Mandatory Accounting Standards (Ind AS)-1

|i| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY 7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai 400 020. T : +91 22 6137 7600 • E : [email protected] • W : www.bcasonline.org BCAS Whatsapp : 8291774998 • E-Journal : www.bcajonline.org E-learning : www.elearning.bcasonlineorg Mandatory Accounting Standards (Ind AS) – Extracts from Published Accounts CA Deepali Shrigadi • CA Gunja Bathiya • CA Harnish Shah CA Jiten Jataniya • CA Shraddha Kishnadwala

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |ii| © BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY Price : ` 675/- (Postage charges extra) Seventh Edition February, 2018 Sixth Edition 2013 Fifth Edition 2012 Fourth Edition July, 2006 Third Edition April, 2003 Second Edition June, 1998 First Edition January, 1997 DISCLAIMER 1. Compilation is done on unbiased selection of published accounts, with a view to cover varying precedents intended to provide an educative referencer. 2. Compilation is done with the objective to provide the user of this publication with different reporting formats of the accounting standards and policies based on the accounting standards followed by different companies, without commenting on the merits and demerits of the same. The accounting policies and reporting reproduced in this publication should not be construed as the best practices followed by the companies nor should it be construed that the publication is trying to bring out the faulty practices followed by the companies. 3. The reproduction from various annual audited accounts is selected by the compilers. They are, however, not providing any opinions nor are expressing any views on the same. The same should also not be construed as views of BCAS. 4. Maximum care is taken to avoid errors in the compilation process. If, however, any errors have crept in through inadvertence; compilers will be obliged if promptly informed, to prevent repetition of the same in future work 5. The Financial Statements used for compilation are for the period between 1 April 2016 and 31 March 2017. 6. This publication is sold with the understanding that neither the publisher, nor the compilers will be responsible for the result of any action taken on the basis of this work whether directly or indirectly for any error or omission, to any person whether a buyer of this publication or not. Published by Shri Narayan Pasari, President for Bombay Chartered Accountants’ Society, 7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai 400 020. T : +91 22 6137 7600 • E : [email protected] • W : www.bcasonline.org BCAS Whatsapp : 8291774998 • E-Journal : www.bcajonline.org E-learning : www.elearning.bcasonlineorg Printed by Finesse Graphics & Prints Pvt. Ltd. Tel.: 4036 4600 • Fax: 2496 2297

|iii| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Foreword It is said that Accounts is the language of business and Accounting Standards is the vocabulary of the language of Accounts. It is only through the correct use of language that the message can be passed in its true sense. Similarly, in the accounting world, without correct interpretation of the Accounting Standards, one cannot come up with correct method of recognising, disclosing and presenting the business transactions. Compliance of Accounting Standards plays a very significant role in bringing about uniformity and transparency in the financial reporting by all the reporting entities. It has been an endeavour at BCAS to continuously keep the members, professionals and all the stakeholders abreast with the latest developments in financial reporting. As a part of that effort to help members and professionals to keep abreast with the latest trends in financial statements reporting, BCAS has been publishing the book “Mandatory Accounting Standards — Extracts from Published Accounts”. Till 2013, it had come up with 6 editions of the book. Since then, the Indian Accounting Standards (Ind AS) have been introduced in India in a phased manner. As per the phase-wise implementation, all listed and other companies with a net worth exceeding ` 500 crore (as on 31st March, 2014) adopted Ind AS with a transition date of 1st April, 2015 and the first set of financial statements using Ind AS were for the financial year 2016-17. From the financial year 2017-18 all remaining listed companies and those with a net worth of more than 250 crore have to adopt Ind AS. These companies in the second phase of Ind AS would have the benefit of the implementation experience of the companies in the first phase. To enable easy reference to such companies, the Accounting and Auditing Committee asked a young team of chartered accountants having experience in the first phase of implementation of Ind AS, to come with an Ind AS standard wise compilation of the typical accounting policies and disclosures made by the companies who have implemented Ind AS for the FY 2016-17. This book contains the efforts of this young team viz., CA Deepali Shrigadi, CA Gunja Bathiya, CA Harnish Shah, CA Jiten Jataniya, CA Shraddha Kishnadwala. The final review and editing of the disclosures is done by two very experienced members of the Committee viz., Vijay Maniar and Chirag Doshi. The six compilers and the two reviewers have put in substantial efforts in wading through a large number of annual reports and then selecting extracts from published accounts of more than 100 companies. We would like to convey our sincere thanks to all of them for devoting their valuable time in bringing out this revised edition. We have a strong belief that this edition would be of immense value to the preparers, reviewers and analysts of the Financial Statements as well as to various other stakeholders. CA. Narayan Pasari CA. Himanshu V. Kishnadwala President Chairman Accounting & Auditing Committee

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |iv| BCAS at your service Transformation – Yuva Shakti – Digitisation – Networking – Knowledge BCAS Membership offers you • Access to 130,000 + hours of educational programmes a) Member Discounts (generally 20%) on most BCAS events b) Exclusive Members Events c) Exclusive Residential programmes • E-Journal access for last 17 years (along with Journal Subscription) • Platform to Network, Learn and Grow with other corporates, professionals, peers, students • Opportunity to Volunteer – write, speak, serve taxpayers cause, get active with RTI and other activities of the 9 committees • Access to Library with more than 1,000 Books, Journals and online databases Chartered Accountant Membership Be a complete CA – Join those who believe learning never ends to stay in sync with times Corporate Membership Companies and LLPs Get the above benefits by nominating 2 CAs from your organisation Student Membership for CA Students Access e-Journal, Student Study Circles at a fraction of a price Bombay Chartered Accountants’ Society Harnessing Talent and Providing Quality Service THIRST FOR KNOWLEDGE ENDS HERE JOURNAL Monthly dose of analysis and updates REFERENCER A Tool for Every Professional LIBRARY Universe of Knowledge PUBLICATIONS Solution for Professionals EVENTS Learn from the experienced peers COURSE PLAY – Event at your convenience CALENDAR CONNECT WITH BCAS GLOBAL https://bcasonline.courseplay.co CLINICS RTI Clinic, Accounts & Audit Clinic, Charitable Trust Clinic, GST Clinic

|v| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts MANAGING COMMITTEE 2017-18 President Narayan Pasari Vice-President Sunil Gabhawalla Hon. Joint Secretaries Manish Sampat Abhay Mehta Treasurer Suhas Paranjpe Members Anand Bathiya Anil Doshi Bhavesh Gandhi Chetan Shah Chirag Doshi Devendra Jain Divya Jokhakar Ganesh Rajagopalan Kinjal Shah Mandar Telang Mayur Desai Mihir Sheth Pooja Punjabi Raman Jokhakar Rutvik Sanghvi Samir Kapadia ACCOUNTING AND AUDITING COMMITTEE 2017-18 Chairman Himanshu Kishnadwala Ex-Officio Narayan Pasari Sunil Gabhawalla Convenors Amit Purohit Chirag Doshi Nikhil Patel Members Abhay Mehta Ashutosh Pednekar Gautam Shah Himanshu Vasa Jayesh Gandhi K. C. Narang Manish Sampat Mukesh Trivedi Nalin Shah Narendra Sarda Paresh Clerk Preeti Cherian Rajesh Mody Raman Jokhakar Ravindra Rao Ronak Rambhia Sandeep Shah Sanjay Chauhan Sanjeev Pandit Suril Shah Sushrut Chitale Vijay Maniar Vipul Choksi Yogesh Patel Zubin Billimoria BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |vi| CONTENTS Page No. Foreword ............................................................................................................................................................... iii BCAS at your service ...........................................................................................................................................iv List of Committee Members..................................................................................................................................v List of Companies ............................................................................................................................................ xviii 1 INDIAN ACCOUNTING STANDARD (IND AS) 1 — PRESENTATION OF FINANCIAL STATEMENTS........................................................ 1 1. Ajanta Pharma Limited..............................................................................................................................1 2. Bata India Limited .....................................................................................................................................3 3. Havells India Limited ................................................................................................................................5 4. The Indian Hotels Company Limited ......................................................................................................8 5. Bharat Petroleum Corporation Limited ..................................................................................................10 2 INDIAN ACCOUNTING STANDARD (IND AS) 2 — INVENTORIES ........................... 12 1. Apollo Tyres Limited ...............................................................................................................................12 2. Asian Paints Limited................................................................................................................................12 3. Atul Limited .............................................................................................................................................13 4. Bajaj Auto Limited...................................................................................................................................13 5. Biocon Limited.........................................................................................................................................14 6. Dr. Reddy’s Laboratories Limited ...........................................................................................................14 7. Havells India Limited ..............................................................................................................................15 8. Hindustan Construction Company Limited...........................................................................................15 9. Indian Oil Corporation Limited ............................................................................................................16 10. ITC Limited ..............................................................................................................................................17 11. Larsen & Toubro Limited.........................................................................................................................17 12. Mahindra Lifespace Developers Limited................................................................................................18 13. Tata Coffee Limited..................................................................................................................................19 14. Tata Motors Limited.................................................................................................................................19 15. Vedanta Limited ......................................................................................................................................20 16. Zee Entertainment Enterprises Limited .................................................................................................20 3 INDIAN ACCOUNTING STANDARD (IND AS) 7 — STATEMENT OF CASH FLOWS.................................................................................. 22 1. Ajanta Pharma Limited............................................................................................................................22 2. Infosys Limited.........................................................................................................................................22 3. Tata Motors Limited.................................................................................................................................23 4. Wipro Limited ..........................................................................................................................................23

|vii| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 4 INDIAN ACCOUNTING STANDARD (IND AS) 10 — EVENTS AFTER THE REPORTING PERIOD ............................................................. 24 1. Adani Ports And Special Economic Zone Limited...............................................................................24 2. Biocon Limited.........................................................................................................................................24 3. IL&FS Transportation Networks Limited (ITNL)...................................................................................24 4. IRB Infrastructure Developers Limited...................................................................................................24 5. Reliance Industries Limited ....................................................................................................................25 6. PC Jeweller Limited.................................................................................................................................25 7. Vedanta Limited .......................................................................................................................................25 8. Voltas Limited ..........................................................................................................................................25 5 INDIAN ACCOUNTING STANDARD (IND AS) 11 — CONSTRUCTION CONTRACTS .................................................................................. 26 1. Ashoka Buildcon Limited........................................................................................................................26 2. GMR Infrastructure Limited....................................................................................................................28 3. GVK Power and Infrastructure Limited .................................................................................................30 4. Hindustan Construction Company Limited...........................................................................................32 5. IL&FS Transportation Networks Limited (ITNL)...................................................................................34 6. PNC Infratech Limited.............................................................................................................................40 6 INDIAN ACCOUNTING STANDARD (IND AS) 12 — INCOME TAXES ...................... 42 1. Adani Port Limited ..................................................................................................................................42 2. Apollo Tyres Limited ...............................................................................................................................46 3. Bharat Petroleum Corporation Limited. .................................................................................................48 4. Cipla Limited............................................................................................................................................53 5. Larsen & Toubro Limited.........................................................................................................................56 6. The Indian Hotels Company Limited ....................................................................................................61 7. Lupin Limited...........................................................................................................................................65 8. Vedanta Limited .......................................................................................................................................69 7 INDIAN ACCOUNTING STANDARD (IND AS) 16 — PROPERTY, PLANT AND EQUIPMENT ..................................................................... 74 1. Adani Power Limited...............................................................................................................................74 2. Asian Paints Limited................................................................................................................................75 3. Atul Limited .............................................................................................................................................77 4. Bajaj Auto Limited...................................................................................................................................78 5. Bharti Airtel Limited ...............................................................................................................................80 6. Dr. Reddy’s Laboratories Limited ...........................................................................................................82 7. Hindustan Unilever Limited ...................................................................................................................84 8. Indian Oil Corporation Limited ...........................................................................................................86 9. Infosys Limited.........................................................................................................................................87 10. ITC Limited ..............................................................................................................................................89 11. Larsen & Toubro Limited.........................................................................................................................90 12. PVR Limited ............................................................................................................................................91

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |viii| 13. Reliance Industries Limited (Ril)............................................................................................................92 14. Tata Coffee Limited..................................................................................................................................93 15. Tata Communications Limited................................................................................................................95 16. Tata Motors Limited.................................................................................................................................98 17. Tata Steel Limited....................................................................................................................................99 18. The Great Eastern Shipping Company Limited ..................................................................................101 19. Vedanta Limited .....................................................................................................................................103 20. Wipro Limited ........................................................................................................................................107 8 INDIAN ACCOUNTING STANDARD (IND AS) 17 — LEASES................................... 109 1. Asian Paints Limited..............................................................................................................................109 2. Atul Limited ...........................................................................................................................................111 3. Bata India Limited .................................................................................................................................112 4. Bharti Airtel Limited .............................................................................................................................113 5. Blue Dart Express Limited ....................................................................................................................116 6. Cipla Limited..........................................................................................................................................116 7. Colgate Palmolive (India) Limited ........................................................................................................118 8. Dr. Reddy’s Laboratories Limited .........................................................................................................119 9. Havells India Limited ............................................................................................................................120 10. Idea Cellular India Limited...................................................................................................................122 11. Infosys Limited.......................................................................................................................................124 12. JSW Energy Limited...............................................................................................................................124 13. Larsen & Toubro Limited.......................................................................................................................128 14. PVR Limited ...........................................................................................................................................129 15. Tata Communications Limited..............................................................................................................131 16. The Indian Hotels Company Limited ..................................................................................................135 17. Vedanta Limited .....................................................................................................................................136 18. Wipro Limited ........................................................................................................................................137 9 INDIAN ACCOUNTING STANDARD (IND AS) 18 — REVENUE FROM CONTRACTS WITH CUSTOMERS............................................. 140 1. Adani Ports and Special Economic Zone Limited..............................................................................140 2. Adani Power Limited.............................................................................................................................142 3. All Cargo Logistics Limited...................................................................................................................145 4. Atul Limited ...........................................................................................................................................146 5. Bata India Limited .................................................................................................................................147 6. Bharat Forge Limited .............................................................................................................................148 7. Bharti Airtel Limited .............................................................................................................................149 8. Biocon Limited.......................................................................................................................................150 9. Chambal Fertilisers ...............................................................................................................................151 10. Cipla Limited..........................................................................................................................................152 11. Dr. Reddy’s Laboratories Limited .........................................................................................................153 12. GVK Power and Infrastructure Limited ...............................................................................................154

|ix| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 13. Havells India Limited ............................................................................................................................156 14. Hindustan Unilever Limited .................................................................................................................156 15. Idea Cellular India Limited...................................................................................................................157 16. IL&FS Transportation Networks Limited (ITNL).................................................................................158 17. Infosys Limited.......................................................................................................................................159 18. Interglobe Aviation Limited ..................................................................................................................160 19. IRB Infrastructures Developers Limited...............................................................................................161 20. JSW Energy Limited...............................................................................................................................162 21. Larsen & Toubro Limited.......................................................................................................................164 22. Mahindra Lifespace Developers Limited..............................................................................................168 23. NTPC Limited.........................................................................................................................................169 24. Oberoi Realty Limited ...........................................................................................................................170 25. PC Jewellers Limited .............................................................................................................................171 26. Power Grid Corporation Of India Limited...........................................................................................171 27. PVR Limited ...........................................................................................................................................172 28. Raymond Limited...................................................................................................................................174 29. Reliance Infrastructure Limited ............................................................................................................174 30. Sadbhav Infra .........................................................................................................................................176 31. Shoppers Stop Limited..........................................................................................................................178 32. Sun Pharmaceutical Industries Limited...............................................................................................178 33. Suzlon Energy Limited ..........................................................................................................................178 34. Tata Communications Limited..............................................................................................................179 35. Tata Motors Limited...............................................................................................................................180 36. Tata Power Limited ................................................................................................................................181 37. The Great Eastern Shipping Company Limited ..................................................................................182 38. The Indian Hotels Company Limited ..................................................................................................182 39. Vedanta Limited .....................................................................................................................................182 40. Wipro Limited ........................................................................................................................................183 41. Zee Entertainment Enterprises Limited ...............................................................................................185 10 INDIAN ACCOUNTING STANDARD (IND AS) 19 — EMPLOYEE BENEFITS.......... 186 1. Asian Paints Limited..............................................................................................................................186 2. Bajaj Auto Limited.................................................................................................................................192 3. Bharat Forge Limited .............................................................................................................................198 4. Tata Communications Limited..............................................................................................................209 11 INDIAN ACCOUNTING STANDARD (IND AS) 20 — ACCOUNTING FOR GOVERNMENT GRANTS AND DISCLOSURE OF GOVERNMENT ASSISTANCE.......................................................... 216 1. Apollo Tyres Limited .............................................................................................................................216 2. Asian Paints Limited..............................................................................................................................217 3. Atul Limited ...........................................................................................................................................218 4. Bajaj Auto Limited.................................................................................................................................219

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |x| 5. ITC Limited ............................................................................................................................................219 6. Raymond Limited...................................................................................................................................220 7. The Great Eastern Shipping Company Limited ..................................................................................220 8. Vedanta Limited .....................................................................................................................................221 12 INDIAN ACCOUNTING STANDARD (IND AS) 21 — THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES......................... 222 1. Adani Port Limited ................................................................................................................................222 2. All Cargo Logistics Limited...................................................................................................................223 3. Apollo Tyres Limited .............................................................................................................................224 4. Asian Paints Limited..............................................................................................................................225 5. Bharat Forge Limited .............................................................................................................................225 6. Cipla Limited..........................................................................................................................................227 7. EIH Limited (Oberoi Hotels).................................................................................................................228 8. Hindustan Construction Company Limited.........................................................................................229 9. Idea Cellular India Limited...................................................................................................................230 10. Infosys Limited.......................................................................................................................................230 11. ITNL International Pte. Limited ...........................................................................................................231 12. Lakshmi Machine Works Pvt. Limited.................................................................................................233 13. Larsen & Toubro Limited.......................................................................................................................234 14. Mahindra Lifespace Developers Limited..............................................................................................234 15. NTPC Limited.........................................................................................................................................235 16. Oberoi Reality Limited ..........................................................................................................................236 17. PC Jewellers Limited .............................................................................................................................236 18. Power Grid Corporation Of India Limited...........................................................................................237 19. Reliance Industries Limited ..................................................................................................................239 20. Reliance Infrastructure Limited ............................................................................................................240 21. Suzlon Energy Limited ..........................................................................................................................241 22. Tata Global Beverages Limited..............................................................................................................243 23. Tata Steel Limited..................................................................................................................................244 24. The Indian Hotels Company Limited ..................................................................................................245 25. UltraTech.................................................................................................................................................245 26. Wipro Limited ........................................................................................................................................246 13 INDIAN ACCOUNTING STANDARD (IND AS) 23 — BORROWING COSTS ........... 248 1. Asian Paints Limited..............................................................................................................................248 2. Bharti Airtel Limited .............................................................................................................................248 3. Dabur India Limited ..............................................................................................................................248 4. Dr. Reddy’s Laboratories Limited ........................................................................................................248 5. JSW Energy Limited...............................................................................................................................249 6. Larsen & Toubro Limited .....................................................................................................................249 7. Mahindra Lifespace Developers Limited..............................................................................................249 8. Sundram Clayton Limited.....................................................................................................................250 9. Tata Steel Limited..................................................................................................................................250

|xi| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 10. The Great Eastern Shipping Company Limited ..................................................................................250 11. The Indian Hotels Company Limited ..................................................................................................250 12. Vedanta Limited .....................................................................................................................................251 13. Zee Entertainment Enterprises Limited ...............................................................................................251 14 INDIAN ACCOUNTING STANDARD (IND AS) 24 — RELATED PARTY DISCLOSURES ............................................................................. 252 1. Aditya Birla Fashion and Retail Limited .............................................................................................252 2. Asian Paints Limited..............................................................................................................................254 3. Bata India Limited .................................................................................................................................262 4. Hindustan Unilever Limited .................................................................................................................265 5. ITC Limited ............................................................................................................................................268 6. Larsen & Toubro Limited.......................................................................................................................277 7. Power Grid Corporation of India Limited............................................................................................291 15 INDIAN ACCOUNTING STANDARD (IND AS) 28 — INVESTMENTS IN ASSOCIATES AND JOINT VENTURES................................... 298 1. Adani Port Limited ...............................................................................................................................298 2. All Cargo Logistics Limited...................................................................................................................299 3. Apollo Tyres Limited .............................................................................................................................300 4. Asian Paints Limited..............................................................................................................................301 5. Blue Star Limited...................................................................................................................................302 6. EIH Limited (Oberoi Hotels).................................................................................................................303 7. Havells India Limited ............................................................................................................................303 8. Hindustan Unilever Limited ................................................................................................................303 9. Idea Cellular India Limited...................................................................................................................304 10. IL&FS Transportation Networks Limited (ITNL).................................................................................304 11. JSW Energy Limited...............................................................................................................................305 12. Larsen & Toubro Limited.......................................................................................................................306 13. ONGC Limited........................................................................................................................................306 14. Shoppers Stop Limited..........................................................................................................................308 15. Sterlite Technologies Limited................................................................................................................310 16. Suzlon Energy Limited ..........................................................................................................................311 17. Vedanta Limited ....................................................................................................................................312 16 INDIAN ACCOUNTING STANDARD (IND AS) 32 — FINANCIAL INSTRUMENTS: PRESENTATION INDIAN ACCOUNTING STANDARD (IND AS) 107 — FINANCIAL INSTRUMENTS: DISCLOSURES INDIAN ACCOUNTING STANDARD (IND AS) 109 — FINANCIAL INSTRUMENTS INDIAN ACCOUNTING STANDARD (IND AS) 113 — FAIR VALUE MEASUREMENT................................................................................... 314 1. Adani Power Limited.............................................................................................................................314

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xii| 2. Asian Paints Limited..............................................................................................................................314 3. Atul Limited ...........................................................................................................................................316 4. Dr. Reddy’s Laboratories Limited ........................................................................................................321 5. Grasim Industries Limited.....................................................................................................................328 6. Hindalco Industries Limited .................................................................................................................333 7. Hindustan Unilever Limited .................................................................................................................362 8. Indian Oil Corporation Limited............................................................................................................369 9. Infosys Limited.......................................................................................................................................371 10. ITC Limited ............................................................................................................................................377 11. Larsen & Toubro Limited.......................................................................................................................381 12. NTPC Limited.........................................................................................................................................386 13. Reliance Industries Limited ..................................................................................................................389 14. Tata Global Beverages Limited..............................................................................................................393 15. Tata Motors Limited...............................................................................................................................394 16. Vedanta Limited .....................................................................................................................................396 17 INDIAN ACCOUNTING STANDARD (IND AS) 33 — EARNINGS PER SHARE....... 405 1. Ajanta Pharma Limited..........................................................................................................................405 2. Bata India Limited .................................................................................................................................405 3. Bharat Forge Limited .............................................................................................................................406 4. Bharat Petroleum Corporation Limited ................................................................................................406 5. Biocon Limited.......................................................................................................................................407 6. Cipla Limited..........................................................................................................................................408 7. Colgate Palmolive (India) Limited ........................................................................................................408 8. Dr. Reddy’s Laboratories Limited ........................................................................................................409 9. Havells India Limited ............................................................................................................................409 10. Hindustan Construction Company Limited.........................................................................................410 11. Hindustan Unilever Limited .................................................................................................................411 12. Infosys Limited.......................................................................................................................................411 13. Larsen & Toubro Limited.......................................................................................................................412 14. Mahindra Lifespace Developers Limited..............................................................................................412 15. NTPC Limited.........................................................................................................................................414 16. PVR Limited ...........................................................................................................................................414 17. Spice Jet Limited....................................................................................................................................415 18. Suzlon Energy Limited ..........................................................................................................................416 19. Tata Motors Limited...............................................................................................................................417 20. The Great Eastern Shipping Company Limited ..................................................................................418 21. Vedanta Limited .....................................................................................................................................418 18 INDIAN ACCOUNTING STANDARD (IND AS) 36 — IMPAIRMENT OF ASSETS ........................................................................................ 420 1. Adani Power Limited.............................................................................................................................420 2. Asian Paints Limited..............................................................................................................................420

|xiii| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 3. Bharti Airtel Limited .............................................................................................................................421 4. Dr. Reddy’s Laboratories Limited ........................................................................................................423 5. Mahindra Lifespace Developers Limited..............................................................................................424 6. ONGC Limited........................................................................................................................................425 7. PVR Limited ...........................................................................................................................................426 8. Tata Communications Limited..............................................................................................................427 9. The Indian Hotels Company Limited ..................................................................................................427 10. Vedanta Limited .....................................................................................................................................428 19 INDIAN ACCOUNTING STANDARD (IND AS) 37 — PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS .......... 432 1. Apollo Tyres Limited .............................................................................................................................432 2. Asian Paints Limited..............................................................................................................................433 3. Bharti Airtel Limited .............................................................................................................................434 4. Biocon Limited.......................................................................................................................................438 5. Havells India Limited ............................................................................................................................439 6. Hindustan Unilever Limited .................................................................................................................443 7. Idea Cellular India Limited...................................................................................................................444 8. Infosys Limited.......................................................................................................................................446 9. Larsen & Toubro Limited.......................................................................................................................447 10. NTCP Limited.........................................................................................................................................449 11. Raymond Limited...................................................................................................................................451 12. Sterlite Technologies Limited................................................................................................................452 13. Sun Pharmaceutical Industries Limited...............................................................................................454 14. Tata Communications Limited..............................................................................................................456 20 INDIAN ACCOUNTING STANDARD (IND AS) 38 — INTANGIBLE ASSETS........... 459 1. All Cargo Logistics Limited...................................................................................................................459 2. Asian Paints Limited..............................................................................................................................460 3. Atul Limited ...........................................................................................................................................463 4. Bajaj Auto Limited.................................................................................................................................463 5. Bharti Airtel Limited .............................................................................................................................465 6. Biocon Limited.......................................................................................................................................467 7. Cipla Limited..........................................................................................................................................467 8. Dr. Reddy’s Laboratories Limited ........................................................................................................470 9. Hindustan Unilever Limited .................................................................................................................475 10. Infosys Limited.......................................................................................................................................477 11. JSW Energy Limited...............................................................................................................................480 12. Larsen & Toubro Limited.......................................................................................................................481 13. Mahindra Lifespace Developers Limited..............................................................................................482 14. PVR Limited ...........................................................................................................................................483 15. Reliance Industries Limited (RIL) .......................................................................................................487

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xiv| 16. Tata Communications Limited..............................................................................................................488 17. Vedanta Limited .....................................................................................................................................489 21 INDIAN ACCOUNTING STANDARD (IND AS) 40 — INVESTMENT PROPERTY......................................................................................... 491 1. All Cargo Logistics Limited...................................................................................................................491 2. Atul Limited ...........................................................................................................................................492 3. Bajaj Auto Limited.................................................................................................................................493 4. Biocon Limited.......................................................................................................................................494 5. Cipla Limited..........................................................................................................................................495 6. Dabur India Limited ..............................................................................................................................495 7. Havells India Limited ............................................................................................................................496 8. Larsen & Toubro Limited.......................................................................................................................497 9. Mahindra Lifespace Developers Limited..............................................................................................497 10. Tata Communications Limited..............................................................................................................498 22 INDIAN ACCOUNTING STANDARD (IND AS) 101 — FIRST-TIME ADOPTION OF INDIAN ACCOUNTING STANDARDS..................... 500 1. Atul Limited ..........................................................................................................................................500 2. Bharat Petroleum Corporation Limited ................................................................................................506 3. Bharti Airtel Limited .............................................................................................................................515 4. Dr. Reddy’s Laboratories Limited ........................................................................................................523 5. GVK Power & Infrastructure Limited...................................................................................................526 6. Havells India Limited ............................................................................................................................529 7. Idea Cellular India Limited...................................................................................................................537 8. JSW Energy Limited...............................................................................................................................541 9 Larsen & Tourbo Limited.......................................................................................................................548 10. Oberoi Hotels And Resorts Limited .....................................................................................................556 11. Reliance Industries Limited .................................................................................................................561 12. Reliance Infrastructure Limited ............................................................................................................562 13. Suzlon Energy Limited ..........................................................................................................................571 14. Tata Global Beverages Limited..............................................................................................................576 15. Tata Steel Limited..................................................................................................................................580 16. United Phosphorus Limited ..................................................................................................................583 17. Vedanta Limited .....................................................................................................................................588 23 INDIAN ACCOUNTING STANDARD (IND AS) 102 — SHARE-BASED PAYMENT.......................................................................................... 597 1. Bharti Airtel Limited .............................................................................................................................597 2. Biocon Limited.......................................................................................................................................600 3. Dr. Reddy’s Laboratories Limited .........................................................................................................605 4. Gillette India Limited ............................................................................................................................610 5. Hindustan Unilever Limited .................................................................................................................613

|xv| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 6. Infosys Limited.......................................................................................................................................615 7. ITC Limited ............................................................................................................................................619 8. Larsen & Toubro Limited.......................................................................................................................625 9. Reliance Industries Limited ..................................................................................................................627 24 INDIAN ACCOUNTING STANDARD (IND AS) 103 — BUSINESS COMBINATIONS ..................................................................................... 629 1. Adani Port Limited ................................................................................................................................629 2. All Cargo Logistics Limited...................................................................................................................631 3. Atul Limited ...........................................................................................................................................631 4. Bharat Forge Limited .............................................................................................................................632 5. Bharti Airtel Limited .............................................................................................................................634 6. Cipla Limited..........................................................................................................................................635 7. Dr. Reddy’s Laboratories Limited .........................................................................................................636 8. Hindustan Unilever Limited .................................................................................................................637 9. Idea Cellular India Limited...................................................................................................................637 10. IL&FS Transportation Networks Limited (ITNL).................................................................................638 11. Infosys Limited.......................................................................................................................................639 12. JSW Energy Limited...............................................................................................................................639 13. Mahindra Lifespace Developers Limited..............................................................................................641 14. PVR Limited ...........................................................................................................................................643 15. Sun Pharmaceutical Industries Limited...............................................................................................647 16. Suzlon Energy Limited ..........................................................................................................................648 17. Tata Motors Limited...............................................................................................................................649 18. Tata Power Limited ................................................................................................................................650 19. Vedanta Limited .....................................................................................................................................651 25 INDIAN ACCOUNTING STANDARD (IND AS) 104 — INSURANCE CONTRACTS......................................................................................... 653 1. Shoppers Stop ........................................................................................................................................653 2. Vedanta Limited .....................................................................................................................................653 26 INDIAN ACCOUNTING STANDARD (IND AS) 105 — NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS...................................................................................... 654 1. Asian Paints Limited..............................................................................................................................654 2. Bharti Airtel Limited .............................................................................................................................655 3. Havells India Limited ............................................................................................................................657 4. Hindustan Unilever Limited .................................................................................................................658 5. Raymond Limited...................................................................................................................................659 6. Tata Coffee Limited................................................................................................................................659 7. Tata Communications Limited..............................................................................................................660

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xvi| 27 INDIAN ACCOUNTING STANDARD (IND AS) 106 — EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES................. 667 1. Oil and Natural Gas Corporation Limited...........................................................................................667 2. Reliance Industries Limited ..................................................................................................................676 3. Vedanta Limited .....................................................................................................................................679 28 INDIAN ACCOUNTING STANDARD (IND AS) 108 — OPERATING SEGMENTS ........................................................................................... 683 1. Bharat Forge Limited .............................................................................................................................683 2. Dr. Reddy’s Laboratories Limited .........................................................................................................687 3. Grasim Industries Limited.....................................................................................................................690 4. Infosys Limited.......................................................................................................................................693 5. IRB Infrastructure Developers Limited.................................................................................................696 6. ITC Limited ............................................................................................................................................698 7. Larsen & Toubro Limited.......................................................................................................................701 8. Reliance Infrastructure Limited ............................................................................................................704 9. Sun Pharmaceutical Industries Limited...............................................................................................706 10. Tata Motors Limited...............................................................................................................................707 11. Tata Steel Limited..................................................................................................................................711 29 INDIAN ACCOUNTING STANDARD (IND AS) 110 — CONSOLIDATED FINANCIAL STATEMENTS.......................................................... 714 1. All Cargo Logistics Limited...................................................................................................................714 2. Atul Limited ...........................................................................................................................................715 3. Bharat Forge Limited .............................................................................................................................716 4. Bharat Petroleum Corporation Limited ................................................................................................718 5. Bharti Airtel Limited .............................................................................................................................719 6. Biocon Limited.......................................................................................................................................720 7. Dr. Reddy’s Laboratories Limited .........................................................................................................721 8. Grasim Industries Limited.....................................................................................................................722 9. Idea Cellular India Limited...................................................................................................................725 10. IL&FS Transportation Networks Limited (ITNL).................................................................................727 11. Infosys Limited.......................................................................................................................................728 12. Larsen & Toubro Limited.......................................................................................................................729 13. Reliance Infrastructure Limited ............................................................................................................729 14. Sun Pharmaceutical Industries Limited...............................................................................................731 15. Suzlon Energy Limited ..........................................................................................................................732 16. Tata Motors Limited...............................................................................................................................734 17. Tata Power Limited ................................................................................................................................735 30 INDIAN ACCOUNTING STANDARD (IND AS) 111 — JOINT ARRANGEMENTS........................................................................................... 738 1. Bharat Petroleum Corporation Limited ................................................................................................738 2. Grasim Industries Limited.....................................................................................................................739

|xvii| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 3. JSW Energy Limited...............................................................................................................................739 4. Larsen & Toubro Limited.......................................................................................................................740 5. Oberoi Realty Limited ...........................................................................................................................740 6. ONGC Limited........................................................................................................................................740 7. Reliance Infrastructure Limited ............................................................................................................742 8. Vedanta Limited .....................................................................................................................................742 31 INDIAN ACCOUNTING STANDARD (IND AS) 112 — DISCLOSURE OF INTERESTS IN OTHER ENTITIES ............................................ 743 1. Adani Enterprises Limited ....................................................................................................................743 2. Atul Limited ...........................................................................................................................................746 3. Biocon Limited.......................................................................................................................................749 4. EIH Limited (Oberoi Hotels).................................................................................................................751 5. Grasim Industries Limited.....................................................................................................................755 6. Hindustan Construction Company Limited.........................................................................................756 7. Power Grid Corporation of India Limited............................................................................................758 8. Raymonds Limited .................................................................................................................................759 9. Reliance Infrastructure Limited ............................................................................................................762 10. Sundaram Clayton Limited ..................................................................................................................764 11. Tata Global Beverages Limited..............................................................................................................765 32 INDIAN ACCOUNTING STANDARD (IND AS) 114 — REGULATORY DEFERRAL ACCOUNTS ........................................................................ 768 1. NTPC Limited.........................................................................................................................................768 2. Power Grid Corporation Of India Limited...........................................................................................769 3. Reliance Infrastructure Limited ............................................................................................................770 4. Tata Power Limited ................................................................................................................................772

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xviii| LIST OF COMPANIES Sr. No. Name of the Company Ind AS No. Page No. 1 Adani Enterprises Limited 112 743 2 Adani Port Limited 12, 21, 28, 103 42, 222, 298, 629 3 Adani Ports and Special Economic Zone Limited 10, 18 24, 140 4 Adani Power Limited 16, 18, 32, 36 74, 142, 314, 420 5 Aditya Birla Fashion and Retail Limited 24 252 6 Ajanta Pharma Limited 1, 7, 33 1, 22, 405 7 All Cargo Logistics Limited 18, 21, 28, 38, 40, 103, 110 145, 223, 299, 459, 491, 631, 714 8 Apollo Tyres Limited 2, 12, 20, 21, 28, 37 12, 46, 216, 224, 300, 432 9 Ashoka Buildcon Limited 11 26 10 Asian Paints Limited 2, 16, 17, 19, 20, 21, 23, 24, 28, 32, 36, 37, 38, 105 12, 75, 109, 186, 217, 225, 248, 254, 301, 314, 420, 433, 460, 654 11 Atul Limited 2, 16, 17, 18, 20, 32, 38, 40, 103, 110, 112, 101 13, 77, 111, 146, 218, 316, 463, 492, 631, 715, 746, 500 12 Bajaj Auto Limited 2, 16, 19, 20, 38, 40 13, 78, 192, 219, 463, 493 13 Bata India Limited 1, 17, 18, 24, 33 3, 112, 147, 262, 405 14 Bharat Forge Limited 18, 19, 21, 33, 103, 108, 110 148, 198, 225, 406, 632, 683, 716 15 Bharat Petroleum Corporation Limited 1, 12, 33, 101, 110, 111 10, 48, 406, 506, 718, 738 16 Bharti Airtel Limited 16, 17, 18, 23, 36, 37, 38, 101, 102, 103, 105, 110 80, 113, 149, 248, 421, 434, 465, 515, 597, 634, 655, 719 17 Biocon Limited 2, 10, 18, 33, 37, 38, 40, 102, 110, 112 14, 24, 150, 407, 438, 467, 494, 600, 720, 749 18 Blue Dart Express Limited 17 116 19 Blue Star Limited 28 302 20 Chambal Fertilisers 18 151 21 Cipla Limited 12, 17, 18, 21, 33, 38, 40, 103 53, 116, 152, 227, 408, 467, 495, 635 22 Colgate Palmolive (India) Limited 17, 33 118, 408 23 Dabur India Limited 23, 40 248, 495 24 Dr. Reddy’s Laboratories Limited 2, 16, 17, 18, 23, 32, 33, 36, 38, 101, 102, 103, 108, 110 14, 82, 119, 153, 248, 321, 409, 423, 470, 523, 605, 636, 687, 721 25 EIH Limited (Oberoi Hotels) 21, 28, 112 228, 303, 751 26 Gillette India Limited 102 610

|xix| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Sr. No. Name of the Company Ind AS No. Page No. 27 GMR Infrastructure Limited 11 28 28 Grasim Industries Limited 32, 108, 110, 111, 112 328, 690, 722, 739, 755 29 GVK Power and Infrastructure Limited 11, 18, 101 30, 154, 526 30 Havells India Limited 1, 2, 17, 18, 28, 33, 37, 40, 101, 105 5, 15, 120, 156, 303, 409, 439, 496, 529, 657 31 Hindalco Industries Limited 32 333 32 Hindustan Construction Company Limited 2, 11, 21, 33, 112 15, 32, 229, 410, 756 33 Hindustan Unilever Limited 16, 18, 24, 28, 32, 33, 37, 38, 102, 103, 105 84, 156, 265, 303, 362, 411, 443, 475, 613, 637, 658 34 Idea Cellular India Limited 17, 18, 21, 28, 37, 101, 103, 110 122, 157, 230, 304, 444, 537, 637, 725 35 IL&FS Transportation Networks Limited (ITNL) 10, 11, 18, 28, 103, 110 24, 34, 158, 304, 638, 727 36 Indian Oil Corporation Limited 2, 16, 32 16, 86, 369 37 Infosys Limited 7, 16, 17, 18, 21, 32, 33, 37, 38, 102, 103, 108, 110 22, 87, 124, 159, 230, 371, 411, 446, 477, 615, 639, 693, 728 38 Interglobe Aviation Limited 18 160 39 IRB Infrastructure Developers Limited 10, 18, 108 24, 161, 696 40 ITC Limited 2, 16, 20, 24, 32, 102, 108 17, 89, 219, 268, 377, 619, 698 41 ITNL International Pte. Limited 21 231 42 JSW Energy Limited 17, 18, 23, 28, 38, 101, 103, 111 124, 162, 249, 305, 480, 541, 639, 739 43 Lakshmi Machine Works Pvt. Limited 21 233 44 Larsen & Toubro Limited 2, 12, 16, 17, 18, 21, 23, 24, 28, 32, 33, 37, 38, 40, 101, 102, 108, 110, 111 17, 56, 90, 128, 164, 234, 249, 277, 306, 381, 412, 447, 481, 497, 548, 625, 701, 729, 740 45 Lupin Limited 12 65 46 Mahindra Lifespace Developers Limited 2, 18, 21, 23, 33, 36, 38, 40, 103 18, 168, 234, 249, 412, 424, 482, 497, 641 47 NTCP Limited 18, 21, 32, 33, 37, 114 169, 235, 386, 414, 449, 768 48 Oberoi Hotels and Resorts Limited 101 556 49 Oberoi Reality Limited 18, 21, 111 170, 236, 740 50 Oil and Natural Gas Corporation Limited 106 667 51 ONGC Limited 28, 36, 111 306, 425, 740 52 PC Jeweller Limited 10, 18, 21 25, 171, 236 53 PNC Infratech Limited 11 40 54 Power Grid Corporation of India Limited 18, 21, 24, 112, 114 171, 237, 291, 758, 769 55 PVR Limited 16, 17, 18, 33, 36, 38, 103 91, 129, 172, 414, 426, 483, 643 56 Raymond Limited 18, 20, 37, 105, 112 174, 220, 451, 659, 759

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |xx| Sr. No. Name of the Company Ind AS No. Page No. 57 Reliance Industries Limited (RIL) 10, 16, 21, 32, 38, 101, 102, 106 25, 92, 239, 389, 487, 561, 627, 676 58 Reliance Infrastructure Limited 18, 21, 101, 108, 110, 111, 112, 114 174, 240, 562, 704, 729, 742, 762, 770 59 Sadbhav Infra 18 176 60 Shoppers Stop Limited 18, 28, 104 178, 308, 653 61 Spice Jet Limited 33 415 62 Sterlite Technologies Limited 28, 37 310, 452 63 Sun Pharmaceutical Industries Limited 18, 37, 103, 108, 110 178, 454, 647, 706, 731 64 Sundaram-Clayton Limited 23, 112 250, 764 65 Suzlon Energy Limited 18, 21, 28, 33, 101, 103, 110 178, 241, 311, 416, 571, 648, 732 66 Tata Coffee Limited 2, 16, 105 19, 93, 659 67 Tata Communications Limited 16, 17, 18, 19, 36, 37, 38, 40, 105 95, 131, 179, 209, 427, 456, 488, 498, 660 68 Tata Global Beverages Limited 21, 32, 101, 112 243, 393, 576, 765 69 Tata Motors Limited 2, 7, 16, 18, 32, 33, 103, 108, 110 19, 23, 98, 180, 394, 417, 649, 707, 734 70 Tata Power Limited 18, 103, 110, 114 181, 650, 735, 772 71 Tata Steel Limited 16, 21, 23, 101, 108 99, 244, 250, 580, 711 72 The Great Eastern Shipping Company Limited 16, 18, 20, 23, 33 101, 182, 220, 250, 418 73 The Indian Hotels Company Limited 1, 12, 17, 18, 21, 23, 36 8, 61, 135, 182, 245, 250, 427 74 UltraTech 21 245 75 United Phosphorus Limited 101 583 76 Vedanta Limited 2, 10, 12, 16, 17, 18, 20, 23, 28, 32, 33, 36, 38, 101, 103, 104, 106, 111 20, 25, 69, 103, 136, 182, 221, 251, 312, 396, 418, 428, 489, 588, 651, 653, 679, 742 77 Voltas Limited 10 25 78 Wipro Limited 7, 16, 17, 18, 21 23, 107, 137, 183, 246 79 Zee Entertainment Enterprises Limited 2, 18, 23 20, 185, 251

|1| Chap. 1 – Ind AS 1 — Presentation of Financial Statements Chapter 1 Ind AS 1 — “Presentation of Financial Statements” and Ind AS “Accounting Policies, Changes in Accounting Estimates and Errors” 1. AJANTA PHARMA LIMITED Basis of preparation The financial statements of Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. These Financial Statements are Company’s first Ind AS Financial Statements and are covered by Ind AS 101, “First-time adoption of Indian Accounting Standards”. For all periods up to and including the year ended 31st March, 2016, Company prepared its financial statements in accordance with the Accounting Standards notified under the Section 133 of the Companies Act, 2013, read together with Companies (Accounts) Rules, 2014 (Previous GAAP). An explanation of how the transition to Ind AS has affected Company’s equity and its net profit is provided in Note No. 61. The financial statements have been prepared on an accrual basis and under the historical cost basis, except for the following assets and liabilities which have been measured at fair value or revalued amount wherever applicable: • Derivative financial instruments • Certain financial assets measured at fair value Functional and Presentation Currency The financial statements are presented in Indian Rupees (‘INR’ or ‘Rupees’ or ‘Rs.’ or ‘`’) which is the functional currency for Company. Rounding of Amounts All amounts disclosed in the financial statements and notes have been rounded off to the nearest cr. Amount less than ` 50,000/- are shown as actual. Current versus non-current classification The assets and liabilities in the balance sheet are presented based on current/non-current classification. An asset is current when it is: • Expected to be realised or intended to be sold or consumed in normal operating cycle, or • Held primarily for the purpose of trading, or • Expected to be realised within twelve months after the reporting period, or • Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |2| All other assets are classified as non-current. A liability is current when it is: • Expected to be settled in normal operating cycle, or • Held primarily for the purpose of trading, or • Due to be settled within twelve months after the reporting period, or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities are treated as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively. Critical accounting judgments, estimates and assumptions The preparation of Company’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities in future periods. (a) Arrangement containing lease At the inception of an arrangement, Company determines whether the arrangement is or contains a lease. At the inception or on reassessment of an arrangement that contains a lease, Company separates payments and other consideration required by the arrangement into those for the lease and those for the other elements on the basis of their relative fair values. Company has determined, based on an evaluation of the terms and conditions of the arrangements that such contracts are in the nature of operating leases. (b) Multiple element contracts with vendors Company has entered into multiple element contracts with vendors for supply of goods and rendering of services. The consideration paid is/may be determined independent of the value of supplies received and services availed. Accordingly, the supplies and services are accounted for based on their relative fair values to the overall consideration. The supplies with finite life under the contracts (as defined in the significant accounting policies) have been accounted under Property, Plant and Equipment and/or as Intangible assets, since Company has economic ownership in these assets. Company believes that the current treatment represents the substance of the arrangement. (c) Property, Plant and Equipment Determination of the estimated useful life of tangible assets and the assessment as to which components of the cost may be capitalized. Useful life of tangible assets is based on the life prescribed in Schedule II of the Companies Act, 2013. Assumptions also need to be made, when Company assesses, whether an asset may be capitalised and which components of the cost of the asset may be capitalised. (d) Intangible Assets Internal technical or user team assess the remaining useful lives of Intangible assets. Management believes that assigned useful lives are reasonable. (e) Recognition and measurement of defined benefit obligations The obligation arising from the defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions include discount rate, trends in salary escalation and vested future benefits and life expectancy. The discount rate is determined with reference to market yields at the end of the reporting

|3| Chap. 1 – Ind AS 1 — Presentation of Financial Statements period on the Government bonds. The period to maturity of the underlying bonds correspond to the probable maturity of the post-employment benefit obligations. (f) Recognition of deferred tax assets and income tax Deferred tax asset is recognised for all the deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised. The management assumes that taxable profits will be available while recognising deferred tax assets. Management judgment is required for the calculation of provision for income taxes and deferred tax assets and liabilities. Company reviews at each balance sheet date the carrying amount of deferred tax assets. The factors used in estimates may differ from actual outcome which could lead to significant adjustment to the amounts reported in the standalone financial statements. (g) Recognition and measurement of other provisions The recognition and measurement of other provisions are based on the assessment of the probability of an outflow of resources, and on past experience and circumstances known at the balance sheet date. The actual outflow of resources at a future date may, therefore, vary from the figure included in other provisions. (h) Contingencies Management judgment is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/litigations against Company as it is not possible to predict the outcome of pending matters with accuracy. (i) Allowance for uncollected accounts receivable and advances Trade receivables do not carry any interest and are stated at their normal value as reduced by appropriate allowances for estimated irrecoverable amounts. Individual trade receivables are written off when management deems them not collectible. Impairment is made on the expected credit losses, which are the present value of the cash shortfall over the expected life of the financial assets. The impairment provisions for financial assets are based on assumption about risk of default and expected loss rates. Judgment in making these assumption and selecting the inputs to the impairment calculation are based on past history, existing market condition as well as forward looking estimates at the end of each reporting period. (j) Insurance claims Insurance claims are recognised when Company have reasonable certainty of recovery. (k) Impairment reviews An impairment exists when the carrying value of an asset or cash generating unit (‘CGU’) exceeds its recoverable amount. Recoverable amount is the higher of its fair value less costs to sell and its value in use. The value in use calculation is based on a discounted cash flow model. In calculating the value in use, certain assumptions are required to be made in respect of highly uncertain matters, including management’s expectations of growth in EBITDA, long-term growth rates; and the selection of discount rates to reflect the risks involved. 2. BATA INDIA LIMITED Basis of preparation The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015. For all periods up to and including the year ended March 31, 2016, the Company has prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014. These financial statements for the year ended March 31, 2017 are the first the Company has prepared in accordance with Ind AS. Refer to note 44 for information on how the Company adopted Ind AS.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |4| The financial statements have been prepared on a historical cost or at amortised cost except for the following assets and liabilities: Items Measurement Basis Net defined benefit (asset)/liability Fair Value of plan assets less present value of defined benefit obligations Derivatives Fair Value The financial statements are presented in INR and all values are rounded to the nearest million (INR 000,000), except when otherwise stated. Current vs Non-Current Classification The Company presents assets and liabilities in the balance sheet based on current/non-current classification. An asset is treated as current when it is: • Expected to be realised or intended to be sold or consumed in normal operating cycle • Held primarily for the purpose of trading • Expected to be realised within twelve months after the reporting period, or • Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when: • Expected to be settled in normal operating cycle • Held primarily for the purpose of trading • Due to be settled within twelve months after the reporting period, or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The Company classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalent. The Company has identified twelve months as its operating cycle. Significant accounting judgments, estimates and assumptions The preparation of the financial statements requires management to make judgments, 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. a. Judgments In the process of applying the Company’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognised in the financial statements: (i) Contingent liabilities Contingent liabilities may arise from the ordinary course of business in relation to claims against the Company, including legal and other claims. By their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence, and potential quantum,

|5| Chap. 1 – Ind AS 1 — Presentation of Financial Statements of contingencies inherently involves the exercise of significant judgment and the use of estimates regarding the outcome of future events. (ii) Operating lease commitments - Company as lessee The Company has taken shop premises under operating lease agreements. The lease agreements generally have an escalation clause and there are no sub-leases. These lease are generally not non-cancellable and are renewable by mutual consent on mutually agreed terms. The Company based on a evaluation of the terms and conditions of the agreements assessed that the escalation are as per the mutually agreed terms and are not structured to increase necessarily in line with expected general inflation and hence operating lease payments are continued to be recognised as an expense in the Statement of profit and loss on straight line basis over the lease term. b. Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market change or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur. b.1 Defined benefit plans The cost of the defined benefit gratuity plan and other post-employment defined benefits are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the management considers the interest rates of Government bonds in currencies consistent with the currencies of the post-employment benefit obligation. The underlying bonds are further reviewed for quality. The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rates. Further details about gratuity obligations are given in Note 32. b.2 Revenue recognition – Loyalty programme The Company estimates the fair value of points awarded under the Loyalty programme “The Bata Club”, by applying statistical techniques. Inputs to the model include making assumptions about expected redemption rates, the mix of products that will be available for redemption in the future and customer preferences. As points issued under the programme expire on expiry of specified period in accordance with the programme, such estimates are subject to significant uncertainty. As at 31st March, 2017, the estimated liability towards unredeemed points amounted to approximately INR 9.02 million (31st March, 2016: INR 7.01 million, 1st April, 2015: INR 1.21 million). 3. HAVELLS INDIA LIMITED Basis of preparation The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Companies (Indian Accounting Standards) Rules, 2015. For all periods up to and including the year ended 31st March, 2016, the Company prepared its financial statements

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |6| in accordance with Accounting Standards notified under the section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP). These financial statements for the year ended 31st March, 2017 are the first financial statements, which have been prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standard) Rules, 2015. Refer Note No 32(17) for information on how the Company adopted Ind AS. The financial statements have been prepared on a historical cost basis, except for the following assets and liabilities: i) Certain financial assets and liabilities that are measured at fair value ii) Assets held for sale-measured at fair value less cost to sell iii) Defined benefit plans-plan assets measured at fair value The financial statements are presented in Indian Rupees (‘INR’) and all values are rounded to nearest crore (INR 0,000,000), except when otherwise indicated. Current versus non-current classification The Company presents assets and liabilities in the balance sheet based on current/non-current classification. An asset is treated as current when it is: - Expected to be realized or intended to be sold or consumed in normal operating cycle - Held primarily for purpose of trading - Expected to be realized within twelve months after the reporting period, or - Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: - It is expected to be settled in normal operating cycle - It is held primarily for purpose of trading - It is due to be settled within twelve months after the reporting period, or - There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and deferred tax liabilities are classified as non- current assets and liabilities. The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company has identified twelve months as its operating cycle. Significant accounting judgments, estimates and assumptions The preparation of the Company’s financial statements requires management to make judgments, 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 the asset or liability affected in future periods. Judgments In the process of applying the Company’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognised in the financial statements.

|7| Chap. 1 – Ind AS 1 — Presentation of Financial Statements (a) Operating lease commitments — Company as lessor The Company has entered into commercial property leases on its investment property portfolio. The Company has determined, based on an evaluation of the terms and conditions of the arrangements, such as the lease term not constituting a substantial portion of the economic life of the commercial property, and that it retains all the significant risks and rewards of ownership of these properties and accounts for the contracts as operating leases. (b) Operating lease commitments — Company as lessee The Company has taken various commercial properties on leases. The Company has determined, based on an evaluation of the terms and conditions of the arrangements, such as the lease term not constituting a substantial portion of the economic life of the commercial property, and that it does not retain all the significant risks and rewards of ownership of these properties and accounts for the contracts as operating leases. (c) Assessment of lease contracts Significant judgment is required to apply lease accounting rules under Appendix C to IND AS 17: Determining whether an Arrangement contains a Lease. In assessing the applicability to arrangements entered into by the Company, management has exercised judgment to evaluate the right to use the underlying assets, substance of the transaction including legally enforced arrangements and other significant terms and conditions of the arrangement to conclude whether the arrangements meet the criteria under Appendix C to Ind AS 17. (d) Bonds held till maturity The Company has determined classification of quoted bonds invested with National Highway Authority of India as subsequently measured at amortised cost since the Company expects to hold the investment up to maturity and receive the principal and interest amount as defined under the term of investment. The fair values of the quoted bonds are based on price quotations near to the reporting date. Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur. (a) Taxes Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Company establishes provisions, based on reasonable estimates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective domicile of the companies. (b) Gratuity benefit The cost of defined benefit plans (i.e. Gratuity benefit) is determined using actuarial valuations. An actuarial valuation involves making various assumptions which may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |8| are reviewed at each reporting date. In determining the appropriate discount rate, management considers the interest rates of long term Government bonds with extrapolated maturity corresponding to the expected duration of the defined benefit obligation. The mortality rate is based on publicly available mortality tables for the specific countries. Future salary increases and pension increases are based on expected future inflation rates for the respective countries. Further details about the assumptions used, including a sensitivity analysis, are given in Note 32(5). (c) Fair value measurement of financial instrument When the fair value of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. (d) Impairment of Financial assets The impairment provisions of financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on Company’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period. (e) Impairment of non-Financial assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An assets recoverable amount is the higher of an assets’s CGU’S fair value less cost of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Company’s of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, or other fair value indicators. (f) Warranty provision Warranty Provisions are measured at discounted present value using pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the liability. Warranty provisions is determined based on the historical percentage of warranty expense to sales for the same types of goods for which the warranty is currently being determined. The same percentage to the sales is applied for the current accounting period to derive the warranty expense to be accrued. It is adjusted to account for unusual factors related to the goods that were sold, such as defective inventory lying at the depots. It is very unlikely that actual warranty claims will exactly match the historical warranty percentage, so such estimates are reviewed annually for any material changes in assumptions and likelihood of occurrence. 4. THE INDIAN HOTELS COMPANY LIMITED Statement of compliance In accordance with the notification issued by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (referred to as “Ind AS”) notified under the Companies (Indian Accounting Standards) Rules, 2015 with effect from April 1, 2016. Previous periods have been restated to Ind AS. In accordance with Ind AS 101 First time Adoption of Indian Accounting Standards, the Company has

|9| Chap. 1 – Ind AS 1 — Presentation of Financial Statements presented a reconciliation from the presentation of financial statements under Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (“Previous GAAP”) to Ind AS of Shareholders’ equity as at March 31, 2016 and April 1, 2015 and of the comprehensive net income for the year ended March 31, 2016. These financial statements have been prepared in accordance with Ind AS as notified under the Companies (Indian Accounting Standards) Rules, 2015 read with Section 133 of the Companies Act, 2013. Basis of preparation These financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value at the end of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Current Assets do not include elements which are not expected to be realised within 1 year and Current Liabilities do not include items which are due after 1 year, the period of 1 year being reckoned from the reporting date. Critical accounting estimates and judgments The preparation of these financial statements in conformity with the recognition and measurement principles of Ind AS requires management to make judgments, estimates and assumptions, that affect the reported balances of assets and liabilities, disclosures relating to contingent liabilities as at the date of the financial statements and the reported amounts of income and expenses for the years presented. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements pertain to: • Useful lives of property, plant and equipment and intangible assets: The Company has estimated useful life of each class of assets based on the nature of assets, the estimated usage of the asset, the operating condition of the asset, past history of replacement, anticipated technological changes, etc. The Company reviews the useful life of property, plant and equipment and Intangible assets as at the end of each reporting period. This reassessment may result in change in depreciation expense in future periods. • Impairment testing: Property, plant and equipment and Intangible assets that are subject to amortisation/ depreciation are tested for impairment when events occur or changes in circumstances indicate that the recoverable amount of the cash generating unit is less than its carrying value. The recoverable amount of cash generating units is higher of value-in-use and fair value less cost to sell. The calculation involves use of significant estimates and assumptions which includes turnover and earnings multiples, growth rates and net margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions. • Impairment of investments: The Company reviews its carrying value of investments carried at cost or amortised cost annually, or more frequently when there is indication for impairment. If the recoverable amount is less than its carrying amount, the impairment loss is accounted for. • Income Taxes: Deferred tax assets are recognized to the extent that it is regarded as probable that deductible temporary differences can be realized. The Company estimates deferred tax assets and liabilities based on current tax laws and rates and in certain cases, business plans, including management’s expectations regarding the manner and timing of recovery of the related assets. Changes in these estimates may affect the amount of deferred tax liabilities or the valuation of deferred tax assets and thereby the tax charge in the Statement of Profit or Loss. Provision for tax liabilities require judgments on the interpretation of tax legislation, developments in case law and the potential outcomes of tax audits and appeals which may be subject to significant uncertainty. Therefore the

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |10| actual results may vary from expectations resulting in adjustments to provisions, the valuation of deferred tax assets, cash tax settlements and therefore the tax charge in the Statement of Profit or Loss. • Loyalty programme: The Company estimates the fair value of points awarded under the Loyalty Programme by applying statistical techniques. Inputs include making assumptions about expected breakages, the mix of products that will be available for redemption in the future and customer preferences, redemption at own hotels and other participating hotels. • Fair value measurement of derivative and other financial instruments: The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. This involves significant judgments in selection of a method in making assumptions that are mainly based on market conditions existing at the Balance Sheet date and in identifying the most appropriate estimate of fair value when a wide range of fair value measurements are possible. • Litigation: From time-to-time, the Company is subject to legal proceedings the ultimate outcome of each being always subject to many uncertainties inherent in litigation. A provision for litigation is made when it is considered probable that a payment will be made and the amount of the loss can be reasonably estimated. Significant judgment is made when evaluating, among other factors, the probability of unfavourable outcome and the ability to make a reasonable estimate of the amount of potential loss. Litigation provisions are reviewed at each accounting period and revisions made for the changes in facts and circumstances. • Defined benefit plans: The cost of the defined benefit plans and the present value of the defined benefit obligation are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each Balance Sheet date. 5. BHARAT PETROLEUM CORPORATION LIMITED Basis for preparation The Financial Statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (“Act”) read with Companies (Indian Accounting Standards) Rules, 2015 and the other relevant provisions of the Act and Rules thereunder. The Financial Statements have been prepared under historical cost convention basis, except for certain assets and liabilities measured at fair value. The Corporation has adopted all the Ind AS and the adoption was carried out in accordance with Ind AS 101 First time adoption of Indian Accounting Standards. The transition was carried out from Generally Accepted Accounting Principles in India (Indian GAAP) as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, which was the “Previous GAAP”. The Corporation’s presentation and functional currency is Indian Rupees (`). All figures appearing in the financial statements are rounded to the nearest crores (` crores), except where otherwise indicated. Authorisation of Financial Statements The Financial Statements were authorized for issue in accordance with a resolution of the Board of Directors at its meeting held on 29th May, 2017. Use of Judgment and Estimates The preparation of the Corporation’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets, liabilities and the accompanying disclosures along with contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require material adjustments to the carrying amount of assets or liabilities affected in future periods. The Corporation continually evaluates these estimates and assumptions

|11| Chap. 1 – Ind AS 1 — Presentation of Financial Statements based on the most recently available information. In particular, information about significant areas of estimates and judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are as below: • Assessment of functional currency • Financial instruments • Estimates of useful lives and residual value of Property, plant and Equipments and Intangible Assests Valuation of inventories • Measurement of recoverable amounts of cash generating unit • Measurement of Defined Benefit Obligations and actuarial assumptions • Provisions • Evaluation of recoverability of deferred tax assets and • Contingencies Revisions to accounting estimates are recognized prospectively in the Statement of Profit and Loss in the period in which the estimates are revised and in any future periods affected. ll

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |12| Chapter 2 Ind AS 2 — Inventories 1. APOLLO TYRES LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Inventories are valued at the lower of cost and estimated net realisable value (net of allowances) after providing for obsolescence and other losses, where considered necessary. The cost comprises cost of purchase, cost of conversion and other costs including appropriate production overheads in the case of finished goods and work-in-progress, incurred in bringing such inventories to their present location and condition. Trade discounts or rebates are deducted in determining the costs of purchase. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. In case of raw materials, stores & spares and traded goods, cost (net of CENVAT/ VAT credits wherever applicable) is determined on a moving weighted average basis, and, in case of workin-progress and finished goods, cost is determined on a First In First Out basis. Disclosures a) Out of the total inventories ` 17,293.98 million (` 10,197.49 million), the carrying amount of inventories carried at fair value less costs to sell ` 902.85 million (` 121.21 million). b) The amount of write-down of inventories to net realisable value recognised as an expense was ` 95.65 million (` 47.70 million). c) The cost of inventories recognized as an expense during the year in respect of continuing operations was ` 52,924.14 million (` 50,568.33 million). 2. ASIAN PAINTS LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Raw materials, work-in-progress, finished goods, packing materials, stores, spares, components, consumables and stock-in-trade are carried at the lower of cost and net realizable value. However, materials and other items held for use in production of inventories are not written down below cost if the finished goods in which they will be incorporated are expected to be sold at or above cost. The comparison of cost and net realizable value is made on an item-by-item basis. In determining the cost of raw materials, packing materials, stock-in-trade, stores, spares, components and consumables, weighted average cost method is used. Cost of inventory comprises all costs of purchase, duties, taxes (other than those subsequently recoverable from tax authorities) and all other costs incurred in bringing the inventory to their present location and condition. Cost of finished goods and work-in-progress includes the cost of raw materials, packing materials, an appropriate share of fixed and variable production overheads, excise duty as applicable and other costs incurred in bringing the inventories to their present location and condition. Fixed production overheads are allocated on the basis of normal capacity of production facilities.

|13| Chap. 2 – Ind AS 2 — Inventories Notes to Accounts – Notes below notes to accounts The cost of inventories recognised as an expense includes ` 26.90 crore (Previous year – ` 4.28 crore) in respect of write down of inventory to net realisable value. There has been no reversal of such write down in current and previous years. 3. ATUL LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Raw materials, packing materials, purchased finished goods, work-in-progress, manufactured finished goods manufactured, fuel, stores and spares other than specific spares for machinery are valued at cost or net realisable value whichever is lower. Cost is arrived at on moving weighted average basis. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventory to the present location and condition. Cost includes the reclassification from equity of any gains or losses on qualifying cash flow hedges relating to purchases of raw material but excludes borrowing costs. Due allowances are made for slow moving and obsolete inventories based on estimates made by the Company. Items such as spare parts, stand-by equipment and servicing equipment which is not plant and machinery gets classified as inventory. The harvested product of biological assets of the entity that is oil palm Fresh Fruit Bunch (FFB) are initially measured at fair value less costs to sell at the point of harvest and subsequently measured at the lower of such value or net realisable value. Notes to Accounts — Notes Below notes to accounts Write-downs of inventories to net realisable value amounted to ` 6.21 crore (March 31, 2016: ` 10.09 crore). These were recognised as an expense during the year and included in cost of materials consumed, and changes in value of inventories of work-in-progress, stock-in-trade and finished goods in the Statement of Profit and Loss. 4. BAJAJ AUTO LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Cost of inventories have been computed to include all costs of purchases (including materials), cost of conversion and other costs incurred, as the case may be, in bringing the inventories to their present location and condition. i. Finished stocks of vehicles and auto spare parts and stocks of work-in-progress are valued at cost of manufacturing or net realisable value whichever is lower. Cost is calculated on a weighted average basis. Cost of finished stocks of vehicles lying in the factory premises, branches, depots are valued inclusive of excise duty. ii. Stores, packing material and tools are valued at cost arrived at on weighted average basis or net realisable value, whichever is lower. iii. Raw materials and components are valued at cost arrived at on weighted average basis or net realisable value, whichever is lower, as circumstances demand. However, obsolete and slow moving items are valued at cost or estimated realisable value whichever is lower.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |14| iv. Inventory of machinery spares and maintenance materials not being material are expensed in the year of purchase. However, machinery spares forming key components specific to a machinery and held as insurance spares are capitalized along with the cost of the asset. v. Goods in transit are stated at actual cost incurred up to the date of Balance Sheet. 5. BIOCON LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out formula, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their present location and condition. In the case of manufactured inventories and work-in-progress, cost includes an appropriate share of fixed production overheads based on normal operating capacity. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The net realisable value of work-in-progress is determined with reference to the selling prices of related finished products. Raw materials, components and other supplies held for use in the production of finished products are not written down below cost except in cases where material prices have declined and it is estimated that the cost of the finished products will exceed their net realisable value. The comparison of cost and net realisable value is made on an item-by-item basis. 6. DR. REDDY’S LABORATORIES LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Inventories consist of raw materials, stores and spares, work-in-progress and fi nished goods and are measured at the lower of cost and net realisable value. The cost of all categories of inventories is based on the weighted average method. Cost includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of fi nished goods and work-in-progress, cost includes an appropriate share of overheads based on normal operating capacity. Stores and spares, that do not qualify to be recognised as property, plant and equipment, consists of packing materials, engineering spares (such as machinery spare parts) and consumables (such as lubricants, cotton waste and oils), which are used in operating machines or consumed as indirect materials in the manufacturing process. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The factors that the Company considers in determining the allowance for slow moving, obsolete and other non-saleable inventory include estimated shelf life, planned product discontinuances, price changes, ageing of inventory and introduction of competitive new products, to the extent each of these factors impact the Company’s business and markets. The Company considers all these factors and adjusts the inventory provision to refl ect its actual experience on a periodic basis. Determination of fair values The fair value of inventories acquired in a business combination is determined based on its estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

|15| Chap. 2 – Ind AS 2 — Inventories 7. HAVELLS INDIA LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Basis of valuation a. Inventories other than scrap materials are valued at lower of cost and net realizable value after providing cost of obsolescence, if any. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. The comparison of cost and net realizable value is made on an item-by-item basis. b. Inventory of scrap materials have been valued at net realizable value. Method of Valuation a. Cost of raw materials has been determined by using moving weighted average cost method and comprises all costs of purchase, duties, taxes (other than those subsequently recoverable from tax authorities) and all other costs incurred in bringing the inventories to their present location and condition. b. Cost of finished goods and work-in-progress includes direct labour and an appropriate share of fixed and variable production overheads and excise duty as applicable. Fixed production overheads are allocated on the basis of normal capacity of production facilities. Cost is determined on moving weighted average basis. c. Cost of traded goods has been determined by using moving weighted average cost method and comprises all costs of purchase, duties, taxes (other than those subsequently recoverable from tax authorities) and all other costs incurred in bringing the inventories to their present location and condition. 8. HINDUSTAN CONSTRUCTION COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Inventories The stock of construction materials, stores, spares and embedded goods and fuel is valued at cost or net realisable value, whichever is lower. Cost is determined on weighted average basis and includes all applicable cost of bringing the goods to their present location and condition. Net realisable value is estimated selling price in ordinary course of business less the estimated cost necessary to make the sale. (a) Raw material, Stores, Spares, Fuel The stock of construction materials, stores, spares and embedded goods and fuel is valued at cost or net realizable value (‘NRV’), whichever is lower. Cost is determined on weighted average basis and includes all applicable cost of bringing the goods to their present location and condition. Net realizable value is estimated selling price in ordinary course of business less the estimated cost necessary to make the sale (b) Finished Goods (including Traded and Semi-finished goods) Finished Goods, traded goods and semi-finished goods are valued at the lower of the cost and NRV. Cost is determined on weighted average basis and include all applicable cost of bringing the goods in their present location and condition. NRV is the estimated selling price in ordinary course of business less the estimated cost necessary to make the sale.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |16| (c) Land and Floor Space Index (FSI) Development Right (i) Cost of Land and FSI are determined on a weighted average basis and include along with related purchase/acquisition price, all direct and indirect expenditure incurred in connection with the purchase of land. Borrowing costs and overhead expenditure on sectorial/nodal/city level infrastructure, in respect of FSI under development are treated as an element of cost in view of substantial period of time required for development. Land and FSI are valued at the lower of cost and NRV. Land or FSI utilized for own construction is transferred to Property, Plant and Equipment at carrying value. (ii) Inventory in Real Estate projects Real estate projects are valued based on the lower of the construction cost and the sale price until the project is handed over to the purchaser by means of the transfer of title or the transfer of material risks and rewards. Construction/development expenditure includes all direct and indirect expenditure incurred on development of land and/or construction at site, overheads relating to site management and administration, less incidental revenues arising from site operations. Indirect expenses are allocated to the respective items at the time of their completion or capitalization into Property, Plant and Equipment. Borrowing costs relating to qualifying real estate projects are capitalized over the entire duration of the project. Undeveloped land (including development costs) and finished units which are held for sale are valued at the lower of cost and NRV. (d) Project work-in-progress Project work-in-progress is valued at the contract rates and site mobilisation expenditure of incomplete contracts are stated at the lower of cost and net realisable value. to the respective items at the time of their completion or capitalization into Property, Plant and Equipment. Borrowing costs relating to qualifying real estate projects are capitalized over the entire duration of the project. Undeveloped land (including development costs) and finished units which are held for sale are valued at the lower of cost and NRV. (e) Project work-in-progress Project work-in-progress is valued at the contract rates and site mobilisation expenditure of incomplete contracts are stated at the lower of cost and net realisable value. 9. INDIAN OIL CORPORATION LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Raw Materials & Stock-in-Process Raw materials including crude oil are valued at cost determined on weighted average basis or net realizable value, whichever is lower. Stock-in-Process is valued at raw material cost plus conversion costs as applicable or net realizable value, whichever is lower. Crude oil in Transit is valued at cost or net realizable value, whichever is lower. Finished Products and Stock-in-Trade Finished products and stock-in-trade, other than lubricants, are valued at cost determined on ‘First-in-First Out’ basis or net realizable value, whichever is lower. Lubricants are valued at cost on weighted average basis or net realizable value, whichever is lower. Imported products in transit are valued at cost or net realisable value whichever is lower. Stores and Spares Stores and Spares (including Barrels & Tins) are valued at weighted average cost. Specific provision is made in respect of identified obsolete stores & spares and chemicals for likely diminution in value. Further, an ad hoc provision at 5% is also made on the balance stores and spares (excluding barrels, tins, stores in transit,

|17| Chap. 2 – Ind AS 2 — Inventories chemicals/catalysts, crude oil, CERs rights and own products) towards likely diminution in the value. Stores & Spares in transit are valued at cost. Certified Emission Reductions (CERs) rights are valued at cost or net realizable value, whichever is lower. 10. ITC LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Inventories are stated at lower of cost and net realisable value. The cost is calculated on weighted average method. Cost comprises expenditure incurred in the normal course of business in bringing such inventories to its present location and condition and includes, where applicable, appropriate overheads based on normal level of activity. Net realisable value is the estimated selling price less estimated costs for completion and sale. Obsolete, slow moving and defective inventories are identified from time to time and, where necessary; a provision is made for such inventories. Notes to Accounts – Notes below notes to accounts Additional notes The cost of inventories recognised as an expense includes ` 15.07 crore (2016 - ` 29.80 crore) in respect of write-downs of inventory to net realisable value, and the same has been reduced by ` 0.65 crore (2016 — ` 2.10 crore) in respect of the reversal of such write downs. Previous write-downs have been reversed as a result of increased sales prices in certain markets. Inventories of ` 640.28 crore (2016 - ` 714.51 crore; 2015 ` 592.64 crore) are expected to be recovered after more than twelve months. * Also Refer Note 20. Cost of inventory recognised as expense during the year amount to ` 34,655.68 crore (2016 — ` 31908.54 crore). 11. LARSEN & TOUBRO LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Inventories are valued after providing for obsolescence, as under: a) Raw materials, components, construction materials, stores, spares and loose tools at lower of weighted average cost or net realisable value. However, these items are considered to be realisable at cost if the finished products in which they will be used, are expected to be sold at or above cost. b) Manufacturing work-in-progress at lower of weighted average cost including related overheads or net realisable value. In some cases, manufacturing work-in-progress are valued at lower of specifically identifiable cost or net realisable value. In the case of qualifying assets, cost also includes applicable borrowing costs vide policy relating to borrowing costs. c) Finished goods and stock-in-trade (in respect of goods acquired for trading) at lower of weighted average cost or net realisable value. Cost includes related overheads and excise duty paid/payable on such goods. d) Completed property/work-in-progress (including land) in respect of property development activity at lower of specifically identifiable cost or net realisable value. Assessment of net realisable value is made in each subsequent period and when the circumstances that previously caused inventories to be written-down below cost no longer exist or when there is clear evidence of an increase in net realisable value because of changed economic circumstances, the write-down, if any, in

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |18| the past period is reversed to the extent of the original amount written-down so that the resultant carrying amount is the lower of the cost and the revised net realisable value. Inventories (at cost or net realisable value whichever is lower) Particulars As at 31-3-2017 ` crore As at 31-3-2016 ` crore As at 1-4-2015 ` crore Raw materials [includes goods-in-transit ` 1.86 crore (As at 31-3-2016: ` 7.10 crore, as at 1-4-2015: ` 19.96 crore)] 328.80 356.63 438.52 Components [includes goods-in-transit ` 16.30 crore (As at 31-3-2016: ` 7.98 crore, as at 1-4-2015: ` 17.73 crore)] 264.40 304.27 394.34 Construction materials [includes goods-in-transit ` 55.70 crore (As at 31-3-2016: ` 113.42 crore, as at 1-4-2015: ` 74.34 crore)] 61.59 117.85 76.27 Manufacturing work-in-progress 360.01 372.18 571.94 Finished goods 221.52 161.68 261.20 Stock-in-trade [includes goods-in-transit ` 18.77 crore (As at 31-3-2016: ` 34.80 crore, as at 1-4-2015: ` 35.95 crore)] 169.68 159.77 161.13 Stores and spares [includes goods-in-transit ` 3.59 crore (As at 31-3-2016: ` 2.69 crore, as at 1-4-2015: ` 6.34 crore)] 71.72 170.12 149.78 Loose tools 3.31 7.79 6.48 Property development related work-in-progress [Note 48(c)(iv)] 281.83 304.82 201.11 1762.86 1955.11 2260.77 Note: During the year ` 17.92 crore (previous year: ` 35.36 crore) was recognised as expense towards writedown of inventory. 12. MAHINDRA LIFESPACE DEVELOPERS LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Inventories are stated at lower of cost and net realisable value. The cost of construction material is determined on the basis of weighted average method. Construction Work-in-Progress includes cost of land, premium for development rights, construction costs and allocated interest & manpower costs and expenses incidental to the projects undertaken by the Company. Consolidated financial statements Notes to Accounts - Notes below notes to accounts Particulars As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015 (a) Raw materials 2,162.81 2,156.66 2,170.11 (b) Construction Work-in-progress*# 79,289.42 98,568.35 77,597.32 (c) Stock-in-Trade 6,473.04 8,880.50 297.03 Total Inventories (at lower of cost and net realisable value) 87,925.27 109,605.51 80,064.46 * Construction Work-in-Progress represents materials at site and unbilled costs on the projects. Based on projections and estimates by the Company of the expected revenues and costs to completion, provision for losses to completion and/ or write off of costs carried to inventory are made on projects where the expected revenues are lower than the estimated costs to completion. In the opinion of the management, the net realisable value of the construction work-in-progress will not be lower than the costs so included therein. # The Company had during the year ending 31st March, 2015 entered into mutually agreed consent terms with a land-owner in respect of the project, commencement of which had been delayed and in accordance with the consent terms, the Company during the year ending 31st March, 2015 completed the sale of land in relation thereto. Accordingly, the provision for losses to project completion for ` 1,023.00 lakh in respect was no longer required and reversed during the year ending 31st March 2015. Further, revenue from operations for the year ended 31st March 2015 includes ` 25,263 lakh on sale thereof, net of the advances given and interest thereon. Operating expenses included in the year ended 31st March, 2015 ` 2,263 lakh of costs incurred in relation thereto. Other income included in the year ending 31st March 2015 was ` 1,550 lakh pertaining to write back of the provision for the interest on the aforesaid advance no longer required.

|19| Chap. 2 – Ind AS 2 — Inventories Consequent to the above, construction work-in-progress of ` 765.87 lakh and short-term loans and advances and interest accrued on project advances included in other current assets of ` 4,205.26 lakh and ` 2,174.98 lakh, respectively, at 31st March 2014 have been realized during the year ending 31st March 2015. The cost of inventories recognised as an expense during the year in respect of continuing operations was ` 52,343.58 lakh (Previous year ending 31st March, 2016: ` 32,754.97 lakh) Details of Work-in-progress and inventories pledged or mortgaged as security is as below: Particulars Carrying Value Security pledged/Mortgaged against 31st March, 2017 Work in progress & Inventories 19,981.00 Non-Current Secured Debentures Work in progress & Inventories 16,396.19 Current Secured Borrowings 31st March, 2016 Work in progress & Inventories 37,441.74 Non-Current Secured Debentures Work in progress & Inventories 12,147.12 Current Secured Borrowings 1st April, 2015 Work in progress & Inventories 49,883.19 Non-Current Secured Debentures Work in progress & Inventories - Current Secured Borrowings 13. TATA COFFEE LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Produce growing on Bearer plant is Biological asset and are fair valued based on the biological transformation, except where on initial recognition quoted market prices are not available and alternate fair value measures are clearly unreliable in which case biological asset is measured at cost less any accumulated depreciation and impairment loss. Tea, Coffee, Pepper and minor crops are designated as agricultural produce as per Ind AS 41 and are measured at their fair value less cost to sell as at each reporting date. Any changes in fair value are recognised in the Statement of Profit and Loss in the year in which they arise. The fair valuation so arrived at becomes the cost of Inventory under Ind AS-2. Inventories are valued at cost or net realizable value whichever is lower, cost being determined on weighted average method. Raw Materials and Stores are valued at weighted average cost. 14. TATA MOTORS LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Inventories (other than those recognized consequent to the sale of vehicles subject to repurchase arrangements) are valued at the lower of cost and net realizable value. Cost of raw materials, components and consumables are ascertained on a first-in-first out basis. Cost, including fixed and variable production overheads, are allocated to work-in-progress and finished goods determined on a full absorption cost basis. Net realizable value is the estimated selling price in the ordinary course of business less estimated cost of completion and selling expenses. Inventories include vehicles sold subject to repurchase arrangements. These vehicles are carried at cost to the Company and are amortized in changes in inventories of finished goods to their residual values (i.e., estimated second hand sale value) over the term of the arrangement.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |20| 15. VEDANTA LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Inventories including work-in-progress are stated at the lower of cost and net realisable value, less any provision for obsolescence. Cost is determined on the following basis: i. Purchased copper concentrate and stores and spares relating to oil and gas business are recorded at cost on a first-in, first-out (“FIFO”) basis; all other materials including stores and spares are valued on a weighted average basis; ii. Finished products are valued at raw material cost plus costs of conversion, comprising labour costs and an attributable proportion of manufacturing overheads based on normal levels of activity and are moved out of inventory on a FIFO basis. However finished goods of oil and condensate is determined on a quarterly weighted average basis; and iii. By-products and scrap are valued at net realizable value. Net realisable value is determined based on estimated selling price, less further costs expected to be incurred to completion and disposal. 16. ZEE ENTERTAINMENT ENTERPRISES LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies i. Media Content Media content i.e. Programmes, Film rights, Music rights ((completed (commissioned/acquired) and under production)) are stated at lower of cost/unamortised cost or realisable value. Cost comprises acquisition/direct production cost. Where the realisable value on the basis of its estimated useful economic life is less than its carrying amount, the difference is expensed as impairment. Programs, film rights, music rights are expensed/amortised as under: a) Programmes - reality shows, chat shows, events, current affairs, game shows and sports rights etc. are fully expensed on telecast. b) Programmes (other than (1) above) are amortised over three financial years starting from the year of first telecast, as per management estimate of future revenue potential. c) Film rights are amortised on a straight line basis over the licensed period or sixty months from the commencement of rights, whichever is shorter. d) Music rights are amortised over three financial years starting from the year of commencement of rights, as per management estimate of future revenue potential. ii. Raw Stock: Tapes are valued at lower of cost or estimated net realisable value. Cost is taken on weighted average basis. Judgments and Estimates Media Content The Company has several types of programming inventory: movies, sports and general entertainment. The key area of accounting for inventory requiring judgment is the assessment of the appropriate nature over which programming inventory should be amortised. The key factors considered by the Company are as follows: i. Reality shows, chat shows, events, current affairs, game shows and sports rights: are fully expensed on telecast which represents best estimate of the benefits received from the acquired rights.

|21| Chap. 2 – Ind AS 2 — Inventories ii. The cost of programme (own production and commissioned programme) are amortised over a period of three financial years over which revenue is expected to be generated from exploitation of programmes. iii. Cost of movie rights - The Company’s expectation is that substantial revenue from such movies is earned during the period of five years from the date of acquisition of licence to broadcast. Hence, it is amortised on a straight line basis over the licence period or 60 months from the date of acquisition, whichever is shorter. iv. Music rights are amortised over three financial years starting from the year of commencement of rights over which revenue is expected to be generated from exploitation of rights. ll

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |22| Chapter 3 Ind AS 7 — “Statement of Cash Flows” 1. AJANTA PHARMA LIMITED CASH FLOW STATEMENTS Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flow from operating, investing and financing activities of Company are segregated. Amendment to Ind AS 7 : Statement of Cash Flows The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. These amendments are effective for annual periods beginning on or after 1st April, 2017. Application of the amendments will result in additional disclosures provided by the Group. Statement of cash flows The transition from previous GAAP to Ind AS has not had a material impact on the statement of cash flows. Under Ind AS, bank overdrafts repayable on demand and which form an integral part of the cash management process are included in cash and cash equivalents for the purpose of presentation of statement of cash flows. Under previous GAAP, bank overdrafts were considered as part of borrowings and movements in bank overdrafts were shown as part of financing activities. Consequently, cash and cash equivalents have reduced by ` 11.58 crore as at 31st March, 2016 (1st April, 2015 – ` 12.82 crore). 2. INFOSYS LIMITED Amendment to Ind AS 7 The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes, suggesting inclusion of a reconciliation between the opening and closing balances in the Balance Sheet for liabilities arising from financing activities, to meet the disclosure requirement. The Company has evaluated the disclosure requirements of the amendment and the effect on the standalone financial statements is not expected to be material. Cash Flows statement Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated. As a result, under Ind AS, the cash flows from operating activities and cash outflows from financing activities is higher by ` 603 crore.

|23| Chap. 3 – Ind AS 7 — Statement of Cash Flows 3. TATA MOTORS LIMITED CASH FLOWS STATEMENT Under Ind AS, cash flows statement for the year ended March 31, 2016 includes the amounts in respect of Joint Operations. There are no other reconciling items between cash flow statement reported under Previous GAAP and Ind AS. Cash Flows Statement (Consolidated) Under Ind AS, certain transfer of finance receivables by way of securitisation/direct assignments do not meet the criteria for derecognition. Consequently, proceeds received from these transactions are recorded as collateralized debt obligation. Under Indian GAAP, such transactions meet the criteria for derecognition and accordingly, recorded as sale. As a result, under Ind AS, the cash flows from operating activities and cash outflows from financing activities is higher by ` 603 crore. 4. WIPRO LIMITED Amendment to Ind AS 7 In March 2017, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) (Amendments) Rules, 2017, notifying amendments to Ind AS 7, ‘Statement of cash flows’. These amendments are in accordance with the amendments made by International Accounting Standards Board (IASB) to IAS 7, ‘Statement of cash flows’ in January 2016, requiring the entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes, suggesting inclusion of a reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing activities, to meet the disclosure requirement. The amendments are applicable to the Company for annual periods commencing on or after from April 1, 2017. The Company is assessing the disclosure requirements of the amendment and the effect on its financial statements. ll

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |24| Chapter 4 Ind AS 10 — Events after the Reporting Period 1. ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED Event Occurred after the balance sheet date a) The Board of Directors has recommended Equity dividend of INR 1.30 per share for the financial year 2016-17. (refer Note 12(a)(ii)). b) On April 24 & 25, 2017 the Company has received approval from National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) regarding the Draft Scheme of Arrangement between the Company and its subsidiary. Further, on May 18, 2017 the Company has also received standing instruction from ‘National Company Law Tribunal (‘NCLT’) to hold meeting of its shareholders and creditors regarding the Draft Scheme of Arrangement (also refer Note 42(a)) c) Subsequent to year ended March 31, 2017 the Company has incorporated Mundra International Gateway Terminal Private Limited as wholly owned subsidiary on May 17, 2017. 2. BIOCON LIMITED Events after reporting period (a) On April 27, 2017, the Board of Directors of the Company approved issue of bonus shares in the proportion of 2:1 i.e. 2 (two) bonus equity shares of ` 5 each for every 1 (one) fully paid-up equity shares held as on the record date, subject to the approval by the shareholders of the Company through postal ballot. (b) On April 27, 2017, the Board of Directors of the Company has proposed a final dividend of ` 3 per equity share on a pre-bonus share basis. The proposed dividend is subject to the approval of the shareholders in the Annual general meeting. 3. IL&FS TRANSPORTATION NETWORKS LIMITED (ITNL) Subsequent Events After the balance sheet date, the Company has received approvals from Concession granting authorities for transfer of its equity investments in 4 subsidiaries to IL&FS Transportation Investment Trust. 4. IRB INFRASTRUCTURE DEVELOPERS LIMITED Subsequent events No subsequent event has been observed which may required an adjustment to the balance sheet. The Company is the ‘Sponsor’ of the IRB InvIT Fund (“the Trust”), an Infrastructure Investment Trust registered with SEBI under InvIT Regulations, 2014, as amended. Subsequent to year end, the Company and its subsidiaries have successfully transferred the investments in six subsidiary companies viz. IRB Surat Dahisar Tollway Private Limited, IRB Talegaon Amrawati Tollway Private Limited, IDAA Infrastructure Private Limited, IRB Tumkur Chitradurga Tollway Private Limited, IRB Jaipur Deoli Tollway Private Limited and MVR Infrastructure and Tollways Private Limited at book value to IRB InvIT Fund, pursuant to Initial Public Issue in the month of May, 2017, for a total consideration of INR 11,750.00 million (includes Offer for

|25| Chap. 4 – Ind AS 10 — Events after the Reporting Period sale of INR 2,870.00 million and units of INR 8,880.00 millions). Pursuant to this transaction, the Company holds 15% units in IRB InvIT Fund. The Board of Directors at its meeting held on May 30, 2017 has recommended a dividend of INR 3 per equity share. 5. RELIANCE INDUSTRIES LIMITED (RIL) Events after reporting period The Board of Directors have recommended dividend of ` 11.00 per fully paid up equity share of ` 10/- each, aggregating ` 3,916 crore, including ` 661 crore dividend distribution tax for the financial year 2016- 17, which is based on relevant share capital as on March 31, 2017. The actual dividend amount will be dependent on the relevant share capital outstanding as on the record date/book closure. 6. PC JEWELLER LIMITED Post reporting date events No adjusting or significant non-adjusting events have occurred between 31st March, 2017 and the date of authorisation of the Company’s standalone financial statements. However, the Board of Directors have recommended a dividend of INR 1.30 (previous year nil) on preference shares of INR 10 each for the period 2nd September, 2016 to 31st March, 2017, subject to approval of shareholders at the ensuing Annual General Meeting. Also, the Board of Directors have recommended a final dividend of 10%, i.e., ` 1 (previous year ` 3.35) on equity shares of ` 10 each for the year ended 31st March, 2017, subject to approval of shareholders at the ensuing Annual General Meeting. 7. VEDANTA LIMITED Subsequent events Subsequent to the Balance Sheet date — 525,000 tonnes Jharsuguda-I smelter suffered a pot outage incident wherein 228 pots out of the total 608 pots were damaged and taken out of production, resulting in reduced production for a temporary period. No material loss is expected as a result of the above. 8. VOLTAS LIMITED Events occurring after balance sheet (i) The Directors have recommended dividend of INR 11,580.97 lakh at INR 3.50/- per share on equity shares which is subject to the approval of shareholders in the ensuing Annual General Meeting. This dividend and the tax thereon has not been recognised as a liability. (ii) Further, an amount of INR 5,000 lakh is proposed to be transferred to General Reserve which is approved in the Board Meeting subsequent to the year end and thus has not been recognised as transferred during the year. ll

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |26| Chapter 5 Ind AS 11 — Construction Contracts 1. ASHOKA BUILDCON LIMITED ACCOUNTING POLICY 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. Escalation and other claims, which are not ascertainable/acknowledged by customers, are not taken into account. Revenue is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates. Criteria for recognition of revenue are as under: a. Construction Contracts The Group recognizes and measures revenue in accordance with Ind AS 11 ‘Construction Contracts’. When the outcome of the contract is ascertained reliably, contract revenue is recognized by reference to the stage of completion of the contract activity at the reporting date of the financial statements on the basis of Percentage Completion Method. The stage of completion of a contract is determined by the proportion that the contract cost incurred for work performed up to the reporting date bears to the estimated total contract costs. Contract revenue is recognised only to the extent of cost incurred till such time the outcome of the job cannot be ascertained reliably. The Group’s claim for extra work, incentives and escalation in rates relating to execution of contracts are recognized as revenue in the year in which said claims are finally accepted by the clients. Claims under arbitration/disputes are accounted as income based on final award. Expenses on arbitration are accounted as incurred. Materials sold under Turnkey Projects are treated as Construction Work in Progress till the activity is certified by the client. In case of fixed price maintenance contract the revenue is recognized as per contractual terms. Expenses pertaining to fixed maintenance projects are booked on accrual method based on actual expenditure done at that site. When it is probable that total contract costs will exceed total contract revenue, expected loss, if any, on a contract is recognised as expense in the period in which it is foreseen, irrespective of the stage of completion of the contract. In case of contracts where cumulative billing certified by the client exceeds the aggregate of contract costs incurred to-date and recognised profits (based on percentage completion method), such excess is not recognised as revenue. Amounts received before the related work is performed are disclosed in the Balance Sheet as a liability towards advance received. The major component of contract estimate is ‘budgeted costs to complete the contract’ and on assumption that contract price will not reduce vis-à-vis agreement values. While estimating this various assumptions are considered by the management such as: • Work will be executed in the manner expected so that the project is completed timely;

|27| Chap. 5 – Ind AS 11 — Construction Contracts • Consumption norms will remain same; • Cost escalation comprising of increases in cost to complete the project are considered as a part of budgeted cost to complete the project etc. Due to technical complexities involved in the budgeting process, contract estimates are highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. b. Revenue recognition under Service Concession Arrangements • Revenue for concession arrangements under intangible asset model is recognized in the period of toll collection on the basis of actual toll collected. Sale of discounted toll coupons/swipe cards is recognized as income at the time of sale. • Finance income for concession arrangements under financial asset model is recognized using the effective interest method. Revenues from operations and maintenance services and overlay services are recognized in each period as and when services are rendered in accordance with Ind AS 18 Revenue. c. Sale of Goods Revenue from the sale of goods is recognised when the goods are delivered and titles have passed, at which time all the following conditions are satisfied: • Significant risks and rewards of ownership of the goods are transferred to the buyer, • Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold, • It is probable that economic benefits associated with transaction will flow to the Group, and • Amount of revenue can be measured reliably. d. Real Estate • Revenue from property development activity in the nature of a construction contract is recognised based on the ‘Percentage of completion method’ (POC) when the outcome of the contract can be estimated reliably (Guidance Note). • Sale of land and plots (including development rights) is recognised in the financial year in which the agreement to sale is executed and the sale price to the ultimate purchaser are determined. In case the Company has any remaining substantial obligations as per the agreements, revenue is recognised on the percentage of completion method of accounting. • In case of Joint Development Agreements, where there are no obligations on the Group to execute construction activity, Revenue is recognised based on the amounts received and basis the agreements entered with flat owners. e. Software development/sale is accounted on installation of software/delivery of software to the customer. Notes to Accounts Note 41 : Ind AS 11 - Accounting for Construction Contracts Revenue from fixed price construction contracts are recognized on the percentage of completion method, measured by reference to the percentage of cost incurred up to the year end to estimated total cost for each contract. For the purpose of determining percentage of work completed, estimates of contract cost and contract revenue are used.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |28| (` In Lakh) Sr. No. Particulars For the year ended 31- Mar-2017 For the year ended 31- Mar-2016 i Total Contract revenue recognised during the period 211,723.99 178,396.13 Particulars about contracts in progress at the end of the period: ii Aggregate amount of cost incurred up to period end 758,767.17 750,953.19 iii Aggregate amount of profit / (Loss) Recognised 112,695.50 92,708.99 iv Amount of customer advances outstanding for contracts in progress as at end of the financial year 53,159.22 29,445.81 v Retention amounts by customers for contracts in progress as at end of the financial year 14,481.56 12,109.96 Percentage completion method for income recognition on long term contracts involves technical estimates by engineers/technical officials, of percentage of completion and costs to completion of each project/contract on the basis of which profit/loss is allocated. The Company has revised certain estimates used in determining the cost of completion of projects, as a part of periodic review of estimates. As a result, the revenue and profit before tax for the year decreased by ` 79.36 Lakh (previous year: ` 1334.89 Lakh). 2. GMR INFRASTRUCTURE LIMITED ACCOUNTING POLICY Revenue Recognition A. For Construction business entities Construction revenue and costs are recognised by reference to the stage of completion of the construction activity at the balance sheet date, as measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs. Where the outcome of the construction cannot be estimated reliably, revenue is recognised to the extent of the construction costs incurred if it is probable that they will be recoverable. When the outcome of the contract is ascertained reliably, contract revenue is recognised at cost of work performed on the contract plus proportionate margin, using the percentage of completion method. Percentage of completion is the proportion of cost of work performed to-date, to the total estimated contract costs. The estimated outcome of a contract is considered reliable when all the following conditions are satisfied: i. The amount of revenue can be measured reliably, ii. It is probable that the economic benefits associated with the contract will flow to the Group, iii. The stage of completion of the contract at the end of the reporting period can be measured reliably, iv. The costs incurred or to be incurred in respect of the contract can be measured reliably. Provision is made for all losses incurred to the balance sheet date. Variations in contract work, claims and incentive payments are recognised to the extent that it is probable that they will result in revenue and they are capable of being reliably measured. Expected loss, if any, on a contract is recognised as expense in the period in which it is foreseen, irrespective of the stage of completion of the contract. For contracts where progress billing exceeds the aggregate of contract costs incurred to-date and recognised profits (or recognised losses, as the case may be), the surplus is shown as the amount due to customers. B. Others i. Income from management/technical services is recognised as per the terms of the agreement on the basis of services rendered.

|29| Chap. 5 – Ind AS 11 — Construction Contracts ii. Insurance claim is recognised on acceptance of the claims by the insurance company. iii. Revenue from charter services is recognised based on services provided as per the terms of the contracts with the customers. Revenue earned in excess of billings has been included under ‘other financial assets’ as unbilled revenue and billings in excess of revenue has been disclosed under ‘other liabilities’ as unearned revenue. C. Service Concession Arrangements The Group constructs or upgrades infrastructure (construction or upgrade services) used to provide a public service and operates and maintains that infrastructure (operation services) for a specified period of time. These arrangements may include Infrastructure used in a public-to-private service concession arrangement for its entire useful life. Under Appendix A to Ind AS 11 – Service Concession Arrangements, these arrangements are accounted for based on the nature of the consideration. The intangible asset model is used to the extent that the operator receives a right (i.e., a concessionaire) to charge users of the public service. The financial model is used when the operator has an unconditional contractual right to receive cash or other financial assets from or at the direction of the grantor for the construction service. When the unconditional right to receive cash covers only part of the service, the two models are combined to account separately for each component. If the operator performs more than one service (i.e., construction, upgrade services and operation services) under a single contract or arrangement, consideration received or receivable is allocated by reference to the relative fair values of the service delivered, when the amount are separately identifiable. The intangible asset is amortised over the shorter of the estimated period of future economic benefits which the intangible assets are expected to generate or the concession period, from the date they are available for use. An asset carried under concession arrangements is derecognised on disposal or when no future economic benefits are expected from its future use or disposal. The Group recognises a financial asset to the extent that it has an unconditional right to receive cash or another financial asset from or at the direction of the grantor. In case of annuity based carriageways, the Group recognises financial asset. Significant judgments In the process of applying the Group’s accounting policies, the management has made the following judgements, which have the most significant effect on the amounts recognized in these consolidated financial statements. a. Determination of applicability of Appendix A of Service Concession Arrangement (‘SCA’), under Ind AS-11 ‘Construction Contracts’) in case of airport entities DIAL and GHIAL, subsidiaries of the Company, have entered into concession agreements with Airports Authority of India (‘AAI’) and the Ministry of Civil Aviation (‘MoCA’) respectively, both being Government/ statutory bodies. The concession agreements give DIAL and GHIAL exclusive rights to operate, maintain, develop, modernize and manage the respective airports on a revenue sharing model. Under the agreement, the Government/statutory bodies have granted exclusive right and authority to undertake some of their functions, being the functions of operation, maintenance, development, design, construction, upgradation, modernization, finance and management of the respective airports and to perform services and activities at the airport constituting ‘Aeronautical services’ (regulated services) and ‘Non-aeronautical services’ (nonregulated services). Aeronautical services are regulated while there is no control over determination of prices for Non-aeronautical services. Charges for Non-aeronautical services are determined at the sole discretion of DIAL and GHIAL. The management of the Group conducted detailed analysis to determine applicability of SCA. The concession agreements of these entities, have significant non-regulated revenues, which are apparently not ancillary in nature, as these are important from DIAL and GHIAL, the Government/statutory body and users/passengers perspective. Further, the regulated and non-regulated services are substantially