Appeals	0.06	-
	vii)	Appeal preferred to The Joint Commissioner of Sales Tax (Appeal -4) at Maharashtra under Entry of Goods Into Local Areas Act, 2002	0.79	0.77
II)	Guarantees:
	i)	Guarantees given by Bank, counter guaranteed by the Company	177.72	36.02
	ii)	Guarantees given by the Company	7.29	13.10

c) Commitments
(i) Particulars	March 31, 2021	March 31, 2020 (Restated)
Capital Commitment (includes Capital work-in-progress and Investment Property under construction) (Net of advance)	17.54	31.76

50 Foreign Exchange Difference

The amount of exchange difference included in the Standalone Statement of Profit and Loss, is INR 0.06 Crore (Net Loss) (Previous Year: INR 0.22 Crore (Net Gain)).

52 Corporate Social Responsibility

(a) Gross amount required to be spent by the Company during the year INR 6.71 Crore. (Previous Year: INR 3.13 Crore)

54 Segment Reporting

A. Basis of Segmentation

Factors used to identify the entity''s reportable segments, including the basis of organisation

B. Geographical Information

C. Information about major customers

Revenue from one customer is INR 195.20 Crore for the year ended March 31,2021 (Previous Year: INR Nil) constituted more than 10% of the total revenue of the Company.

55 The write-down of inventories to net realisable value during the year amounted to INR 105.71 Crore (Previous Year: INR 27.74 Crore).

60 Cash and Cash Equivalents and Bank Balances includes balances in Escrow Account which shall be used only for specified purposes as defined under Real Estate (Regulation and Development) Act, 2016.

Mar 31, 2021

(a) The Companyâs investment property under construction consists of some commercial and retail properties in India.

(f) Refer Note 48 for disclosure of Capital Commitments for acquisition of property, plant and equipment and investment property.

(a) The Companyâs investment property consists of some commercial and retail properties in India.

g) As per the Companyâs assessment, there are no material income tax uncertainties over income tax treatments during the current and previous financial year.

(a) Includes

(i) Balances with Banks in current accounts includes INR 0.02 Crore (Previous Year: INR 0.03 Crore) is on account of earmarked balance for unclaimed dividend.

(ii) Balances with Banks in current accounts includes INR 0.42 Crore (Previous Year: INR 0.54 Crore) received from flat buyers towards maintenance charges.

(b) Includes

(i) INR 49.41 Crore (Previous Year: INR 40.01 Crore) received from flat buyers and held in trust on their behalf in a corpus fund and towards maintenance charges.

(ii) Deposits held as Deposit Repayment Reserve amounting to INR 0.10 Crore (Previous Year: INR 0.10 Crore).

(iii) Fixed deposits held as margin money and lien marked for issuing bank guarantees amounting to INR 0.20 Crore (Previous Year: INR 0.19 Crore).

20 Other Current Non Financial Assets

(a) Advance to Suppliers and Contractors includes advances amounting to INR 2.50 Crore (Previous Year: INR 1.35 Crore) secured against bank guarantees.

21 Equity Share Capital

g) Rights, preferences and restrictions attached to Equity shares

b) Measurement of Fair Value

(iv) For financial assets that are measured at fair value under Level 3, the carrying amounts are equal to the fair values.

(v) Lease liabilities are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

c) Risk Management Framework

d) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit Risk

(ii) Liquidity Risk

(iii) Market Risk.

(i) Credit risk

The carrying amount of financial assets represents the maximum credit exposure.

Trade Receivables

Investment in Securities, Loans to Related Parties, Project Deposits and Other Financial Assets

(ii) Liquidity risk

(iii) Market Risk

a) Currency Risk

Currency risk is not material, as the Companyâs primary business activities are within India and does not have significant exposure in foreign currency.

b) Interest Rate Risk

Fair value sensitivity analysis for fixed rate instruments

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for the Company by the amounts indicated in the table below. Given that the Company capitalises interest to the cost of inventory to the extent permissible, the amounts indicated below may have an impact on reported profits over the life cycle of projects to which such interest is capitalised. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the period.

40 Capital Management

The Companyâs policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Board of Directors seek to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages by a sound capital position.

41 Employee Stock Grant Scheme

42 Leases

b) As a lessor

The Company engaged primarily in the business of real estate construction, development and other related activities.

All the Contracts entered with the customers consists of a single performance obligation thereby the consideration allocated to the performance obligation is based on standalone selling prices.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognises the entire estimated loss in the period the loss becomes known.

(d) Reconciliation of revenue recognised in the Standalone Statement of Profit and Loss

The following table discloses the reconciliation of amount of revenue recognised as at 31 March 2021:

47 Scheme of Amalgamation

Amalgamation of Wonder Space Properties Private Limited (WSPPL) with Godrej Properties Limited (GPL) :

Pursuant to the Scheme of Amalgamation (the Scheme) under Section 230 to 240 of the Companies Act, 2013 sanctioned by the

National Company Law Tribunal at Mumbai Bench on September 14, 2020 and filed with the Registrar of Companies (RoC) on

October 26, 2020, WSPPL, a 100% Subsidiary of Godrej Properties Limited (GPL), is amalgamated with GPL w.e.f. April 05, 2019,

the Appointed Date.

As per the said Scheme:

Impact on the Standalone Balance Sheet and Standalone Statement of Profit and Loss:

The impact of amalgamation on the Balance Sheet and Statement of Profit and Loss due to the above amalgamations are

summarised as below:

48 Contingent Liabilities and Commitments
a)	Contingent Liabilities
Matters			March 31,2021	March 31, 2020 (Restated)
I)	Claims against Company not Acknowledged as debts:
	i)	Claims not acknowledged as debts represent cases filed by parties in the Consumer forum, Civil Court and High Court and disputed by the Company as advised by advocates. In the opinion of the management the claims are not sustainable	194.90	36.98
	ii)	Claims under Income Tax Act, Appeal preferred to The Deputy Commissioner/ Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal	11.65	10.91
	iii)	Claims under VAT, Appeal preferred to The Deputy Commissioner/Joint Commissioner of Sales Taxes (Appeals)	14.72	13.73
	iv)	Appeal preferred to Customs, Excise and Service Tax Appellate tribunal.	69.89	61.65
	v)	Appeal under GST, preferred before Mumbai High Court	13.21	-
	vi)	Appeal under GST, to be preferred before Commissioner Appeals	0.06	-
	vii)	Appeal preferred to The Joint Commissioner of Sales Tax (Appeal -4) at Maharashtra under Entry of Goods Into Local Areas Act, 2002	0.79	0.77
II)	Guarantees:
	i)	Guarantees given by Bank, counter guaranteed by the Company	177.72	36.02
	ii)	Guarantees given by the Company	7.29	13.10

c) Commitments
(i) Particulars	March 31, 2021	March 31, 2020 (Restated)
Capital Commitment (includes Capital work-in-progress and Investment Property under construction) (Net of advance)	17.54	31.76

50 Foreign Exchange Difference

The amount of exchange difference included in the Standalone Statement of Profit and Loss, is INR 0.06 Crore (Net Loss) (Previous Year: INR 0.22 Crore (Net Gain)).

52 Corporate Social Responsibility

(a) Gross amount required to be spent by the Company during the year INR 6.71 Crore. (Previous Year: INR 3.13 Crore)

54 Segment Reporting

A. Basis of Segmentation

Factors used to identify the entity''s reportable segments, including the basis of organisation

B. Geographical Information

C. Information about major customers

Revenue from one customer is INR 195.20 Crore for the year ended March 31,2021 (Previous Year: INR Nil) constituted more than 10% of the total revenue of the Company.

55 The write-down of inventories to net realisable value during the year amounted to INR 105.71 Crore (Previous Year: INR 27.74 Crore).

60 Cash and Cash Equivalents and Bank Balances includes balances in Escrow Account which shall be used only for specified purposes as defined under Real Estate (Regulation and Development) Act, 2016.

Mar 31, 2021

(a) The Companyâs investment property under construction consists of some commercial and retail properties in India.

(f) Refer Note 48 for disclosure of Capital Commitments for acquisition of property, plant and equipment and investment property.

(a) The Companyâs investment property consists of some commercial and retail properties in India.

g) As per the Companyâs assessment, there are no material income tax uncertainties over income tax treatments during the current and previous financial year.

(a) Includes

(i) Balances with Banks in current accounts includes INR 0.02 Crore (Previous Year: INR 0.03 Crore) is on account of earmarked balance for unclaimed dividend.

(ii) Balances with Banks in current accounts includes INR 0.42 Crore (Previous Year: INR 0.54 Crore) received from flat buyers towards maintenance charges.

(b) Includes

(i) INR 49.41 Crore (Previous Year: INR 40.01 Crore) received from flat buyers and held in trust on their behalf in a corpus fund and towards maintenance charges.

(ii) Deposits held as Deposit Repayment Reserve amounting to INR 0.10 Crore (Previous Year: INR 0.10 Crore).

(iii) Fixed deposits held as margin money and lien marked for issuing bank guarantees amounting to INR 0.20 Crore (Previous Year: INR 0.19 Crore).

20 Other Current Non Financial Assets

(a) Advance to Suppliers and Contractors includes advances amounting to INR 2.50 Crore (Previous Year: INR 1.35 Crore) secured against bank guarantees.

21 Equity Share Capital

g) Rights, preferences and restrictions attached to Equity shares

b) Measurement of Fair Value

(iv) For financial assets that are measured at fair value under Level 3, the carrying amounts are equal to the fair values.

(v) Lease liabilities are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

c) Risk Management Framework

d) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit Risk

(ii) Liquidity Risk

(iii) Market Risk.

(i) Credit risk

The carrying amount of financial assets represents the maximum credit exposure.

Trade Receivables

Investment in Securities, Loans to Related Parties, Project Deposits and Other Financial Assets

(ii) Liquidity risk

(iii) Market Risk

a) Currency Risk

Currency risk is not material, as the Companyâs primary business activities are within India and does not have significant exposure in foreign currency.

b) Interest Rate Risk

Fair value sensitivity analysis for fixed rate instruments

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for the Company by the amounts indicated in the table below. Given that the Company capitalises interest to the cost of inventory to the extent permissible, the amounts indicated below may have an impact on reported profits over the life cycle of projects to which such interest is capitalised. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the period.

40 Capital Management

The Companyâs policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Board of Directors seek to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages by a sound capital position.

41 Employee Stock Grant Scheme

42 Leases

b) As a lessor

The Company engaged primarily in the business of real estate construction, development and other related activities.

All the Contracts entered with the customers consists of a single performance obligation thereby the consideration allocated to the performance obligation is based on standalone selling prices.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognises the entire estimated loss in the period the loss becomes known.

(d) Reconciliation of revenue recognised in the Standalone Statement of Profit and Loss

The following table discloses the reconciliation of amount of revenue recognised as at 31 March 2021:

47 Scheme of Amalgamation

Amalgamation of Wonder Space Properties Private Limited (WSPPL) with Godrej Properties Limited (GPL) :

Pursuant to the Scheme of Amalgamation (the Scheme) under Section 230 to 240 of the Companies Act, 2013 sanctioned by the

National Company Law Tribunal at Mumbai Bench on September 14, 2020 and filed with the Registrar of Companies (RoC) on

October 26, 2020, WSPPL, a 100% Subsidiary of Godrej Properties Limited (GPL), is amalgamated with GPL w.e.f. April 05, 2019,

the Appointed Date.

As per the said Scheme:

Impact on the Standalone Balance Sheet and Standalone Statement of Profit and Loss:

The impact of amalgamation on the Balance Sheet and Statement of Profit and Loss due to the above amalgamations are

summarised as below:

48 Contingent Liabilities and Commitments
a)	Contingent Liabilities
Matters			March 31,2021	March 31, 2020 (Restated)
I)	Claims against Company not Acknowledged as debts:
	i)	Claims not acknowledged as debts represent cases filed by parties in the Consumer forum, Civil Court and High Court and disputed by the Company as advised by advocates. In the opinion of the management the claims are not sustainable	194.90	36.98
	ii)	Claims under Income Tax Act, Appeal preferred to The Deputy Commissioner/ Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal	11.65	10.91
	iii)	Claims under VAT, Appeal preferred to The Deputy Commissioner/Joint Commissioner of Sales Taxes (Appeals)	14.72	13.73
	iv)	Appeal preferred to Customs, Excise and Service Tax Appellate tribunal.	69.89	61.65
	v)	Appeal under GST, preferred before Mumbai High Court	13.21	-
	vi)	Appeal under GST, to be preferred before Commissioner Appeals	0.06	-
	vii)	Appeal preferred to The Joint Commissioner of Sales Tax (Appeal -4) at Maharashtra under Entry of Goods Into Local Areas Act, 2002	0.79	0.77
II)	Guarantees:
	i)	Guarantees given by Bank, counter guaranteed by the Company	177.72	36.02
	ii)	Guarantees given by the Company	7.29	13.10

c) Commitments
(i) Particulars	March 31, 2021	March 31, 2020 (Restated)
Capital Commitment (includes Capital work-in-progress and Investment Property under construction) (Net of advance)	17.54	31.76

50 Foreign Exchange Difference

The amount of exchange difference included in the Standalone Statement of Profit and Loss, is INR 0.06 Crore (Net Loss) (Previous Year: INR 0.22 Crore (Net Gain)).

52 Corporate Social Responsibility

(a) Gross amount required to be spent by the Company during the year INR 6.71 Crore. (Previous Year: INR 3.13 Crore)

54 Segment Reporting

A. Basis of Segmentation

Factors used to identify the entity''s reportable segments, including the basis of organisation

B. Geographical Information

C. Information about major customers

Revenue from one customer is INR 195.20 Crore for the year ended March 31,2021 (Previous Year: INR Nil) constituted more than 10% of the total revenue of the Company.

55 The write-down of inventories to net realisable value during the year amounted to INR 105.71 Crore (Previous Year: INR 27.74 Crore).

60 Cash and Cash Equivalents and Bank Balances includes balances in Escrow Account which shall be used only for specified purposes as defined under Real Estate (Regulation and Development) Act, 2016.

Mar 31, 2021

(a) The Companyâs investment property under construction consists of some commercial and retail properties in India.

(f) Refer Note 48 for disclosure of Capital Commitments for acquisition of property, plant and equipment and investment property.

(a) The Companyâs investment property consists of some commercial and retail properties in India.

g) As per the Companyâs assessment, there are no material income tax uncertainties over income tax treatments during the current and previous financial year.

(a) Includes

(i) Balances with Banks in current accounts includes INR 0.02 Crore (Previous Year: INR 0.03 Crore) is on account of earmarked balance for unclaimed dividend.

(ii) Balances with Banks in current accounts includes INR 0.42 Crore (Previous Year: INR 0.54 Crore) received from flat buyers towards maintenance charges.

(b) Includes

(i) INR 49.41 Crore (Previous Year: INR 40.01 Crore) received from flat buyers and held in trust on their behalf in a corpus fund and towards maintenance charges.

(ii) Deposits held as Deposit Repayment Reserve amounting to INR 0.10 Crore (Previous Year: INR 0.10 Crore).

(iii) Fixed deposits held as margin money and lien marked for issuing bank guarantees amounting to INR 0.20 Crore (Previous Year: INR 0.19 Crore).

20 Other Current Non Financial Assets

(a) Advance to Suppliers and Contractors includes advances amounting to INR 2.50 Crore (Previous Year: INR 1.35 Crore) secured against bank guarantees.

21 Equity Share Capital

g) Rights, preferences and restrictions attached to Equity shares

b) Measurement of Fair Value

(iv) For financial assets that are measured at fair value under Level 3, the carrying amounts are equal to the fair values.

(v) Lease liabilities are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

c) Risk Management Framework

d) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit Risk

(ii) Liquidity Risk

(iii) Market Risk.

(i) Credit risk

The carrying amount of financial assets represents the maximum credit exposure.

Trade Receivables

Investment in Securities, Loans to Related Parties, Project Deposits and Other Financial Assets

(ii) Liquidity risk

(iii) Market Risk

a) Currency Risk

Currency risk is not material, as the Companyâs primary business activities are within India and does not have significant exposure in foreign currency.

b) Interest Rate Risk

Fair value sensitivity analysis for fixed rate instruments

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for the Company by the amounts indicated in the table below. Given that the Company capitalises interest to the cost of inventory to the extent permissible, the amounts indicated below may have an impact on reported profits over the life cycle of projects to which such interest is capitalised. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the period.

40 Capital Management

The Companyâs policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Board of Directors seek to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages by a sound capital position.

41 Employee Stock Grant Scheme

42 Leases

b) As a lessor

The Company engaged primarily in the business of real estate construction, development and other related activities.

All the Contracts entered with the customers consists of a single performance obligation thereby the consideration allocated to the performance obligation is based on standalone selling prices.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognises the entire estimated loss in the period the loss becomes known.

(d) Reconciliation of revenue recognised in the Standalone Statement of Profit and Loss

The following table discloses the reconciliation of amount of revenue recognised as at 31 March 2021:

47 Scheme of Amalgamation

Amalgamation of Wonder Space Properties Private Limited (WSPPL) with Godrej Properties Limited (GPL) :

Pursuant to the Scheme of Amalgamation (the Scheme) under Section 230 to 240 of the Companies Act, 2013 sanctioned by the

National Company Law Tribunal at Mumbai Bench on September 14, 2020 and filed with the Registrar of Companies (RoC) on

October 26, 2020, WSPPL, a 100% Subsidiary of Godrej Properties Limited (GPL), is amalgamated with GPL w.e.f. April 05, 2019,

the Appointed Date.

As per the said Scheme:

Impact on the Standalone Balance Sheet and Standalone Statement of Profit and Loss:

The impact of amalgamation on the Balance Sheet and Statement of Profit and Loss due to the above amalgamations are

summarised as below:

48 Contingent Liabilities and Commitments
a)	Contingent Liabilities
Matters			March 31,2021	March 31, 2020 (Restated)
I)	Claims against Company not Acknowledged as debts:
	i)	Claims not acknowledged as debts represent cases filed by parties in the Consumer forum, Civil Court and High Court and disputed by the Company as advised by advocates. In the opinion of the management the claims are not sustainable	194.90	36.98
	ii)	Claims under Income Tax Act, Appeal preferred to The Deputy Commissioner/ Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal	11.65	10.91
	iii)	Claims under VAT, Appeal preferred to The Deputy Commissioner/Joint Commissioner of Sales Taxes (Appeals)	14.72	13.73
	iv)	Appeal preferred to Customs, Excise and Service Tax Appellate tribunal.	69.89	61.65
	v)	Appeal under GST, preferred before Mumbai High Court	13.21	-
	vi)	Appeal under GST, to be preferred before Commissioner Appeals	0.06	-
	vii)	Appeal preferred to The Joint Commissioner of Sales Tax (Appeal -4) at Maharashtra under Entry of Goods Into Local Areas Act, 2002	0.79	0.77
II)	Guarantees:
	i)	Guarantees given by Bank, counter guaranteed by the Company	177.72	36.02
	ii)	Guarantees given by the Company	7.29	13.10

c) Commitments
(i) Particulars	March 31, 2021	March 31, 2020 (Restated)
Capital Commitment (includes Capital work-in-progress and Investment Property under construction) (Net of advance)	17.54	31.76

50 Foreign Exchange Difference

The amount of exchange difference included in the Standalone Statement of Profit and Loss, is INR 0.06 Crore (Net Loss) (Previous Year: INR 0.22 Crore (Net Gain)).

52 Corporate Social Responsibility

(a) Gross amount required to be spent by the Company during the year INR 6.71 Crore. (Previous Year: INR 3.13 Crore)

54 Segment Reporting

A. Basis of Segmentation

Factors used to identify the entity''s reportable segments, including the basis of organisation

B. Geographical Information

C. Information about major customers

Revenue from one customer is INR 195.20 Crore for the year ended March 31,2021 (Previous Year: INR Nil) constituted more than 10% of the total revenue of the Company.

55 The write-down of inventories to net realisable value during the year amounted to INR 105.71 Crore (Previous Year: INR 27.74 Crore).

60 Cash and Cash Equivalents and Bank Balances includes balances in Escrow Account which shall be used only for specified purposes as defined under Real Estate (Regulation and Development) Act, 2016.

Mar 31, 2021

(a) The Companyâs investment property under construction consists of some commercial and retail properties in India.

(f) Refer Note 48 for disclosure of Capital Commitments for acquisition of property, plant and equipment and investment property.

(a) The Companyâs investment property consists of some commercial and retail properties in India.

g) As per the Companyâs assessment, there are no material income tax uncertainties over income tax treatments during the current and previous financial year.

(a) Includes

(i) Balances with Banks in current accounts includes INR 0.02 Crore (Previous Year: INR 0.03 Crore) is on account of earmarked balance for unclaimed dividend.

(ii) Balances with Banks in current accounts includes INR 0.42 Crore (Previous Year: INR 0.54 Crore) received from flat buyers towards maintenance charges.

(b) Includes

(i) INR 49.41 Crore (Previous Year: INR 40.01 Crore) received from flat buyers and held in trust on their behalf in a corpus fund and towards maintenance charges.

(ii) Deposits held as Deposit Repayment Reserve amounting to INR 0.10 Crore (Previous Year: INR 0.10 Crore).

(iii) Fixed deposits held as margin money and lien marked for issuing bank guarantees amounting to INR 0.20 Crore (Previous Year: INR 0.19 Crore).

20 Other Current Non Financial Assets

(a) Advance to Suppliers and Contractors includes advances amounting to INR 2.50 Crore (Previous Year: INR 1.35 Crore) secured against bank guarantees.

21 Equity Share Capital

g) Rights, preferences and restrictions attached to Equity shares

b) Measurement of Fair Value

(iv) For financial assets that are measured at fair value under Level 3, the carrying amounts are equal to the fair values.

(v) Lease liabilities are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

c) Risk Management Framework

d) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit Risk

(ii) Liquidity Risk

(iii) Market Risk.

(i) Credit risk

The carrying amount of financial assets represents the maximum credit exposure.

Trade Receivables

Investment in Securities, Loans to Related Parties, Project Deposits and Other Financial Assets

(ii) Liquidity risk

(iii) Market Risk

a) Currency Risk

Currency risk is not material, as the Companyâs primary business activities are within India and does not have significant exposure in foreign currency.

b) Interest Rate Risk

Fair value sensitivity analysis for fixed rate instruments

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for the Company by the amounts indicated in the table below. Given that the Company capitalises interest to the cost of inventory to the extent permissible, the amounts indicated below may have an impact on reported profits over the life cycle of projects to which such interest is capitalised. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the period.

40 Capital Management

The Companyâs policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Board of Directors seek to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages by a sound capital position.

41 Employee Stock Grant Scheme

42 Leases

b) As a lessor

The Company engaged primarily in the business of real estate construction, development and other related activities.

All the Contracts entered with the customers consists of a single performance obligation thereby the consideration allocated to the performance obligation is based on standalone selling prices.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognises the entire estimated loss in the period the loss becomes known.

(d) Reconciliation of revenue recognised in the Standalone Statement of Profit and Loss

The following table discloses the reconciliation of amount of revenue recognised as at 31 March 2021:

47 Scheme of Amalgamation

Amalgamation of Wonder Space Properties Private Limited (WSPPL) with Godrej Properties Limited (GPL) :

Pursuant to the Scheme of Amalgamation (the Scheme) under Section 230 to 240 of the Companies Act, 2013 sanctioned by the

National Company Law Tribunal at Mumbai Bench on September 14, 2020 and filed with the Registrar of Companies (RoC) on

October 26, 2020, WSPPL, a 100% Subsidiary of Godrej Properties Limited (GPL), is amalgamated with GPL w.e.f. April 05, 2019,

the Appointed Date.

As per the said Scheme:

Impact on the Standalone Balance Sheet and Standalone Statement of Profit and Loss:

The impact of amalgamation on the Balance Sheet and Statement of Profit and Loss due to the above amalgamations are

summarised as below:

48 Contingent Liabilities and Commitments
a)	Contingent Liabilities
Matters			March 31,2021	March 31, 2020 (Restated)
I)	Claims against Company not Acknowledged as debts:
	i)	Claims not acknowledged as debts represent cases filed by parties in the Consumer forum, Civil Court and High Court and disputed by the Company as advised by advocates. In the opinion of the management the claims are not sustainable	194.90	36.98
	ii)	Claims under Income Tax Act, Appeal preferred to The Deputy Commissioner/ Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal	11.65	10.91
	iii)	Claims under VAT, Appeal preferred to The Deputy Commissioner/Joint Commissioner of Sales Taxes (Appeals)	14.72	13.73
	iv)	Appeal preferred to Customs, Excise and Service Tax Appellate tribunal.	69.89	61.65
	v)	Appeal under GST, preferred before Mumbai High Court	13.21	-
	vi)	Appeal under GST, to be preferred before Commissioner Appeals	0.06	-
	vii)	Appeal preferred to The Joint Commissioner of Sales Tax (Appeal -4) at Maharashtra under Entry of Goods Into Local Areas Act, 2002	0.79	0.77
II)	Guarantees:
	i)	Guarantees given by Bank, counter guaranteed by the Company	177.72	36.02
	ii)	Guarantees given by the Company	7.29	13.10

c) Commitments
(i) Particulars	March 31, 2021	March 31, 2020 (Restated)
Capital Commitment (includes Capital work-in-progress and Investment Property under construction) (Net of advance)	17.54	31.76

50 Foreign Exchange Difference

The amount of exchange difference included in the Standalone Statement of Profit and Loss, is INR 0.06 Crore (Net Loss) (Previous Year: INR 0.22 Crore (Net Gain)).

52 Corporate Social Responsibility

(a) Gross amount required to be spent by the Company during the year INR 6.71 Crore. (Previous Year: INR 3.13 Crore)

54 Segment Reporting

A. Basis of Segmentation

Factors used to identify the entity''s reportable segments, including the basis of organisation

B. Geographical Information

C. Information about major customers

Revenue from one customer is INR 195.20 Crore for the year ended March 31,2021 (Previous Year: INR Nil) constituted more than 10% of the total revenue of the Company.

55 The write-down of inventories to net realisable value during the year amounted to INR 105.71 Crore (Previous Year: INR 27.74 Crore).

60 Cash and Cash Equivalents and Bank Balances includes balances in Escrow Account which shall be used only for specified purposes as defined under Real Estate (Regulation and Development) Act, 2016.

Mar 31, 2021

(a) The Companyâs investment property under construction consists of some commercial and retail properties in India.

(f) Refer Note 48 for disclosure of Capital Commitments for acquisition of property, plant and equipment and investment property.

(a) The Companyâs investment property consists of some commercial and retail properties in India.

g) As per the Companyâs assessment, there are no material income tax uncertainties over income tax treatments during the current and previous financial year.

(a) Includes

(i) Balances with Banks in current accounts includes INR 0.02 Crore (Previous Year: INR 0.03 Crore) is on account of earmarked balance for unclaimed dividend.

(ii) Balances with Banks in current accounts includes INR 0.42 Crore (Previous Year: INR 0.54 Crore) received from flat buyers towards maintenance charges.

(b) Includes

(i) INR 49.41 Crore (Previous Year: INR 40.01 Crore) received from flat buyers and held in trust on their behalf in a corpus fund and towards maintenance charges.

(ii) Deposits held as Deposit Repayment Reserve amounting to INR 0.10 Crore (Previous Year: INR 0.10 Crore).

(iii) Fixed deposits held as margin money and lien marked for issuing bank guarantees amounting to INR 0.20 Crore (Previous Year: INR 0.19 Crore).

20 Other Current Non Financial Assets

(a) Advance to Suppliers and Contractors includes advances amounting to INR 2.50 Crore (Previous Year: INR 1.35 Crore) secured against bank guarantees.

21 Equity Share Capital

g) Rights, preferences and restrictions attached to Equity shares

b) Measurement of Fair Value

(iv) For financial assets that are measured at fair value under Level 3, the carrying amounts are equal to the fair values.

(v) Lease liabilities are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

c) Risk Management Framework

d) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit Risk

(ii) Liquidity Risk

(iii) Market Risk.

(i) Credit risk

The carrying amount of financial assets represents the maximum credit exposure.

Trade Receivables

Investment in Securities, Loans to Related Parties, Project Deposits and Other Financial Assets

(ii) Liquidity risk

(iii) Market Risk

a) Currency Risk

Currency risk is not material, as the Companyâs primary business activities are within India and does not have significant exposure in foreign currency.

b) Interest Rate Risk

Fair value sensitivity analysis for fixed rate instruments

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for the Company by the amounts indicated in the table below. Given that the Company capitalises interest to the cost of inventory to the extent permissible, the amounts indicated below may have an impact on reported profits over the life cycle of projects to which such interest is capitalised. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the period.

40 Capital Management

The Companyâs policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Board of Directors seek to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages by a sound capital position.

41 Employee Stock Grant Scheme

42 Leases

b) As a lessor

The Company engaged primarily in the business of real estate construction, development and other related activities.

All the Contracts entered with the customers consists of a single performance obligation thereby the consideration allocated to the performance obligation is based on standalone selling prices.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognises the entire estimated loss in the period the loss becomes known.

(d) Reconciliation of revenue recognised in the Standalone Statement of Profit and Loss

The following table discloses the reconciliation of amount of revenue recognised as at 31 March 2021:

47 Scheme of Amalgamation

Amalgamation of Wonder Space Properties Private Limited (WSPPL) with Godrej Properties Limited (GPL) :

Pursuant to the Scheme of Amalgamation (the Scheme) under Section 230 to 240 of the Companies Act, 2013 sanctioned by the

National Company Law Tribunal at Mumbai Bench on September 14, 2020 and filed with the Registrar of Companies (RoC) on

October 26, 2020, WSPPL, a 100% Subsidiary of Godrej Properties Limited (GPL), is amalgamated with GPL w.e.f. April 05, 2019,

the Appointed Date.

As per the said Scheme:

Impact on the Standalone Balance Sheet and Standalone Statement of Profit and Loss:

The impact of amalgamation on the Balance Sheet and Statement of Profit and Loss due to the above amalgamations are

summarised as below:

48 Contingent Liabilities and Commitments
a)	Contingent Liabilities
Matters			March 31,2021	March 31, 2020 (Restated)
I)	Claims against Company not Acknowledged as debts:
	i)	Claims not acknowledged as debts represent cases filed by parties in the Consumer forum, Civil Court and High Court and disputed by the Company as advised by advocates. In the opinion of the management the claims are not sustainable	194.90	36.98
	ii)	Claims under Income Tax Act, Appeal preferred to The Deputy Commissioner/ Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal	11.65	10.91
	iii)	Claims under VAT, Appeal preferred to The Deputy Commissioner/Joint Commissioner of Sales Taxes (Appeals)	14.72	13.73
	iv)	Appeal preferred to Customs, Excise and Service Tax Appellate tribunal.	69.89	61.65
	v)	Appeal under GST, preferred before Mumbai High Court	13.21	-
	vi)	Appeal under GST, to be preferred before Commissioner Appeals	0.06	-
	vii)	Appeal preferred to The Joint Commissioner of Sales Tax (Appeal -4) at Maharashtra under Entry of Goods Into Local Areas Act, 2002	0.79	0.77
II)	Guarantees:
	i)	Guarantees given by Bank, counter guaranteed by the Company	177.72	36.02
	ii)	Guarantees given by the Company	7.29	13.10

c) Commitments
(i) Particulars	March 31, 2021	March 31, 2020 (Restated)
Capital Commitment (includes Capital work-in-progress and Investment Property under construction) (Net of advance)	17.54	31.76

50 Foreign Exchange Difference

The amount of exchange difference included in the Standalone Statement of Profit and Loss, is INR 0.06 Crore (Net Loss) (Previous Year: INR 0.22 Crore (Net Gain)).

52 Corporate Social Responsibility

(a) Gross amount required to be spent by the Company during the year INR 6.71 Crore. (Previous Year: INR 3.13 Crore)

54 Segment Reporting

A. Basis of Segmentation

Factors used to identify the entity''s reportable segments, including the basis of organisation

B. Geographical Information

C. Information about major customers

Revenue from one customer is INR 195.20 Crore for the year ended March 31,2021 (Previous Year: INR Nil) constituted more than 10% of the total revenue of the Company.

55 The write-down of inventories to net realisable value during the year amounted to INR 105.71 Crore (Previous Year: INR 27.74 Crore).

60 Cash and Cash Equivalents and Bank Balances includes balances in Escrow Account which shall be used only for specified purposes as defined under Real Estate (Regulation and Development) Act, 2016.

Mar 31, 2021

(a) The Companyâs investment property under construction consists of some commercial and retail properties in India.

(f) Refer Note 48 for disclosure of Capital Commitments for acquisition of property, plant and equipment and investment property.

(a) The Companyâs investment property consists of some commercial and retail properties in India.

g) As per the Companyâs assessment, there are no material income tax uncertainties over income tax treatments during the current and previous financial year.

(a) Includes

(i) Balances with Banks in current accounts includes INR 0.02 Crore (Previous Year: INR 0.03 Crore) is on account of earmarked balance for unclaimed dividend.

(ii) Balances with Banks in current accounts includes INR 0.42 Crore (Previous Year: INR 0.54 Crore) received from flat buyers towards maintenance charges.

(b) Includes

(i) INR 49.41 Crore (Previous Year: INR 40.01 Crore) received from flat buyers and held in trust on their behalf in a corpus fund and towards maintenance charges.

(ii) Deposits held as Deposit Repayment Reserve amounting to INR 0.10 Crore (Previous Year: INR 0.10 Crore).

(iii) Fixed deposits held as margin money and lien marked for issuing bank guarantees amounting to INR 0.20 Crore (Previous Year: INR 0.19 Crore).

20 Other Current Non Financial Assets

(a) Advance to Suppliers and Contractors includes advances amounting to INR 2.50 Crore (Previous Year: INR 1.35 Crore) secured against bank guarantees.

21 Equity Share Capital

g) Rights, preferences and restrictions attached to Equity shares

b) Measurement of Fair Value

(iv) For financial assets that are measured at fair value under Level 3, the carrying amounts are equal to the fair values.

(v) Lease liabilities are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

c) Risk Management Framework

d) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit Risk

(ii) Liquidity Risk

(iii) Market Risk.

(i) Credit risk

The carrying amount of financial assets represents the maximum credit exposure.

Trade Receivables

Investment in Securities, Loans to Related Parties, Project Deposits and Other Financial Assets

(ii) Liquidity risk

(iii) Market Risk

a) Currency Risk

Currency risk is not material, as the Companyâs primary business activities are within India and does not have significant exposure in foreign currency.

b) Interest Rate Risk

Fair value sensitivity analysis for fixed rate instruments

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for the Company by the amounts indicated in the table below. Given that the Company capitalises interest to the cost of inventory to the extent permissible, the amounts indicated below may have an impact on reported profits over the life cycle of projects to which such interest is capitalised. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the period.

40 Capital Management

The Companyâs policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Board of Directors seek to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages by a sound capital position.

41 Employee Stock Grant Scheme

42 Leases

b) As a lessor

The Company engaged primarily in the business of real estate construction, development and other related activities.

All the Contracts entered with the customers consists of a single performance obligation thereby the consideration allocated to the performance obligation is based on standalone selling prices.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognises the entire estimated loss in the period the loss becomes known.

(d) Reconciliation of revenue recognised in the Standalone Statement of Profit and Loss

The following table discloses the reconciliation of amount of revenue recognised as at 31 March 2021:

47 Scheme of Amalgamation

Amalgamation of Wonder Space Properties Private Limited (WSPPL) with Godrej Properties Limited (GPL) :

Pursuant to the Scheme of Amalgamation (the Scheme) under Section 230 to 240 of the Companies Act, 2013 sanctioned by the

National Company Law Tribunal at Mumbai Bench on September 14, 2020 and filed with the Registrar of Companies (RoC) on

October 26, 2020, WSPPL, a 100% Subsidiary of Godrej Properties Limited (GPL), is amalgamated with GPL w.e.f. April 05, 2019,

the Appointed Date.

As per the said Scheme:

Impact on the Standalone Balance Sheet and Standalone Statement of Profit and Loss:

The impact of amalgamation on the Balance Sheet and Statement of Profit and Loss due to the above amalgamations are

summarised as below:

48 Contingent Liabilities and Commitments
a)	Contingent Liabilities
Matters			March 31,2021	March 31, 2020 (Restated)
I)	Claims against Company not Acknowledged as debts:
	i)	Claims not acknowledged as debts represent cases filed by parties in the Consumer forum, Civil Court and High Court and disputed by the Company as advised by advocates. In the opinion of the management the claims are not sustainable	194.90	36.98
	ii)	Claims under Income Tax Act, Appeal preferred to The Deputy Commissioner/ Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal	11.65	10.91
	iii)	Claims under VAT, Appeal preferred to The Deputy Commissioner/Joint Commissioner of Sales Taxes (Appeals)	14.72	13.73
	iv)	Appeal preferred to Customs, Excise and Service Tax Appellate tribunal.	69.89	61.65
	v)	Appeal under GST, preferred before Mumbai High Court	13.21	-
	vi)	Appeal under GST, to be preferred before Commissioner Appeals	0.06	-
	vii)	Appeal preferred to The Joint Commissioner of Sales Tax (Appeal -4) at Maharashtra under Entry of Goods Into Local Areas Act, 2002	0.79	0.77
II)	Guarantees:
	i)	Guarantees given by Bank, counter guaranteed by the Company	177.72	36.02
	ii)	Guarantees given by the Company	7.29	13.10

c) Commitments
(i) Particulars	March 31, 2021	March 31, 2020 (Restated)
Capital Commitment (includes Capital work-in-progress and Investment Property under construction) (Net of advance)	17.54	31.76

50 Foreign Exchange Difference

The amount of exchange difference included in the Standalone Statement of Profit and Loss, is INR 0.06 Crore (Net Loss) (Previous Year: INR 0.22 Crore (Net Gain)).

52 Corporate Social Responsibility

(a) Gross amount required to be spent by the Company during the year INR 6.71 Crore. (Previous Year: INR 3.13 Crore)

54 Segment Reporting

A. Basis of Segmentation

Factors used to identify the entity''s reportable segments, including the basis of organisation

B. Geographical Information

C. Information about major customers

Revenue from one customer is INR 195.20 Crore for the year ended March 31,2021 (Previous Year: INR Nil) constituted more than 10% of the total revenue of the Company.

55 The write-down of inventories to net realisable value during the year amounted to INR 105.71 Crore (Previous Year: INR 27.74 Crore).

60 Cash and Cash Equivalents and Bank Balances includes balances in Escrow Account which shall be used only for specified purposes as defined under Real Estate (Regulation and Development) Act, 2016.

Mar 31, 2021

(a) The Companyâs investment property under construction consists of some commercial and retail properties in India.

(f) Refer Note 48 for disclosure of Capital Commitments for acquisition of property, plant and equipment and investment property.

(a) The Companyâs investment property consists of some commercial and retail properties in India.

g) As per the Companyâs assessment, there are no material income tax uncertainties over income tax treatments during the current and previous financial year.

(a) Includes

(i) Balances with Banks in current accounts includes INR 0.02 Crore (Previous Year: INR 0.03 Crore) is on account of earmarked balance for unclaimed dividend.

(ii) Balances with Banks in current accounts includes INR 0.42 Crore (Previous Year: INR 0.54 Crore) received from flat buyers towards maintenance charges.

(b) Includes

(i) INR 49.41 Crore (Previous Year: INR 40.01 Crore) received from flat buyers and held in trust on their behalf in a corpus fund and towards maintenance charges.

(ii) Deposits held as Deposit Repayment Reserve amounting to INR 0.10 Crore (Previous Year: INR 0.10 Crore).

(iii) Fixed deposits held as margin money and lien marked for issuing bank guarantees amounting to INR 0.20 Crore (Previous Year: INR 0.19 Crore).

20 Other Current Non Financial Assets

(a) Advance to Suppliers and Contractors includes advances amounting to INR 2.50 Crore (Previous Year: INR 1.35 Crore) secured against bank guarantees.

21 Equity Share Capital

g) Rights, preferences and restrictions attached to Equity shares

b) Measurement of Fair Value

(iv) For financial assets that are measured at fair value under Level 3, the carrying amounts are equal to the fair values.

(v) Lease liabilities are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

c) Risk Management Framework

d) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit Risk

(ii) Liquidity Risk

(iii) Market Risk.

(i) Credit risk

The carrying amount of financial assets represents the maximum credit exposure.

Trade Receivables

Investment in Securities, Loans to Related Parties, Project Deposits and Other Financial Assets

(ii) Liquidity risk

(iii) Market Risk

a) Currency Risk

Currency risk is not material, as the Companyâs primary business activities are within India and does not have significant exposure in foreign currency.

b) Interest Rate Risk

Fair value sensitivity analysis for fixed rate instruments

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for the Company by the amounts indicated in the table below. Given that the Company capitalises interest to the cost of inventory to the extent permissible, the amounts indicated below may have an impact on reported profits over the life cycle of projects to which such interest is capitalised. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the period.

40 Capital Management

The Companyâs policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Board of Directors seek to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages by a sound capital position.

41 Employee Stock Grant Scheme

42 Leases

b) As a lessor

The Company engaged primarily in the business of real estate construction, development and other related activities.

All the Contracts entered with the customers consists of a single performance obligation thereby the consideration allocated to the performance obligation is based on standalone selling prices.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognises the entire estimated loss in the period the loss becomes known.

(d) Reconciliation of revenue recognised in the Standalone Statement of Profit and Loss

The following table discloses the reconciliation of amount of revenue recognised as at 31 March 2021:

47 Scheme of Amalgamation

Amalgamation of Wonder Space Properties Private Limited (WSPPL) with Godrej Properties Limited (GPL) :

Pursuant to the Scheme of Amalgamation (the Scheme) under Section 230 to 240 of the Companies Act, 2013 sanctioned by the

National Company Law Tribunal at Mumbai Bench on September 14, 2020 and filed with the Registrar of Companies (RoC) on

October 26, 2020, WSPPL, a 100% Subsidiary of Godrej Properties Limited (GPL), is amalgamated with GPL w.e.f. April 05, 2019,

the Appointed Date.

As per the said Scheme:

Impact on the Standalone Balance Sheet and Standalone Statement of Profit and Loss:

The impact of amalgamation on the Balance Sheet and Statement of Profit and Loss due to the above amalgamations are

summarised as below:

48 Contingent Liabilities and Commitments
a)	Contingent Liabilities
Matters			March 31,2021	March 31, 2020 (Restated)
I)	Claims against Company not Acknowledged as debts:
	i)	Claims not acknowledged as debts represent cases filed by parties in the Consumer forum, Civil Court and High Court and disputed by the Company as advised by advocates. In the opinion of the management the claims are not sustainable	194.90	36.98
	ii)	Claims under Income Tax Act, Appeal preferred to The Deputy Commissioner/ Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal	11.65	10.91
	iii)	Claims under VAT, Appeal preferred to The Deputy Commissioner/Joint Commissioner of Sales Taxes (Appeals)	14.72	13.73
	iv)	Appeal preferred to Customs, Excise and Service Tax Appellate tribunal.	69.89	61.65
	v)	Appeal under GST, preferred before Mumbai High Court	13.21	-
	vi)	Appeal under GST, to be preferred before Commissioner Appeals	0.06	-
	vii)	Appeal preferred to The Joint Commissioner of Sales Tax (Appeal -4) at Maharashtra under Entry of Goods Into Local Areas Act, 2002	0.79	0.77
II)	Guarantees:
	i)	Guarantees given by Bank, counter guaranteed by the Company	177.72	36.02
	ii)	Guarantees given by the Company	7.29	13.10

c) Commitments
(i) Particulars	March 31, 2021	March 31, 2020 (Restated)
Capital Commitment (includes Capital work-in-progress and Investment Property under construction) (Net of advance)	17.54	31.76

50 Foreign Exchange Difference

The amount of exchange difference included in the Standalone Statement of Profit and Loss, is INR 0.06 Crore (Net Loss) (Previous Year: INR 0.22 Crore (Net Gain)).

52 Corporate Social Responsibility

(a) Gross amount required to be spent by the Company during the year INR 6.71 Crore. (Previous Year: INR 3.13 Crore)

54 Segment Reporting

A. Basis of Segmentation

Factors used to identify the entity''s reportable segments, including the basis of organisation

B. Geographical Information

C. Information about major customers

Revenue from one customer is INR 195.20 Crore for the year ended March 31,2021 (Previous Year: INR Nil) constituted more than 10% of the total revenue of the Company.

55 The write-down of inventories to net realisable value during the year amounted to INR 105.71 Crore (Previous Year: INR 27.74 Crore).

60 Cash and Cash Equivalents and Bank Balances includes balances in Escrow Account which shall be used only for specified purposes as defined under Real Estate (Regulation and Development) Act, 2016.

Mar 31, 2019

Note 1: Liquidity risk

Exposure to liquidity risk

Note 2. : Currency risk Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Companyâs income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

We have a written treasury policy, and reconciliations of our positions with our counter-parties are performed at regular intervals.

Interest rate risk is covered by entering into fixed-rate instruments to ensure variability in cash flows attributable to interest rate risk is minimized. Currency risk

Exposure to currency risk

The summary quantitative data about the Companyâs exposure to currency risk as reported to the management of the Company is as follows. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.

Sensitivity analysis

A reasonably possible strengthening (weakening) of the Indian Rupee against all other currencies at March 31, 2019 would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

Note: Sensitivity has been calculated using standard Deviation % of USD rate movement.

Note 3.: Interest rate risk

Exposure to interest rate risk

The interest rate profile of the Company''s interest-bearing financial instruments as reported to the management of the Company is as follows.

Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any borrowings at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable-rate instruments

Note 4 : Hedge accounting

The Company''s risk management policy is to hedge its foreign currency exposure in accordance with the exposure limits advised from time to time. The Company uses forward exchange contracts to hedge its currency risk. Such contracts are generally designated as cash flow hedges.

The forward exchange contracts are denominated in the same currency as the highly probable future transaction value, therefore the hedge ratio is 1:1. The Company''s policy is for the critical terms of the forward exchange contracts to align with the hedged item.

The Company determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Company assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in the cash flows of the hedged item using the hypothetical derivative method.

In these hedge relationships, changes in timing of the hedged transactions is the main source of hedge ineffectiveness.

During the Previous Year the outstanding borrowings and the relevant forward contracts have been settled and hence, the amount in "Other Comprehensive Income" pertaining to cash flow hedge reserve (net of deferred tax) has been reclassified to the Profit & Loss.

Significant management judgment is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income by each jurisdiction in which the relevant entity operates and the period over which deferred income tax assets will be recovered.

Given that the Company does not have any intention to dispose investments in subsidiaries and certain joint ventures in the foreseeable future, deferred tax asset on indexation benefit in relation to such investments has not been recognized.

Note 5 : Capital management

The board of directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. The primary objective of the Company''s Capital Management is to maximize shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in the economic environment and the requirements of the financial covenants, if any.

The Company monitors capital using a ratio of âadjusted net debtâ to âequityâ. For this purpose, adjusted net debt is defined as total borrowings, comprising interest-bearing loans and borrowings less cash and cash equivalents. Equity comprises all components of equity.

Note 6.: Segment information for the year ended March 31, 2019

Factors used to identify the entityâs reportable segments, including the basis of organization -

1) Animal feed

2) Crop Protection

3) Vegetable Oil

4) Other Business Segment includes, Seed Business, Energy Generation through Windmill and Real Estate Business

(i) Information about Primary business Segments

(ii) The Segment revenue in each of the above business segments consists of sales (net of returns, goods and service tax, rebates etc.) and other operating revenue.

(iii) Segment Revenue, Results, Assets and liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis

(iv) Segment result of Other Business includes non-recurring income of Rs,30.49 crore being profit on sale of land.

1. There are no transactions with single external customers which amounts to 10% or more of the company''s revenue.

2. As the Company mainly caters to the need of domestic market and the total export turnover is not significant, separate geographical segment information has not been given in the standalone financial statements.

Note 7.: Share-based payment arrangements:

Description of share-based payment arrangements

Employee stock options

The Company has participated in the Godrej Industries Limited Employee Stock Grant Scheme 2011 and on May 30, 2011 the Compensation Committee of the Company has approved the grant of stocks to certain eligible employees in terms of the Employee Stock Grant Scheme 2011. The grants would vest in three equal parts every year over the next three years. The exercise price is Rs,1 per equity share as provided in the scheme. The Company has provided Rs,1.09 crore (Previous Year Rs,2.20 crore ) for the aforesaid eligible employees for the current financial year.

Employee stock grant scheme - equity settled

The Company had set up the Employees Stock Grant Scheme 2018 (ESGS) pursuant to the approval by the Shareholders by way of postal ballot, the result of which was declared on June 20,2018.

The ESGS Scheme is effective from April 1, 2018, (the âEffective Dateâ) and shall continue to be in force until (i) its termination by the Board or (ii) the date on which all of the shares to be vested under Employee Stock Grant Scheme 2018 have been vested in the Eligible Employees and all restrictions on such Stock Grants awarded under the terms of ESGS Scheme, if any, have lapsed, whichever is earlier.

The total number of Stock Grants to be awarded under the ESGS Scheme are restricted to 25,00,000 (Twenty five Lakhs) fully paid up equity shares of the Company. Not more than 5,00,000 (Five Lac) fully paid up equity shares or 1% of the issued equity share capital at the time of awarding the Stock Grant, whichever is lower, can be awarded to any one employee in any one year.

The Exercise Price of the shares has been fixed at Rs,10 per share. The fair value of the employee share options has been measured using the Black-Scholes Option Pricing Model and charged to the Statement of Profit and Loss. The value of the options is treated as a part of employee compensation in the financial statements and is amortized over the vesting period.

The Company has provided Rs,1.16 crore for all the eligible employees for current year.

Note 8.: Contingent liabilities represents estimates made mainly for probable claims arising out of litigation/ disputes pending with authorities under various statutes (Excise duty, Customs duty, Income tax).The probability and timing of outflow with regard to these matters depend on the final outcome of litigations/ disputes. Hence, the Company is not able to reasonably ascertain the timing of the outflow.

Note9. : The Honâble Supreme Court of India (âSCâ) by their order dated February 28, 2019, in the case of Surya Roshani Limited & others v/s EPFO, set out the principles based on which allowances paid to the employees should be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution. Subsequently, a review petition against this decision has been filed and is pending before the SC for disposal.

Pending decision on the subject review petition and directions from the EPFO, the management has a view that the applicability of the decision is prospective and accordingly provided the liability for March 2019.

The impact for the past period, will depend upon the outcome of subject review petition and directions from the EPFO and hence, disclosed as a Contingent liability in the financial statements. The impact of the same is not ascertainable

Based on the share purchase agreement ("SPA") entered into with the erstwhile promoter of its subsidiary company, Astec Lifesciences Limited, the Company has a commitment to purchase 5% of the subsidiary''s Equity shares from erstwhile promoter for a consideration of Rs,18.48 crores, in case, he exercises his put option available to him as per the SPA.

Note 10 : Leases Operating Lease:

The Companyâs leasing arrangements are in respect of operating leases for premises occupied by the Company. These leasing arrangements are renewable on a periodic basis by mutual consent on mutually acceptable terms.

Note 11 : Grants/subsidies from government

Subsidy amounting to Rs,5.26 crore (previous year Nil) accrued during the year is in the nature of capital subsidy.

Note 12. : Investments in subsidiaries

On March 27, 2019, the Company has acquired 13,310 equity shares of Godrej Maxximilk Pvt. Ltd (GMPL) for a consideration of Rs,0.21 crores. Subsequently on March 30, 2019 the Company has subscribed to 1,81,818 shares of GMPL for a consideration of Rs,3.00 crores.Pursuant to these acquisition and subscription, the shareholding in GMPL rose to 62.97% and it become a subsidiary of the Company.

During the year the Company has acquired 3,978 shares of Godrej Tyson Foods Pvt. Ltd (GTFL) for a consideration of Rs,6.91 crore. Pursuant to this acquisition of 2.0% stake in GTFL, it has become a subsidiary of the Company on March 27, 2019.

Note 13 : Information in respect of current investment in associates. during the previous year, the management has decided to divest its stake in AL Rahaba International Trading Limited Liability Company. Consequently, the same had been reclassified as current investment.

Note 14. : Amalgamation of oil palm companies.

To give effect to the Scheme of Amalgamation ("the Scheme") of Godrej Gokarna Oil Palm Ltd (GGOPL), Godrej Oil Palm Ltd (GOPL) and Cauvery Palm Oil Ltd (CPOL) ("the Transferor Companies") with Godrej Agrovet Limited (âthe Transferee Company"), effective April 1, 2011, ("the Appointed date") as sanctioned by the Hon''ble High Court of Judicature at Bombay ("the Court"), vide its Order dated March 16, 2012, the following entries have been recorded.

i. Amortization of Intangible Assets of the Transferor Companies amounting to Rs,4.25 crore each for the Financial year ended March 31, 2019 and March 31, 2018 recorded in the books of the Transferee Company are charged against the balance in the General Reserve Account of the Transferee Company. The Gross Book value of these Assets now held by the Transferee Company is Rs,42.51 crore.

Had the Scheme not prescribed the above treatment, profit for the Financial year ended March 31, 2019 would have been lower by Rs,2.77 crore (previous year Rs,2.77 crore).

Note 15. : Corporate social responsibility (csr) expenditure.

As per Section 135 of the Companies Act, 2013 a CSR Committee has been formed by the company. The funds are utilised during the year on activities which are specified in schedule VII of the Act.The utilisation is done by the way of direct contribution towards various activities. Gross amount required to be spent by the company during the year Rs,4.70 crore (Previous year Rs,4.31 crore).

Note 16. : Managerial remuneration.

During the year ended March 31, 2017, the stock options granted under the Companyâs stock option scheme were fully vested, exercised and transferred to the eligible employees including the Managing Director of the Company. The perquisite value of the said stock options have been included in the managerial remuneration which resulted in the same exceeding the limits prescribed under Section 197 of the Companies Act, 2013 by an amount of Rs,86.61 crore. During the current year, the Company has obtained necessary approvals for the same, in accordance with the Companies (Amendment) Act, 2017.

During the previous year, the Company had incurred Rs,56.61 crores of IPO expenses. These IPO expenses were allocated between the Company ''14.26 crores (which has been adjusted against the securities premium account) and the selling shareholders Rs,42.35 crores in proportion to the equity shares allotted to the public as fresh issue by the Company and under offer for sale by the selling shareholders.

During the year, the Company has reversed a provision for ''0.40 crore of IPO expenses, since there is no future payment expected and has been appropriately adjusted in Securities Premium Account.

Note 17. :

The Government of India introduced the Goods and Services Tax (GST) with effect from July 1, 2017, consequently revenue from operations for the year ended March 31, 2018 is net of GST, however revenue for quarter ended June 30, 2017 is inclusive of excise duty and hence, total income from operations for year ended March 31, 2018 and year ended March 31, 2019 are not comparable.

Note 18 : The disclosures regarding details of specified bank notes held and transacted during 8 November 2016 to 30 December 2016 have not been made since the requirement does not pertain to financial year ended 31 March 2019.

Note19: The amount reflected as "0.00" in Financials are values with less than '' one lakh.

Note No. 2: Related party disclosures

1. In compliance with Ind AS 24 - âRelated Party Disclosuresâ, as notified under Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, as amended, the required disclosures are given below:

GODREJ AGROVET LIMITED

(a) (i) Key Management Personnel and Entities where Key Mr. N. B. Godrej (Chairman)

^{Management personnel has significant influence} Mr. A. B. Godrej (up to 5th November, 2018)-

Mr. J. N. Godrej Mr. V. M. Crishna Ms. Tanya A. Dubash Ms. Nisaba Godrej

Mr. Pirojsha A. Godrej (w.e.f. 5th November, 2018)

Mr. B. S. Yadav (Managing Director)

Mr. K. N. Petigara Mr. A. B. Choudhury

Dr. S. L. Anaokar (up to 3rd February, 2019)

Dr. R. A. Mashelkar (w.e.f. July 18, 2017)

Dr. Ritu Anand (w.e.f. July 18, 2017)

Ms. Aditi Kothari Desai (w.e.f. July 18, 2017)

Ms. Roopa Purushothaman (w.e.f. July 18, 2017)

Mr. N. Srinivasan (w.e.f. 4th February, 2019)

Mr. Vivek Raizada (Company Secretary)

Mr. S. Varadaraj (Chief Financial Officer)

The Raika Godrej Family Trust

GODREJ AGROVET LIMITED

TAD Family Trust BNG Family Trust HNG Family Trust SNG Family Trust NG Family Trust PG Family Trust

(b) (i) Holding companies Godrej Industries Limited (holding company)

Vora Soaps Limited (ultimate holding company up to 23rd December, 2018)

(ii) Subsidiary companies Godvet Agrochem Limited

Creamline Dairy Products Limited Nagavalli Milkline Private Limited Astec LifeSciences Limited Behram Chemicals Private Limited

Comercializadora Agricola Agroastrachem Cia Ltda (Bogota, Columbia)

Astec Europe Sprl (Belgium, Europe)

Godrej Tyson Foods Limited (w.e.f. 27th March, 2019)

Godrej Maxximilk Private Limited (w.e.f. 27th March, 2019)

(iii) Fellow Subsidiary Companies Godrej Properties Ltd.

Natures Basket Limited

Godrej One Premises Management Private Limited Godrej Vikhroli Properties India Limited

(iv) Joint Ventures Godrej Tyson Foods Limited (up to 26th March, 2019)

ACI Godrej Agrovet Private Limited, Bangladesh Omnivore India Capital Trust

(v) Associates Godrej Maxximilk Private Limited (up to 26th March, 2019)

Al Rahba International Trading Limited Liability Company, United Arab Emirates (UAE)

(vi) Other Related Parties Godrej & Boyce Manufacturing Company Limited

Godrej Consumer Products Limited Godrej Seeds & Genetics Limited Godrej Infotech Limited Anamudi Real Estates LLP

(vii) Post-employment benefit plan (entities) for the Godrej Agrovet Limited Provident Fund Trust

benefit of employees of the company ââ;ââ--â-

Godrej Agrovet Limited Superannuation Scheme

Godrej Agrovet Limited Group Gratuity Trust

Note 21.: Earlier, the Company has initiated the process of merger of its subsidiary Astec Lifesciences Limited which has now being withdrawn. Note 63: The figures for the previous year have been regrouped/ reclassified to correspond with current year''s classification/ disclosures.

Mar 31, 2019

Note 1 : General Information

1 Corporate Information

Godrej Industries Limited (âthe Companyâ) was incorporated under the Companies Act, 1956 on March 7, 1988 under the name of Gujarat-Godrej Innovative Chemicals Limited. The business and undertaking of the erstwhile Godrej Soaps Limited was transferred to the Company under a Scheme of Amalgamation with effect from April 1, 1994 and the Companyâs name was changed to Godrej Soaps Limited. Subsequently, under a Scheme of Arrangement the Consumer Products division of the Company was demerged with effect from April 1, 2001 into a separate company, Godrej Consumer Products Limited (GCPL).

The Companyâs name was changed to Godrej Industries Limited on April 2, 2001. The Vegetable Oils and Processed Foods Manufacturing business of Godrej Foods Limited was transferred to the Company with effect from June 30, 2001. The Foods division (except Wadala factory) was then sold to Godrej Hershey Limited, on March 31, 2006. Swadeshi Detergents Limited, 100% subsidiary of the Company, was amalgamated with the Company effective from April 01, 2013. Wadala Commodities Limited was amalgamated with the Company effective from April 01, 2014. Vora Soaps Limited was amalgamated with the Company effective from December 14, 2017.

The Company is domiciled in India and is listed on BSE Limited (BSE) and The National Stock Exchange of India Limited (NSE). The Companyâs registered office is at Godrej One, Pirojshanagar, Eastern Express Highway, Vikhroli (east), Mumbai - 400 079. The Company is engaged in the businesses of manufacture and marketing of oleo-chemicals, their precursors and derivatives, bulk edible oils, estate management and investment activities.

2 Basis of preparation

These standalone financial statements have been prepared on accrual basis to comply in all material aspects with the Indian Accounting Standards (hereinafter referred to as the âInd Asâ) as notified by Ministry of Corporate Affairs pursuant to section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 and other generally accepted accounting principles in India.

The financial statements have been prepared on a going concern basis. The accounting policies are applied consistently to all the periods presented in the financial statements. All assets and liabilities have been classified as current or non current as per the Companyâs normal operating cycle and other criteria as set out in the Division II of Schedule III to the Companies Act, 2013. Based on the nature of products and services and the time between acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current or non-current classification of assets and liabilities.

The standalone financial statements of the Company for the year ended March 31, 2019 were approved for issue in accordance with the resolution of the Board of Directors on May 13, 2019.

3 Functional and presentation currency

The standalone financial statements are presented in Indian rupees, which is the Companyâs functional currency. All amounts have been rounded to the nearest crore, unless otherwise indicated.

4 Key estimates and assumptions

The preparation of financial statements requires Management to make judgments, estimates and assumptions in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Continuous evaluation is done on the estimation and judgments based on historical experience and other factors, including expectations of future events that are believed to be reasonable.

Information about critical judgments in applying accounting policies are in respect of leases (determining) whether an arrangement contain a lease (Refer Note 37) that have the most significant effect on the carrying amounts of assets and liabilities and in respect of assumptions and estimates on uncertainties are as follows

- Determination of the estimated useful lives of tangible assets and the assessment as to which components of the cost may be capitalized.

- Impairment of Property, Plant and Equipments and Investments

- Recognition and measurement of defined benefit obligations

- Recognition of deferred tax assets

- Fair valuation of employee share options

- Discounting of long-term financial liabilities

- Fair value of financial instruments

- Provisions and Contingent Liabilities

5 Standards issued but not yet effective

Ministry of Corporate Affairs (âMCAâ) through Companies (Indian Accounting Standards) Amendment Rules, 2018 has notified the following new standards and amendments to Ind ASs which the Company has not applied as they are effective for annual periods beginning on or after April 1, 2019:

(a) Ind AS 116 Leases

Ind AS 116 is applicable for financial reporting periods beginning on or after April 1, 2019 and replaces existing lease accounting guidance, namely Ind AS 17. Ind AS 116 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognises a right-of-use (âROUâ) asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The nature of expenses related to those leases will change as Ind AS 116 replaces the operating lease expense (i.e., rent) with depreciation charge for ROU assets and interest expense on lease liabilities. There are recognition exemptions for short-term leases and leases of low-value items. Lessor accounting remains similar to the current standard - i.e. lessors continue to classify leases as finance or operating leases. The Group is in the process of analysing the impact of new lease standard on its financial statements.

The Company is proposing to use the âModified Retrospective Approachâ for transitioning to Ind AS 116. Accordingly, comparatives for the year ended March 31, 2019 will not be retrospectively adjusted.

(b) Ind AS 12 - Income taxes (amendments relating to income tax consequences of dividend and uncertainty over income tax treatments)

The amendment relating to income tax consequences of dividend clarify that an entity shall recognise the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognised those past transactions or events. The Company does not expect any impact from this pronouncement. It is relevant to note that the amendment does not amend situations where the entity pays a tax on dividend which is effectively a portion of dividends paid to taxation authorities on behalf of shareholders. Such amount paid or payable to taxation authorities continues to be charged to equity as part of dividend, in accordance with Ind AS 12.

The amendment to Appendix C of Ind AS 12 specifies that the amendment is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under Ind AS 12. It outlines the following: (1) the entity has to use judgement, to determine whether each tax treatment should be considered separately or whether some can be considered together. The decision should be based on the approach which provides better predictions of the resolution of the uncertainty (2) the entity is to assume that the taxation authority will have full knowledge of all relevant information while examining any amount (3) entity has to consider the probability of the relevant taxation authority accepting the tax treatment and the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates would depend upon the probability. The Company does not expect any significant impact of the amendment on its financial statements.

(c) Ind AS 109 - Prepayment Features with Negative Compensation

The amendments relate to the existing requirements in Ind AS 109 regarding termination rights in order to allow measurement at amortised cost (or, depending on the business model, at fair value through other comprehensive income) even in the case of negative compensation payments. The Company does not expect this amendment to have any impact on its financial statements.

(d) Ind AS 19 - Plan Amendment, Curtailment or Settlement

The amendments clarify that if a plan amendment, curtailment or settlement occurs, it is mandatory that the current service cost and the net interest for the period after the re-measurement are determined using the assumptions used for the re-measurement. In addition, amendments have been included to clarify the effect of a plan amendment, curtailment or settlement on the requirements regarding the asset ceiling. The Company does not expect this amendment to have any significant impact on its financial statements.

(e) Ind AS 23 - Borrowing Costs

The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings. The Company does not expect any impact from this amendment.

(f) Ind AS 28 - Long-term Interests in Associates and Joint Ventures

The amendments clarify that an entity applies Ind AS 109 Financial Instruments, to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. The Company does not currently have any long-term interests in associates and joint ventures to which equity method is not applied.

(g) Ind AS 103 - Business Combinations and Ind AS 111 - Joint Arrangements

The amendments to Ind AS 103 relating to re-measurement clarify that when an entity obtains control of a business that is a joint operation, it re-measures previously held interests in that business. The amendments to Ind AS 111 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not re-measure previously held interests in that business. The Company will apply the pronouncement if and when it obtains control / joint control of a business that is a joint operation.

6 Measurement of fair values

The Companyâs accounting policies and disclosures require the measurement of fair values for financial instruments.

The Company has an established control framework with respect to the measurement of fair values. The Management regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the Management assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which such valuations should be classified.

When measuring the fair value of a financial asset or a financial liability, the Company uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

1. The Companyâs investment properties consist of 15 properties in India. The Management has determined that the investment property consists of two classes of assets - Land and Building - based on the nature, characteristics and risks of each property.

2. The Company has no restriction on the realisability of its investment properties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

Notes

a During the previous year, the Company participated in Godrej Agrovet Limited (GAVL) IPO and sold 65,21,739 shares and earned a profit of â267.38 crore on sale of shares. The Company, however, continues to hold a controlling stake in GAVL (Refer Note No. 34)

b The Board of Directors of the Company have approved the demerger of the Investment Business of Ensemble Holdings and Finance Limited (a subsidiary of the Company) into the Company and the related Scheme of Arrangement (âSchemeâ) between Ensemble Holdings and Finance Limited and the Company. The Scheme has been filed with NSE and BSE and the Company will proceed with other necessary formalities in this regard, pending which no effects have been given in these Standalone Financial Statements.

c The Company has recorded an impairment loss of Rs. 243.79 crore on an investment in a subsidiary being the excess of its carrying amount over the estimated recoverable amount considering the current and future business outlook.(Refer Note No. 34)

Notes

1 There are no loans which have significant increase in credit risk.

2 The Company had advanced an amount of Rs. 10.33 crore to certain individuals who also pledged certain equity shares as security against the said advance. The Company has enforced its security and lodged the shares for transfer in its name. The said transfer application was rejected and Company has preferred an appeal to the Company Law Board (CLB). The CLB rejected the application and advised the parties to approach the High Court. The Company had filed an appeal before the Honorable High Court against the order of the Company Law Board under section 10 F of the Companies Act, 1956 which was disposed of with the direction to keep the transfer of shares in abeyance till the arbitration proceedings between the parties are on. The Honorable Bombay High Court passed an interim order dated September 18, 2012, restraining the Company from interalia, dealing, selling or creating third party rights, etc. in the pledged shares and referred the matter to arbitration. The Company had filed a Special Leave Petition (SLP) before the Supreme Court against this interim order of the Honorable Bombay High Court which the Supreme Court has dismissed and the matter is presently before the Arbitrator. Pleadings have been completed and the Award is awaited.

3 Details of Loans under section 186 (4) of Companies Act, 2013.

Notes

1 Inventories are valued at lower of cost and net realisable value. Cost is computed on weighted average basis and is net of Cenvat.

2 Working capital facilities sanctioned by banks under consortium arrangement are secured by hypothecation of stocks.

Notes

a The Optionally Convertible Promissory Notes (15%) of Boston Analytics Inc. in respect of which the Company did not exercise the conversion option and Boston Analytics Inc. promissory notes (20%) where there was a partial conversion option which the Company did not exercise, were due for redemption on June 30, 2009 and August 21, 2009, respectively. The said promissory notes have not been redeemed as of the Balance Sheet date and have been fully provided for.

Notes

1 On December 14, 2018, the National Company Law Tribunal (âNCLTâ), Mumbai bench vide its Order approved the Scheme of Amalgamation of Vora Soaps Limited (VSL) with the Company. Consequent to the said Order and filing of the final certified Orders with the Registrar of Companies, Maharashtra on December 24, 2018, the Scheme has become effective from the Appointed Date of December 14, 2017. According to the Scheme, the Company cancelled 19,39,04,681 equity shares held by VSL and issued 19,39,04,681 fully paid Equity Shares as a consideration to the Equity and Preference shareholders of Vora Soaps Limited. (Refer Note 46)

2 In the FY 2014-15, the Honourable Bombay High Court and High Court of Madhya Pradesh, Indore Bench, approved a Scheme of Amalgamation (âSchemeâ) of Wadala Commodities Limited (WCL) with the Company effective from April 1, 2014, being the appointed date. The Effective Date was November 21, 2014, being the date of filing the approval of the Respective High Courts with the ROC. Accordingly, the Company had issued 200,243 equity shares of the Company in lieu of the equity shares in WCL and 10 equity shares of the Company in lieu of the preference shares in WCL held by the shareholders of the erstwhile WCL and also issued 67,504 bonus equity shares of the Company to the non-promoter shareholders of the Company.

Refer Statement of Changes in Equity for detailed movement in Other Equity balances B Nature and purpose of reserve

1 Capital Redemption Reserve : The Company recognised Capital Redemption Reserve on buyback of equity shares from its retained earnings.

2 Securities Premium Account : The amount received in excess of face value of the equity shares is recognised in Securities Premium Account. In case of equity-settled share based payment transactions, the difference between fair value on grant date and nominal value of share is accounted as securities premium account. This reserve is utilised in accordance with the Section 52 of The Companies Act, 2013.

3 Capital Reserve : During amalgamation, the excess of net assets taken, over the cost of consideration paid is treated as capital reserve.

5 General Reserve : The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to the earlier provisions of Companies Act 1956. Mandatory transfer to general reserve is not required under the Companies Act 2013.

6 Retained Earnings : Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.

Note

1 There are no Micro, Small and Medium Enterprises, to whom the Company owes dues (principal and/or interest), which are outstanding for more than 45 days as at the balance sheet date. During the year, there have been no payments made to Micro, Small and Medium Enterprises beyond 45 days. There were no amounts on account of interest due that were payable for the period where the principal has been paid but interest under the MSMED Act, 2006 not paid. Further, there were no amounts towards interest accrued that were remaining unpaid at the end of accounting year. Accordingly, there were no amounts due to further interest due and payable in the succeeding years. The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company.

Notes

1 Detail of Guarantee given covered under section 186 (4) of the Companies Act, 2013 :

The Corporate surety bond of Rs. 33.11 crore ( previous year Rs. 26.88 crore) is in respect of refund received from excise authority for exempted units (North East) of Godrej Consumer Products Limited, an associate company.

Notes

1 The Government of India introduced the Goods and Service Tax (GST) with effect from July 01, 2017, consequently revenue from operations for the period July 01, 2017 to March 31, 2018 is net of GST. However, revenue for the period April 01, 2017 to June 30, 2017 is inclusive of Excise Duty and hence, total revenue from operations for the year ended March 31, 2019 and year ended March 31, 2018 are not comparable.

2 Dividend Income has been disclosed under Revenue from Operations since Finance and Investments is an Operating Business Segment for the Company.

3 Disaggregation of revenue from contracts with customers

The Company derives revenue from the sale of products in the following major segments:

As the Company does not have any intention to dispose off investments in subsidiaries and associates in the foreseeable future, deferred tax asset on indexation benefit in relation to such investments has not been recognised.

During the year, the Company has not accounted for tax credits in respect of Minimum Alternate Tax (MAT credit) of Rs. Nil crore (previous year Rs. 4.32 crores). The Company is not reasonably certain of availing the said MAT credit in future years against the normal tax expected to be paid in those years and accordingly has not recognised a deferred tax asset for the same.

Note 7 : Leases

Operating Leases Granted by the Company

The Company has entered into Leave and Licence agreements in respect of its commercial and residential premises. The non-cancelable portion of the leases range between 3 months to 60 months and are renewable by mutual consent on mutually acceptable terms. Leave and Licence arrangements are similar in substance to operating leases. The Company has also granted lease for freehold land. The aggregate future minimum lease receipts are as under :

Lease Taken by the Company

The Companyâs significant leasing arrangements are in respect of operating lease for land, office premises, residential premises, machinery and storage tanks. The aggregate lease rentals paid by the Company are charged to the Statement of Profit and Loss.

Note 8 : Employee Benefits

1 DEFINED CONTRIBUTION PLAN Provident Fund :

2 DEFINED BENEFIT PLAN Gratuity :

The liability for the Defined Benefit Plan is provided on the basis of a valuation, using the Projected Unit Credit Method, as at the Balance Sheet date, carried out by an independent actuary.

Provident Fund :

Pension :

3 Basis Used to Determine Expected Rate of Return on Assets :

The expected return on plan assets of 7.79% p.a. has been considered based on the current investment pattern in Government securities.

4 Amounts Recognised as Expense :

i) Defined Contribution Plan

Employerâs Contribution to Provident Fund amounting to Rs. 3.14 crore (previous year Rs. 2.96 crore) has been included in Note 31 Employee Benefits Expenses

ii) Defined Benefit Plan

Gratuity cost amounting to Rs. 1.8 crore (previous year Rs. 1.69 crore) has been included in Note 31 Employee Benefits Expenses.

Employerâs Contribution to Provident Fund amounting to Rs. 1.58 crore (previous year Rs. 2.04 crore) has been included in Note 31 Employee Benefits Expenses.

Pension cost amounting to â 0.11 crore (previous year â 0.10 crore) has been included in Note 31 Employee Benefits Expenses.

5 The amounts recognised in the Companyâs financial statements as at the year end are as under :

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

6 Sensitivity analysis

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below.

The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting year.

7 Expected future benefit payments of Gratuity from the date of reporting

Note 9 : Employee Stock Benefit Plans

1 Employee Stock Option Plans

In December 2005, the Company had instituted an Employee Stock Option Plan I (GIL ESOP I) as approved by the Board of Directors and the Shareholders, for the allotment of 15,00,000 options, increased to 90,00,000 options on split of shares convertible into 90,00,000 equity shares of â1 each to eligible employees of participating companies. The maximum number of options that may be granted per employee per year shall not exceed 600,000 options.

In July 2009, the Company had instituted an Employee Stock Option Plan II (GIL ESOP II) as approved by the Board of Directors and the Shareholders, for the allotment of 90,00,000 options convertible into 90,00,000 shares of â1 each to eligible employees of participating companies. The maximum number of options that may be granted per employee per year shall not exceed 1,000,000 options.

The Plans are administered by an independent ESOP Trust created with IL&FS Trust Co. Ltd which purchased from the market shares equivalent to the number of options granted by the Compensation Committee. Pursuant to SEBI notification dated January 17, 2013, no further securities of the Company will be purchased from the open market. The particulars of the plans and movements during the year are as under:

(*) The weighted average exercise price stated above is the price of the equity shares on the grant date increased by the interest cost to the ESOP Trust at the prevailing rates upto March 31, 2012.

The total excess shares at the year end are Nil (Previous year NIL).

The weighted average balance life of ESOP I options outstanding as on March 31, 2019 is Nil years.

The Options granted shall vest after three / five years from the date of grant of option, provided the employee continues to be in employment and the option is exercisable within two / four years after vesting.

2 Employee Stock Grant Scheme

(a) The Company had set up the Employees Stock Grant Scheme 2011 (ESGS) pursuant to the approval by the Shareholders at their Meeting held on January 17, 2011.

(g) The Exercise Price of the shares has been fixed at â1 per share. The fair value of the employee share options has been measured using the Black-Scholes Option Pricing Model and charged to the Statement of Profit and Loss. The value of the options is treated as a part of employee compensation in the financial statements and is amortised over the vesting period.

Following table lists the average inputs to the model used for the plan for the year ended March 31, 2019:

(i) The weighted average exercise price of the options outstanding as on March 31, 2019 is Rs. 1 (previous year Rs. 1 per share) and the weighted average remaining contractual life of the options outstanding as on March 31, 2018 is 0.73 years (previous year 0.79 years)

Note 10: Related Party Information

a) Names of related parties and description of relationship Parties where control exists

1 Vora Soaps Limited (Holding Co.) (up to 24.12.2018)

2 Godrej Agrovet Limited - Subsidiary Co.

2.1 Godvet Agrochem Limited

2.2 Astec LifeSciences Limited (including its following wholly owned subsidiaries)

2.2.1 Behram Chemicals Private Limited

2.2.2 Astec Europe Sprl

2.2.3 Comercializadora Agricola Agroastrachem Cia Ltda

2.3 Creamline Dairy Products Limited

2.3.1 Nagavalli Milkline Private Limited

2.4 Godrej Tyson Foods Limited (w.e.f. March 27, 2019)

2.5 Godrej Maxximilk Private Limited (w.e.f. March 27, 2019)

Joint Venture

2.6 ACI Godrej Agrovet Private Limited, Bangladesh Associates

2.7 Godrej Tyson Foods Limited ( up to March 26, 2019)

2.8 Alrahba International Trading LLC, UAE

2.9 Godrej Maxximilk Private Limited ( up to March 26, 2019)

3 Godrej Properties Limited - Subsidiary Co.

3.1 Godrej Project Development Limited

3.2 Godrej Buildcon Private Limited

3.3 Godrej Garden City Properties Private Limited

3.4 Godrej Home Developers Private Limited

3.5 Godrej Hill Side Properties Private Limited

3.6 Mahalunge Township Developers LLP (Erstwhile known as Godrej Land Developers LLP)

3.7 Godrej Highrises Realty LLP

3.8 Godrej Prakriti Facilities Private Limited

3.9 Godrej Project Developers & Properties LLP

3.10 Godrej Highrises Properties Private Limited

3.11 Godrej Genesis Facilities Management Private Limited

3.12 Prakritiplaza Facilities Management Private Limited

3.13 City Star Infraprojects Limited

3.14 Godrej Residency Private Limited

3.15 Godrej Skyview LLP

3.16 Godrej Green Properties LLP

3.17 Godrej Projects (Soma) LLP

3.18 Godrej Projects North LLP (Formerly Known as Godrej Projects (Bluejay) LLP)

3.19 Godrej Athenmark LLP

3.20 Godrej Vestamark LLP

3.21 Godrej Properties Worldwide Inc, USA

3.22 Suncity Infrastructures (Mumbai ) LLP

3.23 Embellish Houses LLP

3.24 Godrej City Facilities Management LLP

3.25 Godrej Landmark Redevelopers Private Limited (up to March 19, 2019)

3.26 Godrej Skyline Developers Private Limited (effective from September 29, 2017) Joint Venture

3.27 Godrej Realty Private Limited

3.28 Godrej Landmark Redevelopers Private Limited

3.29 Godrej Redevelopers (Mumbai) Private Limited

3.30 Wonder Space Properties Private Limited

3.31 Wonder City Buildcon Private Limited

3.32 Godrej Home Constructions Private Limited

3.33 Godrej Greenview Housing Private Limited

3.34 Wonder Projects Development Private Limited

3.35 Godrej Real View Developers Private Limited

3.36 Pearlite Real Properties Private Limited

3.37 Godrej Skyline Developers Private Limited

3.38 Godrej Green Homes Limited (effective from March 17, 2018)

3.39 Godrej Property Developers LLP

3.40 Mosiac Landmarks LLP

3.41 Dream World Landmarks LLP

3.42 Oxford Realty LLP

3.43 Godrej SSPDL Green Acres LLP

3.44 Oasis Landmarks LLP

3.45 M S Ramaiah Ventures LLP

3.46 Caroa Properties LLP

3.47 Godrej Constructions Projects LLP

3.48 Godrej Housing Projects LLP

3.49 Amitis Developers LLP

3.50 A R Landcraft LLP

3.51 Prakhhyat Dwellings LLP

3.52 Bavdhan Realty @ Pune 21 LLP

3.53 Godrej Highview LLP (effective from June 15, 2017)

3.54 Godrej Irismark LLP (effective from Janurary 24, 2017)

3.55 Godrej Projects North Star LLP (formerly known as Godrej Projects (Century) LLP) (effective from September 27, 2017)

3.56 Godrej Developers & Properties LLP (effective from October 30, 2017)

3.57 Sai Srushti Onehub Projects LLP (effective from January 31, 2018)

3.58 Maan-Hinje Township Developers LLP (Formerly Known as Godrej Projects (Pune) LLP)

3.59 Manjari Housing Projects LLP (Formerly Known as Godrej Avamark LLP)

3.60 Ashank Macbricks Private Limited (effective August 3, 2018)

3.61 Suncity Infrastructures (Mumbai) LLP (effective October 10, 2018)

3.62 Mahalunge Township Developers LLP (formerly known as Godrej Land Developers LLP) (Classified as Joint Venture effective February 1, 2019)

3.63 Rosebery Estate LLP

4 Natures Basket Limited - Subsidiary Co.

5 Godrej International Limited - Subsidiary Co.

6 Godrej International Trading & Investments Pte Limited - Subsidiary Co

7 Ensemble Holdings & Finance Limited - Subsidiary Co.

8 Godrej One Premises Management Private Limited - Subsidiary Co.

9 Godrej Industries Limited Employee Stock Option Trust - Subsidiary Co.

Associates

10 Godrej Consumer Products Limited and its stepdown subsidiaries

10.1 Godrej Global Mideast FZE, Sharjah

10.2 PT Megasari Makmur, Indonesia

10.3 Strength of Nature LLC, USA

10.4 Godrej Household Products Bangladesh Private Limited, Bangladesh

10.5 Godrej Household Products Bangladesh Private Limited, Sri Lanka

10.6 Bhabhani Blunt Hairdressing Private Limited

11 Companies under common ownership

11.1 Godrej & Boyce Manufacturing Company Limited

11.2 Godrej Seeds & Genetics Limited

11.3 Godrej South Africa Pty Limited

11.4 Laboratoria Cuenca S.A.

12 Key Management Personnel

12.1 Mr. A. B. Godrej - Chairman

12.2 Mr. N. B. Godrej - Managing Director

12.3 Ms. T. A. Dubash - Executive Director & Chief Brand Officer

12.4 Mr. N. S. Nabar - Executive Director & President (Chemicals)

12.5 Mr. C. G. Pinto - Chief Financial Officer

12.6 Ms. Nilufer Shekhawat - Company Secretary (up to October 31, 2018)

12.7 Ms. Tejal Jariwala - Company Secretary (effective from November 12, 2018)

13 Non-Executive Directors

13.1 Mr. J.N. Godrej

13.2 Mr. V.M. Crishna

13.3 Mr. K.K. Dastur

13.4 Mr. K.M. Elavia

13.5 Mr. K.N. Petigara

13.6 Mr. S.A. Ahmadullah

13.7 Mr. A.B. Choudhury

13.8 Mr. A.D. Cooper

13.9 Ms. Rashmi Joshi (effective from March 15, 2019)

14 Relatives of Key Management Personnel

14.1 Ms. N. A. Godrej - Daughter of Mr. A. B. Godrej

14.2 Mr. P. A. Godrej - Son of Mr. A. B. Godrej

14.3 Ms. R. N. Godrej - Wife of Mr. N. B. Godrej

14.4 Mr. B. N. Godrej - Son of Mr. N. B. Godrej

14.5 Mr. S. N. Godrej - Son of Mr. N. B. Godrej

14.6 Mr. H. N. Godrej - Son of Mr. N. B. Godrej

14.7 Mr. A. D. Dubash - Husband of Ms. Tanya Dubash

14.8 Master A. A. Dubash - Son of Ms. Tanya Dubash

14.9 Master A. A. Dubash - Son of Ms. Tanya Dubash

14.10 Ms. N. N. Nabar - Wife of Mr. N. S. Nabar

15 Enterprises over which key management personnel exercise significant influence

15.1 Anamudi Real Estates LLP

15.2 Godrej Investments Private Limited

15.3 Innovia Multiventures Private Limited

15.4 TAD Family Trust

16 Enterprises over which relative of key management personnel exercise significant influence

16.1 Shata Trading & Finance Private Limited

16.2 Shilawati Trading & Finance Private Limited

16.3 NG Family Trust

16.4 PG Family Trust

16.5 HNG Family Trust

16.6 Godrej Investment Advisers Private Limited

16.7 Godrej Housing Finance Limited

16.8 Mukteshwar Realty Private Limited

16.9 Karukachal Developers Private Limited

16.10 Eranthus Developers Private Limited

16.11 Praviz Developers Private Limited

17 Post Employement Benefit Trust where reporting entity exercises significant influence

17.1 Godrej Industries Employees Provident Fund

17.2 Godrej Industries Ltd Group Gratuity Trust

Note 11 : Fair Value Measurement

Refer Note 2 sub note 9 & 10 for accounting policy on Financial Instruments.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

1 Accounting classification and fair values

Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are as follows.

The Fair value of cash and cash equivalents, other bank balances, trade receivables, trade payables approximated their carrying value largely due to short term maturities of these instruments.

2 Measurement of fair values

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values, as well as the significant unobservable inputs used.

Note 12 : Financial Risk Management

1 Financial Risk Management objectives and policies

2 Credit risk

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables and loans and advances.

The Company has a policy under which each new customer is analysed individually for creditworthiness before offering credit period and delivery terms and conditions. The Companyâs export sales are backed by letters of credit and insured through Export Credit Guarantee Corporation. The Company bifurcates the Domestic Customers into Large Corporates, Distributors and others for Credit monitoring.

The Company monitors each loans and advances given and makes any specific provision wherever required.

The ageing of trade receivables that were not impaired was as follows:

Bank Balances.

Bank Accounts are maintained with Banks having high credit ratings

3 Liquidity risk

4 Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates - will affect the Companyâs income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables and long term debt. The Companyâs exposure to market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of investments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

(i) Currency risk

The Company is exposed to currency risk on account of its borrowings, Receivables for Exports and Payables for Imports in foreign currency. The functional currency of the Company is Indian Rupee. The Company manages currency exposures within prescribed limits, through use of forward exchange contracts. Foreign exchange transactions are covered with strict limits placed on the amount of uncovered exposure, if any, at any point in time.

Uncovered Foreign Exchange Exposure on Long Term Borrowings as at balance sheet dates includes External Commercial Borrowings (ECB) and Foreign Currency Term Loan (FCTL) taken for Capital Expenditure. Impact of fluctuation in Foreign Currency Rates on these borrowings relating to Capital Expenditure will be capitalised to Fixed Assets and would not impact the Statement of Profit and Loss.

Sensitivity analysis

A reasonably possible strengthening / (weakening) of the Indian Rupee against the foreign currencies at March 31 would have affected the measurement of financial instruments denominated in foreign currencies and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

(ii) Interest rate risk

The Management is responsible for the monitoring of the Companyâs interest rate position. Various variables are considered by the Management in structuring the Companyâs borrowings to achieve a reasonable, competitive, cost of funding.

Exposure to interest rate risk

Companyâs interest rate risk arises from borrowings. The interest rate profile of the Companyâs interest-bearing financial instruments as reported to the Management of the Company is as follows:

Fair value sensitivity analysis for fixed-rate instruments

Cash flow sensitivity analysis for variable-rate instruments

Note 13 : Capital Management

For the purpose of the Companyâs capital management, capital includes issued capital and other equity reserves. The primary objective of the Companyâs Capital Management is to maximise shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants.

The Company monitors capital using Adjusted net debt to equity ratio. For this purpose, adjusted net debt is defined as total debt less cash and bank balances.

Note 14 : Master netting or similar agreements

The following table presents the recognised financial instruments that are offset, or subject to enforceable master netting arrangements and other similar agreements but not offset, as at Balance Sheet Dates:

Derivatives

The Company enters into derivative contracts for hedging foreign exchange exposures. In general, under such agreements, the amounts owed by each counterparty on a single day in respect of all the transactions outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other.

Note 15 : Amalgamation of Vora Soaps Limited with the Company

On December 14, 2018, the National Company Law Tribunal (âNCLTâ), Mumbai bench vide its Order approved the Scheme of Amalgamation of Vora Soaps Limited (VSL) with the Company. Consequent to the said Order and filing of the final certified Orders with the Registrar of Companies, Maharashtra on December 24, 2018, the Scheme has become effective from the Appointed Date of December 14, 2017.

The Financial Statements for the previous year ended March 31, 2018 have been restated pursuant to the wordings of the Scheme with effect from the Appointed date of December 14, 2017.

The effects of restatement on the Total Comprehensive Income, Equity and Cash flows have been given in the tables below.

(a) Purchase Consideration

The Company has issued 19,39,04,681 fully paid Equity Shares as a consideration to the Equity and Preference shareholders of Vora Soaps Limited.

(b) Identifiable assets acquired and liabilities assumed

The following table summarises the recognised amounts of assets acquired and liabilities assumed at the date of acquisition

Note : 16

Managerial Remuneration to the directors paid for the current year ended March 31, 2019 exceeded the permissible limits as prescribed under section 197 read with Schedule V of the Companies Act, 2013 by Rs. 7.96 crore. The Company is in the process of obtaining approval from its shareholders at the forthcoming annual general meeting for such excess remuneration paid. Managerial Remuneration paid for the previous year ended March 31, 2018 exceeded the permissible limits as prescribed under Schedule V of the Companies Act 2013 by Rs. 7.48 crore (March 31, 2017 Rs. 4.54 crore). Post notification of Section 67 of the Companies (Amendment) Act, 2017 (which corresponds to Section 197 of the Companies Act, 2013), the Company has obtained approval of the shareholders by a special resolution for payment of the excess remuneration.

Note : 17

Note : 18

Corporate Social Responsibility contribution required to be made as per provisions of Section 135 of the Companies Act, 2013 is NIL for the current year and previous year.

Note 19 :

There are no significant subsequent events that would require adjustments or disclosures in the standalone financial statements as on the balance sheet date.