Notes to Accounts of Spencers Retail Ltd.

Mar 31, 2025

(j) Provisions (other than for employee benefits)

A provision is recognised if, as a result of a past event,
the Company has a present legal or constructive
obligation that can be estimated reliably, and it is
probable that an outflow of economic benefits will
be required to settle the obligation. The amount
recognised as a provision is the best estimate of the
expenditure required to settle the present obligation
at the balance sheet date, taking into account the risks
and uncertainties surrounding the obligation.

In an event when the time value of money is material,
the provision is carried at the present value of the cash
flows estimated to settle the obligation.

When the Company expects some or all of a provision
to be reimbursed, for example, under an insurance
contract, the reimbursement is recognised as a
separate asset, but only when the reimbursement is
virtually certain. The expense relating to a provision
is presented in the statement of profit and loss net of
any reimbursement.

Decommissioning liability

Decommissioning costs are provided at the present
value of expected costs to settle the obligation using
estimated cash flows and are recognised as part of
the cost of the particular asset. The unwinding of the
discount is expensed as incurred and recognised in

the statement of profit and loss as a finance cost.
The estimated future costs of decommissioning
are reviewed annually and adjusted as appropriate.
Changes in the estimated future costs or in the
discount rate applied are added to or deducted from
the cost of the asset.

(k) Contingent liabilities

A contingent liability is a possible obligation that
arises from a past event, with the resolution of the
contingency dependent on uncertain future events,
or a present obligation that is not recognised because
it is not probable that an outflow of resources will
be required to settle the obligation. A contingent
liability also arises in extremely rare cases where
there is a liability that cannot be recognised because
it cannot be measured reliably. The Company does
not recognize a contingent liability but discloses its
existence in the financial statements.

(l) Revenue from operations

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

The following specific recognition criteria must also
be met before revenue is recognised:

Sale of goods

Revenue from sale of goods is recognised on delivery
of merchandise to the customer, when the property
in the goods is transferred for a price, and significant
risks and rewards have been transferred and no
effective ownership control is retained. Revenue
towards satisfaction of a performance obligation is
measured at the amount of transaction price allocated
to that performance obligation. Amounts disclosed
as revenue are, net of returns and allowances, trade
discounts, volume rebates, Goods and Services tax
(GST) and amounts collected on behalf of third parties.
Where the Company is the principal in the transaction,
the sales are recorded at their gross values. Where the
Company is effectively the agent in the transaction, the
cost of the merchandise is disclosed as a deduction
from the gross value.

The Company considers whether there are
other promises in the contract that are separate
performance obligations to which a portion of the
transaction price needs to be allocated. Any amounts
received for which the Company does not have any
separate performance obligation are considered as a
reduction of purchase costs.

The Company has contracts with concessionaire
whereby it facilitates in the sale of products of these
concessionaires. The inventory of the concessionaire
does not pass to the Company till the product is sold.
At the time of sale of such inventory, the sales value
along with the cost of inventory is disclosed separately
as sale of goods and cost of goods sold and forms
part of Revenue in the Statement of Profit and Loss,
only the net revenue earned i.e. margin is recorded as
a part of revenue. Thus, the Company is an agent and
records revenue at the net amount that it retains for
its agency services.

Contract liabilities

A contract liability is recognised if a payment is
received or a payment is due (whichever is earlier)
from a customer before the Company transfers the
related goods or services. Contract liabilities are
recognised as revenue when the Company performs
under the contract (i.e., transfers control of the related
goods or services to the customer).

Other operating revenue

Other operating revenue mainly represents recoveries
made on account of advertisement for use of space
by the customers and other expenses recovered from
suppliers. These are recognised and recorded over
time or at the point in time based on the arrangements
with concerned parties.

(m) Interest income

Interest income is recognised based on time
proportion basis considering the amount outstanding
and using the effective interest rate (EIR). Interest
income is included as other income in the Statement
of Profit and Loss.

(n) Expenses

All expenses are accounted for on accrual basis.

(o) Government grants

Government grants are recognised where there is
reasonable assurance that the grant will be received,
and all attached conditions will be complied with.
When the grant relates to an expense item, it is
recognised as income on a systematic basis over the
periods that the related costs, for which it is intended
to compensate, are expensed.

(p) Leases

Ind AS 116 requires lessees to determine the lease term
as the non-cancellable period of a lease adjusted with
any option to extend or terminate the lease, if the use
of such option is reasonably certain. The Company

makes an assessment on the expected lease term on
a lease-by-lease basis and thereby assesses whether
it is reasonably certain that any options to extend or
terminate the contract will be exercised. In evaluating
the lease term, the Company considers factors such
as any significant leasehold improvements under
taken over the lease term, costs relating to the
termination of the lease and the importance of the
underlying asset to its operations taking into account
the location of the underlying asset and the availability
of suitable alternatives. The lease term in future
periods is reassessed to ensure that the lease term
reflects the current economic circumstances.

The Company as a lessee

The Company''s lease asset classes primarily consist
of leases for store. The Company assesses whether
a contract contains a lease, at the inception of a
contract. A contract is, or contains, a lease if the
contract conveys the right to control the use of an
identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys
the right to control the use of an identified asset, the
Company assesses whether: (i) the contract involves
the use of an identified asset (ii) The Company has
substantially all of the economic benefits from use of
the asset through the period of the lease and (iii) the
Company has the right to direct the use of the asset.
At the date of commencement of the lease, the
Company recognizes a right-of-use assets (ROU)
and a corresponding lease liability for all lease
arrangements, in which it is a lessee, except for leases
with a term of twelve months or less (short-term
leases) and non-lease components (like maintenance
charges, etc.). For these short-term leases and non¬
lease components, the Company recognizes the
lease rental payments as an operating expense.
Certain lease arrangements includes the options to
extend or terminate the lease before the end of the
lease term. ROU assets and lease liabilities includes
these options when it is reasonably certain that they
will be exercised.

The right-of-use assets are initially recognized at
cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
prior to the commencement date of the lease plus
any initial direct costs less any lease incentives. They
are subsequently measured at cost less accumulated
depreciation and impairment losses and adjusted for
any remeasurement of lease liabilities. The present
value of the expected cost to be incurred on removal

of assets at the time of store closure (referred as
"Decommissioning liability") is included in the cost of
right-of-use assets.

Right-of-use assets are depreciated from the
commencement date on a straight-line basis over
the lease term. Right-of-use assets are evaluated
for recoverability whenever events or changes in
circumstances indicate that their carrying amounts
may not be recoverable. For the purpose of
impairment testing, the recoverable amount (i.e. the
higher of the fair value less cost to sell and the value-
in-use) is determined on an individual asset basis
unless the asset does not generate cash flows that
are largely independent of those from other assets. In
such cases, the recoverable amount is determined for
the Cash Generating Unit (CGU) to which the asset
belongs.

The lease liabilities are initially measured at the
present value of the future lease payments. The
lease payments include fixed payments (including in
substance fixed payments) less any lease incentives
receivable and amounts expected to be paid under
residual value guarantees. Variable lease payments that
do not depend on an index or a rate are recognised
as expense.

The lease payments are discounted using the interest
rate implicit in the lease or, if not readily determinable,
using the incremental borrowing rates for similar term
of borrowing as the leases, for the Company. After the
commencement date, the amount of lease liabilities
is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition,
the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term,
a change in the lease payments (e.g., changes to
future payments resulting from a change in an index
or rate used to determine such lease payments) or a
change in the assessment of an option to purchase
the underlying asset.

Lease liability and ROU asset have been separately
presented in the Balance Sheet and lease payments
have been classified as financing cash flows.

Short-term leases

The Company applies the short-term lease recognition
exemption to its short-term leases (i.e., those leases
that have a lease term of 12 months or less from the
commencement date and do not contain a purchase
option). Lease payments on short-term lease is
recognised as expense on a straight-line basis over
the lease term.

Company as a lessor

Leases for which the Company is a lessor is classified
as a finance or operating lease. Whenever the terms of
the lease transfer substantially all the risks and rewards
of ownership to the lessee, the contract is classified
as a finance lease. All other leases are classified as
operating leases.

(q) Income tax

Current Tax

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

Current income tax relating to items recognised
outside profit or loss is recognised outside profit or loss
(either in other comprehensive income or in equity).
Management periodically evaluates positions taken
in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation
and establishes provisions where appropriate.

Deferred tax

Deferred tax is provided on temporary differences
between the tax bases and accounting bases of assets
and liabilities at the tax rates and laws that have been
enacted or substantively enacted at the Balance Sheet
date.

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

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

Deferred tax liabilities are recognised for all taxable
temporary differences.

Deferred tax assets and liabilities are offset when there
is legally enforceable right to offset current tax assets
and liabilities and when the deferred tax balances
relate to the same taxation authority. Current tax
assets and tax liabilities are offset where the entity has
a legally enforceable right to offset and intends either
to settle on net basis, or to realize the asset and settle
the liability simultaneously.

(r) Business combination

Business combination involving entities or businesses
under common control are accounted for using
the pooling of interest method whereby the assets
and liabilities of the combining entities / business
are reflected at their carrying value and necessary
adjustments, if any, have been given effect to as per
the scheme approved by National Company Law
Tribunal.

(s) Compound instrument - non-cumulative non¬
convertible redeemable preference shares

Non-cumulative non-convertible redeemable
preference shares where payment of dividend is
discretionary and which are mandatorily redeemable
on a specific date, are classified as compound
instruments. The fair value of liabilities portion is
determined by discounting amount repayable at
maturity using market rate of interest. Difference
between proceed received and fair value of liability on
initial recognition is included in equity, net of tax effects
and not measured subsequently. Liability component
of non-convertible redeemable preference shares
are subsequently measured at amortised cost.
The interest on these non-convertible redeemable
preference shares are recognised in profit or loss as
finance costs.

(t) Segment reporting

Operating segments are reported in a manner
consistent with the internal reporting provided to the
chief operating decision maker.

(u) Borrowing cost

Borrowing costs directly attributable to the acquisition,
construction or production of an asset that necessarily
takes a substantial period of time to get ready for its
intended use or sale are capitalised as part of the cost
of the asset. All other borrowing costs are expensed
in the period in which they occur. Borrowing costs
consist of interest and other costs that an entity incurs
in connection with the borrowing of funds.

(v) Earnings per share

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

(w) Cash flow Statement

Cash flows are reported using the indirect method,
whereby profit for the period is adjusted for the effects
of transactions of a non-cash nature, any deferrals or
accruals of past or future operating cash receipts or
payments and item of income or expenses associated
with investing or financing cash flows. The cash flows
from operating, investing and financing activities of
the Company are segregated.

(x) Measurement of EBITDA

The Company has elected to present Earnings
(including interest income) before Interest expense,
tax, depreciation and amortisation (EBITDA) as a
separate line item on the face of the Statement of
Profit and Loss.

(y) Standard issued but not effective

There are no standards issued but not effective up
to the date of issuance of the Company''s financial
statements.

(z) New and amended standards

The Ministry of Corporate Affairs (MCA) has notified
Companies (Indian Accounting Standards) Rules,
2024 dated to amend the following Ind AS which are
effective for annual periods beginning on or after April
1, 2024. The Company has not early adopted any
standard, interpretation or amendment that has been
issued but is not yet effective.

(i) Ind AS 117 Insurance Contracts

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

(ii) Amendments to Ind AS 116 Leases - Lease Liability
in a Sale and Leaseback

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

The above amendments do not have any impact on
the Company''s standalone financial statements.

1. Security & other terms

Out of the term loan from banks:

a) '' Nil (March 31, 2024 : '' 333.34 lakhs) is secured
by first Pari Passu charge by way of hypothecation
over moveable fixed assets including plant
and equipment of the Company and second
Pari Passu charge by way of hypothecation on
the entire current assets of the Company. The
said loan is payable after 9 months from the
date of first disbursement in 18 equal quarterly
installments of '' 166.67 lakhs each.

b) '' 2,400.00 Lakhs (March 31, 2024 : '' 3,600.00
Lakhs) is secured by first Pari Passu charge by way

of hypothecation over moveable fixed assets of
the Company and second Pari Passu charge on
the entire current assets of the Company. The
said loan is payable after 15 months from the
date of first disbursement in 20 equal quarterly
installments.

c) '' 2,500.00 Lakhs (March 31, 2024 : '' 3,500.00
Lakhs) is secured by first Pari Passu charge by way
of hypothecation over moveable fixed assets of
the Company and second Pari Passu charge on
the entire current assets of the Company. The
said loan is payable after 12 months from the
date of first disbursement in 20 equal quarterly
installments.

d) '' 2,894.74 Lakhs (March 31, 2024 : '' 3,947.36
Lakhs) is secured by first Pari Passu charge by way
of hypothecation over moveable fixed assets of
the Company and second Pari Passu charge on
the entire current assets of the Company. The
said loan is payable after 6 months from the
date of first disbursement in 19 equal quarterly
installments.

e) '' 2,69940 Lakhs (March 31, 2024 : '' 2,894.82
Lakhs) is secured by first Pari Passu charge by way
of hypothecation over moveable fixed assets of
the Company and second Pari Passu charge on
the entire current assets of the Company. The
said loan is payable after 15 months from the
date of first disbursement in first 10 quarterly
installments of 1.67% of disbursement & next 10
quarterly installments of 8.33% of disbursement.

f) '' 800.00 Lakhs (March 31, 2024 : '' 1,600.00
Lakhs) is secured by first Pari Passu charge by
way of hypothecation over moveable fixed assets
of the Company and second Pari Passu charge
on the entire current assets of the Company.
The said loan is payable after 9 months from
the date of first disbursement in first 4 quarterly
installments of 5.00% of disbursement & next 8
quarterly installments of 10.00% of disbursement.

g) '' 1,000.00 Lakhs (March 31, 2024 : '' 1,000.00
Lakhs ) is secured by first Pari Passu charge by way
of hypothecation over moveable fixed assets and
immovable fixed assets of the Company, both
present and future and second Pari Passu charge
on the entire current assets of the Company. The
said loan is payable after 18 months from the
date of first disbursement in 14 equal quarterly
installments of '' 71.43 Lakhs each.

h) '' 4,375.00 lakhs (March 31, 2024 : '' 4,875.00
lakhs ) is secured by first Pari Passu charge by way
of hypothecation over moveable fixed assets of
the Company, both present and future, second
Pari Passu charge on the entire current assets of
the Company. The said loan is payable after 3
months from the date of first disbursement in 12
structured quarterly installments.

i) '' 8,750.00 lakhs (March 31, 2024 : '' 10,000.00
lakhs ) is secured by first Pari Passu charge by way
of hypothecation over moveable fixed assets of

the Company, both present and future, second
Pari Passu charge on the entire current assets of
the Company. The said loan is payable after 6
months from the date of first disbursement in 19
structured quarterly installments divided into first
3 quarterly installments of 2.50% of disbursement
& next 4 to 11th quarterly installments of 5.00% of
disbursement & next 8 quarterly installments of
6.56%.

j) '' 5,000.00 lakhs (March 31, 2024 : '' Nil ) is
secured by first Pari Passu charge by way of
hypothecation over moveable fixed assets of the
Company, both present and future, second Pari
Passu charge on the entire current assets of the
Company. The said loan is payable after 1 year
from the date of first disbursement in 8 equally
quarterly installments.

k) '' 5,000.00 Lakhs (March 31, 2024 : ''Nil ) is
secured by first Pari Passu charge by way of
hypothecation over moveable fixed assets and
immovable fixed assets of the Company, both
present and future and second Pari Passu charge
on the entire current assets of the Company. The
said loan is payable after 12 months from the
date of first disbursement in 16 equal quarterly
installments of '' 3.125 Crores each.

l) '' 5,000.00 lakhs (March 31, 2024 : '' Nil ) is
secured by first Pari Passu charge by way of
hypothecation over moveable fixed assets of
the Company, both present and future, second
Pari Passu charge on the entire current assets of
the Company. The said loan is payable after 3
months from the date of first disbursement in 12
equally quarterly installments.

m) '' 3,500.00 Lakhs (March 31, 2024 : '' Nil) is
secured by first Pari Passu charge by way of
hypothecation over moveable fixed assets and
immovable fixed assets of the Company, both
present and future and second Pari Passu charge
on the entire current assets of the Company. The
said loan is payable after 12 months from the
date of first disbursement in 16 equal quarterly
installments of '' 2.1875 Crores each.

Also, refer note 36

Interest rate on loans from banks varies from
7.70% p.a. to 11.05% p.a.

Security & other terms

a) '' 9,967.10 Lakhs (March 31, 2024 : '' 8,024.81
Lakhs) Working Capital loan is secured by first
Pari Passu charge by way of hypothecation over
entire current assets of the Company and second
Pari Passu charge by way of Hypothecation over
entire moveable fixed assets of the Company. It
is payable on demand.

b) '' 6.14 Lakhs (March 31, 2024 : '' Nil) Working
Capital loan is secured by first Pari Passu charge
by way of hypothecation over entire current
assets of the Company and second Pari Passu
charge by way of Hypothecation over entire
moveable fixed assets of the Company. It is
payable on demand.

c) '' Nil (March 31, 2024 : '' 4,500.00 Lakhs) Working
Capital loan is secured by first Pari Passu charge
by way of hypothecation over entire current
assets of the Company and second Pari Passu
charge by way of Hypothecation over entire
moveable fixed assets of the Company. It is
payable on demand.

d) '' Nil (March 31, 2024 : '' 42.00 Lakhs) Working
Capital loan is secured by first Pari Passu charge
by way of hypothecation over entire current
assets of the Company and second Pari Passu
charge by way of Hypothecation over moveable
fixed assets of the Company. It is payable on
demand.

e) '' 2,872.13 Lakhs (March 31, 2024 : '' 2,972.33
Lakhs) Invoice financing facility from Bank is
secured by first Pari Passu charge by way of
hypothecation over entire current assets of the
Company and second Pari Passu charge by way
of Hypothecation over moveable fixed assets
of the Company. Loan is payable in maximum
period of 90 days.

f) '' 2,998.58 Lakhs (March 31, 2024 : '' 2,964.20
Lakhs) Invoice financing facility from Bank is
secured by first Pari Passu charge by way of
hypothecation over entire current assets of the
Company and second Pari Passu charge by way
of Hypothecation over moveable fixed assets
of the Company. Loan is payable in maximum
period of 120 days.

g) '' 7,193.23 Lakhs (March 31, 2024 : '' 6,489.05
Lakhs) Invoice financing facility from Bank is
secured by first Pari Passu charge by way of
hypothecation over entire current assets of the
Company and second Pari Passu charge by way
of Hypothecation over moveable fixed assets
of the Company. Loan is payable in maximum
period of 90 days.

h) '' 7,470.18 Lakhs (March 31, 2024 : '' 2,468.17
Lakhs) Invoice financing facility from Bank is
secured by first Pari Passu charge by way of
hypothecation over entire current assets of the

Company and second Pari Passu charge by way
of Hypothecation over moveable fixed assets
of the Company. Loan is payable in maximum
period of 120 days.

i) '' 2,751.17 Lakhs (March 31, 2024 : '' 4,49749
Lakhs) Invoice financing facility from Bank is
unsecured. Loan is payable in maximum period
of 120 days.

Also, refer note 36

Interest rate on loans from banks varies from
9.95% p.a. to 11.40% p.a.

(c) Retailers Association of India (RAI) of which the Company is a member, had filed Special Leave Petition before the
Hon''ble Supreme Court of India, about the applicability of service tax on commercial rent on immovable property.
Pending disposal of the case, the Supreme Court had passed an interim ruling in October 2011 directing the members
of RAI to pay 50% of total service tax liability up to September 2011 to the department and to furnish a surety for
balance 50%. Accordingly the Company had already deposited '' 460.00 Lakhs and furnished a surety for '' 460.00
Lakhs towards the balance service tax liability.

During the year ended March 31, 2022, the Company has settled the said case under Sabka Vishwas - (Legacy Dispute
Resolution) Scheme, 2019 and obtained a Discharge Certificate for full and final settlement of tax dues upto the period
under dispute and accordingly, company had reversed the excess liability in the books.

The Company has also been making provision for service tax on commercial rent on immovable property from October
2011 till FY 2018-19, the balance whereof as on March 31, 2025 is '' 460.11 Lakhs (March 31, 2024: '' 460.11 Lakhs).

E5I ASSETS AND LIABILITIES RELATING TO EMPLOYEE DEFINED BENEFITS (continued)

(ii) Salary Inflation risk: Higher than expected increases in salary will increase the defined benefit obligation.

(iii) Demographic risk: This is the risk of variability of results due to unsystematic nature of decrements that include
mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation
is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It
is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career
employee typically costs less per year as compared to a long service employee

(iv) I nvestment risk : The probability or likelihood of occurrence of losses relative to the expected return on any
particular investment.

Notes:

(i) The Company''s principal related parties consist of Rainbow Investments Limited, its subsidiaries and key managerial
personnel. The Company''s material related party transactions and outstanding balances are with related parties
with whom the Company routinely enters into transactions in the ordinary course of business.

(ii) Key Managerial Personnel are entitled to post-employment benefits and other long term employee benefits
recognised as per Ind AS 19 ''- ''Employee Benefits'' in the financial statements. As these employees benefits are
lump sum amounts provided on the basis of actuarial valuation the same is not included above.

(iii) RPG Power Trading Company Limited (company under common control) has furnished a Comfort letter in
respect of term loan and working capital loan obtained from bank and financial institution by the Company for a
total sanction amount of '' 25,100.00 lakhs (March 31, 2024: '' 15,100.00 lakhs). The outstanding amount as at year
end in the books is '' 23,125.00 lakhs (March 31, 2024 : '' 14,875.00 lakhs).

(iv) Intergrated Coal Mining Ltd (company under common control) has furnished a Comfort letter in respect of term
loan and invoice financing facility obtained from bank by the Company for a total sanction amount of '' 12,500.00
lakhs (March 31, 2024: '' Nil). The outstanding amount as at year end in the books is '' 12,498.56 lakhs (March 31,
2024 : '' Nil).

(v) Term loan and working capital loan of a total sanction amount of '' 20,100.00 lakhs (March 31, 2024: '' 10,100.00
lakhs) is secured by first charge on all assets and cash flows of RPG Power Trading Co. Ltd. The outstanding
amount as at year end in the books is '' 18,750.00 lakhs (March 31, 2024: '' 10,042.00 lakhs).

(vi) Term loan of a total sanction amount of '' 9,500.00 lakhs (March 31, 2024: '' Nil) is secured by first Pari Passu charge
by way of hypothecation over current assets, moveable fixed assets and immovable fixed assets of Intergrated
Coal Mining Ltd (company under common control). The outstanding amount as at year end in the books is
'' 9,500.00 lakhs (March 31, 2024: '' Nil).

(vii) Refer note 29 for comfort letter furnished to its wholly owned subsidiary.

E7I SHARE BASED PAYMENTS

Spencer''s Employee Stock Option Plan 2019 (ESOP 2019)

The Company has an approved ESOP 2019 plan for grant of stock options to eligible employees. For the purpose of the
scheme, the Company had created a Special Employee Benefit Trust (ESOP Trust) which had purchased 1,20,000 equity
shares from the open market. The Company had given advance to the Trust for purchase of these asset which is shown as
''Advance to Spencer''s Employee Benefit Trust (ESOP Trust) (refer Note 10(i)) and will be repaid by the Trust once the eligible
employees exercises the right of stock options.

There is currently no active employee to whom the Company has given grant of stock options and hence, these equity
shares continues to be held by the ESOP Trust.

(b) Measurement of fair values

The fair values of financial assets and liabilities are included at the amount that would be received on sale of asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and
assumptions used to estimate the fair values are consistent in all the years. The following methods and assumptions
were used to estimate the fair values:

(i) The fair values of the unquoted equity shares have been estimated using a DCF (Discounted cash flow) model.
The valuation requires management to make certain assumptions about the model inputs, including forecasted
cash flows, discount rate, credit risk and volatility. The probabilities of the various estimates within the range
can be reasonably assessed and are used in management''s estimate of fair value for these unquoted equity
investments.

In respect of investments in alternative investment fund, the fair values represent net asset value as stated by the
respective issuer at the close of the reporting date. Net asset values represent the price at which the issuer will
issue further units and the price at which issuer will redeem such units from the investors. Accordingly, such net
asset values are analogous to fair market value with respect to these investments, as transactions of these funds

In respect of investments in mutual funds, the fair values represent net asset value as stated by the issuers of
these mutual fund units in the published statements. Net asset values represent the price at which the issuer will
issue further units in the mutual fund and the price at which issuers will redeem such units from the investors.
Accordingly, such net asset values are analogous to fair market value with respect to these investments, as
transactions of these mutual funds are carried out at such prices between investors and the issuers of these units
of mutual funds.

(ii) The carrying amount of trade receivables, cash and cash equivalents, other bank balances, other financial
assets, trade payables, borrowings, lease liabilities and other financial liabilities, measured at cost in the financial
statements, are considered to be the same as their fair values, due to their short term nature. Where such items
are non-current in nature, the same has been classified as Level 3 and fair value determined using discounted
cash flow basis. Carrying value of Preference shares is based on discounted cash flows using effective interest
rate at the time of issue which is a reasonable approximation of its fair value and the difference between the
carrying value and fair value is not expected to be significant. Non current borrowings including current maturity
and security deposits (classified as other financial assets) are based on discounted cash flow using an incremental
borrowing rate.

(i) Level 1 (quoted prices in active market) : This level of hierarchy includes financial assets that are measured using
quoted prices (unadjusted) in active markets for identical assets or liabilities. This includes listed equity instruments
which are traded in the stock exchanges and mutual funds that have net asset value as stated by the issuers in
the published statements. The fair value of all equity instruments which are traded in the stock exchanges is
valued using the closing price as at the reporting period. The mutual funds are valued using the closing net assets
value.

(ii) Level 2 (valuation technique with significant observable inputs) : This level of hierarchy includes financial assets
and liabilities, measured using inputs other than quoted prices included within Level 1 that are observable for
the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The fair value of financial
instruments that are not traded in an active market (for example, over-the counter derivatives) is determined using
valuation techniques which maximise the use of observable market data and rely as little as possible on entity-
specific estimates.

(iii) Level 3 (valuation technique with significant unobservable inputs) : This level of hierarchy includes financial
assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs).
Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither
supported by prices from observable current market transactions in the same instrument nor are they based on
available market data. This is the case for unlisted equity securities included in Level 3.

There have been no transfers of investments between Level 1 and Level 2 fair value measurements during the year

(e) Financial risk management

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

(i) Credit risk

(ii) Liquidity risk

(iii) Market risk

The Company''s principal financial liabilities comprises of Lease liabilities, borrowings, preference shares, trade and
other payables and other financial liabilities. The main purpose of these financial liabilities is to finance and support
the operations of the Company. The Company''s principal financial assets include trade and other receivables, security
deposits, investments and cash & cash equivalents that derive directly from its operations.

The Company''s primary risk management focus is to minimise potential adverse effects of these risks by managing
them through a structured process of identification, assessment and prioritisation of risks followed by co-ordinated
efforts to monitor, minimize and mitigate the impact of such risks on its financial performance and capital. For this
purpose, the Company has laid comprehensive risk assessment and minimisation/mitigation procedures, which are
reviewed by the management from time to time. These procedures are reviewed regularly to reflect changes in market
conditions and to ensure that risks are controlled by way of properly defined framework.

(i) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (including trade receivable
and security deposits) and from its financial activities including deposits with banks and financial institutions. An
impairment analysis is performed at each reporting date on the basis of sales channel. In addition, a large number of
minor receivables are grouped and assessed for impairment collectively.

Trade receivables :

The Company operates on business model of primarily cash and carry, credit risk from receivable perspective is
insignificant. Customer credit risk is managed basis established policies of Company, procedures and controls relating

Moreover, the Company''s customer base is large and diverse limiting the risk arising out of credit concentration.
Other remaining financial assets :

Investments, in the form of fixed deposits, of surplus funds are made generally with banks & financial institutions and
within credit limits assigned to each counterparty.

Credit risk in respect for security deposit given for premises taken on lease are tracked by carrying specific analysis
of all parties at each reporting period. Historically loss on security deposits are immaterial. Therefore, based on past
and forward-looking information available with management and to the best estimate of management, the Company
believes that exposure to credit risk on other remaining financial assets is not material.

(ii) 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 assets. The Company manages its liquidity
risk on the basis of the business plan that ensures that the funds required for financing the business operations and
meeting financial liabilities are available in a timely manner. The Management regularly monitors rolling forecasts of the
Company''s liquidity position to ensure it has sufficient cash on an ongoing basis to meet operational fund requirements.
The surplus cash generated, over and above the operational fund requirement is invested in bank deposits and mutual
fund schemes of highly liquid nature to optimize cash returns while ensuring adequate liquidity for the Company. The
Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank
borrowings . The Company believes that cash generated from operations, working capital management and available
sources from raising funds (including additional borrowings, if any) as needed will satisfy its cash flow requirement
through at least the next twelve months.

OH FINANCIAL INSTRUMENTS - FAIR VALUE MEASUREMENTS AND RISK MANAGEMEN'' (continued)

market conditions. Market risk broadly comprises three types of risks namely currency risk, interest rate risk and security
price risk. The Company does not have any external currency exposure and thus currency risk is not applicable to the
Company.

The Company invests its surplus funds mainly in short term liquid schemes of mutual funds and bank fixed deposits.
The Company manages its price risk arising from these investments through diversification and by placing limits on
individual and total equity instruments / mutual funds.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of
changes in market interest rate. The Company''s exposure to the risk of changes in market interest rates relates primarily
to company''s borrowing with floating interest rates.

B39I CAPITAL MANAGEMENT

For the purpose of the Company''s capital management, capital includes equity attributable to the equity holders of the
Company and all other equity reserves. The primary objective of the Company''s capital management is to ensure that
it maintains an efficient capital structure while maximising shareholder value. Apart from internal accrual, sourcing of
capital is done through judicious combination of equity and borrowing, both short term and long term.

The capital structure of the Company is based on management''s judgement of its strategic and day-to-day needs with
a focus on total equity so as to safeguard its ability to continue as a going concern and to maintain investor, creditors
and market confidence.

The Company has not defaulted on any loans payable.

The Company has incurred a loss after tax of '' 18,477.82 Lakhs for the year ended March 31, 2025 and its current
liabilities, including current borrowings, exceeds current assets by '' 60,411.26 Lakhs as at March 31, 2025. The
Company has access to unutilised credit lines with its bankers and also additional capital from its promoters, if and
when required. The Company also has other investments which can be monetised, if and when required. Further,
the Company is focusing on improvement of margins through dis-continuance of loss making/ low margin stores,
cost reduction initiatives etc. In view of the above factors, and the approved business plan for the next year, the
management is confident of its ability to generate sufficient cash to fulfil all its obligations, including debt repayments,
over the next 12 months, consequent to which, these financial statements have been prepared on a going concern
basis.

41. During the year ended March 31, 2025, the management initiated appropriate steps for opening new stores in selected
geographies and also ramped down existing operations in South and NCR regions.

Accordingly, necessary accounting treatment and impact relating to the stores closed / identified for closure has been
duly considered in the aforesaid financial statements, resulting into net credit of '' 32.39 Lakhs for the year ended
March 31, 2025, which comprises i) reversal of net liability on termination of lease contracts '' 5,746.30 Lakhs (gain);
ii) accelerated depreciation / dismantling cost '' 3,789.82 Lakhs; and iii) provision against inventories, security deposits
and other claims '' 1,924.09 Lakhs.

E3I OTHER STATUTORY INFORMATION

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

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

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

(iv) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
(Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

(vi) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account,
in the tax assessments under the Income Tax Act, 1961 as income during the year.

(vii) There are no proceedings initiated or are pending against the Company for holding any benami property under
the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(viii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read
with Companies (Restriction on number of Layers) Rules, 2017.

(ix) The Company is maintaining its books of accounts in electronic mode and these books of accounts are accessible
in India at all times and the back-up of the books of accounts has been kept in servers physically located in India
on a daily basis.

(x) The quarterly returns/ statements filed by the Company with such banks are in agreement with the books of
accounts of the Company. Further, the Company do not have sanctioned working capital limits in excess of
'' five Crores in aggregate from financial institutions, during the year on the basis of security of current assets of
the Company.

(xi) The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

(xii) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India.
The Group has 4 Core Investment Companies as a part of the Group.

The Company have used accounting software for maintaining its books of account which has a feature of recording
of audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded
in the software except that audit trail feature is not enabled at the database level in so far it relates to the SAP and
Point Of Sales (POS) accounting software. Further, no instance of audit trail feature being tampered with in respect of
the accounting software was noted. Additionally, the audit trail of prior year has been preserved by the Company at
application level as per the statutory requirements for record retention to the extent it was enabled and recorded in
the respective years.

For S.R. Batliboi & Co. LLP For and on behalf of Board of Directors of Spencer''s Retail Limited

Chartered Accountants CIN : L74999WB2017PLC219355

Firm registration number - 301003E/E300005

per Navin Agrawal Anuj Singh Shashwat Goenka

Partner Chief Executive Officer and Managing Director Chairman

Membership number : 056102 DIN: 09547776 DIN: 03486121

Place : Kolkata Place : Kolkata

Navin Kumar Rathi Sandeep Kumar Banka

Company Secretary Chief Financial Officer

Place : Kolkata Place : Kolkata Place : Kolkata

Date : May 15, 2025 Date : May 15, 2025

---

Mar 31, 2024

(j) Provisions (other than for employee benefits)

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. The amount

recognised as a provision is the best estimate of the expenditure required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

In an event when the time value of money is material, the provision is carried at the present value of the cash flows estimated to settle the obligation.

When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

Decommissioning liability

Decommissioning costs are provided at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as part of the cost of the particular asset. The unwinding of the discount is expensed as incurred and recognised in the statement of profit and loss as a finance cost. The estimated future costs of decommissioning are reviewed annually and adjusted as appropriate. Changes in the estimated future costs or in the discount rate applied are added to or deducted from the cost of the asset.

(k) Contingent liabilities

A contingent liability is a possible obligation that arises from a past event, with the resolution of the contingency dependent on uncertain future events, or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognised because it cannot be measured reliably. The Company does not recognise a contingent liability but discloses its existence in the financial statements.

(l) Revenue from operations

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

The following specific recognition criteria must also be met before revenue is recognised:

Sale of goods

Revenue from sale of goods is recognised on delivery of merchandise to the customer, when the property in the goods is transferred for a price, and significant risks and rewards have been transferred and no effective ownership control is retained. Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price allocated to that performance obligation. Amounts disclosed as revenue are, net of returns and allowances, trade discounts, volume rebates, Goods and Services tax (GST) and amounts collected on behalf of third parties.

Where the Company is the principal in the transaction, the sales are recorded at their gross values. Where the Company is effectively the agent in the transaction, the cost of the merchandise is disclosed as a deduction from the gross value.

The Company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. Any amounts received for which the Company does not have any separate performance obligation are considered as a reduction of purchase costs.

The Company has contracts with concessionaire whereby it facilitates in the sale of products of these concessionaires. The inventory of the concessionaire does not pass to the Company till the product is sold. At the time of sale of such inventory, the sales value along with the cost of inventory is disclosed separately as sale of goods and cost of goods sold and forms part of Revenue in the Statement of Profit and Loss, only the net revenue earned i.e. margin is recorded as a part of revenue. Thus, the Company is an agent and records revenue at the net amount that it retains for its agency services.

Contract liabilities

A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Company transfers the related goods or services. Contract liabilities are recognised as revenue when the Company performs

under the contract (i.e., transfers control of the related goods or services to the customer).

Other operating revenue

Other operating revenue mainly represents recoveries made on account of advertisement for use of space by the customers and other expenses recovered from suppliers. These are recognised and recorded over time or at the point in time based on the arrangements with concerned parties.

(m) Interest income

Interest income is recognised based on time proportion basis considering the amount outstanding and using the effective interest rate (EIR). Interest income is included as other income in the Statement of Profit and Loss.

(n) Expenses

All expenses are accounted for on accrual basis.

(o) Government grants

Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.

(p) Leases

Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factors such as any significant leasehold improvements under taken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to its operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

The Company as a lessee

The Company''s lease asset classes primarily consist of leases for store. The Company assesses whether a contract contains a lease, at the inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) The Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset. At the date of commencement of the lease, the Company recognises a right-of-use assets (ROU) and a corresponding lease liability for all lease arrangements, in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and non-lease components (like maintenance charges, etc.). For these short-term leases and nonlease components, the Company recognises the lease rental payments as an operating expense. Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The present value of the expected cost to be incurred on removal of assets at the time of store closure (referred as "Decommissioning liability") is included in the cost of right-of-use assets.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the lease term. Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of

impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liabilities are initially measured at the present value of the future lease payments. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable and amounts expected to be paid under residual value guarantees. Variable lease payments that do not depend on an index or a rate are recognised as expense.

The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates for similar term of borrowing as the leases, for the Company. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

Short-term leases

The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term lease is recognised as expense on a straight-line basis over the lease term.

Company as a lessor

Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

Covid-19-Related Rent Concessions

The amendments provide relief to lessees from applying Ind AS 116 guidance on lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 pandemic. As a practical expedient, a lessee may elect not to assess whether a Covid-19 related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the Covid-19 related rent concession the same way it would account for the change under Ind AS 116, if the change were not a lease modification. The amendments are applicable for annual reporting periods beginning on or after April 1, 2021.

MCA issued an amendment to Ind AS 116 Covid-19 related Rent Concessions beyond June 30, 2021 to update the condition for lessees to apply the relief to a reduction in lease payments originally due on or before June 30, 2022 from June 30, 2021. The Company has applied this amendment to annual reporting periods beginning on or after April 1, 2021 in respect of lease agreements where negotiations have been completed and accounted the unconditional rent concessions as per Note 30.

(q) Income tax Current Tax

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

Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred tax

Deferred tax is provided on temporary differences between the tax bases and accounting bases of assets and liabilities at the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused

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

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

Deferred tax liabilities are recognised for all taxable temporary differences.

Deferred tax assets and liabilities are offset when there is legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on net basis, or to realise the asset and settle the liability simultaneously.

(r) Business combination

Business combination involving entities or businesses under common control are accounted for using the pooling of interest method whereby the assets and liabilities of the combining entities / business are reflected at their carrying value and necessary adjustments, if any, have been given effect to as per the scheme approved by National Company Law Tribunal.

(s) Compound instrument - non-cumulative nonconvertible redeemable preference shares

Non-cumulative non-convertible redeemable preference shares where payment of dividend is discretionary and which are mandatorily redeemable on a specific date, are classified as compound instruments. The fair value of liabilities portion is determined by discounting amount repayable at maturity using market rate of interest. Difference between proceed received and fair value of liability on initial recognition is included in equity, net of tax effects and not measured subsequently. Liability component of non-convertible redeemable preference shares are subsequently measured at amortised cost. The interest on these non-convertible redeemable preference shares are recognised in profit or loss as finance costs.

(t) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.

(u) Borrowing cost

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

(v) Earnings per share

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

(w) Cash flow Statement

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

(x) Measurement of EBITDA

The Company has elected to present Earnings (including interest income) before Interest expense, tax, depreciation and amortisation (EBITDA) as a separate line item on the face of the Statement of Profit and Loss.

(y) Standard issued but not effective

There are no standards issued but not effective up to the date of issuance of the Company''s financial statements.

(z) New and amended standards

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards)

Amendment Rules, 2023 dated 31 March 2023 to amend the following Ind AS which are effective for annual periods beginning on or after 1 April 2023. The Company applied for the first-time these amendments.

(i) Definition of Accounting Estimates - Amendments to Ind AS 8

The amendments clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. It has also been clarified how entities use measurement techniques and inputs to develop accounting estimates.

The amendments had no impact on the Company''s financial statements.

(ii) Disclosure of Accounting Policies - Amendments to Ind AS 1

The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ''significant'' accounting policies with a requirement to disclose their ''material'' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures.

The amendments had an impact on the Company''s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Company''s standalone financial statements.

(iii) Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to Ind AS 12

The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases.

The Company previously recognised for deferred tax on leases on a net basis. As a result of these amendments, the Company has recognised a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in relation to its right-of-use assets. Since, these balances qualify for offset as per the requirements of paragraph 74 of Ind AS 12, there is no impact in the balance sheet. There was also no impact on the opening retained earnings as at 1 April 2022.

Apart from these, consequential amendments and editorials have been made to other Ind AS like Ind AS 101, Ind AS 102, Ind AS 103, Ind AS 107, Ind AS 109, Ind AS 115 and Ind AS 34.

(aa) Climate - related matters

The Company considers climate-related matters in estimates and assumptions, where appropriate. This assessment includes a wide range of possible impacts on the Company due to both physical and transition risks. Even though the Company believes its business model and products will still be viable after the transition to a low-carbon economy, climate-related matters increase the uncertainty in estimates and assumptions underpinning several items in the financial statements Even though climate-related risks might not currently have a significant impact on measurement, the Company is closely monitoring relevant changes and developments, such as new climate-related legislation. The items and considerations that are most directly impacted by climate-related matters are:

- Useful life of property, plant and equipment. When reviewing the residual values and expected useful lives of assets, the Company considers climate-related matters, such as climate-related legislation and regulations that may restrict the use of assets or require significant capital expenditures.

EH OTHER EQUITY (continued)

Note:

(a) The Capital Reserve had arisen pursuant to the composite Scheme of Arrangement amongst the Company, CESC Limited and eight other companies and their respective shareholders, as approved by Hon''ble National Company Law Tribunal (NCLT).

(b) The amount received in excess of face value of the equity shares is recognised in securities premium. This reserve is utilised in accordance with the specific provisions of the Companies Act, 2013.

(c) The Company has an ESOP 2019 scheme under which options to subscribe for the Company''s equity shares have been granted to eligible employees. The share based payment reserve is used to recognise the grant date fair value of such options granted (refer note 37).

(d) Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss. Retained earnings is a free reserve available to the Company and eligible for distribution to shareholders, in case where it has positive balance represents net earnings till date.

1. Security & other terms

Out of the term loan from banks:

a) '' 333.34 lakhs (March 31, 2023 : '' 1,000 lakhs) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets including plant and equipment of the Company and second Pari Passu charge by way of hypothecation on the entire current assets of the Company. The said loan is payable after 9 months from the date of first disbursement in 18 equal quarterly installments of '' 166.67 lakhs each.

b) '' 3,600.00 lakhs (March 31, 2023 : '' 4,800.00 lakhs) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets of the Company and second Pari Passu charge on the entire current assets of the Company. The said loan is payable after 15 months from the date of first disbursement in 20 equal quarterly installments.

c) '' 3,500.00 lakhs (March 31, 2023 : '' 4,500.00 lakhs) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets of the Company and second Pari Passu charge on the entire current assets of the Company. The said loan is payable after 12 months from the date of first disbursement in 20 equal quarterly installments.

d) '' 3,947.36 lakhs (March 31, 2023 : '' 5,000.00 lakhs) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets of the Company and second Pari Passu charge on the entire current assets of the Company. The said loan is payable after 6 months from the date of first disbursement in 19 equal quarterly installments.

e) '' 2,894.82 lakhs (March 31, 2023 : '' 1,400.00 lakhs) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets of the Company and second Pari Passu charge on the entire current assets of the Company. The said loan is payable after 15 months from the date of first disbursement in first 10 quarterly installments of 1.67% of disbursement & next 10 quarterly installments of 8.33% of disbursement.

f) '' 1,600.00 lakhs (March 31, 2023 : '' 2,000.00 lakhs) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets of the Company and second Pari Passu charge on the entire current assets of the Company. The said loan is payable after 9 months from the date of first disbursement in first 4 quarterly installments of 5.00% of disbursement & next 8 quarterly installments of 10.00% of disbursement.

g) '' 1,000.00 lakhs (March 31, 2023 : '' Nil ) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets and immovable fixed assets of the Company, both present and future and second Pari Passu charge on the entire current assets of the Company. The said loan is payable after 18 months from the date of first disbursement in 14 equal quarterly installments of '' 71.43 lakhs each.

h) '' 4,875.00 lakhs (March 31, 2023 : '' Nil ) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets of the Company, both present and future, second Pari Passu charge on the entire current assets of the Company and a letter of comfort from RPG Power Trading Company Limited (company under common control). The said loan is payable after 3 months from the date of first disbursement in 12 structured quarterly installments.

i) '' 10,000.00 lakhs (March 31, 2023 : '' Nil ) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets of the Company, both present and future, second Pari Passu charge on the entire current assets of the Company and first charge on all assets and cash flows of RPG Power Trading Company Limited (company under common control). The said loan is payable after 6 months from the date of first disbursement in 19 structured quarterly installments divided into first 3 quarterly installments of 2.50% of disbursement & next 4 to 11th quarterly installments of 5.00% of disbursement & next 8 quarterly installments of 6.56%.

Interest rate on loans from banks varies from 8.76% p.a. to 11.00% p.a .

3. Term loans were applied for the purpose for which the loans were obtained except for idle funds amounting to '' Nil (March 31, 2023 : 259.13 lakhs) which were not required for immediate utilisation and which have been gainfully invested in highly liquid investments.

4. The Company''s bank loan agreements contain compliance with certain financial ratios which are not met as at and for the year ended March 31, 2024 and March 31, 2023. On the basis of its past track record of timely interest and principal repayment, the Company, as at year end March 31, 2024 and March 31, 2023, had written to its concerned lenders for condonation of the non-compliance with such ratio and has obtained confirmation from banks that the banks do not plan to take any action for such non-compliance. Accordingly, basis confirmation from banks, no adjustment has been made in the financial statements as regards to classification of such loans and they continue to get classified as current / non-current as per the original terms of the loan agreements.

1. Security & other terms

a) '' 8,024.81 lakhs (March 31, 2023 : '' 7,688.25 lakhs) Working Capital loan is secured by first Pari Passu charge by way of hypothecation over entire current assets of the Company and second Pari Passu charge by way of Hypothecation over entire moveable fixed assets of the Company. It is payable on demand.

b) '' 4,500.00 lakhs (March 31, 2023 : '' 4,608.22 lakhs) Working Capital loan is secured by first Pari Passu charge by way of hypothecation over entire current assets of the Company and second Pari Passu charge by way of Hypothecation over entire moveable fixed assets of the Company. It is payable on demand.

c) '' 42.00 lakhs (March 31, 2023 : '' Nil) Working Capital loan is secured by first Pari Passu charge by way of hypothecation over entire current assets of the Company and second Pari Passu charge by way of Hypothecation over moveable fixed assets of the Company. It is payable on demand.

d) '' 2,972.33 lakhs (March 31, 2023 : '' 94746 lakhs) Invoice financing facility from Bank is secured by first Pari Passu charge by way of hypothecation over entire current assets of the Company and second Pari Passu charge by way of Hypothecation over moveable fixed assets of the Company. Loan is payable in maximum period of 90 days.

e) '' 2,964.20 lakhs (March 31, 2023 : '' Nil) Invoice financing facility from Bank is secured by first Pari Passu charge by way of hypothecation over entire current assets of the Company and second Pari Passu charge by way of Hypothecation over moveable fixed assets of the Company. Loan is payable in maximum period of 120 days.

f) '' 6,489.05 lakhs (March 31, 2023 : '' 7,282.92 lakhs) Invoice financing facility from Bank is secured by first Pari Passu charge by way of hypothecation over entire current assets of the Company and second Pari Passu charge by way of Hypothecation over moveable fixed assets of the Company. Loan is payable in maximum period of 90 days.

g) '' 2,468.17 lakhs (March 31, 2023 : '' Nil) Invoice financing facility from Bank is secured by first Pari Passu charge by way of hypothecation over entire current assets of the Company and second Pari Passu charge by way of Hypothecation over moveable fixed assets of the Company. Loan is payable in maximum period of 120 days.

h) '' 4,49749 lakhs (March 31, 2023 : '' 4,908.62 lakhs) Invoice financing facility from Bank is unsecured. Loan is payable in maximum period of 120 days.

Interest rate on loans from banks varies from 9.80% p.a. to

11.35% p.a.

E4I SEGMENT INFORMATION

The Company has a single operating segment i.e. organised retail. The Company at present operates only in India and therefore the analysis of geographical segment is not applicable to the Company. There are no customers contributing more than 10% of Revenue from operations.

E5I assets and liabilities relating to employee defined benefits

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to Gratuity on terms not less favorable than the provisions of the Payment of Gratuity Act, 1972. The scheme is funded with an insurance company. The liability in respect thereof is determined by actuarial valuation at the year end based on the Projected Unit Credit Method and is recognized as a charge on accrual basis.

Notes:

(i) The Company''s principal related parties consist of Rainbow Investments Limited, its subsidiaries and key managerial personnel. The Company''s material related party transactions and outstanding balances are with related parties with whom the Company routinely enters into transactions in the ordinary course of business.

(ii) Key Managerial Personnel are entitled to post-employment benefits and other long term employee benefits recognised as per Ind AS 19 ''- ''Employee Benefits'' in the financial statements. As these employees benefits are lump sum amounts provided on the basis of actuarial valuation the same is not included above.

(iii) The Company has recognised an expenses of '' Nil (March 31, 2023 : '' 6.80 lakhs) towards employee stock options granted to Key Managerial Personnel. The same has not been considered as managerial remuneration of the current year as defined under Section 2(78) of the Companies Act, 2013 as the options have not been exercised (refer note 37).

(iv) RPG Power Trading Company Limited (company under common control) has furnished a Comfort letter in respect of a term loan obtained from financial institution by the Company for a total sanction amount of '' 5,000.00 lakhs (March 31, 2023: '' Nil). The outstanding amount as at year end in the books is '' 4,875.00 lakhs (March 31, 2023 : '' Nil).

(v) Refer note 29 for comfort letter furnished to its wholly owned subsidiary.

E7I SHARE BASED PAYMENTS

Spencer''s Employee Stock Option Plan 2019 (ESOP 2019)

The details of an employee share based payments plan operated through a trust for ESOP 2019 are as follows:

The ESOP 2019 plan was approved by the shareholders at the 2nd Annual General Meeting of the Company held in the year 2019. Under the scheme, stock options has been granted to eligible employees at an exercise price of '' 83.57 per share and their stock options would vest in tranches from the date of grant (i.e June 26, 2020) and shall be exercised within a period of five years from the date of the vesting of the options. For the purpose of this scheme, the Company had created an Spencer''s Employee Benefit Trust (ESOP Trust). The Company had purchased equity shares from the open market under the ESOP Trust. Such equity shares are held by the ESOP Trust.

asset values are analogous to fair market value with respect to these investments, as transactions of these funds are carried out at such prices between investors and the issuer of these units.

I n respect of investments in mutual funds, the fair values represent net asset value as stated by the issuers of these mutual fund units in the published statements. Net asset values represent the price at which the issuer will issue further units in the mutual fund and the price at which issuers will redeem such units from the investors. Accordingly, such net asset values are analogous to fair market value with respect to these investments, as transactions of these mutual funds are carried out at such prices between investors and the issuers of these units of mutual funds.

(ii) The carrying amount of trade receivables, cash and cash equivalents, other bank balances, other financial assets, trade payables, current borrowings and other financial liabilities, measured at cost in the financial statements, are considered to be the same as their fair values, due to their short term nature. Where such items are non-current in nature, the same has been classified as Level 3 and fair value determined using discounted cash flow basis. Carrying value of Preference shares is based on discounted cash flows using effective interest rate at the time of issue which is a reasonable approximation of its fair value and the difference between the carrying value and fair value is not expected to be significant. Non current borrowings including current maturity and security deposits (classified as other financial assets) are based on discounted cash flow using an incremental borrowing rate.

(i) Level 1 (quoted prices in active market): This level of hierarchy includes financial assets that are measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. This includes listed equity instruments which are traded in the stock exchanges and mutual funds that have net asset value as stated by the issuers in the published statements. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing net assets value.

(ii) Level 2 (valuation technique with significant observable inputs): This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The fair value of financial instruments that are not traded in an active market (for example, over-the counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates.

(iii) Level 3 (valuation technique with significant unobservable inputs): This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data. This is the case for unlisted equity securities included in Level 3.

(e) Financial risk management

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

(i) Credit risk

(ii) Liquidity risk

(iii) Market risk

The Company''s principal financial liabilities comprises of Lease liabilities, borrowings, preference shares, trade and other payables and other financial liabilities. The main purpose of these financial liabilities is to finance and support the operations of the Company. The Company''s principal financial assets include trade and other receivables, security deposits, investments and cash & cash equivalents that derive directly from its operations.

The Company''s primary risk management focus is to minimise potential adverse effects of these risks by managing them through a structured process of identification, assessment and prioritisation of risks followed by co-ordinated efforts to monitor, minimise and mitigate the impact of such risks on its financial performance and capital. For this purpose, the Company has laid comprehensive risk assessment and minimisation/mitigation procedures, which are reviewed by the management from time to time. These procedures are reviewed regularly to reflect changes in market conditions and to ensure that risks are controlled by way of properly defined framework.

(i) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (including trade receivable and security deposits) and from its financial activities including deposits with banks and financial institutions. An impairment analysis is performed at each reporting date on the basis of sales channel. In addition, a large number of minor receivables are grouped and assessed for impairment collectively.

Trade receivables:

The Company operates on business model of primarily cash and carry, credit risk from receivable perspective is insignificant. Customer credit risk is managed basis established policies of Company, procedures and controls relating to customer credit risk management. Outstanding receivables are regularly monitored.

Moreover, the Company''s customer base is large and diverse limiting the risk arising out of credit concentration. Other remaining financial assets:

Investments, in the form of fixed deposits, of surplus funds are made generally with banks & financial institutions and within credit limits assigned to each counterparty.

Credit risk in respect for security deposit given for premises taken on lease are tracked by carrying specific analysis of all parties at each reporting period. Historically loss on security deposits are immaterial. Therefore, based on past and forward-looking information available with management and to the best estimate of management, the Company believes that exposure to credit risk on other remaining financial assets is not material.

(ii) 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 assets. The Company manages its liquidity risk on the basis of the business plan that ensures that the funds required for financing the business operations and meeting financial liabilities are available in a timely manner. The Management regularly monitors rolling forecasts of the Company''s liquidity position to ensure it has sufficient cash on an ongoing basis to meet operational fund requirements. The surplus cash generated, over and above the operational fund requirement is invested in bank deposits and mutual fund schemes of highly liquid nature to optimise cash returns while ensuring adequate liquidity for the Company. The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank borrowings . The Company believes that cash generated from operations, working capital management and available sources from raising funds (including additional borrowings, if any) as needed will satisfy its cash flow requirement through at least the next twelve months.

The following are the remaining contractual maturities of financial liabilities at the reporting date. The contractual cash flow amounts are gross and undiscounted:

(iii) Market risk

Market risk is the risk that the fair value of future cash flow of financial instruments may fluctuate because of changes in market conditions. Market risk broadly comprises three types of risks namely currency risk, interest rate risk and security price risk. The Company does not have any external currency exposure and thus currency risk is not applicable to the Company.

The Company invests its surplus funds mainly in short term liquid schemes of mutual funds and bank fixed deposits. The Company manages its price risk arising from these investments through diversification and by placing limits on individual and total equity instruments / mutual funds.

Interest rate risk

I nterest rate risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rate. The Company''s exposure to the risk of changes in market interest rates relates primarily to company''s borrowing with floating interest rates.

Q9I CAPITAL MANAGEMENT

For the purpose of the Company''s capital management, capital includes equity attributable to the equity holders of the Company and all other equity reserves. The primary objective of the Company''s capital management is to ensure that it maintains an efficient capital structure while maximising shareholder value. Apart from internal accrual, sourcing of capital is done through judicious combination of equity and borrowing, both short term and long term.

The capital structure of the Company is based on management''s judgment of its strategic and day-to-day needs with a focus on total equity so as to safeguard its ability to continue as a going concern and to maintain investor, creditors and market confidence.

The Company has not defaulted on any loans payable.

The Company has incurred a loss after tax of '' 21,182.09 lakhs for the year ended March 31, 2024 and its current liabilities, including current borrowings, exceeds current assets by '' 52,438.42 lakhs as at March 31, 2024. The Company has access to unutilised credit lines with its bankers and also additional capital from its promoters, if and when required. The Company also has other investments which can be monetised, if and when required. Further, the Company has been expanding its operations, expanding private brand, building growth towards the non-food segments (including own branded apparel) and improvement of margins through dis-continuance of loss making/ low margin stores, etc. In view of the above factors, and the approved business plan for the next year, the management is confident of its ability to generate sufficient cash to fulfil all its obligations, including debt repayments, over the next 12 months, consequent to which, these financial statements have been prepared on a going concern basis.

K2I OTHER STATUTORY INFORMATION

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

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

period.

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

(iv) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)

with the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly

lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party

(Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

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

(vi) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.

(vii) There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(viii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

(ix) The Company is maintaining its books of accounts in electronic mode and these books of accounts are accessible in India at all times and the back-up of the books of accounts has been kept in servers physically located in India on a daily basis

(x) The quarterly returns/ statements filed by the company with such banks are in agreement with the books of accounts of the Company. Further, the Company do not have sanctioned working capital limits in excess of Rs. five crores in aggregate from financial institutions, during the year on the basis of security of current assets of the Company.

(xi) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(xii) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. The Group has 4 Core Investment Companies as a part of the Group.

43. The Company have used accounting software for maintaining its books of account which has a feature of recording of audit trail (edit log) facility and the same has operated throughout the year for all relevant transcations recorded in the software except that audit trail feature is not enabled at the database level in so far it relates to the SAP and Point Of Sales (POS) accounting software. Further, no instance of audit trail feature being tampered with in respect of the accounting software was noted.

For S.R. Batliboi & Co. LLP For and on behalf of Board of Directors

Chartered Accountants

Firm registration number - 301003E/E300005

Navin Agrawal Anuj Singh Shashwat Goenka

Partner Chief Executive Officer and Managing Director Chairman

Membership number - 056102 DIN: 09547776 DIN: 03486121

Place : Kolkata Place : Kolkata

Vikash Kumar Agarwal Sandeep Kumar Banka

Company Secretary Chief Financial Officer

Place : Kolkata Place : Kolkata Place : Kolkata

Date : May 10, 2024 Date : May 10, 2024

---

Mar 31, 2023

Brand has been considered to have an indefinite useful life taking into account that there are no technical, technological, commercial risks of obsolescence or limitations under contract or law. The Company tests whether brand has suffered any impairment on an annual basis. The recoverable amount has been determined based on value in use for current and previous financial year. Value in use has been determined based on relief from royalty method using future cash flows, after considering current economic conditions and trends, estimated future operating results, growth rates and anticipated future economic conditions. Basis the assessment, the management has concluded that no impairment is required in respect of brand.

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

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

*Amount is lesser than the rounding off norms followed by the Company.

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

The Company has only one class of equity shares having a par value of '' 5 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(a) The Capital Reserve had arisen pursuant to the composite Scheme of Arrangement amongst the Company, CESC Limited and eight other companies and their respective shareholders, as approved by Hon''ble National Company Law Tribunal (NCLT).

(b) The amount received in excess of face value of the equity shares is recognised in securities premium. This reserve is utilised in accordance with the specific provisions of the Companies Act, 2013.

(c) The Company has an ESOP 2019 scheme under which options to subscribe for the Company''s equity shares have been granted to eligible employees. The share based payment reserve is used to recognise the grant date fair value of such options granted (refer note 37).

(d) Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss. Retained earnings is a free reserve available to the Company and eligible for distribution to shareholders, in case where it has positive balance represents net earnings till date.

1. Security & other terms

Out of the term loan from banks:

a) '' 1,000.00 Lakhs (March 31, 2022 : '' 1,666.67 Lakhs) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets including plant and equipment of the Company and second Pari Passu charge by way of hypothecation on the entire current assets of the Company. The said loan is payable after 9 months from the date of first disbursement in 18 equal quarterly installments of '' 166.67 Lakhs each.

b) '' 4,800.00 Lakhs (March 31, 2022 : '' 6,000.00 Lakhs ) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets of the Company and second Pari Passu charge on the entire current assets of the Company. The said loan is payable after 15 months from the date of first disbursement in 20 equal quarterly installments.

c) '' 4,500.00 Lakhs (March 31, 2022 : '' 4,000.00 Lakhs ) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets of the Company and second Pari Passu charge on the entire current assets of the Company. The said loan is payable after 12 months from the date of first disbursement in 20 equal quarterly installments.

d) '' 5,000.00 Lakhs (March 31, 2022 : Nil ) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets of the Company and second Pari Passu charge on the entire current assets of the Company. The said loan is payable after 6 months from the date of first disbursement in 19 equal quarterly installments.

e) '' 1,400.00 Lakhs (March 31, 2022 : Nil ) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets of the Company and second Pari Passu charge on the entire current assets of the Company. The said loan is payable after 15 months from the date of first disbursement in first 10 quarterly installments of 1.67% of disbursement & next 10 quarterly installments of 8.33% of disbursement.

f) '' 2,000.00 Lakhs (March 31, 2022 : Nil ) is secured by first Pari Passu charge by way of hypothecation over moveable fixed assets of the Company and second Pari Passu charge on the entire current assets of the Company. The said loan is payable after 9 months from the date of first disbursement in first 4 quarterly installments of 5.00% of disbursement & next 8 quarterly installments of 10.00% of disbursement.

I nterest rate on loans from banks varies from 9.20% p.a. to 10.20% p.a

2. Term loans were applied for the purpose for which the loans were obtained except for idle funds amounting to '' 259.13 Lakhs (March 31, 2022 : 1,001.00 lakhs) which were not required for immediate utilisation and which have been gainfully invested in highly liquid investments.

3. The Company''s bank loan agreements contain compliance with certain financial ratios which are not met as at and for the year ended March 31, 2023. On the basis of its past track record of timely interest and principal repayment, the Company, as at year end March 31, 2023, had written to its concerned lenders for condonation of the non-compliance with such ratio and has obtained confirmation from banks that the banks do not plan to take any action for such noncompliance. The management does not expect the banks to take any action as a consequence of non-compliance of such ratio and accordingly, no adjustment has been made in the financial statements as regards to classification of such loans and they continue to get classified as current / non-current as per the original terms of the loan agreements.

1. Security & other terms

a) '' 7,688.25 Lakhs (March 31, 2022 : '' 4,500.00 Lakhs) Working Capital loan is secured by first Pari Passu charge by way of hypothecation over entire current assets of the Company and second Pari Passu charge by way of Hypothecation over entire moveable fixed assets of the Company. It is payable on demand.

b) '' 4,608.22 Lakhs (March 31, 2022 : '' 5,000.00 Lakhs) Working Capital loan is secured by first Pari Passu charge by way of hypothecation over entire current assets of the Company and second Pari Passu charge by way of Hypothecation over entire moveable fixed assets of the Company. It is payable on demand.

c) '' 7,282.92 Lakhs (March 31, 2022 : '' 8,265.13 Lakhs) Invoice financing facility from Bank is secured by first Pari Passu charge by way of hypothecation over entire current assets of the Company and second Pari Passu charge by way of Hypothecation over moveable fixed assets of the Company. Loan is payable in maximum period of 90 days.

d) '' 94746 Lakhs (March 31, 2022 : Nil) Invoice financing facility from Bank is secured by first Pari Passu charge by way of hypothecation over entire current assets of the Company and second Pari Passu charge by way of Hypothecation over moveable fixed assets of the Company. Loan is payable in maximum period of 90 days.

e) '' 4,908.62 Lakhs (March 31, 2022 : Nil) Invoice financing facility from Bank is unsecured. Loan is payable in maximum period of 120 days.

I nterest rate on loans from banks varies from 9.00% p.a. to 9.95% p.a.

(c) Retailers Association of India (RAI) of which the Company is a member, had filed Special Leave Petition before the Hon''bie Supreme Court of India, about the applicability of service tax on commercial rent on immovable property. Pending disposal of the case, the Supreme Court had passed an interim ruling in October 2011 directing the members of RAI to pay 50% of total service tax liability up to September 2011 to the department and to furnish a surety for balance 50%. Accordingly the Company had already deposited '' 460.00 Lakhs and furnished a surety for '' 460.00 Lakhs towards the balance service tax liability.

During the year ended March 31, 2022, the Company has settled the said case under Sabka Vishwas - (Legacy Dispute Resolution) Scheme, 2019 and obtained a Discharge Certificate for full and final settlement of tax dues upto the period under dispute. Company had reversed the excess liability in the books.

The Company has also been making provision for service tax on rent from October 2011 onwards, the balance whereof as on March 31, 2023 is '' 460.11 Lakhs (March 31, 2022: '' 460.11 Lakhs).

091 COMMITMENTS AND CONTINGENCIES (a) Contingent liabilities
	As at March 31, 2023	As at march 31, 2022
	'' in Lakhs	'' in Lakhs
Contingent liabilities not provided for in respect of:
(i) Sales Tax / Value Added Tax (VAT) / Goods and Services Tax demands (GST) under appeal	36.91	230.77
(ii) Claims against the Company not acknowledged as debt	4,738.01	4,452.45

There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated February 28, 2019. As a matter of caution, the Company has made a provision on a prospective basis from the date of the SC order. The Company will update its provision, on receiving further clarity on the subject.

The Company has furnished a Comfort letter in respect of a term loan obtained from a financial institution / bank by its wholly owned subsidiary "Natures Basket Limited" for a total sanction amount of '' 9,000.00 lakhs (March 31, 2022 : '' 5,500.00 lakhs). The outstanding amount as at year end in the books of subsidiary is '' 4,629.78 lakhs (March 31, 2022 : '' 3,437.50 lakhs).

(b)	Commitments
		As at	As at
		March 31, 2023	march 31, 2022
		'' in Lakhs	'' in Lakhs
(i)	Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances)	288.73	111.52
(ii)	For Investments - Others	67.50	97.50

(iii) The Ministry of Corporate Affairs vide notification dated July 24, 2020 and June 18, 2021, issued an amendment to Ind AS: 116 "Leases", by inserting a practical expedient with respect to "Covid-19 Related Rent Concessions" effective from the period beginning on or after April 01, 2020. Pursuant to the above amendment, the Company has applied the practical expedient during the year ended March 31, 2023 in respect of lease agreements where negotiations have been completed and accounted the unconditional rent concessions of '' 73.14 Lakhs (March 31, 2022 : '' 532.94 Lakhs) in "Other income" (refer note 21).

The Company has further adjusted rent concessions amounting to '' Nil Lakhs (March 31, 2022 : '' 21.48 Lakhs) during the year ended March 31, 2023, for stores with variable lease payments in "Other expenses" (refer note 25) in the Statement of Profit and Loss.

(iv) Includes '' 5304.10 Lakhs (March 31, 2022: '' 5,054.82 Lakhs) on account of interest expenses.

(b) There being no charge on account of tax expense, reconciliation between effective tax rate and statutory rate of tax is not disclosed.

(c) The Company has tax losses of '' 49,244.00 Lakhs ( March 31, 2022 : '' 43,984.39 Lakhs) and unabsorbed depreciation

of '' 63,354.67 Lakhs ( March 31, 2022 : '' 60,398.09 Lakhs) as at year end. Business loss can be carried forward for a

maximum period of eight assessment years immediately succeeding the assessment year to which the loss pertains. Unabsorbed depreciation can be carried forward for an indefinite period.

(d) MAT credits entitlements are taxes paid to tax authorities which can be offset against future tax

liabilities, subject to certain restrictions, within a period of 15 years from the year of origination.

The Company recognises MAT assets only to the extent it expects to realise the same within the prescribed period. The Company has not recognised MAT assets in the absence of reasonable certainty. The expiry date of Unrecognised MAT credit of '' 141.34 Lakhs is 11 years (March 31, 2022: 12 years).

Q4I SEGMENT INFORMATION

The Company has a single operating segment i.e. organised retailing. The Company at present operates only in India and therefore the analysis of geographical segment is not applicable to the Company. There are no customers contributing more than 10% of Revenue from operations.

1351 ASSETS AND LIABILITIES RELATING TO EMPLOYEE DEFINED BENEFITS

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to Gratuity on terms not less favorable than the provisions of the Payment of Gratuity Act, 1972. The scheme is funded with an insurance company.

Assumptions regarding future mortality experience are set in accordance with the published rates under Indian Assured Lives Mortality ((2006-08 - (modified) ultimate).

(h) 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.

(i) The Company expects to contribute '' 133.08 Lakhs (March 31, 2022: '' 230.69 Lakhs) to gratuity fund in the next year.

(k) Risk Exposure

Through its defined benefit plans, the Company is exposed to some risks, the most significant of which are detailed below

(i) I nterest rate risk: The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

(ii) Salary Inflation risk: Higher than expected increases in salary will increase the defined benefit obligation.

(iii) Demographic risk: This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee

35.1 DEFINED CONTRIBUTION PLAN

The Company makes contribution to provident fund and national pension scheme towards retirement benefit plan for eligible employees. Under the said plan, the Company is required to contribute a specified percentage of the employee''s salaries to the fund benefits. During the year, based on applicable rates, the Company has contributed and charged '' 819.66 Lakhs (March 31, 2022: '' 717.03 Lakhs) in the Statement of Profit and Loss.

E6I RELATED PARTY DISCLOSURE (continued)Notes:

(i) The Company''s principal related parties consist of Rainbow Investments Limited, its subsidiaries and key managerial personnel. The Company''s material related party transactions and outstanding balances are with related parties with whom the Company routinely enters into transactions in the ordinary course of business.

(ii) Key Managerial Personnel are entitled to post-employment benefits and other long term employee benefits recognised as per Ind AS 19 ''- ''Employee Benefits'' in the financial statements. As these employees benefits are lump sum amounts provided on the basis of actuarial valuation the same is not included above.

(iii) The Company has recognised an expenses of '' 6.80 Lakhs (March 31, 2022 : '' 14.94 Lakhs ) towards employee stock options granted to Key Managerial Personnel. The same has not been considered as managerial remuneration of the current year as defined under Section 2(78) of the Companies Act, 2013 as the options have not been exercised (refer note 37).

E7I SHARE BASED PAYMENTS

Spencer''s Employee Stock Option Plan 2019 (ESOP 2019)

The details of an employee share based payments plan operated through a trust for ESOP 2019 are as follows:

The ESOP 2019 plan was approved by the shareholders at the 2^nd Annual General Meeting of the Company held in the year 2019. Under the scheme, stock options has been granted to eligible employees at an exercise price of '' 83.57 per share and their stock options would vest in tranches from the date of grant (i.e June 26, 2020) and shall be exercised within a period of five years from the date of the vesting of the options.

Expected volatility has been based on an evaluation of the historical volatility of comparable companies.

Expected life of the options has been calculated to be the average of the maximum life and the minimum life of the option as it has been granted to higher level management.

*The fair value of option on the date of grant has been done by an independent valuer appointed by the management using the Black Scholes Merton Model.

(b) Measurement of fair values

The fair values of financial assets and liabilities are included at the amount that would be received on sale of asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent in all the years. The following methods and assumptions were used to estimate the fair values:

(i) The fair values of the unquoted equity shares have been estimated using a DCF (Discounted cash flow) model. The valuation requires management to make certain assumptions about the model inputs, including forecasted cash flows, discount rate, credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are used in management''s estimate of fair value for these unquoted equity investments. In respect of investments in alternative investment fund, the fair values represent net asset value as stated by the respective issuer at the close of the reporting date. Net asset values represent the price at which the issuer will issue further units and the price at which issuer will redeem such units from the investors. Accordingly, such net asset values are analogous to fair market value with respect to these investments, as transactions of these funds are carried out at such prices between investors and the issuer of these units.

In respect of investments in mutual funds, the fair values represent net asset value as stated by the issuers of these mutual fund units in the published statements. Net asset values represent the price at which the issuer will issue further units in the mutual fund and the price at which issuers will redeem such units from the investors. Accordingly, such net asset values are analogous to fair market value with respect to these investments, as transactions of these mutual funds are carried out at such prices between investors and the issuers of these units of mutual funds.

(ii) The carrying amount of trade receivables, cash and cash equivalents, other bank balances, other financial assets, trade payables, current borrowings and other financial liabilities, measured at cost in the financial statements, are considered to be the same as their fair values, due to their short term nature. Where such items are non-current in nature, the same has been classified as Level 3 and fair value determined using discounted cash flow basis. Carrying value of Preference shares is based on discounted cash flows using effective interest rate at the time of issue which is a reasonable approximation of its fair value and the difference between the carrying value and fair value is not expected to be significant. Non current borrowings including current maturity and security deposits (classified as other financial assets) are based on discounted cash flow using an incremental borrowing rate.

The different levels have been defined below :

(i) Level 1 (quoted prices in active market) : This level of hierarchy includes financial assets that are measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. This includes listed equity instruments which are traded in the stock exchanges and mutual funds that have net asset value as stated by the issuers in the published statements. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing net assets value.

(ii) Level 2 (valuation technique with significant observable inputs) : This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The fair value of financial instruments that are not traded in an active market (for example, over-the counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates.

(iii) Level 3 (valuation technique with significant unobservable inputs) : This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data. This is the case for unlisted equity securities included in Level 3.

There have been no transfers of investments between Level 1 and Level 2 fair value measurements during the year ended March 31, 2023 and March 31, 2022, respectively.

(e) Financial risk management

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

(i) Credit risk

(ii) Liquidity risk

(iii) Market risk

The Company''s principal financial liabilities comprises of Lease liabilities, borrowings, preference shares, trade and other payables and other financial liabilities. The main purpose of these financial liabilities is to finance and support the operations of the Company. The Company''s principal financial assets include trade and other receivables, security deposits, investments and cash & cash equivalents that derive directly from its operations.

The Company''s primary risk management focus is to minimise potential adverse effects of these risks by managing them through a structured process of identification, assessment and prioritisation of risks followed by co-ordinated efforts to monitor, minimize and mitigate the impact of such risks on its financial performance and capital. For this purpose, the Company has laid comprehensive risk assessment and minimisation/mitigation procedures, which are reviewed by the management from time to time. These procedures are reviewed regularly to reflect changes in market conditions and to ensure that risks are controlled by way of properly defined framework.

(i) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (including trade receivable and security deposits) and from its financial activities including deposits with banks and financial institutions. An impairment analysis is performed at each reporting date on the basis of sales channel. In addition, a large number of minor receivables are grouped and assessed for impairment collectively.

Trade receivables :

The Company operates on business model of primarily cash and carry, credit risk from receivable perspective is insignificant. Customer credit risk is managed basis established policies of Company, procedures and controls relating to customer credit risk management. Outstanding receivables are regularly monitored.

Moreover, the Company''s customer base is large and diverse limiting the risk arising out of credit concentration.

Other remaining financial assets :

I nvestments, in the form of fixed deposits, of surplus funds are made generally with banks & financial institutions and within credit limits assigned to each counterparty.

Credit risk in respect for security deposit given for premises taken on lease are tracked by carrying specific analysis of all parties at each reporting period. Historically loss on security deposits are immaterial. Therefore, based on past and forward-looking information available with management and to the best estimate of management, the Company believes that exposure to credit risk on other remaining financial assets is not material.

(ii) 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 assets. The Company manages its liquidity risk on the basis of the business plan that ensures that the funds required for financing the business operations and meeting financial liabilities are available in a timely manner. The Management regularly monitors rolling forecasts of the Company''s liquidity position to ensure it has sufficient cash on an ongoing basis to meet operational fund requirements. The surplus cash generated, over and above the operational fund requirement is invested in bank deposits and mutual fund schemes of highly liquid nature to optimise cash returns while ensuring adequate liquidity for the Company. The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank borrowings . The Company believes that cash generated from operations, working capital management and available sources from raising funds (including additional borrowings, if any) as needed will satisfy its cash flow requirement through at least the next twelve months.

(iii) Market risk

Market risk is the risk that the fair value of future cash flow of financial instruments may fluctuate because of changes in market conditions. Market risk broadly comprises three types of risks namely currency risk, interest rate risk and security price risk. The Company does not have any external currency exposure and thus currency risk is not applicable to the Company.

The Company invests its surplus funds mainly in short term liquid schemes of mutual funds and bank fixed deposits. The Company manages its price risk arising from these investments through diversification and by placing limits on individual and total equity instruments / mutual funds.

(iv) Interest rate risk

I nterest rate risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rate. The Company''s exposure to the risk of changes in market interest rates relates to primarily to company''s borrowing with floating interest rates.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on affected portion of loans and borrowings. With all other variables held constant, the Company''s profit before tax is affected through the impact on variable rate borrowing as follows:

A change of 50 bps in interest rates would have following Impact on profit before tax

E9I CAPITAL MANAGEMENT

For the purpose of the Company''s capital management, capital includes equity attributable to the equity holders of the Company and all other equity reserves. The primary objective of the Company''s capital management is to ensure that it maintains an efficient capital structure while maximising shareholder value. Apart from internal accrual, sourcing of capital is done through judicious combination of equity and borrowing, both short term and long term.

The capital structure of the Company is based on management''s judgment of its strategic and day-to-day needs with a focus on total equity so as to safeguard its ability to continue as a going concern and to maintain investor, creditors and market confidence.

The Company has not defaulted on any loans payable.

40. The Company has incurred a net loss after tax of Rs. 15,323.47 lakhs for the year ended 31st March 2023 and its current liabilities, including current borrowings, exceeds current assets by Rs. 41,092.01 lakhs as at 31st March 2023. The Company has access to unutilised credit lines with its bankers and additional capital from its promoters, if and when required. The Company also has other investments which can be monetised, if and when required. Further, the Company has been expanding its operations, expanding private brand, building growth towards the non-food segments (including own branded apparel), improvement of margins through dis-continuance of loss making/ low margin stores etc. In view of the above factors, and the approved business plan for the next year, the management is confident of its ability to generate sufficient cash to fulfil all its obligations, including debt repayments, over the next 12 months, consequent to which, these financial statements have been prepared on a going concern basis.

OH OTHER STATUTORY INFORMATION

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

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

period.

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

(iv) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)

with the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly

lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party

(Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign

entities (Intermediaries) with the understanding that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.

(vii) There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(viii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

ix) The Company is maintaining its books of accounts in electronic mode and these books of accounts are accessible in India at all times and the back-up of the books of accounts has been kept in servers physically located in India on a daily basis

x) The quarterly returns or statements filed by the Company with the banks or financial institutions are in agreement with the books of accounts.

43. Figures for the previous periods have been regrouped / reclassified wherever necessary to conform to current period''s classification.