Mandatory Accounting Standards (Ind AS)-2

|505| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards e) Excise duty Under IGAAP, revenue from sale of products was presented exclusive of excise duty. Under Ind AS, revenue from sale of goods is presented inclusive excise duty. Excise duty paid is presented on the face of the Consolidated Statement of Profit and Loss as part of expenses. This change has resulted in an increase in total revenue and total expenses for the year ended March 31, 2016 by ` 164.80 crore. There is no impact on the total equity and profit. f) Deferment of Government grant Under IGAAP, Government grants received towards assets can be shown as deduction from the value of assets or as deferred Government grant. Accordingly, the Group had opted to show asset at net of grant. However, Ind AS does not give the option for such netting off. Government grants will be recognised in the Consolidated Statement of Profit and Loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate. g) Hedge accounting The contracts, which were designated as hedging instruments under IGAAP, have been designated as at the date of transition to Ind AS as hedging instrument in cash flow hedges of either expected future sales for which the Group has firm commitments or expected purchases from suppliers that are highly probable. The corresponding adjustment has been recognised as a cash flows hedge reserve. On the date of transition, cash flows hedge reserve was recognised in Other Comprehensive Income net of tax and subsequently taken to cash flows reserve. h) Remeasurements of post-employment benefit obligations Under Ind AS, remeasurements that is actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in Other Comprehensive Income instead of profit or loss. Under IGAAP, these remeasurements were forming part of the profit or loss for theyear. As a result of this change, the profit for the year ended March 31, 2016 increased by ` 1.92 crore. There is no impact on the total equity as at March 31, 2016. i) Cash discount Under IGAAP, revenue from sale of products was measured at transaction price. Under Ind AS, revenue from sale of goods is measured at fair value of consideration received or receivable. Hence, cash discount is reduced from revenue to present the same at its fair value. This change has resulted in a decrease in total revenue and total expenses for the year ended March 31, 2016 by ` 8.95 cr. There is no impact on the total equity and profit. j) Retained earnings Retained earnings as at April 01, 2015 have been adjusted consequent to the above Ind AS transition adjustments. k) Other Comprehensive Income Under Ind AS, all items of income and expense recognised in a period are to be included in the Consolidated Statement of Profit and Loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognised in profit or loss, but are shown in the Consolidated Statement of Profit and Loss as Other Comprehensive Income which includes remeasurements of defined benefit plans, foreign exchange differences arising on translation of foreign operations, effective portion of gain/(loss) on cash flows hedging instruments and fair value gain/(loss) on FVOCI equity instruments. The concept of Other Comprehensive Income did not exist under IGAAP. l) Investments in debt instruments – Redeemable Preference share and loans to Related Parties Under IGAAP, current investments were measured at cost or fair value, whichever is lower. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. The Redeemable Preference shares and loans given to Related Parties were long-term in nature

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |506| and measured at cost less provision for other than temporary decline in the value of such investments. Ind AS requires all financial instruments to be measured on initial recognition at fair value. Where a loan is advanced on normal commercial terms (both in terms of principal and interest), the fair value at inception will usually equal the loan amount. In case of loans advanced to Related Parties, the terms are either not on normal commercial terms or they are forced. On initial recognition the fair value of loans and Redeemable Preference shares to Related Parties has been estimated by discounting the future loan repayments using the rate the borrower may pay to an unrelated lender for a loan/Preference share with otherwise similar conditions (for example, amount, duration, currency, ranking and any security). Having separated the ‘offmarket’ element of the transaction, the remaining part of the loan receivable is accounted for as a financial instrument at amortised cost or FVPL. Accordingly, the difference between the transaction amount and its fair value at the date of transaction has been recorded as an investment in equity of the related entity in the Consolidated Financial Statements (as a component of the overall investment) with a corresponding impact to the investment in Preference share and loans. Going forward, the interest income and fair value changes in the instruments are recognised in the Consolidated Statement of Profit and Loss. m) Deferred discount on issuance of Commercial Paper Under the IGAAP, deferred discount on issuance of Commercial Paper were presented as part of current assets. Under Ind AS, in order to reflect Commercial Paper at amortised cost, the deferred discount on issuance is presented within the borrowings by netting off. There is no impact on the total equity or profit as a result of this adjustment. n) Fair valuation of biological assets other than bearer plants Under Ind AS, biological assets are measured at fair value less cost to sell and presented separately. The Group has recognised the biological assets of ` 8.49 crore as at March 31, 2016 and ` 7.24 crore as at April 01, 2015. Changes in fair value of biological assets are recognised in the Consolidated Statement of Profit and Loss during the period. As a result of this change, the profit for the year ended March 31, 2016 increased by ` 1.24 crore. o) Foreign currency translation reserve The Group elected to reset the balance appearing in the foreign currency translation reserve to zero as at April 01, 2015. Accordingly, translation reserve balance under IGAAP of ` 9.91 crore has been transferred to retained earnings. There is no impact on total equity as a result of this adjustment. q) Joint venture company Under IGAAP, Rudolf Atul Chemicals Ltd (RACL) was classified as a joint venture company and accounted for using the proportionate consolidation method. Under Ind AS, a joint venture company is accounted for using the equity method. For the purposes of applying the equity method, the investment in RACL of ` 6.13 crore as at the date of transition, has been measured as the aggregate of the carrying amounts of the assets and liabilities that the Group had previously proportionately consolidated. An impairment assessment has been performed as at April 01, 2015, and no impairment provision is considered necessary. 2. BHARAT PETROLEUM CORPORATION LIMITED NOTE 43 TRANSITION TO IND AS (CONSOLIDATED) These are the Group’s first Consolidated financial statements prepared in accordance with Ind AS. The Group has adopted all the Ind AS and the adoption was carried out in accordance with Ind AS 101 First time adoption of Indian Accounting Standards. The transition was carried out from Generally Accepted Accounting Principles in India (Indian GAAP) as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, which was the “Previous GAAP”. The Significant Accounting Policies set out in Note No. 1 have been applied in preparing the financial statements for the year ended 31st March 2017, 31st March 2016 and the opening Ind AS balance sheet on the date of transition i.e. 1st April 2015. In preparing its Ind AS Balance Sheet as at 1st April 2015 and in presenting the comparative information for the year ended 31st March 2016, the Group has adjusted amounts previously reported

|507| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards in the financial statements prepared in accordance with Previous GAAP. This note explains the principal adjustments made by the Group in restating its Consolidated financial statements prepared in accordance with Previous GAAP, and how the transition from previous GAAP to Ind AS has affected the Group’s financial position, financial performance and cash flows. I. Explanation of transition to Ind AS In preparing the Consolidated financial statement, the Group has applied the below mentioned optional exemptions and mandatory exceptions. Business combination exemption The Group has elected to apply the requirements of Ind AS 103 “Business Combinations” prospectively to business combinations on or after the date of transition (1st April 2015). Pursuant to this exemption, goodwill arising from business combination has been stated at the carrying amount under previous GAAP. Property, Plant and Equipment; Investment Property and Intangible Assets exemption The Group has elected to use the exemption available under Ind AS 101 to continue the carrying value for all of its Property, Plant and Equipment, investment properties and intangible assets as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition (1st April 2015). Investment in equity shares other than Subsidiaries, Joint Ventures and Associates The Group has designated its investment in equity shares other than subsidiaries, joint ventures and associates held as at 1st April 2015 as Fair Value through Other Comprehensive Income based on facts and circumstances at the date of transition to Ind AS (1st April 2015). Joint ventures – transition from proportionate consolidation to the Equity method As per Ind AS 101, when changing from proportionate consolidation method to equity method, an entity may measure its investment in a joint venture at date of transition as the aggregate of the carrying amounts of the assets and liabilities that the entity had previously proportionately consolidated, including any goodwill arising from acquisition. The resultant amount is regarded as the deemed cost of the investment in the Joint venture at initial recognition. The Group has opted to avail this exemption. De-recognition of financial assets and financial liabilities The Group has elected to use the exemption for derecognition of financial assets and liabilities prospectively i.e. after 1st April 2015. Long Term Foreign Currency Monetary Items The Group has elected to continue the policy adopted Under previous GAAP for accounting the foreign exchange differences arising on settlement or translation of long-term foreign currency monetary items outstanding as of 31st March 2016 i.e. foreign exchange differences arising on settlement or translation of long-term foreign currency monetary items relating to acquisition of depreciable assets are adjusted to the carrying cost of the assets and depreciated over the balance life of the asset and in other cases, if any, accumulated in “Foreign Currency Monetary Item Translation Difference Account” and amortized over the balance period of the liability Classification and measurement of financial assets Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortized cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable. Accordingly, the Group has determined the classification of financial assets based on facts and circumstances that exist on the date of transition. Measurement of financial assets accounted at amortized cost has been done retrospectively except where the same is impracticable.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |508| Service Concession Arrangement The Group has elected to use the exemption available under Ind AS 101 to continue the carrying value as per Previous GAAP for all of its intangible assets under the service concession arrangements. Non-controlling interest Ind AS 110 requires entities to attribute Profit or loss and each component of Other comprehensive income to the owners of the parent and to the non-controlling interest. This requirement needs to be followed even if this results in the Non controlling interest having a deficit balance. Ind AS 101 requires the above requirement to be followed prospectively from the date of transition. Consequently, the Group has applied the above requirement prospectively. II. Reconciliation of Consolidated Balance Sheet as at 1st April, 2015 ` in Crores Particulars Note Reference Amount as per IGAAP Reclassification Joint Venture Impact Amount as per IGAAP* Effects of transition to Ind AS Amount as per Ind AS I. ASSETS (1) Non-current assets (a) Property, Plant and Equipment G, R 28,520.65 - (6,371.48) 22,149.17 (176.51) 21,972.66 (b) Capital work-in-progress H 15,762.27 (3,823.67) (370.06) 11,568.54 (3,471.40) 8,097.14 (c) Investment Property R - - - - 0.52 0.52 (d) Goodwill 14.45 - (14.45) - - - (e) Other Intangible assets R 574.30 - (207.61) 366.69 (242.84) 123.85 (f) Intangible assets under development 25.07 3,823.67 - 3,848.74 - 3,848.74 (g) Investment accounted for using equity method L - 26.56 (583.91) (557.35) 3,644.48 3,087.13 (h) Financial Assets (i) Investments B 2,351.35 (26.56) (1,073.42) 1,251.37 (474.88) 776.49 (ii) Loans Q & R 2,637.11 (1,117.48) 4,122.05 5,641.68 (306.69) 5,334.99 (iii) Other financial assets - 0.96 - 0.96 16.81 17.77 (i) Income Tax Assets (Net) 650.44 58.80 (650.44) 58.80 - 58.80 (j) Other non-current assets R 142.57 1,057.72 (1.01) 1,199.28 340.24 1,539.52 Total Non-current assets 50,678.21 - (5,150.33) 45,527.88 (670.27) 44,857.61 (2) Current Assets (a) Inventories G &J 17,400.02 - (1,477.45) 15,922.57 171.57 16,094.14 (b) Financial Assets (i) Investments C 5,360.46 - (34.57) 5,325.89 81.92 5,407.81 (ii) Trade receivables D 2,901.85 - (265.99) 2,635.86 (55.98) 2,579.88 (iii) Cash and cash equivalents 3,446.26 (744.94) (225.13) 2,476.19 (994.16) 1,482.03 (iv) Bank Balances other than Cash and cash equivalents - 744.94 - 744.94 1,061.63 1,806.57 (v) Loans R 1,065.26 (873.23) (115.32) 76.71 (11.43) 65.28 (vi) Other financial assets E& R 6,041.20 244.33 (57.75) 6,227.78 (41.98) 6,185.80 (c) Current Tax Assets (Net) - 138.87 - 138.87 - 138.87 (d) Other current assets R 79.27 490.03 - 569.30 (2.43) 566.87 Total current assets 36,294.32 - (2,176.21) 34,118.11 209.14 34,327.25 TOTAL ASSETS 86,972.53 - (7,326.54) 79,645.99 (461.13) 79,184.86 II. EQUITY AND LIABILITIES Equity (a) Equity Share Capital L 723.08 - - 723.08 (67.46) 655.62 (b) Other Equity VI 21,825.42 - - 21,825.42 927.53 22,752.95 Total Equity 22,548.50 - - 22,548.50 860.07 23,408.57 Non Controlling Interest 1,286.37 - - 1,286.37 167.54 1,453.91 Share Warrants in respect of Joint venture 13.45 - (13.45) - - -

|509| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards ` in Crores Particulars Note Reference Amount as per IGAAP Reclassification Joint Venture Impact Amount as per IGAAP* Effects of transition to Ind AS Amount as per Ind AS Liabilities (1) Non-current liabilities (a) Financial liabilities (i) Borrowings F 19,341.82 - (4,285.19) 15,056.63 (104.27) 14,952.36 (ii) Other financial liabilities 184.34 - (111.85) 72.49 0.28 72.77 (b) Provisions 1,396.86 - (8.90) 1,387.96 16.23 1,404.19 (c) Deferred tax liabilities (net) S 1,852.49 - - 1,852.49 652.40 2,504.89 (d) Other non-current liabilities H 144.72 - (144.72) - 46.40 46.40 Total Non-current liabilities 22,920.23 - (4,550.66) 18,369.57 611.04 18,980.61 (2) Current Liabilities (a) Financial liabilities (i) Borrowings 1,675.88 - (1,470.00) 205.88 0.49 206.37 (ii) Trade payables 12,865.29 - 18.47 12,883.76 (11.01) 12,872.75 (iii) Other financial liabilities E, R 20,108.96 (3,405.56) - 16,703.40 (24.24) 16,679.16 (b) Other current liabilities R 1,334.07 3,405.56 (1,077.00) 3,662.63 44.18 3,706.81 (c) Provisions A 4,219.78 (882.25) (233.90) 3,103.63 (2,109.20) 994.43 (d) Current Tax Liabilities (Net) - 882.25 - 882.25 - 882.25 Total Current Liabilities 40,203.98 - (2,762.43) 37,441.55 (2,099.78) 35,341.77 Total Liabilities 63,124.21 - (7,313.09) 55,811.12 (1,488.74) 54,322.38 TOTAL EQUITY AND LIABILITIES 86,972.53 - (7,326.54) 79,645.99 (461.13) 79,184.86 * Previous GAAP figures have been reclassified to conform to Ind AS presentation requirements for the purpose of this note. III. Reconciliation of Consolidated Balance Sheet as at 31st March, 2016 ` in Crores Assets Note Reference Amount as per IGAAP Reclassification Joint Venture Impact Amount as per IGAAP* Effects of transition to Ind AS Amount as per Ind AS (1) Non-current assets (a) Property, Plant and Equipment G, R 31,899.14 - (6,408.38) 25,490.76 (301.13) 25,189.63 (b) Capital work-in-progress H 21,903.58 (4,500.52) (559.94) 16,843.12 (4,097.97) 12,745.15 (c) Investment Property R - - - - 0.48 0.48 (d) Goodwill on consolidation 61.00 - - 61.00 (61.00) - (e) Other Intangible assets R 563.71 - (456.76) 106.95 61.92 168.87 (f) Intangible assets under development 215.18 4,500.52 - 4,715.70 (1.91) 4,713.79 (g) Investment accounted for using equity method L - - 515.90 515.90 3,051.23 3,567.13 (h) Financial Assets - (i) Investments B 2,479.87 - (2,298.09) 181.78 325.84 507.62 (ii) Loans Q & R 2,698.35 (1,033.35) 4,924.62 6,589.62 (351.75) 6,237.87 (iii) Other financial assets - 135.61 - 135.61 - 135.61 (i) Deferred tax assets (net) 547.15 - (547.15) - - - (j) Income Tax Assets (Net) - 72.78 - 72.78 - 72.78 (k) Other non-current assets R 395.20 824.96 (14.90) 1,205.26 430.90 1,636.16 Total Non-current assets 60,763.18 - (4,844.70) 55,918.48 (943.40) 54,975.08 (2) Current Assets (a) Inventories G &J 15,496.85 - (946.44) 14,550.41 93.29 14,643.70 (b) Financial Assets (i) Investments C 5,256.43 - (11.93) 5,244.50 81.32 5,325.82 (ii) Trade receivables D 2,423.50 - (230.54) 2,192.96 23.93 2,216.89

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |510| ` in Crores Assets Note Reference Amount as per IGAAP Reclassification Joint Venture Impact Amount as per IGAAP* Effects of transition to Ind AS Amount as per Ind AS (iii) Cash and cash equivalents 4,629.00 (2,165.56) (424.93) 2,038.51 (1.70) 2,036.81 (iv) Bank Balances other than Cash and cash equivalents - 2,165.56 - 2,165.56 - 2,165.56 (v) Loans R 1,148.44 (973.63) (55.36) 119.45 (56.25) 63.20 (vi) Other financial assets E& R 4,071.12 138.49 (14.08) 4,195.53 (62.17) 4,133.36 (c) Current Tax Assets (Net) - 8.40 - 8.40 - 8.40 (d) Other current assets R - 826.74 - 826.74 26.17 Total Current Assets 33,025.34 - (1,683.28) 31,342.06 104.59 31,446.65 TOTAL ASSETS 93,788.52 - (6,527.98) 87,260.54 (838.81) 86,421.73 II. EQUITY AND LIABILITIES Equity (a) Equity Share Capital L 723.08 - - 723.08 (67.46) 655.62 (b) Other Equity VI 27,296.62 - - 27,296.62 (158.97) 27,137.65 Total equity 28,019.70 - - 28,019.70 (226.43) 27,793.27 Share application money pending allotment in respect of Joint Venture 0.43 (0.43) - - - - Non Controlling Interest 1,572.74 - - 1,572.74 105.58 1,678.32 Share Warrants in respect of Joint venture 13.45 - (13.45) - - - LIABILITIES (1) Non-current liabilities (a) Financial liabilities (i) Borrowings F 26,043.05 - (4,729.07) 21,313.98 (216.76) 21,097.22 (ii) Other financial liabilities 243.94 0.43 (180.88) 63.49 (0.02) 63.47 (b) Provisions 1,663.43 - (10.27) 1,653.16 - 1,653.16 (c) Deferred tax liabilities (net) S 2,338.36 - - 2,338.36 733.61 3,071.97 (d) Other non-current liabilities H 185.69 - (185.69) - 70.02 70.02 Total non current liabilities 30,474.47 0.43 (5,105.91) 25,368.99 586.85 25,955.84 (2) Current Liabilities (a) Financial liabilities (i) Borrowings 583.79 - (559.39) 24.40 - 24.40 (ii) Trade payables 8,470.67 - (118.29) 8,352.38 - 8,352.38 (iii) Other financial liabilities E, R 20,606.67 (3,612.74) 26.61 17,020.54 55.85 17,076.39 (b) Other current liabilities R 594.80 3,612.74 (594.80) 3,612.74 62.23 3,674.97 (c) Provisions A 3,451.80 (914.47) (162.75) 2,374.58 (1,422.89) 951.69 (d) Current Tax Liabilities (Net) - 914.47 - 914.47 - 914.47 Total Current liabilities 33,707.73 - (1,408.62) 32,299.11 (1,304.81) 30,994.30 Total liabilities 64,182.20 0.43 (6,514.53) 57,668.10 (717.96) 56,950.14 TOTAL EQUITY AND LIABILITIES 93,788.52 - (6,527.98) 87,260.54 (838.81) 86,421.73 IV. Reconciliation of Consolidated Statement of Profit and Loss for the year ended 31st March, 2016 ` in Crores Particulars Note Reference Amount as per IGAAP Joint Venture Impact Effects of transition to Ind AS Amount as per Ind AS Income I. Revenue from operations I,R 1,88,651.36 89.99 30,485.44 2,19,226.79 II. Other income C 1,740.89 30.76 (175.81) 1,595.84

|511| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards ` in Crores Particulars Note Reference Amount as per IGAAP Joint Venture Impact Effects of transition to Ind AS Amount as per Ind AS III. Total Income (I + II) 1,90,392.25 120.75 30,309.63 2,20,822.63 IV. Expenses Cost of materials consumed G 77,356.03 (9,796.69) (29.84) 67,529.50 Purchase of stock-in-trade R 77,485.49 12,657.94 96.84 90,240.27 Changes in inventories of finished goods, stock-in-trade and work- in-progress J 1,585.86 (419.97) 138.93 1,304.82 Excise Duty I - - 31,412.19 31,412.19 Employee Benefits Expense K 3,172.35 (91.58) (118.71) 2,962.06 Finance costs F 1,132.07 (454.41) 2.83 680.49 Depreciation and Amortization Expense G, R 2,428.63 (363.00) 6.24 2,071.87 Other Expenses I, R 14,637.91 (733.28) (1,063.78) 12,840.85 Total Expenses (IV) 1,77,798.34 799.01 30,444.70 2,09,042.05 Profit/(Loss) before Tax (III - IV) 12,593.91 (678.26) (135.07) 11,780.58 Profit/(Loss) from continuing operations before share of profit of equity accounted investes 2.49 459.79 (111.27) 351.01 V. Profit from continuing operations before income tax 12,596.40 (218.47) (246.34) 12,131.59 VI. Tax expense: 4,129.93 (218.47) 131.26 4,042.72 1. Current Tax 3,507.09 (88.64) - 3,418.45 2. Deferred Tax S 626.13 (143.76) 131.26 613.63 3. MAT credit entitlement (11.89) 11.89 - - 4. Short/(Excess) provision of earlier years 8.60 2.04 - 10.64 VII. Profit/(Loss) for the year (V- VI) 8,466.47 - (377.60) 8,088.87 VIII. Other comprehensive income Items that will not be subsequently reclassified to profit or loss B, K - - (321.40) (321.40) Income tax related to items that will not be reclassified to profit or loss S - - 47.48 47.48 Equity accounted investees - share of OCI - - (0.17) (0.17) Items that will be subsequently reclassified to profit or loss - - 290.02 290.02 - - 15.93 15.93 IX. Total comprehensive income for the period (VII + VIII) 8,466.47 - (361.66) 8,104.80 V. On account of transition to Ind AS, there is no material adjustment to the Statement of Cash Flows for the year ended 31st March 2016 VI. Reconciliation of Equity as on 31st March 2016 and 1st April 2015 ` in Crores Particulars Note Reference As at 31/03/2016 As at 01/04/2015 Total Shareholders' Funds as per Previous GAAP 29,606.32 23,848.32 Reversal of Proposed Dividend including Dividend Distribution Tax A 1,365.14 2,068.26 Fair value measurement of investment in equity instruments B (77.78) 102.59 Fair value measurement of Investment in Government Securities C 13.56 15.24 Loss allowance of trade receivables as per expected credit loss model D (13.46) (9.75) Fair Valuation of derivative contracts E (0.85) 22.10

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |512| ` in Crores Particulars Note Reference As at 31/03/2016 As at 01/04/2015 Amortised cost measurement of borrowings F (0.90) 3.91 Impact of Spares accounting G 38.11 (3.94) Reclassification of Government Grant H (10.12) (12.05) Alignment of method of valuation of inventories J (0.11) 118.06 BPCL Trust for investment in shares netted off L (659.11) (659.11) Fair value measurement of optionally conver tible debentures M 79.70 Common control restatement O (61.00) (15.19) Fair Valuation of Loan given to IBV Brazil Q (1.56) (74.17) Imapact of Ind AS adjustment in Joint Ventures N & T 57.89 43.34 Others R (67.39) (34.12) Deferred tax S (717.15) (630.72) Total Impact (134.73) 1,014.14 Total Equity as per Ind AS 29,471.59 24,862.48 VII. Reconciliation of Profit and Loss for the year ended 31st March 2016 Particulars Note Reference 2015-16 Profit and Loss as per Previous GAAP 8,466.47 Fair value measurement of Investment in Government Securities C (1.68) Loss allowance of trade receivables due to expected credit loss model D (3.71) Fair Valuation of derivative contracts E (22.95) Amortised cost measurement of borrowings F (4.81) Impact of Spares accounting G 38.11 Alignment of method of valuation of inventories J (118.17) Remeasurements on defined benefit liability K 141.03 Income from BPCL Trust for investment in shares L (259.71) Fair value measurement of optionally convertible debentures M (79.70) Impact of Ind AS adjustments on share of equity accounted investees N (21.93) Fair Valuation of Loan given to IBV Brazil Q 73.09 Others R 15.14 Deferred tax S (132.31) Total adjustments (377.60) Profit and Loss as per Ind AS 8,088.87 Notes to reconciliation A. Proposed Dividend Under previous GAAP, proposed dividend including dividend distribution tax (DDT), were recognised as a liability in the period in which they relate, as the same was considered as an adjusting event. Under Ind AS, proposed dividend is recognised as a liability in the period in which it is authorised and the distribution of dividend is no longer at the discretion of the Group. B. Equity Investments at Fair value through Other Comprehensive Income Under previous GAAP, the Group accounted for non-current investments in equity shares of companies other than subsidiaries, joint ventures and associates at cost less any provision for other than temporary diminution in the value of investments. Under Ind AS, the Group has designated these investments at fair value through other comprehensive income. C. Fair valuation of investments in Government Securities Under previous GAAP, investment in Government securities are classified as current investments and were carried at lower of cost or fair value. Under Ind AS, these investments are measured at Fair Value through Profit or Loss.

|513| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards D. Trade receivables Under previous GAAP, the Group had recognised provision on trade receivables based on the expectation of the Group. Under Ind AS, the Group provides loss allowance on receivables based on the Expected Credit Loss (ECL) model which is measured following the “simplified approach” at an amount equal to the lifetime ECL at each reporting date. E. Derivative Contracts Under previous GAAP, in respect of all derivative contracts (except forward contracts), only mark-tomarket loss was provided. Premium/discount arising at the inception of the forward exchange contracts to hedge foreign currency risks were amortized as expense or income over the life of the contract. Exchange differences on such forward exchange contracts were recognised in the Statement of Profit and Loss. Under Ind AS, all derivative contracts are measured at fair value through profit or loss. F. Borrowings Under previous GAAP, transaction costs in relation to borrowings were initially recognised as an asset and subsequently, amortized over the period of the loan as borrowing costs. Under Ind AS, financial liabilities in the form of borrowings have been measured at amortized cost using the effective interest rate method. G. Spare parts Under previous GAAP, machinery spares that were specific to a particular Property, Plant and Equipment (PPE) were capitalized to the cost of the PPE. Replacement of such spares were charged to the Statement of Profit and Loss. Spares other than above, were inventorised on procurement and were charged to Statement of Profit and Loss on consumption. Under Ind AS, all significant spare parts which meet the definition of Property, Plant and Equipment are capitalized as Property, Plant and Equipment and in other cases, the spare part is inventorised on procurement and charged to Statement of Profit and Loss on consumption. H. Capital Grant Under previous GAAP, Government Grants in respect of Property, Plant and Equipment was presented as part of Reserves and Surplus. Under Ind AS, Government Grants in respect of Property, Plant and Equipment needs to be presented as deferred income as part of liabilities. I. Excise Duty Under previous GAAP, revenue from sale of goods was presented net of the Excise Duty. Under Ind AS, revenue from sale of goods is presented inclusive of Excise Duty. Accordingly, Excise Duty has been presented in the Statement of Profit and Loss as an expense. J. Inventory valuation Under previous GAAP, the Group during financial year 2015-16, changed the method of determination of cost of inventories from ‘Weighted Average’ to ‘First in First Out’ (FIFO) in respect of crude oil and finished products (except lubricants which were continued to be determined at weighted average). Under Ind AS, the Corporation is required to use the same accounting policies in its Opening Ind AS Balance Sheet and throughout for all periods presented in its first Ind AS financial statements. Accordingly, the Group has restated the opening value of inventories as per FIFO method. K. Remeasurement of defined benefit liabilities Under previous GAAP, the Group recognised remeasurement of defined benefit plans under Statement of profit and loss. Under Ind AS, remeasurement of defined benefit plans are recognised in Other Comprehensive Income. L. BPCL Trust for investment in shares As per the scheme of Amalgamation of the erstwhile Kochi Refineries Limited (“KRL”) with the Corporation approved by the Government of India, 3,37,28,737 equity shares of the Corporation were allotted (in lieu of the shares held by the Corporation in the erstwhile KRL) to a trust for the benefit of the Corporation in

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |514| the financial year 2006-07. After the 1:1 Bonus issue in July 2012 and July 2016, presently the trust holds 13,49,14,948 equity shares of the Corporation. Under Ind AS, the cost of the original investment together with the additional contribution to the corpus of the trust made in 2014-15 has been reduced from the total equity of the Corporation. To the extent of the face value of the shares, the same has been reduced from the Paid up Share capital of the Corporation and the balance has been reduced from Other Equity under a separate reserve. Accordingly, the income received from the Trust during the financial year 2015-16 has been recognised directly under Other Equity. M. Fair value measurement of optionally convertible debentures Under previous GAAP, the Group accounted for optionally convertible debentures which are classified as long term investments at cost. Under Ind AS, these investments are measured at fair value through profit or loss. N. Impact of Ind AS adjustments on share of equity accounted investees Equity accounted investees of the Corporation have adopted Ind AS w.e.f. 1 April 2015. Accordingly, proportionate impact of the Ind AS adjustments recognised by the respective equity accounted investees has been considered on the net worth as of 1 April 2015 and 31 March 2016 and the profit for the financial year ended 31 March 2016. O. Common control restatement The Group has acquired additional stake in its Joint Ventures and accordingly has aquired control over the same.The transaction was regarded as a business combination under common control in a manner similar to Pooling-of-interests and was accounted for with reference to the principles of Appendix C of Ind AS 103 “Business Combination”.The Consolidated financial statements as at transition date have been restated as of merger accounting for the business combination under common control. P. Impact of Joint operations The Group recognises its direct rights to the assets, liabilities, revenues and expenses of Joint operation and its share of any jointly held or incurred assets, liabilities, revenue and expenses.These have been incorporated in the Consolidated financial statements under the appropriate headings. Q. Fair Valuation of Loan given to IBV Brazil Under Indian GAAP, the Group accounted for loan given to IBV Brazil at face value. Under Ind AS the Group has measured the loan given at fair value through Profit or Loss. R. Others Other adjustments on account of transition to Ind AS include reversal of amortization of Intangible asset at indefinite useful life, reclassification of Property, Plant and Equipment (PPE) to Intangible asset as part of service concession arrangements, amortization impact of land leases classified as Finance Lease and reclassification of Land lease classified as Operating Leases from PPE to Prepaid rentals, classification of Investment Property, fair valuation of deposits and loans given at concessional rate of interest to employees and effect of adjustments relating to revenue recognition. S. Deferred Tax Under previous GAAP, tax expenses in the Consolidated financial statements was computed by performing line by line addition of tax expense of the parent and subsidiaries. No adjustment to tax expenses was made on consolidation. Under Ind AS, deferred taxes are also recognised on undistributed profits/reserves of Associates and profit elimination on inter-company transactions. T. Joint Venture Impact The Group has investment in several joint ventures companies. Under Indian GAAP, the Group had proportionately consolidated its interest in these companies in the consolidated financial statements. On the date of transition, the Group has accounted for its interest in these companies using the equity method as

|515| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards against proportionate consolidation. For the application of equity method, the initial investment is measured as the aggregate of Ind AS amounts of assets and liabilities that the group had previously proportionately consolidated. FROM AUDITORS REPORT OTHER MATTERS The comparative financial information of the Corporation for the year ended March 31, 2016 and the transition date opening Balance Sheet as at April 1, 2015 included in these consolidated Ind AS financial statements, are based on the previously issued statutory financial statements for the years ended March 31, 2016 and March 31, 2015 prepared in accordance with the Companies (Accounting Standards) Rules, 2006 (as amended) which were audited by us, on which we expressed an unmodified opinion dated May 26, 2016, and May 28, 2015, respectively. The adjustments to those financial statements for the differences in accounting principles adopted by the Corporation on transition to the Ind AS have been audited by us. 3. BHARTI AIRTEL LIMITED ACCOUNTING POLICY Basis of transition to Ind AS The adoption of Ind AS is carried out in accordance with Ind AS 101 on April 1, 2015 being the transition date. Ind AS 101 requires that all Ind AS standards that are issued and effective for the year ending March 31, 2017, be applied retrospectively and consistently for all the periods presented. However, in preparing these financial statements, the Group has availed of certain exemptions and exceptions in accordance with Ind AS 101, as explained below. The resulting difference between the carrying values of the assets and liabilities in the financial statements as at the transition date under Ind AS and previous GAAP have been recognised directly in equity at the transition date. In these financial statements, the Group has presented three balance sheets - as of March 31, 2017, March 31, 2016 and April 1, 2015. The Group has also presented two statements of profit and loss, two statements of changes in equity and two statements of cash flows for the year ended March 31, 2017 and 2016 along with the necessary and related notes. Ind AS 101 allows first-time adopters certain optional exemptions and mandatory exceptions from the retrospective application of certain requirements under Ind AS. Exemptions/exceptions from full retrospective application (i) The Company has elected to apply the following optional exemption from full retrospective application of Ind AS: Investment-The Company has elected the option of fair valuing the investments in certain subsidiaries to derive the carrying value of these investments (‘deemed cost’). (ii) The following mandatory exceptions from retrospective application of Ind AS have applied by the Company : a) Estimates exception On an assessment of the estimates made under the Previous GAAP financial statements, the group has concluded that there is no necessity to revise the estimates under Ind AS (except for adjustments to reflect any difference in accounting policies), as there is no objective evidence that those estimates were in error. However, estimates that were required under Ind AS but not required under Previous GAAP, are made by the Company for the relevant reporting dates, reflecting conditions existing as at that date without using any hindsight. b) De-recognition of financial assets and liabilities exception Financial assets and liabilities de-recognised before transition date are not re-recognised under Ind AS.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |516| Exemptions/exceptions from full retrospective application (i) The Group has elected to apply the following optional exemption from full retrospective application of Ind AS: a. Foreign currency translation reserve exemption The Group has elected to reset all the cumulative translation differences to zero at the date of transition to Ind AS. (ii) The following mandatory exceptions from retrospective application of Ind AS have been applied by the Group: (a) Estimates exception On an assessment of the estimates made under the Previous GAAP financial statements, the Group has concluded that there is no necessity to revise the estimates under Ind AS (except for adjustments to reflect any difference in accounting policies), as there is no objective evidence that those estimates were in error. However, estimates, that were required under Ind AS but not required under Previous GAAP, are made by the Group for the relevant reporting dates, reflecting conditions existing as at that date without using any hindsight. (b) Derecognition of financial assets and liabilities exception Financial assets and liabilities de-recognized before transition date are not re-recognized under Ind AS. As the presentation requirements under IGAAP differ from Ind AS, the IGAAP information has been regrouped for ease and facilitation of reconciliation with Ind AS. 1. Asset retirement obligations (‘ARO’) Under previous GAAP, ARO is initially measured at the expected cost to settle the obligation. Under Ind AS, the ARO is initially measured at the present value of expected cost to settle the obligation. The Company accordingly has recognized the adjustment to the cost of fixed assets and the consequent depreciation and finance cost. The corresponding impact on the date of transition has been recognised in equity. 2. Foreign exchange gain/losses Under previous GAAP, certain foreign exchange gains or losses on foreign currency denominated liabilities were capitalized into the carrying value of fixed asset until March 31st 2008. Under Ind AS, such gains and losses are not allowed to capitalised. The Company accordingly has recognised the adjustment to the cost of fixed assets and the consequent depreciation. The corresponding impact on the date of transition has been considered in equity. 3. Non-current financial assets/liabilities Under previous GAAP, certain non-current financial assets/liabilities which were measured at cost/best estimate of the expenditure required to settle the obligation, at the balance sheet date without considering the effect of discounting whereas these are measured at the present value on the balance sheet date under Ind AS. Accordingly, the Company has recognised the adjustment to the respective carrying amount and the consequent impact on finance cost/finance income due to the unwinding of the discounting impact. The corresponding impact on the date of transition has been recognised in equity. 4. Investment in subsidiaries - Deemed cost exemption Under previous GAAP, investments in subsidiaries were measured at cost. Under Ind AS, the Company has elected the option of fair value the investments in certain subsidiaries basis the requirements of Ind AS 101, First Time Adoption of Indian Accounting Standards for deriving the carrying value of these Investments (‘deemed cost’).

|517| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards 5. Fair valuation of loans Under previous GAAP, interest free loans given by Parent to its subsidiaries are not required to be fair valued on initial recognition and hence these were recognised at the amount of loan given. Under Ind AS, such loans are measured at fair value on initial recognition basis discounting at market interest rates and the difference is accounted as investment in respective subsidiary. The consequent unwinding of discounted fair value is recognised as interest income in the statement of profit and loss with the corresponding increase in loans. 6. Derivatives Under previous GAAP, derivative contracts are measured at fair value at each balance sheet date with the changes over the previous carrying amount being recognised in the statement of profit and loss, but recognition of increase in the fair value is restricted only to the extent it represents any subsequent reversal of previously recognised losses. Under Ind AS, the entire changes the fair values of derivative contracts are recognised in statement of profit and loss in the year of change. 7. Investments Under previous GAAP, current investments were measured at lower of cost or fair value. Under Ind AS, these financial assets are classified as FVTPL and the changes in fair value are recognised in statement of profit and loss. On the transition date, these financial assets have been measured at their fair value which is higher than its cost as per previous GAAP, resulting in an increase in carrying value of the investments with corresponding increase being recognised in equity. 8. Proposed dividend Under previous GAAP, dividend on equity shares recommended by the board of directors (‘proposed dividend’) was recognised as a liability in the financialstatements in the period to which it relates. Under Ind AS, such dividend is recognised as a liability when approved by the shareholders in the general meeting. The Company accordingly, has de-recognised the proposed dividend liability with the correspondingincrease being recognised in equity. 9. Remeasurement differences Under previous GAAP, there was no concept of other comprehensive income and hence, previous GAAP profit is reconciled to total comprehensive income as per Ind AS. Under previous GAAP, the remeasurements of the net defined benefit liability were recognised in the statement of profit and loss. Under Ind AS, the said remeasurement differences net of the related tax impact are recognised in other comprehensive income. 10. Deferred Taxes Under Ind AS, the Company has recognised the consequential deferred tax implications on the impact on account of adjustments explained above. I. Balance sheet reconciliation as of April 1, 2015 Particulars Notes Regrouped IGAAP Ind AS Adjustments Ind AS Assets Non-current assets Property, plant and equipment 1/3/4 666,630 (122,694) 543,936 Capital work-in-progress 3 49,958 (1,256) 48,702 Goodwill 1 247,770 167,053 414,823 Other intangible assets 1 304,503 37,215 341,718 Intangible assets under development 1 124,598 (6,111) 118,487 Investment in joint ventures and associates 3 - 51,936 51,936

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |518| Particulars Notes Regrouped IGAAP Ind AS Adjustments Ind AS Financial Assets - Investments 5 27,433 3,877 31,310 - Derivative instruments 6 - 7,303 7,303 - Security deposits 3/7 11,319 (1,790) 9,529 - Others 3 15,500 (7,469) 8,031 Deferred tax assets (net) 13 43,611 15,891 59,502 Other non-current assets 3/7 75,662 22 75,684 1,566,984 143,977 1,710,961 Current assets Inventories 1,339 - 1,339 Financial Assets - Investments 5 80,088 3,929 84,017 - Derivative instruments 6 718 489 1,207 - Trade receivables 3 54,494 (2,533) 51,961 - Cash and cash equivalents 3 12,011 (290) 11,721 - Bank deposits 3 8,838 (15) 8,823 - Others 3 26,949 (1,778) 25,171 Current tax assets 3 8,385 (2,664) 5,721 Other current assets 3 33,893 (1,697) 32,196 Assets-held-for-sale 2 28,168 4,450 32,618 254,883 (109) 254,774 Total Assets 1,821,867 143,868 1,965,735 Equity and Liabilities Equity Share capital 19,987 - 19,987 Other Equity 377,783 232,820 610,603 Equity attributable to owners of the Parent 397,770 232,820 630,590 Non-controlling interests 14 68,906 (17,293) 51,613 466,676 215,527 682,203 Non-current liabilities Financial liabilities - Borrowings 3 607,220 (15,645) 591,575 - Derivative instruments 164 - 164 - Others 3 17,123 (2,586) 14,537 Deferred revenue 3/7 18,079 (162) 17,917 Provisions 3/4 17,178 (9,530) 7,648 Deferred tax liabilities (net) 3/13 25,568 (12,491) 13,077 Other non-current liabilities 7 836 630 1,466 686,168 (39,784) 646,384 Current liabilities Financial liabilities - Borrowings 3 88,148 (1,468) 86,680 - Current maturities of long-term borrowings 3 134,057 (8,691) 125,366 - Derivative instruments 628 - 628 - Trade Payables 3 221,408 (5,512) 215,896 - Others 3 130,126 (2,820) 127,306 Deferred revenue 3/7 49,914 160 50,074 Provisions 2,066 - 2,066 Current tax liabilities (net) 9,271 - 9,271

|519| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards Particulars Notes Regrouped IGAAP Ind AS Adjustments Ind AS Other current liabilities 3/8 27,251 (11,353) 15,898 Liabilities-held-for-sale 4 6,154 (2,191) 3,963 669,023 (31,875) 637,148 Total Liabilities 1,355,191 (71,659) 1,283,532 Total Equity and Liabilities 1,821,867 143,868 1,965,735 II a. Balance sheet reconciliation as of March 31, 2016 Particulars Notes Regrouped IGAAP Ind AS Adjustments Ind AS Assets Non-current assets Property, plant and equipment 1/3/4 724,675 (114,167) 610,508 Capital work-in-progress 3 48,521 (1,217) 47,304 Goodwill 1 231,371 197,010 428,381 Other intangible assets 1 656,417 27,622 684,039 Intangible assets under development 9,716 - 9,716 Investment in joint ventures and associates 3 - 60,990 60,990 Financial assets - Investments 5 24,324 4,298 28,622 - Derivative instruments 6 69 13,930 13,999 - Security deposits 3/7 12,550 (2,109) 10,441 - Others 3 23,540 (6,038) 17,502 Deferred tax assets (net) 13 63,932 (17,194) 46,738 Other non-current assets 3/7 70,518 (78) 70,440 1,865,633 163,047 2,028,680 Current assets Inventories 1,692 - 1,692 Financial assets - Investments 3/5 14,853 1,306 16,159 - Derivative instruments 6 1,008 3,757 4,765 - Trade receivables 3 56,495 (1,456) 55,039 - Cash and cash equivalents 3 37,492 (405) 37,087 - Bank deposits 3 13,916 (16) 13,900 - Others 3 35,430 (2,919) 32,511 Current tax assets 3 14,076 (2,506) 11,570 Other current assets 3 54,468 (5,641) 48,827 Assets-held-for-sale 2 5,097 1,905 7,002 234,527 (5,975) 228,552 Total Assets 2,100,160 157,072 2,257,232 Equity and Liabilities Equity Share capital 19,987 - 19,987 Other Equity 402,989 244,717 647,706 Equity attributable to owners of the Parent 422,976 244,717 667,693 Non-controlling interests 14 74,465 (19,484) 54,981 497,441 225,233 722,674 Non-current Liabilities Financial liabilities - Borrowings 3/10 893,820 (1,134) 892,686

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |520| Particulars Notes Regrouped IGAAP Ind AS Adjustments Ind AS - Derivative instruments 8 - 8 - Others 3 18,796 (2,712) 16,084 Deferred revenue 7 17,755 32 17,787 Provisions 3/4 18,470 (11,120) 7,350 Deferred tax liabilities (net) 3/13 46,028 (33,516) 12,512 Other non-current liabilities 7 836 691 1,527 995,713 (47,759) 947,954 Current liabilities Financial liabilities - Borrowings 57,238 - 57,238 - Current maturities of long-term borrowings 3 60,902 (6,300) 54,602 - Derivative instruments 1,931 - 1,931 - Trade Payables 3 259,828 (4,022) 255,806 - Others 3 134,760 (3,580) 131,180 Deferred revenue 51,336 - 51,336 Provisions 3 2,383 (51) 2,332 Current tax liabilities (net) 9,296 - 9,296 Other current liabilities 3/8 28,166 (6,322) 21,844 Liabilities-held-for-sale 4 1,166 (127) 1,039 607,006 (20,402) 586,604 Total Liabilities 1,602,719 (68,161) 1,534,558 Total Equity and Liabilities 2,100,160 157,072 2,257,232 II b. Reconciliation of Statement of profit and loss for the year ended March 31, 2016 Particulars Notes Regrouped IGAAP Ind AS Adjustments Ind AS Income Revenue from operations 3 1,009,373 (44,052) 965,321 Other income 3 903 (32) 871 1,010,276 (44,084) 966,192 Expenses Network operating expenses 3 213,719 (12,152) 201,567 Access charges 109,423 - 109,423 License fee/spectrum charges (revenue share) 94,928 - 94,928 Employee benefits 3/12 51,003 (1,895) 49,108 Sales and marketing expenses 3 82,491 (81) 82,410 Other expenses 3/7 88,308 (265) 88,043 639,872 (14,393) 625,479 Profit from operating activities before depreciation, amortisation and exceptional items 370,404 (29,691) 340,713 Share of results of joint ventures and associates 3 - (10,666) (10,666) Depreciation and amortisation 1/2/3/4/7 213,674 (39,176) 174,498 Finance costs 3/4/6/7/ 9/10 87,021 (1,560) 85,461 Finance income 3/5/6/7 (8,756) (7,570) (16,326) Non-operating expense 1,024 - 1,024 Profit before exceptional items and tax 77,441 29,281 106,722 Exceptional items 2/6/9 (29,236) 7,495 (21,741) Profit before tax 106,677 21,786 128,463 Tax expense

|521| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards Particulars Notes Regrouped IGAAP Ind AS Adjustments Ind AS Current tax 3 50,908 (6,218) 44,690 Deferred tax 3/13 1,464 13,379 14,843 Profit for the year 54,305 14,625 68,930 Other comprehensive income (‘OCI’) Items to be reclassified subsequently to profit or loss : Net losses due to foreign currency translation differences 11 - (4,920) (4,920) Losses on net investments hedge 9/11 - (7,108) (7,108) Losses on cash flow hedge 9/11 - (724) (724) Gains on fair value through OCI investments 11 - 9 9 Income tax credit 11 - 503 503 - (12,240) (12,240) Items not to be reclassified to profit or loss : Re-measurement losses on defined benefit plans 12 - (129) (129) Share of joint ventures and associates 12 - (4) (4) Income tax credit 12 - 25 25 - (108) (108) Other comprehensive loss for the year - (12,348) (12,348) Total comprehensive gain for the year 54,305 2,277 56,582 Profit for the year attributable to : 54,305 14,625 68,930 Owners of the Parent 44,566 16,201 60,767 Non-controlling interests 14 9,739 (1,576) 8,163 Other comprehensive loss for the year attributable to : - (12,348) (12,348) Owners of the Parent - (11,977) (11,977) Non-controlling interests - (371) (371) Total comprehensive gain for the year attributable to : 54,305 2,277 56,582 Owners of the Parent 44,566 4,224 48,790 Non-controlling interests 14 9,739 (1,947) 7,792 III. Notes to the balance sheet and statement of profit and loss reconciliations As the presentation requirements under IGAAP differ from Ind AS, the IGAAP information has been regrouped for ease and facilitation of reconciliation with Ind AS. 1. Business combinations Under previous GAAP, assets and liabilities acquired in a business combination are recognised at the acquiree’s carrying value. Under Ind AS, as the Group has opted to apply Ind AS 103 ‘Business Combination’ retrospectively, it has restated all business combinations since inception of the Company. Accordingly, assets and liabilities acquired in a business combination are recognised at fair value on the date of acquisition. As Goodwill represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets and liabilities of the entity, the corresponding impact has been recognised in Goodwill. Further, under previous GAAP, goodwill was amortised on a straight line basis over 15 years; whereas under Ind AS it is not subject to amortisation. Any corresponding impact of the differential depreciation, amortisation and currency translation on such assets (including goodwill) and liabilities has been recognised in equity. 2. Assets held-for-sale (‘AHS’) The Group has classified certain assets and associated liabilities as held-for-sale. Under previous GAAP, the Group had continued to charge depreciation on such PPE even after it is classified as AHS. Under Ind AS,

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |522| once the PPE is classified as AHS it is not subject to depreciation charge. The consequential impact on the gain or loss on sale of AHS has been recognised accordingly. 3. Joint venture accounting Under previous GAAP, joint venture entities were consolidated using the proportionate consolidation method whereby Group’s share of each of the assets, liabilities, income and expenses of a joint venture entity is consolidated basis line-by-line consolidation. Under Ind AS, these entities have been accounted for using the equity method whereby the share of net assets/results of joint venture and associates are shown as a single line item. For the application of equity method, the initial investment, as at the date of transition, has been measured as the aggregate of the Ind AS carrying amounts of the assets and liabilities that the Group had previously proportionately consolidated. 4. Asset retirement obligations (‘ARO’) Under previous GAAP, ARO was initially measured at the expected cost to settle the obligation. Under Ind AS, the ARO is initially measured at the present value of expected cost to settle the obligation. The Group accordingly has recognised the adjustment to the cost of fixed assets and the consequent depreciation and finance cost. The corresponding impact on the date of transition has been recognised in equity. 5. Investments Under previous GAAP, investments were measured at lower of cost or fair value. Under Ind AS, these financial assets are classified as FVTPL/FVTOCI and the changes in fair value are recognised in statement of profit and loss/statement of other comprehensive income. On the transition date, these financial assets have been measured at their fair value which is higher than its cost as per previous GAAP, resulting in an increase in carrying value of the investments with corresponding increase being recognised in equity. 6. Derivatives Under previous GAAP, derivative contracts are measured at fair value at each balance sheet date with the changes over the previous carrying amount being recognised in the statement of profit and loss, but recognition of increase in the fair value is restricted only to the extent it represents any subsequent reversal of previously recognised losses. Under Ind AS, the entire changes the fair values of derivative contracts are recognised in statement of profit and loss in the year of change. 7. Non-current financial assets/liabilities Under previous GAAP, certain non-current financial assets/liabilities which were measured at cost/best estimate of the expenditure required to settle the obligation, at the balance sheet date without considering the effect discounting whereas these are measured at the present value on the balance sheet date under Ind AS. Accordingly, the Group has recognised the adjustment to the respective carrying amount and the consequent impact on finance cost/finance income due to the unwinding of the discounting impact. The corresponding impact on the date of transition has been recognised in equity. 8. Proposed dividend Under previous GAAP, dividend on equity shares recommended by the board of directors (‘proposed dividend’) was recognised as a liability in the financial statements in the period to which it relates. Under Ind AS, such dividend is recognised as a liability when approved by the shareholders in the general meeting. The Group accordingly, has de-recognised the proposed dividend liability with the corresponding increase being recognised in equity. 9. Cash flow hedge (‘CFH’)/Net Investment Hedge (‘NIH’) Under Ind AS, the Group has designated certain borrowings/derivatives under CFH in order to hedge the foreign currency risk arising from highly probable forecast transaction/recognised financial liability. Further, the Group has designated certain borrowings under NIH in order to hedge the net investment in certain foreign subsidiaries on account of foreign currency translation differences. Any unrealised gain/loss on the hedging instruments is recognised in other comprehensive income within equity instead of statement of

|523| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards profit and loss and reclassified from equity to statement of profit and loss in the same period during which hedged cash flow affects the profit and loss/on disposal of the hedged net investment. Under previous GAAP, the said CFH and NIH accounting was not followed. 10. Fair value hedge (‘FVH’) Under Ind AS, the Group has designated certain interest swaps (IS) under FVH in order to hedge the fair value gain/loss due to changes in the designated interest rate risk on certain borrowings. Any changes in the fair value of the borrowings that are attributable to the hedged risk are recognised in the statement of profit and loss. However, under previous GAAP, the change in the said hedged risk is not recognised by the Group. 11. Statement of other comprehensive income Under previous GAAP, there was no concept of other comprehensive income and hence, previous GAAP profit is reconciled to total comprehensive income as per Ind-AS. Under Ind AS, certain specified items net of related tax impact are required to be presented in other comprehensive income. 12. Re-measurement differences Under previous GAAP, the remeasurements of the net defined benefit liability were recognised in the statement of profit and loss. Under Ind AS, the said remeasurement differences net of the related tax impact are recognised in other comprehensive income. 13. Deferred Taxes Under previous GAAP, in the financial statements, deferred taxes of the parent and its group companies were consolidated on line-by-line basis. Under Ind AS, deferred taxes are computed for temporary differences between the carrying amount in the consolidated balance sheet and its tax base. Accordingly, deferred tax on account of undistributed profits of subsidiaries, associates and joint arrangements, eliminations of unrealised profits arising on intra group transfers has been recognised in the statement of profit and loss. Additionally, the Group also recognised the consequential deferred tax implications on account of various GAAP adjustments explained above. 14. Non-controlling interests Under previous GAAP, share of non-controlling interests in the losses of any subsidiary was restricted to the carrying amount of non-controlling interests in respective subsidiary and any excess losses are allocated to the owners of the Parent. Under Ind AS, share in any such excess losses in the respective subsidiary is allocated to non-controlling interests. On transition date, the Group has allocated the share in accumulated losses in respective subsidiaries with the corresponding impact being recognised in equity. Additionally, the Group also recognised the consequential non-controlling implications on account of various GAAP adjustments explained above. IV. Explanation of material adjustments to Statement of Cash Flows There were no material differences between the statements of cash flows presented under Ind AS and the Previous GAAP except due to difference in accounting for joint ventures (Equity Vs. Proportionate consolidation) and the definition of Cash and cash equivalents under these two GAAPs. 4. DR. REDDY’S LABORATORIES LIMITED ACCOUNTING POLICY These financial statements, for the year ended 31 March 2017, are the first the Company has prepared in accordance with Ind AS. For periods up to and including the year ended 31 March 2016, the Company prepared its financial statements in accordance with accounting standards Notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP). Accordingly, the Company has prepared fi nancial statements which comply with Ind AS applicable for periods ending on 31 March 2017, together with the comparative period data as at and for the year

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |524| ended 31 March 2016, as described in the summary of signifi cant accounting policies. In preparing these fi nancial statements, the Company’s opening balance sheet was prepared as at 1 April 2015, the Company’s date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at 1 April 2015 and the financial statements as at and for the year ended 31 March 2016. Exemptions applied Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions: 1. Ind AS 103, Business Combinations has not been applied to acquisitions, which are considered businesses under Ind AS that occurred before 1 April 2015. Use of this exemption means that the Indian GAAP carrying amounts of assets and liabilities, that are required to be recognised under Ind AS, is their deemed cost at the date of the acquisition. After the date of the acquisition, measurement is in accordance with respective Ind AS. The Company recognises all assets acquired and liabilities assumed in a past business combination, except (i) certain fi nancial assets and liabilities that were derecognised and that fall under the derecognition exception, and (ii) assets (including goodwill) and liabilities that were not recognised in the acquirer’s balance sheet under its previous GAAP and that would not qualify for recognition under Ind AS in the individual balance sheet of the acquiree. Assets and liabilities that do not qualify for recognition under Ind AS are excluded from the opening Ind AS balance sheet. The Company did not recognise or exclude any previously recognised amounts as a result of Ind AS recognition requirements. 2. Ind AS 101 also requires that Indian GAAP carrying amount of goodwill must be used in the opening Ind AS balance sheet (apart from adjustments for goodwill impairment and recognition or derecognition of intangible assets). In accordance with Ind AS 101, the Company has tested goodwill for impairment at the date of transition to Ind AS. No goodwill impairment was deemed necessary at 1 April 2015. 3. Property, plant and equipment and intangible assets balances were in compliance with Ind AS 16 and Ind AS 38, respectively with a retrospective effect. 4. Ind AS 102, Share-based Payment has not been applied to equity instruments in share-based payment transactions that vested before 1 April 2015. 5. The Company does not have any arrangements containing a lease as defined under Appendix C to Ind AS 17, “Determining whether an arrangement contains a lease”. Consequently, this exemption is not applicable to the Company. Estimates The estimates at 1 April 2015 and at 31 March 2016 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments to refl ect any differences in accounting policies) apart from the following items where application of Indian GAAP did not require estimation: - FVTOCI – Quoted equity shares - Impairment of financial assets based on expected credit loss model The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions at 1 April 2015, the date of transition to Ind AS and as of 31 March 2016. a) Proposed dividend Under Indian GAAP, proposed dividends including dividend distribution tax are recognised as a liability in the period to which they relate, irrespective of when they are declared. Under Ind AS, a proposed dividend is recognised as a liability in the period in which it is declared by the company (usually when approved by shareholders in a general meeting) or paid. Therefore, the liability of ` 4,100 for the year ended on 31 March 2015 recorded for dividend has been derecognised against retained earnings on 1 April 2015.

|525| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards b) FVTOCI financial assets Under Indian GAAP, the Company accounted for long-term investments in quoted equity shares as investment measured at cost less provision for other than temporary diminution in the value of investments. Under Ind AS, the Company has designated such investments as FVTOCI investments. Ind AS requires FVTOCI investments to be measured at fair value. At the date of transition to Ind AS, difference between the instruments fair value and Indian GAAP carrying amount has been recognised as a separate component of equity, in the retained earnings, net of related deferred taxes. c) Mutual funds Under Indian GAAP, investments in mutual funds are accounted for as short-term investments and accordingly they are carried at lower of cost and fair value. Under Ind AS, the Company has designated such investments as FVTPL investments. Ind AS requires FVTPL investments to be measured at fair value. At the date of transition to Ind AS, difference between the instruments fair value and Indian GAAP carrying amount has been recognised as a separate component of equity, in the retained earnings, net of related deferred taxes. d) Deferred tax Indian GAAP requires deferred tax accounting using the statement of profit and loss approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP. e) Trade receivables Under Ind AS, impairment allowance has been determined based on Expected Credit Loss model (ECL). Due to ECL model, the group impaired its trade receivable by ` 40 on 1 April 2015 which has been eliminated against retained earnings. f) In-process research and development expenditure Under Indian GAAP, in-process research and development expenditure does not qualify for capitalisation as intangible asset. Under Ind AS, such expenditure is allowed to be capitalised as intangible asset. As the asset is not available for use yet, it is not subject to amortisation. However, the same is tested for impairment following the guidance available under Ind AS 38, Intangible assets g) Sale of goods Under Indian GAAP, sale of goods was presented as net of excise duty. However, under Ind AS, sale of goods includes excise duty. Excise duty on sale of goods is included as part of sales in the face of statement of profit and loss. Thus sale of goods under Ind AS for the year ended 31 March 2016 has increased by ` 842 with a corresponding increase in cost of material consumed. h) Defined benefit liabilities Both under Indian GAAP and Ind AS, the Company recognised costs related to its post-employment defined benefit plan on an actuarial basis. Under Indian GAAP, the entire cost, including actuarial gains and losses, are charged to the statement of profit and loss. Under Ind AS, remeasurements (comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets excluding amounts included in net interest on the net defined benefit liability) are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI. Thus the employee benefit cost is reduced by ` 183 and remeasurement gains/losses on defined benefit plans has been recognised in the OCI, net of tax.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |526| i) Share-based payments Under Indian GAAP, the Company recognised only the intrinsic value of the options granted as an expense. Ind AS requires the fair value of the share options to be determined using an appropriate pricing model recognised over the vesting period. An additional expense of 16 has been recognised in the statement of profit and loss for the year ended 31 March 2016. 5. GVK POWER AND INFRASTRUCTURE LIMITED These consolidated financial statements for the year ended March 31, 2017, are the first the Group has prepared in accordance with Ind AS. For periods up to and including the year ended March 31, 2016, the Group prepared its consolidated financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (”Indian GAAP” or ”Previous GAAP”). Accordingly, the Group has prepared consolidated financial statements which comply with Ind AS applicable for periods ending on March 31, 2017, together with the comparative period data as at and for the year ended March 31, 2016, as described in the summary of significant accounting policies. In preparing these consolidated financial statements, the Group’s opening consolidated balance sheet was prepared as at April 1, 2015, the Group’s date of transition to Ind AS. Note 50 explains the principal adjustments made by the Group in restating its Indian GAAP financial statements, including the balance sheet as at April 01, 2015 and the financial statements as at and for the year ended March 31, 2016. Exemptions applied Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Group has applied the following exemptions/exceptions: i) There is no change in the functional Currency of any of the components of the Group and accordingly, the Group has elected to continue with the carrying values for all of its property, plant and equipment, intangible assets and investment property as recognised in its Indian GAAP financial statements as the deemed cost at the transition date. MIAL has recognised the Government Grant received in the form of rights to collect Airport Development Fees (ADF) as a deferred income as per Ind AS 20 on Accounting for Government Grants and disclosure for Government Assistance which is to the extent of ADF billed till the date of transition. Correspondingly, in accordance with paragraph 10 of Ind AS 101, the assets funded out of ADF which were previously reduced from the gross carrying value of the assets were added back to the opening carrying value of asset (net of cumulative depreciation impact) and to capital work-in-progress. Deferred income relating to the ADF billed is recognised in the statement of profit or loss and presented as a reduction of the depreciation expense of the corresponding assets. This adjustment to the gross carrying amount of assets is not construed as an adjustment to the deemed cost of property, plant and equipment as envisaged under paragraph D7AA of Ind AS 101 The carrying amount of loan is required to be restated to its amortised cost in accordance with the requirements of Ind AS 109 as at the date of transition. Accordingly, unamortised amount of transaction cost (processing fees) as at the date of transition is adjusted from carrying amount of loan to arrive at its amortised cost. The company had already capitalized the transaction cost (processing fees) as a part of costs of the fixed assets. As a consequence, to restate the carrying amount of loan in accordance with paragraph 10 of Ind AS 101, the carrying amount of property, plant & equipment and capital work in progress as at the transition date is also reduced by the amount of transaction cost (processing fees) to the extent required (net of cumulative depreciation impact). The difference between the adjustments to the carrying amount of loan and to property, plant and equipment is recognised in retained earnings (finance cost and reduction in depreciation) as at the date of transition. ii) Ind AS 101 requires a first-time adopter to apply derecognition requirements in Ind AS 109 prospectively to transactions occurring on or after the date of transition to Ind AS. Accordingly, the Group continues to de-recognise the financial assets and financial liabilities for transactions which have occured before the date of transition to Ind AS.

|527| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards iii) Appendix C to Ind AS 17 requires an entity to assess whether a contract or arrangement contains a lease. In accordance with Ind AS 17, this assessment should be carried out at the inception of the contract or arrangement. However, the Group has used Ind AS 101 exemption and assessed all arrangements for embedded leases based on conditions in place as at the date of transition. iv) The estimates as at April 01, 2015 and March 31, 2016 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments to reflect any differences in accounting policies) apart from impairment of financial assets based on expected credit loss model where application of Indian GAAP did not require estimation. The estimates used by the Group to present these amounts in accordance with Ind AS reflect conditions at April 01, 2015 (transition date) and as of March 31, 2016. v) The Group has applied the exception related to impairment of financial assets given in Ind AS 101. It has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial assets were initially recognised and compared that to the credit risk as at April 1, 2015. vi) The Group has classified the financial assets in accordance with Ind AS 109 on the basis of the facts and circumstances that exist on the date of transition to Ind AS. vii) The group holds 73.94% as at transition date in GVKEL. Accordingly, under Indian GAAP group had consolidated its interest in the GVKEL as subsidiary in the Consolidated Financial Statement. On transition to Ind AS the group has assessed and determined that GVKEL as its joint venture under Ind AS 111 Joint Arrangements. Therefore, it needs to be accounted for using the equity method as against line by line consolidation. For the application of equity method, the initial investment is measured as the aggregate of carrying amount of assets and liabilities that the group had previously consolidated including any goodwill arising on acquisition. viii) Ind AS 103 Business Combinations has not been applied to acquisitions of subsidiaries, which are considered businesses under Ind AS that occurred before 1 April 2015. Use of this exemption means that the Indian GAAP carrying amounts of assets and liabilities, that are required to be recognised under Ind AS, is their deemed cost at the date of the acquisition. After the date of the acquisition, measurement is in accordance with respective Ind AS. The group recognises all assets acquired and liabilities assumed in a past business combination, except (i) certain financial assets and liabilities that were derecognised and that fall under the derecognition exception, and (ii) assets (including goodwill) and liabilities that were not recognised in the acquirer’s consolidated balance sheet under its previous GAAP and that would not qualify for recognition under Ind AS in the individual balance sheet of the acquiree. Assets and liabilities that do not qualify for recognition under Ind AS are excluded from the opening Ind AS balance sheet. The Group did not recognise or exclude any previously recognised amounts as a result of Ind AS recognition requirements. Ind AS 101 also requires that Indian GAAP carrying amount of goodwill must be used in the opening Ind AS balance sheet (apart from adjustments for goodwill impairment and recognition or derecognition of intangible assets). In accordance with Ind AS 101, the Group has tested goodwill for impairment at the date of transition to Ind AS. No goodwill impairment was deemed necessary at 1 April 2015. The group has used same exemptions for interest in associates and joint ventures. Notes: i) Fair Value gain on current investment Under Indian GAAP, investments in mutual funds are accounted for as short-term investments and accordingly they are carried at lower of cost and fair value. Under Ind AS, the Company has designated such investments as FVTPL investments. Ind AS requires FVTPL investments to be measured at fair value. ii) Fair value loss on investment The Group has made certain investments in certain non cumulative redeemable preference shares including share application money in coal project with the object of obtaining coal at discounted price. Under Indian

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |528| GAAP the same have been carried at cost. Under Ind AS the same are carried at amortised cost and the fair value loss on initial recognition has been taken to opening reatined earnings or the statement of profit and loss, as the case may be, as the coal project is facing certain difficulties. iii) Financial guarantee income/(expense) including exchange difference and unwinding income on financial assets a) Financial guarantees where guarantee commission is charged Under Indian GAAP, the Company has recognised Guarantee Commission on loan balance. However, under IND-AS, the Company has present valued the guarantee commission receivable through the tenor of the loan and recognised a receivable (financial asset) and unearned guarantee commission income (financial liabiltiy). The unearned guarantee commission income is taken to income on straight line basis and interest income is recognised on financial asset through the tenor of the loan. b) Unwinding income on financial assets As mentioned in note (ii) above non cumulative redeemable preference shares inlduing share application money in coal project has been carried at amortised cost and fair value loss on initial recognition has been taken to opening reatined earnings or the statement of profit and loss, as the case may be,and subequently interest income on the financial asset has been recognized in the statement of profit and loss. iv) Fair value changes on financial assets Under previous GAAP, Non current financial assets are recorded at transaction value and were not discounted to reflect the fair value. Under Ind AS, Non current financial assets carried at amortised cost are initially recorded at fair value. v) Gain on deemed dilution of GVK Energy Limited Under Ind AS, the impact of dilution of share of interest in Joint venture (i.e. GVK Energy Limited) has been recorded in consolidated statement of profit and loss account whereas under Indian GAAP the same was recorded in capital reserve. vi) Interest expense on NHAI premium payable Under Indian GAAP, negative grants payable under service concessionaire arrangement were recorded in the statement of profit and loss account as and when the negative grant was payable. Under Ind AS, those amounts represents the Financial liability payable to the Grantor and shall be recorded at fair value as at the date of acquisition of right and subsequently interest expense is recorded on the same. vii) Depreciation/amortisation on adjustments to property, plant and equipment/intangible assets Depreciation/amortisation has been recomputed on account of various Ind-AS adjustments like capitalisation of positive/negative grant at their fair values, unamortised transaction costs, etc to carrying value of property, plant and equipment/intangible assets viii) Present value change on major maintenance provision Under Indian GAAP, Non current financial liabilities i.e. provision for major maintenance was recorded at transaction value and not discounted. Under Ind AS, the same has been carried at amortised cost recorded at discounted/fair value. ix) Equity pick up on Ind AS adjustments of jointly controlled entities and associate Represents Groups’ share in change in equity of jointly controlled entities and associate on account of Ind AS adjustments. x) Grant adjusted against intangible asset Under Indian GAAP, Grant received under service concessionaire arrangement was treated as Capital Government Grant and was deferred over the tenure of the service concessionaire arrangement. Under Ind

|529| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards AS, Grant represents financial asset receivable from the Grantor and is recorded at fair value as at the date of acquisition of right. xi) Consolidation of welfare trust Under Indian GAAP, the loans given to employee welfare trust for acquisition of own equity shares were treated as loans and advances. Under Ind AS, the employee welfare is consolidated. Hence such treasury shares are recorded under other equity. xii) Deferred tax on Ind AS adjustments Under Indian GAAP, tax expense in the consolidated financial statements represented line by line addition of tax expense of the parent and its subsidiaries. No adjustments to tax expense was made on consolidation. Under Ind AS, deferred taxes are also recognised on undistributed profits of joint ventures and associates. Also, deferred tax has been recognised on the adjustments made on transition to Ind AS. Note Screenshot of Reconcillations has not been included here because they are the same in comparison to above companies. 6. HAVELLS INDIA LIMITED ACCOUNTING POLICY These are Group’s first financial statements prepared in accordance with Ind AS. The accounting policies set out in Note no. 2 have been applied in preparing the financial statements for the year ended March 31, 2017, the comparative information presented in these financial statements for the year ended March 31, 2016 and in the preparation of an opening Ind AS balance sheet as at April 1, 2015 (The Group’s date of transition). In preparing its opening Ind AS balance sheet, the Group has adjusted the amounts reported previously in financial statements prepared in accordance with accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP). An explanation of how the transition from previous GAAP to Ind AS has affected the Group’s financial position, financial performance and cash flows is set out in the following tables and notes. A Exemptions and exceptions availed A.1 Ind AS optional exemptions Ind AS 101 allows first time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Group has applied the following exemptions: A.1.1 Business combinations “The Group has elected not to apply Ind AS 103 Business Combination retrospectively to past business combinations occurred before date of transition. Use of this exemption means that the Indian GAAP carrying amounts of assets and liabilities, that are required to be recognised under Ind AS, is their deemed cost at the date of the acquisition. After the date of the acquisition, measurement is in accordance with IND AS. The group recognises all assets acquired and liabilities assumed in a past business combination, except (i) certain financial assets and liabilities that were derecognised and that fall under the derecognition exception, and (ii) assets (including goodwill) and liabilities that were not recognised in the acquirer’s consolidated balance sheet under its previous GAAP and that would not qualify for recognition under Ind AS in the individual balance sheet of the acquiree. Assets and liabilities that do not qualify for recognition under Ind AS are excluded from the opening Ind AS balance sheet. The Group did not recognise or exclude any previously recognised amounts as a result of Ind AS recognition requirements. Ind AS 101 also requires that Indian GAAP carrying amount of goodwill must be used in the opening Ind

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |530| AS balance sheet (apart from adjustments for goodwill impairment and recognition or derecognition of intangible assets). In accordance with Ind AS 101, the Group has tested goodwill for impairment at the date of transition to Ind AS. No goodwill impairment was deemed necessary at 1 April 2015. The group has used same exemptions for interest in associates and joint ventures. The Group has not applied Ind AS 21 The Effects of Changes in Foreign Exchange Rates retrospectively to fair value adjustments and goodwill from business combinations that occurred before the date of transition to Ind AS. Such fair value adjustments and goodwill are treated as assets and liabilities of the parent rather than as assets and liabilities of the acquiree. Therefore, those assets and liabilities are already expressed in the functional currency of the parent or are non-monetary foreign currency items and no further translation differences occur. A.1.2 Deemed cost Ind AS 101 permits a first time adopter to elect to fair value on its property, plant and equipment as recognized in financial statements as at the date of transition to Ind AS, measured as per previous GAAP and use that as its deemed cost as at the date of transition or apply principles of Ind AS retrospectively. Ind AS 101 also permits the first time adopter to elect to continue with the carrying value for all of its property plant and equipment as recognized in the financial statements as at the date of transition to Ind AS. This exemption can be used for intangible assets covered by Ind-AS 38 also. The Group has elected the option of fair value as deemed cost for property, plant & equipment other than Land and Capital work in progress on the date of transition to Ind AS for ultimate holding company (Havells India Limited) . For other group companies, company has opted for retrospective valuation of property, plant & equipments as per Ind AS 16 Property, Plant and Equipment and considered it as the deemed cost on the date of transition to Ind AS. A.1.3 Share based payment transactions Ind AS 101 permits a first time adopter to elect not to apply principles of Ind AS 102 to liabilities arising from share based payment transactions that were settled before the date of transition. The Group has elected not to apply Ind AS 102- “Share based payment” on stock options that vested before date of transition. A.1.4 Leases Appendix C to Ind AS 17- “Leases” requires an entity to assess whether a contract or arrangement contains a lease. In accordance with Ind AS 17, this assessment should be carried out at the inception of the contract or arrangement. Ind AS 101 provides an option to make this assessment on the basis of facts and circumstances existing at the date of transition to Ind-AS except where the effect is expected to be not material. The Group has elected to apply this exemption for such contracts/arrangements. A.1.5 Investments in joint ventures The group holds 50% interest in ‘Jiangsu Havells Sylvania Lighting Co., Ltd and exercises joint control over the entity. Under previous GAAP group has proportionately consolidated its interest in the ‘Jiangsu Havells Sylvania Lighting Co., Ltd in the Consolidated Financial Statement. On transition to Ind AS the group has assessed and determined that ‘Jiangsu Havells Sylvania Lighting Co., Ltd is its joint venture under Ind AS 111 Joint Arrangements. Therefore, it needs to be accounted for using the equity method as against proportionate consolidation. For the application of equity method, the initial investment is measured as the aggregate of carrying amount of assets and liabilities that the group had previously proportionately consolidated. A.1.6 Currency translation difference Cumulative currency translation differences for all foreign operations are deemed to be zero as at 1 April 2015 A.1.7 Hedge accounting The Group uses derivative financial instruments to hedge its interest rate risks. Under Indian GAAP, there is no mandatory standard that deals comprehensively with hedge accounting, which has resulted in the adoption of varying practices. The group has designated various economic hedges and applied economic

|531| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards hedge accounting principles to avoid profit or loss mismatch. All the hedges designated under Indian GAAP are of types which qualify for hedge accounting in accordance with Ind AS 109 also. Moreover, the group, before the date of transition to Ind AS, has designated a transaction as hedge and also meets all the conditions for hedge accounting in Ind AS 109. Consequently, the group continues to apply hedge accounting after the date of transition to Ind AS. A.2 Ind AS mandatory exceptions A.2.1 Estimates An entity estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates at at April 1, 2015 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP: (i) Investments in debt instruments carried at cost; and (ii) Impairment of financial assets based on expected credit loss model. A.2.2 Derecognition of financial assets and financial liabilities : Ind AS 101 requires a first time adopter to apply the derecognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. Accordingly, the Group has applied the derecognition requirement for financial assets and financial liabilities in Ind AS 109 prospectively for transactions occurring on or after date of transition to Ind AS. A.2.3 Classification of financial assets and liabilities Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of facts and circumstances that exist on the date of transition to Ind AS. Accordingly, the Group has applied the above requirement prospectively. A.2.4 Impairment of financial assets Ind AS 101 requires an entity to assess and determine the impairment allowance on financial assets as per Ind AS 109 using the reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments which were initially recognized and compare that to the credit risk at the date of transition to Ind AS. The Group has applied this exception prospectively. B Reconciliations of Balance Sheet as at March 31, 2016 and April 01, 2015 (` in Crores) Particulars Reference As at March 31, 2016 As at April 1, 2015 Previous GAAP GAAP Adjustment As per Ind AS Previous GAAP GAAP Adjustment As per Ind AS ASSETS 1. Non-current assets Property, Plant and Equipment E (a) 1,067.39 118.58 1,185.97 1,158.10 130.38 1,288.48 Capital work-in-progress D (II) 21.36 (0.87) 20.49 38.30 (1.55) 36.75 Goodwill E (b) 20.40 (6.72) 13.68 358.06 - 358.06 Other Intangible assets E (c) 11.02 13.48 24.50 24.41 13.78 38.19 Investment in an associate and a joint venture D (II) - 35.62 35.62 - 34.05 34.05 Financial Assets (i) Investments E (d) 150.66 2.44 153.10 - - - (ii) Other financial assets E (e) 18.36 (1.73) 16.63 196.23 (3.05) 193.18 Deferred tax assets (net) E (f) 0.63 (0.05) 0.58 57.20 (7.73) 49.47

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |532| (` in Crores) Particulars Reference As at March 31, 2016 As at April 1, 2015 Previous GAAP GAAP Adjustment As per Ind AS Previous GAAP GAAP Adjustment As per Ind AS Other non-current assets E (g) 29.50 1.28 30.78 27.21 0.30 27.51 1,319.32 162.03 1,481.35 1,859.51 166.18 2,025.69 2. Current assets Inventories E (h) 837.09 (2.78) 834.31 1,366.29 (1.33) 1,364.96 Financial Assets - - - (i) Trade receivables E (i) 259.37 (23.64) 235.73 623.19 (0.08) 623.11 (ii) Cash and cash equivalents E (j) 160.25 (18.25) 142.00 378.67 (7.98) 370.69 (iii) Other bank balances E (k) 1,305.01 20.99 1,326.00 398.80 6.72 405.52 (iv) Others financial assets E (l) 15.42 (1.42) 14.00 13.05 (1.05) 12.00 Other current assets E (m) 105.87 (23.48) 82.39 181.18 (8.85) 172.33 2,683.01 (48.58) 2,634.43 2,961.18 (12.57) 2,948.61 Non-Current Assets held for sales D (IX) 106.94 164.87 271.81 0.39 - 0.39 Total Assets 4,109.27 278.32 4,387.59 4,821.08 153.61 4,974.69 EQUITY AND LIABILITIES Equity Share Capital 62.46 - 62.46 62.44 0.01 62.45 Other Equity 2,495.44 469.77 2,965.21 1,755.74 342.41 2,098.15 Equity attributable to equity holders of the parent company 2,557.90 469.77 3,027.67 1,818.18 342.42 2,160.60 Non-Controlling Interests E (n) 8.44 6.44 14.88 0.09 - 0.09 2,566.34 476.21 3,042.55 1,818.27 342.42 2,160.69 LIABILITIES 1. Non-current liabilities Financial Liabilities (i) Borrowings E (o) 1.67 - 1.67 226.40 (2.51) 223.89 (ii) Other financial liabilities E (p) 4.13 (1.25) 2.88 3.96 (0.04) 3.92 Provisions E (q) 13.45 (0.78) 12.67 421.76 (3.56) 418.20 Deferred tax liabilities (Net) E (r) 42.21 48.72 90.93 33.28 46.02 79.30 61.46 46.69 108.15 685.40 39.91 725.31 2. Current liabilities Financial Liabilities (i) Borrowings E (s) 83.92 - 83.92 69.63 0.03 69.66 (ii) Trade payables E (t) 520.04 (19.51) 500.53 1,051.11 7.11 1,058.22 (iii) Other financial liabilities E (u) 377.13 (0.01) 377.12 644.77 (7.21) 637.56 Other current liabilities E (v) 90.79 0.78 91.57 171.71 (3.14) 168.57 Provisions E (w) 338.54 (225.84) 112.70 339.31 (225.51) 113.80 Current Tax Liabilities (Net) 71.05 - 71.05 40.88 - 40.88 1,481.47 (244.58) 1,236.89 2,317.41 (228.72) 2,088.69 Total Liabilities 4,109.27 278.32 4,387.59 4,821.08 153.61 4,974.69 C Reconciliation of Total Comprehensive Income for the year ended March 31, 2016 Particulars Reference Indian GAAP GAAP Adjustment As per Ind AS INCOME Revenue from operations (gross) 8,115.97 (101.62) 8,014.35 Less: Excise duty 401.79 (401.79) - Revenue from operations (net) E (x) 7,714.18 300.17 8,014.35 Other income 86.25 0.39 86.64 Total Revenue 7,800.43 300.56 8,100.99 EXPENSES Cost of materials consumed E (y) 3,213.37 (2.14) 3,211.23 Purchase of traded goods E (z) 1,243.07 (6.41) 1,236.66

|533| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards Particulars Reference Indian GAAP GAAP Adjustment As per Ind AS Change in inventories of finished goods, work-in-progress and stock-in-trade E (aa) (73.24) 0.28 (72.96) Excise duty on sales D(X) - 401.79 401.79 Employee benefits expenses E (ab) 859.48 36.52 896.00 Finance costs E (ac) 44.94 9.43 54.37 Depreciation and amortisation expenses E (ad) 126.67 7.73 134.40 Other expenses E (ae) 1,671.29 (87.66) 1,583.63 Total Expenses 7,085.58 359.54 7,445.12 Profit before share of (profit)/loss of an associate and a joint venture, exceptional items and tax 714.85 (58.98) 655.87 Share of profit/ (loss) of joint venture (net of tax) D (II) - 1.75 1.75 Profit/ (loss) before exceptional items and tax 714.85 (57.23) 657.62 Add : Exceptional Items D (IX) 724.02 138.08 862.10 Profit before tax 1,438.87 80.85 1,519.72 Tax expenses Current tax 216.86 1.26 218.12 Adjustment of tax relating to earlier years (5.77) - (5.77) Deferred tax 18.35 (11.43) 6.92 Total tax expense E (af) 229.44 (10.17) 219.27 Profit for the year 1, 209.43 91.02 1,300.45 Other comprehensive income Other comprehensive income not to be reclassified to profit or loss in subsequent periods Re-measurement (gains)/ losses on defined benefit plans - (39.05) (39.05) Income tax effect - 12.69 12.69 Net other comprehensive income not to be reclassified to profit or loss in subsequent periods - (26.36) (26.36) Other comprehensive income that will be reclassified to profit or loss in subsequent periods Mark to Market on Interest rate swap - (2.72) (2.72) Income tax effect - - - Exchange difference on translation of foreign operations - 13.69 13.69 Share of other comprehensive income of Joint venture accounted for using equity method - 0.18 0.18 Net other comprehensive income to be reclassified to profit or loss in subsequent periods - 11.15 11.15 Other comprehensive income for the year, net of tax D (XIV) - (15.21) (15.21) Total comprehensive income for the year, net of tax 1, 209.43 106.23 1,315.66 D Notes to the reconciliation of Balance Sheet as at April 1, 2015 and March 31, 2016 and the total comprehensive income for the year ended March 31, 2016 I. Property, Plant and Equipment (PPE) The Group has elected the option of fair value as deemed cost for property, plant & equipment other than Land and Capital work in progress on the date of transition to Ind AS for ultimate holding company. For other group companies, company has opted for retrospective valuation of property, plant & equipments as per Ind AS 16 Property, Plant and Equipment and considered it as the deemed cost on the date of transition to Ind AS. This has resulted in increase of ` 137.33 crores as at April 01, 2015 and ` 126.61 crores as at March 31, 2016 in the value of PPE with corresponding increase in deferred tax liability of ` 47.53 crores. This has also led to additional depreciation of ` 12.69 crores during the year ended March 31, 2016. Further, the Company has sold some of the assets which were fair valued as on the transition date. Under Ind AS, such sale has resulted into reduction of loss on sale of assets by ` 1.97 crores.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |534| II. Joint Venture The group holds 50% interest in ‘Jiangsu Havells Sylvania Lighting Co., Ltd as on April 1, 2015 and exercises joint control over the entity. Under previous GAAP group has proportionately consolidated its interest in ‘Jiangsu Havells Sylvania Lighting Co., Ltd’ in the Consolidated Financial Statement. On transition to Ind AS the group has assessed and determined that ‘Jiangsu Havells Sylvania Lighting Co., Ltd is its Joint Venture under Ind AS 111 “Joint Arrangements”. Therefore, it needs to be accounted for using the equity method as against proportionate consolidation. For the application of equity method, the initial investment is measured as the aggregate of carrying amount of assets and liabilities that the group had previously proportionately consolidated including any goodwill arising on acquisition and is regarded as deemed cost of investment at intial recognition. The carrying amount is increased to recognise the Group’s share of the profit of the investee after the date of acquisition. On application of equity method the investment stands increased by ` 34.05 crores as at 1 April 2015 and by ` 35.62 crores as at 31 March 2016, Group’s share of profit and other comprehensive income in net assets of the investee stands increase by ` 1.75 crores and decreased by ` 0.18 crores during the year ended March 31, 2016. Derecognition of proportionately consolidated ‘Jiangsu Havells Sylvania Lighting Co., Ltd has resulted in change in balance sheet, statement of profit and loss and cash flow statement. III. Financial Reporting in Hyperinflationary Economies As one of the subsidiary of the company “Havells Sylvania Venazuala” based in Venazual whose functional currency is currency of the hyperinflationary economy before the date of transition to Ind AS, hence as per optional exemption given in Ind AS 101, the Group has elected to measure all assets and liabilities held in that country at fair value on the date of transition to Ind AS and the same has been the used as deemed cost of as on April 1, 2015. Accordingly it has resulted in increase in cost of Property, plant & equipment by ` 0.25 crores, increase in cost of inventories by ` 0.90 crores and increase in other current assets by ` 0.07 crores as at april 1, 2015. IV. Business Combination The Group has elected not to apply Ind AS 103 Business Combination retrospectively to past business combinations occurred before date of transition. Use of this exemption means that the previous GAAP carrying amounts of assets and liabilities of other group companies, that are required to be recognised under Ind AS, is their deemed cost at the date of the acquisition. After the date of the acquisition, measurement is done in accordance with Ind AS. It did not result in any change in carrying amount of Property, Plant & Equipment as on April 1, 2015 and March 31, 2016. However as per previous GAAP, Brand acquired in the business combination was being amortised over the period of 6 years while the same has been deemed to having indefinite useful life as per Ind AS in accordance with principles of Ind AS-38 “Intangible Assets, as the various Brands have been in existence for considerable period and group intends to continue to use these intangible assets. Consequently it is believed that the Brands have an indefinite life and are not amortised. Instead impairment testing is performed annually and whenever a triggering event has occurred to determine whether the carrying value exceeds the recoverable amount. Hence it has resulted in increase in carrying value of intangible assets by ` 13.78 crores as on April 1, 2015 and decrease in amortisation expense by ` 3.66 crores for the year ended March 31, 2016. The Group has reinstated all business combination that occurred after the date of transition. This means all assets and liabilities of the acquired business have been recorded at fair value on the date of acquisition as per Ind AS 103-“Business Combination” and non-controlling interest has been measured at its share in net assets on the date of acquisition. The difference between the net assets acquired, share of noncontrolling interest in net assets and consideration paid is transferred to Goodwill. Refer note 30 (2) for its impact on financial statement. V. Amortised cost of financial assets and financial liabilities (a) Under the previous GAAP, interest free security deposit paid for obtaining properties on lease (that are refundable in cash on completion of lease term) are recorded at their transaction value. Under Ind AS all financial assets are required to be recognised at fair value. Accordingly the Company has fair valued the security deposit retrospectively. Difference between the transaction value and fair value is recognised as prepaid rent as on the date of transition.

|535| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards (b) Under the previous GAAP, interest free security deposit received for renting out a warehouse (that are refundable in cash on completion of lease term) are recorded at their transaction value. Under Ind AS all financial liabilities are required to be recognised at fair value. Accordingly the Company has fair valued the security deposit received during the year. Difference between the transaction value and fair value is recognised as rent received in advance during the year ended March 31, 2016. (c) Under the previous year, interest accrued on investment in NHAI bonds was shown as interest accrued in other current assets. Under Ind AS investment in Bonds are financial assets and are qualified to be recognised at amortised cost at reporting date as per Ind AS 109. Accordingly the Company has measured investment in bonds at amortised cost at reporting date. (d) Under the previous GAAP, transaction costs incurred in connection with borrowings are amortized upfront and charged to profit or loss for the period. Under Ind AS, transaction costs are included in the initial recognition amount of financial liability and charged to profit or loss using the effective interest method. VI. Deferred tax assets and Deferred tax liability Under Indian GAAP, deferred tax is calculated using the income statement approach, which focuses on difference between taxable profits and accounting profits for the period. Ind AS 12-“ Income tax” requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. VII. Proposed Dividend Under the previous GAAP, proposed dividend including corporate dividend tax (CDT), are recognized as liability in the period to which they relate, irrespective of when they are declared. Under Ind AS, proposed dividend is recognized as liability in the period in which it is declared by the Company, usually when approved by the shareholders in a general meeting, or paid. Proposed Dividend, including corporate dividend (CDT) tax liability as on April 1, 2015 amounting to ` 225.49 crores was derecognized on the transition date with corresponding increase in retained earning. The same has been recognized in retained earnings during the year ended March 31, 2016 as declared and paid. Proposed dividend including corporate dividend tax (CDT) liability as on March 31, 2016 amounting to ` 225.53 crores is also derecognized on that date with the corresponding increase in the retained earnings. VIII. Provision Under the previous GAAP, the Company has accounted for provisions, including long-term provision, at the undiscounted amount. In contrast, Ind AS 37 requires that where the effect of time value of money is material, the amount of provision should be the present value of the expenditures expected to be required to settle the obligation. The discount rate should not reflect risks for which future cash flow estimates have been adjusted. Ind AS 37 also provides that where discounting is used, the carrying amount of a provision increases in each period to reflect the passage of time. IX. Loss of control over subsidiary Under previous GAAP, in case of loss of control over the subsidiary, retained interest in former subsidiary is measured at its proportionate share in net assets. While as per Ind AS, If a parent loses control of a subsidiary, the parent (a) derecognises the assets and liabilities of the former subsidiary from the consolidated balance sheet, (b) recognises any investment retained in the former subsidiary at its fair value when control is lost and subsequently accounts for it and for any amounts owed by or to the former subsidiary in accordance with relevant Ind ASs. (c) recognises the gain or loss associated with the loss of control attributable to the former controlling interest. Hence after sale of 80% stake in Feillo Malta Limited (earlier known as Havells Malta Limited) and Feilo Exim Limited (erstwhile Havells Exim Limited), the Group has measured the remaining 20% stake at fair value and the resulting gain has been recognised in the statement of profit or loss.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |536| As per previous GAAP on disposal of foreign operation, the proportionate share of exchange differences relating to that foreign operation, recognised in other comprehensive income and accumulated in the separate component of equity shall be transferred to statement of Profit or loss, while as per Ind AS-21 “The Effects of Changes in Foreign Exchange Rates”, on the disposal of a foreign operation, the entire cumulative amount of the exchange differences relating to that foreign operation, recognised in other comprehensive income and accumulated in the separate component of equity, shall be reclassified from equity to profit or loss when the gain or loss on disposal is recognised. This change has resulted in increase in the gain on disposal by ` 138.08 crores during the year ended March 31, 2016 which is recognised under “exception item” in the statement of profit and loss. Impact of measurement of retained interest in the disposed off subsidiaries Feillo Malta Limited (earlier known as Havells Malta Limited) and Feilo Exim Limited (erstwhile Havells Exim Limited) at fair value is ` 164.87 crores as at March 31, 2016. X. Excise Duty Under the previous GAAP, revenue from sale to goods was presented exclusive of excise duty. Under Ind AS revenue from sales of goods is presented inclusive of excise duty. Excise duty paid is presented as separate line item of statement of profit and loss account as a part of expense. This change has resulted in increase in total revenue and total expense for the year ended March 31, 2016 by ` 401.79 crores. There is no impact on total equity and profit. XI. Cash Discount Under the previous GAAP, cash discount was presented under other expenses. Under Ind AS revenue from sales of goods is recognised at fair value of consideration expected to be received. Accordingly revenue for the year ended March 31, 2016 is presented net of cash discount. This change has resulted in decrease in total revenue and total expense for the year ended March 31, 2016 by ` 61.45 crores. There is no impact on total equity and profit. XII. Defined Benefit Obligation Both under previous GAAP and Ind AS, the Company recognized costs related to its post employment defined benefit plan on an actuarial basis. Under Indian GAAP, the entire cost, including actuarial gains and losses, are charged to profit or loss. Under Ind AS, measurements (comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets excluding amounts included in net interest on the net defined liability) are recognized in balance sheet through other comprehensive income. Thus, employee benefits expense is reduced by ` 38.95 crores and is recognized in other comprehensive income during the year ended March 31, 2016. The related income tax expense of ` 12.69 crores has also been reclassified from Profit and loss account to other comprehensive income. XIII. Share Issue expenses Under Indian GAAP, transaction costs incurred in connection with issue of share capital is charged to profit or loss for the period. Under Ind AS, such transaction costs is directly charged to retained earning. Hence it has resulted charging off the share issue expense directly in retained earning amounting to ` 0.26 crores. XIV. Other comprehensive income Under Indian GAAP, the Company has not presented other comprehensive income (OCI) separately. Hence, it has reconciled Indian GAAP profit to profit as per Ind AS. Further, Indian GAAP profit is reconciled to total comprehensive income as per Ind AS. XV. Statement of cash flows The transition from previous GAAP to Ind AS has not had a material impact on the statement of cash flows.

|537| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards 7. IDEA CELLULAR INDIA LIMITED ACCOUNTING POLICY The principal adjustments made by the Group in restating its Previous GAAP consolidated financial statements as at and for the Financial year ended March 31, 2016 and the balance sheet as at April 1, 2015 are as mentioned below: A. Exemptions applied Ind AS 101 on First Time Adoption of Ind AS allows first- time adopters certain voluntary exemptions from the retrospective application of certain requirements under Ind AS. The Group has applied the following exemptions: I. Ind AS 103 on Business Combinations has not been applied to acquisitions of businesses that occurred before April 1, 2015. Use of this exemption means that assets and liabilities acquired under a business combination and eligible for recognition under Ind AS will be the Previous GAAP carrying values on the acquisition date. Ind AS 101 requires recognition of all assets acquired and liabilities assumed in a past business combination except, (i) Certain financial assets and liabilities that were derecognised and that fall under the de recognition exception, and (ii) Assets and liabilities that were not recognised in the acquirer’s balance sheet under its Previous GAAP and that would not qualify for recognition under Ind AS in the individual balance sheet of the acquiree. Assets and liabilities that do not qualify for recognition under Ind AS are excluded from the Ind AS opening balance sheet. The Group has not recognised or excluded any previously recognised amounts as a result of Ind AS recognition requirements. II. There is no change in the functional currency of the group and accordingly, it has elected to continue with the carrying values for all of its property, plant and equipment and intangible assets as recognised in its Previous GAAP consolidated financial statements as the deemed cost at the transition date subject to the adjustments for decommissioning liabilities. As per the exemption under Ind AS 101, decommissioning liability was measured in accordance with Ind AS 37 at the date of transition to Ind AS. To the extent the liability was within the scope of Appendix-A of Ind AS 16, estimated liability that would have been included in the cost of related asset when the liability first arose by discounting the liability to that date using best estimate of the historical risk adjusted discount rate over the intervening period. Accumulated depreciation was calculated on that amount as at the date of transition to Ind AS on the basis of the current estimate of the useful life of the asset, using the depreciation policy adopted by the Group in accordance with Ind AS. III. Ind AS 102 on Share-based Payment has not been applied to equity instruments in share-based payment transactions that vested before the date of transition to Ind AS. IV. Appendix C to Ind AS 17 requires the Group to assess whether a contract or arrangement contains a lease. In accordance with Ind AS 17, this assessment should be carried out at the inception of the contract or arrangement. However, the Group has used Ind AS 101 exemption and assessed all relevant arrangements for classification of leases based on facts and circumstances existing at the date of transition to Ind AS. V. The Group has decided to continue with its policy of capitalising exchange differences arising from translation of long-term foreign currency monetary liabilities outstanding in the consolidated financial statements as on March 31, 2016 as per AS 11 of the Previous GAAP. VI. In accordance with the exemption given in Ind AS 101, the Group has recorded investment in subsidiaries at deemed cost i.e. Previous GAAP carrying amount.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |538| VII. Ind AS 101 provides an exemption for changing from proportionate consolidation to the equity method. As per the exemption, when changing from proportionate consolidation to the equity method, an entity should recognize its investment in the joint venture at transition date to Ind AS. That initial investment should be measured as the aggregate of the carrying amounts of the assets and liabilities that the entity had previously proportionately consolidated, including any goodwill arising from acquisition duly adjusted for Ind AS transition effects. The balance of the investment in joint venture at the date of transition to Ind AS, determined in accordance with the above is regarded as the deemed cost of the investment at initial recognition. B. Exceptions applied Ind AS 101 specifies mandatory exceptions from retrospective application of some aspects of other Ind ASs for first-time adopters. Following exception is applicable to the Group: I. Use of Estimates The estimates at April 1, 2015 and March 31, 2016 are consistent with those made for the same dates in accordance with Previous GAAP (after adjustments to reflect any differences in accounting policies) apart from the following items where application of Previous GAAP did not require estimation: • Impairment of financial assets based on Expected Credit Loss (ECL) model The estimates used by the Group to present these amounts in accordance with Ind AS reflect conditions at April 1, 2015, the date of transition to Ind AS and as of March 31, 2016. Explanatory Notes i) Lease Equalisation Reserve (LER) Under Previous GAAP, the lease payments under operating leases were recognised as expense on a straight line basis over the lease term. As per Ind AS 17, lease payments are not recognised on a straight line basis if payments to the lessor are structured to increase in line with expected general inflation to compensate for the lessor’s expected inflationary cost increases. Hence, LER pertaining to operating lease agreements has been reversed and credited to Equity as on transition date. This has resulted to an increase in equity on the transition date by ` 5,076.00 Mn. and on March 31, 2016 by ` 6,089.10 Mn. The profit before tax for the year ended March 31, 2016 has increased by ` 1,013.10 Mn. ii) Revenue Equalisation Reserve (RER) Under Previous GAAP, the lease payments receivable under operating leases where the Group was a lessor were recognised as income on a straight line basis over the lease term. As per Ind AS 17, lease payments are not recognised on a straight line basis if payments to the Group are structured to increase in line with expected general inflation to compensate for the Group’s expected inflationary cost increases. Hence, RER pertaining to such agreements has been reversed and debited to Equity as on transition date. This has resulted to a decrease in equity on the transition date by ` 89.16 Mn. and on March 31, 2016 by ` 278.41 Mn. The profit before tax for the year ended March 31, 2016 has decreased by ` 189.25 Mn. iii) CCPS Under previous GAAP, preference shares were recorded as Share Capital. Such shares issued by a subsidiary were disclosed as a separate line item below the shareholder’s fund and above liabilities. Under Ind AS, such financial instruments need to be assessed as to whether the same is a liability or equity in accordance with the provisions of Ind AS 109. Accordingly, CCPS issued by ABTL, a 100% subsidiary of Idea, has been classified as a liability to be recognised at FVTPL. This has resulted to a decrease in equity on the transition date by ` 25,619.18 Mn. and on March 31, 2016 by 28,792.96 Mn. The profit before tax for the year ended March 31, 2016 has decreased by ` 3,173.78 Mn.

|539| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards iv) Financial Assets - Deposits Under Previous GAAP, the Group accounted for deposits at transaction value. Under Ind AS, the deposits with inherent significant financing element are initially recorded at fair value with the difference between transaction value and fair value being treated as prepaid expenses. The deposits are subsequently measured at amortised cost and deferred rent is amortised over contract period on a straight line basis. This has resulted to an increase in equity on the transition date by 217.20 Mn. and on March 31, 2016 by ` Nil. The profit before tax for the year ended March 31, 2016 has decreased by ` 217.20 Mn. v) Derivative instruments The fair value of foreign exchange forward contracts and interest rate swap contracts is recognised under Ind AS, which was not recognised under Previous GAAP. Consequently, the unamortised forward premium recognised under Previous GAAP has been derecognised. The corresponding adjustment has been credited to Equity as on the transition date. This has resulted to an increase in equity on the transition date by ` 1,740.62 Mn. and on March 31, 2016 by ` 2,261.46 Mn. The profit before tax for the year ended March 31, 2016 has increased by ` 520.84 Mn. Hedged foreign currency borrowings have been restated at the spot rate on the transition date. This has resulted to an increase in equity on the transition date by ` 634.41 Mn. and on March 31, 2016 by ` 634.41 Mn. Further, as the Group has decided to continue capitalisation of exchange differences arising from translation of long term foreign currency monetary liabilities outstanding as on March 31, 2016, an additional amount of ` 1,742.60 Mn. has been capitalised in FY 2015-16.The additional depreciation charged due to additional capitalisation has led to a decrease in profit before tax by ` 279.30 Mn. for the year ended March 31, 2016. vi) Investments in Mutual Funds Under Previous GAAP, the Group accounted for investments in mutual funds as financial instruments measured at lower of cost or fair value. Under Ind AS, the Group has designated such investments at fair value through profit and loss which are to be measured at fair value at each reporting date. The difference between the fair value of these instruments and Previous GAAP carrying amount has been adjusted in equity as on the transition date. This has resulted to an increase in equity on the transition date by ` 94.50 Mn. and on March 31, 2016 by ` 8.84 Mn. The profit before tax for the year ended March 31, 2016 has decreased by ` 85.66 Mn. vii) Borrowings Under Previous GAAP, transaction costs incurred in connection with borrowings were disclosed as prepaid expenses and charged to profit and loss on a systematic basis. Under Ind AS, borrowings are recorded initially at fair value less transaction costs and are subsequently measured at amortised cost as per the Effective Interest Rate (EIR) method. This has resulted to an increase in equity on the transition date by ` 411.60 Mn. and on March 31, 2016 by ` 206.03 Mn. The profit before tax for the year ended March 31, 2016 has decreased by ` 205.57 Mn. viii) Share-based payments Under Previous GAAP, the cost of equity-settled employee share based payments was recognised based on intrinsic value of the options as at the grant date over the appropriate vesting period. Ind AS requires expense on such share based payments to be recognised based on fair value as at grant date using an appropriate pricing model over the appropriate vesting period. The change does not affect total equity, but there is a decrease in retained earnings on the transition date by ` 343.53 Mn. and on March 31, 2016 by ` 640.78 Mn. The profit before tax for the year ended March 31, 2016 has decreased by ` 297.25 Mn. ix) Employee Benefits In Previous GAAP, actuarial gains and losses were recognised in the Statement of Profit and Loss. Under Ind AS, the actuarial gains and losses form part of re-measurement of net defined benefit

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |540| liability/asset which is recognised in other comprehensive income in the respective periods. The change does not affect total equity but there is an increase in profit before tax for the year ended March 31, 2016 by ` 200.06 Mn. x) Asset Retirement Obligation (ARO) Under Previous GAAP, provision for ARO was measured at the best estimate of the expenditure required to settle the obligation at the Balance Sheet date without considering the effect of discounting. Under Ind AS, provision for ARO is measured at present value of the expenditure expected to be incurred to settle the obligation. The difference between the present value of ARO provision and Previous GAAP carrying amount of ARO, net of depreciation effect has been adjusted to retained earnings as on the transition date. This has resulted to decrease in equity on the transition date by ` 3.28 Mn. and on March 31, 2016 by ` 17.60 Mn. The profit before tax for the year ended March 31, 2016 has decreased by ` 14.32 Mn. xi) Dividend including dividend distribution tax Under Previous GAAP, dividend payable including dividend distribution taxes was recorded as a liability in the period to which it relates. Under Ind AS, dividend to holders of equity instruments is recognised as a liability in the period in which the obligation to pay is established. Hence, proposed dividend recognised under Previous GAAP as at the transition date is reversed and credited to Equity. This has resulted to an increase in equity on the transition date by ` 2,598.17 Mn. and on March 31, 2016 by ` 2,600.09 Mn. xii) Deferred tax Various transitional adjustments led to temporary differences as on the transition date. The net impact on deferred tax liabilities on the transitional adjustments is debited to Equity. This has resulted to a decrease in equity on the transition date by ` 2,796.67 Mn. and on March 31, 2016 by ` 2,984.43 Mn. The profit after tax for the year ended March 31, 2016 has decreased by ` 187.76 Mn. In addition, Ind AS requires recognition of deferred tax liabilities for all taxable temporary differences (including undistributed profits) associated with investments with subsidiaries, joint ventures and associates except in cases where entity is able to control the timing of reversal of such temporary differences and the same is not probable in the foreseeable future. Accordingly, deferred tax liabilities have been created on the undistributed profits of the joint venture. This has resulted in a decrease in equity on the transition date by ` 84.05 Mn. and on March 31, 2016 by ` 63.21 Mn. xiii) MAT Credit Under Previous GAAP, MAT credit was disclosed under non- current/current assets. In accordance with Ind AS 12, deferred tax assets shall include any carry forward unused tax credits. Hence, MAT credit entitlement has been included in deferred tax assets. This has resulted to a decrease in Current assets on the transition date by ` 6.90 Mn, March 31, 2016 by ` Nil, Non-current assets ` 5,841.49 Mn and on March 31, 2016 by ` 12,285.83 Mn. and deferred tax liabilities on the transition date by ` 5,848.39 Mn. and on March 31, 2016 by ` 12,285.83 Mn. The MAT credit entitlement of ` 6,471.23 Mn. for the year ended March 31, 2016 has been presented with deferred tax. xiv) Deposits from Customers Under Previous GAAP, there was no specific Accounting Standard on Presentation of Financial Statements. The Institute of Chartered Accountants of India had issued FAQ on Schedule VI of the Companies Act, 1956 which prescribes general instructions for preparation of financial statements. In accordance with the FAQ, certain Deposits from Customers were classified as non-current based on the commercial practice in the industry. Ind AS 1 on Presentation of Financial Statements does not have any such option and therefore, the deposits from customers have been classified as current since these deposits are repayable on demand. This has resulted to a regrouping change from non-current financial liabilities to current financial liabilities as on the transition date by ` 2,013.53 Mn. and on March 31, 2016 by 2,126.02 Mn.

|541| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards xv) Joint venture Under Previous GAAP, Indus Towers Limited, a joint venture was accounted for using the proportionate consolidation method. Under Ind AS, investment in joint ventures is accounted using the equity method. For the purposes of applying the equity method, the investment in Indus Towers Limited of ` 17,763.64 Mn. at the date of transition has been measured as the aggregate of the carrying amounts of the assets and liabilities that the Group had previously proportionately consolidated duly adjusted for Ind AS transition effects. An impairment assessment has been performed as at April 1, 2015 and no impairment provision is considered necessary. 8. JSW ENERGY LIMITED ACCOUNTING POLICY The Group has prepared the opening consolidated balance sheet as per Ind AS as of 1st April, 2015 (the transition date) by - recognising all assets and liabilities whose recognition is required by Ind AS, - not recognising items of assets or liabilities which are not permitted by Ind AS, - by reclassifying items from previous GAAP to Ind AS as required under Ind AS, and - and applying Ind AS in measurement of recognised assets and liabilities. However, this principle is subject to the certain mandatory and optional exemptions availed by the Group as detailed below: Mandatory exceptions and optional exemptions (a) Classification of debt instruments The group has determined the classification of debt instruments in terms of whether they meet the amortised cost criteria or the FVTOCI criteria based on the facts and circumstances that existed as of the transition date. (b) Past business combinations The Group has elected not to apply Ind AS 103 Business Combinations retrospectively to past business combinations that occurred before the transition date of 1st April, 2015. (c) Deemed cost for property, plant and equipment and intangible assets The Group has elected to continue with the carrying value of all of its plant and equipment, capital work in progress and intangible assets recognised as of 1st April, 2015 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date. (d) Determining whether an arrangement contains a lease The Group has applied Appendix C of Ind AS 17 Determining whether an Arrangement contains a Lease to determine whether an arrangement existing at the transition date contains a lease on the basis of facts and circumstances existing at that date. (e) Exchange differences arising on long-term foreign currency monetary items Under previous GAAP, the Group had opted to defer/capitalize exchange differences arising on long-term foreign currency monetary items in accordance with paragraph 46A of AS 11. The Group has now availed Ind AS 101 option whereby a first time adopter can continue its Previous GAAP policy for accounting for exchange differences arising from translation of long-term foreign currency monetary items recognised in the Previous GAAP financial statements for the period ending immediately before the beginning of the first Ind AS financial reporting period i.e. 1st April, 2016.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |542| (f) Classification and measurement of financial assets The Company has classified the financial assets in accordance with Ind AS 109 on the basis of facts and circumstances that exist at the date of transition to Ind AS. (g) Derecognition of financial assets and liabilities The group has applied the derecognition requirements of financial assets and financial liabilities prospectively for transactions occurring on or after 1st April, 2015 (the transition date). (h) Impairment of financial assets The group has applied the impairment requirements of Ind AS 109 retrospectively; however, as permitted by Ind AS 101, it has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognised in order to compare it with the credit risk at the transition date. Further, the Company has not undertaken an exhaustive search for information when determining, at the date of transition to Ind ASs, whether there have been significant increases in credit risk since initial recognition, as permitted by Ind AS 101. (i) Share based payments Ind AS 102 Share-based Payment has not been applied to equity instruments in share-based payment transactions that vested before 1st April, 2015. (j) Non-controlling interest The following requirements of Ind AS 110 are applied prospectively from the date of transition i.e. 1st April, 2015 to Ind AS: - To attribute total comprehensive income to non-controlling interests irrespective of whether this results in a deficit balance - To treat changes in a parents ownership interest as equity transactions. (k) Accounting for Investment in Barmer Lignite Mining Company Limited (“BLMCL”) BLMCL was accounted for using the proportionate consolidation method under previous GAAP whereas it needs to be accounted using the equity method under Ind AS. Therefore, as required by Ind AS 101, the Group has:- - On the transition date, recognised investment in BLMCL by measuring it at the aggregate of the carrying amount of the assets and liabilities that the Group had proportionately consolidated under previous GAAP as of the transition date; - This investment amount has been deemed to be the cost of investment at initial recognition; - The Group has tested the investment in BLMCL for impairment as of the transition date; - After initial recognition at the transition date, the Group has accounted for BLMCL using the equity method in accordance with Ind AS 28; (l) Accounting for changes in parent’s ownership in a subsidiary that does not result in loss of control The group has accounted for changes in a parent’s ownership in a subsidiary that does not result in a loss of control in accordance with Ind AS 110, prospectively from the date of transition. (m) Equity investments at FVTOCI The Group has designated investment in equity shares of JSW Steel Limited as at FVTOCI on the basis of facts and circumstances that existed at the transition date.

|543| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards First-time Ind AS adoption reconciliations Effect of Ind AS adoption on the consolidated balance sheet as at 31st March, 2016 and 1st April, 2015: Consolidated Balance Sheet as at 1 April 2015 (date of transition to Ind AS) ` crore Particulars Footnotes IGAAP Adjustment Ind AS A] ASSETS (1) Non-current assets (a) Property, plant and equipment 1, 2, 3, 11 12,948.49 (1,248.19) 11,700.30 (b) Capital work-in-progress 453.58 (162.04) 291.54 (c) Goodwill on consolidation 9.66 - 9.66 (d) Other intangible assets 2, 3 232.53 (129.52) 103.01 (e) Financial assets (i) Investments 3, 5, 7 232.72 481.43 714.15 (ii) Loans 3, 4 495.07 114.73 609.80 (iii) Other Financial assets 1, 2, 3, 4 219.59 1,163.74 1,383.33 (f) Income tax assets (net) 3 281.22 3.87 285.09 (g) Other non-current assets 3 879.82 (404.34) 475.48 Total non-current assets 15,752.68 (180.32) 15,572.36 (2) Current assets (a) Inventories 3 548.26 (3.79) 544.47 (b) Financial assets (i) Investments 5 1,386.12 6.44 1,392.56 (ii) Trade receivables 1,172.29 - 1,172.29 (iii) Cash and cash equivalents 3 277.94 0.14 278.08 (iv) Bank balances other than (iii) above 3 85.01 (11.56) 73.45 (v) Other financial assets 138.48 42.91 181.39 (c) Other current assets 3 55.08 (16.78) 38.30 Total current assets 3,663.18 17.36 3,680.54 Total assets 19,415.86 (162.96) 19,252.90 B] EQUITY AND LIABILITIES Equity (a) Equity share capital 19 1,640.05 (14.35) 1,625.70 (b) Other equity 1-6, 8, 10- 14, 16-19 5,877.96 828.83 6,706.79 Equity attributable to equity holders of the Parent 7,518.02 814.48 8,332.49 Non-controlling interests 14 54.71 (7.07) 47.64 Total equity 7,572.73 807.41 8,380.13 Liabilities 1] Non-current liabilities (a) Financial liabilities (i) Borrowings 3, 6 8,062.35 (556.57) 7,505.78 (ii) Other financial liabilities 3, 6 13.99 (13.53) 0.46 (b) Provisions 33.77 - 33.77 (c) Deferred tax liabilities (net) 3, 12 292.97 41.12 334.09 (d) Other non-current liabilities 2, 3 1.76 0.11 1.87 Total non-current liabilities 8,404.84 (528.87) 7,875.97 2] Current Liabilities (a) Financial liabilities (i) Borrowings 6 148.22 - 148.22 (ii) Trade payables 3 1,662.34 (14.68) 1,647.66 (iii) Other financial liabilities 3, 6, 7, 13 1,527.04 (349.43) 1,177.61

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |544| ` crore Particulars Footnotes IGAAP Adjustment Ind AS (b) Other current liabilities 2, 3, 8 92.66 (77.39) 15.27 (c) Provisions 8.04 - 8.04 Total current liabilities 3,438.30 (441.50) 2,996.80 Total equity and liabilities 19,415.86 (162.96) 19,252.90 Consolidated Balance Sheet as at 31st March, 2016 ` crore Particulars Footnotes IGAAP Adjustment Ind AS A] ASSETS (1) Non-current assets (a) Property, plant and equipment 1, 2, 3, 11 21,291.53 (2,638.20) 18,653.33 (b) Capital work-in-progress 726.46 (405.85) 320.61 (c) Goodwill on consolidation 83.05 562.78 645.83 (d) Other intangible assets 2, 3 208.75 789.92 998.67 (e) Financial assets (i) Investments 3, 5, 7 193.18 743.70 936.88 (ii) Loans 3, 4 667.95 145.15 813.10 (iii) Other Financial assets 1, 2, 3, 4 409.44 1,212.21 1,621.65 (f) Income tax assets (net) 3 126.12 5.94 132.06 (g) Other non-current assets 3 189.15 (67.10) 122.05 Total non-current assets 23,895.63 348.55 24,244.18 (2) Current assets (a) Inventories 3 649.40 (13.57) 635.83 (b) Financial assets (i) Investments 5 75.26 0.13 75.39 (ii) Trade receivables 2,906.34 - 2,906.34 (iii) Cash and cash equivalents 3 251.45 (12.90) 238.55 (iv) Bank balances other than (iii) above 3 140.04 (21.15) 118.88 (v) Other financial assets 1, 2, 3 186.22 54.09 240.31 (c) Other current assets 3 99.25 (19.85) 79.40 Total current assets 4,307.95 (13.25) 4,294.70 Total assets 28,203.58 335.30 28,538.88 B] EQUITY AND LIABILITIES Equity (a) Equity share capital 19 1,640.05 (13.26) 1,626.79 (b) Other equity 1- 6, 8, 10- 14, 16-19 6,895.78 1,181.56 8,077.34 Equity attributable to equity holders of the Parent 8,535.83 1,168.30 9,704.13 Non-controlling interests 14 55.11 (53.71) 1.40 Total equity 8,590.94 1,114.59 9,705.53 Liabilities 1] Non-current liabilities (a) Financial liabilities (i) Borrowings liabilities 3, 6 12,559.19 (611.68) 11,947.51 (ii) Other financial liabilities 3, 6 22.53 (22.17) 0.36 (b) Provisions 35.36 4.02 39.38 (c) Deferred tax liabilities (net) 3, 12 438.29 (4.23) 434.06 (d) Other non-current liabilities 2, 3 175.96 (174.15) 1.81 Total non-current liabilities 13,231.33 (808.21) 12,423.12

|545| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards ` crore Particulars Footnotes IGAAP Adjustment Ind AS 2] Current Liabilities (a) Financial liabilities (i) Borrowings 6 1,589.33 - 1,589.33 (ii) Trade payables liabilities 3 2,594.38 (63.01) 2,531.37 (iii) Other financial liabilities 3, 6, 7, 13 2,016.41 239.36 2,255.77 (b) Other current liabilities 2, 3, 8 169.28 (147.43) 21.85 (c) Provisions 11.91 - 11.91 Total current liabilities 6,381.31 28.92 6,410.23 Total equity and liabilities 28,203.58 335.30 28,538.88 Group reconciliation of profit or loss for the year ended 31st March, 2016 ` crore Particulars Footnotes IGAAP Adjustment Ind AS I Revenue from operations 1, 2, 3, 15 9,968.94 (144.45) 9,824.49 II Other income 3, 4, 5, 6, 15, 18, 19 200.17 34.94 235.11 III Total income 10,169.11 (109.51) 10,059.60 IV Expenses (a) Fuel Cost 3 4,329.93 47.42 4,377.35 (b) Purchase of power 15 549.37 (6.22) 543.15 (c) Employee benefit expense 3, 9, 10 183.77 0.04 183.81 (d) Finance costs 3, 6, 13 1,503.15 (5.04) 1,498.11 (e) Depreciation and amortisation expense 1, 2, 3, 11 950.16 (95.91) 854.25 (f) Other expenses 3, 15, 19 751.41 (57.35) 694.06 Total Expenses 8,267.79 (117.06) 8,150.73 V Profit before exceptional item and tax 1,901.32 7.55 1,908.87 VI Share of profi / (loss) of an associate / joint venture (37.34) (5.00) (42.34) VII Exceptional Item (150.00) - (150.00) VIII Profit before tax 2,013.98 2.55 2,016.53 IX Tax expense 3, 12 605.13 (48.87) 556.26 X Profit for the year 1,408.85 51.42 1,460.27 XI Other comprehensive income 16 A (i) Items that will not be reclassified to profit or loss (a) Remeasurements of the net defined benefit liabilities / (assets) 9 - (1.32) (1.32) (b) Equity instruments through other comprehensive income 5 - 263.83 263.83 B (ii) Items that will be reclassified to profit or loss (a) Exchange differences in translating the financial statements of foreign operations 17 - 1.52 1.52 Other comprehensive income for the year - 264.03 264.03 XII Total comprehensive income for the year 1,408.85 315.45 1,724.30 Group reconciliation of equity for year ended 31st March, 2016 and 1st April, 2015 ` crore Particulars As at 31st March, 2016 As at 1st April, 2015 Equity under Previous GAAP 8,535.83 7,518.02 Impact of Embedded lease accounting 5.97 (12.88) Impact of Service concession accounting (25.86) -

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |546| ` crore Particulars As at 31st March, 2016 As at 1st April, 2015 Net gain / (loss) on financial assets / liabilities fair valued through statement of profit and loss (36.58) (32.15) Amortisation of transaction cost on borrowings 11.46 23.52 Capital Overhauling costs recognised as Property Plant and Equipment (PPE) (net) 13.26 - Employee benefit – Actuarial (Gain) / Loss recognized in OCI 1.32 - Others 62.73 5.02 Deferred taxes (2.96) (47.06) Proposed Dividend 391.70 394.79 Net gain / (loss) on financial assets fair value through other comprehensive Income 747.06 483.23 Other Comprehensive Income (OCI) 0.20 - Equity under IND AS 9,704.13 8,332.49 Group reconciliation of cash flows for the year ended 31st March, 2016 ` crore Particulars IGAAP Adjustment Ind AS Net cashflow from operating activities 3,567.36 (29.74) 3,537.62 Net cashflow from investing activities (3,465.67) 34.67 (3,431.00) Net cashflow from financing activities (1,598.15) (24.27) (1,622.42) Net cash inflow / (Outflow) (1,496.46) (19.34) (1,515.80) Footnotes to the above reconciliations 1. Arrangements in the nature of lease Under the Previous GAAP, the Property Plant and Equipment (PPE) related to thermal power plants were capitalised and depreciation was accordingly charged to Consolidated Statement of Profit and Loss. Under Ind AS, PPE related to one of the units, considered as embedded lease arrangement, has been de-recognised and shown as lease receivable at fair value. 2. Service Concession arrangement Under the Previous GAAP, PPE related to hydro power plant were capitalised and depreciation was charged to consolidated statement profit and loss. Under Ind AS, PPE related to one of the hydro power plant considered as service concession arrangement, has been de-recognised and shown as intangible asset and financial asset receivable. 3. Joint Venture The group holds 49% interest in BLMCL and exercises joint control over the entity. Under Indian-GAAP group has proportionately consolidated its interest in the BLMCL in the Consolidated Financial Statement. On transition to Ind AS the group has assessed and determined that BLMCL is its JV under Ind AS 111 Joint Arrangements. Therefore, it needs to be accounted for using the equity method as against proportionate consolidation. For the application of equity method, the initial investment is measured as the aggregate of Ind AS amount of assets and liabilities that the group had previously proportionately consolidated including any goodwill arising on acquisition. Derecognition of proportionately consolidated BLMCL has resulted in change in balance sheet, statement of profit and loss and cash flow statement. 4. Financial assets at amortised cost Certain financial assets held on with objective to collect contractual cash flows in the nature of interest and principal have been recognised at amortised cost on transition date as against historical cost under the previous GAAP with the difference been adjusted to the opening retained earnings.

|547| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards 5. Fair Valuation of Investments Investments in preference shares/mutual funds have been measured at fair value through profit or loss as against cost less diminution of other than temporary nature, if any, under the previous GAAP. Certain equity investments (other than investments in joint ventures and associates) have been measured at fair value through OCI. 6. Financial liabilities and related transaction cost at amortised cost Borrowings and other financial liabilities which were recognised at historical cost under previous GAAP have been recognised at amortised cost under IND AS with the difference adjusted to opening retained earnings. Under Previous GAAP, transaction costs incurred in connection with borrowings are amortised upfront and charged to statement of profit or loss or capitalised. Under IND AS, transaction costs are deducted from the initial recognition amount of the financial liability and charged to Consolidated Statement of Profit and Loss over the tenure of the borrowings using the effective interest rate method. 7. Business acquisitions Under IND AS, the cost of acquisition has to include the fair value of contingent consideration also. Accordingly, investment in equity of subsidiary has been increased with a corresponding increase in liability for continent consideration payable. Under the Previous GAAP, the transaction cost of the business acquisitions were added to the cost of Investment. Under IND AS, the transaction cost of the business acquisitions is required to be charged to Consolidated Statement Profit and Loss. 8. Proposed Dividend Under Previous GAAP, proposed dividends including DDT are recognised as a liability in the period to which they relate, irrespective of when they are declared. Under Ind AS, a proposed dividend is recognised as a liability in the period in which it is declared by the company, usually when approved by shareholders in a general meeting, or paid. In the case of the Group, the declaration of dividend occurs after period end. Therefore, the liability for the year ended on 31st March, 2015 recorded for dividend has been derecognised against retained earnings on 1st April, 2015. The proposed dividend for the year ended on 31st March, 2016 recognized under Previous GAAP was reduced from other payables and with a corresponding impact in the retained earnings. 9. Defined benefit liabilities Under IND AS, re-measurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in other comprehensive income instead of Consolidated Statement of Profit and Loss in previous GAAP. 10. Share-based payments Under Previous GAAP, the Group recognised only the intrinsic value for the long-term incentive plan as an expense. Ind AS requires the fair value of the share options to be determined using an appropriate pricing model recognised over the vesting period. An additional expense has been recognised in Consolidated Statement of Profit and Loss for the year ended 31st March, 2016. Share options which were granted before and still vesting at 1st April, 2015, have been recognised as a separate component of equity in Equity settled share based payment reserve against retained earnings at 1st April, 2015. 11. Depreciation of property, plant and equipment IND AS 16 requires the cost of major inspections/overhauling to be capitalised and depreciated separately over the period till the next major inspection/overhauling. Under previous GAAP the same is charged to Consolidated Statement of Profit and Loss in the period in which it was incurred. 12. Deferred tax Previous GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |548| between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Previous GAAP. 13. Fair Valuation of Foreign exchange forward contracts The fair value of forward foreign exchange contracts is recognised under Ind AS, and was not recognised under Previous GAAP. 14. Non-Controlling interests Under Previous GAAP, the non-controlling interests holders did not contribute in the losses of the subsidiary company. Under Ind AS, the proportionate losses has been transferred to non-controlling interests since it being contributors to gains or losses of the subsidiary company. 15. Sale/Purchase of Power Under Previous GAAP, sale/purchase of power was presented gross of rebates and discounts. However, under Ind AS, sale/purchase of power is net of all rebates and discounts. Thus sale/purchase of power under Ind AS has decreased with a corresponding decrease in other expense/income. 16. Other comprehensive income: Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognised in profit or loss but are shown in the statement of profit and loss as ‘other comprehensive income’ includes re-measurements of defined benefit plans. The concept of other comprehensive income did not exist under previous GAAP. 17. Foreign currency translation Under Previous GAAP, the Group recognised translation differences on foreign operations in a separate component of equity. Under Ind AS, the exchange differences on account of translation of foreign operations has been accounted through other comprehensive income. 18. Reversal of loss on divestment of stake in foreign operations Under Previous GAAP, the Group recognised loss on sale of stake in foreign operations. Under Ind AS, since the sale of stake did not result into loss of control the loss has been reversed and transferred to consolidated reserves. 19. Consolidation of Employee Welfare Trust Employee Welfare Trust, financed through interest free loans by the company and warehousing the shares which have not been vested yet, for distribution to employees of the company has resulted into line by line addition of all the assets and liabilities by reducing equity share capital of the company with face value of such treasury shares and adjusting the difference, if any, into the other equity. 20. Statement of cash flows The transition from Previous GAAP to Ind AS has not had a material impact on the statement of cash flows, except as disclosed above. 9 LARSEN & TOURBO LIMITED ACCOUNTING POLICY The Group has prepared opening balance sheet as per Ind AS as of April 1, 2015 (transition date) by recognising all assets and liabilities whose recognition is required by Ind AS, derecognising items of assets or liabilities which are not permitted to be recognised by Ind AS, reclassifying items from I-GAAP to Ind AS as required, and applying Ind AS to measure the recognised assets and liabilities.

|549| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards The exemptions availed by the Group are as follows: (i) The Group has adopted the carrying value determined in accordance with I-GAAP for all of its property plant and equipment and investment property as deemed cost of such assets at the transition date. (ii) Ind AS 102 “Share-based Payment” has not been applied to equity instruments in share-based payment transactions that vested before April 1, 2015. (iii) The Group has applied the derecognition requirements of financial assets and financial liabilities prospectively for transactions occurring on or after April 1, 2015. (iv) The Group has determined the classification of debt instruments in terms of whether they meet the amortised cost criteria or the FVTOCI criteria based on the facts and circumstances that existed as of the transition date. (v) The Group has applied the impairment requirements of Ind AS 109 retrospectively; however, as permitted by Ind AS 101, it has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognised in order to compare it with the credit risk at the transition date. Further, as permitted by Ind AS 101, the Group has not undertaken an exhaustive search for information when determining, at the date of transition to Ind ASs, whether there have been significant increases in credit risk since initial recognition, (vi) The Group has elected not to apply Ind AS 103 Business Combinations retrospectively to past business combinations that occurred before the transition date. (vii) The Group has not elected the option to reset the cumulative translation differences on foreign operations that exist to zero as of the transition date. (viii) The estimates as at April 1, 2015 and at March 31, 2016 are consistent with those made for the same dates in accordance with the I-GAAP. Note [63] Disclosure pursuant to Indian Accounting Standard (Ind AS) 101 — First time adoption of Indian Accounting Standards (a) Effect of Ind AS adoption on Balance Sheet as at April 1, 2015 Particulars Note I-GAAP Ind AS Adjustments Ind AS ` crore ` crore ` crore ` crore ` crore ` crore ` crore ASSETS Non-current assets Property, plant and equipment A,B,C,D 18785.51 (5115.73) 13669.78 Capital work-in-progress A,B,C,D 4902.72 (3450.06) 1452.66 Investment property B – 2768.70 2768.70 Goodwill A,Q 2215.00 (678.02) 1536.98 Other intangible assets A,C 13712.54 (13144.07) 568.47 Intangible assets under development A 10055.35 (3581.69) 6473.66 Financial assets Investments in joint ventures and associates A 147.76 1918.89 2066.65 Other investments A,E,S 1513.75 374.64 1888.39 Loans A,F 238.52 567.91 806.43 Loans towards financing activities A,H 42036.39 (604.79) 41431.60

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |550| Particulars Note I-GAAP Ind AS Adjustments Ind AS ` crore ` crore ` crore ` crore ` crore ` crore ` crore Other financial assets A,H,M 564.42 (83.82) 480.60 44500.84 2172.83 46673.67 Deferred tax assets (net) A,G 936.40 73.50 1009.90 Non current assets for current tax (net) A,C 261.17 (24.90) 236.27 Other non-current assets A,D,S 2477.65 (82.65) 2395.00 Current assets Financial assets Investments A,E 8000.79 (646.98) 7353.81 Trade receivables A,C,H 22872.22 (617.79) 22254.43 Cash and cash equivalents A,C 4773.34 (360.77) 4412.57 Other bank balances A 1052.97 (356.12) 696.85 Loans A,C,F 511.09 31.55 542.64 Loans towards financing activities A,H 14353.86 (31.84) 14322.02 Other financial assets A,C,H 2381.72 (252.75) 2128.97 53945.99 (2234.70) 51711.29 Other current assets A, C, H, M, T 35352.96 (380.05) 34972.91 Group(s) of assets classified as held for sale C 39.39 1631.96 1671.35 TOTAL ASSETS 193693.92 (22572.12) 171121.80 EQUITY AND LIABILITIES: Equity Equity share capital 185.91 – 185.91 Other equity 40723.16 299.02 41022.18 Equity attributable to owners of the Company 40909.07 299.02 41208.09 Non controlling interest A,P,T 4998.62 (3028.00) 1970.62 Liabilities Non-current liabilities Financial liabilities Borrowings A,C,D,J,P 69402.47 (16692.83) 52709.64 Other financial liabilities A,F,M 446.90 (224.78) 222.12 69849.37 (16917.61) 52931.76 Provisions A,N 575.05 (189.70) 385.35 Deferred tax liabilities A,C,G,O,T 539.56 119.93 659.49 Other non current Liabilities A,D,F 163.80 48.13 211.93 Current liabilities Financial liabilities Borrowings A,C,D 16543.83 (646.69) 15897.14 borrowings A,C,D 9112.17 (989.30) 8122.87 Trade payables A,C,N,S 21752.42 304.47 22056.89 Other financial liabilities A,C,K,M 4030.35 (257.50) 3772.85 51438.77 (1589.02) 49849.75 Other current liabilities A,C,M 21609.62 (805.02) 20804.60 Provisions A,C,L,N 3349.22 (1672.37) 1676.85 Current tax liabilities (net) A 260.84 38.71 299.55 Liabilities associated with group(s) of assets classified as held for sale C – 1123.81 1123.81 TOTAL EQUITY AND LIABILITIES 193693.92 (22572.12) 171121.80

|551| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards (b) Statement of reconciliation of equity under Ind AS and equity reported under I-GAAP as at April 1, 2015 Sr. No. Particulars Note ` crore Equity as per I-GAAP I Provision for expected credit loss H 40909.07 II Provision for employee benefits based on constructive obligations K (1121.12) III Gain on fair valuation of investments E (450.87) IV Increase in borrowing cost pursuant to application of effective interest rate method D 555.71 V Increase in borrowing cost due to initial fair valuation of long term financial liabilities D (122.67) VI Equity component of other financial instruments (Foreign Currency Convertible Bonds) J (75.82) VII Reversal of dividend & dividend distribution tax L 153.20 VIII Others A, D, F, H, I, M, N, Q 1803.63 IX Deferred and current taxes A,G,V (68.75) X Additional Tax on dividend distributed by subsidiaries T (146.36) Equity as per Ind AS (attributable to owners of the Company) (227.93) 41208.09 c) Effect of Ind AS adoption on Balance Sheet as at March 31, 2016 Particulars Note I-GAAP Ind AS Adjustments Ind AS ` crore ` crore ` crore ` crore ` crore ` crore ` crore ASSETS Non-current assets Property, plant and equipment A,B,C,D 17359.98 (5187.81) 12172.17 Capital work-in-progress A,B,D 6211.01 (4420.48) 1790.53 Investment property B – 4386.00 4386.00 Goodwill A,Q 2171.67 (724.71) 1446.96 Other intangible assets A,C,D 23724.84 (23168.27) 556.57 Intangible assets under development A,D 11278.92 (2095.00) 9183.92 Financial assets Investments in joint ventures and associates A 109.94 1147.94 1257.88 Other investments A,E,S 1880.14 446.87 2327.01 Loans A,F 219.33 818.32 1037.65 Loans towards financing activities A,H 48449.21 (560.94) 47888.27 Other financial assets A,M 610.37 (46.82) 563.55 51268.99 1805.37 53074.36 Deferred tax assets (net) A,G 1195.13 176.78 1371.91 Non current assets for current tax (net) A 604.50 (50.51) 553.99 Other non-current assets A,D,S 2842.74 (105.55) 2737.19 Current assets Inventories A,B,C,D 5361.99 (507.78) 4854.21 Financial assets Investments A,C,E 8179.48 (685.29) 7494.19 Trade receivables A,C,H 27009.30 (984.32) 26024.98 Cash and cash equivalents A,S 4083.44 (276.90) 3806.54 Other bank balances A 1880.00 (296.63) 1583.37 Loans A,F 547.64 103.50 651.14

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |552| Particulars Note I-GAAP Ind AS Adjustments Ind AS ` crore ` crore ` crore ` crore ` crore ` crore ` crore Loans towards financing activities A,H 18519.12 187.22 18706.34 Other financial assets A,H 2587.37 (288.70) 2298.67 62806.35 (2241.12) 60565.23 Other current assets A,H,M,T 41946.59 (1492.94) 40453.65 Group(s) of assets classified as held for sale C 25.03 1554.43 1579.46 TOTAL ASSETS 226797.74 (32071.59) 194726.15 EQUITY AND LIABILITIES: Equity Equity share capital 186.30 – 186.30 Other equity 43805.43 188.63 43994.06 Equity attributable to owners of the Company 43991.73 188.63 44180.36 Non-controlling interest A,P,T 6768.78 (3875.94) 2892.84 Liabilities Non-current liabilities Financial liabilities Borrowings A,D,J,P 85671.99 (24448.15) 61223.84 Other financial liabilities A,F,M 384.95 (243.55) 141.40 86056.94 (24691.70) 61365.24 Provisions A,N 797.18 (372.52) 424.66 Deferred tax liabilities (net) A,G,O,T 411.15 224.33 635.48 Other non-current liabilities A,D,F 156.18 24.96 181.14 Current liabilities Financial liabilities Borrowings A,D 15573.12 (676.37) 14896.75 Current maturities of long term borrowings A,D 13307.03 (1292.13) 12014.90 Trade payables A,N,S 26202.74 800.82 27003.56 Other financial liabilities A,C,K,M 4397.36 (74.92) 4322.44 59480.25 (1242.60) 58237.65 Other current liabilities A,M 25337.63 (929.74) 24407.89 Provisions A,C,L,N 3706.75 (1403.23) 2303.52 Current tax liabilities (net) A 91.15 (7.66) 83.49 Liabilities associated with group(s) of assets classified as held for sale C – 13.88 13.88 TOTAL EQUITY AND LIABILITIES 226797.74 (32071.59) 194726.15 (d) Statement of reconciliation of equity under Ind AS and equity reported under I-GAAP as at March 31, 2016 Sr. No. Particulars Note ` crore Equity as per I-GAAP 43991.73 I Provision for expected credit loss H (1107.29) II Provision for employee benefits based on constructive obligations K (488.31) III Gain on fair valuation of investments E 404.94 IV Increase in borrowing cost pursuant to application of effective interest rate method D (182.30) V Increase in borrowing cost due to initial fair valuation of long term financial liabilities D (380.56)

|553| Chap. 22 – Ind AS 101 — First-time Adoption of Indian Accounting Standards Sr. No. Particulars Note ` crore VI Equity component of other financial instruments (Foreign Currency Convertible Bonds) J 153.20 VII Reversal of dividend & dividend distribution tax L 2039.53 VIII Others A, D, F, H, I, M, N, Q 145.19 IX Deferred and current taxes A,G,V (121.67) X Additional tax on dividend distributed by subsidiaries T (274.10) Equity as per Ind AS (attributable to owners of the Company) 44180.36 (e) Effect of Ind AS adoption on the Statement of Profit and Loss for the year ended March 31, 2016 Particulars Note I-GAAP Ind AS Adjustments Ind AS ` crore ` crore ` crore ` crore ` crore ` crore ` crore INCOME: Revenue from operations A,M,R 103522.24 (1546.90) 101975.34 Other income A,E 1183.03 (278.68) 904.35 Total Income 104705.27 (1825.58) 102879.69 EXPENSES: Manufacturing, construction and operating expenses: A,R Cost of raw materials, components consumed 13546.91 183.07 13729.98 Excise duty 890.55 (37.69) 852.86 Construction materials consumed 20036.82 219.95 20256.77 Purchase of stock-in-trade 1333.44 – 1333.44 Stores, spares and tools consumed 1935.55 (101.36) 1834.19 Sub-contracting charges 19565.57 1223.29 20788.86 Changes in inventories of finished goods, work-in-progress, stock-in-trade and property development 862.98 (1377.84) (514.86) Other manufacturing, construction and operating expenses 8224.79 935.77 9160.56 Finance cost of financial services business and finance lease activity 4828.91 138.20 4967.11 71225.52 1183.39 72408.91 Employee benefits expense A, I, K,N, O 13816.16 (485.32) 13330.84 Sales, administration and other expenses A,H 6146.67 (368.15) 5778.52 Finance costs A,D 3041.22 (1386.16) 1655.06 Depreciation, amortisation, impairment and obsolescence A 2755.99 (969.26) 1786.73 96985.56 (2025.50) 94960.06 Less: Overheads capitalised A 8.84 (3.07) 5.77 Total expenses 96976.72 (2022.43) 94954.29 Profit before exceptional items and tax 7728.55 196.85 7925.40 Exceptional items U 358.10 (263.88) 94.22 Profit before tax 8086.65 (67.03) 8019.62 Tax expense: Current tax A,V 2764.19 53.50 2817.69 Deferred tax A,G,T,V (215.71) (165.02) (380.73) 2548.48 (111.52) 2436.96 Profit after tax 5538.17 44.49 5582.66

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |554| Particulars Note I-GAAP Ind AS Adjustments Ind AS ` crore ` crore ` crore ` crore ` crore ` crore ` crore Carried forward 5538.17 44.49 5582.66 Brought forward 5538.17 44.49 5582.66 Less: Additional provision/(reversal) of tax on dividend distributed by subsidiaries T 0.18 47.62 47.80 5537.99 (3.13) 5534.86 Add: Share in profit/(loss) of joint ventures and associates (net) A (2.51) (987.65) (990.16) Profit for the year 5535.48 (990.78) 4544.70 Other comprehensive income [net of tax] E, G, M, O – 159.05 159.05 Total comprehensive income for the year 5535.48 (831.73) 4703.75 Profit for the year attributable to: - Owners of the Company 5090.53 (857.65) 4232.88 - Non-controlling interests A 444.95 (133.13) 311.82 5535.48 (990.78) 4544.70 Other comprehensive income for the year attributable to : Investment Property. - Owners of the Company – 155.82 155.82 - Non-controlling interests – 3.23 3.23 – 159.05 159.05 Total comprehensive income for the year attributable to: - Owners of the Company 5090.53 (701.83) 4388.70 - Non-controlling interests 444.95 (129.90) 315.05 5535.48 (831.73) 4703.75 (f) Statement of reconciliation of total comprehensive income for the year ended March 31, 2016 Sr. No. Particulars Note ` crore Net profit after tax as per I-GAAP 5090.53 I Impact of provision for expected credit loss H 13.83 II Gain/(loss) on divestment of stake in subsidiary U (263.88) III Provision for employee benefits based on constructive obligations K (37.44) IV Impact of fair valuation of investments E (147.22) V Increase in borrowing cost pursuant to application of effective interest rate method D (88.42) VI Reclassification of net actuarial gain on employee defined benefit obligations to other comprehensive income O 13.88 VII Increase in borrowing cost due to initial fair valuation of long term financial liabilities D (304.74) IX Others A,F,I,M,Q 10.70 X Deferred and current taxes A,G,V (8.17) XI Additional tax on dividend distributed by subsidiaries T (46.19) Net profit after tax as per Ind AS 4232.88 XII Other comprehensive income (net of tax) [attributable to owners of the Company] E,G,M,O 155.82 Total comprehensive income as per Ind AS (attributable to owners of the Company) 4388.70