Financial instruments

12 Months Ended

Mar. 31, 2025

Disclosure of detailed information about financial instruments [abstract]

Disclosure of financial instruments [text block]

33.

Financial instruments

Financial instruments by category

The carrying value and fair value of financial instruments by each category as of March 31, 2025 were as follows:

Particulars	Note		Financial assets/ liabilities at amortised costs		Financial assets / liabilities at FVTPL		Financial assets / liabilities at FVTOCI		Total carrying value		Total fair value
Assets
Cash and cash equivalents		8		6,757,826		-		-		6,757,826		6,757,826
Other assets		10		2,393,363		-		-		2,393,363		2,393,363
Trade receivables		13		10,892,452		-		-		10,892,452		10,892,452
Other receivables		13		316,403		-		-		316,403		316,403
Other investments		15		403,872		-		825,936		1,229,808		1,229,808
Liabilities
Bank overdraft		8		326,327		-		-		326,327		326,327
Lease liabilities		7		3,810,238		-		-		3,810,238		3,810,238
Other liabilities		18		15,832		-		-		15,832		15,832
Borrowings from banks		19		23,424,521		-		-		24,324,521		24,324,521
Borrowings from others		19		3,189,675		-		-		3,189,675		3,189,675
Trade and other payables		20		14,326,158		-		-		14,326,158		14,326,158
Derivative financial liabilities		20		-		-		-
6% Compulsorily Convertible Debentures		19		6,259,685		-		-		6,259,685		6,259,685
8.95% Non - convertible Debentures		19		2,500,000		-		-		2,500,000		2,500,000

The carrying value and fair value of financial instruments by each category as of March 31, 2024 were as follows:

Particulars	Note		Financial assets/ liabilities at amortised costs		Financial assets / liabilities at FVTPL		Financial assets / liabilities at FVTOCI		Total carrying value		Total fair value
Assets
Cash and cash equivalents		8		5,834,634		-		-		5,834,634		5,834,634
Other assets		10		2,004,216		-		-		2,004,216		2,004,216
Trade receivables		13		10,155,223		-		-		10,155,223		10,155,223
Other receivables		13		157,779		-		-		157,779		157,779
Other investments		15		393,453		-		810,409		1,203,862		1,203,862
Liabilities
Bank overdraft		8		486,888		-		-		486,888		486,888
Lease liabilities		7		3,042,839		-		-		3,042,839		3,042,839
Other liabilities		18		17,945		-		-		17,945		17,945
Borrowings from banks		19		18,794,380		-		-		18,794,380		18,794,380
Borrowings from others		19		3,564,494		-		-		3,564,494		3,564,494
Trade and other payables		20		11,934,100		-		-		11,934,100		11,934,100
Derivative financial liabilities		20		-		-		-
Other financial liabilities				1,612,496		-		-		1,612,496		1,612,496
6% Compulsorily Convertible Debentures		19		7,156,074		-		-		7,156,074		7,156,074
6% Non - Cumulative Compulsorily Convertible Preference Shares		19		500,000		-		-		500,000		500,000

Details of financial assets hypothecated as collateral

The carrying amount of financial assets as at March 31, 2025 and 2024 that the Group has provided as collateral for obtaining borrowings and other facilities from its bankers are as follows:

	As of
	March 31, 2025		March 31, 2024
Cash and cash equivalents		2,109,981		1,667,849
Trade receivables		3,376,784		3,203,345
		5,486,765		4,871,194

177

Derivative financial instruments

(a)

Forwards and options

Foreign exchange forward contracts and options are purchased to mitigate the risk of changes in foreign exchange rates associated with certain payables, receivables and forecasted transactions denominated in certain foreign currencies. These derivative contracts do not qualify for hedge accounting under IFRS 9 and are initially recognized at fair value on the date the contract is entered into and subsequently re-measured at their fair value. Gains or losses arising from changes in the fair value of the derivative contracts are recognized immediately in profit or loss. The counterparties for these contracts are generally banks or financial institutions. The following table gives details in respect of the notional amount of outstanding foreign exchange contracts as at March 31, 2025 and 2024.

	As of
	March 31, 2025		March 31, 2024
Forward contracts
In U.S. Dollars (Sell)		-		-
In U.S. Dollars (Buy)		-		-

The Company recognized a net loss on the forward contracts of ₹ Nil (March 31, 2024: ₹ 1,440– Net loss) for the year ended March 31, 2025.

The forward exchange contracts and option contracts mature between one and twelve months. The table below summarizes the notional amounts of derivative financial instruments into relevant maturity groupings based on the remaining period as at the end of the year:

	As of
	March 31, 2025		March 31, 2024
Buy:		(US $)		(US $)
Not later than one month		-		-
Later than one month and not later than three months		-		-
Later than three months and not later than six months		-		-
Later than six months and not later than one year		-		-

(b)

Cross Currency Swap:

The Group has entered into Cross Currency Swaps in order to hedge the cash flows arising out of the Principal and Interest payments of the underlying External Commercial Borrowing denominated in USD. The period of the swap contracts is co terminus with the period of the underlying ECB. As per the terms of the arrangement, the Company shall pay INR fixed and receive fixed USD principal and interest cash flows during the term of the contract. The swap arrangement is marked to market at the end of every period and losses are recognized in the Statement of Income. The swap contracts outstanding balances as on March 31, 2025 and March 31, 2024 is as follows.

Particulars

Value of the outstanding INR

term loan

Value of the outstanding USD

principal

Mark to Market losses/ (gain)

Tranche 1

44,100

USD 600

Tranche 2

66,150

USD 900

Total

110,250

USD 1,500

Particulars

Value of the outstanding INR

term loan

Value of the outstanding USD

principal

Mark to Market losses/ (gain)

Tranche 1

73,500

USD 1,000

Tranche 2

110,250

USD 1,500

Total

183,750

USD 2,500

The maturity of these contracts extends for five years and six months. The table below summarizes the cash flows (principal) of these derivative financial instruments into relevant maturity groupings based on the remaining period as at the end of the year:

Particulars	As at				As at
	'March 31, 2025				'March 31, 2024
	Payable (USD)		Receivable (INR)		Payable (USD)		Receivable (INR)
Less than 1 year		1,000		73,500		1,000		73,500
One to two years		500		36,700		1,000		73,500
Two to three years		-		-		500		36,750
Three to four years		-		-		-		-
Four to five years		-		-		-		-
More than five years		-		-		-		-
Total cash flows		1,500		110,250		2,500		183,750

The Group recognized a net loss on the cross-currency swaps of ₹ Nil [Previous year : ₹ Nil] for the year ended March 31, 2025.

(c)

Interest Rate Swap:

The Group has entered into Interest Rate Swaps in order to hedge the cash flows arising out of the Interest payments of the underlying ECB. The period of the swap contract is co terminus with the period of the underlying ECB. As per the terms of the arrangement, the Company shall pay fixed rate of interest (8.9%) and receive variable rate of interest equal to SOFR + 2.5% on notional amount. The swap arrangement is marked to market at the end of every period and losses are recognized in the Statement of income.

The maturity of these contracts extends for five years and six months. The table below summarizes the cash flows (interest) of these derivative financial instruments into relevant maturity groupings based on the remaining period at the end of the year:

	As of
	March 31, 2025				March 31, 2024
	Receivable (US $)		Payable (US $)		Receivable (US $)		Payable (US $)

Less than 1 year		101		7,375		189		13,916
One to two years		*		1,237		101		7,375
Two to three years		-		-		*		1,237
Three to four years		-		-		-		-
Four to five years		-		-		-		-
More than five years		-		-		-		-
Total cash flows		101		8,612		290		22,528

Amount below rounding off norm adopted by the Group

179

Total notional amount outstanding as of March 31, 2025 is US $ 1,500 (March 31, 20

: US $ 2,500)

Net Loss on account of interest rate swaps amount to ₹ 8,454 for the year ended March 31, 2025 (March 31, 20

: ₹ 8,493 – Net loss).

Fair value measurements:

The details of assets and liabilities that are measured on fair value on recurring basis are given below:

	Fair value as of March 31, 2025						Fair value as of March 31, 2024
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Derivative financial assets – gain on outstanding forward/options contracts		-		-		-		-		-		-
Liabilities
Derivative financial liabilities – loss on outstanding forward/options contracts		-		-		-		-		-		-
Derivative financial liabilities - loss on outstanding cross currency swaps		-		-		-		-		-		-
Derivative financial liabilities - loss on outstanding interest rate swaps		-		-		8,454		-		-		8,493

Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

Level 3 – unobservable inputs for the asset or liability.

Interest income/ (expenses), gains/ (losses) recognized on financial assets and liabilities

Recognized in profit or loss

	Year ended
	March 31, 2025			March 31, 2024			March 31, 2023
Financial assets at amortised cost
Interest income on bank deposits		345,696			231,377			82,675
Interest income from other financial assets		43,669			29,764			55,511
Impairment loss of trade receivables		(198,414	)		(265,000	)		(371,890	)

Financial assets at fair value through profit or loss
Net change in fair value of derivative financial instruments gain/(loss)		8,454			8,493			(25,263	)

Financial liabilities at amortised cost
Interest expenses on lease obligations		(295,589	)		(249,964	)		(191,912	)
Interest expenses on borrowings from banks, others and overdrafts		(2,281,843	)		(1,738,298	)		(1,652,522	)