Mandatory Accounting Standards - Ind AS – Extracts from Published Accounts-1

Mandatory Accounting Standards (Ind AS) — Extracts From Published Accounts 8TH EDITION Bombay Chartered Accountants’ Society

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400 020. T : +91 22 6137 7600 • E : [email protected] • W : www.bcasonline.org E-Journal : www.bcajonline.org • E-learning : https://bcasonline.courseplay.co/ Mandatory Accounting Standards (Ind AS) – Extracts from Published Accounts CA Deepali Shrigadi • CA Gunja Bathiya • CA Harnish Shah CA Jiten Jataniya • CA Shraddha Kishnadwala

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |ii| © BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY Price : ` 000/- (Postage charges extra) Eight Edition March, 2020 Seventh Edition February, 2018 Sixth Edition 2013 Fifth Edition 2012 Fourth Edition July, 2006 Third Edition April, 2003 Second Edition June, 1998 First Edition January, 1997 DISCLAIMER 1. Compilation is done on unbiased selection of published accounts, with a view to cover varying precedents intended to provide an educative referencer. 2. Compilation is done with the objective to provide the user of this publication with different reporting formats of the accounting standards and policies based on the accounting standards followed by different companies, without commenting on the merits and demerits of the same. The accounting policies and reporting reproduced in this publication should not be construed as the best practices followed by the companies nor should it be construed that the publication is trying to bring out the faulty practices followed by the companies. 3. The reproduction from various annual audited accounts is selected by the compilers. They are, however, not providing any opinions nor are expressing any views on the same. The same should also not be construed as views of BCAS. 4. Maximum care is taken to avoid errors in the compilation process. If, however, any errors have crept in through inadvertence; compilers will be obliged if promptly informed, to prevent repetition of the same in future work 5. The Financial Statements used for compilation are for the period between 1 April 2018 and 31 March 2019. 6. This publication is sold with the understanding that neither the publisher, nor the compilers will be responsible for the result of any action taken on the basis of this work whether directly or indirectly for any error or omission, to any person whether a buyer of this publication or not. Published by Shri Manish Sampat, President for Bombay Chartered Accountants’ Society, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400 020. T : +91 22 6137 7600 • E : [email protected] • W : www.bcasonline.org E-Journal : www.bcajonline.org • E-learning : https://bcasonline.courseplay.co/ Printed by Finesse Graphics & Prints Pvt. Ltd. Tel.: 022-4036 4600 • Fax: 022-2496 2297

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |iii| Foreword It is said that Accounts is the language of business and Accounting Standards is the vocabulary of the language of Accounts. It is only through the correct use of language that the message can be passed in its true sense. Similarly, in the accounting world, without correct interpretation of the Accounting Standards, one cannot come up with correct method of recognising, disclosing and presenting the business transactions. Compliance of Accounting Standards plays a very significant role in bringing about uniformity and transparency in the financial reporting by all the reporting entities. It has always been the endeavour at BCAS to continuously keep the members, professionals and all the stakeholders abreast with the latest developments in financial reporting. As a part of that effort to help members and professionals to keep abreast with the latest trends in financial statements reporting, BCAS has been publishing the book “Mandatory Accounting Standards — Extracts from Published Accounts”. Till 2013, it had come up with 6 editions of the book. The Indian Accounting Standards (Ind AS) have been introduced in India from April 2016 in a phased manner. To enable easy reference for such companies, the Accounting and Auditing Committee had asked a young team of chartered accountants having experience in the first phase of implementation of Ind AS, to come with an Ind AS standard wise compilation of the typical accounting policies and disclosures made by the companies who have implemented Ind AS for the FY 2016-17. The said book was well appreciated by all preparers and users of financial statements. Since then, several new Ind AS have been issued and being implemented by corporates. It was hence felt that the above publication needs revision to bring it in line with the current trends in financial reporting. The Committee again asked the same team viz., CA Deepali Shrigadi, CA Gunja Bathiya, CA Harnish Shah, CA Jiten Jataniya, CA Shraddha Kishnadwala, who had worked on the earlier publication to revise the publication and update the same for disclosures in FY 2018-19. The final review and editing of the disclosures is done by two very experienced members of the Committee viz., CA Vijay Maniar and CA Chirag Doshi. Based on the MCA notification, NBFCs also implemented Ind AS from 1st April 2018 onwards. Since NBFCs belong to a specialised sector and is also regulated by norms the Reserve Bank of India, several specific issues arise in Ind AS implementation. The Committee had therefore come with a separate publication in December 2019 on similar lines covering disclosures by NBFCs on implementation of Ind AS. The six compilers and the two reviewers have put in substantial efforts in wading through a large number of annual reports and then selecting extracts from published accounts of more than 100 companies. We would like to convey our sincere thanks to all of them for devoting their valuable time in bringing out this revised edition. We are sure that, like the earlier editions, this edition would also be of immense value to the preparers, reviewers and analysts of the Financial Statements as well as to various other stakeholders. CA. Manish Sampat CA. Himanshu V. Kishnadwala President Chairman Accounting & Auditing Committee

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |iv| MANAGING COMMITTEE 2019-20 President Manish Sampat Vice President Suhas Paranjpe Hon. Joint Secretaries Mihir Sheth Samir Kapadia Treasurer Abhay Mehta Ex-Officio Sunil Gabhawalla Raman Jokhakar Members Anand Bathiya Anil Doshi Bhavesh Gandhi Chirag Doshi Divya Jokhakar Ganesh Rajgopalan Hardik Mehta Jagdish Punjabi Kinjal M. Shah Mandar Telang Rutvik Sanghvi Shreyas Shah Vaibhav Manek Zubin Billimoria ACCOUNTING & AUDITING COMMITTEE 2019-20 Chairman Himanshu Kishnadwala Ex-Officio Manish Sampat Suhas Paranjpe Convenors Amit Purohit Chirag Doshi Nikhil Patel Members Abhay Mehta Ashutosh Pednekar Gandharv Tongia Himanshu Vasa Jayesh Gandhi K. C. Narang Paresh Clerk Rajesh Mody Raman Jokhakar Sandeep Shah Sanjeev Pandit Santosh Maller Sohil Kapasi Sushrut Chitale Tej Bhatt Vijay Gajaria Vijay Maniar Vipul Choksi Zubin Billimoria

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |v| CONTENTS Page No. Foreword ............................................................................................................................................................... iii BCAS at your service ...........................................................................................................................................iv List of Committee Members..................................................................................................................................v List of Companies ...............................................................................................................................................xix 1 INDIAN ACCOUNTING STANDARD (IND AS) 1 — PRESENTATION OF FINANCIAL STATEMENTS........................................................ 1 1. ACC Limited .............................................................................................................................................1 2. Apollo Hospitals Enterprise Limited........................................................................................................2 3. Bharat Petroleum Corporation Limited ....................................................................................................4 4. Bharti Airtel Limited .................................................................................................................................5 5. DLF Limited................................................................................................................................................8 6. GVK Power and Infrastructure Limited .................................................................................................10 7. Hindustan Construction Company Limited...........................................................................................11 8. Jubilant FoodWorks Limited....................................................................................................................14 9. Metropolis Healthcare Limited ...............................................................................................................17 10. Oil and Natural Gas Corporation Limited.............................................................................................21 2 INDIAN ACCOUNTING STANDARD (IND AS) 2 — INVENTORIES ........................... 27 1. ACC Limited ...........................................................................................................................................27 2. Adani Ports and Special Economic Zone Limited................................................................................27 3. Adani Power Limited...............................................................................................................................28 4. Ajanta Pharma Limited............................................................................................................................28 5. Bajaj Auto Limited...................................................................................................................................28 6. Bharat Petroleum Corporation Limited ..................................................................................................29 7. Colgate Palmolive India Limited.............................................................................................................30 8. Dr. Reddy’s Laboratories Limited ...........................................................................................................31 9. GMR Infrastructure Limited....................................................................................................................31 10. Godrej Properties Limited .......................................................................................................................32 11. Grasim Industries Limited.......................................................................................................................32 12. GVK Power and Infrastructure Limited .................................................................................................32 13. Hero MotoCorp Limited ..........................................................................................................................32 14. Hindustan Construction Company Limited...........................................................................................33 15. Hindustan Unilever Limited ...................................................................................................................33 16. Indian Tobacco Company Limited..........................................................................................................34 17. InterGlobe Aviation Limited (IndiGo) ....................................................................................................35 18. IRB Infrastructure Developers Limited...................................................................................................35 19. Jagran Prakashan Limited........................................................................................................................36 20. Larsen & Toubro Limited.........................................................................................................................36 21. Mahindra Lifespace Developers Limited................................................................................................37

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |vi| 22. Navneet Education Limited.....................................................................................................................37 23. NESCO Limited........................................................................................................................................38 24. PC Jeweller Limited.................................................................................................................................38 25. Sadbhav Engineering Limited.................................................................................................................39 26. Shalimar Paints Limited ..........................................................................................................................39 27. Tata Coffee Limited..................................................................................................................................40 28. The Bombay Dyeing and Manufacturing Company Limited ...............................................................40 29. Trident Limited ........................................................................................................................................41 30. Ultratech Cement Limited.......................................................................................................................42 31. Vedanta Limited .......................................................................................................................................43 32. Westlife Development Limited................................................................................................................43 33. Zee Entertainment Enterprises Limited ................................................................................................44 3 INDIAN ACCOUNTING STANDARD (IND AS) 7 — STATEMENT OF CASH FLOWS.................................................................................. 45 1. Ajanta Pharma Limited............................................................................................................................45 2. Bajaj Auto Limited...................................................................................................................................45 3. Godrej Properties Limited .......................................................................................................................45 4. Kansai Nerolac Paints Limited................................................................................................................49 5. Larsen & Toubro Limited.........................................................................................................................50 6. Shoppers Stop Limited ..........................................................................................................................51 7. Ultratech Cement Limited.......................................................................................................................53 8. Vodafone Idea Limited.............................................................................................................................55 4 INDIAN ACCOUNTING STANDARD (IND AS) 8 – ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS............................................................................................... 59 1. Adani Power Limited .............................................................................................................................59 2. Coal India Limited .................................................................................................................................60 3. Colgate Palmolive India Limited.............................................................................................................61 4. Gillette India Limited ..............................................................................................................................61 5. Hindustan Unilever Limited ..................................................................................................................62 6. India Mart Intermesh Limited ................................................................................................................62 7. Indian Railway Catering and Tourism Corporation Limited................................................................64 8. Larsen & Toubro Limited.........................................................................................................................66 9. TVS Motor Company Limited.................................................................................................................66 10. Vedanta Limited .......................................................................................................................................67 5 INDIAN ACCOUNTING STANDARD (IND AS) 10 — EVENTS AFTER THE REPORTING PERIOD ............................................................. 70 1. ACC Limited.............................................................................................................................................70 2. Heidelberg Cement India Ltd..................................................................................................................70 3. Info Edge (India) Limited........................................................................................................................71 4. Mahindra Lifespace Developers Limited................................................................................................71

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |vii| 5. PC Jeweller Limited.................................................................................................................................72 6. Shoppers Stop Limited............................................................................................................................72 7. Tata Consultancy Services Limited ........................................................................................................72 8. Vodafone Idea Limited.............................................................................................................................72 9. Welspun India Limited............................................................................................................................73 10. Wipro Limited ..........................................................................................................................................73 6 INDIAN ACCOUNTING STANDARD (IND AS) 12 — INCOME TAXES ...................... 74 1. ACC Limited ...........................................................................................................................................74 2. All Cargo Logistics Limited.....................................................................................................................79 3. Avenue Supermarts Limited ...................................................................................................................82 4. Bharat Petroleum Corporation Limited ..................................................................................................83 5. Tata Chemicals Limited...........................................................................................................................88 6. Vedanta Limited .......................................................................................................................................89 7. Wipro Limited ..........................................................................................................................................95 7 INDIAN ACCOUNTING STANDARD (IND AS) 16 — PROPERTY, PLANT AND EQUIPMENT ................................................................... 101 1. Adani Ports and Special Economic Zone Limited..............................................................................101 2. Adani Power Limited.............................................................................................................................102 3. All Cargo Logistics Limited...................................................................................................................104 4. Bajaj Auto Limited.................................................................................................................................105 5. Bharat Petroleum Corporation Limited ................................................................................................107 6. Chambal Fertilisers and Chemicals Limited........................................................................................109 7. DLF Limited............................................................................................................................................110 8. GVK Power and Infrastructure Limited ...............................................................................................113 9. Hindustan Construction Company Limited.........................................................................................114 10. InterGlobe Aviation Limited (IndiGo) ..................................................................................................115 11. Kansai Nerolac Paints Limited..............................................................................................................116 12. Kewal Kiran Clothing Limited ..............................................................................................................119 13. Oil and Natural Gas Corporation Limited...........................................................................................121 14. Tata Coffee Limited................................................................................................................................129 15. Torrent Power Limited...........................................................................................................................132 8 INDIAN ACCOUNTING STANDARD (IND AS) 17 — LEASES................................... 134 1. Adani Ports and Special Economic Zone Limited..............................................................................134 2. Bharti Airtel Limited .............................................................................................................................134 3. Blue Dart Express Limited ....................................................................................................................137 4. Dalmia Bharat Limited .........................................................................................................................138 5. Fortis Healthcare Limited ......................................................................................................................140 6. GVK Power and Infrastructure Limited ...............................................................................................140 7. IRB Infrastructure Developers Limited.................................................................................................141 8. Mahindra Lifespace Developers Limited..............................................................................................141 9. Raymond Limited...................................................................................................................................142

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |viii| 10. The Indian Hotels Company Limited ..................................................................................................143 11. Wipro Limited ........................................................................................................................................144 12. Zee Entertainment Enterprises Limited ..............................................................................................146 9 INDIAN ACCOUNTING STANDARD (IND AS) 19 — EMPLOYEE BENEFITS.......... 148 1. Bharat Petroleum Corporation Limited ................................................................................................148 2. Oil and Natural Gas Corporation Limited...........................................................................................154 3. Tata Communications Limited .............................................................................................................172 4. Thyrocare Technologies Limited...........................................................................................................182 10 INDIAN ACCOUNTING STANDARD (IND AS) 20 — ACCOUNTING FOR GOVERNMENT GRANTS AND DISCLOSURE OF GOVERNMENT ASSISTANCE.......................................................... 184 1. Adani Ports and Special Economic Zone Limited..............................................................................184 2. Adani Power Limited.............................................................................................................................184 3. Ambuja Cement Limited .......................................................................................................................184 4. Apollo Hospital Enterprise Limited......................................................................................................185 5. Bajaj Auto Limited.................................................................................................................................185 6. Bharat Petroleum Corporation Limited ................................................................................................185 7. Cipla Limited..........................................................................................................................................186 8. GMR Infrastructure Limited..................................................................................................................186 9. Grasim Industries Limited.....................................................................................................................186 10. GVK Power and Infrastructure Limited ...............................................................................................186 11. Hero MotoCorp Limited ........................................................................................................................187 12. Hindustan Construction Company Limited.........................................................................................188 13. Hindustan Petroleum Corporation Limited..........................................................................................188 14. Hindustan Unilever Limited .................................................................................................................188 15. Indian Railway Catering and Tourism Corporation Limited..............................................................189 16. Indian Tobacco Company Limited........................................................................................................189 17. Matrimony.com Limited ........................................................................................................................189 18. Mindtree Limited ...................................................................................................................................190 19. National Steel and Agro Industry Limited ..........................................................................................190 20. Oil and Natural Gas Corporation Limited...........................................................................................191 21. Piramal Enterprises Limited..................................................................................................................191 22. Rallies India Limited .............................................................................................................................192 23. Siyaram Silk Mills Limited...................................................................................................................192 24. Tata Chemicals Limited.........................................................................................................................193 25. Tata Coffee Limited................................................................................................................................195 26. Torrent Power Limited...........................................................................................................................195 27. TVS Motor Company Limited...............................................................................................................195 28. Ultratech Cement Limited.....................................................................................................................196 29. Vedanta Limited .....................................................................................................................................197

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |ix| 11 INDIAN ACCOUNTING STANDARD (IND AS) 21 — THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES......................... 198 1. All Cargo Logistics Limited...................................................................................................................198 2. Adani Ports and Special Economic Zone Limited..............................................................................199 3. Ajanta Pharma Limited..........................................................................................................................200 4. Bharat Petroleum Corporation Limited ................................................................................................200 5. Bharti Airtel Limited .............................................................................................................................201 6. Chambal Fertilisers and Chemicals Limited........................................................................................201 7. GMR Infrastructure Limited..................................................................................................................202 8. HCL Technologies Limited ....................................................................................................................202 9. Healthcare Global Enterprise Limited..................................................................................................203 10. Jagran Prakashan Limited......................................................................................................................203 11. Kansai Nerolac Paints Limited..............................................................................................................203 12. Mahindra Lifespace Developers Limited..............................................................................................204 13. Metropolis Healthcare Limited .............................................................................................................204 14. Oil and Natural Gas Corporation Limited ..........................................................................................205 15. One97 Communication Limited............................................................................................................206 16. Reliance Industries Limited ..................................................................................................................207 17. Siyaram Silk Mills Limited...................................................................................................................207 18. Tata Consultancy Services Limited ......................................................................................................208 19. Ultratech Cement Limited.....................................................................................................................208 20. Vedanta Limited .....................................................................................................................................209 21. Wipro Limited ........................................................................................................................................210 12 INDIAN ACCOUNTING STANDARD (IND AS) 23 — BORROWING COSTS ........... 211 1. Adani Ports and Special Economic Zone Limited..............................................................................211 2. Adani Power Limited.............................................................................................................................211 3. Torrent Power Limited...........................................................................................................................211 4. All Cargo Logistics Limited...................................................................................................................212 5. Apollo Hospitals Enterprise Limited....................................................................................................212 6. Ashoka Buildcon Limited......................................................................................................................212 7. Avenue Supermarts Limited .................................................................................................................213 8. Bharat Petroleum Corporation Limited ................................................................................................213 9. Chambal Fertilisers and Chemicals Limited........................................................................................213 10. DLF Limited............................................................................................................................................214 11. GMR Infrastructure Limited..................................................................................................................214 12. Godrej Properties Limited .....................................................................................................................214 13. Grasim Industries Limited.....................................................................................................................214 14. Hindustan Construction Company Limited.........................................................................................214 15. Hindustan Petroleum Corporation Limited..........................................................................................215 16. Indiabulls Real Estate Limited..............................................................................................................215 17. InterGlobe Airways Limited (IndiGo)...................................................................................................215

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |x| 18. Larsen & Toubro Limited.......................................................................................................................215 19. Lupin Limited.........................................................................................................................................216 20. Mahindra Lifespace Developers Limited..............................................................................................216 21. Oil and Natural Gas Corporation Limited ..........................................................................................216 22. Siyaram Silk Mills Limited...................................................................................................................216 23. Tata Coffee Limited................................................................................................................................217 24. The Bombay Dyeing and Manufacturing Company Limited .............................................................217 25. The Ramco Cements Limited................................................................................................................217 26. Trident Limited ......................................................................................................................................218 27. TVS Motor Company Limited...............................................................................................................218 28. Vedanta Limited .....................................................................................................................................218 29. Vodafone Idea Limited...........................................................................................................................219 13 INDIAN ACCOUNTING STANDARD (IND AS) 24 — RELATED PARTY DISCLOSURES ............................................................................. 220 1. Adani Ports and Special Economic Zone Limited..............................................................................220 2. Mahindra Lifespace Developers Limited ............................................................................................224 3. Navneet Education Limited...................................................................................................................230 4. Oil and Natural Gas Corporation Limited...........................................................................................234 5. Shoppers Stop Limited..........................................................................................................................247 6. Tata Communications Limited .............................................................................................................254 7. Tata Consultancy Services Limited ......................................................................................................261 8. TV 18 Broadcast Limited .....................................................................................................................264 14 INDIAN ACCOUNTING STANDARD (IND AS) 28 — INVESTMENTS IN ASSOCIATES AND JOINT VENTURES................................... 274 1. Adani Ports and Special Economic Zone Limited..............................................................................274 2. Ambuja Cements Limited......................................................................................................................276 3. Apollo Hospitals Enterprise Limited....................................................................................................278 4. Ashoka Buildcon Limited......................................................................................................................279 5. Bajaj Auto Limited.................................................................................................................................279 6. Bharat Petroleum Corporation Limited ................................................................................................280 7. DLF Limited............................................................................................................................................281 8. GMR Infrastructure Limited..................................................................................................................282 9. Godrej Properties Limited .....................................................................................................................283 10. Larsen & Toubro Limited.......................................................................................................................283 11. Mahindra Holidays & Resorts India Limited.......................................................................................284 12. Mahindra Lifespace Developers Limited..............................................................................................286 13. Oil and Natural Gas Corporation Limited...........................................................................................287 14. The Bombay Dyeing and Manufacturing Company Limited .............................................................288 15. Torrent Power Limited...........................................................................................................................289 16. Trident Limited ......................................................................................................................................290

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xi| 15 INDIAN ACCOUNTING STANDARD (IND AS) 32 — FINANCIAL INSTRUMENTS: PRESENTATION INDIAN ACCOUNTING STANDARD (IND AS) 107 — FINANCIAL INSTRUMENTS: DISCLOSURES INDIAN ACCOUNTING STANDARD (IND AS) 109 — FINANCIAL INSTRUMENTS INDIAN ACCOUNTING STANDARD (IND AS) 113 — FAIR VALUE MEASUREMENT................................................................................... 293 1. All Cargo Logistics Limited...................................................................................................................293 2. Bharti Airtel Limited .............................................................................................................................296 3. Hindalco Industries Limited .................................................................................................................307 4. Larsen & Toubro Limited.......................................................................................................................328 5. Mindtree Limited ...................................................................................................................................347 6. National Payment Corporation of India ...............................................................................................355 7. Shoppers Stop Limited ........................................................................................................................358 8. Ultratech Cement Limited.....................................................................................................................363 16 INDIAN ACCOUNTING STANDARD (IND AS) 33 — EARNINGS PER SHARE....... 375 1. Ashoka Buildcon Limited......................................................................................................................375 2. Avenue Supermarts Limited .................................................................................................................375 3. Bajaj Auto Limited ...............................................................................................................................376 4. Bharat Petroleum Corporation Limited ................................................................................................376 5. Chambal Fertilisers and Chemicals Limited........................................................................................376 6. DLF Limited............................................................................................................................................378 7. Godrej Properties Limited .....................................................................................................................379 8. GVK Power and Infrastructure Limited ...............................................................................................379 9. Hindustan Construction Company Limited.........................................................................................379 10. Hindustan Petroleum Corporation Limited..........................................................................................379 11. Hindustan Unilever Limited .................................................................................................................380 12. Mahindra Holidays & Resorts India Limited.......................................................................................380 13. Mahindra Lifespace Developers Limited..............................................................................................381 14. Spicejet Limited .....................................................................................................................................382 15. Vedanta Limited .....................................................................................................................................383 16. Vodafone Idea Limited...........................................................................................................................383 17. Westlife Development Limited..............................................................................................................384 17 INDIAN ACCOUNTING STANDARD (IND AS) 36 — IMPAIRMENT OF ASSETS ........................................................................................ 385 1. Adani Ports and Special Economic Zone Limited..............................................................................385 2. Aditya Birla Fashion and Retail Limited .............................................................................................385 3. Bharat Petroleum Corporation Limited ................................................................................................387 4. Bharti Airtel Limited .............................................................................................................................388 5. DLF Limited............................................................................................................................................390 6. Dr. Reddy’s Laboratories Limited .........................................................................................................391 7. GMR Infrastructure Limited..................................................................................................................392

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xii| 8. Grasim Industries Limited.....................................................................................................................393 9. Hindustan Petroleum Corporation Limited..........................................................................................393 10. Indian Hotel Company Limited............................................................................................................394 11. Infotech limited......................................................................................................................................394 12. Jagran Prakashan Limited......................................................................................................................394 13. Larsen & Toubro Limited.......................................................................................................................394 14. Mahindra Lifespace Developers Limited..............................................................................................395 15. Mindtree Limited ...................................................................................................................................396 16. Oil and Natural Gas Corporation Limited ..........................................................................................397 17. One97 Communication Limited............................................................................................................400 18. Poly Medicure Limited .........................................................................................................................402 19. Tata Consultancy Services Limited ......................................................................................................403 20. Thyrocare Technologies Limited...........................................................................................................403 21. Zee Entertainment Enterprises Limited ..............................................................................................405 18 INDIAN ACCOUNTING STANDARD (IND AS) 37 — PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS .......... 407 1. Adani Ports and Special Economic Zone Limited..............................................................................407 2. Ajanta Pharma Limited..........................................................................................................................410 3. Bharat Petroleum Corporation Limited ................................................................................................411 4. Bharti Airtel Limited .............................................................................................................................413 5. GVK Power and Infrastructure Limited ...............................................................................................417 6. Jet Airways India Limited.....................................................................................................................424 7. Kansai Nerolac Paints Limited ............................................................................................................427 8. KPIT Technologies Limited ...................................................................................................................428 9. Larsen and Toubro Infrastructure Limited...........................................................................................429 10. Mahindra Lifespace Developers Limited..............................................................................................432 11. Oil and Natural Gas Corporation Limited ..........................................................................................434 12. Sadbhav Engineering Limited...............................................................................................................439 13. Sun Pharmaceutical Industries Limited...............................................................................................440 14. Tata Consultancy Services Limited ......................................................................................................441 19 INDIAN ACCOUNTING STANDARD (IND AS) 38 — INTANGIBLE ASSETS........... 445 1. Adani Ports and Special Economic Zone Limited..............................................................................443 2. All Cargo Logistics Limited...................................................................................................................444 4. Chambal Fertilisers and Chemicals Limited........................................................................................448 5. Cipla Limited..........................................................................................................................................450 6. Grasim Industries Limited.....................................................................................................................451 7. Jubilant FoodWorks Limited..................................................................................................................452 8. Oil and Natural Gas Corporation Limited ..........................................................................................454 9. PVR Limited ...........................................................................................................................................458 10. S Chand and Company Limited...........................................................................................................461 11. Tata Chemicals Limited.........................................................................................................................462 12. Tata Coffee Limited................................................................................................................................464

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xiii| 13. Tata Consultancy Services Limited ......................................................................................................466 14. The Bombay Dyeing and Manufacturing Company Limited .............................................................468 20 INDIAN ACCOUNTING STANDARD (IND AS) 40 — INVESTMENT PROPERTY......................................................................................... 471 1. All Cargo Logistics Limited...................................................................................................................471 2. Bajaj Auto Limited.................................................................................................................................472 3. Bharat Petroleum Corporation Limited ................................................................................................473 4. Colgate Palmolive India Limited...........................................................................................................473 5. DLF Limited............................................................................................................................................474 6. GMR Infrastructure Limited..................................................................................................................477 7. GVK Power and Infrastructure Limited ...............................................................................................479 8. Hindustan Construction Company Limited.........................................................................................479 9. Indiabulls Real Estate Limited..............................................................................................................480 10. Kansai Nerolac Paints Limited..............................................................................................................481 11. Kewal Kiran Clothing Limited ..............................................................................................................483 12. Larsen & Toubro Limited.......................................................................................................................484 13. Mahindra Lifespace Developers Limited..............................................................................................485 14. NESCO Limited......................................................................................................................................486 15. Oil and Natural Gas Corporation Limited...........................................................................................487 16. Rallies India Limited .............................................................................................................................487 17. Tata Chemicals Limited.........................................................................................................................488 18. Tata Coffee Limited................................................................................................................................489 19. Tata Communications Limited..............................................................................................................491 20. The Bombay Dyeing and Manufacturing Company Limited .............................................................492 21. The Ramco Cements Limited................................................................................................................494 22. Torrent Power Limited...........................................................................................................................495 23. TVS Motor Company Limited...............................................................................................................496 21 INDIAN ACCOUNTING STANDARD (IND AS) 41 — AGRICULTURE............................................................................................................ 497 1. Atul Limited ...........................................................................................................................................497 2. Harrisons Malayalam Limited...............................................................................................................498 3. Parag Milk Foods Limited......................................................................................................................499 4. Tata Coffee Limited................................................................................................................................500 22 INDIAN ACCOUNTING STANDARD (IND AS) 102 — SHARE-BASED PAYMENT.......................................................................................... 503 1. Avenue Supermarts Limited .................................................................................................................503 2. Bharti Airtel Limited .............................................................................................................................506 3. DLF Limited............................................................................................................................................509 4. HCL Technologies Limited ....................................................................................................................512 5. Hero MotoCorp Limited ........................................................................................................................516 6. Hindustan Unilever Limited ................................................................................................................518 7. Indian Tobacco Company Limited........................................................................................................521

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xiv| 8. InterGlobe Airways Limited (IndiGo)...................................................................................................527 9. Jubilant FoodWorks Limited..................................................................................................................530 10. Matrimony.com Limited ........................................................................................................................534 11. Prime Focus Limited ............................................................................................................................537 12. Shoppers Stop Limited..........................................................................................................................542 13. Vodafone Idea Limited...........................................................................................................................545 23 INDIAN ACCOUNTING STANDARD (IND AS) 103 — BUSINESS COMBINATIONS ..................................................................................... 550 1. Adani Ports and Special Economic Zone Limited..............................................................................550 2. All Cargo Logistics Limited...................................................................................................................552 3. Avenue Supermarts Limited .................................................................................................................553 4. CESC Limited.........................................................................................................................................555 5. DLF Limited............................................................................................................................................559 6. Fortis Healthcare Limited ......................................................................................................................561 7. GMR Infrastructure Limited..................................................................................................................561 8. Godrej Properties Limited .....................................................................................................................562 9. Grasim Industries Limited.....................................................................................................................564 10. Hindustan Unilever Limited .................................................................................................................573 11. Kajaria Ceramics Limited ......................................................................................................................575 12. Kansai Nerolac Paints Limited..............................................................................................................576 13. KPIT Technologies and Birlasoft Merger .............................................................................................578 14. Larsen & Toubro Limited.......................................................................................................................583 15. Mahindra Lifespace Developers Limited..............................................................................................587 16. Piramal Enterprises Limited..................................................................................................................588 17. PVR Limited ..........................................................................................................................................589 18. Reliance Jio Infocomm Limited ............................................................................................................592 19. Shree Cement Limited .........................................................................................................................594 20. Tata Coffee Limited................................................................................................................................597 21. The Indian Hotels Company Limited ..................................................................................................598 22. Vedanta Limited .....................................................................................................................................598 23. Vodafone Idea Limited...........................................................................................................................604 24. Wipro Limited ........................................................................................................................................607 24 INDIAN ACCOUNTING STANDARD (IND AS) 104 — INSURANCE CONTRACTS......................................................................................... 609 1. Chalet Hotels Limited............................................................................................................................609 2. JSW Energy Limited .............................................................................................................................609 3. Shoppers Stop Limited..........................................................................................................................610 4. Vedanta Limited .....................................................................................................................................610 25 INDIAN ACCOUNTING STANDARD (IND AS) 105 — NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS...................................................................................... 611 1. Adani Power Limited.............................................................................................................................611

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xv| 2. Ambuja Cements Limited ....................................................................................................................611 3. Bharat Petroleum Corporation Limited ................................................................................................612 4. Chambal Fertilisers and Chemicals Limited........................................................................................613 5. Colgate Palmolive India Limited...........................................................................................................613 6. DLF Limited............................................................................................................................................614 7. GMR Infrastructure Limited..................................................................................................................616 8. GVK Power and Infrastructure Limited ...............................................................................................617 9. Hindustan Unilever Limited .................................................................................................................617 10. Info Edge (India) Limited......................................................................................................................618 11. Larsen & Toubro Limited.......................................................................................................................619 12. Oil and Natural Gas Corporation Limited...........................................................................................620 13. PC Jeweller Limited...............................................................................................................................621 14. Raymond Limited...................................................................................................................................622 15. Shoppers Stop Limited..........................................................................................................................622 16. Siyaram Silk Mills Limited...................................................................................................................623 17. Tata Coffee Limited................................................................................................................................624 18. Tata Communications Limited..............................................................................................................625 19. The Bombay Dyeing and Manufacturing Company Limited .............................................................626 20. Ultratech Cement Limited.....................................................................................................................627 21. Vedanta Limited .....................................................................................................................................628 22. Wipro Limited ........................................................................................................................................628 26 INDIAN ACCOUNTING STANDARD (IND AS) 108 — OPERATING SEGMENTS........................................................................................... 629 1. Apollo Hospital Enterprise Limited......................................................................................................629 2. Colgate Palmolive India Limited...........................................................................................................629 3. Gillette India Limited ............................................................................................................................629 4. Grasim Industries Limited.....................................................................................................................630 5. IRB Infrastructure Developers Limited.................................................................................................634 6. Kansai Nerolac Paints Limited..............................................................................................................636 7. Larsen & Toubro Limited.......................................................................................................................636 8. Tata Chemicals Limited.........................................................................................................................642 9. Tata Consultancy Services Limited ......................................................................................................647 10. TVS Motor Company Limited...............................................................................................................649 11. Zomato Media Private Limited .............................................................................................................650 27. INDIAN ACCOUNTING STANDARD (IND AS) 109 – FINANCIAL INSTRUMENTS ....................................................................................... 653 1. Dr. Reddy’s Laboratories Limited .........................................................................................................653 2. Grasim Industries Limited.....................................................................................................................657 3. ITC Limited ............................................................................................................................................664 28. INDIAN ACCOUNTING STANDARD (IND AS) 110 — CONSOLIDATED FINANCIAL STATEMENTS.......................................................... 666 1. All Cargo Logistics Limited...................................................................................................................666

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xvi| 2. Ambuja Cements Limited ....................................................................................................................667 3. Avenue Supermarts Limited .................................................................................................................669 4. Bharat Petroleum Corporation Limited ................................................................................................670 5. Chambal Fertilisers and Chemicals Limited........................................................................................671 6. DLF Limited............................................................................................................................................673 7. Fortis Healthcare Limited ......................................................................................................................674 8. GMR Infrastructure Limited..................................................................................................................676 9. Godrej Properties Limited .....................................................................................................................686 10. Grasim Industries Limited.....................................................................................................................687 11. HCL Technologies Limited ....................................................................................................................689 12. Hindustan Construction Company Limited.........................................................................................690 13. HT media Limited..................................................................................................................................691 14. Jindal Worldwide Limited .....................................................................................................................692 15. Mahindra Holidays & Resorts India Limited.......................................................................................693 16. Matrimony.com Limited ........................................................................................................................694 17. Navneet Education Limited...................................................................................................................696 18. Oil and Natural Gas Corporation Limited ..........................................................................................698 19. One97 Communication Limited............................................................................................................699 20. Raymond Limited...................................................................................................................................700 21. Sun Pharmaceutical Industries Limited...............................................................................................701 22. Tata Chemicals Limited.........................................................................................................................702 23. Tata Consultancy Services Limited ......................................................................................................703 24. The Bombay Dyeing and Manufacturing Company Limited .............................................................704 25. Thyrocare Technologies Limited...........................................................................................................704 26. Welspun India Limited..........................................................................................................................706 29. INDIAN ACCOUNTING STANDARD (IND AS) 111 — JOINT ARRANGEMENTS........................................................................................... 708 1. Bharat Petroleum Corporation Limited ................................................................................................708 2. DLF Limited............................................................................................................................................710 3. Hindustan Construction Company Limited.........................................................................................711 4. Info Edge (India) Limited......................................................................................................................713 5. Kewal Kiran Clothing Limited ..............................................................................................................713 6. Larsen & Toubro Limited.......................................................................................................................715 30. INDIAN ACCOUNTING STANDARD (IND AS) 112 — DISCLOSURE OF INTERESTS IN OTHER ENTITIES ............................................ 721 1. Bharat Petroleum Corporation Limited ................................................................................................721 2. DLF Limited............................................................................................................................................725 3. Future Retail Limited.............................................................................................................................735 4. Hindustan Construction Company Limited.........................................................................................736 5. Oil and Natural Gas Corporation Limited...........................................................................................749 6. The Indian Hotels Company Limited ..................................................................................................787 7. Welspun India Limited..........................................................................................................................793

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xvii| 31 INDIAN ACCOUNTING STANDARD (IND AS) 113 — FAIR VALUE MEASUREMENT........................................................................................ 796 1. Adani Ports and Special Economic Zone Limited..............................................................................796 2. Adani Power Limited.............................................................................................................................797 3. Ajanta Pharma Limited..........................................................................................................................800 4. Bajaj Auto Limited.................................................................................................................................801 5. Dr. Reddy’s Laboratories Limited .........................................................................................................804 6. Fortis Healthcare Limited ......................................................................................................................805 7. Hero MotoCorp Limited ........................................................................................................................806 8. InterGlobe Airways Limited (IndiGo)...................................................................................................807 9. Jubilant FoodWorks Limited..................................................................................................................811 10. PC Jeweller Limited...............................................................................................................................812 11. SpiceJet Limited .....................................................................................................................................814 12. Tata Coffee Limited................................................................................................................................815 13. Torrent Power Limited...........................................................................................................................816 14. TVS Motor Company Limited...............................................................................................................816 32 INDIAN ACCOUNTING STANDARD (IND AS) 114 — REGULATORY DEFERRAL ACCOUNTS ........................................................................ 820 1. National Thermal Power Corporation Limited....................................................................................820 2. Power Grid Corporation of India Limited............................................................................................822 33 INDIAN ACCOUNTING STANDARD (IND AS) 115 — REVENUE FROM CONTRACTS WITH CUSTOMERS.................................................. 825 1. Adani Ports and Special Economic Zone Limited..............................................................................825 2. Adani Power Limited.............................................................................................................................827 3. Aditya Birla Fashion and Retail Limited .............................................................................................828 4. Apollo Hospitals Enterprise Limited....................................................................................................831 5. Bajaj Auto Limited.................................................................................................................................833 6. Balaji Telefilms Limited .......................................................................................................................834 7. Bharat Petroleum Corporation Limited ................................................................................................838 8. Birla Corporation Limited ....................................................................................................................840 9. Cipla Limited..........................................................................................................................................843 10. Colgate Palmolive India Limited...........................................................................................................845 11. Dalmia Bharat Limited .........................................................................................................................847 12. Dish TV India Limited .........................................................................................................................849 13. Dr. Reddy’s Laboratories Limited .........................................................................................................852 14. Grasim Industries Limited.....................................................................................................................853 15. GVK Power and Infrastructure Limited ...............................................................................................855 16. Hero MotoCorp Limited ........................................................................................................................862 17. TVS Motor Company Limited...............................................................................................................864 18. Hindustan Unilever Limited .................................................................................................................866 19. HT Media Limited .................................................................................................................................867 20. Indiabulls Real Estate Limited..............................................................................................................869

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xviii| 21. Indian Oil Corporation Limited ..........................................................................................................874 22. Indian Tobacco Company Limited........................................................................................................877 23. InterGlobe Airways Limited (Indigo) ...................................................................................................878 24. Jubilant FoodWorks Limited..................................................................................................................879 25. Just Dial Limited....................................................................................................................................880 26. Larsen & Toubro Limited.......................................................................................................................883 27. Mahindra Lifespace Developers Limited..............................................................................................891 28. Matrimony.com Limited ........................................................................................................................894 29. Metropolis Healthcare Limited .............................................................................................................897 30. Oberoi Realty ........................................................................................................................................898 31. Oil and Natural Gas Corporation Limited...........................................................................................905 32. PC Jeweller Limited...............................................................................................................................908 33. Raymond Limited...................................................................................................................................911 34. Reliance Infrastructure Limited ............................................................................................................914 35. S Chand and Company Limited...........................................................................................................919 36. Saregama India Limited .......................................................................................................................921 37. Shoppers Stop Limited..........................................................................................................................926 38. SpiceJet Limited .....................................................................................................................................928 39. Sun Pharmaceutical Industries Limited...............................................................................................930 40. Tata Chemicals Limited.........................................................................................................................931 41. Tata Coffee Limited................................................................................................................................932 42. Tata Consultancy Services Limited ......................................................................................................932 43. The Indian Hotels Company Limited ..................................................................................................936 44. Torrent Power Limited...........................................................................................................................937 45. Trident Limited ......................................................................................................................................940 46. Welspun India Limited..........................................................................................................................942 47. Wipro Limited ........................................................................................................................................945 48. Zomato Media Private Limited .............................................................................................................949

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xix| LIST OF COMPANIES Sr. No. Name of the Company Ind AS No. Page No. 1 Acc Limited 1, 2, 10, 12 1, 27, 70, 74 2 Adani Ports and Special Economic Zone Limited 2, 16, 17, 20, 21, 23, 24, 28, 36, 37, 38, 103, 113, 115 27, 101, 134, 184, 199, 211, 220, 274, 385, 407, 443, 550, 796, 825 3 Adani Power Limited 2, 8, 16, 20, 23, 105, 113, 115 28, 59, 102, 184, 211, 611, 797, 827 4 Aditya Birla Fashion and Retail Limited 36, 115 385, 828 5 Ajanta Pharma Limited 2, 7, 21, 37, 113 28, 45, 200, 410, 800 6 All Cargo Logistics Limited 12, 16, 21, 23, 32, 38, 40, 103, 110 79, 104, 198, 212, 293, 444, 471, 552, 666 7 Ambuja Cement Limited 20, 28, 105, 110 184, 276, 611, 667 8 Apollo Hospital Enterprise Limited 1, 20, 23, 28, 108, 115 2, 185, 212, 278, 629, 831 9 Ashoka Buildcon Limited 23, 28, 33 212, 279, 375 10 Atul Limited 41 497 11 Avenue Supermarts Limited 12, 23, 33, 102, 103, 110 82, 213, 375, 503, 553, 669 12 Bajaj Auto Limited 2,7, 16, 20, 28, 33, 40, 113, 115 28, 45, 105, 185, 279, 376, 472, 801, 833 13 Balaji Telefilms Limited 115 834 14 Bharat Petroleum Corporation Limited 1, 2, 12, 16, 19, 20, 21, 23, 28, 33, 36 37, 40, 105, 110, 111, 112, 115 4, 29, 83, 107, 148, 185, 200, 213, 280, 376, 387, 411, 473, 612, 670, 708, 721, 838 15 Bharti Airtel Limited 1, 17, 21, 32, 36, 37, 102 5, 134, 201, 296, 388, 413, 506 16 Birla Corporation Limited 115 840 17 Blue Dart Express Limited 17 137 18 CESC Limited 103 555 19 Chalet Hotels Limited 104 609 20 Chambal Fertilisers and Chemicals Limited 16, 21, 23, 33, 38, 105, 110 109, 201, 213, 376, 448, 613, 671 21 Cipla Limited 20, 38, 115 186, 450, 843 22 Coal India Limited 8 60

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xx| Sr. No. Name of the Company Ind AS No. Page No. 23 Colgate Palmolive India Limited 2, 8, 40, 105, 108, 115 30, 61, 473, 613, 629, 845 24 Dalmia Bharat Limited 17, 115 138, 847 25 Dish TV India Limited 115 849 26 DLF Limited 1, 16, 23, 28, 33, 36, 40, 102, 103, 105, 110, 111, 112 8, 110, 214, 281, 378, 390, 474, 509, 559, 614, 673, 710, 725 27 Dr. Reddy’s Laboratories Limited 2, 36, 109, 113, 115 31, 391, 653, 804, 852 28 Fortis Healthcare Limited 17, 103, 110, 113 140, 561, 674, 805 29 Future Retail Limited 112 735 30 Gillette India Limited 8, 108 61, 629 31 GMR Infrastructure Limited 2, 20, 21, 23, 28, 36, 40, 103, 105, 110 31, 186, 202, 214, 282, 392, 477, 561, 616, 676 32 Godrej Properties Limited 2, 7, 23, 28, 33, 103, 110 32, 45, 214, 283, 379, 562, 686 33 Grasim Industries Limited 2, 20, 23, 36, 38, 103, 108, 109, 110, 115 32, 186, 214, 393, 451, 564, 630, 657, 687, 853 34 GVK Power and Infrastructure Limited 1, 2, 16, 17, 20, 33, 37, 40, 105, 115 10, 32, 113, 140, 186, 379, 417, 479, 617, 855 35 Harrisons Malayalam Limited 41 498 36 HCL Technologies Limited 21, 102, 110 202, 512, 689 37 Healthcare Global Enterprise Limited 21 203 38 Heidelberg Cement India Ltd. 10 70 39 Hero MotoCorp Limited 2, 20, 102, 113, 115 32, 187, 516, 806, 862 40 Hindalco Industries Limited 32 307 41 Hindustan Construction Company Limited 1, 2, 16, 20, 23, 33, 40, 110, 111, 112 11, 33, 114, 188, 214, 379, 479, 690, 711, 736 42 Hindustan Petroleum Corporation Limited 20, 23, 33, 36 188, 215, 379, 393 43 Hindustan Unilever Limited 2, 8, 20, 33, 102, 103, 105, 115 33, 62, 188, 380, 518, 573, 617, 866 44 HT media Limited 110, 115 691, 867 45 India Mart Intermesh Limited 8 62 46 Indiabulls Real Estate Limited 23, 40, 115 215, 480, 869 47 Indian Hotel Company Limited 36 394 48 Indian Oil Corporation Limited 115 874

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xxi| Sr. No. Name of the Company Ind AS No. Page No. 49 Indian Railway Catering and Tourism Corporation Limited 8, 20 64, 189 50 Indian Tobacco Company Limited 2, 20, 102, 115 34, 189, 521, 877 51 Info Edge (India) Limited 10, 105, 111 71, 618, 713 52 Infotech limited 36 394 53 InterGlobe Airways Limited (IndiGo) 23, 102, 113, 115 215, 527, 807, 878 54 InterGlobe Aviation Limited (IndiGo) 2, 16 35, 115 55 IRB Infrastructure Developers Limited 2, 17, 108 35, 141, 634 56 ITC Limited 109 664 57 Jagran Prakashan Limited 2, 21, 36 36, 203, 394 58 Jet Airways India Limited 37 424 59 Jindal Worldwide Limited 110 692 60 JSW Energy Limited 104 609 61 Jubilant FoodWorks Limited 1, 38, 102, 113, 115 14, 452, 530, 811, 879 62 Just Dial Limited 115 880 63 Kajaria Ceramics Limited 103 575 64 Kansai Nerolac Paints Limited 7, 16, 21, 37, 40, 103, 108 49, 116, 203, 427, 481, 576, 636 65 Kewal Kiran Clothing Limited 16, 40, 111 119, 483, 713 66 KPIT Technologies and Birlasoft Merger 103 578 67 KPIT Technologies Limited 37 428 68 Larsen & Toubro Limited 2, 7, 8, 23, 28, 32, 36, 40, 103, 105, 108, 111, 115 36, 50, 66, 215, 283, 328, 394, 484, 583, 619, 636, 715, 883 69 Larsen and Toubro Infrastructure Limited 37 429 70 Lupin Limited 23 216 71 Mahindra Holidays & Resorts India Limited 28, 33, 110 284, 380, 693 72 Mahindra Lifespace Developers Limited 2, 10, 17, 21, 23, 24, 28, 33, 36, 37, 40, 103, 115 37, 71, 141, 204, 216, 224, 286, 381, 395, 432, 485, 587, 891 73 Matrimony.com Limited 20, 102, 110, 115 189, 534, 694, 894 74 Metropolis Healthcare Limited 1, 21, 115 17, 204, 897 75 Mindtree Limited 20, 32, 36 190, 347, 396 76 National Payment Corporation of India 32 355 77 National Steel and Agro Industry Limited 20 190

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xxii| Sr. No. Name of the Company Ind AS No. Page No. 78 National Thermal Power Corporation Limited 114 820 79 Navneet Education Limited 2, 24, 110 37, 230, 696 80 NESCO Limited 2, 40 38, 486 81 Oberoi Realty 115 898 82 Oil and Natural Gas Corporation Limited 1, 16, 19, 20, 21, 23, 24, 28, 36, 37, 38, 40, 105, 110, 112, 115 21, 121, 154, 191, 205, 216, 234, 287, 397, 434, 454, 487, 620, 749, 698, 905 83 One97 Communication Limited 21, 36, 110 206, 400, 699 84 Parag Milk Foods Limited 41 499 85 PC Jeweller Limited 2, 10, 105, 113, 115 38, 72, 621, 812, 908 86 Piramal Enterprises Limited 20, 103 191, 588 87 Poly Medicure Limited 36 402 88 Power Grid Corporation of India Limited 114 822 89 Prime Focus Limited 102 537 90 PVR Limited 38, 103 458, 589 91 Rallies India Limited 20, 40 192, 487 92 Raymond Limited 17, 105, 110, 115 142, 622, 700, 911 93 Reliance Industries Limited 21 207 94 Reliance Infrastructure Limited 115 914 95 Reliance Jio Infocomm Limited 103 592 96 S Chand and Company Limited 38, 115 461, 919 97 Sadbhav Engineering Limited 2, 37 39, 439 98 Saregama India Limited 115 921 99 Shalimar Paints Limited 2 39 100 Shoppers Stop Limited 7, 10, 24, 32, 102, 104, 105, 115 51, 72, 247, 358, 542, 610, 622, 926 101 Shree Cement Limited 103 594 102 Siyaram Silk Mills Limited 20, 21, 23, 105 192, 207, 216, 623 103 Spicejet Limited 33, 113, 115 382, 814, 928 104 Sun Pharmaceutical Industries Limited 37, 110, 115 440, 701, 930 105 Tata Chemicals Limited 12, 20, 38, 40, 108, 110, 115 88, 193, 462, 488, 642, 702, 931

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xxiii| Sr. No. Name of the Company Ind AS No. Page No. 106 Tata Coffee Limited 2, 16, 20, 23, 38, 40, 41, 103, 105, 113, 115 40, 129, 195, 217, 464, 489, 500, 597, 624, 815, 932 107 Tata Communications Limited 19, 24, 40, 105 172, 254, 491, 625 108 Tata Consultancy Services Limited 10, 21, 24, 36, 37, 38, 108, 110, 115 72, 208, 261, 403, 441, 466, 647, 703, 932 109 The Bombay Dyeing and Manufacturing Company Limited 2, 23, 28, 38, 40, 105, 110 40, 217, 288, 468, 492, 626, 704 110 The Indian Hotels Company Limited 17, 103, 112, 115 143, 598, 787, 936 111 The Ramco Cements Limited 23, 40 217, 494 112 Thyrocare Technologies Limited 19, 36, 110 182, 403, 704 113 Torrent Power Limited 16, 20, 23, 28, 40, 113, 115 132, 195, 211, 289, 495, 816, 937 114 Trident Limited 2, 23, 28, 115 41, 218, 290, 940 115 TV 18 Broadcast Limited 24 264 116 TVS Motor Company Limited 8, 20, 23, 40, 108, 113, 115 66, 195, 218, 496, 649, 816, 864 117 Ultratech Cement Limited 2, 7, 20, 21, 32, 105 42, 53, 196, 208, 363, 627 118 Vedanta Limited 2, 8, 12, 20, 21, 23, 33, 103, 104, 105 43, 67, 89, 197, 209, 218, 383, 598, 610, 628 119 Vodafone Idea Limited 7, 10, 23, 33, 102, 103 55, 72, 219, 383, 545, 604 120 Welspun India Limited 10, 110, 112, 115 73, 706, 793, 942 121 Westlife Development Limited 2, 33 43, 384 122 Wipro Limited 10, 12, 17, 21, 103, 105, 115 73, 95, 144, 210, 607, 628, 945 123 Zee Entertainment Enterprises Limited 2, 17, 36 44, 146, 405 124 Zomato Media Private Limited 108, 115 650, 949

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xxiv|

|1| Chap. 1 – Ind AS 1 — Presentation of Financial Statements Chapter 1 Ind AS 1 — Presentation of Financial Statements 1. ACC LIMITED Accounting Policies (ii) Basis of Preparation The consolidated financial statements comprises the financial statements of ACC Limited (“the Company/ Parent”) and its subsidiaries (collectively, the Group) for the year ended December 31, 2018. These consolidated financial statements have been prepared on a historical cost basis, except for the following material items in the Consolidated Balance Sheet: a) Certain financial assets and liabilities are measured at fair value (refer Note 1 (xiv) for accounting policy on Financial Instruments); b) Non-current assets classified as held for sale are measured at lower of their carrying amount and fair value less cost to sell; c) Employees Defined benefit plans are recognised at the net total of the fair value of plan assets, and the present value of the defined benefit obligation as per actuarial valuation; and d) Investments in associates and joint ventures which are accounted for using the equity method. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services at the time of their acquisition Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. All assets and liabilities, for which fair value is measured or disclosed in the financial statements, are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: i. Level 1 — inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; ii. Level 2 —inputs other than quoted prices included within level 1, that are observable for the asset or liability, either directly or indirectly; and iii. Level 3 — inputs that are unobservable for the asset or liability (iii) Functional and Presentation Currency These consolidated financial statements are presented in Indian Rupees (`) which is the functional currency of the Group. Rounding of amounts All amounts disclosed in the financial statements which also include the accompanying notes have been rounded off to the nearest Crore as per the requirement of Schedule III to the Companies Act 2013, unless otherwise stated.

|2| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts (ix) Classification of Current/Non-Current Assets and Liabilities All the assets and liabilities have been classified as current or non-current as per the Group’s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013 and Ind AS 1 “Presentation of financial statements”. Assets: An asset is classified as current when it satisfies any of the following criteria: a. it is expected to be realised in, or is intended for sale or consumption in, the Group’s normal operating cycle; b. it is held primarily for the purpose of being traded; c. it is expected to be realised within twelve months after the reporting date; or d. it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date. Liabilities: A liability is classified as current when it satisfies any of the following criteria: a. it is expected to be settled in the Group’s normal operating cycle; b. it is held primarily for the purpose of being traded; c. it is due to be settled within twelve months after the reporting date; or d. the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. All other assets/ liabilities are classified as non-current. Based on the nature of products and the time between the acquisition of assets for processing and their realisation in Cash or Cash Equivalents, the Group has ascertained its normal operating cycle as twelve months for the purpose of Current/Non-current classification of assets and liabilities. (xxviii) Use of Estimates and Judgements The preparation of the Group’s Consolidated Financial Statements in conformity with Ind AS requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period, if the revision affects current and future period. Revisions in estimates are reflected in the Consolidated financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the Consolidated financial statements. The Group makes estimates and assumptions concerning the future. The estimates and assumptions that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are summarized below: 2. APOLLO HOSPITALS ENTERPRISE LIMITED 3.1 Statement of compliance The consolidated financial statements have been prepared in accordance with the Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under section 133 of the Companies Act 2013 (the Act) and other relevant provisions of the Act.

|3| Chap. 1 – Ind AS 1 — Presentation of Financial Statements The financial statements were authorised for issue by the Group’s Board of Directors on May 30, 2019 3.2 Basis of preparation and presentation The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of Ind AS 102, leasing transactions that are within the scope of Ind AS 17, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in Ind AS 2 or value in use in Ind AS 36. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2, or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs for the asset or liability. Application of new and revised Ind Ass The group has applied all the Ind ASs notified by the MCA. Standards issued but not yet effective Ind AS 116 Leases: On March 30, 2019, Ministry of Corporate Affairs has notified Ind AS 116, Leases. Ind AS 116 will replace the existing leases Standard, Ind AS 17 Leases, and related Interpretations. The Standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract i.e., the lessee and the lessor. Ind AS 116 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. Currently, operating lease expenses are charged to the statement of profit & loss. The Standard also contains enhanced disclosure requirements for lessees. Ind AS 116 substantially carries forward the lessor accounting requirements in Ind AS 17. The effective date for adoption of Ind AS 116 is annual periods beginning on or after April 1, 2019. The standard permits two possible methods of transition: • Full retrospective – Retrospectively to each prior period presented applying Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors • Modified retrospective – Retrospectively, with the cumulative effect of initially applying the Standard recognized at the date of initial application” Ind AS 12 Appendix C, Uncertainty over Income Tax Treatments: On March 30, 2019, Ministry of Corporate Affairs has notified Ind AS 12 Appendix C, Uncertainty over Income Tax Treatments which is to be applied while performing the determination of taxable profit (or loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under Ind AS 12. According to the appendix, companies need to determine the probability of the relevant tax authority accepting each tax treatment, or group of tax treatments, that the companies have used or plan to use in their income tax filing which has to be considered to compute the most likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates.

|4| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts The standard permits two possible methods of transition: i) Full retrospective approach – Under this approach, Appendix C will be applied retrospectively to each prior reporting period presented in accordance with Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors, without using hindsight and ii) Retrospectively with cumulative effect of initially applying Appendix C recognized by adjusting equity on initial application, without adjusting comparatives. The effective date for adoption of Ind AS 12 Appendix C is annual periods beginning on or after April 1, 2019. Amendment to Ind AS 19 – plan amendment, curtailment or settlement- On March 30, 2019, Ministry of Corporate Affairs issued amendments to Ind AS 19, ‘Employee Benefits’, in connection with accounting for plan amendments, curtailments and settlements. The amendments require an entity: • to use updated assumptions to determine current service cost and net interest for the remainder of the period after a plan amendment, curtailment or settlement; and • to recognise in profit or loss as part of past service cost, or a gain or loss on settlement, any reduction in a surplus, even if that surplus was not previously recognised because of the impact of the asset ceiling. Effective date for application of this amendment is annual period beginning on or after 1 April 2019. Amendment to Ind AS 12 ‘Income Taxes : On March 30, 2019, the Ministry of Corporate Affairs has notified limited amendments to Ind AS 12 ‘Income Taxes’. The amendments require an entity to recognise the income tax consequences of dividends as defined in Ind AS 109 when it recognises a liability to pay a dividend. The income tax consequences of dividends are linked more directly to past transactions or events that generated distributable profits than to distributions to owners. Therefore, an entity shall recognize the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognised those past transactions or events. The amendment will come into force for accounting periods beginning on or after April 1, 2019. The group is evaluating the effect of the above on its financial statements. 3. BHARAT PETROLEUM CORPORATION LIMITED Notes to Accounts 1.34. The Group has adopted materiality threshold limits in the preparation and presentation of financial statements as given below: Threshold Item Accounting Policy Reference Unit Threshold Limit Value Allocation of other expenses to projects costing in each case 1.4.3 ` Crores 5 Expenditure on certain items of Property, Plant and Equipment charged to revenue in each case 1.4.5 ` 1,000 Capitalisation of spare parts meeting the definition of Property, Plant and Equipment in each case* 1.4.6 ` Lakhs 1,10 GST on common capital goods per item per month 1.4.9 ` Lakhs 5 Depreciation at 100 percent in the year of acquisition except LPG Cylinders and Pressure Regulators 1.5.5 ` 5,000 Expenditure incurred for creating / acquiring other intangible assets in each case 1.6.6 ` Lakhs 50 Lease agreements in respect of land 1.10.1 Period (years) 99 Income / expenditure (net) in aggregate pertaining to prior year(s)# 1.14.1 ` Crores 10,50

|5| Chap. 1 – Ind AS 1 — Presentation of Financial Statements Threshold Item Accounting Policy Reference Unit Threshold Limit Value Prepaid expenses in each case * 1.14.2 ` Lakhs 1,5 Disclosure of Contingent liabilities and Capital Commitments in each case 1.18.6 ` Lakhs 5 *Threshold of ` 1 Lakh is in case of BGRL #Threshold of ` 10 Crores is in case of NRL 4. BHARTI AIRTEL LIMITED Accounting Policies Basis of preparation These consolidated financial statements (‘financial statements’) have been prepared to comply in all material respects with the Indian Accounting Standards (‘Ind AS’) as notified by the Ministry of Corporate Affairs(‘MCA’) under section 133 of the Companies Act, 2013 (‘Act’), read together with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other relevant provisions of the Act. The financial statements are approved for issue by the Company’s Board of Directors on May 06, 2019. The financial statements are based on the classification provisions contained in Ind AS 1, ‘Presentation of Financial Statements’ and division II of schedule III of the Companies Act 2013. Further, for the purpose of clarity, various items are aggregated in the statement of profit and loss and balance sheet. Nonetheless, these items are dis-aggregated separately in the notes to the financial statements, where applicable or required. All the amounts included in the financial statements are reported in millions of Indian Rupees (‘Rupee’ or ‘`’) and are rounded to the nearest million, except per share data and unless stated otherwise. Further, amounts which are less than a million are appearing as ‘0’. The preparation of the said financial statements requires the use of certain critical accounting estimates and judgements. It also requires the management to exercise judgement in the process of applying the Group’s accounting policies. The areas where estimates are significant to the financial statements, or areas involving a higher degree of judgement or complexity, are disclosed in note 3. The accounting policies, as set out in the following paragraphs of this note, have been consistently applied, by all the group entities, to all the periods presented in the said financial statements. Basis of measurement The financial statements have been prepared on the accrual and going concern basis, and the historical cost convention except where the Ind AS requires a different accounting treatment. The principal variations from the historical cost convention relate to financial instruments classified as fair value through profit or loss or through other comprehensive income (refer note 2.10 (b)), liability for cash-settled awards (refer note 2.16), the component of carrying values of recognised liabilities that are designated in fair value hedges (refer note 2.10 (d)) - which are measured at fair value. Current versus non-current classification The Group presents assets and liabilities in the balance sheet based on current/non-current classification. Deferred tax assets and liabilities, and all assets and liabilities which are not current (as discussed in the below paragraphs) are classified as non-current assets and liabilities. An asset is classified as current when it is expected to be realised or intended to be sold or consumed in normal operating cycle, held primarily for the purpose of trading, expected to be realised within twelve months after the reporting period, or cash and cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

|6| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts A liability is classified as current when it is expected to be settled in normal operating cycle, it is held primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The derivatives designated in hedging relationship and separated embedded derivatives are classified basis the hedged item and host contract respectively. Critical accounting estimates, assumptions and judgements The estimates and judgements used in the preparation of the said financial statements are continuously evaluated by the Group, and are based on historical experience and various other assumptions and factors (including expectations of future events), that the Group believes to be reasonable under the existing circumstances. The said estimates and judgements are based on the facts and events, that existed as at the reporting date, or that occurred after that date but provide additional evidence about conditions existing as at the reporting dates. Although the Group regularly assesses these estimates, actual results could differ materially from these estimates - even if the assumptions under-lying such estimates were reasonable when made, if these results differ from historical experience or other assumptions do not turn out to be substantially accurate. The changes in estimates are recognised in the financial statements in the year in which they become known. Critical accounting estimates and assumptions The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities within the next financial year are discussed below. a. Impairment reviews PPE (including CWIP) and intangible assets with definite lives, are reviewed for impairment, whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Similarly, goodwill and intangible assets under development is tested for impairment, at-least annually and whenever circumstances indicate that it may be impaired. For details as to the impairment policy, refer note 2.9. Accordingly the Group has performed impairment reviews for the above assets. However, the said reviews did not result in any impairment charge. In calculating the value in use, the Group is required to make significant judgements, estimates and assumptions inter-alia concerning the growth in earnings before interest, taxes, depreciation and amortization (‘EBITDA’) margins, capital expenditure, long-term growth rates and discount rates to reflect the risks involved. Also, judgement is involved in determining the CGU/grouping of CGUs for allocation of the goodwill. The Group mainly operates in developing markets and in such markets, the plan for shorter duration is not indicative of the long-term future performance. Considering this and the consistent use of such robust ten year information for management reporting purpose, the Group uses ten year plans for the purpose of impairment testing. b. Taxes Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the wide range of international business relationships and the long term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Group establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the relevant tax authority. Deferred tax assets are recognised for the unused tax losses and minimum alternate tax credits for which there is probability of utilisation against the future taxable profit. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing

|7| Chap. 1 – Ind AS 1 — Presentation of Financial Statements and the level of future taxable profits, future tax planning strategies and recent business performances and developments. c. Property, plant and equipment Refer note 2.7 and 6 for the estimated useful life and carrying value of property, plant and equipment respectively. During the year ended March 31, 2019, the Group has reassessed useful life of certain categories of network assets based on internal assessment and technical evaluation, and accordingly has revised the estimate of its useful life from 18 years to 25 years in respect of those assets. The impact of above change on the depreciation charge for the current and future years are as follows: For the Year Ended March 31, 2019 For the Year Ended March 31, 2020 For the Year Ended March 31, 2021 For the Year Ended March 31, 2022 Future Impact on depreciation charge (2,774) (2,712) (2,355) (1,922) 9,763 d. Allowance for impairment of trade receivables The expected credit loss is mainly based on the ageing of the receivable balances and historical experience. The receivables are assessed on an individual basis or grouped into homogeneous groups and assessed for impairment collectively, depending on their significance. Moreover, trade receivables are written off on a case to- case basis if deemed not to be collectible on the assessment of the underlying facts and circumstances e. Contingent liabilities and provisions The Group is involved in various legal, tax and regulatory matters, the outcome of which may not be favourable to the Group. Management in consultation with the legal, tax and other advisers assess the likelihood that a pending claim will succeed. The Group has applied its judgement and has recognised liabilities based on whether additional amounts will be payable and has included contingent liabilities where economic outflows are considered possible but not probable. 3.2 Critical judgement’s in applying the Group’s accounting policies The critical judgement’s, which the management has made in the process of applying the Group’s accounting policies and has the most significant impact on the amounts recognised in the said financial statements, is discussed below: f. Revenue recognition and presentation The Group assesses its revenue arrangements in order to determine if it is acting as a principal or as an agent by determining whether it has primary obligation basis pricing latitude and exposure to credit/ inventory risks associated with the sale of goods/rendering of services. In the said assessment, both the legal form and substance of the agreement are reviewed to determine each party’s role in the transaction. g. Determination of functional currency The Group has determined the functional currency of the group entities by identifying the primary economic environment in which the entity operates - based on under-lying facts/circumstances. However, in respect of certain intermediary foreign operations of the Group, the determination of functional currency is not very obvious due to mixed indicators and the extent of autonomy enjoyed by the foreign operation. In such cases management uses its judgement to determine the functional currency that most faithfully represents the economic effects of the underlying transactions, events and conditions. h. Taxes The identification of temporary differences pertaining to the investment in subsidiaries that are expected to reverse in the foreseeable future and the determination of the related deferred income tax liabilities after considering the requisite tax credits require the Group to make significant judgements.

|8| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 5. DLF LIMITED a) Accounting Policy Basis of preparation These consolidated financial statements (‘financial statements’) of the Group, its associates, joint operations and joint ventures have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ‘Ind AS’) as notified by Ministry of Corporate Affairs (‘MCA’) under Section 133 of the Companies Act, 2013 (‘Act’) read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time and presentation requirements of Division II of Schedule III to the Companies Act, 2013 (Ind AS compliant Schedule III), as applicable to the consolidated financial statements. The consolidated financial statements have been prepared on going concern basis in accordance with accounting principles generally accepted in India. Further, the consolidated financial statements have been prepared on historical cost basis except for certain financial assets and financial liabilities, derivative financial instruments and share based payments which are measured at fair values as explained in relevant accounting policies. The changes in accounting policies are explained in note 3(z). In addition, the carrying values of recognised assets and liabilities designated as hedged items in cash flow hedges that would otherwise be carried at amortised cost are adjusted to record changes in the fair values attributable to the risks that are being hedged in effective hedge relationships. The financial statements are presented in ` in lakhs, except when otherwise indicated Changes in accounting policies and disclosures The Group applied Ind AS 115 for the first time in the current year. The nature and effect of the changes as a result of adoption of these new accounting standards are described below and note 60. Several other amendments and interpretations became applicable for the first time in March 2019, but did not have a material impact on the consolidated financial statements of the Group. The Group has not early adopted any standards or amendments that have been issued but are not yet effective. Ind AS 115 ‘Revenue from Contracts with Customers’ Ind AS 115 supersedes Ind AS 11 ‘Construction Contracts’ and Ind AS 18 ‘Revenue’ and it applies, with limited exceptions, to all revenue arising from contracts with customers. Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers and requires that revenue be recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. Ind AS 115 requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with their customers. The standard also specifies the accounting for the incremental costs of obtaining a contract and the costs directly related to fulfilling a contract. In addition, the standard requires extensive disclosures. The application of Ind AS 115 has impacted the Group’s accounting for recognition of revenue from real estate projects. For certain real estate contracts where the Group was following Percentage of Completion method (POCM) as per the “Guidance Note on Real Estate Transactions”, issued by Institute of Chartered Accountants of India, revenue has been recognized at a point in time in accordance with and pursuant to conditions specified in Ind AS 115 “Revenue from Contracts with Customers”. However for other contracts, the Group continues to recognize revenue over the period of time. The Group has applied the modified retrospective approach to contracts that were not completed as of 1 April 2018. The Group elected to apply the standard to all contracts as at 1 April 2018. Therefore, the comparative information was not restated and continues to be reported under Ind AS 11 and Ind AS 18. The cumulative effect of first time application of initially applying Ind AS 115 is recognised at the date of initial application as an adjustment to the opening balance of retained earnings as on 1 April 2018. Refer note 60 for detailed disclosures as required under Ind AS 115 ‘Revenue from Contracts with Customers’ on first time adoption.

|9| Chap. 1 – Ind AS 1 — Presentation of Financial Statements Amendment to Ind AS 20 Government grant related to non-monetary asset The amendment allows an entity to the option of recording non-monetary government grants at nominal amount and presenting government grants related to assets by deducting the grant from the carrying amount of asset. These amendments do not have any impact on the Group’s consolidated financial statements. Amendment to Ind AS 38 Intangible asset acquired free of charge The amendment clarifies that in some cases, an intangible asset may be acquired free of charge, or for nominal consideration, by way of a government grant. The amendment also clarifies that revaluation model can be applied for asset which is received as government grant and measured at nominal value. These amendments do not have any impact on the Group’s consolidated financial statements. Appendix B to Ind AS 21 Foreign Currency Transactions and Advance Considerations The appendix clarifies that, in determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which an entity initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, then the entity must determine the date of the transactions for each payment or receipt of advance consideration. Since Group current practice is in line with the clarifications issued, there is no material effect on its consolidated financial statements. Amendments to Ind AS 40 Transfers of Investment Property The amendments clarify when an entity should transfer property, including property under construction or development into, or out of investment property. The amendments state that a change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. A mere change in management’s intentions for the use of a property does not provide evidence of a change in use. Since Group’s current practice is in line with the clarifications issued, there is no material effect on consolidated financial statements. Amendments to Ind AS 12 Recognition of Deferred Tax Assets for Unrealised Losses The amendments clarify that an entity needs to consider whether tax law restricts the sources of taxable profits against which it may make deductions on the reversal of that deductible temporary difference. Furthermore, the amendments provide guidance on how an entity should determine future taxable profits and explain the circumstances in which taxable profit may include the recovery of some assets for more than their carrying amount. Entities are required to apply the amendments retrospectively. On initial application of the amendments, the change in the opening equity of the earliest comparative period may be recognised in opening retained earnings (or in another component of equity, as appropriate), without allocating the change between opening retained earnings and other components of equity. Since Group’s current practice is in line with the clarifications issued, there is no material effect on the consolidated financial statements. Ind AS 28 Investments in Associates and Joint Ventures - Clarification that measuring investees at fair value through profit or loss is an investment-by-investment choice Since Group’s current practice is in line with the clarifications issued, there is no material effect on the consolidated financial statements. Amendments to Ind AS 112 Disclosure of Interests in Other Entities The amendments clarified that the disclosure requirements in Ind AS 112, other than those in paragraphs B10-B16, apply to an entity’s interest in a joint venture or an associate (or a portion of its interest in a joint venture or an associate) that is classified (or included in a disposal group that is classified) as held for sale. Since Group’s current practice is in line with the clarifications issued, there is no material effect on the consolidated financial statements

|10| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts b) Significant management judgement in applying accounting policies and estimation uncertainty The preparation of the Group’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the related disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. 6. GVK POWER AND INFRASTRUCTURE LIMITED a) Significant Accounting Policies 2.1 Basis of preparation The Consolidated financial statements of the Group have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 and other relevant provisions of the Act. The consolidated financial statements have been prepared on a historical cost basis, except for the following assets and liabilities which have been measured at fair value or revalued amount: - Certain financial instruments are measured either at fair value or amortized cost depending upon classification; - Long term borrowings, are measured at amortized cost using effective interest rate method; - Investment in joint venture which is accounted for using equity method. Changes in Accounting treatments and disclosures as per new and amended standards Ind AS 115 Revenue from Contracts with Customers The Group has adopted the Ind AS 115 “Revenue from Contracts with Customers” with effect from April 1, 2018 as notified on March 28, 2018 and established a five-step model to account for revenue arising from contracts with customers. The new revenue standard supersedes all previous recognition requirements under Ind AS. This new standard requires revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. Adoption of the new rules has not affected the timing of revenue recognition for certain transactions of the company. Ind AS 115 permits two possible methods of transition: a. ‘Retrospectively to each prior reporting period presented in accordance with Ind AS 8 [Accounting Policies, Changes in Accounting Estimates and Errors] with the option to elect certain practical expedients as defined within Ind AS 115 (the full retrospective method); or b. ‘Retrospectively with the cumulative effect of initially applying Ind AS 115 recognized at the date of initial application (April 1, 2018) and providing certain additional disclosures as defined in Ind AS 115 (the modified retrospective method). The Group has applied the modified retrospective approach, However the application of Ind AS 115 has not consequentially impacted the Group’s retained earnings at April 1, 2018. As the Group has adopted modified retrospective approach, Unbilled revenue and advance from customer have been regrouped from other financial assets and current and non current liabilities to Contract Assets and Contract Liabilities respectively as compared to April 1, 2018. Standards issued but not yet effective Ministry of Corporate Affairs (“MCA”) through Companies (Indian Accounting Standards) Amendment Rules, 2019 and Companies (Indian Accounting Standards) Second Amendment Rules, has notified the following new amendments to Ind AS which the group has not yet applied as they are effective from April 1, 2019: i. Ind AS 116 will replace the existing leases standard, Ind AS 17 Leases. Ind AS 116 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and

|11| Chap. 1 – Ind AS 1 — Presentation of Financial Statements lessors. It introduces a single, on-balance sheet lessee accounting model for lessees. A lessee recognises right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The standard also contains enhanced disclosure requirements for lessees. Ind AS 116 substantially carries forward the lessor accounting requirements in Ind AS 17. ii. Appendix C to Ind AS 12, Income Taxes has been inserted. The appendix provides accounting for uncertainty over income tax treatments. The appendix corresponds to IFRIC 23, Uncertainty over Income Tax Treatments issued by the IFRS Interpretations Committee. iii. New paragraph 57A has been added to Ind AS 12 to clarify that the income tax consequences of dividends on financial instruments classified as equity should be recognised according to where the past transactions or events that generated distributable profits were recognised. iv. Amendment to Ind AS 19, Employee Benefits. This amendment requires an entity to: (i) use updated assumptions to determine current service cost and net interest for the remainder of the period after a plan amendment, curtailment or settlement; and (ii) recognise in profit or loss as part of past service cost, or a gain or loss on settlement, any reduction in a surplus, even if that surplus was not previously recognised because of the impact of the asset ceiling. v. Amendment to Ind AS 23, Borrowing Costs to clarify that if a specific borrowing remains outstanding after a qualifying asset is vi. ready for its intended use or sale, it becomes part of general borrowings. vii. Amendment to Ind AS 28, Investments in Associates and Joint Ventures. Investors could have longterm interests (for example, preference shares or long-term loans) in an associate or joint venture that form part of the net investment in the associate or joint venture. The amendment clarifies that these long-term interests in an associate or joint venture to which the equity method is not applied should be accounted for using Ind AS 109, Financial Instruments. The requirements of Ind AS 109 are applied to long-term interests before applying the loss allocation and impairment requirements of Ind AS 28. An illustrative example is also provided in Appendix A of Ind AS 28. viii. Amendment to Ind AS 109 to enable an entity to measure at amortised cost some prepayable financial assets with negative compensation. This amendment will not impact the financial statements of the Company. ix. Amendment has been made to Ind AS 103, Business Combinations and Ind AS 111, Joint Arrangements to clarify measurement of previously held interest in obtaining control/joint control over a joint operation as follows: (i) On obtaining control of a business that is a joint operation, previously held interest in joint operation is remeasured at fair value at the acquisition date; (ii) A party obtaining joint control of a business that is joint operation should not remeasure its previously held interest in the joint operation. The management is in the process of quantifying the effect of this standard, however no material impact is expected. 7. HINDUSTAN CONSTRUCTION COMPANY LIMITED a) Significant Accounting Policies i. Basis of Preparation The financial statements of the Group have been prepared to comply in all material respects with the Indian Accounting Standards (“Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 (‘the Act’) read with Companies (Indian Accounting Standards) Rules as amended from time to time. The financial statements have been prepared under the historical cost convention with the exception of certain financial assets and liabilities and share based payments which have been measured at fair value, on an accrual basis of accounting. The Group’s financial statements are reported in Indian Rupees, which is also the Group’s functional currency, and all values are rounded to the nearest crores (INR 0,000,000), except when otherwise indicated. Amount presented as “0.00* “ are non zero numbers rounded off in crore.

|12| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts The statement of cash flow has been prepared under the indirect method as set out in Indian Accounting Standard (Ind AS 7) statement of cash flows. ii. Operating cycle for current and non-current classification: All the assets and liabilities have been classified as current or non-current, wherever applicable, as per the operating cycle of the Group as per the guidance set out in Schedule III to the Act. Operating cycle for the business activities of the Group covers the duration of the project/ contract/ service including the defect liability period, wherever applicable, and extends upto the realisation of receivables (including retention monies) within the credit period normally applicable to the respective project. b) Significant accounting judgements, estimates and assumptions v. Key accounting estimates and assumptions The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements. a. Contract estimates The Group, being a part of construction industry, prepares budgets in respect of each project to compute project profitability. The two major components of contract estimate are ‘claims arising during construction period’ (described below) and ‘budgeted costs to complete the contract’. While estimating these components various assumptions are considered by the management such as (i) Work will be executed in the manner expected so that the project is completed timely (ii) consumption norms will remain same (iii) Assets will operate at the same level of productivity as determined (iv) Wastage will not exceed the normal % as determined etc. (v) Estimates for contingencies (vi) There will be no change in design and the geological factors will be same as communicated and (vii) price escalations etc. Due to such complexities involved in the budgeting process, contract estimates are highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. b. Recoverability of claims The Group has claims in respect of cost over-run arising due to client caused delays, suspension of projects, deviation in design and change in scope of work etc., which are at various stages of negotiation/discussion with the clients or under arbitration. The realisability of these claims are estimated based on contractual terms, historical experience with similar claims as well as legal opinion obtained from internal and external experts, wherever necessary. Changes in facts of the case or the legal framework may impact realisability of these claims. c. Deferred tax assets In assessing the realizability of deferred income tax assets, management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, management believes that the Group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced.

|13| Chap. 1 – Ind AS 1 — Presentation of Financial Statements d. Defined benefit plans The cost and present value of the gratuity obligation and compensated absences are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, attrition rate and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. e. Provisions and contingent liabilities A provision is recognised when the Group has a present obligation as result of a past event and it is probable that the outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements. Contingent assets are neither recognised nor disclosed in the financial statements. Recent accounting pronouncements Ministry of Corporate Affairs (“MCA”), through Companies (Indian Accounting Standards) Amendment Rules, 2019 and Companies (Indian Accounting Standards) Second Amendment Rules, has notified the following new and amendments to Ind AS’s which Group has not adopted as they are effective from 1 April 2019. Ind AS - 116 Leases Ind AS 116 will replace the existing leases standard, Ind AS 17 Leases. Ind AS 116 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. It introduces a single, on-balance sheet lessee accounting model for lessees. A lessee recognises right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The standard also contains enhanced disclosure requirements for lessees. Ind AS 116 substantially carries forward the lessor accounting requirements in Ind AS 17. Ind AS 116 will come into force from 1 April 2019. The Group is evaluating the requirement of the new Ind AS and the impact on the financial statements. The effect on adoption of Ind AS 116 is expected to be insignificant. Ind AS 12 Income taxes (amendments relating to income tax consequences of dividend and uncertainty over income tax treatments) The amendment relating to income tax consequences of dividend clarify that an entity shall recognise the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognised those past transactions or events. The Group does not expect any impact from this pronouncement. The amendment to Appendix C of Ind AS 12 specifies that the amendment is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under Ind AS 12. It outlines the following: (1) the entity has to use judgement, to determine whether each tax treatment should be considered separately or whether some can be considered together. The decision should be based on the approach which provides better predictions of the resolution of the uncertainty (2) the entity is to assume that the taxation authority will have full knowledge of all relevant information while examining any amount (3) entity has to consider the probability of the relevant taxation authority accepting the tax treatment and the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates would depend upon the probability. The Group does not expect any significant impact of the amendment on its financial statements. Ind AS 23 – Borrowing Costs The amendment clarifies that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings. The Group does not expect any impact from this amendment.

|14| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Ind AS 103 – Business Combinations and Ind AS 111 – Joint Arrangements The amendments to Ind AS 103 relating to re-measurement clarify that when an entity obtains control of a business that is a joint operation, it re-measures previously held interests in that business. The amendments to Ind AS 111 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not re-measure previously held interests in that business. The Group will apply the pronouncement if and when it obtains control / joint control of a business that is a joint operation 8. JUBILANT FOODWORKS LIMITED Basis of preparation of Financial Statements The consolidated financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Section 133 of the Companies Act, 2013 (to the extent notified) read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter (Indian GAAP). The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year. Use of estimates The preparation of financial statements in conformity with Indian Accounting Standards (Ind AS) requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent liabilities at the end of the reporting period. Although these estimates are based upon management’s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods. Changes in estimates are reflected in the Financial Statements in the period in which changes are made and if material, their effects are disclosed in the notes to the Financial Statements. Critical accounting estimates and judgements: The areas involving critical estimates and judgements are: I. Useful lives and residual value of property, plant and equipment and intangible assets Useful life and residual value are determined by the management based on a technical evaluation considering nature of asset, past experience, estimated usage of the asset, vendor’s advice etc and same is reviewed periodically, including at each financial year end. Management reviews the useful economic lives atleast once a year and any changes could affect the depreciation rates prospectively and hence the asset carrying values changes accordingly. The Company also reviews its property, plant and equipment and intangible assets, for possible impairment if there are events or changes in circumstances that indicate that carrying amount of assets may not be recoverable. In assessing the property, plant and equipment and intangible assets for impairment, factors leading to significant reduction in profits, the Company’s business plans and changes in regulatory/ economic environment are taken into consideration. II. Claims and Litigations The Group is the subject of lawsuits and claims arising in the ordinary course of business from time to time. The Group reviews any such legal proceedings and claims on an ongoing basis and follow appropriate accounting guidance when making accrual and disclosure decisions. The Group establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and it discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for the Group’s financial statements to not be misleading. To estimate whether a loss contingency should be accrued by a charge to income, the Group evaluates, among other factors, the degree of probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of the loss. The Group does not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated. Based upon present information, the Group determined that there were no matters that required an accrual as of March 31, 2019 other than the

|15| Chap. 1 – Ind AS 1 — Presentation of Financial Statements accruals already recognised, nor were there any asserted or unasserted claims for which material losses are reasonably possible. Exceptional Items Exceptional items are transactions which due to their size or incidence are separately disclosed if any to enable a full understanding of the group financial performance. Cash and cash equivalents Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. Current/Non-Current classification The Group presents assets and liabilities in the balance sheet based on current/non-current classification. An asset is treated as current when it is: - Expected to be realised or intended to be sold or consumed in normal operating cycle; - Held primarily for the purpose of trading; - Expected to be realised within twelve months after the reporting period, or - Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: - It is expected to be settled in normal operating cycle; - It is held primarily for the purpose of trading; - It is due to be settled within twelve months after the reporting period, or - There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities and advance against current tax are classified as non-current assets and liabilities. The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Group has identified twelve months as its operating cycle. Dividend Distributions The Group recognises a liability to make payment of dividend to owners of equity when the distribution is authorised and is no longer at the discretion of the Group and is declared by the shareholders. A corresponding amount is recognised directly in equity. IND AS 110 – Consolidated Financial Statements Basis of Consolidation The consolidated financial statements comprises the financial statement of Jubilant FoodWorks Lanka Pvt Limited and Jubilant Golden Harvest Limited (‘the Company’), its subsidiaries as at March 31, 2019. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: (i) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);

|16| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts (ii) Exposure, or rights, to variable returns from its involvement with the investee, and (iii) The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: (i) The contractual arrangement with the other vote holders of the investee; (ii) Rights arising from other contractual arrangements; (iii) The Group’s voting rights and potential voting rights; (iv) The size of the group’s holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the group uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the group’s accounting policies. The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent Company, i.e. year ended on March 31, 2019. When the end of the reporting period of the parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so. Consolidation Procedure: a) Subsidiaries: (i) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognised in the consolidated financial statements at the acquisition date. (ii) Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill. (iii) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS - 12 “Income Taxes” applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions. Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group

|17| Chap. 1 – Ind AS 1 — Presentation of Financial Statements assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: (i) Derecognises the assets (including goodwill) and liabilities of the subsidiary, (ii) Derecognises the carrying amount of any non-controlling interests, (iii) Derecognises the cumulative translation differences recorded in equity, (iv) Recognises the fair value of the consideration received, (v) Recognises the fair value of any investment retained, (vi) Recognises any surplus or deficit in profit or loss, (vii) Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities. 9. METROPOLIS HEALTHCARE LIMITED Ministry of Corporate Affairs (“MCA”), through Companies (Indian Accounting Standards) Amendment Rules, 2019 and Companies (Indian Accounting Standards) Second Amendment Rules, has notified the following new and amendments to Ind ASs which the Group has not applied as they are effective from 1 April 2019: Ind AS 12 Income taxes (amendments relating to income tax consequences of dividend and uncertainty over income tax treatments) The amendment relating to income tax consequences of dividend clarify that an entity shall recognise the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognised those past transactions or events. The Group does not expect any impact from this pronouncement. It is relevant to note that the amendment does not amend situations where the entity pays a tax on dividend which is effectively a portion of dividends paid to taxation authorities on behalf of shareholders. Such amount paid or payable to taxation authorities continues to be charged to equity as part of dividend, in accordance with Ind AS 12. The amendment to Appendix C of Ind AS 12 specifies that the amendment is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under Ind AS 12. It outlines the following: (1) the entity has to use judgement, to determine whether each tax treatment should be considered separately or whether some can be considered together. The decision should be based on the approach which provides better predictions of the resolution of the uncertainty (2) the entity is to assume that the taxation authority will have full knowledge of all relevant information while examining any amount (3) entity has to consider the probability of the relevant taxation authority accepting the tax treatment and the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates would depend upon the probability. The Group does not expect any significant impact of the amendment on its financial statements. Ind AS 109 – Prepayment Features with Negative Compensation The amendments relate to the existing requirements in Ind AS 109 regarding termination rights in order to allow measurement at amortised cost (or, depending on the business model, at fair value through other comprehensive income) even in the case of negative compensation payments. The Group does not expect this amendment to have any impact on its financial statements. Ind AS 19 – Plan Amendment, Curtailment or Settlement The amendments clarify that if a plan amendment, curtailment or settlement occurs, it is mandatory that the current service cost and the net interest for the period after the re-measurement are determined using

|18| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts the assumptions used for the re-measurement. In addition, amendments have been included to clarify the effect of a plan amendment, curtailment or settlement on the requirements regarding the asset ceiling. The Group does not expect this amendment to have any significant impact on its financial statements. Ind AS 23 – Borrowing Costs The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings. The Group does not expect any impact from this amendment. Ind AS 28 – Long-term Interests in Associates and Joint Ventures The amendments clarify that an entity applies Ind AS 109 Financial Instruments, to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. The Group does not currently have any long-term interests in associates and joint ventures to which equity method is not applied. Ind AS 103 – Business Combinations and Ind AS 111 – Joint Arrangements The amendments to Ind AS 103 relating to remeasurement clarify that when an entity obtains control of a business that is a joint operation, it re-measures previously held interests in that business. The amendments to Ind AS 111 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not re-measure previously held interests in that business. The Group will apply the pronouncement if and when it obtains control / joint control of a business that is a joint operation. Ind AS 116- Leases Ind AS 116 will replace the existing leases standard, Ind AS 17 Leases. Ind AS 116 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. It introduces a single, on-balance sheet lessee accounting model for lessees. A lessee recognises right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The standard also contains enhanced disclosure requirements for lessees. Ind AS 116 substantially carries forward the lessor accounting requirements in Ind AS 17. The Group will adopt Ind AS 16, effective annual reporting period beginning 1 April 2019. The Group will apply the standard to its leases using modified retrospective approach, with the cumulative effect of initially applying the standard, recognised on the date of initial application (1 April 2019). Accordingly, the Group will not restate comparative information, instead on that date, the Group will recognise a lease liability measured at the present value of the remaining lease payments. The right-of-use asset asset is measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the balance sheet immediately before the date of initial application. On transition, the Group will be using the practical expedient provided the standard and therefore, will not reassess whether a contract, is or contains a lease, at the date of initial application. The Group is in the process of finalising changes to systems and processes to meet the accounting and reporting requirements of the standard. With effect from April 01, 2019, the Group will recognise new assets and liabilities for its operating leases of premises and other assets. The nature of expenses related to those leases will change from lease rent in previous periods to a) amortisation change for the right-to-use asset, and b) interest accrued on lease liability. Previously, the Group recognised operating lease expense on a straight-line basis over the term of the lease, and recognised assets and liabilities only to the extent that there was a timing difference between actual lease payments and the expense recognised. The Group is currently evaluating the effect of this accounting standard. Basis of preparation and measurement a. Statement of compliance (i) The Consolidated Balance Sheet of the Group as at 31 March 2019 and the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Changes

|19| Chap. 1 – Ind AS 1 — Presentation of Financial Statements in Equity and the Consolidated Statement of Cash flows for the year ended 31 March 2019, summary of significant accounting policies and other financial information (together referred as ‘Consolidated Financial Statements’) has been prepared under Indian Accounting Standards (‘Ind AS’) notified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 as amended. The consolidated financial Information were authorised for issue by the Company’s Board of Directors on May 13, 2019. The financial statements of all subsidiaries considered in the consolidated financial statements, are drawn upto 31 March 2019 except for Metropolis Bramser Lab Services (Mtius) Limited, Metropolis Healthcare Ghana Limited, Metropolis Healthcare Tanzania Limited and Metropolis Star Kenya Limited which are drawn upto 31 December 2018. The financial statements of Metropolis Bramser Lab Services (Mtius) Limited, Metropolis Healthcare Ghana Limited, Metropolis Healthcare Tanzania Limited and Metropolis Star Kenya Limited are not adjusted for the period between 31 December 2018 and the date of the Holding Company’s financial statements being 31 March 2019 since there were no significant transactions and events that occurred in this period. b. Current vs non-current classification: All the assets and liabilities have been classified into current and non current. Assets: An asset is classified as current when it satisfies any of the following criteria: a) it is expected to be realised in, or is intended for sale or consumption in, the Group’s normal operating cycle; b) it is held primarily for the purpose of being traded; c) it is expected to be realised within twelve months after the reporting date; or d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date. Liabilities: A liability is classified as current when it satisfies any of the following criteria: a) it is expected to be settled in the Group’s normal operating cycle; b) it is held primarily for the purpose of being traded; c) it is due to be settled within twelve months after the reporting date; or d) the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. Operating cycle All assets and liabilities have been classified as current or non-current as per the Group’s normal operating cycle and other criteria set out in the Schedule III to the Companies Act 2013. Based on the nature of services and the time taken between acquisition of assets/inventories for processing and their realisation in cash and cash equivalents, the Group has ascertained its operating cycle as twelve months for the purpose of the classification of assets and liabilities into current and noncurrent. c. Functional and presentation currency The functional currency of the Company and its Indian subsidiaries is Indian Rupees (`), whereas the functional currency of foreign subsidiaries are as follows: - Star Labs Kenya – Kenya Shillings (Kshs)

|20| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts - Metropolis Healthcare (Mauritius) Ltd - United States Dollar (US$) - Metropolis Bramser Lab Services (MTUIS) Ltd – Mauritian ` (MUR) - Metropolis Healthcare Ghana Limited - Ghanaian cedi (GH¢) - Metropolis Healthcare Lanka Private Limited – Sri Lankan ` - Metropolis Healthcare Tanzania Limited - Tanzanian Shilling (TZS) The presentation currency of the Group is Indian Rupees (INR). All figures appearing in the consolidated financial statements are rounded to the nearest lakhs, unless otherwise indicated. d. Basis of measurement These financial statements have been prepared on accrual and going concern basis and the historical cost convention except for the following assets and liabilities which have been measured at fair value or revalued amount: • Certain financial assets and liabilities measured at fair value, • Assets and liabilities assumed on business combination measured at fair value • Equity settled share-based payments measured at fair value • Net defined benefit (asset)/ liability – Fair value of plan assets less present value of defined benefit obligations • Written put option measured at present value of redemption amount e. Use of estimates and judgements In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively in the Consolidated Statement of Profit and Loss in the year in which the estimates are revised and in any future periods affected. The areas involving critical estimates or judgements are: i. Assessment of functional currency (Note 2.2(n)) ii. Determination of useful lives of property, plant and equipment and intangibles; (Note 2.2(b)) iii. Impairment test of non-financial assets (Note 2.2(d)) iv. Recognition of deferred tax assets; (Note 2.2(m)) v. Recognition and measurement of provisions and contingencies; (Note 2.2(h)) vi. Fair value of financial instruments (Note 2.2 (e)) vii. Impairment of financial assets (Note 2.2 (e)) viii. Measurement of defined benefit obligations; (Note 2.2(k)) ix. Fair valuation of employee share options; (Note 2.2(k)) xi. Fair value measurement of consideration and net assets acquired as part of business combination (Note 2.2(a)) f. Measurement of fair values Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values (including Level 3 fair values).

|21| Chap. 1 – Ind AS 1 — Presentation of Financial Statements The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following notes - Financial instruments (Note 39) - Share-based payment arrangements (Note 52 (c)) - Business combination (Note 43) 10. OIL AND NATURAL GAS CORPORATION LIMITED Accounting Policies 3.2 Basis of preparation The Consolidated Financial Statements have been prepared on the historical cost convention except for certain assets and liabilities which are measured at Fair Value/Amortised Cost/Net Present value at the end of each reporting period, as explained in the accounting policies below: Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. As the operating cycle cannot be identified in normal course due to the special nature of industry, the same has been assumed to have duration of 12 months. Accordingly, all assets and liabilities have been classified as current or non-current as per the operating cycle and other criteria set out in Ind AS-1 ‘Presentation of Financial Statements’ and Schedule III to the Companies Act, 2013. The Consolidated Financial Statements are presented in Indian Rupees and all values are rounded off to the nearest two decimal million except otherwise stated. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The Group categorizes assets and liabilities measured at fair value into one of the three levels depending on the ability to observe inputs employed in their measurement which are described as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs that are observable, either directly or indirectly, other than quoted prices included within level 1 for the assets or liabilities. • Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or Group’s assumptions about pricing by market participants.

|22| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 5. Critical Accounting Judgments, Assumptions and Key Sources of Estimation Uncertainty Inherent in the application of many of the accounting policies used in preparing the Consolidated Ind AS Financial Statements is the need for Management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual outcomes could differ from the estimates and assumptions used. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and future periods are affected. Key source of judgments, assumptions and estimation uncertainty in the preparation of the Consolidated Ind AS Financial Statements which may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are in respect of functional currency, Oil and Gas reserves, impairment, useful lives of Property, Plant and Equipment, depletion of oil and gas assets, decommissioning provision, employee benefit obligations, provisions, provision for income tax, measurement of deferred tax assets and contingent assets & liabilities. 5.1 Critical judgments in applying accounting policies The following are the critical judgements, apart from those involving estimations (Refer note 5.2), that the Management have made in the process of applying the Group's accounting policies and that have the significant effect on the amounts recognized in the Consolidated Ind AS Financial Statements. (a) Determination of functional currency Currency of the primary economic environment in which the Group’s entities operates (“the functional currency”) is Indian Rupee (`) in which the entities primarily generates and expends cash. However, primary economic environment in which OVL group (ONGC Videsh Ltd and its subsidiaries) is US Dollar which is the currency in which it primarily generates and expends cash and accordingly the functional currency of OVL group has been assessed as US Dollar. (b) Classification of investment Judgement is required in assessing the level of control obtained in a transaction to acquire an interest in another entity; depending upon the facts and circumstances in each case, the Company may obtain control, joint control or significant influence over the entity or arrangement. Transactions which give the Company control of a business are business combinations. If the Company obtains joint control of an arrangement, judgement is also required to assess whether the arrangement is a joint operation or a joint venture. If the Company has neither control nor joint control, it may be in a position to exercise significant influence over the entity, which is then classified as an associate. (i) In ONGC Petro additions Limited as joint venture (OPaL) The Company has 49.36% equity interest in OPaL. The Company has also subscribed for 2,558 million share warrants entitling the Company to exchange each warrant with an equity share of face value of ` 10 each against which ` 9.75 has been paid. Further, the Company has also entered into an arrangement on July 2, 2016 for backstopping support towards repayment of principal and cumulative coupon amount for compulsorily convertible debentures amounting to ` 77,780.00 million (previous year ` 77,780.00 million) issued by ONGC Petro additions Limited and interest for the year ending March 31, 2019 amounting to ` 5117.73 million (previous year ` 4,670.19 million). The Management has however evaluated the interest in OPaL to be in the nature of joint venture as the shareholder agreement between all the shareholders provides for sharing of control of the decisions of relevant activities that require the unanimous consent of all the parties sharing control. (ii) In associates despite participating share being less than 20% Considering the power to participate in the financial and operating policy decisions of the investees exercised by the Group in accordance with the applicable agreements and/or otherwise, the following entities are considered associates of the Group despite the participating interest/shareholding percentage/ right percentage being less than 20%: • South East Asia Gas Pipeline (shareholding of the Group 8.347%)

|23| Chap. 1 – Ind AS 1 — Presentation of Financial Statements • Petro Carabobo S.A., Venezuela (shareholding of the Group 11%) The Company has 12.50% equity interest in PLL. It was classified as Joint Venture in Previous GAAP, however, in terms of Para 7 of Ind AS 111 “Joint Arrangements”, unanimous consent of all promoters is not required in relevant activities in PLL and therefore PLL is not classified as Joint Venture. The Company has significant influence on PLL by way of having right to appoint a director in PLL and participate in its business decisions, therefore the same has been classified as an Associate of the Company. (c) In Joint venture despite participating share more than 50% In case of HPCL Rajasthan Refinery Ltd. (HRRL) wherein subsidiary company HPCL held majority voting rights (74% stake), other JV partner has substantive participative rights through its right to affirmative vote items. Accordingly, being a company with joint control, HRRL have been considered as Joint Venture company for the purpose of consolidation of financial statement under Ind AS. However, for the purpose of Companies Act 2013, HRRL has been classified as subsidiary as defined under section 2 therein. (d) Determining whether an arrangement contain leases and classification of leases The group enters into service/hiring arrangements for various assets/services. The determination of lease and classification of the service/hiring arrangement as a finance lease or operating lease is based on an assessment of several factors, including, but not limited to, transfer of ownership of leased asset at end of lease term, lessee’s option to purchase and estimated certainty of exercise of such option, proportion of lease term to the asset’s economic life, proportion of present value of minimum lease payments to fair value of leased asset and extent of specialized nature of the leased asset. (e) Evaluation of indicators for impairment of Oil and Gas Assets The evaluation of applicability of indicators of impairment of assets requires assessment of external factors (significant decline in asset’s value, significant changes in the technological, market, economic or legal environment, market interest rates etc.) and internal factors (obsolescence or physical damage of an asset, poor economic performance of the asset etc.) which could result in significant change in recoverable amount of the Oil and Gas Assets. (f) Oil & Gas Accounting (Guidance Note on Accounting for Oil and Gas Producing Activities) The determination of whether potentially economic oil and natural gas reserves have been discovered by an exploration well is usually made within one year of well completion, but can take longer, depending on the complexity of the geological structure. Exploration wells that discover potentially economic quantities of oil and natural gas and are in areas where major capital expenditure (e.g. an offshore platform or a pipeline) would be required before production could begin, and where the economic viability of that major capital expenditure depends on the successful completion of further exploration work in the area, remain capitalized on the consolidated balance sheet as long as additional exploration or appraisal work is under way or firmly planned. It is not unusual to have exploration wells and exploratory-type stratigraphic test wells remaining suspended on the consolidated balance sheet for several years while additional appraisal drilling and seismic work on the potential oil and natural gas field is performed or while the optimum development plans and timing are established. All such carried costs are subject to regular technical, commercial and management review on at least an annual basis to confirm the continued intent to develop, or otherwise extract value from, the discovery. Where this is no longer the case, the costs are immediately expensed. (g) Deferred tax liability/deferred tax asset in respect of undistributed profits/losses of subsidiaries, branches, investments in associates and joint ventures The management exercises judgement in accounting for deferred tax liability/deferred tax asset in respect of Group’s investments in respect of undistributed profits/losses of subsidiaries, branches, investments in associates and joint ventures. In the judgement of the management, in respect of undistributed profits/losses of subsidiaries, branches, investments in joint ventures, the management is able to control the timing of the reversal of the temporary differences and the temporary differences will not be reversed in the foreseeable future. Accordingly, the Group does not recognise a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, branches and interests in joint ventures.

|24| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 5.2 Assumptions and key sources of estimation uncertainty Information about estimates and assumptions that have the significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Actual results may differ from these estimates. (a) Estimation of provision for decommissioning The Group estimates provision for decommissioning as per the principles of Ind AS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’ for the future decommissioning of Oil & Gas assets at the end of their economic lives. Most of these decommissioning activities would be in the future, the exact requirements that may have to be met when the removal events occur involve uncertainty. Technologies and costs for decommissioning are constantly changing. The timing and amounts of future cash flows are subject to significant uncertainty. The timing and amount of future expenditures are reviewed at the end of each reporting period, together with rate of inflation for escalation of current cost estimates and the interest rate used in discounting the cash flows. The economic life of the Oil & Gas assets is estimated on the basis of long term production profile of the relevant Oil & Gas asset. (b) Impairment of assets Determination as to whether, and by how much, a CGU is impaired involves Management estimates on uncertain matters such as future prices, the effects of inflation on operating expenses, discount rates, production profiles for crude oil, natural gas and value added products. For Oil & Gas assets, the expected future cash flows are estimated using Management’s best estimate of future crude oil and natural gas prices, production and reserves volumes. The present values of cash flows are determined by applying pre tax-discount rates for crude oil and value added products revenue, which are measured in US$. Future cash inflows from sale of crude oil and value added products are computed using the future prices, on the basis of market-based average prices of the Dated Brent crude oil as per assessment by ‘Platt’s Crude Oil Market wire’ and its co-relations with benchmark crudes and other petroleum products. Future cash flows from sale of natural gas are also computed based on the expected future prices on the basis of the notification issued by the Government of India and discounted applying the rate applicable to the cash flows measured in US$ in view of the new pricing guidelines issued by GoI. Further, the subsidiary company ONGC Videsh Ltd, present values of cash flows are determined by applying pre tax-discount rates that reflects current market assessments of time value of money and the risks specific to the liability in respect of each of the CGUs. Future cash inflows from sale of crude oil are computed using the future prices, on the basis of market-based forward prices of the Dated Brent crude oil as per assessment by Bloomberg and its co-relations with benchmark crudes and other petroleum products. Future cash flows from sale of natural gas are also computed based on the expected future prices on the basis of the prices determined in accordance with the respective agreements and/or market forecast. The discount rate used is based upon the cost of capital from an established model. The Value in use of the producing/developing CGUs is determined under a multi-stage approach, wherein future cash flows are initially estimated based on Proved Developed Reserves. Under circumstances where the further development of the fields in the CGUs is under progress and where the carrying value of the CGUs is not likely to be recovered through exploitation of proved developed reserves alone, the Proved and probable reserves (2P) of the CGUs are also taken for the purpose of estimating future cash flows. In such cases, full estimate of the expected cost of evaluation/development is also considered while determining the value in use. The discount rates applied in the assessment of impairment calculation are re-assessed each year. (c) Estimation of reserves Management estimates reserves in relation to all the Oil and Gas Assets based on the policies and procedures determined by the Reserves Estimation Committee of the Company (REC). The estimates so determined are used for the computation of depletion and impairment testing.

|25| Chap. 1 – Ind AS 1 — Presentation of Financial Statements The year-end reserves of the Group are estimated by the REC which follows international reservoir engineering procedures consistently. The Company has migrated from classification of Reserves under SPE1997 guidelines to Petroleum Resources Management System-PRMS (2018) sponsored by Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), American Association of Petroleum Geologists(AAPG), Society of Petroleum Evaluation Engineers (SPEE), Society of Exploration Geophysicists (SEG), Society of Petro physicists and Well Log Analysts (SPWLA) and European Association of Geoscientists and Engineers (EAGE). PRMS(2018) defines Proved Reserves under Reserves category as those quantities of petroleum that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable from a given date forward from known reservoirs and under defined economic conditions, operating methods, and government regulations. Further it defines Developed Reserves as expected quantities to be recovered from existing wells and facilities and Undeveloped Reserves as the Quantities expected to be recovered through future significant investments. Volumetric estimation is the main procedure in estimation which uses reservoir rock and fluid properties to calculate hydrocarbons in-place and then estimate that portion which will be recovered from it. As the field gets matured and reasonably good production history is available, then performance methods such as material balance, simulation, decline curve analysis are applied to get more accurate assessments of reserves. The annual revision of estimates is based on the yearly exploratory and development activities and results thereof. New in-place Volume and Ultimate Reserves are estimated for new field discoveries or new pool discoveries in already discovered fields. Also, delineation/appraisal activities lead to revision in estimates due to new subsurface data. Similarly, review/reinterpretation exercise is also carried out for old fields due to necessity of revision in petro-physical parameters, updating of static and dynamic models and performance analysis leading to change in reserves. Intervention of new technology, change in classifications and contractual provisions also necessitate revision in estimation of reserves. The Group uses the services of third party agencies for due diligence and it gets the reserves of its assets audited periodically by third party internationally reputed consultants who adopt latest industry practices for their evaluation. (d) Determination of cash generating unit (CGU) The Group is engaged mainly in the business of oil and gas exploration and production in Onshore and Offshore. In case of onshore assets, the fields are using common production/transportation facilities and are sufficiently economically interdependent to constitute a single cash generating unit (CGU). Accordingly, impairment test of all onshore fields in India is performed in aggregate of all those fields at the Asset Level. In case of Offshore Assets, a field is generally considered as CGU except for fields which are developed as a Cluster, for which common facilities are used, in which case the impairment testing is performed in aggregate for all the fields included in the cluster. (e) Defined benefit obligation (DBO) Management’s estimate of the DBO is based on a number of critical underlying assumptions such as standard rates of inflation, medical cost trends, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses. (f) Litigations From time to time, the Group is subject to legal proceedings and the ultimate outcome of each being always subject to many uncertainties inherent in litigation. A provision for litigation is made when it is considered probable that a payment will be made and the amount of the loss can be reasonably estimated. Significant judgement is made when evaluating, among other factors, the probability of unfavourable outcome and the liability to make a reasonable estimate of the amount of potential loss. Provision for litigations are reviewed at the end of each accounting period and revisions made for the changes in facts and circumstances.