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

|820| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Chapter 32 Ind AS 114 – Regulatory Deferral Accounts 1. NATIONAL THERMAL POWER CORPORATION LIMITED 5. Regulatory deferral account balances Expense/income recognised in the statement of profit and loss to the extent recoverable from or payable to the beneficiaries in subsequent periods as per CERC Tariff Regulations are recognised as ‘Regulatory deferral account balances’. Regulatory deferral account balances are adjusted from the year in which the same become recoverable from or payable to the beneficiaries. Regulatory deferral account balances are evaluated at each balance sheet date to ensure that the underlying activities meet the recognition criteria and it is probable that future economic benefits associated with such balances will flow to the Group. If these criteria are not met, the regulatory deferral account balances are derecognised. Disclosure as per ind As 114, ‘Regulatory Deferral Accounts’ (i) Nature of rate regulated activities The Group is mainly engaged in generation and sale of electricity. The price to be charged by the Group for electricity sold to its beneficiaries is determined by the CERC which provides extensive guidance on the principles and methodologies for determination of the tariff for the purpose of sale of electricity. The tariff is based on allowable costs like interest, depreciation, operation & maintenance expenses, etc. with a stipulated return. This form of rate regulation is known as cost-of-service regulations which provide the Group to recover its costs of providing the goods or services plus a fair return. (ii) Recognition and measurement (a) As per the CERC Tariff Regulations, any gain or loss on account of exchange risk variation during the construction period shall form part of the capital cost till the declaration of Commercial Operation Date (COD) to be considered for calculation of tariff. The CERC during the past period in tariff orders for various stations has allowed exchange differences incurred during the construction period in the capital cost. Accordingly, exchange differences arising during the construction period is within the scope of Ind AS 114. In view of the above, exchange differences arising from settlement/translation of monetary item denominated in foreign currency to the extent recoverable from or payable to the beneficiaries in subsequent periods as per CERC Tariff Regulations are recognised on an undiscounted basis as ‘Regulatory deferral account debit/credit balance’ by credit/debit to ‘Movements in Regulatory deferral account balances’ during construction period and adjusted from the year in which the same becomes recoverable from or payable to the beneficiaries. Accordingly, an amount of (-) ` 26.25 crore for the year ended as at 31 March 2019 has been accounted for as ‘Regulatory deferral account debit balance’ (31 March 2018: ` 587.23 crore accounted as ‘Regulatory deferral account dedit balance’.) (b) Revision of pay scales of employees of PSEs w.e.f. 1 January 2017 has been implemented based on the guidelines issued by Department of Public Enterprises (DPE). The guidelines provide payment of superannuation benefits @ 30% of basic + DA to be provided to the employees of CPSEs which includes gratuity at the enhanced ceiling of ` 0.20 crore from the existing ceiling of ` 0.10 crore.

|821| Chap. 32 – Ind AS 114 – Regulatory Deferral Accounts As per Proviso 8(3) of Terms and Conditions of Tariff Regulations 2014 applicable for the period 2014-19, truing up exercise in respect of Change in Law or compliance of existing law will be taken up by CERC. The increase in gratuity from ` 0.10 crore to ` 0.20 crore falls under the category of ‘Change in law’ and a regulatory asset was created in the previous year. The Payment of Gratuity Act, 1972 has since been amended and the ceiling has been increased to ` 0.20 crore. Considering the methodology followed by the CERC for allowing impact of the previous pay revision, various tariff orders issued by the CERC under Regulations, 2014 and the above-mentioned provision related to the change in law of CERC Tariff Regulations, 2014, a regulatory asset has been created (Regulatory deferral account debit balance) towards the increase in O&M expenditure due to the pay revision. This will be taken up with CERC through petition. Accordingly, an amount of ` 118.26 crore for the year ended 31 March 2019 has been accounted for as ‘Regulatory deferral account debit balance’ (31 March 2018: ` 118.32 crore). (c) CERC Regulations provide that deferred tax liability upto 31 March 2009 shall be recovered from the beneficiaries as and when the same gets materialised. Further, for the period commencing from 1 April 2014, CERC Regulations, 2014 provide for grossing up of the return on equity based on effective tax rate for the financial year based on the actual tax paid during the year on the generation income. The Group has recognised a deferred asset for above deferred tax liabilities (Net) in its financial statements (referred to as ‘Deferred asset for deferred tax liability’). Deferred asset for deferred tax liability for the period commencing from 1 April 2014 will be reversed in future years when the related deferred tax liability forms part of current tax. The Group was recognising such deferred asset for deferred tax liability as part of Deferred Tax Liabilities (Net) under Note 25. During the year, in line with the opinion of the Expert Advisory Committee (EAC) of the Institute of Chartered Accountants of India (ICAI), the same has been reclassified as a regulatory deferral account debit balance. Refer Note 47 (A). Accordingly, an amount of (-) ` 5,528.91 crore (31 March 2018: ` 3,065.65 crore) for the year ended 31 March 2019 has been accounted for as ‘Regulatory deferral account debit balance’. (d) The petition filed by the Parent Company before CERC seeking to reimburse the expenditure on transportation of ash, has been favourably considered by CERC vide order dated 5 November 2018 and it was allowed to reimburse the actual additional expenditure incurred towards transportation of ash in terms of MOEF notification under change in law, as additional O&M expenses, w.e.f. 25 January 2016 subject to prudence check. Keeping in view the above, regulatory asset has been created towards ash transportation expenses in respect of stations where there is shortfall in ash transportation expenses over and above the revenue from sale of ash. Accordingly, an amount of ` 179.29 crore (31 March 2018: ` Nil) for the year ended 31 March 2019 has been accounted for as ‘Regulatory deferral account debit balance’. (iii) Risks associated with future recovery/reversal of regulatory deferral account balances (a) demand risk due to changes in consumer attitudes, the availability of alternative sources of supply. (b) regulatory risk on account of changes in regulations and submission or approval of a rate-setting application or the entity’s assessment of the expected future regulatory actions. (c) other risks including currency or other market risks, if any.” (iv) Reconciliation of the carrying amounts The regulated assets/liability recognised in the books to be recovered from or payable to beneficiaries in future periods are as follows: (a) regulatory deferral account debit balance - note 18 The regulatory assets recognised in the books to be recovered from the beneficiaries in future periods are as follows:

|822| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts ` Crore Particulars For the year ended 31 march 2019 For the year ended 31 March 2018 A. Opening balance 8,739.40 5,450.67 B. Addition during the year (5,257.61) 3,771.20 C. Adjustments during the year (65.47) (488.48) D. Amount collected/refunded during the year 1.58 6.01 E. Regulatory deferral account balances recognised in the statement of profit and loss (B+D) (5,256.03) 3,777.21 F. Closing balance (A+C+E) 3,417.90 8,739.40 b) Net movements in regulatory deferral account balances [I] (5,256.03) 3,777.21 c) Tax on net movements in regulatory deferral account balances [II] (1,055.13) 152.04 d) Total amount recognised in the statement of profit and loss during the year [I-II] (4,200.90) 3,625.17 The Group expects to recover the carrying amount of regulatory deferral account debit balance over a period of 10 years. 2. POWER GRID CORPORATION OF INDIA LIMITED 2.17 Regulatory Deferral Account Balances Certain expenses and income, allowed under CERC regulations to be reimbursed by/passed on to beneficiaries in future, are to be accounted in the Statement of Profit and Loss as per the provisions of Ind AS 114 ‘Regulatory Deferral Accounts’. Such expenses and income, to the extent recoverable /payable as part of tariff under CERC Regulations are treated as Regulatory Deferral Assets/ Liabilities. The Group presents separate line items in the Balance Sheet for: (a) the total of all Regulatory Deferral Account Debit Balances; and (b) the total of all Regulatory Deferral Account Credit Balances. A separate line item is presented in the profit or loss section of the Statement of Profit and Loss for the net movement in all Regulatory Deferral Account Balances for the reporting period. Regulatory deferral accounts balances are adjusted in the year in which the same become recoverable from or payable to the beneficiaries. Note 20/Regulatory Deferral Account Balances (` in Crore) Particulars As at 31st March, 2019 As at 31st March, 2018 Assets Deferred assets for deferred tax liability * 7516.5 10989.39 Foreign Currency Fluctuation 432.61 200.34 Employee Benefits Expense 134.16 114.49 Total 8083.27 11304.22 Further Note: * Refer to note no 55 for reclassification of prior year presentation. Refer to note no 54 for detailed disclosure on Regulatory Deferral Account Balances.

|823| Chap. 32 – Ind AS 114 – Regulatory Deferral Accounts Note 41/Net Movement in Regulatory Deferral Account Balances-Incomes/(expenses) (net of tax) (` in Crore) Particulars For the year ended 31st March, 2019 For the year ended 31st March, 2018 Deferred assets for deferred tax liability* (3472.89) 3121.19 Foreign Currency Fluctuation 232.27 195.92 Employee Benefits Expense 19.67 11.31 (3,220.95) 3,328.42 Tax on net movement in regulatory deferral account balances (694.08) 44.23 TOTAL (2526.87) 3284.19 Further Note: * Refer to note no 55 for reclassification of prior year presentation. Refer to note no 54 for detailed disclosure on Regulatory Deferral Account Balances. 54. Disclosures relating to Regulatory Deferral Account Balances i) Nature of rate regulated activities The Group is mainly engaged in the business of transmission of power. The tariff for transmission of power is determined by the CERC through tariff regulations. The tariff is based on capital costadmitted by CERC and provides for transmission charges recovery of annual fixed cost consisting of Return on equity, Interest on loan capital, Depreciation, interest on working capital and Operation & Maintenance expenses. ii) Recognition and measurement FERV arising during the construction period for settlement/translation of monetary items (other than noncurrent loans) denominated in foreign currency to the extent recoverable/payable to the beneficiaries as capital cost as per CERC Tariff Regulations are accounted as Regulatory Deferral Account Balances. In respect of long term foreign currency loan drawn on or after 1st April, 2016, exchange difference to the extent recoverable as per CERC Tariff Regulations are recognised as Regulatory Deferral Account Balances. The Group expects to recover these amounts through depreciation component of the tariff over the life of the asset or as exchange rate variation on repayment of the loan. The tariff norms for the block period 2014-2019 notified by the Central Electricity Regulatory Commission (CERC) provide for grossing up of the return on equity based on effective tax rate for the financial year based on the actual tax paid during the year on the transmission income. Accordingly, deferred tax provided during the year ended 31st March, 2019 on the transmission income is against Deferred Tax Liability for the year will be reversed in future years (including tax holiday period) when the related deferred tax liability forms a part of current tax. Matter regarding presentation of ‘Deferred Assets against Deferred Tax Liability’ in Balance Sheet and Statement of Profit and loss was referred to Expert Advisory Committee (EAC) of Institute of Chartered Accountant of India, and as per opinion received during the year ‘Deferred Assets against Deferred Tax Liability’is classified as ‘Regulatory Deferral Account Balance”. The Group has recognized an amount of ` 19.67 crore (Previous Year ` 11.31 crore) on account of pay revision as recoverable from the beneficiaries in subsequent periods under Regulatory Deferral Account Balances. These balances are to be adjusted in the year in which they become recoverable from beneficiaries as per CERC. Amount of regulatory deferral account balances is on undiscounted basis. iii) Risk associated with future recovery/ reversal of regulatory deferral account balances (a) regulatory risk on account of changes in regulations. (b) other risks including currency or other market risks, if any.

|824| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Any change in the Tariff regulations beyond the current tariff period ending on 31st March, 2019 may have an impact on the recovery of Regulatory Deferral Account Balances. The Regulatory Deferral Account Balances (assets) recognized in the books to be recovered from the benefi aries in future periods are as follows: (` in Crore) Particulars 31st March, 2019 31st March, 2018 A. Opening Balance * 11304.22 7975.80 B. Addition/(deduction) during the year (3220.95) 3328.42 C. Amount collected/refunded during the year NIL NIL D. Regulated Income/(Expense) recognized in the statement of Profit and Loss (3220.95) 3328.42 E. Closing Balance 8083.27 11304.22 F. Tax on Regulated Income/(Expense) recognized in the statement of Profit and Loss (694.08) 44.23 * Refer note 55 for change in Opening balance for regulatory deferral account balances. ll

|825| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers Chapter 33 Ind AS 115 – Revenue from Contracts with Customers 1. ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government. The specific recognition criteria described below must also be met before revenue is recognised. Port operation and logistics services Revenue from port operation services including cargo handling, storage, rail infrastructure, other ancillary port services and logistics services are recognized in the accounting period in which the services are rendered on proportionate completion method basis based on services completed till reporting date. Revenue is recognized based on the actual service provided to the end of reporting period as a proportion of total services to be provided. In cases, where the contracts include multiple contract obligations, the transaction price will be allocated to each performance obligation based on the standalone selling prices. Where these prices are not directly observable, they are estimated based on expected cost plus margin. Revenue on take-or-pay charges are recognized for the quantity that is the difference between annual agreed tonnage and actual quantity of cargo handled. The amount recognised as revenue is exclusive of goods & services tax where applicable. Income in the nature of license fees / waterfront royalty and revenue share is recognized in accordance terms and conditions of relevant service agreement with customers/ sub concessionaire. Income towards infrastructure premium is recognized as revenue in the year in which the Company provides access to its common infrastructure. Income from long term leases As a part of its business activity, the Group leases/ sub-leases land on long term basis to its customers. Leases are classified as finance lease whenever the terms of lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating lease. In some cases, the Company enters into cancellable lease / sub-lease transaction agreement, while in other cases, it enters into non-cancellable lease / sub-lease agreement. The Company recognizes the income based on the principles of leases as set out in Ind AS 17 “Leases” and accordingly in cases where the land lease / sub-lease agreement are cancellable in nature, the income in the nature of upfront premium received / receivable is recognized on operating lease basis i.e. on a straight line basis over the period of lease / sub-lease agreement / date of memorandum of understanding takes effect over lease period and annual lease rentals are recognized on an accrual basis. In cases where long term land lease / sub-lease transaction agreement are non-cancellable in nature, the income is recognized on finance lease basis i.e. at the inception of lease / sub-lease agreement / date of memorandum of understanding takes effect over lease period, the income recognized is equal to the present value of the minimum lease payment over the lease period (including non-refundable upfront premium) which is substantially equal to the fair value of land leased / sub-leased. In respect of land given on finance lease basis, the corresponding cost of the land and development costs incurred are expensed off in the statement of profit and loss.

|826| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Rental income Rental income arising from operating leases on investment properties is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit and loss due to its operating nature. Development of Infrastructure Assets The Company‘s business operations includes construction and development of infrastructure assets. where the outcome of the project cannot be estimated reasonably, Revenue from contracts for such construction and development activities is recognized on completion of relevant activities under the contract and the transfer of control of the infrastructure when all significant risks and rewards of ownership in the infrastructure assets are transferred to the customer. Non scheduled aircraft services Revenue from chartered services is recognized when the service is performed under contractual obligations. Utilities Services Revenue is recognized as and when the service performed under contractual obligations and the right to receive such income is established. Delayed payment charges are accounted as and when received. Income from SEIS/SFIS Income from Services Exports from India Scheme (‘SEIS’) incentives under Government’s Foreign Trade Policy 2015-20 and Served from India Scheme (‘SFIS’) under Government’s Foreign Trade Policy 2009-14 on the port services income is recognised based on effective rate of incentive under the scheme, provided no significant uncertainty exists for the measurability, realisation and utilisation of the credit under the scheme. The receivables related to SEIS licenses are classified as “Other Non Financial Assets”. Revenue recognition from Service Concession arrangements in Agri Logistics Business Once the infrastructure is in operation, the treatment of income is as follows: Finance income over financial asset after consideration of fixed storage charges is recognized using effective interest rate method. Variable storage charges revenue is recognized in the period of storage of food grains. Revenues from other variable charges such as loading and unloading charges, bagging charges, stacking charges, etc. as per the rates mentioned in SCA are recognized in each period as and when services are rendered in accordance with “Ind AS 115 - Revenue from Contracts with Customers”. Interest income For all financial assets measured either at amortized cost or at fair value through other comprehensive income, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset or to the amortized cost of a financial liability. When calculating the effective interest rate, the Group estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. Interest income is included in finance income in the consolidated statement of profit and loss. Dividends Dividend Income is recognized when the Group’s right to receive the payment is established, which is generally when shareholders approve the dividend. Ind AS 115 – Revenue from Contracts with Customers The core principle of the standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further, the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers.

|827| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers The standard permits two possible methods of transition Retrospective approach - Under this approach the standard will be applied retrospectively to each prior reporting period presented in accordance with Ind AS 8- Accounting Policies, Changes in Accounting Estimates and Errors. Retrospectively with cumulative effect of initially applying the standard recognized at the date of initial application (Cumulative catch - up approach). The Group adopted Ind AS 115 using the modified retrospective method of adoption. The adoption of the standard did not have any material impact on the consolidated financial statements of the Group. 2. ADANI POWER LIMITED Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue is measured based on the transaction price, which is the consideration, adjusted for discounts and other incentives, if any, as specified in the contract with the customer. Revenue also excludes taxes or other amounts collected from customers. The disclosure of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note 3. The specific recognition criteria described below must also be met before revenue is recognised. i) Revenue from Power Supply The Group’s contracts with customers for the sale of electricity generally include one performance obligation. The Group has concluded that revenue from sale of electricity should be recognised at the point in time when electricity is transferred to the customer. Revenue from operations on account of Force Majeure / change in law events in terms of PPAs with customers (Power Distribution Utilities) is accounted for by the Group based on orders / reports of Regulatory Authorities and best management estimates, wherever needed. In case of Udupi Power Corporation Limited (“UPCL”), revenue from sale of power is recognised based on the most recent tariff approved by the CERC, as modified by the orders of Appellate Tribunal for Electricity (“APTEL”), to the extent applicable, having regard to mechanism provided in applicable tariff regulations and the bilateral arrangements with the customers. ii) Sale of other goods The Group’s contracts with customers for the sale of goods (including coal) generally include one performance obligation. Revenue from the sale of other goods (Including coal) is recognised at the point in time when control of the asset is transferred to the customers, generally on delivery of the goods. iii) Carrying cost in respect of claims for change in law of taxes and duties and of additional cost incurred on procurement of alternative coal on account of New Coal Distribution Policy (“NCDP”) are recognised upon approval by relevant regulatory authorities and is based on best management estimates. iv) Interest income is recognised on time proportion basis at the effective interest rate (“EIR”) applicable. v) Dividend income from investments is recognised when the Group’s right to receive payment is established which is generally when shareholders approve the dividend. vi) Late Payment Surcharge and interest on late payment for power supply are recognised on reasonable certainty to expect ultimate collection.

|828| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 3. ADITYA BIRLA FASHION AND RETAIL LIMITED (V) Revenue recognition Effective from April 1, 2018, the Company has adopted Ind AS 115 ‘Revenue from Contracts with Customers’ with modified retrospective approach. The following are new and / or revised significant accounting policies related to revenue recognition. Refer Note 2.2 “Significant Accounting Policies,” in the Company’s 2018 Annual Report for the policies in effect for the revenue prior to April 1, 2018. The effect on adoption of Ind AS 115 was insignificant. Revenue from contracts with customer is recognised upon transfer of control of promised goods / services to customers at an amount that reflects the consideration to which the Company expect to be entitled for those goods/ services. To recognize revenues, the Company applies the following five-step approach: • Identify the contract with a customer; • Identify the performance obligations in the contract; • Determine the transaction price; • Allocate the transaction price to the performance obligations in the contract; and • Recognise revenues when a performance obligation is satisfied. Revenue is measured at the fair value of the consideration received or receivable net of returns and allowances, trade discounts and volume rebates, taking into account contractually defined terms of payment excluding taxes or duties collected on behalf of the government. Goods and Service Tax (GST) is not received by the Company in its own account. Rather, it is tax collected on value added to the commodity by the seller on behalf of the government. Accordingly, it is excluded from revenue. The property in the merchandise of third party concession stores located within the main departmental store of the Company passes to the Company once a customer decides to purchase an item from the concession store. The Company, in turn, sells the item to the customer and is accordingly included under Retail sales. The Company has contracts with customers which entitles them the unconditional right to return. The Company has reclassified its contract assets and contract liabilities as required under Ind AS 115 and presented in the financial statements. Assets and liabilities arising from rights to return Right to return assets A return right gives an entity a contractual right to recover the goods from a customer (return asset), if the customer exercises its option to return the goods and obtain a refund. The asset is measured at the former carrying amount of the inventory, less any expected costs to recover the goods, including any potential decreases in the value of the returned goods. Refund liabilities A refund liability is the obligation to refund some or all of the consideration received (or receivable) from the customer. The Company has therefore recognized refund liabilities in respect of customer’s right to return. The liability is measured at the amount the Company ultimately expects it will have to return to the customer. The Company updates its estimate of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period. Gift voucher sales are recognised when the vouchers are redeemed and the goods are sold to the customer. The Company operates a loyalty programme which allows customers to accumulate points on purchases made in retail stores. The points give rise to a separate performance obligation as it entitles them to discount on future purchases. Consideration received is allocated between the sale of products and the points issued,

|829| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers with the consideration allocated to the points equal to their fair value. Fair value of points is determined by applying a statistical analysis based on the historical results of the Company. Revenue related to award points are deferred and recognised when points are redeemed. The amount of revenue is based on the number of points redeemed. Income from services are recognised as they are rendered based on agreements/ arrangements with the concerned parties, and recognised net of goods and services tax/ applicable taxes. NOTE: 38 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS Revenue recognition – Loyalty points The Company operates a loyalty programme where customers accumulate points for purchases made, which entitle them to discount on future purchases. The Company estimates the fair value of points awarded under the loyalty programme by applying statistical techniques. Inputs to the model include making assumptions about expected redemption rate basis the Company’s historic trends of redemption and expiry period of the points and such estimates are subject to significant uncertainty. As at March 31, 2019, the estimated liability towards unredeemed points amounts to ` 22.94 Crore (March 31, 2018: ` 28.76 Crore). Disclosure NOTE: 28 OTHER CURRENT LIABILITIES ` in Crores As at March 31, 2019 As at March 31, 2018 Liability for rent straight lining 17.84 15.92 Advances received from customers 13.08 23.47 Deferred revenue* 22.94 28.76 Other advances received 1.90 2.82 Statutory dues (other than income tax) 28.50 23.65 Deferred income 0.04 0.04 Total 84.30 94.66 Other current liabilities are non-interest bearing and have an average of 3-month terms. Undisputed statutory dues are generally settled in the next month. * Deferred revenue ` in Crores As at March 31, 2019 As at March 31, 2018 As at the beginning of the year 28.76 17.78 Deferred during the year 136.75 129.85 Released to the Statement of Profit and Loss (142.57) (118.87) As at the end of the year 22.94 28.76 The deferred revenue relates to the accrual and release of customer loyalty points, according to the loyalty programme of respective businesses. As at March 31, 2019, the estimated liability towards unredeemed points amounts to ` 22.94 Crore (March 31, 2018: ` 28.76 Crore).

|830| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts NOTE: 29 REVENUE FROM OPERATIONS ` in Crores Year ended March 31, 2019 Year ended March 31, 2018 Revenue from sale of goods (including excise duty) Sale of goods 7,897.59 7,036.68 Revenue from redemption of loyalty points (Refer Note - 28) 142.57 118.87 Total revenue from sale of goods 8,040.16 7,155.55 Revenue from rendering of services 3.02 2.29 Other operating income Scrap sales 5.77 4.67 Export incentives 9.94 11.41 Licence fees and royalties 2.35 1.57 Space on hire 0.68 1.29 Commission income 53.69 2.39 Miscellaneous other operating income 2.11 2.24 Total 8,117.72 7,181.41 Revenue from sale of goods includes excise duty collected from customers of ` Nil (March 31, 2018: ` 9.34 Crore). Revenue from sale of goods net of excise duty is ` 8,040.16 Crore (March 31, 2018: ` 7,146.21 Crore). Effective July 1, 2017, sales are recorded net of GST whereas earlier the same was recorded gross of excise duty, which formed part of expenses. Hence, Revenue from operations for the year ended March 31, 2019, are not comparable with previous period corresponding figures of March 31, 2018. During the current year, the Company has implemented the Ind AS 115 – “Revenue from Contracts with Customers”. Accordingly, the Company has applied the modified retrospective approach and therefore, the revenue for the year ended March 31, 2018 is not comparable with the revenue for the year ended March 31, 2019. There are no adjustments required to the retained earnings as at April 1, 2018. Further, due to the application of Ind AS 115, revenue from operations and cost of goods sold are lower by ` 83.83 Crore for the year ended March 31, 2019, on account of impact of purchases on sales or return basis’ arrangements. However, this does not have any impact on the profit for the year ended March 31, 2019. (a) Right to return assets and refund liabilities: ` in Crores Year ended March 31, 2019 Right to return assets 123.35 Refund liabilities 251.12

|831| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers (b) Reconciliation of revenue as recognised in the Statement of Profit and Loss with the contracted price: ` in Crores Year ended March 31, 2019 Revenue as per contract price 9,346.09 Less: Sales return 482.35 Discount 609.27 Loyalty points 136.75 Revenue as per the Statement of Profit and Loss 8,117.72 4. APOLLO HOSPITALS ENTERPRISE LIMITED Revenue recognition The group earns revenue primarily by providing healthcare services and sale of pharmaceutical products. Other sources of revenue include revenue earned through Operation and Management (O&M) contracts, brand license agreements and contracts for clinical trials. Effective April 1, 2018, the Company has applied Ind AS 115 - Revenue from Contract with customers which establishes a comprehensive framework for revenue recognition. Ind AS 115 replaces Ind AS 18 Revenue and Ind AS 11 Construction Contracts. The Company has adopted Ind AS 115 using the cumulative effect method(modified retrospective approach). The effect of initially applying this standard is recognised at the date of initial application (i.e. April 1, 2018). The standard is applied retrospectively only to contracts that are not completed as at the date of initial application and the comparative information in the statement of profit and loss is not restated – i.e. the comparative information continues to be reported under Ind AS 18 and Ind AS 11. The impact of the adoption of the standard on the financial statements of the Company is insignificant. Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those products or services. When there is uncertainty on ultimate collectability, revenue recognition is postponed until such uncertainty is resolved. 3.8.1 Healthcare Services Revenue comprises fees charged for inpatient and outpatient hospital services. The performance obligations for this stream of revenue include food & beverage, accommodation, surgery, medical/clinical professional services, supply of equipment, investigation and supply of pharmaceutical and related products. Revenue is recognised at the transaction price when each performance obligation is satisfied at a point in time when inpatient/ outpatients has actually received the service and accepted/consumed the same except for few specific services in the dialysis and oncology specialty where the performance obligation is satisfied over a period of time 3.8.2 Pharmaceutical Products In respect of sale of pharmaceutical products, where the performance obligation is satisfied at a point in time, revenue is recognised when the control of goods is transferred to the customer. 3.8.3 Project Consultancy Income In respect of project consultancy income, i.e. the revenue arising from the Operating & Maintenance (O&M) contracts where the performance obligation is satisfied over time, revenue is recognised along the period when the services are received and accepted by the customer.

|832| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 3.8.4 Clinical trials In respect of clinical trials, where the performance obligation is satisfied at a point in time, revenue is recognised when the service has been received and accepted by the customer. 3.8.5 Other Services (i) Hospital Project Consultancy income is recognised as and when it becomes due, on percentage completion method, on achievement of milestones. (ii) Income from Clinical Trials on behalf of Pharmaceutical Companies is recognized on completion of the service, based on the terms and conditions specified to each contract. (iii) One-time franchise license fees is recognised based on achievement of the milestones as per the terms of the contract and where ever there is no bifurcation of total fee then over the period of the agreement (iv) Other Franchisee license fee is recognised on accrual basis as per the terms of the contracts (v) Other services fee is recognized on basis of the services rendered and as per the terms of the agreement. (vi) Royalty income is recognised on an accrual basis in accordance with the terms of the relevant agreement 3.8.6 Contract assets and liabilities Revenues in excess of invoicing are classified as contract assets (which we refer as unbilled revenue) while invoicing in excess of revenues are classified as contract liabilities (which we refer to as unearned revenues). 3.8.7 Transaction Price Revenue is measured based on the transaction price, which is the fixed consideration adjusted for discounts, amounts payable to customer in the nature of commissions, principal versus agent considerations, loyalty credits and any other rights and obligations as specified in the contract with the customer. Revenue also excludes taxes collected from customers and deposited back to the respective statutory authorities. 3.8.8 Contract modifications Contract modifications are accounted for when additions, deletions or changes are approved either to the contract scope or contract price. The accounting for modifications of contracts involves assessing whether the services added to an existing contract are distinct and whether the pricing is at the standalone selling price. Services added that are not distinct are accounted for on a cumulative catch-up basis, while those that are distinct are accounted for prospectively, either as a separate contract, if the additional services are priced at the standalone selling price, or as a termination of the existing contract and creation of a new contract if not priced at the standalone selling price. 3.8.9 Revenue from Insurance business a Premium: Premium (net of service tax) is recognized as income over the contract period or period of risk, whichever is appropriate. Any subsequent revision or cancellation of premium is accounted for in the year in which they occur. b. Commission on Reinsurance Premium: Commission on reinsurance ceded is recognized as income in the year of cession of reinsurance premium. Profit commission under reinsurance treaties, wherever applicable, is recognized in the year of determination of the profits and as intimated by the reinsurer. c. Premium Deficiency: Premium deficiency is recognized whenever the ultimate amount of expected claims, related expenses and maintenance costs exceeds the related sum of premium carried forward to the subsequent accounting period as reserve for unexpired risk.

|833| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers d. Reserve for Unexpired Risk: Reserve for unexpired risk represents that part of the net premium (premium net of reinsurance ceded) attributable to the succeeding accounting period subject to a minimum amount of reserves as required by Section 64V (1) (ii) (b) of the Insurance Act, 1938. e. Interest / Dividend Income: Interest income is recognized on accrual basis. Dividend is recognized when the right to receive the dividend is established. f. Accretion / Amortization of Discounts/ Premium Accretion of discounts and amortization of premium relating to debt securities is recognized over the holding / maturity period. 3.8.10 Revenue from Third Party Administrator (TPA) Business Revenue is measured at the fair value of the consideration received or receivable exclusive of applicable Service Tax/GST. The group derives its revenue primarily as service fee on Third Party Administration contracts entered into with the Insurance Companies. Provision for estimated losses on incomplete contract is recorded in the year in which such loses become probable based on the current contract estimates. Other Income 3.8.11 Revenue from export benefit schemes Under the “Served from India Scheme” introduced by the Government of India, an exporter of service is entitled to certain export benefits on foreign currency earned. The revenue in respect of export benefits is recognized on the basis of the foreign exchange earned at the rate at which the said entitlement accrues to the extent there is no significant uncertainty as to the amount of consideration that would be derived and as to its ultimate collection. 3.8.12 Voluntary contributions Total Health, a subsidiary company incorporated under section 8 of the Act is engaged in non-profit activities. Voluntary contributions are accounted on receipt basis. 3.8.13 Dividend and interest income Dividend income from investments is recognised when the shareholder’s right to receive payment has been established (provided that it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably). Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition. 5. BAJAJ AUTO LIMITED Ind AS 115 was issued on 28 March 2018 and supersedes Ind AS 11 Construction Contracts and Ind AS 18 Revenue and it applies to the Company, with limited exceptions, to all revenue arising from contracts with its customers. Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers and requires that revenue be recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. Ind AS 115 requires the Company to exercise judgment, taking into consideration all the relevant facts and circumstances when applying each step of the model to contracts with their customers. The standard also specifies the accounting for the incremental costs of obtaining a contract and the costs directly related to fulfilling a contract. In addition, the standard requires extensive disclosures. The Company adopted Ind AS 115 using the modified retrospective method of adoption with the date of initial application of 1 April 2018. Under this method, the standard can be applied either to all contracts at

|834| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts the date of initial application or only to contracts that are not completed at this date. The Company elected to apply the standard to all contracts as at 1 April 2018. The cumulative effect of initially applying Ind AS 115 as at the date of initial application of 1 April 2018 amounts to H Nil. Therefore, the comparative information was not restated and continues to be reported under Ind AS 18. Set out below, are the amounts by which each financial statement line item is affected as at and for the year ended 31 March 2019 as a result of the adoption of Ind AS 115. The adoption of Ind AS 115 did not have a material impact on OCI or Balance Sheet or the Company’s operating, investing and financing cash flows. Statement of Profit and Loss for the year ended 31 March 2019 Particulars Note No. 31 March 2019 Ind AS 115 Previous Ind AS Increase/(decrease) Net revenues 21 29,567.25 29,630.72 (63.47) Other expenses 27 2,218.33 2,281.80 (63.47) The items causing Ind AS 115 adjustments are explained below: The Company had launched sales incentive schemes in which customers were offered free insurance on vehicles purchased. The cost of insurance was borne by the Company. This cost of insurance was reduced from revenue from operations as part of variable consideration. Disclosure (` In Crore) Particulars For the year ended 31 March 2019 2018 Revenue from contracts with customers (Goods transferred at a point in time) India 17,722.17 15,395.54 Outside India 11,845.08 9,703.10 Total revenue from contracts with customers 29,567.25 25,098.64 Reconciling the amount of revenue recognised in the Statement of Profit and Loss with the contracted price Revenue as per contracted price 29,785.13 25,247.62 Adjustments: Cash discounts and target incentives (154.41) (148.98) Sales promotion expenses (63.47) – Revenue from contracts with customers 29,567.25 25,098.64 6. BALAJI TELEFILMS LIMITED Accounting Policies (e) Revenue Recognition The Group derives revenue from producing television programs, internet series, sale or licensing movie rights, delivering events to its customers and from licensing and subscription of its content to its customers. Some of the contracts include multiple deliverables, such as promises to provide a library of content at inception as well as content updates over the term. The Group identifies and evaluate each performance obligation under the contract. Revenue recognition is based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognized either when the

|835| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers performance obligation in the contract has been performed (‘point in time’ recognition) or ‘over time’ as control of the performance obligation is transferred to the customer. Revenue generated from the commissioned television programs and internet series produced for broadcasters is recognized over the period of time over the contract period. Revenue from sale and licensing of movies - The Group evaluates if a license represents a right to access the content (revenue recognized over time) or represents a right to use the content (revenue recognized at a point in time). The Group has determined that most license revenues are satisfied at a point in time due to their being limited ongoing involvement in the use of the license following its transfer to the customer. Revenue from licensing of digital content right: The Group has determined that most license revenues in respect of digital content are satisfied at a point in time due to their being limited ongoing involvement in the use of the license following its transfer to the customer. Revenue from events is recognised over the period of time. The Group recognises subscription revenue over the subscription period. The transaction price, being the amount to which the Group expects to be entitled and has rights to under the contract is allocated to the identified performance obligations. The transaction price will also include an estimate of any variable consideration where the Group’s performance may result in additional revenues based on the achievement of agreed targets. The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. Revenue excludes any taxes and duties collected on behalf of the government. 54 Changes in accounting policies This note explains the impact of the adoption of Ind AS 115 Revenue from Contracts with Customers on the Group’s financial statements. Impact on the financial statements The Group applied Ind AS 115 for the first time by using the modified retrospective method of adoption with the date of initial application of April 1, 2018. Under this method, the Group recognised the cumulative effect of initially applying Ind AS 115 as an adjustment to the opening balance of retained earnings as at April 1, 2018. Comparative prior period has not been adjusted. Entities applying the modified retrospective method can elect to apply the revenue standard only to contracts that are not completed as at the date of initial application (that is, they would ignore the effects of applying the revenue standard to contracts that were completed prior to the date of initial application). However, the Group elected to apply the standard to all contracts as at April 01, 2018. The impact on the Group’s retained earnings as at April 1, 2018 is as follows: Retained earnings As at April 1, 2018 Opening balance 9,381.15 Change in accounting policy (Ind AS 115) (net of tax) 374.33 Closing balance 9,755. The following table presents the amounts by which each financial statement line item is affected in the current year ended March 31, 2019 by the application of Ind AS 115 as compared with the previous revenue recognition requirements. Line items that were not affected by the changes have not been included. The adjustments are explained in more detail in footnotes.

|836| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts (` in Lacs) Balance sheet (extract) March 31, 2019 without adoption of Ind AS 115 Increase/ (Decrease) March 31, 2019 as reported Non-current assets Deferred tax assets 2,025.06 (43.20) 1,981.86 Current assets Other financial assets 1,633.69 (162.66) 1,471.03 Contract assets - 682.25 682.25 Inventories 20,943.25 (1,359.34) 19,583.91 Other current assets 9,966.93 959.66 10,926.59 Retained earnings (860.56) 76.71 (783.85) Total equity 76,066.22 76.71 76,142.93 Statement of profit and loss (extract) year ended March 31, 2019 March 31,2019 without adoption of Ind AS 115 Increase/ (Decrease) March 31, 2019 as reported Revenue from Operations 42,945.86 (174.99) 42,770.87 Expenses Cost of Production (including changes in Inventories) 37,472.88 124.53 37,597.41 Income tax expense 634.48 (1.90) 632.58 Total comprehensive income for the year (9,448.21) (297.62) (9,745.83) Earnings per equity share Basic & Diluted earnings per share (9.34) (0.29) (9.63) (i) Accounting of Revenue from Commissioned television programs & Revenue from Licensing of digital rights. Under the previous revenue recognition standard, Revenue from commissioned television programmes was recognised when relevant episodes of programmes (television serials) are telecast by broadcaster (customer). However, following the adoption of Ind AS 115, it has been assessed that the group is acting as contracted producer of television programs and therefore, proportionate revenue is to be recognised for shows produced but not telecasted/ delivered together with their related cost. Under the previous revenue recognition standard, Revenue from sale of digital content was recognised on a straight line basis over the period of the contract. However, following the adoption of Ind AS 115, in certain contracts for digital content with its customers where the Group does not have any continuing involvement subsequent to delivery of content, the Group has identified separate performance obligations within the contract and revenue is recognised on fulfillment of each such performance obligation. This change in accounting resulted in an increase in opening reserves of ` 374.33 lacs ( net of tax), which has been accounted for on April 01, 2018. Further, Revenue for the year ended March 31, 2019 decreased by ` 174.99 lacs, cost of production increased by ` 124.53 lacs, tax expenses decreased by ` 1.90 lacs and profit before tax decreased by ` 299.52 lacs. As a consequence of the above, Unbilled revenue of ` 60.17 lacs is recognised, Contract assets of ` 459.42 lacs is recognised and Inventory of ` 399.67 lacs has been derecognised and recognised as cost of production as on March 31, 2019.

|837| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers (ii) Presentation of the assets and liabilities related to contract with customers. The group has voluntarily changed the presentation of certain amounts in the balance sheet to reflect the terminology of Ind AS 115: Contract assets recognised in relation to commissioned television programmes were previously presented as part of other financial assets of ` 222.83 lacs at March 31, 2019. Contract asset are in nature of unbilled revenue which arises when entity satisfies a performance obligation but does not have an unconditional right to consideration, for e.g., because it first needs to deliver the content which is necessary to achieve the billing milestone. Other receivables (other current assets) recognised in relation to cost incurred towards production of shows for anticipated contracts were previously presented as part of Inventories of ` 959.66 lacs. In certain cases, the group begins activities towards the production of the shows and incurs cost pending finalization of the final contract with the customer. The costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future and the costs are expected to be recovered. Considering this as the costs incurred to fulfil a contract, this has been now reclassed to other receivables from inventories. Disclosures Note 28 Revenue from operations Particulars For the year ended March 31, 2019 ` in Lacs For the year ended March 31, 2018 ` in Lacs (a) Revenue from contracts with customers - Sale of service Commissioned television programs 28,033.73 27,239.75 Subscription income 1,554.64 465.26 Licence rights 104.35 695.66 Licensing of digital content rights 2,610.73 218.48 Franchise / Participation fees - 215.00 Internet programs 11.59 10.18 Sale and licensing of movies 9,300.55 10,333.68 Sale of television programs / movies concept rights 58.20 100.60 Event management 939.00 1,169.00 Film distrbution service 0.48 762.78 Free commercial time 3.16 26.02 Advertisemnet income 21.74 - (b) Other operating income Facilities / equipment hire Income 132.70 95.38 Total 42,770.87 41,331.79 See note 54 for details about restatements for change in accounting policies consequent to adoption of Ind AS 115. Unsatisfied long-term licensing contracts: The following table shows unsatisfied performance obligations resulting from long-term licensing contracts.

|838| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Particulars For the year ended March 31, 2019 ` in Lacs Aggregate amount of the transaction price allocated to long-term licensing contracts that are fully unsatisfied as at reporting date 9,900.00 Management expects that 86% of transaction price allocated to the unsatisfied contracts as on March 31, 2019 will be recognised as revenue during the next reporting period (` 8,500 lacs). The remaining 14% (` 1,400 lacs) will be recognised in the financial year 2020-2021. The amount disclosed above does not include variable consideration which is constrained. All other contracts are for periods of one year or less. As permitted under Ind AS 115, the transaction price allocated to these unsatisfied contracts is not disclosed. As permitted under the transitional provisions in Ind AS 115, the transaction price allocated to (partially) unsatisfied performance obligations as of March 31, 2018 is not disclosed. The Revenue recognised is equivalent to the contract price and there is no element of discount, rebates, incentives, etc. which are adjusted to revenue. 7. BHARAT PETROLEUM CORPORATION LIMITED a) Significant Accounting Policies 1.13. Revenue Recognition 1.13.1. Sale of goods Revenue from the sale of goods is recognised when the performance obligation is satisfied by transferring the related goods to the customer. The performance obligation is considered to be satisfied when the customer obtains control of the goods. Revenue from the sale of goods includes excise duty and is measured at the fair value of the consideration received or receivable (after including fair value allocations related to arrangements involving more than one performance obligation), net of returns, taxes or duties collected on behalf of the Government and applicable trade discounts or rebates. Revenue is allocated between loyalty programmes and other components of the sale. The amount allocated to the loyalty programme is deferred, and is recognised as revenue when the Corporation has fulfilled its obligation to supply the products under the terms of the programme. Any upfront fees earned by the Corporation with no identifiable performance obligation are recognized as revenue on a systematic basis over the period of the Contract. Where the Corporation acts as an agent on behalf of a third party, the associated income is recognised on a net basis. Claims in respect of subsidy on LPG and SKO, from Government of India are booked on in principle acceptance thereof on the basis of available instructions / clarifications, subject to final adjustments as stipulated. In case of BPRL, income from the sale of crude oil and gas produced from the block until the start of commercial production is adjusted against the cost of such block. In case of BPRL, any retrospective revision in prices of crude oil and gas is accounted for in the year of such revision. 1.13.2. Construction contracts Revenue from Construction contracts arise from the service concession arrangements entered into by the Group and certain arrangements involving construction of specific assets as part of arrangements involving more than one performance obligation.

|839| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers Contract revenue includes the amount agreed in the contract to the extent that it is probable that they will result in revenue and can be measured reliably. Based on an assessment of the terms of such contracts, the contract revenue is recognised in the Consolidated Statement of Profit and Loss based on the percentage of completion method. The stage of completion is assessed with reference to the proportion of actual cost incurred as compared to the total estimated cost of the related contract. Contract expenses are recognised as incurred unless they create an asset relating to future contract activity. An expected loss on a contract is recognised immediately in the Consolidated Statement of Profit and Loss. 1.13.3. Interest income is recognized using effective interest rate (EIR) method. 1.13.4. Dividend is recognized when right to receive the payment is established, it is probable that the economic benefits associated with the dividend will flow to the entity and the amount of dividend can be measured reliably. 1.13.5. Income from sale of scrap is accounted for on realization. 1.13.6. In case of the Corporation, claims other than subsidy claims on LPG and SKO, from Government of India are booked when there is a reasonable certainty of recovery. b) Notes to Accounts NOTE 49 SERVICE CONCESSION ARRANGEMENTS (CONSOLIDATED) The Corporation has entered into service concession arrangements with entities supplying electricity (“The Regulator”) to construct, own, operate and maintain a wind energy based electric power generating station (“Plant”). Under the terms of agreement , the Corporation will operate and maintain the Plant and sell electricity generated to Regulator for a period which covers the substantial useful life of the Plant which may be renewed for such further period as may be mutually agreed upon between the parties. The Corporation will be responsible for any maintenance services during the concession period. The Corporation in turn has a right to charge the Regulator agreed rate as stated in the service concession arrangement. The fair value towards the construction of the Plant has been recognised as an Intangible Asset and is amortised over the useful life of the asset or period of contract, whichever is less. NOTE 65 REVENUE FROM CONTRACTS WITH CUSTOMERS IN RESPECT OF THE CORPORATION (CONSOLIDATED) A Contract Balances ` in Crores As at 31/03/2019 Contract Liabilities 201.68 The contract liabilities primarily relates to the liability towards customer loyalty program for unutilized points and the upfront bidding fees/fixed fees pertaining to Retail Outlets Movement in Contract Liabilities is as follows ` in Crores 2018-19 At beginning of the year 165.02 Increases due to cash received, excluding amounts recognised as revenue during the year 84.53 Revenue recognised that was included in the contract liability balance at the beginning of the year (47.87) At end of the year 201.68

|840| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts A Contract Balances ` in Crores As at 31/03/2019 B The Corporation has adopted Ind AS 115 Revenue from Contracts with Customers with a date of initial application of 1st April 2018. The Corporation has applied Ind AS 115 following the retrospective cumulative effect method. a. Bidding Income All successful dealers in Retail Outlets tender are required to pay non refundable bidding/fixed fees upfront. The fees collected upfront are not refundable and is in the nature of a material right which entitles the dealer to operate the retail outlet in the Company’s name for the specified period. Given that the Company does not have any significant performance obligation against the receipt of the upfront fees, the revenue is recognised on a systematic basis over the period of the contract. The details of adjustments to opening Other Equity and other account balances as at 1st April 2018 is detailed below: Extract of Balance Sheet As at 31/03/2018 As at 01/04/2018 Before Adjustment Adjustments on account of Ind AS 115 As at 01/04/2018 After adjustments II EQUITY AND LIABILITIES Equity Other Equity 34,651.69 34,651.69 (39.79) 34,611.90 Non-Current Liabilities Deferred Tax Liabilities 5,522.40 5,522.40 (21.37) 5,501.03 Other Non-current liabilities 143.19 143.19 61.16 204.35 Note: In case of Sabarmati Gas Limited, which is BPCL’s Joint Venture reduction in other equity on account of Ind AS 115 implementation is ` 5.06 Crores. The below table represents impact of revenue and profit before share of profit of EAI and tax for the period, had the earlier policy for revenue recognition been continued during FY 2018-19. ` In Crores Extract of Statement of Profit and Loss for the year ended 31st March 2019 As per Ind AS 115 As per Old Ind AS 11 and 18 Impact due to the change Other income 2,037.54 2,049.04 11.50 Profit before share of profit of EAI and tax 11,968.05 11,979.55 11.50 8. BIRLA CORPORATION LIMITED Accounting Policies 4.6 Revenue Recognition Effective 1st April, 2018, the Group has adopted Ind AS 115 “Revenue from Contracts with Customers” in respect of recognition of revenue from contracts with customers which provides a control-based revenue recognition model and a five step application approach for revenue recognition as under:

|841| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers • Identification of the contract(s) with customers; • Identification of the performance obligations; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations; • Recognition of the revenue when or as the Company satisfies performance obligation. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue excludes amounts collected on behalf of third parties. 4.6.1 Sale of Goods Revenue from the sale of goods is recognized when the Group satisfies a performance obligation at a point in time by transferring the goods to customers, i.e., when customers obtain control of the goods. Revenue from the sale of goods is measured at fair value of the consideration received or receivable, net of returns and variable considerations i.e. discounts, rebates, sales claim etc. 4.6.2 Variable Consideration If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The Group provides volume rebates to certain customers once the quantity of products purchased during the period exceeds a threshold specified in the contract. Rebates are offset against amounts payable by the customer. The volume rebates/ cash discount give rise to variable consideration. To estimate the variable consideration for the expected future rebates/ cash discount, the Group applies the most likely amount method for contracts with a single volume threshold and the expected value method for contracts with more than one volume threshold that best predicts the amount of variable consideration. Disclosures 29 REVENUE FROM OPERATIONS Particulars Refer Note No. For the year ended 31st March, 2019 For the year ended 31st March, 2018 Sale of Products (including Excise Duty) 29.1 to 29.5 6,360.50 5,726.51 6,360.50 5,726.51 Other Operating Revenues Incentives & Subsidies 168.09 199.50 Export Benefits 2.34 4.19 Insurance and Other Claims (Net) 1.91 3.10 Miscellaneous Sale 15.89 5.63 188.23 212.42 Total 6,548.73 5,938.93 29.1 Effective 1st July, 2017, sales are recorded net of GST whereas earlier sales were recorded gross of excise duty which formed part of expenses. Hence, revenue from operations for the year ended 31st March, 2019 are not comparable with previous year.

|842| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 29. Disaggregated Revenue Information a) Disaggregation of the Group's Revenue from Contracts with Customers: Particulars For the year ended 31st March, 2019 For the year ended 31st March, 2018 Cement Jute Others Total Cement Jute Others Total Sale of Products Manufactured Goods 6,030.55 326.57 1.45 6,358.57 5,419.21 304.28 1.46 5,724.95 Traded Goods 1.60 0.33 - 1.93 1.06 0.50 - 1.56 Total Revenue from Contracts with Customers 6,032.15 326.90 1.45 6,360.50 5,420.27 304.78 1.46 5,726.51 Other Operating Revenues Incentives & Subsidies 167.24 0.85 - 168.09 198.72 0.78 - 199.50 Export Benefits - 2.34 - 2.34 - 4.19 - 4.19 Insurance and Other Claims (Net) 1.91 - - 1.91 3.10 - - 3.10 Miscellaneous Sale 14.75 1.10 0.04 15.89 5.18 0.40 0.05 5.63 183.90 4.29 0.04 188.23 207.00 5.37 0.05 212.42 Total Revenue from Operations 6,216.05 331.19 1.49 6,548.73 5,627.27 310.15 1.51 5,938.93 Within India 6,212.11 301.75 1.49 6,515.35 5,606.53 261.34 1.51 5,869.38 Outside India 3.94 29.44 - 33.38 20.74 48.81 - 69.55 Total Revenue from Operations 6,216.05 331.19 1.49 6,548.73 5,627.27 310.15 1.51 5,938.93 Timing of Revenue Recognition Goods or Services transferred at a point in time 6,216.05 331.19 1.49 6,548.73 5,627.27 310.15 1.51 5,938.93 Total Revenue from Operations 6,216.05 331.19 1.49 6,548.73 5,627.27 310.15 1.51 5,938.93 b) Reconciliation of the Revenue from Contracts with Customers with the amounts disclosed in the segment information: Particulars For the year ended 31st March, 2019 For the year ended 31st March, 2018 Cement Jute Others Total Cement Jute Others Total Revenue External Sales 6,216.05 331.19 1.49 6,548.73 5,627.27 310.15 1.51 5,938.93 Inter Segment Revenue 0.75 0.01 5.24 6.00 1.52 — 4.69 6.21 Total 6,216.80 331.20 6.73 6,554.73 5,628.79 310.15 6.20 5,945.14

|843| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers Particulars For the year ended 31st March, 2019 For the year ended 31st March, 2018 Cement Jute Others Total Cement Jute Others Total Less : Inter Segment Revenue 0.75 0.01 5.24 6.00 1.52 — 4.69 6.21 Revenue from Operations 6,216.05 331.19 1.49 6,548.73 5,627.27 310.15 1.51 5,938.93 29.3 Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers: Particulars Refer Note No. For the year ended 31st March, 2019 For the year ended 31st March, 2018 Trade Receivables 16 262.20 191.45 Contract Liabilities Advances from Customers 26 82.59 105.98 29.4 Reconciling the amount of Revenue recognised in the Statement of Profit and Loss with the Contracted Price: Particulars Refer Note No. For the year ended 31st March, 2019 For the year ended 31st March, 2018 Revenue as per contracted price (including Excise Duty) 6,786.05 6,071.14 Less: Sales Claims 0.44 0.14 Less: Rebate & Discounts 425.11 344.49 Total Revenue from Contracts with Customers 6,360.50 5,726.51 Other Operating Revenues 188.23 212.42 Revenue from Operations 6,548.73 5,938.93 29.5 The transaction price allocated to the remaining performance obligation (unsatisfied or partially unsatisfied) as at Balance Sheet date are, as follows: Particulars Refer Note No. For the year ended 31st March, 2019 For the year ended 31st March, 2018 Advances from Customers 26 82.59 105.98 Management expects that the entire transaction price allotted to the unsatisfied contract as at the end of the reporting period will be recognised as revenue during the next financial year. 9. CIPLA LIMITED Revenue recognition A contract with customer exists only when: the parties to the contract have approved it and are committed to perform their respective obligations, the Group can identify each party’s rights regarding the distinct goods or services to be transferred (“performance obligations”), the Group can determine the transaction price for the goods or services to be transferred, the contract has commercial substance and it is probable that the Group will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Revenues are recorded in the amount of consideration to which the Group expects to be entitled in exchange for performance obligations upon transfer of control to the customer and includes excise duty upto 30th June, 2017 and is measured at the fair value of the consideration received or receivable, net of returns, sales tax and applicable trade discounts, allowances, Goods and Services Tax (GST) and amounts collected on behalf of third parties.

|844| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts (i) Sale of products The majority of customer contracts that the Group enters into consist of a single performance obligation for the delivery of pharmaceutical products. The Group recognises revenue from sale of products when control of the product transfers, generally upon shipment or delivery, to the customer, or in certain cases, upon the corresponding sales by customer to a third party. The Group records product sales net of estimated incentives/discounts, returns, chargeback, rebates and other related charges. These are generally accounted for as variable consideration estimated in the same period the related sales occur. The methodology and assumptions used to estimate rebates and returns are monitored and adjusted regularly in the light of contractual and legal obligations, historical trends, past experience and projected market conditions. The revenue for such variable consideration is included in the Group’s estimate of the transaction price only if it is highly probable that a significant reversal of revenue will not occur once any uncertainty is resolved. In making this assessment the Company considers its historical record of performance on similar contracts. The payment terms generally ranges from 0-180 days. (ii) Sales by clearing and forwarding agents Revenue from sales of generic products in India is recognised upon delivery of products to distributors by clearing and forwarding agents of the Group. Control in respect of ownership of generic products are transferred by the Group when the goods are delivered to distributors from clearing and forwarding agents. Clearing and forwarding agents are generally compensated on a commission basis as a percentage of sales made by them. (iii) Out licensing arrangements Revenues include amounts derived from product out-licensing agreements. The Group enters into collaborations and out-licensing arrangement of the Group’s products to other parties. Licensing arrangements performance obligations generally include intellectual property (“IP”) rights, certain R&D and contract manufacturing services. The Group accounts for IP rights and services separately if they are distinct i.e. if they are separately identifiable from other items in the arrangement and if the customer can benefit from them on their own or with other resources that are readily available to the customer. The consideration is allocated between IP rights and services based on their relative stand-alone selling prices. Revenue from IP rights is recognised at the point in time when control of the distinct license is transferred to the customer, the Group has a present right to payment and risks and rewards of ownership are transferred to the customer. Revenue from sales-based milestones and royalties promised in exchange for a license of IP is recognised only when, or as, the later of subsequent sale or the performance obligation to which some or all of the sales-based royalty has been allocated, is satisfied. The Group estimates variable consideration in the form of sales-based milestones by using the expected value or most likely amount method, depending upon which the Group expects to better predict the amount of consideration to which it will be entitled. (iv) Service fee Revenue from services rendered, is recognised in the consolidated profit or loss as the underlying services are performed. Upfront non-refundable payments received under these arrangements are deferred and recognised as revenue over the expected period over which the related services are expected to be performed. (v) Interest income Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition. (vi) Dividend Dividend income from investment is recognised when the right to receive payment has been established, provided that it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably.

|845| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers 10. COLGATE PALMOLIVE INDIA LIMITED i. Sale of goods The Company’s revenue contracts represent a single performance obligation to sell its products to trade customers. Sales are recorded at the time control of the products is transferred to trade customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products. Control is the ability of trade customers to direct the use of and obtain the benefit from our products. In evaluating the timing of the transfer of control of products to trade customers, the Company considers transfer of significant risks and rewards of products and the probability of flowing of future economic benefit to the Entity as per the terms of the Contract which usually coincide with the delivery of the goods. Sales are recognized at the fair value of the consideration that can be reliably measured reduced by variable consideration. Variable consideration includes sales returns, trade discounts, volume-based incentives, and cost of promotional programs, indirect taxes as may be applicable. The Company provides volume-based incentives to certain customers once the quantity of products purchased during the period exceeds a threshold specified in the contract. Incentives are offset against amounts payable by the customer. To estimate & recognize a liability for the incentives, the Company applies methods which best predicts the amount of incentive and is primarily driven by the number of volume thresholds contained in the contract. The volume incentive is estimated at contract inception and recognized when it is highly probable that significant revenue reversal will not occur. Company’s contracts with trade customers do not have significant financing components or non-cash consideration and the Company does not have unbilled revenue or significant amounts of prepayments from customers. The company pays sales commission to its employees for contract that they obtain for sales of goods and immediately expensed out sales commissions (included under employee benefits). Contract balances Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Company performs its obligation to transfer goods or services under the contract. ii. Service Income Service Income is recognised on cost plus basis as per the terms of the contract with customers, as and when the service is performed. iii. Interest income Interest income from debt instruments is recognised using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the gross carrying amount of a financial asset. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument but does not consider the expected credit losses. iv. Rental income Rental income from operating leases where the Company is a lessor is recognised in income on a straightline basis over the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases. The respective leased assets are included in the balance sheet based on their nature.

|846| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Disclosure Disaggregated revenue information Year Ended March 31, 2019 ` Lakhs Year Ended March 31, 2018 ` Lakhs 1) Type of goods or service Personal Care (Including Oral Care) 4,432,43.88 4,299,89.36 Research and Development Service Income 25,22.13 25,14.81 Scrap Sales 4,77.17 3,38.27 Total revenue from contracts with customers 4,462,43.18 4,328,42.44 2) Geographical India 4,261,71.60 4,140,86.15 Outside India 200,71.58 187,56.29 Total revenue from contracts with customers 4,462,43.18 4,328,42.44 3) Timing of revenue recognition Sale on transfer of goods to customer at a point in time 4,437,21.05 4,303,27.63 Service Income as and when services completed 25,22.13 25,14.81 Total revenue from contracts with customers 4,462,43.18 4,328,42.44 4) Revenue External customer 4,301,11.71 4,175,70.36 Intercompany 161,31.47 152,72.08 Total revenue from contracts with customers 4,462,43.18 4,328,42.44 Contract balances Trade receivables* 209,78.64 201,03.24 Contract Liability - Advances from Customers** 4,28.28 6,10.67 * Trade receivables are non-interest bearing and on credit allowed to certain customers. There is no significant increase in trade receivable compared to last year. As on March 31, 2019, ` 9,13.12 lakhs (March 31, 2018 - ` 5,06.24 lakhs) is recognised as allowance for doubtful debts. ** Contract Liability represents short term advances received from customer to deliver the goods. Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price Revenue as per contracted price 4,858,78.60 4,739,25.05 Adjustments: Sales return (11,39.47) (19,26.67) Variable Consideration - off invoice [Refer 1B (m) (i)] (384,95.95) (391,55.94) Revenue from contract with customers 4,462,43.18 4,328,42.44 Performance obligation The Company’s revenue contracts represent a single performance obligation to sell its products to trade customers. Sales are recorded at the time control of the products is transferred to trade customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products. Control is the ability of trade customers to direct the use of and obtain the benefit from our products. In evaluating the timing of the transfer of control of products to trade customers, the Company considers transfer of significant risks and rewards of products and the probability of flowing of future economic benefit to the Entity as per the terms of the Contract which usually co-incide with the delivery of the goods. The

|847| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers performance obligation for service income is satisfied as and when the service is performed. The payment terms include advance payment and credit given to certain customers. The nature of goods includes personal care (including oral care) and Research and Development service income. 11. DALMIA BHARAT LIMITED Accounting Policies H. Revenue recognition Revenue from contracts includes revenue with customers for sale of goods and provision of services. Revenue from contracts with customers is recognised when control of the goods and services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The Company satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met: i) The Company’s performance does not create an asset with an alternate use to the Company and the Company has as an enforceable right to payment for performance completed to date. ii) The Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced. iii) The customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. For performance obligations where one of the above conditions are not met, revenue is recognised at the point in time at which the performance obligation is satisfied. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes and duty. The Group assesses its revenue arrangements against specific criteria to determine if it is acting as principal or agent. Taxes collected on behalf of the government are excluded from revenue. Revenue is recognised to the extent it is probable that the economic benefits will flow to the Company and the revenue and costs, if applicable, can be measured reliably. Sale of goods Performance obligation in case of Revenue from sale of goods is satisfied at a point in time and is recognised when the performance obligation is satisfied and control as per Ind AS 115 is transferred to the customer. Amounts disclosed as revenue are inclusive of excise duty (upto June 30, 2017) and net of returns and allowances, trade discounts, cash discounts and volume rebates. Since the recovery of excise duty flows to the Group on its own account, revenue includes excise duty. The Company collects Goods and Service Tax (‘GST’) (w.e.f. July 1, 2017) on behalf of the Government and, therefore, these are not economic benefits flowing to the Company. Hence, they are excluded from revenue. The Group provides non-cash incentives at fair value to customers. These benefits are passed on to customers on satisfaction of various conditions of various sales schemes. Consideration received is allocated between the products sold and non-cash incentives to be issued to customers. Fair value of the non-cash incentive is determined by applying principle of Ind AS 113 i.e. at market rate. The fair value of the noncash incentive is deferred and recognised as revenue when the associated incentive is released Revenue from services Revenue from management services are recognised as and when services are rendered.

|848| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Export incentives Export entitlements in the form of Merchandise Export from India Scheme (MEIS) are recognized in the statement of profit and loss when the right to receive credit as per the terms of the scheme is established in respect of exports made and when there is no significant uncertainty regarding the ultimate collection of the relevant export proceeds. Income arising from export incentives are included under ‘Other operating revenue’. Insurance Claim Insurance claims and other claims are accounted for to the extent the Group is reasonably certain of their ultimate collection. (a) Ind AS 115 Revenue from Contracts with Customers Ind AS 115 was issued on March 28, 2018 and supersedes Ind AS 18 Revenue and it applies, with limited exceptions, to all revenue arising from contracts with its customers. Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers and requires that revenue be recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. Ind AS 115 requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with their customers. The standard also specifies the accounting for the incremental costs of obtaining a contract and the costs directly related to fulfilling a contract. In addition, the standard requires extensive disclosures. The application of Ind AS 115 did not have any significant impact on the financial statements of the Group. Disclosures Notes to Consolidated Financial Statements All amounts stated in ` Are in ` Crores except wherever stated otherwise 21. Revenue from operations (Amount in `) For the year ended March 31, 2019 For the year ended March 31, 2018 Sale of products* Finished goods - Cement and its related products 8,581 7,666 - Refractories 555 404 - Power 14 13 Traded goods 24 173 9,174 8,256 Management services 19 24 Sales Tax incentive/ VAT remission/ GST remission 218 451 Government grant 12 - Other operating revenue 61 96 9,484 8,827 * Revenue from operations for periods upto June 30, 2017 includes excise duty. From July 1, 2017 onwards, the excise duty and most indirect taxes in India have been replaced by Goods and Service Tax (GST). The Group collects GST on behalf of the Government. Hence, GST is not included in Revenue from operations. In view of the aforesaid change in indirect taxes, revenue from operations for the year ended March 31, 2018 is not comparable with that of the previous year.

|849| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers For the year ended March 31, 2019 For the year ended March 31, 2018 a. Revenue from contracts with customers disaggregated based on nature of product or services Revenue from sale of products (including excise duty) - Cement and its related products 8,581 7,666 - Refractories 555 404 - Power 14 13 Traded Sales 24 173 Other operating revenues Management service charges 19 24 Other operating revenue 61 96 9,254 8,376 Set out below is the revenue from contracts with customers and reconciliation to profit and loss account Total revenue from contracts with customers 9,254 8,376 Add: Items not included in disaggregated revenue: Sales Tax incentive/ VAT remission/ GST remission 218 451 Government grant 12 Revenue from contracts with customer as per the statement of profit and loss 9,484 8,827 b. Contract balance The following table provides information about receivables, contract assets and contract liabilities from contracts with customers: Contract Assets Trade receivables (refer note 9(ii)) 549 564 Contract liabilities - - Advances from customers (refer note 19) 127 91 12. DISH TV INDIA LIMITED Accounting Policies Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received/ receivable net of rebates and applicable taxes. The Group applies the revenue recognition criteria to each nature of the sales and services transaction as set out below. Effective 1 April 2018, the Group has applied Ind AS 115 “Revenue from contracts with customers” (Ind AS 115) which establishes a comprehensive framework for determining whether, how much and when revenue is to be recognised. Ind AS 115 replaces Ind AS 18 Revenue and Ind AS 11 Construction Contracts. The Group has adopted Ind AS 115 using the cumulative effect method. The effect of initially applying this standard is recognised at the date of initial application i.e. 1 April 2018. The standard is applied retrospectively only to contracts that are not completed as at the date of initial application and the comparative information in the consolidated statement of profit and loss is not restated The effect on adoption of Ind-AS 115 has been considered in books of accounts. Refer note 34

|850| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts i) Revenue from rendering of services - Revenue from subscription services is recognized upon transfer of control of promised products or services to customers over the time in an amount that reflects the consideration we expect to receive in exchange for those products or services. Revenue is recognised net of taxes collected from the customer, collection charges and any discount given. Consideration received in advance for subscription services is initially deferred and included in other liabilities. - Lease rental is recognized as revenue as per the terms of the contract over the period of lease contract on a straight line basis. - Activation fee is recognised on an upfront basis considering the level of services rendered on activation, the corresponding cost incurred and separate consideration charged for the subsequent continuing services. - Revenue from other services (viz Bandwidth charges, teleport services, field repairs of CPE, advertisement income) are recognized on rendering of the services. - Infrastructure support fees is recognised on the basis of fixed rate agreement on the basis of active customers. ii) Revenue from sale of goods - Revenue from sale of stock-in-trade is recognised when the products are dispatched against orders to the customers in accordance with the contract terms and the Group has transferred tothe buyer the significant risks and rewards. - Sales are stated net of rebates, trade discounts, sales returns and taxes on sales. Disclosures 34 Revenue from operations For the year ended 31 March 2019 For the year ended 31 March 2018 Income from Direct to Home (DTH) subscribers: - Subscription revenue 368,896 325,489 - Infra Support Service 197,487 96,183 - Lease Rentals 7,884 12,252 Teleport services 2,280 2,325 Bandwidth charges 14,464 13,750 Sales of customer premises equipment (CPE) and accessories 8,815 5,416 Advertisement income 11,128 6,705 Other operating income 5,659 1,296 616,613 463,416 Disclosure of revenue pursuant to Ind AS 115- Revenue from contract with customers A. Reconciliation of revenue from rendering of service and sale of goods with the contracted price For the year ended 31 March 2019 For the year ended 31 March 2018 Contracted Price 616,613 463,416 616,613 463,416

|851| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers B. Disaggregation of revenue For the year ended 31 March 2019 For the year ended 31 March 2018 Revenue from operation* Subscription revenue from Direct to Home subscribers 368,896 325,489 Infra Support Service 197,487 96,183 Lease Rentals 7,884 12,252 Teleport services 2,280 2,325 Bandwidth charges 14,464 13,750 Sales of customer premises equipment (CPE) and accessories 8,815 5,416 Advertisement income 11,128 6,705 Operating revenue 610,954 462,120 Other operating revenue 5,659 1,296 Total revenue covered under Ind AS 115 616,613 463,416 * The Group has disaggregated the revenue from contracts with customers on the basis of nature of services. The Group believes that the disaggregation of revenue on the basis of nature of services have no impact on the nature, amount, timing and uncertainity of revenue and cash flows. C. Contract balances The following table provides information about receivables and contract liabilities from contract with customers For the year ended 31 March 2019 For the year ended 31 March 2018 Contract liabilities Advance from customer (Income received in advance and other advance) 64,646 105,248 64,646 105,248 Contract assets Trade receivables 18,967 17,858 Less: allowances for expected credit loss (4,908) (3,259) 14,059 14,599 Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract liability is the entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer in advance. D. Significant changes in the contract liabilities balances during the year are as follows: For the year ended 31 March 2019 For the year ended 31 March 2018 Opening balance 105,248 37,672 Addition during the year 52,507 103,576 Revenue recognised during the year 93,109 36,000 Closing balance 64,646 105,248

|852| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts E. The group has applied Ind AS 115 with modified retrospective approach from 1 April, 2018 and the adoption of this standard have the following impact on the consolidated financial statements of the Company. Particulars For the year ended 31 March 2019 Amount as per Ind AS 115 Amount as per Ind AS 18 Revenue from operations (including activation, subscription, bandwidth, advertisement, teleport and other revenue from operation) 616,613 619,592 Impact of adoption of Ind AS 115 on retained earning has been separately disclosed in note 23 13. DR. REDDY’S LABORATORIES LIMITED Ind AS 115, Revenue from Contracts with Customers In March 2018, the Ministry of Corporate Affairs (“MCA”) has notified Ind AS 115, Revenue from Contracts with Customers, which is effective for accounting periods beginning on or after 1 April 2018. This comprehensive new standard supersedes Ind AS 18, Revenue, Ind AS 11, Construction contracts and related interpretations. The new standard amends revenue recognition requirements and establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted Ind AS 115 effective as of 1 April 2018. The impacts of the adoption of the new standard are summarised below: Revenue The Company’s revenue is derived from sale of goods, service income and income from licensing arrangements, each as more particularly described below. Most of such revenue (approximately 97%) is generated from the sale of goods. Sale of goods Revenue from sale of goods consists of the sale of generic and branded products and the sale of active pharmaceutical ingredients and intermediates. Revenue from sale of goods is recognised where control is transferred to the Company’s customers at the time of shipment to or receipt of goods by the customers. There was no change in the point of recognition of revenue upon adoption of Ind AS 115. Service income Service income, which primarily relates to revenue from contract research, is recognised as and when the underlying services are performed. There was no change in the point of recognition of revenue upon adoption of Ind AS 115. Upfront non-refundable payments received under these arrangements continue to be deferred and are recognised over the expected period that related services are to be performed. License fees License fees primarily consist of income from the out-licensing of intellectual property, and other licensing and supply arrangements with various parties. Revenue from license fees is recognised when control transfers to the third party and the Company’s performance obligations are satisfied. The adoption of Ind AS 115 did not significantly change the timing or amount of revenue recognised by the Company from these arrangements, nor did it change accounting for these royalty arrangements, as the standard’s royalty exception is applied for intellectual property licenses. Upfront non-refundable payments received under these arrangements continue to be deferred and are recognised over the expected period that related services are to be performed.

|853| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers Profit share revenues and milestone payments Revenues from sale of goods also include revenues from profit sharing arrangements with business partners for sales of the Company’s products in certain markets. Furthermore, the Company receives milestone payments related to out-licensing of the intellectual property. Under Ind AS 115, the profit share amount is recognised only to the extent that it is highly probable that a significant reversal in the amount of profit share will not occur when the uncertainty associated with the profit share is subsequently resolved. The adoption of Ind AS 115 did not significantly change the timing or amount of revenue recognised by the Company under these arrangements. The Company applied the modified retrospective method upon adoption of Ind AS 115 on 1 April 2018. This method requires the recognition of the cumulative effect of initially applying Ind AS 115 to retained earnings and not to restate prior years. Overall, the application of this standard did not have a material impact on the Company’s revenue streams from the sale of goods, service income, license fees, profit share revenues and milestone payments, and associated rebates and sales returns provisions. 14. GRASIM INDUSTRIES LIMITED Revenue Recognition: (a) Revenue from Contracts with Customers • Revenue is recognized on the basis of approved contracts regarding the transfer of goods or services to a customer for an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. • Revenue is measured at the fair value of consideration received or receivable taking into account the amount of discounts, incentives, volume rebates, outgoing taxes on sales. Any amounts receivable from the customer are recognised as revenue after the control over the goods sold are transferred to the customer which is generally on dispatch of goods. Variable consideration - This includes incentives, volume rebates, discounts etc. It is estimated at contract inception considering the terms of various schemes with customers and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. It is reassessed at end of each reporting period. • Significant financing component - Generally, the Company receives short-term advances from its customers. Using the practical expedient in Ind AS 115, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. (b) Revenue from services are recognised as they are rendered based on agreements/arrangements with the concerned parties and recognised net of Service Tax or Goods and Service Tax (GST). (c) If only one service is identified, the Group recognises revenue when the service is performed. If an ongoing service is identified, as a part of the agreement the period over which revenue is recognised for that service generally determined by the terms of agreement with the customer. For practical purposes, where services are performed by an indeterminate number of acts over a specified period of time, revenue is recognised on a straight line basis over the specified period unless there is evidence that some other method better represents the stage of completion. When a specific act in much more significant than any other acts, the recognition of revenue is postponed until the significant act is executed. (d) Dividend income is accounted for when the right to receive the income is established.

|854| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts (e) For all financial instruments measured at amortised cost or at fair value through Other Comprehensive Income, interest income is recorded using the effective interest rate (EIR), which is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument to the gross carrying amount of the financial asset. (f) Insurance, railway and other claims, where quantum of accruals cannot be ascertained with reasonable certainty, are accounted on acceptance basis. For Life Insurance Business, revenue is recognised as follows: Premium Income of Insurance Business: Premium income on Insurance contracts and Investment Contracts with Discretionary Participative Feature (DPF) is recognised as income when due from policyholders. For unit-linked business, premium income is recognised when the associated units are created. Premium on lapsed policies is recognised as income when such policies are reinstated. In case of linked business, top - up premium paid by policyholders are considered as single premium and are unitized as prescribed by the regulations. This premium is recognised when the associated units are created. Fees and Commission Income of Insurance Business: Insurance and investment contract policyholders are charged for policy administration services, investment management services, surrenders and other contract fees. These fees are recognised as revenue over the period in which the related services are performed. If the fees are for services provided in future periods then they are deferred and recognised over those future periods. Re-insurance Premium Reinsurance premium ceded is accounted for at the time of recognition of the premium income in accordance with the terms and conditions of the relevant treaties with the re-insurers. Impact on account of subsequent revisions to or cancellations of premium is recognised in the year in which they occur. Income from items other than to which Ind AS 109 Financial Instruments and Ind AS 104 Insurance contracts are applicable Revenue (other than for those items to which Ind AS 109 Financial Instruments are applicable) is measured at fair value of the consideration received or receivable. Ind AS 115 Revenue from contracts with customers outlines a single comprehensive model of accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance found within Ind ASs. The Group recognises revenue from contracts with customers based on a five-step model as set out in Ind AS 115: Step 1: Identify contract(s) with a customer: A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met. Step 2: Identify performance obligations in the contract: A performance obligation is a promise in a contract with a customer to transfer a good or service to the customer. Step 3: Determine the transaction price: The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. Step 4: Allocate the transaction price to the performance obligations in the contract: For a contract that has more than one performance obligation, the Group allocates the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the Group expects to be entitled in exchange for satisfying each performance obligation. Step 5: Recognise revenue when (or as) the Group satisfies a performance obligation.

|855| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers 15. GVK POWER AND INFRASTRUCTURE LIMITED a) Significant Accounting Policies 2.1 Basis of preparation Changes in Accounting treatments and disclosures as per new and amended standards Ind AS 115 Revenue from Contracts with Customers The Group has adopted the Ind AS 115 “Revenue from Contracts with Customers” with effect from April 1, 2018 as notified on March 28, 2018 and established a five-step model to account for revenue arising from contracts with customers. The new revenue standard supersedes all previous recognition requirements under Ind AS. This new standard requires revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. Adoption of the new rules has not affected the timing of revenue recognition for certain transactions of the company. Ind AS 115 permits two possible methods of transition: a. ‘Retrospectively to each prior reporting period presented in accordance with Ind AS 8 [Accounting Policies, Changes in Accounting Estimates and Errors] with the option to elect certain practical expedients as defined within Ind AS 115 (the full retrospective method); or b. ‘Retrospectively with the cumulative effect of initially applying Ind AS 115 recognized at the date of initial application (April 1, 2018) and providing certain additional disclosures as defined in Ind AS 115 (the modified retrospective method). The Group has applied the modified retrospective approach, However the application of Ind AS 115 has not consequentially impacted the Group’s retained earnings at April 1, 2018. As the Group has adopted modified retrospective approach, Unbilled revenue and advance from customer have been regrouped from other financial assets and current and non current liabilities to Contract Assets and Contract Liabilities respectively as compared to April1, 2018. d. Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the Government. The Group evaluates whether it is acting as a principal or agent in all of its revenue arrangements based on the following criteria: a) who has the primary responsibility for providing the goods or services to the customer or for fulfilling the order, for example by being responsible for the acceptability of the products or services ordered or purchased by the customer; b) who has inventory risk before or after the customer order, during shipping or on return; c) who has latitude in establishing prices, either directly or indirectly, for example by providing additional goods or services; and d) who bears the customer’s credit risk for the amount receivable from the customer The Company recognises revenue on gross basis when it is determined that the Company is acting as a principal and on net basis when it is determined that the Company is acting as an agent The specific recognition criteria described below must also be met before revenue is recognised. Rendering of services: (i) Rendering of operation and maintenance services: Revenues represent amounts billed or accrued for services rendered and expenses incurred in relation to such services, in accordance with the Operation and Maintenance agreement with its customer.

|856| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts As per the operations and maintenance agreements, the Holding Company’s income comprises of (a) Operating fees and (b) Reimbursement of actual expenses. Operating fees are linked to generation of electricity including deemed generation and is subject to escalations. (ii) Manpower and consultancy services: Revenues for manpower services are recognised as and when services are rendered on time and material basis. (iii) Income from airport services: Revenue from contracts with customers is recognized when control of the services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services. The Company has generally concluded that it is the principle in its revenue arrangements, because it typically controls the services before transferring them to the customer. Revenue from airport operations i.e. Aeronautical, Non Aeronautical and Cargo services are recognized on accrual basis, net of service tax/Goods and Service Tax (GST), and applicable discounts when services are rendered. Aeronautical operations include user development fee (UDF), Landing, Parking and aerobridge charges of aircraft. Passenger service fees- security component (PSF-SC) collected as per the terms of State Support Agreement and MoCA orders, is not recognised as revenue of the Company since the same is collected in a fiduciary capacity. The main streams of non-aeronautical revenue includes concessions, rentals, public admission fees, hanger charges, car parking rentals, into plane, demurrage on cargo etc., is recognised as per terms of contract when services are rendered. Cargo consists of concession contracts. Revenue from commercial property development rights granted to concessionaires is recognized on accrual basis, as per the terms of the agreement entered into with the customers. Significant financing component In certain cases, the Company receives short-term advances from its customers. Using the practical expedient in Ind AS 115, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised service to the customer and when the customer pays for the service will be one year or less. The Company also receives long-term advances from customers for rendering services. The transaction price for such contracts are discounted, using the rate that would be reflected in a separate financing transactions between the Company and its customers at contract inception, to take into consideration the significant financing component. Contract balances Contract assets A contract asset is the right to consideration in exchange for services transferred to the customer (which consist of unbilled revenue). If the Company performs by transferring services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Trade receivables A receivable represents the Company’s right to an amount of consideration that is unconditional (i.e. only the passage of time is required before the payment of the consideration is due). Refer to accounting policies of financial assets in financial instruments – initial recognition and subsequent measurement Contract liabilities A contract liability is the obligation to transfer services to a customer for which the Company has received consideration from the customer. If a customer pays a consideration before the Company transfers services to

|857| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers the customer, a contract liability is recognized when the payment is made. Contract liabilities are recognized as revenue when the Company performs under the contract. (iv) Income from Toll Operations The revenue is recognised as and when traffic passes through toll - plazas. (v) Interest income: Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is included in finance income in the statement of profit and loss. (vi) Dividend Income Revenue is recognised when the share holders’/unit holders’ right to receive the payment is established, which is generally when shareholders approve the dividend. (vii) Guarantee commission Revenue is recognised on a straight line basis taking into account the present value of the guarantee amount and the commission rate applicable. b) Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances existing when the financial statements were prepared. The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates is recognised in the year in which the estimates are revised and in any future year affected. Judgements In the process of applying the Group’s accounting policies, management has made the following judgements, estimates and assumptions which have significant effect on the amounts recognised in the financial statements. Concession Agreement The Group’s subsidiary Navi Mumbai Internatioal Airport Private Limited has entered into concession agreement (CA) with the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) on 8th January 2018 for design, construction, operation and maintenance of Navi Mumbai International Airport at Navi Mumbai on Design, Build, Finance, Operate and Transfer (DBFOT) basis, pursuant to the agreement, CIDCO has become a Shareholder in the Company with a shareholding of 26%. As per the terms of the agreement NMIAL and CIDCO are required to fulfil certain Conditions Precedent as described under Clause 4.1 of the Concession Agreement before the Appointed date i.e within 180 days from the execution of the Concession Agreement or any extended period as per the terms of agreement, for commencement of the Concession Period. As per these relevant clauses of the Concession Agreement, the grant of concession is considered to start only from the Appointed Date. In terms of the Concession Agreement, the rights under concession and the related obligations towards a) reimbursement of Pre-Operative expenses to CIDCO, b) Payment of concession fee for each Concession year and c) Cost of pre-development works incurred shall arise from the Appointed date. As the Appointed date has occurred as on 7th July, 2018, the above referred rights and related obligations in terms of the concession agreement have been reckoned in the financial statements.

|858| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Reimbursement of Pre-operative expenses and repayment of Soft Loan towards Pre-development Works to CIDCO have been accounted as Capital work in progress with corresponding liability payable to CIDCO at amortised cost using effective interest rate method (Ind AS 109). The difference between amount payable to CIDCO and fair value is accounted as Government Grant under IND AS 20 which will be systematically recogonised against unwinding of interest on liability reckoned. The subsidiary has reckoned Concession Rights as Intangible Asset (Ind AS 38) with corresponding liability payable to CIDCO at amortised cost using effective interest rate method (Ind AS 109). The Intangible asset would be amortised over concession period commencing Commercial Operation Date-Phase 1 of Navi Mumbai International Airport. NMIAL will amortise this Concession Rights over period starting from Phase 1 COD on systematic basis. iii) Non-Applicability of Service Concession Arrangement Accounting in MIAL MIAL had entered into Operation, Management and Development Agreement (‘OMDA’) with Airports Authority of India (‘AAI’), which gives MIAL an exclusive right to operate, maintain, develop, modernize and manage the Mumbai Airport on a revenue sharing model for an initial term of 30 years, whhich can be extended by another 30 years on satisfaction of certain terms and conditions pursuant to the provisions of the OMDA. Under the agreement, AAI has granted exclusive right and authority to undertake some of the functions of AAI being the functions of operation, maintenance, dev elopment, design, construction, upgradation, modernization, finance and management of the Airport and to perform services and activities at the airport constituting ‘Aeronautical Services’ and Non-Aeronautical services’. For prices aeronautical services are regulated ,while the regulator has no control over the determination of prices for Non-Aeronautical Services. The management of the Group conducted detailed analysis to determine applicability of Appendix D of Ind As 115 and concluded that the same does not apply to MIAL. Concession agreement has significant non-regulated revenues, which are apparently not ancillary in nature, as these are important for MIAL, AAI and user/ passengers prospective. Further the regulated and non- regulated services are substantially interdependent and cannot be offered in isolation. The airport premise is being used both for providing regulated services (Aeronautical Services) and for providing non-regulated services (Non -aeronautical services). Accordingly, management has concluded that SCA does not apply in its entirety to the Group. Non-Applicability of Service Concession Arrangement Accounting in NMIAL The business activities of NMIAL are governed by Concession Agreement with City and Industrial Development Corporation of Maharashtra Limited (Grantor) under an initial term of 30 years extendable by another 10 years (Concession Period). The business activities comprises of those services that are regulated by ‘Grantor’ and those which are not regulated by ‘Grantor’. The infrastructure for providing regulated and non-regulated services is an integrated facility being developed. The infrastructure assets are inseparable and not capable of operating independently. The business income from non-regulated services is not ancillary but is expected to be significant and material revenue to NMIAL. Under the Concession Agreement, the infrastructure to be built (Project) is to handle a minimum annual passenger of 60 Million and cargo handling capacity of 1.5 Million tonnes once fully developed. Management of NMIAL has estimated the income from non-regulated services to be substantially higher as compared to income from regulated services from the project over the concession period and hence management believes that accounting as per Appendix D of IND AS 115 “Service Concession Arrangement is not applicable to NMIAL. c) Notes to Accounts 29. Revenue from operations Year ended March 31, 2019 Year ended March 31, 2018 Income from toll operations 39,683 42,027 Aeronautical 171,968 161,768

|859| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers Year ended March 31, 2019 Year ended March 31, 2018 Non-aeronautical 163,080 140,182 Cargo operations 30,973 36,313 Construction and real estate revenue 1,488 1,839 Manpower and consultancy services 22 86 Operation and maintenance fees 2,603 4,106 409,817 386,321 Notes: (i) The Group earns its entire revenue from operations in India except for Operations and maintenance fees earned in Indonesia. (ii) Timing of rendering of services Year ended March 31, 2019 At a point in time Over time Income from toll operations 39,683 — Aeronautical 171,968 — Non-aeronautical — 163,080 Cargo operations — 30,973 Construction and real estate revenue — 1,488 Manpower and consultancy services — 22 Operation and maintenance fees — 2,603 (iii) Reconciliation of revenue recognised in the Statement of Profit and Loss with the contracted price Year ended March 31, 2019 Revenue as per contracted price 409,817 Adjustments: Significant financing component - Others (164) Revenue from contract with customers 409,653 (iv) Set out below is the revenue recognised from: Year ended March 31, 2019 Amount included in contract liabilities at the beginning of the year 1,669 Performance obligations satisfied in previous years - 1,669

|860| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Service concession arrangement All the below service concession arrangement have been accounted under intangible asset model (i) GVKDKEPL Description of the arrangement Significant terms of the arrangement GVKDKEPL had entered into a Concession Agreement with National Highway Authority of India (NHAI) on May 17, 2010 pursuant to which, NHAI has awarded the project of four laning of Deoli-Kota Section of National Highway No. 12 (NH -12) from Km 165.00 to Junction of NH –76 on Kota Bypass (approximately 83.04 Km) in the State of Rajasthan on Build, Operate Period of concession: January 5, 2011 to January 05, 2037 (Including 2.5 year construction period) and Transfer (BOT) basis, on design, build, finance, operate and transfer (DBFOT) Pattern under NHDP Phase III. Remuneration: GVKDKEPL has the right to charge users a fee for using the toll road, which GVKDKEPL will collect and retain till the end of the concession period. Investment grant from concession grantor Nil Infrastructure return at the end of concession period Yes Investment and renewal obligations No renewal option to GVKDKEPL Re-pricing dates : Yearly reset of toll rates Basis upon which re-pricing or re- negotiation is determined Inflation Premium payable to grantor : Rs. 4,860 lakhs increasing by an additional 5% as compared to the immediately preceding previous year. During the year, GVKDKEPL has recorded revenue of Rs. 5,541 lakhs (March 31, 2018: Rs. 8,454 lakhs) consisting of Rs. 134 lakhs (March 31, 2018: Rs. 1,499 lakhs) on construction and Rs. 5,407 lakhs (March 31, 2018: Rs. 6,955 lakhs) on operation of the toll road. The revenue recognised in relation to construction represents the fair value of the construction services provided in constructing the toll road.

|861| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers (ii) GVKBVEPL Description of the arrangement Significant terms of the arrangement GVKBVEPL has entered into a Concession Agreement with Gujarat State Road Development Corporation Limited (GSRDC), a Government of Gujarat undertaking on February 21, 2011 pursuant to which, GSRDC has awarded the project of six laning of Bagodara – Wataman – Tarapur - Vasad road on State Highway no.8 from km.0/0 to km 101/9 in the state of Gujarat on Build, Operate and Transfer (BOT) basis. Period of concession: November 11, 2011 to November 11, 2038 Investment grant from concession grantor Nil Infrastructure return at the end of concession period Yes Investment and renewal obligations No renewal option to GVKBVEPL Re-pricing dates : Yearly reset of toll rates Basis upon which re-pricing or re- negotiation is determined Inflation Premium payable to grantor : Fee equal to 15.0192% of the total Realisable fee during that year; and for each subsequent year of the concession period, the premium shall be determined by increasing the proportion of premium to the total Realisable fee in the respective year by an additional 1 % as compared to the immediately preceding year. During the year, GVKBVEPL has not earned any revenue. Also refer note 49.

|862| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts (ii) GVKBVEPL Description of the arrangement Significant terms of the arrangement GVKJEPL has entered into Concession Agreement dated May 08, 2002 with the National Highways Authority of India ("NHAI") for construction and Operation of 6 Lane Highway of 90.385 KM between Jaipur and Kishangarh on Build-OperateTransfer ("BOT") Period of concession: 20 years from the date of Financial Closure March 17, 2003. Remuneration: GVKJEPL has received the right to charge users a fee for using the toll road, which the GVKJEPL will collect and retain till the end of the concession period. Investment grant from concession grantor ` 21,100 lakhs by way of equity support for meeting the total project cost Share of NHAI in Revenue As per clause 7.2 of the concession agreement the concessionaire shall share with NHAI, any fees that it actually receives in any Accounting Year which are in excess of the projected fees for the Accounting Year commencing from the year in which Commercial Operations Date ("COD") shall occur, as set out in Schedule Y (the “Projected Fee”) for such Accounting Year (“Excess Fee” / "Share of NHAI in Revenue") in accordance with the terms of agreement. Infrastructure return at the end of concession period Yes Investment and renewal obligations No renewal option to GVKJEPL Re-pricing dates : Yearly reset of toll rates Basis upon which re-pricing or re-negotiation is determined Inflation During the year, GVKJEPL has recorded revenue of Rs. 34,276 lakhs (March 31, 2018: Rs. 35,073 lakhs) on operation of the toll road. 16. HERO MOTOCORP LIMITED Revenue Recognition Effective April 1, 2018, the Company has applied Ind AS 115 which establishes a comprehensive framework for determining whether, how much and when revenue is to be recognised. Ind AS 115 replaces Ind AS 18 Revenue. The Company has adopted Ind AS 115 using the cumulative effect method. The effect of initially applying this standard is recognised at the date of initial application (i.e. April 1, 2018). The standard is applied retrospectively only to contracts that are not completed as at the date of initial application and the comparative information in the statement of profit and loss is not restated – i.e. the comparative information

|863| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers continues to be reported under Ind AS 18. Refer note 3.1– Significant accounting policies – Revenue recognition in the Annual report of the Company for the year ended March 31, 2018, for the revenue recognition policy as per Ind AS 18. There were no adjustments required to the retained earnings as at April 01, 2018. Also, the application of IND AS- 115 did not have any significant impact on recognition and measurement of revenue and related items in the financials statement of the company. Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those products or services •• Revenue from sale of goods is recognised when the goods are dispatched and tittles have passed * Revenue from providing services is recognized in the accounting period in which services are rendered. * Revenue from service is based on number of services provided to the end of reporting period as a proportion of the total number services to be provided. Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, performance bonuses, price concessions and incentives, if any, as specified in the contract with the customer. Revenue also excludes taxes collected from customers. The Company disaggregates revenue from contracts with customers by nature of goods and service. Dividend income is recorded when the right to receive payment is established. Interest income is recognised using the effective interest method. The Group has adopted Ind AS 115 from 1st April, 2018 and opted for retrospective application with the cumulative effect of initially applying this standard recognised at the date of initial application. The standard has been applied to all open contracts as on 1st April, 2018, and subsequent contracts with customers from that date. Sale of automotive vehicles, parts and automotive components Revenue is recognised when the performance obligations are satisfied and the control of the product is transferred, being when the goods are delivered as per the relevant terms of the contract at which point in time, the Group has a right to payment for the asset, customer has possession and legal title of the asset, customer bears significant risk and rewards of ownership and the customer has accepted the asset or the Group has objective evidence that all criteria for acceptance have been satisfied. Payment for the sale is made as per the credit terms in the agreements with the customers. The credit period is generally short term, thus there is no significant financing component. The Group’s contracts with customers do not provide for any right to returns, refunds or similar obligations. The Group’s obligation to repair or replace faulty products under standard warranty terms is recognised as a provision. Refer Note 40. Sale of services The Group also earns revenue from providing IT services and Royalty on usage of Group’s technical knowhow. In respect of IT service, the revenue is recognised on a time proportion basis as the customer simultaneously receives and consumes the benefits as the obligations are performed. Payment for the services provided are received as per the credit terms agreed with the customers. The credit period is generally short term, and thus there is no significant financing component. In respect of Royalty, the performance obligation is, to provide the right-to-use the Group’s technical knowhow by the customers, for which usage-based royalty is charged. Payment for the services provided is received as per the credit terms as agreed with the customers. The credit period is generally short term, and thus there is no significant financing component. Revenue from financing Interest income for loans [other than Purchase of Originally Credit Impaired (POCI)] is recognised using the Effective Interest Rate (EIR) method.

|864| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts For financial assets that are not “POCI” but have subsequently become credit-impaired (or ‘stage-3’), for which interest revenue is calculated by applying the effective interest rate to their amortised cost (i.e. net of the expected credit loss provision). Income in the nature of overdue interest, and bounce charges are recognized on realization, due to uncertainty of collection. Significant judgements There are no significant judgements made by the Group in determining the timing of satisfaction of performance obligation. It is determined as per the terms of the contract. In case of multiple performance obligations, the Group uses the adjusted market assessment approach to allocate the transaction price between multiple performance obligations. If a discount is granted, the same is adjusted against the transaction price of the contract. 17. TVS MOTOR COMPANY LIMITED The Group has adopted Ind AS 115 from 1st April, 2018 and opted for retrospective application with the cumulative effect of initially applying this standard recognised at the date of initial application. The standard has been applied to all open contracts as on 1st April, 2018, and subsequent contracts with customers from that date. Sale of automotive vehicles, parts and automotive components Revenue is recognised when the performance obligations are satisfied and the control of the product is transferred, being when the goods are delivered as per the relevant terms of the contract at which point in time, the Group has a right to payment for the asset, customer has possession and legal title of the asset, customer bears significant risk and rewards of ownership and the customer has accepted the asset or the Group has objective evidence that all criteria for acceptance have been satisfied. Payment for the sale is made as per the credit terms in the agreements with the customers. The credit period is generally short term, thus there is no significant financing component. The Group’s contracts with customers do not provide for any right to returns, refunds or similar obligations. The Group’s obligation to repair or replace faulty products under standard warranty terms is recognised as a provision. Refer Note 40. Sale of services The Group also earns revenue from providing IT services and Royalty on usage of Group’s technical knowhow. In respect of IT service, the revenue is recognised on a time proportion basis as the customer simultaneously receives and consumes the benefits as the obligations are performed. Payment for the services provided are received as per the credit terms agreed with the customers. The credit period is generally short term, and thus there is no significant financing component. In respect of Royalty, the performance obligation is, to provide the right-to-use the Group’s technical knowhow by the customers, for which usage-based royalty is charged. Payment for the services provided is received as per the credit terms as agreed with the customers. The credit period is generally short term, and thus there is no significant financing component. Revenue from financing Interest income for loans [other than Purchase of Originally Credit Impaired (POCI)] is recognised using the Effective Interest Rate (EIR) method. For financial assets that are not “POCI” but have subsequently become credit-impaired (or ‘stage-3’), for which interest revenue is calculated by applying the effective interest rate to their amortised cost (i.e. net of the expected credit loss provision). Income in the nature of overdue interest, and bounce charges are recognized on realization, due to uncertainty of collection.

|865| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers Significant judgements There are no significant judgements made by the Group in determining the timing of satisfaction of performance obligation. It is determined as per the terms of the contract. In case of multiple performance obligations, the Group uses the adjusted market assessment approach to allocate the transaction price between multiple performance obligations. If a discount is granted, the same is adjusted against the transaction price of the contract. Disclosure 38 REVENUE FRO CONTRACTS WITH CUSTOMERS Rupees in crores A. Disaggregated revenue. Revenue from contract with customers are disaggregated into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flow are affected by economic factors. The Group identifices the product lines, amongst other to indicate the factors as mentioned above. The details of renevue from contracts with customers on the basis of various product lines are as under : Sl. No. Particulars For the year ended 31-03-2019 (a) Type of goods or service (i) Automobiles 16,285.67 (ii) Parts and accessories 1,720.07 (iii) Automotive components 223.95 (iv) IT Services 10.92 (v) Royalty 16.67 (vi) Others 1,457.89 19,716.07 (b) Geographical markets (i) Domestic 15,507.21 (ii) Exports 4,208.86 19,716.07 B. The Group operates, in the segments of automotive vehicle and its parts, automotive components and financial services. The information provided above is in line with the segmental information provided under Ind AS 108 in Note 44. C. Recondiction of contracts with customers. Movement of contract liabilities for the reporting period given below: Particulars For the year ended 31-03-2019 Contract liabilities at the beginning of the period 90.93 Add / (Less): Consideration received during the year as advance 64.49 Revenue recognized from contract liability 90.93 Contract liabilities at the end of the period 64.49 Payment is received in advance towards contract entered with customers, and is recognised as a contract liability. As and when the performance obligation is met, the same is recognized as revenue.

|866| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts D. Transaction price allocated to the remaining performance obligations: The Group's contracts with customers are short term (i.e. the performance obligations are expected to be met within one year or less). Therefore taking the practical expedient the details on transaction price allocated to the remaining performance obligations are not declosed. E. Reconcilation of revenue with contract price. Sl. No. Particulars For the year ended 31-03-2019 (i) Contract price 20,389.38 (ii) Adjustments incentive scheme 262.95 Transport cost 410.36 (iii) Revenue from sale of products and services 19,716.07 F. Impact of following earlier standard against Ind AS 115. On adoption of Ind AS 115 as compared to Ind AS 18. "Revenue from operations" is reduced by Rs. 410.36 crores due to freight changes being netted off against revenue, which leads to an equivalent reduction in "Other expenses", during the year. 18. HINDUSTAN UNILEVER LIMITED Revenue Recognition Effective April 1, 2018, the Company has applied Ind AS 115: Revenue from Contracts with Customers which establishes a comprehensive framework for determining whether, how much and when revenue is to be recognised. Ind AS 115 replaces Ind AS 18 Revenue. The impact of the adoption of the standard on the financial statements of the Company is insignificant. Revenue from sale of goods is recognised when control of the products being sold is transferred to our customer and when there are no longer any unfulfilled obligations. The Performance Obligations in our contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on customer terms. Revenue is measured at fair value of the consideration received or receivable, after deduction of any trade discounts, volume rebates and any taxes or duties collected on behalf of the government such as goods and services tax, etc. Accumulated experience is used to estimate the provision for such discounts and rebates. Revenue is only recognised to the extent that it is highly probable a significant reversal will not occur. Our customers have the contractual right to return goods only when authorised by the Company. An estimate is made of goods that will be returned and a liability is recognised for this amount using a best estimate based on accumulated experience. Income from services rendered is recognised based on agreements/arrangements with the customers as the service is performed and there are no unfulfilled obligations. Interest income is recognized using the effective interest rate (EIR) method. Dividend income on investments is recognised when the right to receive dividend is established.

|867| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers Disclosures *Upto 30th June, 2017 Reconciliation of Revenue from sale of products with the contracted price. Year ended 31st March, 2019 Year ended 31st March, 2018 Contracted Price 42,903 39,536 Less: Trade discounts, volume rebates, etc. 5,243 4,917 Sale of products 37,660 34,619 19. HT MEDIA LIMITED Effective April 1, 2018 the Group has adopted Ind AS 115 “Revenue from Contracts with Customers” using the cumulative catch-up transition method which is applied to contracts that were not completed as of April 1, 2018. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government. The Group has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements it has pricing latitude and is also exposed to inventory and credit risks. Goods and Service Tax (GST) is not received by the Company on its own account. Rather, it is tax collected on behalf of the government. Accordingly, it is excluded from revenue. The specific recognition criteria described below must also be met before revenue is recognised: Advertisements Revenue is recognized as and when advertisement is published/ displayed and when it is “probable” that the Company will collect the consideration it is entitled to in exchange for the services it transfers to the customer. Revenue from advertisement is measured at the fair value of the consideration received or receivable, net of allowances, trade discounts and volume rebates. Sale of News & Publications, Wastepaper and Scrap Revenue from the sale of goods is recognised when the control is transferred to the buyer, usually on delivery of the goods. Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates. For contracts with a significant financing component, an entity adjusts the promised consideration to reflect the time value of money. Management also extends a right to return to its customers which it believes is a form of variable consideration. Revenue recognition is limited to amounts for which it is “highly probable” a significant reversal will not occur (i.e. it is highly probable the goods will not be returned). A refund liability is established for the expected amount of refunds and credits to be issued to customers. Printing Job Work Revenue from printing job work is recognized on the completion of job work as per terms of the agreement. Revenue from job work is measured at the fair value of the consideration received or receivable, net of allowances, trade discounts and volume rebates, if any.

|868| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Airtime Revenue Revenue from radio broadcasting is recognized on an accrual basis on the airing of client’s commercials. Revenue from radio broadcasting is measured at the fair value of the consideration received or receivable, net of allowances, trade discounts and volume rebates, if any. Revenue from online advertising Revenue from digital platforms by display of internet advertisements are typically contracted for a period ranging between zero to twelve months. Revenue in this respect is recognized over the period of the contract, in accordance with the established principles of accrual accounting and is measured at the fair value of the consideration received or receivable, net of allowances, trade discounts and volume rebates, if any. Unearned revenues are reported on the balance sheet as deferred revenue. Contract liability. Revenue from subscription of packages of placement of job postings on ‘shine.com’ is recognized at the time the job postings are displayed based upon customer usage patterns, or upon expiry of the subscription package whichever is earlier and is measured at the fair value of the consideration received or receivable, net of allowances, trade discounts and volume rebates, if any. Revenue from Job Fair and Resume Services Revenue from job fairs is recognised as per the terms of the contract with customers based on stage of completion when the outcome of the transactions involving rendering of services can be estimated reliably. Revenue from resume services is recognised on completion of resume and is measured at the fair value of the consideration received or receivable, net of allowances, trade discounts and volume rebates, if any. Revenue from sale of leads Revenue from sale of leads on ‘htcampus.com’ is recognised at the time of delivery of the leads to the customer and is measured at the fair value of the consideration received or receivable, net of allowances, trade discounts and volume rebates, if any. Revenue from SMS pushes Revenue is recognised after the delivery of SMS pushes and is measured at the fair value of the consideration received or receivable, net of allowances, trade discounts and volume rebates, if any. Revenue from content Revenue is recognised basis of log records of operators and is measured at the fair value of the consideration received or receivable, net of allowances, trade and volume rebates, if any. Revenue from social media Revenue is recognised basis of actual output delivered in a month to the client as per the terms of the RO/email from client and is measured at the fair value of the consideration received or receivable, net of allowances, trade discounts and volume rebates, if any. Revenue from tuition services Revenue from rendering tuition services is recognised over the period of the completion of the course offered and is measured at the fair value of the consideration received or receivable, net of allowances, trade discounts and volume rebates, if any. Interest income For all debt instruments measured either at amortised cost or at fair value through other comprehensive income, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Group estimates the expected

|869| Chap. 33 – Ind AS 115 – Revenue from Contracts with Customers cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. Interest income is included in finance income in the Statement of Profit and Loss. Dividends Revenue is recognised when the Group’s right to receive the payment is established, which is generally when shareholders approve the dividend. Rental Income Rental Income arising from operating leases on investment properties is accounted for on a straight-line basis over the lease terms and is included in revenue in the Statement of Profit or Loss due to its operating nature Unless either: • Another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished, even if the rentals are not on that basis, or • Rentals are structured to increase in line with expected general inflation to compensate for the lessor’s expected inflationary cost increases. If rentals vary according to factors other than inflation, then this condition is not met. 20. INDIABULLS REAL ESTATE LIMITED a) significant accounting policies 5.3 Revenue recognition Revenue is recognised when control is transferred and is accounted net of rebate and taxes. The Group applies the revenue recognition criteria to each nature of the revenue transaction as set out below: Revenue from sale of properties Revenue from sale of properties is recognized when the performance obligations are essentially complete and credit risks have been significantly eliminated. The performance obligations are considered to be complete when control over the property has been transferred to the buyer i.e. offer for possession (possession request letter) of properties have been issued to the customers and substantial sales consideration is received from the customers. The Group considers the terms of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for transferring property to a customer, excluding amounts collected on behalf of third parties (for example, indirect taxes). The consideration promised in a contract with a customer may include fixed consideration, variable consideration (if reversal is less likely in future), or both. For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance obligation over time or satisfies the performance obligation at a point in time. If an entity does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time. A receivable is recognised by the Group when the control is transferred as this is the case of point in time recognition where consideration is unconditional because only the passage of time is required. When either party to a contract has performed, an entity shall present the contract in the balance sheet as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment. The costs estimates are reviewed periodically and effect of any change in such estimate is recognized in the period such changes are determined. However, when the total estimated cost exceeds total expected revenues from the contracts, the loss is recognized immediately.