Mandatory Accounting Standards - Ind AS – Extracts from Published Accounts-2

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

|471| Chap. 20 – Ind AS 40 — Investment Property Chapter 20 Ind AS 40 – Investment Property 1. ALL CARGO LOGISTICS LIMITED Significant Accounting Policies Investment Property An investment in land or building, which is not intended to be occupied substantially for use by, or in the operations of the Group, is classified as investment property. Investment properties are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost includes the cost of replacing parts and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of the investment property are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. All other repair and maintenance costs are recognized in Statement of Profit and Loss as incurred. Depreciation on building component of investment property is calculated on a straight-line basis using the rate arrived at based on the useful life estimated by the management which is 60 years. Though the Group measures investment property using cost-based measurement, the fair value of investment property is disclosed in the notes. Fair values are determined based on an annual evaluation performed by an accredited external independent valuer applying a valuation model recommended by the International Valuation Standards Committee or on the basis of appropriate ready reckoner value based on recent market transactions. Investment properties are derecognized either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in Statement of Profit and Loss in the period of derecognition. Notes to Accounts 5. Investment Property (` in lakhs) Particulars freehold land leasehold land building Total Opening balance as at 01 April 2017 303 173 4,348 4,824 closing balance as at 31 March 2018 303 173 4,348 4,824 closing balance as at 31 March 2019 303 173 4,348 4,824 Depreciation Opening balance as at 01 April 2017 - 8 145 153 For the year - 8 110 118 Net Block At 31 March 2018 303 157 4,092 4,552 At 31 March 2019 303 149 3,982 4,435

|472| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Information regarding income and expenditure of investment property (` in lakhs) Particulars 31 March 2019 31 March 2018 Rental income arising from investment properties before depreciation 498 406 Less: Depreciation (118) (118) Rental income arising from investment properties 380 288 Investment properties consist of four commercial properties in India. As at 31 March 2019 the fair values of the properties are ` 9,217 lakhs (31 March 2018: ` 7,381 lakhs). These valuations are based on valuations performed by Best Mulyankan Consultants Ltd., an accredited independent valuer. A valuation model in accordance with that recommended by the International Valuation Standards Committee has been applied. The Group has no restrictions on the realisability of its investmentproperties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements. Reconciliation of fair value (` in lakhs) Particulars Total Opening balance as at 1 April 2017 7,380 Fair value difference 1 Closing balance as at 31 March 2018 7,381 Fair value difference 1,836 Closing balance as at 31 March 2019 9,217 The underlying land plot is valued independently based on the sales comparison/ market survey of plots listed on the market for sale and improvements on the plot are valued for their depreciated construction cost. In order to maximise use of relevant observable inputs and minimising use of unobservable inputs, Fair Value of the building is considered to be best reflected as a summation of the land value estimated using sales comparison approach and depreciated cost of improvements using the cost approach. 2. BAJAJ AUTO LIMITED Property which is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Company, is classified as investment property. Investment property is measured initially at its cost, including related transaction costs. Subsequent expenditure is capitalised to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Company and the cost of the item can be measured reliably. Repairs and maintenance costs are expensed when incurred. Depreciation on investment property is provided on a pro rata basis on straight line method over the estimated useful lives. Useful life of assets, as assessed by the Management, corresponds to those prescribed by Schedule II–Part ‘C’. Transfers of Investment Property — Amendments to Ind AS 40 The amendments clarify when an entity should transfer property, including property under construction or development into, or out of investment property. The amendments state that a change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. A mere change in management’s intentions for the use of a property does not provide evidence of a change in use. These amendments do not have any impact on the Company’s standalone financial statements.

|473| Chap. 20 – Ind AS 40 — Investment Property Disclosure 3 Investment property (` In Crore) Particulars As at 31 March 2019 2018 Gross carrying amount Opening balance 69.66 69.46 Additions – 0.20 Closing balance 69.66 69.66 Accumulated depreciation Opening balance 12.55 10.93 Depreciation charge 1.61 1.62 Closing balance 14.16 12.55 Net carrying amount 55.50 57.11 See note 3 of standalone financial statements for the following disclosures in regard to investment property: i) Amounts recognised in profit and loss for investment properties ii) Contractual obligations iii) Leasing arrangements iv) Fair value 3. BHARAT PETROLEUM CORPORATION LIMITED Investment property is property (land or a building — or part of a building — or both) held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in production or supply of goods or services or for administrative purposes. Investment properties are stated at cost net of accumulated depreciation and accumulated impairment losses, if any. Any gain or loss on disposal of investment property calculated as the difference between the net proceeds from disposal and the carrying amount of the Investment Property is recognized in Consolidated Statement of Profit and Loss. On transition to Ind AS i.e. 1st April 2015, the Group has re-classified certain items from Property, Plant and Equipment to investment property. For the same, Group has elected to use the exemption available under Ind AS 101 to continue the carrying value for such assets as recognized in the financial statements as at the date of transition to Ind ASs, measured as per the previous GAAP and use that as its deemed cost as at the date of transition (1st April 2015). 4. COLGATE PALMOLIVE INDIA LIMITED Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Company, is classified as investment property. Investment property is measured initially at its cost, including related transaction costs and where applicable borrowing costs. Subsequent expenditure is capitalised to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. Investment properties are depreciated using the straight-line method over their estimated useful lives which is 40 years. Though the Company measures investment property using cost based measurement, the fair value of investment property is disclosed in the notes. Fair values are determined based on an annual evaluation performed by an accredited external independent valuer.

|474| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Investment properties are derecognised either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of derecognition. Disclosure (iv) Buildings include investment property with net carrying value of ` 2,39.25 lakhs (March 31, 2018 : ` 2,51.82 lakhs) and fair value of ` 34,65 lakhs (March 31, 2018 : ` 34,00 lakhs). Fair value is determined based on an annual evaluation performed by an accredited external independent valuer using discounted cashflow method. The significant unobervable inputs considered includes estimated rental value per sq.ft per month ` 120/- to ` 170/-, growth rate p.a 5%, discount rate 12%. The rental income and depreciation expense for the year ended March 31, 2019 are ` 2,36.25 lakhs (March 31, 2018 : ` 1,96.88 lakhs) and ` 12.56 lakhs (March 31, 2018 : ` 12.56 lakhs) respectively. (Refer Note 34B(ii)). 5. DLF LIMITED Recognition and initial measurement Investment properties are properties held to earn rentals or for capital appreciation or both. Investment properties are measured initially at their cost of acquisition including transaction costs. On transition to Ind AS, the Group had elected to measure all of its investment properties at the previous GAAP carrying value (deemed cost). The cost comprises purchase price, borrowing cost, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discount and rebates are deducted in arriving at the purchase price. When significant parts of the investment property are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Property held under lease is classified as investment property when it is held to earn rentals or for capital appreciation or for both, rather than for sale in the ordinary course of business or for use in production or administrative functions. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group. All other repair and maintenance costs are recognised in statement of profit and loss as incurred. The cost includes the cost of replacing parts and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of the investment property are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. All other repair and maintenance costs are recognised in profit or loss as incurred. Transfers are made to (or from) investment property only when there is a change in use. For a transfer from investment property to owner-occupied property, the deemed cost for subsequent accounting is the fair value at the date of change in use. Subsequent measurement (depreciation and useful lives) Investment properties are subsequently measured at cost less accumulated depreciation and impairment losses, if any Depreciation on investment properties is provided on the straight-line method, over the useful lives of the assets are as follows: Asset category* Estimated useful life (in years) Estimated useful life as per Schedule II to the Companies Act 2013. (in years), as amended Buildings and related equipment 15 to 60 60 Furniture and fixtures 5 to 10 10 Estimated useful life of Leasehold land is over the period of lease.

|475| Chap. 20 – Ind AS 40 — Investment Property The group, based on technical assessment made by technical expert and management estimate, depreciates certain items of buildings and furniture and fixtures over estimated useful lives which are different from the useful life prescribed in Schedule to the Companies Act, 2013. The management believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used. Apart from all the assets, the Group has developed commercial space (in addition to automated multi-level car parking) over the land parcel received under the build, own, operate and transfer scheme of the public private partnership (as mentioned in the intangible assets policy below) which has been depreciated in the proportion in which the actual revenue received during the accounting year bears to the projected revenue from such assets till the end of concession period. The residual values, useful lives and method of depreciation are reviewed at the end of each financial year and adjusted prospectively, if appropriate. Though the Group measures investment property using cost based measurement, the fair value of investment property is disclosed in the notes. Fair values are determined based on an annual evaluation performed by an accredited external independent valuer applying a valuation model acceptable internationally. De-recognition Investment properties are de-recognised either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in statement of profit and loss in the period of de-recognition. 5. INVESTMENT PROPERTIES# The changes in the carrying value of investment properties for the period ended 31 March 2019 are as follows: (` in lakhs) Description Gross block Accumulated depreciation Net block 1 April 2018 Additions Disposals/ Adjustments Assets held for Sale^^ 31 March 2019 1 April 2018 Additions Disposals/ Adjustments Assets held for Sale^^ 31 March 2019 31 March 2019 31 March 2018 Land$ 190,440.12 45,360.82 - 47,611.41 188,189.53 1,363.15 595.56 - 1,958.71 - 188,189.53 189,076.97 Buildings and related equipments 292,188.85 1,392.20 831.41 185,017.36 107,732.28 16,876.20 8,148.23 72.77 15,367.28 9,584.38 98,147.90 275,312.65 Furniture and fixtures 1,066.65 240.13 1.06 761.49 544.23 519.26 116.90 2.04 252.94 381.18 163.05 547.39 Sub-total (A) 483,695.62 46,993.15 832.47 233,390.26 296,466.04 18,758.61 8,860.69 74.81 17,578.93 9,965.56 286,500.48 464,937.01 Capital work-inprogress (B)* 71,132.14 24,012.84 65.65 12,003.40 83,075.93 - - - - 83,075.93 71,132.14 Total (A+B) 554,827.76 71,005.99 898.12 245,393.66 379,541.97 18,758.61 8,860.69 74.81 17,578.93 9,965.56 369,576.41 536,069.15 The changes in the carrying value of investment properties for the year ended 31 March 2018 are as follows: (` in lakhs) Description Gross block Accumulated depreciation Net block 1 April 2017 Additions Disposals^/ Adjustments Assets held for Sale^^ 31 March 2018 1 April 2017 Additions Disposals^/ Adjustments Assets held for Sale^^ 31 March 2018 31 March 2018 31 March 2017 Land$ 302,801.06 10,406.50 106,758.25 16,009.19 190,440.12 - 1,363.15 - - 1,363.15 189,076.97 302,801.06 Buildings and related equipments 1,524,071.41 50,568.35 1,282,450.91 - 292,188.85 71,945.14 30,762.83 85,831.77 - 16,876.20 275,312.65 1,452,126.27

|476| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts (` in lakhs) Description Gross block Accumulated depreciation Net block 1 April 2017 Additions Disposals^/ Adjustments Assets held for Sale^^ 31 March 2018 1 April 2017 Additions Disposals^/ Adjustments Assets held for Sale^^ 31 March 2018 31 March 2018 31 March 2017 Furniture and fixtures 10,375.77 52.98 9,362.10 - 1,066.65 4,922.23 978.06 5,381.03 - 519.26 547.39 5,453.54 Sub-total (A) 1,837,248.24 61,027.83 1,398,571.26 16,009.19 483,695.62 76,867.37 33,104.04 91,212.80 - 18,758.61 464,937.01 1,760,380.87 Capital work-inprogress (B)* 358,777.61 78,196.67 365,842.14 71,132.14 - - - - - 71,132.14 358,777.61 Total (A+B) 2,196,025.85 139,224.50 1,764,413.40 16,009.19 554,827.76 76,867.37 33,104.04 91,212.80 - 18,758.61 536,069.15 2,119,158.48 # Investment property has been pledged as security for borrowings, refer note 22 & 27 for details. * Capital work-in progress comprises expenditure for building and related equipments under course of construction and installation. ^ Refer note 43(e)(i). ^^ Refer note 57. $ Includes leasehold land taken on long-term lease by the Group. (i) Contractual obligations Refer note 48(b) for disclosure of contractual commitments for the acquisition of investment properties. (ii) Capitalised borrowing cost For borrowing cost capitalisation disclosure, refer note 33. (iii) Amount recognised in profit and loss for investment properties (` in lakhs) Particulars 31 March 2019 31 March 2018 Rental income 59,923.38 224,007.24 Less: Direct operating expenses generating rental income@ 4,316.30 7,890.91 Profit from leasing of investment properties 55,607.08 216,116.33 Less: depreciation expense 8,860.69 33,104.04 Profit from leasing of investment properties after depreciation 46,746.39 183,012.29 @ It includes advertisement and publicity, sales promotion, fee & taxes, ground rent, repair and maintenance, legal & professional, commission and brokerage. (iv) Leasing arrangements Certain investment properties are leased to tenants under long-term operating leases with rentals payable monthly. Refer note 58(b) for details on future minimum lease rentals. (v) Fair value (` in lakhs) Particulars 31 March 2019 31 March 2018 Fair value 1,499,497.11 1,733,735.35 Fair value hierarchy and valuation technique 1) The fair value of investment property has been determined by external, independent property valuers, having appropriate recognised professional qualification and recent experience in the location and category of the property being valued. A valuation model in accordance with that recommended by the international valuation standards committee had been applied. The Group obtains independent valuations for its investment properties annually and fair value measurement has been categorised as Level 3. The fair value has been arrived using discounted cash flow projections based on reliable

|477| Chap. 20 – Ind AS 40 — Investment Property estimates of future cash flows considering growth in rental of 3%-5%(31 March 2018: 3%-5%), longterm vacancy rate of 7.50%-9.50% (31 March 2018: 7.50%-9.50%) and discount rate of 11.50%.(31 March 2018: 11.50%). 2) The Group (“Developer”) has a land parcels which is notified Special Economic Zone (“SEZ”) and classified under investment property. The Developer has partially developed the SEZ under the co-development agreement between the Group and DLF Assets Private Limited (“DAPL” or “the Codeveloper”), one of the subsidiary company and transferred completed bare shell buildings to DAPL. Remaining portion of such land is under development. As per the co-developer agreement, the underneath the buildings has been given on long-term lease to DAPL. The management has assessed that the value of such SEZ land classified under investment property, based on the prevailing circle rates, is higher than the book value. However, given the above arrangement and restriction on the sale of land in a SEZ as described under SEZ Rules, 2006, the management considered carrying value aggregating ` 13,214.25 lakhs (31 March 2018: ` 13,214.25 lakhs) to be a reasonable estimate of its fair value. Reconciliation of fair value: (` in lakhs) Opening balance as at 1 April 2018 1,733,735.35 Increase of Fair value 78,068.53 Decline in fair value 17,306.77 Transferred to Assets held for sale (refer note 57) 295,000.00 Closing balance as at 31 March 2019 1,499,497.11 Valuation models applied for valuation (i) Discounted cash flow method - net present value is determined based on projected cash flows discounted at an appropriate rate (ii) Sales comparable method - this method compares the price or price per unit area of similar properties being sold in the marketplace. Most of the group companies have used the average of above mentioned methods to arrive at fair value except certain group companies wherein fair valuation has been determined based on rent capitalisation method and comparable market rate approach to arrive at fair value. 6. GMR INFRASTRUCTURE LIMITED Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any. The cost includes borrowing costs for long-term construction projects if the recognition criteria are met. Depreciation is recognised using straight line method so as to write off the cost of the investment property less their residual values over their useful lives specified in Schedule II to the Companies Act, 2013, or in the case of assets where the useful life was determined by technical evaluation, over the useful life so determined. Depreciation method is reviewed at each financial year end to reflect the expected pattern of consumption of the future benefits embodied in the investment property. The estimated useful life and residual values are also reviewed at each financial year end and the effect of any change in the estimates of useful life / residual value is accounted on prospective basis. Freehold land and properties under construction are not depreciated. Investment properties are derecognised either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of derecognition.

|478| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 5. Investment property under construction (` in crore) Particulars Investment property under construction Total Cost As at 01 April 2017 2,521.81 2,521.81 Acquisitions during the year 1.01 1.01 Expenses capitalised during the year 284.16 284.16 Disposals (0.36) (0.36) As at March 31, 2018 2,806.62 2,806.62 Acquisitions during the year 0.25 0.25 Expenses capitalised during the year 336.37 336.37 Disposals (0.56) (0.56) As at March 31, 2019 3,142.68 3,142.68 Accumulated depreciation As at April 01, 2017 1.13 1.13 Charge for the year 0.88 0.88 Disposals - - As at March 31, 2018 2.01 2.01 Charge for the year 0.88 0.88 Disposals - - As at March 31, 2019 2.89 2.89 Net block As at March 31, 2018 2,804.61 2,804.61 As at March 31, 2019 3,139.79 3,139.79 Notes : (a) Information regarding income and expenditure of Investment property (` in crore) Particulars March 31, 2019 March 31, 2018 Rental income derived from investment property 7.36 7.94 Less: Direct operating expenses (including repairs and maintenance) generating rental income (3.33) (4.85) Less: Direct operating expenses (including repairs and maintenance) that did not generate rental income (2.90) (2.60) Profit / (loss) arising from investment properties before depreciation 1.13 0.49 Less: Depreciation for the year (0.88) (0.88) Profit / (loss) arising from investment properties 0.25 (0.39) (b) Investment property under construction as at March 31, 2019 represents 10,862 acres (March 31, 2018 : 10,826 acres) of land held by the Group consisting of 8,240 acres (March 31, 2018 : 8,240 acres) of land held by KSL for the purpose of SEZ and industrial in Kakinada, 1,323 acres (March 31, 2018 : 1,284 acres) of land held by GKSIR for the purpose of SEZ at Krishnagiri and 1,299 acres (March 31, 2018 : 1,302 acres) of land held by various other entities. (c) State Industries Promotion Corporation of Tamil Nadu (SIPCOT) has issued notification / notice for acquisition of 592 acres (March 31, 2018 : 592 acres) of land for industrial purpose. The management of the Group does not foresee any financial loss arising out of such notification / notice. (d) Investment property of the Group has been pledged for the borrowing taken by the Group. Refer note 18 and note 23.

|479| Chap. 20 – Ind AS 40 — Investment Property (e) Fair value hierarchy disclosures for investment properties have been provided in Note 52. 7. GVK POWER AND INFRASTRUCTURE LIMITED Investment properties is property either to earn rental income or for capital appreciation or for both but not for sale in ordinary course of business, use in production or supply of goods or services or for administrative purpose. Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any. The cost includes the cost of replacing parts and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of the investment property are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. All other repair and maintenance costs are recognised in profit or loss as incurred. Investment properties are derecognised either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of derecognition. 5. Investment property-Land Particulars Amount Opening balance as at April 01,2018 11,655 Additions (subsequent expenditure) - Closing balance at March 31, 2019 11,655 The Group’s investment properties consist of vacant land having an extent of about 2600 Acres acquired by GVKPSPL, in five villages Thirumanthurai, Eraiyur, Peraiyur, Pennakonam (North) and Pennakonam (South) in Perambalur district during the year 2007 and 2008 from local villagers. This property is located on the eastern side of NH-45 just after Thirumanthurai Toll Gate when we drive from Chennai to Trichy As at March 31, 2019 and March 31, 2018 the fair values of the properties are ` 75,000 Lakhs and ` 75,000 Lakhs respectively. These valuations are based on valuations performed by Er.L.Balaji. an accredited independent valuer. Er.L.Balaji is a specialist in valuing these types of investment properties. This investment property has been pledged as security against loans taken by the Group (Refer note 23 and 28). 8. HINDUSTAN CONSTRUCTION COMPANY LIMITED Investment properties are held to earn rentals or for capital appreciation, or both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment properties are measured initially at their cost of acquisition. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group. All other repair and maintenance costs are recognised in statement of profit and loss as incurred Though the Group measures investment property using cost based measurement, the fair value of investment property is disclosed in the notes. Fair values are determined on an annual evaluation based on the reckoner value with the main inputs being comparable transactions and industry data. Depreciation on investment properties (building) is provided on the straight-line method, computed on the basis of useful lives as prescribed in Schedule II to the Companies Act, 2013 i.e. 60 years. The residual values, useful lives and method of depreciation are reviewed at the end of each financial year and the effect of any change in the estimates of useful lives/residual value is accounted on prospective basis.

|480| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts NOTE 4 INVESTMENT PROPERTY ` crore Particulars Land Building Total Gross carrying value (at deemed cost) As at 1 April 2017 1.94 2.36 4.30 Additions - - - Disposals - - - Adjustments [Refer sub-note (iii)] 0.11 - 0.11 Additions - - - Disposals - - - Adjustments [Refer sub-note (iii)] 0.04 - 0.04 Accumulated depreciation As at 1 April 2017 - 1.55 1.55 Depreciation charge - 0.13 0.13 Depreciation charge - 0.04 0.04 Net carrying value As at 31 March 2018 2.05 0.68 2.73 Information regarding income and expenditure of Investment Property ` crore Year ended March 31, 2019 Year ended March 31, 2018 Rental Income derived from investment property 0.06 0.06 Direct operating expenses (including repairs and maintenance) generating rental income (0.22) (0.22) Loss arising from investment properties before depreciation and indirect expenses (0.16) (0.16) Less : Depreciation (0.04) (0.13) Loss arising from investment properties before indirect expenses (0.20) (0.29) Note: (a) The fair value of the Land situated in Switzerland as at the Balance Sheet date is ` 2.09 crore (CHF 300,000) [31 March 2018: ` 2.06 crore (CHF 300,000). (b) The fair value of the Building situated in Mumbai, Maharashtra, India as at the Balance Sheet date is ` 13.36 crore (31 March 2018: ` 13.36 crore). (c) Adjustments represent exchange loss arising on long-term foreign currency monetary items. 9. INDIABULLS REAL ESTATE LIMITED Recognition and initial measurement Investment properties are held to earn rentals or for capital appreciation, or both. Investment properties are measured initially at their cost of acquisition. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discount and rebates are deducted in arriving at the purchase price. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group. All other repair and maintenance costs are recognised in statement of profit and loss as incurred. Though the Group measures investment property using cost based measurement, the fair value of investment property is disclosed in the notes. Fair values are determined based on an annual valuation performed by an

|481| Chap. 20 – Ind AS 40 — Investment Property accredited external independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property being valued. Subsequent measurement (depreciation and useful lives) Depreciation on investment properties is provided on the straight-line method, computed on the basis of useful lives (as set out below) prescribed in Schedule II to the Companies Act, 2013: Asset class Useful life Building and related fixtures Buildings 60 years Fixtures 10 years Plant and equipment 12 - 15 years The residual values, useful lives and method of depreciation of are reviewed at the end of each financial year and adjusted prospectively, if appropriate 10. KANSAI NEROLAC PAINTS LIMITED Significant Accounting Policies 4. Investment property (a) Recognition and Measurement Land or building held to earn rentals or for capital appreciation or both rather than for use in the production or supply of goods or services or for administrative purposes; or sale in the ordinary course of business is recognised as Investment Property. Land held for a currently undetermined future use is also recognised as Investment Property. An Investment Property is measured initially at its cost. The cost of an Investment Property comprises its purchase price and any directly attributable expenditure. After initial recognition, the Company carries the Investment Property at the cost less accumulated depreciation and accumulated impairment, if any. (b) Depreciation After initial recognition, the Company measures all of its Investment Property in accordance with Ind AS 16 – Property, Plant and Equipment requirements for cost model. The depreciable amount of an item of Investment Property is allocated on a systematic basis over its useful life. The Company provides depreciation on the straight line method. The Company believes that straight line method reflects the pattern in which the asset’s future economic benefits are expected to be consumed by the Company. Based on internal technical evaluation, the management believes useful lives of the assets are appropriate. The depreciation method is reviewed at least at each financial year-end and, if there has been a significant change in the expected pattern of consumption of the future economic benefits embodied in the asset, the method is changed to reflect the changed pattern. Such a change is accounted for as a change in an accounting estimate in accordance with Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors. The depreciation charge for each period is generally recognised in the Standalone Statement of Profit and Loss. The residual value and the useful life of an asset is reviewed at least at each financial year-end and, if expectations differ from previous estimates, the change(s) is accounted for as a change in an accounting estimate in accordance with Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors. The estimated useful lives for the current and comparative periods are as follows:

|482| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Asset class useful lives (in years) – as per companies Act, 2013 useful lives (in years) – as estimated by the company Buildings 30-60 30-60 (c) Fair Value Fair value of Investment Property is based on a valuation by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the Investment Property being valued. The fair value of Investment Property is disclosed in the Note 3. (d) Gain or loss on disposal Any gain or loss on disposal of an Investment Property is recognised in the Standalone Statement of Profit and Loss. Note 3: Investment property ` in Crores Description Gross Block Accumulated depreciation Net Block As at 1st April, 2018 Additions Deductions As at 31st March, 2019 As at 1st April, 2018 Additions Deductions As at 31st March, 2019 As at 31st March, 2019 Freehold Land 0.07 — — 0.07 — — — — 0.07 (0.07) (—) (—) (0.07) (—) (—) (—) (—) (0.07) Leasehold Land 0.01 — — 0.01 — — — — 0.01 (0.01) (—) (—) (0.01) (—) (—) (—) (—) (0.01) Buildings 3.39 — — 3.39 3.29 — — 3.29 0.10 (3.39) (—) (—) (3.39) (3.29) (—) (—) (3.29) (0.10) total investment Property 3.47 — — 3.47 3.29 — — 3.29 0.18 (3.47) (—) (—) (3.47) (3.29) (—) (—) (3.29) (0.18) 3.1. Figures in the brackets are the corresponding figures in respect of the previous year. 3.2. Nil amount of borrowing costs is capitalised during the current and comparative period. 3.3. Nil amount of impairment loss is recognised during the current and comparative period. 3.4. During the financial year, no rental income was generated from the investment properties whereas direct operating expenses of ` 0.18 Crores (2017-2018 ` 0.18 Crores) were incurred and recorded as expense in the Consolidated Statement of Profit and Loss. 3.5. Total fair value of Investment Property is ` 1381.20 Crores (2017-2018 ` 1381.20 Crores). Fair Value Hierarchy The fair value of Investment Property has been determined by external independent property valuers, having appropriate recognised professional qualification and recent experience in the location and category of the property being valued. The fair value measurement for all of the Investment Property has been categorised as a level 3 fair value based on the inputs to the valuation techniques used. Description of Valuation Technique used The fair value of the Investment Property have been derived using the Direct Comparison Method. The direct comparison approach involves a comparison of the Investment Property to similar properties that have actually been sold in arms-length distance from Investment Property or are offered for sale in the same region.This approach demonstrates what buyers have historically been willing to pay (and sellers

|483| Chap. 20 – Ind AS 40 — Investment Property willing to accept) for similar properties in an open and competitive market, and is particularly useful in estimating the value of the land and properties that are typically traded on a unit basis. This approach leads to a reasonable estimation of the prevailing price. Given that the comparable instances are located in close proximity to the Investment Property; these instances have been assessed for their locational comparative advantages and disadvantages while arriving at the indicative price assessment for Investment Property. 11. KEWAL KIRAN CLOTHING LIMITED Significant Accounting Policies Investment Properties Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Group for its own business, is classified as investment property. Investment properties are measured at its cost, including related transaction costs and where applicable borrowing costs less depreciation and impairment if any. Depreciation on building held as Investment Properties is provided over it’s useful life (of 60 years) using the straight-line method. Notes to Accounts 2.1.1 INVESTMENT PROPERTY (` in lakhs except as otherwise stated) Particulars As at 31st March 2019 As at 31st March 2018 Rental income derived from Investment property 92.33 89.51 Direct operating expenses (Including repair and maintenance) - 2.58 Income arising from Investment properties before depreciation 92.33 86.93 Depreciation 8.76 8.76 Income from Investment properties (Net) 83.57 78.17 2.1.2 Building includes the value of 14,000 (P.Y. 14,000) share of ` 100 each in Synthofine Estate CHS Ltd and value of 10 (P.Y. 10) share of ` 50 each in Gautam Chemical Industrial Premises CHS Ltd. 2.1.3 Building includes building constructed on lease hold land having Gross block of ` 226.65 lakhs (P.Y. ` 226.65 lakhs) 2.1.4 In the year 2014-15, the company has acquired freehold land with integrated structures for a composite value whose conveyance is registered and municipal records updated. The value of the structure is determined based on estimated depreciated value of structures and the balance is considered as the value of the land. In respect of the land, the company has undivided share in land. Also an insignificant portion of land is unlawfully occupied by an illegal occupant and the said occupant had raised some illegal structures which were demolished by the Municipal Corporation. The said illegal occupant has filed a suit in the Hon’ble High Court for his alleged claim in respect of the portion of the land illegally occupied by him. The company has refuted the alleged claim of the illegal occupant and is defending the suit. The Company has filed an Eviction suit against the illegal occupant in the Hon’ble Small Causes Court. Both the said matters are sub-judiced. There is insignificant impact of these litigations on the financial position of the company. 2.1.5 Amount capitalised under building block includes ` 876.71 (P.Y. Nil) being the amount of capital expenditure incurred on self-constructed assets. Further such amount included under CWIP is aggregating to ` 210.92 lakhs (P.Y. ` 851.49 lakhs).

|484| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 12. LARSEN & TOUBRO LIMITED (m) Investment property Properties (including those under construction) held to earn rentals and/or capital appreciation are classified as investment property and are measured and reported at cost, including transaction costs. Depreciation is recognised using straight line method so as to write off the cost of the investment property less their residual values over their useful lives specified in Schedule II to the Companies Act, 2013, or in the case of assets where the useful life was determined by technical evaluation, over the useful life so determined. Depreciation method is reviewed at each financial year end to reflect the expected pattern of consumption of the future benefits embodied in the investment property. The estimated useful life and residual values are also reviewed at each financial year end and the effect of any change in the estimates of useful life/ residual value is accounted on prospective basis. Freehold land and properties under construction are not depreciated. An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of property is recognised in the Statement of Profit and Loss in the same period. Class of assets Cost Depreciation Impairment Book value As at 1-4- 2018 Additions Foreign currency fluctuation Transfer (to)/from inventories and owners occupied property Deductions As at 31- 03-2019 Up to 31-03- 2018 For the period Foreign currency fluctuation Transfer (to)/from inventories and owners occupied property Deductions Up to 31-3- 2019 Up to 31-3- 2018 Up to 31-3- 2019 As at 31- 3-2019 As at 31-3- 2018 Land 581.80 31.21 0.62 (51.84) 8.01 553.78 5.33 8.14 – (0.79) – 12.68 2.48 4.71 536.39 573.99 Buildings 1396.85 188.58 - (106.18) 104.63 1374.62 29.62 26.64 – (4.38) 13.25 38.63 – – 1335.99 1367.23 Total 1978.65 219.79 0.62 (158.02) 112.64 1928.40 34.95 34.78 – (5.17) 13.25 51.31 2.48 4.71 1872.38 1941.22 Previous year 188.81 1777.90 0.05 24.37 12.48 1978.65 8.87 30.43 – 0.98 5.33 34.95 2.48 Add: Capital work-inprogress 4254.56 4345.86 Notes: (a) Carrying value of Investment property pledged as collateral for liabilities and/or commitments and having restriction on title as at March 31, 2019 ` 0.16 crore (previous year: ` 0.16 crore) (b) Useful life of building included in investment property: 20 to 60 years (c) Amount recognised in the Statement of Profit and Loss for investment property: Sr. No. Particulars 2018-19 2017-18 1 Rental income derived from investment property 148.71 73.31 2 Direct operating expenses arising from investment property that generated rental income 7.37 3.03 (d) Fair value of investment property: ` 6456.76 crore as at March 31, 2019 (` 6448.68 crore as at March 31, 2018). (e) The fair values of investment property have been determined with the help of internal architectural department and independent valuers on a case to case basis. Fair value of property that are evaluated by independent valuers amounted to ` 2693.38 crore. (previous year: R 2510.89 crore). Valuation is based on government rates, market research, marked trend and comparable values as considered appropriate. (f) Impairment during the year ` 2.23 crore includes `0.15 crore on account of foreign currency fluctuation on land and ` 99.33 crore on CWIP (previous year: ` 2.48 crore on land and ` 133.49 crore on CWIP)

|485| Chap. 20 – Ind AS 40 — Investment Property 13. MAHINDRA LIFESPACE DEVELOPERS LIMITED a) Significant Accounting Policies 2.17 Investment Property Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured in accordance with Ind AS 16’s requirements for cost model. Investment property includes freehold/leasehold land and building. Depreciation on investment property has been provided on pro-rata basis, on the straight-line method as per the useful life of such property. Buildings are depreciated over the period of 60 years considering this period as the useful life for the Group. An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised. 5 - Investment Property (` in lakh) Description of Assets Land Buildings Total I. Gross Carrying Amount/Deemed Cost Balance as at 1st April, 2018 1,766.17 1,189.01 2,955.18 Balance as at 31st March, 2019. 1,766.17 1,189.01 2,955.18 II. Accumulated depreciation and impairment Balance as at 1st April, 2018. - 768.31 768.31 Depreciation expense for the year - 46.04 46.04 Balance as at 31st March, 2019 - 814.35 814.35 III. Net carrying amount (I-II) 1,766.17 374.66 2,140.83 (` in lakh) Description of Assets Land Buildings Total I. Gross Carrying Amount/Deemed Cost Balance as at 1st April, 2017 1,810.44 1,236.77 3,047.21 Deductions during the year (44.27) (47.76) (92.03) Balance as at 31st March, 2018 1,766.17 1,189.01 2,955.18 II. Accumulated depreciation and impairment Balance as at 1st April, 2017 - 701.98 701.98 Depreciation expense for the year - 81.73 81.73 Eliminated on disposal of assets . - (15.40) (15.40) Balance as at 31st March, 2018 - 768.31 768.31 III. Net carrying amount (I-II) 1,766.17 420.70 2,186.87 Fair value disclosure on Company’s investment properties The Company’s investment property consist of a commercial property constructed on land taken on perpetual lease in India, Mahindra Towers at Delhi. Management determined that the investment properties consist of two classes of assets − office and retail − based on the nature, characteristics and risks of each property.

|486| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Details of the investment properties and information about the fair value hierarchy: Particulars Mahindra Towers, Delhi # GE Plaza, Pune * Land Buildings Total Land Buildings Total Opening balance as at 1st April, 2017 13,035.60 1,253.28 14,288.88 106.02 190.12 296.14 Fair value difference 1,103.57 (119.46) 984.11 - - - Opening balance as at 1st April, 2018 14,139.17 1,133.82 15,272.99 - - - Fair value difference 141.72 (29.84) 111.88 - - - Closing balance as at 31st March, 2019 14,280.89 1,103.98 15,384.87 - - - # The fair values of the Mahindra Towers at Delhi have been arrived at on the basis of a valuation carried out as on 31st March, 2019 by Anarock Property Consultant Pvt. Ltd. and as on 31st March 2018 by Jones Lang Lasalle Property Consultant (India) Pvt. Ltd., independent valuers not related to the Company. Anarock Property Consultant Pvt. Ltd. and Jones Lang Lasalle Property Consultant (India) Pvt. Ltd. are registered with the authority which governs the valuers in India and they have appropriate qualifications and experience in the valuation of properties in the relevant locations. The Fair value was determined using the market comparable approach based on recent market prices without any significant adjustments being made to the market observable data. * During the previous year ended 31st March, 2018, the Company had sold its investment property GE Plaza at Pune. Information regarding income and expenditure of Investment property (` in lakh) Particulars For the year ended 31st March, 2019 For the year ended 31st March, 2018 Rental income derived from investment properties (included in 'Revenue from Operations') 1,437.09 277.87 Direct operating expenses (including repairs and maintenance) that generate rental income 1,820.63 255.85 14. NESCO LIMITED Investment properties are properties that are held to earn rentals and /or for capital appreciation and not occupied by the Company for its own use. Investment properties are measured initially at cost, including transaction costs and net of recoverable taxes. The cost includes the cost of replacing parts and borrowing costs if recognition criteria are met. When significant parts of the investment property are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. All other repair and maintenance costs are recognized in profit or loss as incurred. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any. Depreciation on Investment property, wherever applicable, is provided on straight line basis as per useful lives prescribed in Schedule II to Companies Act, 2013. Investment properties are derecognized either when they have been disposed of or when they are being occupied by the Company for its own use or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of de-recognition. Depreciation methods, estimated useful lives and residual value Depreciation on Property, Plant and Equipment and Investment Property is provided using the Straight Line Method based on the useful life of the assets as estimated by the management and is charged to the Statement of Profit and Loss as per the requirement of Schedule II of the Companies Act, 2013. The estimate of the useful life of the assets has been assessed based on technical advice which considered the nature of the asset, the usage of the asset, expected physical wear and tear, the operating conditions of the asset,

|487| Chap. 20 – Ind AS 40 — Investment Property anticipated technological changes, manufacturers warranties and maintenance support, etc. The estimated useful life of Property, Plant and Equipment and Investment Property is mentioned below: Asset Class Years Factory Buildings 30 Buildings (other than Factory Buildings) 60 Plant and Equipment 15 Electrical Installations 10 Patterns and Mouldings 8 Kitchen Equipment 5 Furniture and Fixtures and Office equipment :- - Office furniture 10 - Computers 3 - Office equipment 5 - Vehicles 10 The Property, plant and equipment acquired under finance leases is depreciated over the asset’s useful life. 15. OIL AND NATURAL GAS CORPORATION LIMITED Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured in accordance with Ind AS 16 requirements for cost model. The Group depreciates building component of investment property over 30 years from the date of original construction, based on the useful life prescribed in Schedule II to the Companies Act, 2013 using the Straight-Line Method. The management believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used. An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on de-recognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognized. 16. RALLIES INDIA LIMITED Recognition and Measurement Land or building held to earn rentals or for capital appreciation or both rather than for use in the production or supply of goods or services or for administrative purposes; or sale in the ordinary course of business is recognised as Investment Property. Land held for undetermined future use is also recognised as Investment Property. An investment property is measured initially at its cost. The cost of an investment property comprises its purchase price and any directly attributable expenditure. After initial recognition, the Company carries the investment property at the cost less accumulated depreciation and accumulated impairment, if any. The residual value and the useful life of an asset is reviewed at least at each financial year-end and, if expectations differ from previous estimates, the change(s) is accounted for as a change in an accounting estimate in accordance with Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors. Depreciation After initial recognition, the Company measures all of its investment property in accordance with Ind AS 16 – Property, Plant and Equipment requirements for cost model. The depreciable amount of an item of investment property is allocated on a systematic basis over its useful life. The Company provides

|488| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts depreciation on the straight line method. The Company believes that straight line method reflects the pattern in which the asset’s future economic benefits are expected to be consumed by the Company. Based on internal technical evaluation, the management believes useful lives of the assets are appropriate. The depreciation method is reviewed at least at each financial year-end and, if there has been a significant change in the expected pattern of consumption of the future economic benefits embodied in the asset, the method is changed to reflect the changed pattern. Such a change is accounted for as a change in an accounting estimate in accordance with Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors. The depreciation charge for each period is recognised in the Standalone Statement of Profit and Loss. The estimated useful lives for the current and comparative periods are as follows: Type/Category of Asset Useful Lives (in years) – as per Companies Act, 2013 Useful Lives (in years) – as estimated by the Company Buildings including factory buildings 60 60 Fair Value Fair value of investment property is based on a valuation by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property being valued. The fair value of investment property is disclosed in the Note 5. Gain or Loss on Disposal Any gain or loss on disposal of an Investment Property is recognised in the Standalone Statement of Profit and Loss. 17. TATA CHEMICALS LIMITED Significant Accounting Policies Investment properties are land and buildings that are held for long term lease rental yields and/ or for capital appreciation. Investment properties are initially recognised at cost including transaction costs. Subsequently investment properties comprising building are carried at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation on buildings is provided over the estimated useful lives as specified in note 2.9 above. The residual values, estimated useful lives and depreciation method of investment properties are reviewed, and adjusted on prospective basis as appropriate, at each reporting date. The effects of any revision are included in the Consolidated Statement of Profit and Loss when the changes arise. An investment property is de-recognised when either the investment property has been disposed of or does not meet the criteria of investment property i.e. when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in the Consolidated Statement of Profit and Loss in the period of de-recognition. Notes to Accounts 5. Investment property ` in crore Particulars Land Building Total Gross Block Balance as at April 1, 2017 2.45 3.37 5.82 Transferred from property, plant and equipment 1.13 23.15 24.28 Balance as at March 31, 2018 3.58 26.52 30.10 Additions - - -

|489| Chap. 20 – Ind AS 40 — Investment Property ` in crore Particulars Land Building Total Accumulated Depreciation Balance as at April 1, 2017 - 0.16 0.16 Depreciation for the year - 0.08 0.08 Transferred from property, plant and equipment - 1.92 1.92 Balance as at March 31, 2018 - 2.16 2.16 Depreciation for the year - 0.73 0.73 Net Block as at March 31, 2018 3.58 24.36 27.94 Footnotes: a) Disclosures relating to fair valuation of investment property Fair value of the above investment property as at March 31, 2019 is D 363.01 crore based on external valuations. Fair Value Hierarchy The fair value of investment property has been determined by external independent property valuers, having appropriate recognised professional qualification and recent experience in the location and category of the property being valued. The fair value measurement for all of the investment property has been categoried as a level 3 fair value based on the inputs to the valuation techniques used. Description of valuation technique used The Group obtains independent valuations of its investment property after every three years as per requirement of Ind AS 40. The fair value of the investment property have been derived using the Direct Comparison Method. The direct comparison approach involves a comparison of the investment property to similar properties that have actually been sold in arms-length distance from investment property or are offered for sale in the same region. This approach demonstrates what buyers have historically been willing to pay (and sellers willing to accept) for similar properties in an open and competitive market, and is particularly useful in estimating the value of the land and properties that are typically traded on a unit basis. This approach leads to a reasonable estimation of the prevailing price. Given that the comparable instances are located in close proximity to the investment property; these instances have been assessed for their locational comparative advantages and disadvantages while arriving at the indicative price assessment for investment property. b) The Group has not earned any material rental income on the above properties. 18. TATA COFFEE LIMITED Property that is held for long-term rental yields or for capital appreciation or both, and that is not used in the production of goods and services or for the administrative purposes is classified as investment property. Investment property is measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any. Subsequent expenditure related to investment properties are added to its book value only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Investment properties are depreciated using the straight line method over the estimated useful lives. The Group’s depreciable investment properties have a useful life of 50 years.

|490| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Disclosure Note No. 2 - Investment Property ` in Lakhs Particulars Land Buildings Total Gross Carrying Value as at April 1, 2017 1.05 7080.30 7081.35 Disposal - (1797.08) (1797.08) Gross Carrying Value as at April 1, 2018 1.05 5283.22 5284.27 Additions/ Transfers 219.86 - 219.86 Gross Carrying Value as at March 31, 2019 220.91 5283.22 5504.13 Accumulated Depreciation as at April 1, 2017 - 283.20 283.20 Depreciation - 141.60 141.60 Disposal - (107.53) (107.53) Accumulated Depreciation as at April 1, 2018 - 317.27 317.27 Depreciation - 91.32 91.32 Disposal - - - Accumulated Depreciation as at March 31, 2019 - 408.59 408.59 Net Carrying Value as at April 1, 2017 1.05 6797.10 6798.15 Net Carrying Value as at April 1, 2018 1.05 4965.95 4967.00 Net Carrying Value as at March 31, 2019 220.91 4874.63 5095.54 The amount recognised in the Consolidated Statement of Profit and Loss for investment property: ` in Lakhs 2019 2018 Rental Income 232.38 226.32 Direct Operating Expenses 29.34 54.20 Profit from investment property before depreciation 203.04 172.12 Depreciation for the year 91.32 141.60 Profit from investment property 111.72 30.52 (a) As at March 31, 2019, the fair value of the Land was at ` 9442 Lakhs. The current year fair value of land factors current prevailing market rates and is net of estimated land usage conversion costs. (b) As at March 31, 2019, the fair value of the Building was at ` 5394 Lakhs. (c) These fair values are based on independent valuations. Operating Lease The Company has leased out part of its investment property for minimum periods up to three years. Minimum lease receipts under Non-cancellable Operating Lease: ` in Lakhs 2019 2018 Within one year 82.86 186.47 Later than one year and not later than three years - 86.08

|491| Chap. 20 – Ind AS 40 — Investment Property 19. TATA COMMUNICATIONS LIMITED Accounting Policies j. Investment properties Investment properties comprise of land and buildings that are held for long term lease rental yields and/ or for capital appreciation. Investment properties are initially recognized at cost including transaction cost. Subsequently investment properties comprising of building are carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation on building is provided over the estimated useful lives (refer note 2(h)) as specified in Schedule II to the Companies Act, 2013. The residual values, estimated useful lives and depreciation method of investment properties are reviewed and adjusted on prospective basis as appropriate, at each financial year end. The effects of any revision are included in the Consolidated Statement of Profit and Loss when the changes arise. Though the Group measures investment properties using cost-based measurement, the fair values of investment properties are disclosed in the notes. Investment properties are de-recognised when either they have been disposed off or don’t meet the criteria of investment property or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in the Consolidated Statement of Profit and Loss in the period of de-recognition. Disclosure 4. Investment Property a. Information regarding income and expenditure of Investment property (` in crores) Particulars Year ended 31 March 2019 Year ended 31 March 2018 Rental income derived from investment properties (A) 106.94 103.11 Direct operating expenses (including repairs and maintenance) generating rental income: Rates & taxes 2.10 (0.93) Repairs and maintenance 12.20 9.99 Other operating expenses 2.47 0.81 Total (B) 16.77 9.87 Direct operating expenses (including repairs and maintenance) that did not generate rental income: Rates & taxes 0.16 0.09 Repairs and maintenance 1.19 1.78 Other operating expenses 0.08 0.06 Total (C) 1.43 1.93 Total (D) (B+C) 18.20 11.80 Profit arising from investment property before depreciation and indirect expenses (E) =(A-D) 88.74 91.31 Less: Depreciation 4.28 3.89 Profit arising from investment properties before indirect expenses 84.46 87.42

|492| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts b. Fair value of investment property (` in crores) Particulars As at 31 March 2019 As at 31 March 2018 Investment property 1,351.14 1,053.34 The fair value of investment property has been determined by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. The best evidence of fair value is current price in an active market for similar properties. Where such information is not available, the Group considers information from a variety of sources including: • Current prices in an active market for properties of different nature or recent prices of similar properties in less active markets, adjusted to reflect those differences. • Capitalised income projections based upon a property's estimated net market income, and a capitalization rate derived from an analysis of market evidence. 20. THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED Significant Accounting Policies Investment Property Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes purchase price, taxes and duties and other direct costs incurred for bringing the asset to the condition of its intended use. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance costs are recognized in Consolidated Statement of Profit and Loss as incurred. Borrowing costs attributable to the acquisition or construction of a qualifying asset is also capitalized as part of the cost of the asset. Depreciation on investment property is provided on the straight-line method, pro-rata to the period of use, over the useful life as prescribed in Schedule II to the Companies Act, 2013 An investment property is de-recognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on de-recognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in Consolidated Statement of Profit and Loss in the period in which the property is de-recognized. Notes to Accounts 5. Investment Property (` in Crores) Description of Assets Buildings I. Gross Block Balance as at April 1, 2017 3.82 Additions - Disposals - Balance as at March 31, 2018 3.82 Additions - Disposals -

|493| Chap. 20 – Ind AS 40 — Investment Property (` in Crores) Description of Assets Buildings Balance as at March 31, 2019 3.82 II. Accumulated depreciation Balance as at April 1, 2017 0.07 Depreciation expense for the year 0.07 Balance as at March 31, 2018 0.14 Depreciation expense for the year 0.05 Balance as at March 31, 2019 0.19 III. Net block (I-II) Balance as at March 31, 2019 3.63 Balance as at March 31, 2018 3.68 IV. Fair Value As at March 31, 2019 213.51 As at March 31, 2018 216.18 (a) The Company has given commercial premises on operating lease which form part of its premises at Neville House, Ballard Estate and C-1 Wadia International Centre, Worli. (Refer Note 52) (b) The fair value of Investment Property as at March 31, 2019 and March 31, 2018 has been arrived at on the basis of a valuation carried out by independent valuers registered with the authority which governs the valuers in India. All fair value estimates for Investment Property are included in Level 2. ii. Amounts recognised in profit and loss for Investment Property (` in Crores) Particulars March 31, 2019 March 31, 2018 Rental Income derived from Investment Property 28.58 35.22 Direct Operating Expenses arising from Investment Property that generate Rental Income (6.35) (6.15) Profit arising from Investment Property before depreciation 22.23 29.07 Depreciation for the year (0.05) (0.07) Profit arising from Investment Property 22.18 29.00 (c) Certain Investment Property is mortgaged against borrowings, details relating to which have been described in Notes - 21, 24 and 40. Reconciliation of Fair Value (` in Crores) Particulars Buildings Balance as at April 1, 2017 214.06 Fair value differences 2.12 Purchases - Balance as at March 31, 2018 216.18 Fair value differences (2.67) Purchases - Balance as at March 31, 2019 213.51

|494| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 21. THE RAMCO CEMENTS LIMITED Accounting Policies 4.16 Investment Properties 4.16.1 An investment in land or buildings both furnished and unfurnished, which are held for earning rentals or capital appreciation or both rather than for use in the production or supply of goods or services or for administrative purposes or sale in the ordinary course of business, are classified as investment properties. 4.16.2 Investment properties are stated at cost, net of accumulated depreciation and impairment loss, if any except freehold land which is carried at cost. 4.16.3 The Group identifies the significant parts of investment properties separately which are required to be replaced at intervals. Such parts are depreciated separately based on their specific useful lives determined on best estimate basis upon technical advice. The cost of replacement of significant parts are capitalised and the carrying amount of replaced parts are de-recognised. Other expenses including day-to-day repair and maintenance expenditure and cost of replacing parts that does not meet the capitalisation criteria, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred. 4.16.4 Depreciation on investment properties are calculated on straight-line method based on useful life of the significant parts as detailed below, that are different from the useful lives as prescribed under Part C of Schedule II of the Companies Act, 2013: Asset type Useful life ranging from Buildings under Investment properties 3 to 60 years 4.16.5 Investment properties are eliminated from the financial statements on disposal or when no further benefit is expected from its use and disposal. Gains or losses arising from disposal, measured as the difference between the net disposal proceeds and the carrying amount of such investment properties, are recognised in the Statement of Profit and Loss. Amount received towards investment properties that are impaired and derecognized in the financial statements, are recognized in Statement of Profit and Loss, when the recognition criteria are met. 4.16.6 The residual values, useful lives and methods of depreciation of investment properties are reviewed at each reporting date and adjusted prospectively, if appropriate. Disclosure NOTE 9: INVESTMENT PROPERTY ` in Crores Particulars Year Gross Block Depreciation Net Block As at the beginning of the year Additions Deductions / Adjustments As at the end of the year As at the beginning of the year For the year (Note No 44) Deductions/Adjustments As at the end of the year As at the end of the year Land 2018-19 85.56 11.66 2.50 94.72 - - - - 94.72 2017-18 85.56 - - 85.56 - - - - 85.56 Buildings 2018-19 66.11 14.39 4.98 75.52 7.87 5.43 4.98 8.32 67.20 2017-18 65.95 0.16 - 66.11 5.75 2.12 - 7.87 58.24 Total 2018-19 151.67 26.05 7.48 170.24 7.87 5.43 4.98 8.32 161.92 2017-18 151.51 0.16 - 151.67 5.75 2.12 - 7.87 143.80

|495| Chap. 20 – Ind AS 40 — Investment Property Notes (a) The Group measured all of its Investment Property at Cost in accordance with Ind AS 40. (b) Deductions/Adjustments in Gross Block comprises of: ` in Crores Particulars 2018-19 2017-18 Sale of Assets Adjustments Total Sale of Assets Adjustments Total Land 2.50 - 2.50 - - - Building - 4.98 4.98 - - - Total 2.50 4.98 7.48 - - - (c) Adjustments represent assets derecognised from financial statements since no future benefit is expected from its use or disposal. (d) The Group has no restrictions on the realisability of its investment properties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements. (e) The fair valuation of the investment properties are determined annually by an internal technical team, measured using the technique of quoted prices for similar assets in the active markets or recent price of similar properties in less active markets and adjusted to reflect those differences. All resulting fair value estimates for investment properties as given below are included in Level 2. Particulars 31-03-2019 31-03-2018 Fair value of Investment Properties 234.52 195.33 (f) The Information regarding Income & Expenditure of Investment Property are given below Particulars 31-03-2019 31-03-2018 Rental Income derived from Investment Properties 0.48 0.40 Less: Direct Operating Expenses (including Repairs & Maintenance) generating Rental Income 0.01 0.03 Less: Direct Operating Expenses (including Repairs & Maintenance) that did not generate Rental Income - - Profit from investment properties before depreciation 0.47 0.37 Less: Depreciation 5.43 2.12 Profit / (Loss) from investment properties (4.96) (1.75) 22. TORRENT POWER LIMITED Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Group, is classified as investment property. Investment property is measured initially at its cost, including related transaction costs and where applicable borrowing costs. Subsequent expenditure is capitalised to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the group and the cost of the item can be measured reliably. An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from its current use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised.

|496| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Investment properties, other than free hold land, are depreciated using straight line method over their estimated useful lives. Disclosure NOTE 5 : INVESTMENT PROPERTY As at 31st March, 2019 (` in Crore) Particulars Gross carrying amount Accumulated depreciation Net carrying amount As at 1st April, 2018 Additions during the year Deductions during the year Adjustments As at 31st March, 2019 As at 1st April, 2018 For the year Deductions during the year As at 31st March, 2019 As at 31st March, 2019 Freehold land - - - - - - - - - - Total - - - - - - - - - - As at March, 2018 (` in Crore) Particulars Gross carrying amount Accumulated depreciation Net carrying amount As at 1st April, 2017 Additions during the year Deductions during the year Adjustments As atm 31st March, 2018 As at1st April, 2017 For the year Deductions during the year As at 31st March, 2018 As at 31st March, 2018 Freehold land 0.53 - 0.53 - - - - - - - - - Total 0.53 - 0.53 - - - - - - - - - Footnote: 1. Amount recognised in statement of profit and loss for investment property [Refer note 34] : (` in Crore) Particulars Year ended 31st March, 2019 Year ended 31st March, 2018 Rental income derived from investment property - 1.05 Direct operating expenses arising from investment property - - 23. TVS MOTOR COMPANY LIMITED Property that is held for long term rental yields or for capital appreciation or both, and that is not occupied by the group is classified as investment property. Investment Property is measured initially at its cost and including related transaction cost where applicable, borrowing cost. Subsequent expenditure is capitalised to the assets carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the group and the cost of the item is measured reliably. ll

|497| Chap. 21 – Ind AS 41 – Agriculture Chapter 21 Ind AS 41 - Agriculture 1. ATUL LIMITED x) Biological assets The biological assets of the Group comprise oil palms, date palms and tissue culture. The Group classifies the tissue cultures as Mature and Immature plants. Mature biological assets are those which are available for sale in next 12 months or that have attained harvestable specifications (for consumable biological assets) or are able to sustain regular harvests (for bearer biological assets). The plants which are not mature are considered as immature plants. Mature and immature tissue culture plants, which are ready for sale in less than 12 months from the reporting date are classified as current assets under a separate head of biological assets other than bearer plants and others under non-current assets. The Bearer plant are recognised and measured as per Ind AS 16 (refer Note 5). The oil palm Fresh Fruit Bunches (FFB) growing on the trees are accounted for as biological assets other than Bearer plant until the point of harvest. Harvested oil palm FFB are transferred to inventory at fair value less costs to sell when harvested. Changes in fair value of oil palm FFB on trees are recognised in the Consolidated Statement of Profit and Loss. Farming cost like labour and other costs are recognised in the Consolidated Statement of Profit and Loss. Biological assets are measured at fair vall:le less cost to sell. Costs to sell include the incremental selling costs, including auctioneers' fees, commission paid to brokers and dealers and estimated costs of transport to the market but excludes finance costs and income tax. Tissue culture raised matured plants are measured on initial recognition and at the end of each reporting period at its fair value less costs to sell. The gain or loss arising on such biological assets are included in the Consolidated Statement of Profit and Loss. Immature tissue culture raised plants are measured at cost less accumulated impairment loss, if the quoted market price are not available for the immature plants at different stages and the fair value measurements are clearly unreliable. Note 5 Biological assets a) Biological as.sets of the Group consists: i) Immature tissue culture raised date palms that are classified as non-current biological assets. The Group has a production cycle of about four-five years ii) Mature tissue culture raised date palms that are classified as current biological assets. b) Reconciliation of changes to the carrying value of biological assets between the beginning and the end of the current year are as follows:

|498| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts (` cr) Particulars Tissue culture raised date palms March 31, 2019 March 31, 2018 Mature Immature Mature Immature Opening balance 11.20 11.50 11.77 9.32 Increase due to production 0.17 11.70 0.18 9.86 Change due to biological transformation 10.05 (10.05) 7.68 (7.68) Decrease due to sale (13.42) - (9.04) - Decrease due to write-off (0.13) - (0.05) - Change in fair value due to price changes 1.16 - 0.66 - Closing balance 9.03 13.15 11.20 11.50 Current assets 9.03 - 11.20 - Non-current assets* - 13.15 - 11.50 Biological assets shown in Balance Sheet 9.03 13.15 11.20 11.50 *Non-current biological asset is expected to take more than 12 months from reporting date to become ready for dispatch. As at March 31, 2019 the Group had 14,380 mature plants (March 31, 2018: 7,934) and 3,42,716 immature plants (March 31, 2018: 4,14,436). During current year the Group has sold 1,52,898 plants (March 31, 2018: 1,67,343). 2. HARRISONS MALAYALAM LIMITED Inventories Valuation of inventory of finished products of tea and rubber have been done as per Ind AS 2 ‘Inventories’. Inventories are stated at lower of cost and net realizable value. Cost is determined on weighted average basis and includes expenditure incurred in the normal course of business in bringing inventories to its location and condition, labour and overhead, where applicable. Inventories are written down for obsolete/ slow moving/non moving items wherever necessary. Ind AS 41 ‘Agriculture’ deals with the recognition and valuation of agricultural produce viz. standing crop of tea and rubber as biological assets. The group has valued its standing crops for tea and rubber as every reporting dates and the movement in valuation are routed through the Statement of Profit and Loss. Changes in inventories Inventory at the beginning of the year Tea 1,122.11 944.46 Rubber 425.74 585.78 1,547.85 1,530.24 Inventory at the end of the year Tea 1,176.64 1,122.11 Rubber 358.07 425.74 1,534.71 1,547.85 13.14 (17.61)

|499| Chap. 21 – Ind AS 41 – Agriculture Inventories (valued at lower of cost and net realisable value) Finished goods 1,533.34 1,547.85 Stores and spares * 1,389.75 1,216.03 Nurseries 24.21 17.91 Raw materials (Latex) - 24.92 2,947.30 2,806.71 3. PARAG MILK FOODS LIMITED Biological Asset Biological Assets i.e. livestock (cows) are measured at fair value less costs to sell, with any change therein recognised in statement of profit and loss. Note 48: Biological assets A Nature of activities The subsidiary Company’s biological assets comprises of livestock (dairy cows). Livestock is measured at fair value less costs to sell, with any resulting gain or loss recognised in the statement of profit and loss. The subsidiary Company’s livestock comprises of both mature and immature livestock. Immature livestock comprises dairy cows that are intended to be reared to maturity. These cows are held to produce milk or offspring, but have not yet produced their first calf and begun milk production. Mature livestock includes dairy cows that have produced their first calf and begun milk production. Other livestock comprises of cows that are going through the dry phase of their life cycle. (All amounts are in ` million unless otherwise stated) Headcount Particulars For the year ended March 31, 2019 (Heads) For the year ended March 31, 2018 (Heads) Immature cows 767 670 Mature cows 1,125 1,119 Other cows 274 249 Total 2,166 2,038 Total milk production (In Ltrs) 7,728,749 6,982,478 The subsidiary Company is exposed to fair value risks arising from changes in price of raw milk. The Subsidiary Company does not anticipate that the price of the raw milk will further decline significantly in the foreseeable future and the Company is of the view that there is no available derivative or other contracts which the Company can enter into to manage the risk of a decline in the price of the raw milk. B Fair value measurements Fair value hierarchy Particulars Year ended March 31, 2019 Year ended March 31, 2018 Fair value hierarchy Livestock (Cow) 337.62 290.87 Level 3

|500| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Valuation Technique used in the Fair Value Measurement Particulars Valuation Technique Significant unobservable input Inter-relationship between significant unobservable inputs and fair value measurements Livestock (Milking cows) The fair values of dairy cows is determined by using the multiperiod excess earnings method, which is based on the discounted future cash flows to be generated by such dairy cows. • Estimated feeding cost/ milking cow • Estimated milk yield/ milking cow • Estimated weighted average selling price of milk/Litre • Discount rate • Estimated feeding cost/milking cow increase by 1% would reduce the fair valuation by ` 13.16 million and ` 8.09 million as of March 31, 2019 and 2018. • Estimated milk yield/milking cow increase by 1% would increase the fair valuation by ` 11.98 million and ` 13.18 million as of March 31, 2019 and 2018. • Estimated weighted average selling price of milk/Litre increase by ` 1/ litre would increase the fair valuation by ` 19.48 million and ` 22.68 million as of March 31, 2019 and 2018. • Discount rate increase by 1% would reduce the fair valuation by ` 9.07 million and ` 8.22 million as of March 31, 2019 and 2018. The Group is exposed to a number of risks relating to its agricultural activities: • Regulatory and environmental The Group is subject to various local laws and regulations, and it has established policies and procedures aimed at ensuring compliance with the same. • Supply and demand The Group is exposed to the risk arising from fluctuations in milk prices. The Company does not anticipate that the price of the raw milk will decline significantly in the foreseeable future. Further, there are no available derivatives or other contracts available in the market for managing such risk. • Climate and other risks The subsidiary Company’s livestock is exposed to risk of adverse climatic conditions and diseases etc. The Company has extensive processes in place to address the risk by having an in-house veterinary doctor and dispensary, regular health checkups of livestock cattle. The Company also has taken an insurance cover for its livestock. 4. TATA COFFEE LIMITED Biological Assets Biological assets are classified as Bearer biological assets and agricultural produce. Bearer Biological Assets which are held to bear agricultural produce are classified as Bearer plants. Bearer plants are recognised under Property, Plant and Equipment on fulfilment of the following conditions. 1. Is used in the production or supply of agricultural produce; 2. Is expected to bear produce for more than one period; and has a remote likelihood of being sold as agricultural produce, except for incidental scrap sales

|501| Chap. 21 – Ind AS 41 – Agriculture Tea bushes, Coffee bushes, Pepper vines, Cardamom tiller and Shade trees are recognised as Bearer biological assets. These are classified as mature Bearer Plants and Immature Bearer Plants. Mature Bearer Plants are those that have attained harvestable stage. Cost incurred for new plantations and immature areas are capitalised. Cost includes cost of land preparation, new planting and maintenance till maturity. The cost of areas coming into bearing is transferred to mature plantations and depreciated over their estimated useful lives. Bearer plants relating to Coffee and Tea bushes, Pepper vines and minor produces attain a harvestable stage in about 3-5 years. Bearer biological assets are carried at cost less accumulated depreciation and accumulated impairment loss, if any. Subsequent expenditure on bearer assets are added to its book value only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Mature bearer plants are depreciated over their estimated useful life. Immature bearer plants are tested for impairment / obsolescence. The estimated useful life of mature bearer plants is as follows: Type of Bearer Biological Assets Estimated Useful Life Arabica Coffee Plants 30 Years Robusta Coffee Plants 58 Years Tea Bushes 58 Years Pepper Vines & Cardamom Tullers 35 Years Silver oak and Shade Management Trees 35 Years Inventories including Agricultural Produce Produce growing on Bearer plant is Biological asset and are fair valued based on the biological transformation, except where on initial recognition quoted market prices are not available and alternate fair value measures are clearly unreliable in which case biological asset is measured at cost less any accumulated depreciation and impairment loss. Tea, Coffee, Pepper and minor crops are designated as agricultural produce as per Ind AS 41 and are measured at their fair value less cost to sell at the point of harvest. Any changes in fair value are recognised in the Statement of Profit and Loss in the year in which they arise upon harvest. The fair valuation so arrived at becomes the cost of Inventory under Ind AS-2. Raw materials, work in progress, traded and finished goods are stated at the lower of cost and net realisable value, net realisable value represents the estimated selling price less all estimated cost of completion and selling expenses. Stores and spares are carried at cost. Provision is made for obsolete, slow-moving and defective stocks, where necessary. Note No. 8 - Inventories including Biological Assets ` in Lakhs Stores and spares 1907.17 1700.18 Raw materials 6617.59 3921.97 Raw materials in Transit 1698.21 1653.40 Finished Goods 19390.90 22419.08 Work-in-progress including Growing Produce of ` 445.38 Lakhs (PY ` 575.38 Lakhs) 445.38 594.74 Stock-in-trade 6987.58 2044.64 37046.83 32334.01

|502| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts The mode of valuation of Inventories has been stated in Note No. 2.2(h) of Significant Accounting Policies. Inventories hypothecated as Security for part of the Working Capital facilities. Note No. 39 - Fair Value Measurement A. Fair Value Measurement-Agricultural Produce Agricultural produce is the harvested produce of the entity’s Biological Assets (Bearer Plants) at the point of Harvest. Green Bean in Fruit form, Green Pepper and Green Tea at the point of plucking falls within the definition of Agricultural Produce at the point of Harvest. The Company uses a Valuation technique that is appropriate in the circumstances and for which sufficient data are available to measure the fair value, maximising the use of relevant observable inputs. Accordingly, the Company follows a Market Approach as permitted under Indian Accounting Standard Ind AS-113- ‘Fair Value Measurement’. (1) Arabica Level 2 input Market Approach (2) Robusta Level 2 input Market Approach (3) Pepper Level 2 input Market Approach (4) Tea Level 2 input Market Approach (i) Fair Valuation of Coffee The Coffee on reporting dates are available in (a) Fruit Form (b) Direct Uncured from and (c) at Cured Coffee level. There is no active quoted market for Green Bean in Fruit Form. Hence, Level 1 inputs (unadjusted quoted prices in active markets for identical assets or liabilities) are not available for valuation. The Coffee Board publishers Daily Market Prices of Arabica Parchment, Arabica Cherry, Robusta Parchment and Robusta and Robusta Cherry at Dried Uncured Coffee level. Based on the well established conversion norms and the Coffee Board prices, the cured equivalent of fair valuation of Fruit Coffee are arrived at based on Level 2 observable inputs. The Valuation is carried out at the Fruit Coffee Level, while the the quoted prices are available at the Dried Coffee level. Hence, the fair value measurement is satisfying the conditions for applying Level 2 of the Fair Value hierarchy. Suitable adjustments based on conversion norms applicable for the dried uncured Coffee and Cured Coffee are carried out to arrive at the corresponding Fair Value at these stages. (ii) Fair Valuation of Pepper The Spices Board of India publishes the average market rates for Pepper MG1 Grade. Since the Company produces and markets Pepper in various grades, apart from MG1, the quoted Prices for MG1 are considered as Level 2 inputs being quoted prices of Various Grades. The MG1 rate is applied to the Company’s estimated grade % for black pepper production and the composite weighted average fair value is arrived at and after making adjustments for subsequent processes. The fair value so arrived at becomes the Ind AS 2 Inventory rate /value and thereafter regular inventory accounting process is followed. (iii) Fair Valuation of Tea The tea leaves at the point of plucking are designated as Agricultural Produce at the point of harvest. The fair valuations are based on the auction prices of Made Tea and are suitably adjusted based on conversion norms to arrive at the fair valuation of green leaves. ll

|503| Chap. 22 – Ind AS 102 — Share-based Payment Chapter 22 Ind AS 102 – Share-Based Payment 1. AVENUE SUPERMARTS LIMITED a) Significant Accounting Policies Share based payment Equity settled share based payments to employees and other providing similar services are measured at fair value of the equity instruments at grant date. The fair value determined at the grant date of the equity- settled share based payment is expensed on a straight line basis over the vesting period, based on the group’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the group revises its estimates of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any is, recognized in Statement of Profit and Loss such that the cumulative expenses reflects the revised estimate, with a corresponding adjustment to the shared option outstanding account. No expense is recognized for options that do not ultimately vest because non market performance and/ or service conditions have not been met. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share. Expense relating to options granted to employees of the subsidiaries under the group’s share based payment plan, is recovered from the subsidiary. Such recovery is reduced from employee benefit expense. b) Significant accounting judgments, estimates and assumptions Share based payment The group initially measures the cost of equity settled transaction with employees using Black Scholes model to determine the fair value of the liability incurred. Estimating fair value for share- based payment transaction requires determination of the most appropriate valuation model, which is dependent on the terms and conditions of the grant. The estimates also requires determination of the most appropriate inputs to the valuation model including expected life of the share option, volatility and dividend yield and making assumptions about them. For equity settled share based payment transaction, the liability needs to be remeasured at the end of each reporting period up to the date of settlement, with any changes in fair value recognized in the Statement of Profit and Loss. This requires a re-assessment of the estimates used at end of each reporting period. The assumption and models used for estimating the fair value for share basedpayment transaction are disclosed in Note no 45. c) Notes to Accounts Note 45 Share-based payments (a) Employee stock option plan of Avenue Supermarts Limited During the year ended 31st March, 2017, the Company had instituted an Avenue Supermarts Limited Employee Stock Option Scheme, 2016 (“the Scheme”) as approved by the Board of Directors dated 23rd July, 2016 for issuance of stock option to eligible employee of the Company and of its subsidiaries. Pursuant to the said scheme, Stock options convertible into Nil (Previous year: Nil) equity shares of ` 10 each were granted to eligible employee at an exercise prices of ` 299/- being price at which fresh issue of shares made in initial public offer (IPO).

|504| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Subject to terms and condition of the scheme, options are classified into three categories. Option A Option B Option C No. of options 2,772,525 5,001,075 6,199,725 Method of accounting Fair value Fair value Fair value Vesting plan 9 years 6 years 2.5 years Grant date 14th March, 2017 14th March, 2017 14th March, 2017 Exercise/Expiry date 13th March, 2026 13th March, 2023 13th September, 2019 Grant/Exercise price ` 299.00 ` 299.00 ` 299.00 Method of settlement Equity - settled Equity - settled Equity - settled Exercise period, would commence from the date of options are vested and will expire at the end of three months from the date of vesting. Movement of options granted 31st March, 2019 31st March, 2018 Average exercise price per share option Number of options Average exercise price per share option Number of options Opening balance 299.00 12,990,975 299.00 13,889,025 Granted during the year 299.00 - 299.00 - Exercised during the year 299.00 - 299.00 - Forfeited during the year 299.00 743,100 299.00 896,850 Vested 14,400 1,200 Closing balance 12,233,475 12,990,975 The model inputs for fair value of option granted as on the grant date: Inputs Option A Option B Option C Exercise price ` 299.00 ` 299.00 ` 299.00 Dividend yield 0% 0% 0% Risk free interest rate 6.98% 7.24% 6.77% Expected volatility 14.22% 14.22% 14.22% Fair value per option ` 144.94 ` 112.93 ` 58.63 Model used Black Scholes Black Scholes Black Scholes (b) Employee stock option plan of Avenue E-Commerce Limited During the year ended 31st March, 2018, the Company has instituted an Avenue E-Commerce Limited Employee Stock Option Scheme, 2018 (“the Scheme”) as approved by the Board of Directors dated 2nd February, 2018 and the resolution of shareholders dated 15th February, 2018 for issuance of stock option to eligible employee of the Company and of its holding company. Pursuant to the said scheme, Stock options convertible into 5,183,600 equity shares of ` 10 each were granted to eligible employee at an exercise prices of ` 11.30.

|505| Chap. 22 – Ind AS 102 — Share-based Payment Subject to terms and condition of the scheme, options are classified into two categories. Option A Option B No. of options 3,423,800 1,759,800 Method of accounting Fair value Fair value Vesting plan 8 years and 2 months 5 years and 2 months Grant date 15th March, 2018 15th March, 2018 Exercise/Expiry date 14th May, 2026 14th May, 2023 Grant/Exercise price ` 11.30 ` 11.30 Method of settlement Equity - settled Equity - settled Exercise period, would commence from the date of options are vested and will expire at the end of three months from the date of vesting. Movement of options granted 31st March, 2019 31st March, 2018 Average exercise price per share option Number of options Average exercise price per share option Number of options Opening balance 11.30 5,159,600 - - Granted during the year 11.30 - 11.30 5,183,600 Exercised during the year 11.30 - 11.30 - Forfeited during the year 11.30 550,000 11.30 24,000 Vested 11.30 - 11.30 - Closing balance 4,609,600 5,159,600 The model inputs for fair value of option granted as on the grant date: Inputs Option A Option B Exercise price ` 11.30 ` 11.30 Dividend yield 0% 0% Risk free interest rate 7.90% 7.60% Expected volatility 57.40% 59.90% Fair value per option ` 11.30 ` 11.30 Model used Black Scholes Black Scholes Expense arising from equity settled share based payments transactions: (` in Crores) 31st March, 2019 31st March, 2018 Avenue Supermarts Limited 16.61 21.23 Align Retail Trades Private Limited 0.21 0.27 Avenue E-Commerce Limited 0.33 0.02 Recognised in the statement of profit or loss 17.15 21.52

|506| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 2. BHARTI AIRTEL LIMITED Accounting Policies d. Share-based payments The Group operates equity-settled and cash-settled, employee share-based compensation plans, under which the Group receives services from employees as consideration for stock options either towards shares of the Company / cash settled units. In case of equity-settled awards, the fair value is recognised as an expense in the statement of profit and loss within employee benefits as employee share-based payment expenses, with a corresponding increase in share-based payment reserve (a component of equity). However, in case of cash-settled awards, the credit is recognised as a liability within other non-financial liabilities. Subsequently, at each reporting period, until the liability is settled, and at the date of settlement, liability is re-measured at fair value through statement of profit and loss. The total amount so expensed is determined by reference to the grant date fair value of the stock options granted, which includes the impact of any market performance conditions and non-vesting conditions but excludes the impact of any service and non-market performance vesting conditions. However, the nonmarket performance vesting and service conditions are considered in the assumption as to the number of options that are expected to vest. The forfeitures are estimated at the time of grant and reduce the said expense rateably over the vesting period. The expense so determined is recognised over the requisite vesting period, which is the period over which As at each reporting date, the Group revises its estimates of the number of options that are expected to vest, if required. It recognises the impact of any revision to original estimates in the period of change. Accordingly, no expense is recognised for awards that do not ultimately vest, except for which vesting is conditional upon a market performance / non-vesting condition. These are treated as vesting irrespective of whether or not the market / non-vesting condition is satisfied, provided that service conditions and all other non-market performance are satisfied. Where the terms of an award are modified, in addition to the expense pertaining to the original award, an incremental expense is recognised for any modification that results in additional fair value, or is otherwise beneficial to the employee as measured at the date of modification. Where an equity-settled award is cancelled (including due to non-vesting conditions not being met), it is treated as if it is vested thereon, and any un-recognised expense for the award is recognised immediately. 27.1 Share based payment plans The following table provides an overview of all existing share option plans of the Group: Scheme Plan Vesting period (years) Contractual term (years) Equity settled Plans Scheme I 2006 Plan 1 - 5 7 Scheme 2005 2008 Plan & Annual Grant Plan (AGP) 1 - 3 7 Scheme 2005 Performance Share Plan (PSP) 2009 Plan 3 - 4 7 Scheme 2005 Special ESOP & Restricted Share Units (RSU) Plan 1 - 5 7 Infratel plan Infratel 2008 Plan 1 - 5 7 Scheme 2005 Long Term Incentive (LTI) Plan 1 - 3 7 Infratel plan Infratel LTI Plans 1 - 3 7

|507| Chap. 22 – Ind AS 102 — Share-based Payment Scheme Plan Vesting period (years) Contractual term (years) Airtel Payments Bank Limited ('APBL') Plan APBL Plan 1 - 4 8 Cash settled Plans Performance Unit Plan (PUP) PUP 2013 - PUP 2017 1 - 5 3 - 5 Infratel plan PUP 1 - 3 7 The stock options vesting is subject to service and certain performance conditions mainly pertaining to certain financial parameters. The movement in the number of stock options and the related weighted average exercise prices are given in the table below: For the year ended March 31, 2019 For the year ended March 31, 2018 Number of share options (‘000) Weighted average exercise price (`) Number of share options (‘000) Weighted average exercise price (`) 2006 Plan Outstanding at beginning of year 115 5.00 205 5.00 Granted - - - - Exercised (50) 5.00 (90) 5.00 Forfeited / expired - - - - Outstanding at end of year 65 5.00 115 5.00 Exercisable at end of year 8 5.00 2 5.00 PSP 2009 Plan Outstanding at beginning of year - - 6 5.00 Granted - - - - Exercised - - (3) 5.00 Forfeited / expired - - (3) 5.00 Outstanding at end of year - - - - Exercisable at end of year - - - 5.00 Special ESOP & RSU Plan Outstanding at beginning of year - - 34 5.00 Granted - - - - Exercised - - (33) 5.00 Forfeited / expired - - (1) 5.00 Outstanding at end of year - - - - Exercisable at end of year - - - - Infratel 2008 Plan Outstanding at beginning of year 108 109.67 158 109.67 Granted - - - - Exercised (49) 109.67 (49) 109.67 Forfeited / expired (1) 109.67 (1) 109.67 Outstanding at end of year 58 109.67 108 109.67 Exercisable at end of year 58 109.67 108 109.67

|508| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts For the year ended March 31, 2019 For the year ended March 31, 2018 Number of share options (‘000) Weighted average exercise price (`) Number of share options (‘000) Weighted average exercise price (`) LTI Plans Outstanding at beginning of year 2,977 5.00 2,002 5.00 Granted 2,274 - 1,571 - Exercised (877) 5.00 (406) 5.00 Forfeited / expired (963) 5.00 (189) 5.00 Outstanding at end of year 3,412 5.00 2,977 5.00 Exercisable at end of year 478 5.00 567 5.00 Infratel LTI plans Outstanding at beginning of year 238 10.00 175 10.00 Granted 158 10.00 115 10.00 Exercised (63) 10.00 (36) 10.00 Forfeited / expired (38) 10.00 (15) 10.00 Outstanding at end of year 295 10.00 238 10.00 Exercisable at end of year 48 10.00 31 10.00 Airtel Payment Bank Limited Plan* Outstanding at beginning of year - - - - Granted - - 14,063 - Exercised - - - - Forfeited / expired - - (3,359) - Outstanding at end of year - - 10,704 - Exercisable at end of year - - - - Performance Unit Plans Outstanding at beginning of year 1,401 - 2,369 - Granted 670 - 690 - Exercised (503) - (1,336) - Forfeited / expired (280) - (322) - Outstanding at end of year 1,287 - 1,401 - Exercisable at end of year 23 - 23 - *The exercise period is 3 years from vesting date or 1 year from IPO listing (whichever is later). Eligible employees will be able to exercise the option at a price of 50% of fair market value (determined at the end of previous financial year) or H 10 whichever, is higher. Employee can exercise the unexercised options within 3 months / 1 month from the date of retirement / resignation from the Group. The fair value of options is measured using Black-Scholes / Binomial valuation model. The key inputs used in the measurement of the grant date fair valuation of equity settled plans and fair value of cash settled plans are given in the table below: For the year ended March 31, 2019 For the year ended March 31, 2018 Risk free interest rates 6.31% to 8.03% 6.17% to 7.18% Expected life 4 to 60 months 10 to 96 months Volatility 29.06% to 34.54% 25.91% to 40% Dividend yield 0.74% to 4.74% 0.24% to 3.99%

|509| Chap. 22 – Ind AS 102 — Share-based Payment The expected life of the stock options is based on the Group’s expectations and is not necessarily indicative of exercise patterns that may actually occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the expected life of the options is indicative of future trends, which may not necessarily be the actual outcome. Further, the expected volatility is based on the weighted average volatility of the comparable benchmark companies. For details as to exercise price, refer table above. The details of weighted average remaining contractual life, weighted average fair value and weighted average share price for the options are as follows:- Weighted average March 31, 2019 March 31, 2018 Remaining contractual life for the options outstanding as of (years) 0.35 to 8.44 0.35 to 8.44 Fair value for the options granted during the year ended (`) 258.29 to 409.73 4.36 to 409.76 Share price for the options exercised during the year ended (`) 188.62 to 598.01 367.14 to 457.41 The carrying value of cash settled plans liability is ` 227 and ` 235 as of March 31, 2019 and March 31, 2018 respectively. 3. DLF LIMITED Accounting Policy Employee Stock Option Plan The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognised, together with a corresponding increase in share based payment (SBP) reserves in equity, over the period in which the performance and/ or service conditions are fulfilled in employee benefits expense. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The statement of profit and loss expense or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and is recognised in employee benefits expense. Upon exercise of share options, the proceeds received are allocated to share capital up to the par value of the shares issued with any excess being recorded as share premium. Employee Shadow Option Scheme (cash settled options) Fair value of cash settled options granted to employees under the Employee’s Shadow Option Scheme is determined on the basis of excess of the average market price, during the month before the reporting date, over the exercise price of the shadow option. This fair value is expensed over the vesting period with recognition of a corresponding liability. The liability is re-measured to fair value at each reporting date up to and including the settlement date, with changes in fair value recognised in employee benefits expense over the vesting period Disclosure Employee Stock Option Scheme, 2006 (ESOP) During the year ended 31 March 2007, the Company had announced an Employee Stock Option Scheme (the “Scheme”) for all eligible employees of the Company, its subsidiaries, joint ventures and associates. Under the Scheme, 17,000,000 equity shares have been earmarked to be granted under the Scheme and the same will vest as follows:

|510| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Block I Block II Block III Year 2 Year 4 Year 6 10% of the total grant 30% of the total grant 60% of the total grant Pursuant to the above Scheme, the employee will have the option to exercise the right within three years from the date of vesting of shares at ` 2/- per share, being its exercise price. Options are granted under the plan for the consideration of ` 2/- per share and carry no dividend or voting rights. When exercisable, each option is convertible into one equity share. For the options which were vested before 31 March 2015, using the Ind AS transition exemption (as explained in the significant accounting policies no. 5(o)) the expense related to options is arrived at using intrinsic value of the shares on the date of grant. For options which were vested after 31 March 2015, the expense related to options is arrived at using fair value of the options on the date of grant. Share options outstanding at the end of the year (tranche wise) have the following exercise prices: Grant date Exercise price (`) Share options 31 March 2019 Share options 31 March 2018 1 July 2007 (Grant I) 2 3,734,057 3,734,057 10 October 2007 (Grant II) 2 308,077 308,077 1 July 2008 (Grant III) 2 1,645,520 1,645,520 10 October 2008 (Grant IV) 2 160,059 160,059 1 July 2009 (Grant V) 2 3,355,404 3,355,404 10 October 2009 (Grant VI) 2 588,819 588,819 Share options outstanding at the end of the year (tranche wise) have the following exercise prices: Grant date Exercise price (`) Share options 31 March 2019 Share options 31 March 2018 1 July 2007 2 - - 10 October 2007 2 - - 1 July 2008 2 - - 10 October 2008 2 - - 1 July 2009 2 - 196,083 10 October 2009 2 - 211,734 The following table summarises the number and weighted-average exercise price (WAEP) of and movements in share options during the year: Particulars 31 March 2019 31 March 2018 Stock options (numbers) WAEP (`) Stock options (numbers) WAEP (`) Outstanding at the beginning of the year 407,817 347.28 466,675 346.69 Add: Granted during the year - - - - Add: Options permitted for exercise out of Lapsed shares 7,524 442.52 Less: Forfeited during the year 7,257 347.28 5,915 338.59 Less: Exercised during the year 408,084 347.28 52,943 343.06 Less: Lapsed during the year - - - -

|511| Chap. 22 – Ind AS 102 — Share-based Payment Particulars 31 March 2019 31 March 2018 Stock options (numbers) WAEP (`) Stock options (numbers) WAEP (`) Outstanding at the end of the year - - 407,817 347.28 Exercisable at the end of the year - - 407,817 347.28 * The weighted-average share price at the date of exercise of options during the year ended 31 March 2019 was: (` in lakhs) Grant date 31 March 2019 31 March 2018 1 July 2007 153.40 - 10 October 2007 - - 1 July 2008 - 178.33 10 October 2008 170.53 189.55 1 July 2009 192.11 187.31 10 October 2009 166.29 189.55 The fair value of the options granted is determined on the date of the grant using the “Black-Scholes option pricing model” with the following assumptions, as certified by an independent valuer: Grant I Grant ll Grant lll Grant IV Grant V Grant VI Dividend yield (%) 0.28 0.28 0.57 0.73 0.86 0.64 Expected life (number of years) 6.50 6.50 5.50 5.50 5.50 5.50 Risk free interest rate (%) 8.37 8.09 9.46 8.17 6.75 7.26 Volatility (%) 82.30 82.30 52.16 59.70 86.16 81.87 The expected volatility was determined based on historical volatility data of the Company’s shares listed on the National Stock Exchange of India Limited. Employee Shadow Option Scheme (Cash settled options): a) Under the Employee Shadow Option Scheme (the ‘scheme’), employees are entitled to get cash compensation based on the average market price of equity share upon exercise of shadow option on a future date. As per the scheme, Shadow options will vest as follows: Tranche Date of Grant* Vesting at the end of/during year 1 Vesting at the end of/during year 2 Vesting at the end of/during year 3 Vesting at the end of/during year 4 Vesting at the end of/during year 5 Vesting at the end of/during year 7 I 1 July 2007 - 50% - 50% - - II 1 September 2007 - 50% - 50% - - III 1 July 2008 - 50% 50% - - - IV 10 October 2008 - 50% 50% - - - V 1 July 2009 - 100% - - - - VI 1 August 2010 - - - - - 100% VII 1 November 2012 33.33% 33.33% 33.34% - - - VIII 1 August 2013 - - 33.34% - 66.66% -

|512| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts b) Details of outstanding options and the expenses recognized under the Employee Shadow Option Scheme are as under: Particulars 31 March 2019 31 March 2018 Outstanding shadow options (no.) - - Exercise price (`) - 2 Average market price (`) - - Fair value of shadow option (`) - - Total expense charged to statement of profit and loss (` in lakhs) - 198.06 Liability as at the end of the year (` in lakhs) - - * For tranche I and II, 50% options have already been vested in the financial year ended 31 March 2010 and remaining 50% vested in financial year ended 31 March 2012. For tranche III & IV, 50% options vested in the financial year ended 31 March 2011 and remaining 50% vested in financial year ended 31 March 2012. For tranche V, the options vested in financial year ended 31 March 2012. For tranche VII, 33.33% vested in financial year ended 31 March 2014 and 33.33% vested in 31 March 2015 and remaining 50% vested in financial year ended 31 March 2016. For tranche VIII, 33.34% vested in financial year ended 31 March 2017. For tranche VI, the entire options vested in financial year ended all the remaining options have forfeited during the financial year ended 31 March 2018. 4. HCL TECHNOLOGIES LIMITED Accounting Policy Share based payment reserve The share options based payment reserve is used to recognize the grant date fair value of options issued to employees under Employee stock option plan. Disclosure Pursuant to the approval of the shareholders, your Company had instituted the 1999 Stock Option Plan (“1999 Plan”), 2000 Stock ption Plan (“2000 Plan”) and 2004 Stock Option Plan (“2004 Plan”) for all eligible employees of the Company and its subsidiaries. The 1999 Plan, 2000 Plan and 2004 Plan are administered by the Nomination & Remuneration Committee (erstwhile Compensation Committee) of the Board and provide for the issuance of 20,000,000; 15,000,000 and 20,000,000 options respectively. The 1999 Plan and 2000 Plan were lapsed and 2004 Plan is active. The entitlement of the Stock Option holders under 2004 Plan is 8 equity Shares of ` 2 each against each option exercised. The Company has formed a ‘HCL Technologies Stock Options Trust’ as per the SEBI (Share Based Employee Benefits) Regulations, 2014, to implement, manage, operate and/or administer the 2004 Stock Option Plan of the Company. The trustees of the trust are Mr. Vineet Vij, Mr. Mathew George and Mr. Subodh Jain as on the date of this Report. However, since the Company has been allotting shares directly, the said trust mechanism has not been used. The details of the options granted under the 1999, 2000 and 2004 Plans are given below: The details of the options granted under the 1999, 2000 and 2004 Plans are given below: S No Description 1999 Plan 2000 Plan 2004 Plan 1 Date of shareholders’ approval 13-Sep-1999 20-Oct-2000 17-Dec-2004 2 Total number of options granted (gross) 2,66,00,874 1,77,47,401 84,24,132 3 The pricing formula Market price / internal valuation Market price Market price / price determined by Nomination & Remuneration Committee

|513| Chap. 22 – Ind AS 102 — Share-based Payment S No Description 1999 Plan 2000 Plan 2004 Plan (erstwhile Compensation Committee) 4 Number of options vested 1,75,29,862 1,04,66,138 58,20,927 5 Number of options exercised 1,39,57,786 74,70,809 56,42,959 6 Total number of shares arising as a result of exercise of options 11,16,62,288 5,97,66,472 4,51,43,672 7 Number of options lapsed and forfeited 1,26,43,088 1,02,76,592 27,11,963 8 Variation in terms of options None None None 9 Money realized by exercise of options (` in crore) 516.19 434.43 14.31 10 Total number of options in force as on March 31, 2019 - - 69,210 11 Grant to Senior Management Number of Options 19,67,175 2,54,904 29,87,600 Source of Shares Combination Combination Primary Vesting Period 110 Months 104 Months 96 Months Vesting Requirements Service Period / Company’s performance on the basis of consolidated financial statements The diluted earnings per share were ` 59.66 and ` 52.50 for the fi nancial years ended March 31, 2019 and March 31, 2018 respectively. Details of Stock Option Plans for the year ended March 31, 2019 Particulars 1999 Plan 2000 Plan 2004 Plan Total number of options outstanding as on April 1, 2018 - - 1,23,645 Number of options granted during the year - - - Pricing formula Market price / internal valuation Market price Market price / price determined by Nomination & Remuneration Committee (erstwhile Compensation Committee) Number of options vested during the year - - - Number of options exercised during the year - - 49,515 Total number of shares arising as a result of exercise of options during the year - - 3,96,120 Number of options lapsed and forfeited during the year - - 4,920 Variation in terms of options None None None

|514| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Details of Stock Option Plans for the year ended March 31, 2019 Particulars 1999 Plan 2000 Plan 2004 Plan Money realised by exercise of options during the year (` in crore) (includes issued through Trust) - - 0.08 Total number of options in force as on March 31, 2019 - - 69,210 Total number of options exercisable as on March 31, 2019 - - 69,210 Employees granted options equal to 5% or more of the total number of options granted during the year None None None Employees granted options equal to or exceeding 1% of the issued capital during the year None None None Fair value compensation cost for options granted (` in crore) N.A. N.A. N.A. Weighted average exercise price of options granted above market price N.A. N.A. N.A. Weighted average fair value of options granted above market price N.A. N.A. N.A. Weighted average exercise price of options granted at market price N.A. N.A. N.A. Weighted average fair value of options granted at market price N.A. N.A. N.A. Weighted average exercise price of options granted below market price (`) N.A. N.A. N.A. Weighted average fair value of options granted below market price (`) N.A. N.A. N.A. Method and significant assumptions used during the year to estimate the fair values of options Method Black-Scholes Black-Scholes Black-Scholes Significant assumptions Risk free interest rate 7.80% 7.80% 7.80% Expected life upto 56 months upto 56 months upto 56 months Expected Volatility 30.80% 30.80% 30.80% Expected Dividend 2.02% 2.02% 2.02% The price of the underlying options in market at the time of grant (`) N.A. N.A. N.A. Determination of expected Volatility The expected term of the ESOP is estimated based on the vesting term and contractual term of the ESOP. Expected volatility during the expected term of the ESOP is based on historical volatility of the observed market prices of the Company’s publically traded equity shares during a period equivalent to the expected term of the ESOP.

|515| Chap. 22 – Ind AS 102 — Share-based Payment Pre IPO Details of Stock Option Plan Particulars As on March 31, 2019 ESOP 1999 Plan Number of options granted pre IPO 1,42,23,832 Pricing formula Internal valuation Number of options vested 1,16,48,957 Number of options exercised 1,02,34,702 Total number of shares arising as a result of exercise of options 4,09,38,808 Number of options lapsed 39,89,130 Variation in terms of options None Money realised by exercise of options (` in crore) 259.41 Total number of options in force as on March 31, 2019 - Fair value compensation cost for options granted (` in crore) 43.96 Weighted average exercise price of options granted (`) 255.00 Weighted average fair value of options granted (`) 36.65 Method used to estimate the fair values of options Black-Scholes Method Significant assumptions Risk free interest rate 10.00% Expected life 12 to 110 months Expected volatility - Expected dividends 0.10% Employee Compensation Cost based on fair value of the options (` in crore) Particulars Year ended March 31, 2019 Net income, as reported 8,185.00 Add: Stock-based employee compensation expense included in reported net income Nil Deduct: Total stock-based employee compensation expense determined under fair value based method for all awards Nil Proforma net income 8,185.00 Earnings per share ` As reported - Basic 59.69 - Diluted 59.66 Adjusted pro forma - Basic 59.69 - Diluted 59.66 Method and significant assumptions used during the year estimate the fair values of options Black-Scholes Method Significant assumptions Dividend yield % 2.02% Expected life upto 56 months Risk free interest rates 7.80% Volatility 30.80%

|516| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Details of options granted to Senior Managerial Personnel of the Company during the year ended March 31, 2019 None Details of options granted to employees amounting to 5% or more of the options granted during the year ended March 31, 2019 None Details of options granted to employees during the year ended March 31, 2019, amounting to 1% or more of the issued capital of the company at the time of the grant None 5. HERO MOTOCORP LIMITED Share based Payments – IND AS 102 Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 40. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in the Statement of profit and loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the Share option’s outstanding account. Disclosures 42. Share-based payments Employee Stock Option Plan The Employee Stock Options Scheme titled ‘‘Employee Incentive Scheme 2014 - Options and Restricted Stock Unit” hereafter referred to as ‘‘Employee Incentive Scheme 2014” or ‘‘the Scheme” was approved by the shareholders of the Holding Company through postal ballot on September 22, 2014. The Scheme covered 49,90,000 options/ restricted units for 49,90,000 equity shares. The Scheme allows the issue of options/ restricted stock units (RSU) to employees of the Holding Company which are convertible to one equity share of the Group. As per the Scheme, the Nomination and Remuneration Committee grants the options/ RSU to the employees deemed eligible. The options and RSU granted vest over a period of 4 and 3 years respectively from the date of the grant in proportions specified in the respective ESOP Plans. Options/RSU may be exercised by the employees after vesting period within 7 years from the date of grant. The fair value as on the date of the grant of the options/ RSU, representing Stock compensation charge, is expensed over the vesting period. Details of the Stock Option/ RSU issued under the Scheme Plan Number of Options/ RSU Grant date Expiry date Exercise Price ` Weighted Average Fair value of the Options at grant date ` ESOP 2014 23,110 22-Oct-14 21-Oct-21 2,159 1,228 ESOP 2016 41,290 22-Aug-16 21-Aug-23 2,469 1,324 RSU 2016 11,194 22-Aug-16 21-Aug-23 2 3,290 ESOP 2017 29,800 31-Oct-17 31-Oct-24 2,818 1,615 RSU 2017 15,769 31-Oct-17 31-Oct-24 2 3,663 ESOP 2018 125,000 25-Mar-19 25-Mar-26 2,033 1,138 RSU 2018 17,760 31-Jan-19 31-Jan-26 2 2,672

|517| Chap. 22 – Ind AS 102 — Share-based Payment Fair value of share options/ RSU granted during the year The fair value of options/RSU granted is estimated using the Black Scholes Option Pricing Model after applying the key assumption which are tabulated below. The expected volatility has been calculated using the daily stock returns on NSE, based on expected life options/RSU of each vest. The expected life of share option is based on historical data and current expectation and not necessarily indicative of exercise pattern that may occur. Inputs in to the pricing model Option Plan ESOP 2018 RSU 2018 Weighted Average Fair value of option/RSU 1,138 2,672 Weighted Average share price 2,886 3,034 Exercise price 2,033 2 Expected volatility 22.96% 23.10% Option life 7 Years 7 Years Dividend yield 2.78% 2.78% Risk-free interest rate 7.00% 7.23% Movements in share options during the year For the year ended March 31, 2019 For the year ended March 31, 2018 Number of options Weighted average exercise price ` Number of options Weighted average exercise price ` Outstanding at the beginning of the year 67,724 2,604 52,780 2,159 Granted during the year 125,000 2,033 29,800 2,818 Forfeited during the year 2,414 2,686 3,598 2,193 Exercised during the year 8,094 2,449 11,258 2,355 Outstanding at the end of year 182,216 2,218 67,724 2,604 Exercisable at the end of year 10,864 2,547 1,290 2,469 Movements in RSU during the year For the year ended March 31, 2019 For the year ended March 31, 2018 Number of RSU Weighted average exercise price ` Number of RSU Weighted average exercise price ` Outstanding at the beginning of the year 21,413 2 11,194 2 Granted during the year 17,760 2 15,769 2 Forfeited during the year - - 2,191 2 Exercised during the year 7,335 2 3,359 2 Outstanding at the end of year 31,838 2 21,413 2

|518| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Share options exercised during the year Option Plan No. of options exercised Weighted Share price at exercise date ` ESOP 2014 1,962 2,660 ESOP 2016 4,848 2,883 RSU 2016 3,036 2,883 ESOP 2017 1,284 2,681 RSU 2017 4,299 2,685 Share options/RSU outstanding at end of the year Options/RSU Plans Options outstanding as at March 31, 2019 Options outstanding as at March 31, 2018 Remaining contractual life (in Years) as on March 31, 2019 Remaining contractual life (in Years) as on March 31, 2018 Exercise Price ESOP 2014 2,184 4,146 2.56 3.56 2,159 ESOP 2016 28,016 33,778 4.39 5.39 2,469 RSU 2016 4,047 7,083 4.39 5.39 2 ESOP 2017 27,016 29,800 5.59 6.59 2,818 RSU 2017 10,031 14,330 5.59 6.59 2 ESOP 2018 125,000 - 6.84 - 2,033 RSU 2018 17,760 - 6.99 - 2 214,054 89,137 During the year ended March 31, 2019, the Group recorded an employee stock compensation expense of ` 6.55 crores (previous year ` 5.35 crore) in the Statement of Profi and Loss and the balance in share options outstanding account as at March 31, 2019 is ` 9.59 crore (previous year ` 6.74 crore). 6. HINDUSTAN UNILEVER LIMITED Share based Payments – IND AS 102 Employees of the Company receive remuneration in the form of share-based payments in consideration of the services rendered. Under the equity settled share based payment, the fair value on the grant date of the awards given to employees is recognised as ‘employee benefit expenses’ with a corresponding increase in equity over the vesting period. The fair value of the options at the grant date is calculated by an independent valuer basis Black Scholes model. At the end of each reporting period, apart from the nonmarket vesting condition, the expense is reviewed and adjusted to reflect changes to the level of options expected to vest. When the options are exercised, the Company issues fresh equity shares. For cash-settled share-based payments, the fair value of the amount payable to employees is recognised as ‘employee benefit expenses’ with a corresponding increase in liabilities, over the period of non-market vesting conditions getting fulfilled. The liability is remeasured at each reporting period up to, and including the settlement date, with changes in fair value recognised in employee benefits expenses. Disclosure NOTE 41 : SHARE BASED PAYMENTS Refer note 2.4(l) for accounting policy on Share Based Payments. EQUITY SETTLED SHARE BASED PAYMENTS The members of the Company had approved ‘2001 HLL Stock Option Plan’ at the Annual General Meeting held on 22nd June, 2001. The plan envisaged grant of share options to eligible employees at market price

|519| Chap. 22 – Ind AS 102 — Share-based Payment as defined in Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014. This plan was amended and revised vide ‘2006 HLL Performance Share Scheme’ at the Annual General Meeting held on 29th May, 2006. This scheme provided for conditional grant of Performance Shares at nominal value to eligible management employees as determined by the Compensation Committee of the Board of Directors from time to time, at the end of 3-year performance period. The performance measures under this scheme include group underlying sales growth and free cash flow. The scheme also provided for ‘Par’ Awards for the managers at different work levels. The 2006 scheme was further amended and revised vide ‘2012 HUL Performance Share Scheme’ at the Annual General Meeting held on 23rd July, 2012. This scheme provided for conditional grant of Performance Shares at nominal value to eligible management employees as determined by the Nomination and Remuneration Committee of the Board of Directors from time to time, at the end of 3-year performance period. The performance measures under this scheme include group underlying sales growth, core operating margin improvement and operating cash flow. The number of shares allocated for allotment under the 2006 and 2012 Performance Share Schemes is 2,00,00,000 (two crores) equity shares of ` 1/- each. The schemes are monitored and supervised by the Nomination and Remuneration Committee of the Board of Directors in compliance with the provisions of Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and amendments thereof from time to time. The Employee Stock Option Plan includes employees of Hindustan Unilever Limited, its subsidiaries and a subsidiary of parent company. Scheme Year Date of Grant Numbers of options granted Vesting Conditions Exercise Period Exercise Price (`) per share Weighted Average Exercise Price (`) per share 2001 HLL Stock Option Plan 2005 27-May-05 1,547,700 Vested after three years from date of grant 7 years from date of vesting 132.05 132.05 2006 HLL Performance Share Scheme 2012 17-Feb-12 420,080 Vested after three years from date of grant 3 months from date of vesting 1.00 1.00 Interim 2012 30-Jul-12 51,385 1.00 1.00 2013 18-Mar-13 3,68,023 1.00 1.00 Interim 2013 29-Jul-13 25,418 1.00 1.00 2014 14-Feb-14 262,155 1.00 1.00 Interim 2014 28-Jul-14 16,805 1.00 1.00 2012 HUL Performance Share Scheme 2015 13-Feb-15 142,038 Vested after three years from date of grant 3 months from date of vesting 1.00 1.00 Interim 2015 27-Jul-15 12,322 1.00 1.00 2016 11-Feb-16 157,193 1.00 1.00 Interim 2016 25-Jul-16 11,834 1.00 1.00 2017 13-Feb-17 123,887 1.00 1.00 Interim 2017 21-Jul-17 6,846 1.00 1.00 2018 16-Feb-18 63,421 1.00 1.00 Interim 2018 27-Jul-18 4,650 1.00 1.00 2014 - - - - - -