RELAnnual Report

September 07, 2023
Scrip Code- 534597 RTNINDIA

BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex
Dalal Street, Bandra (East),
Mumbai – 400 001 Mumbai-400 051
Sub: Annual Report of the Company for the Financial Year ended March 31, 2023.
Dear Sir/Madam,
In furtherance to our intimation dated 06th September, 2023 wherein the Company had
informed that the 13th Annual General Meeting (AGM) of the Company is scheduled to
be held on Friday, 29th September, 2023 at 04:00 P.M. (IST) through Video
Conference/Other Audio Visual Means, we are submitting herewith the Annual Report
of the Company including the Business Responsibility and Sustainability Report and the
Notice of AGM for the financial year 2022-23, which is being sent only through electronic
mode to the Members, holding equity shares of the Company as on September 01, 2023
and whose email address is registered with the Company/Depositories.
The Annual Report containing the Notice of AGM is also uploaded on the Company’s
website at www.rattanindia.com.
This is for your information and records.
Thanking you,
Yours faithfully,
For RattanIndia Enterprises Limited
RAJESH Digitally signed by
RAJESH KUMAR
KUMAR ARORA
Date: 2023.09.07
ARORA 19:11:28 +05'30'
Rajesh Arora
Company Secretary
Encl: a/a
RattanIndia Enterprises Limited

CIN: L74110DL2010PLC210263
Registered Office: 5th Floor, Tower-B, Worldmark 1, Aerocity, New Delhi -110037
Website: www.rattanindia.com, E-mail: rel@rattanindia.com, Phone: 011 46611666
CIN: L74110DL2010PLC210263
Registered Office: 5th Floor, Tower-B, Worldmark-1, Aerocity, New Delhi-110037
Email: rel@rattanindia.com, Tel: 011-46611666, Fax: 011-46611777, Website: www.rattanindia.com
NOTICE
Notice is hereby given that the 13th Annual General Meeting (AGM) of the members of RattanIndia Enterprises Limited will
be held on Friday, September 29, 2023 at 04:00 P.M. (IST) through Video Conferencing(“VC”) / Other Audio-Visual Means
(“OAVM”) to transact the following businesses.
The proceedings of the 13th AGM shall be deemed to be conducted at the Registered office of the Company at 5th Floor,
Tower-B, Worldmark 1, Aerocity, New Delhi -110037, which shall be the deemed venue of the AGM.
ORDINARY BUSINESS:
Item no. 1
To receive, consider and adopt the audited standalone financial statements of the Company for the financial year
ended March 31, 2023 and the reports of the Board of Directors and auditors thereon.
To consider and if thought fit, to pass the following resolution as an Ordinary Resolution:
“RESOLVED THAT the audited standalone financial statements of the Company for the financial year ended March 31, 2023,
together with the reports of the Board of Directors and of the Auditors thereon be and are hereby received, considered
and adopted.”
Item no. 2
To receive, consider and adopt the audited consolidated financial statements of the Company for the financial
year ended March 31, 2023 and reports of the auditors thereon.
“RESOLVED THAT the audited consolidated financial statements of the Company for the financial year ended March 31,
2023, together with the reports of the Auditors thereon be and are hereby received, considered and adopted.”
Item no. 3
To appoint a Director in place of Mr. Rajesh Kumar (DIN: 03291545), who retires by rotation and being eligible,
offers himself for re-appointment.
“RESOLVED THAT in accordance with the provisions of Section 152 and other applicable provisions of the Companies
Act, 2013, Mr. Rajesh Kumar (DIN: 03291545), who retires by rotation and being eligible offers himself for re-appointment,
be and is hereby re-appointed as a Director of the Company, liable to retire by rotation.”
01
SPECIAL BUSINESS:
Item no. 4
To appoint Mr. Rahul Gochhwal as President-Fintech Business, a related party and for holding the office of place
of profit.
“RESOLVED THAT pursuant to the provisions of Sections 188 of the Companies Act, 2013 read with Rule 15(3) of the
Companies (Meeting of Board and its Powers) Rules, 2014 and Regulation 23 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR”) and other applicable provisions, if any, of
the Companies Act, 2013 including statutory modification(s) or re- enactment thereof for the time being in force and as may
be enacted from time to time and at the recommendation of Board, Audit Committee and Nomination & Remuneration
Committee, the consent of Members be and is hereby accorded to appoint Mr. Rahul Gochhwal to hold an office or place
of profit, as “President-Fintech Business” of the Company with effect from October 1, 2023, at the remuneration specified
in the explanatory statement to this item, to be paid by Company, with the authority of the Board to alter and vary the
terms and conditions of the said appointment including but not limited to designation and remuneration in such manner
as may be decided by the Board from time to time at the recommendation of the Nomination & Remuneration Committee.
RESOLVED FURTHER THAT for the purpose of giving effect to the foregoing resolution, any Director or Company Secretary
of the Company be and is hereby authorized to do all such acts, deeds, matters and things, as may be considered necessary,
proper or desirable in the said regard.”
By Order of the Board of Directors

Place: New Delhi Sd/-
Date: September 6, 2023 Rajesh Arora
Company Secretary
FCS - 4081
Registered Office:
5th Floor, Tower-B, Worldmark-1,
Aerocity, New Delhi-110037
CIN: L74110DL2010PLC210263
Email: rel@rattanindia.com
Phone No: 011 – 46611666
02 RattanIndia Enterprises Limited

NOTES: 6. Remote e-voting will commence at 10:00 A.M. on
Tuesday, September 26, 2023 and will end at 5:00
1. In view of the continuing COVID-19 pandemic, the P.M. on Thursday, September 28, 2023, then remote
Ministry of Corporate Affairs (‘MCA’) vide its general e-voting will be blocked.
circular no. 14/2020 dated April 8, 2020 and 17/2020
dated April 13, 2020, 22/2020 dated June 15, 2020, 7. Voting rights will be reckoned on the paid-up value
33/2020 dated September 28, 2020, 39/2020 dated of shares registered in the name of the Members on
December 31, 2020 read with other relevant circulars, Friday, September 22, 2023 (cut-off date). Only those
including General Circular No. 10/2021 dated June 23, Members whose names are recorded in the Register
2021, General Circular no.20/2021 dated December 8, of Members of the Company or in the Register of
2021, General Circular no.3/2022 dated May 5, 2022 Beneficial Owners maintained by the Depositories
and General Circular no.11/2022 dated December 28, as on the cut-off date will be entitled to cast their
2022 has permitted the holding of the AGM through votes by remote e-voting or e-voting during the
Video Conferencing (‘VC’)/Other Audio Visual means AGM. Those who are not Members on the cut-off
(‘OAVM’), without the physical presence of the date should accordingly treat this Notice as for
members at a common venue. In compliance with information purpose only. The Register of Member
the provisions of the Act, SEBI (Listing Obligations and and Share Transfer Book of the Company shall remain
Disclosure Requirements) Regulations, 2015 (‘Listing closed from Saturday, September 23, 2023 to Friday,
Regulations’) SEBI Circular and MCA Circulars, the September 29, 2023 (both days inclusive) for the
AGM of the Company is being held through Video purpose of AGM.
Conferencing (‘VC’).
8. In conformity with the applicable regulatory
2. Explanatory Statement, pursuant to Section 102 of requirements, the Notice of this AGM and the Report
the Companies Act, 2013 (‘the Act’), relating to the and Accounts 2023 are being sent only through
Special Business to be transacted at this Annual electronic mode to those Members who have
General Meeting (‘AGM’) is annexed. registered their e-mail addresses with the Company
or with the Depositories.
3. Since this AGM will be held through Video
Conferencing (‘VC’) / Other Audio Visual Means 9. Members may note that the Notice and Annual Report
(‘OAVM’), (a) Members will not be able to appoint 2022-23 will also be available on the Company’s
proxies for the meeting, and (b) Attendance Slip & website www.rattanindia.com and the websites of
Route Map are not annexed to this Notice. The Route the Stock Exchanges where the equity shares of the
Map is not required to be annexed to this Notice. Company are listed i.e. BSE Limited and National Stock
Exchange of India Limited at www.bseindia.com and
4. Participation of members through VC/OAVM will be www.nseindia.com respectively and on the website
reckoned for the purpose of quorum for the AGM as of the Registrar and Transfer Agent of the Company,
per Section 103 of the Act. KFin Technologies Limited (“RTA”) at https:// evoting.
kfintech.com.
5. In terms of Section 108 of the Act read with Rule 20
of the Companies (Management and Administration) 10. Members who hold shares in the certificate form
Rules, 2014, the Resolutions for consideration at this or who have not registered their e-mail addresses
AGM will be transacted through remote e-voting with the Company or with the Depositories and
(i.e. facility to cast vote prior to the AGM) and also wish to receive the AGM Notice and the Report and
e-voting during the AGM, for which purpose the Accounts 2023, or participate in the AGM, or cast their
Board of Directors of the Company (‘the Board’) votes through remote e-voting or e-voting during
have engaged the services of Registrar and Transfer the meeting, are required to register their e-mail
Agent of the Company, KFin Technologies Limited addresses with the Company’s RTA, KFin Technologies
(“KFintech” or “RTA”). The Board of Directors has Limited at einward.ris@kfintech.com.
appointed Mr. Sanjay Khandelwal (Membership No.
FCS 5945) of S. Khandelwal & Co., Practicing Company 11. As per Regulation 40 of SEBI Listing Regulations,
Secretary, as the Scrutinizer to scrutinize the remote as amended, and vide SEBI Notification No. SEBI/
e-voting process and voting during the AGM, in a fair LAD-NRO/ GN/2018/24 dated June 8, 2018 and
and transparent manner. further amendment through Notification No. SEBI/
LAD-NRO/GN/2018/49 dated November 30, 2018,
2 03
securities of listed companies can be transferred in case the shares are held by them in electronic form,
only in dematerialized form with effect from April and to the RTA, KFin Technologies Limited, in case the
1, 2019, except in case of requests received for shares are held in physical form.
transmission or transposition of securities. In view of
this and to eliminate all risks associated with physical 13. The details of the process and manner for remote
shares and for ease of members with respect to their e-Voting and e-AGM are explained herein below:
portfolio management, members holding shares in
Step 1 : Access to Depositories e-Voting system in
physical form are requested to consider converting
case of individual shareholders holding shares in
their holdings to dematerialized form. Members can
demat mode.
contact Company’s RTA, KFin Technologies Limited
for assistance in this regard. Step 2 : Access to KFintech e-Voting system in case
of shareholders holding shares in physical and non-
12. As per the provisions of Section 72 of the Act,
individual shareholders in demat mode.
the facility for making nomination is available
for the Members in respect of the shares held by Step 3 : Access to join virtual meetings(e-AGM) of the
them. Members who have not yet registered their Company on KFin system to participate e-AGM and
nomination are requested to register the same by vote at the AGM.
submitting Form No. SH-13. Members are requested to
submit these details to their Depository Participants
Details on Step 1 are mentioned below:

I) Login method for remote e-Voting for Individual shareholders holding securities in demat mode.
Type of
Login Method
shareholders
Individual 1. User already registered for IDeAS facility:
Shareholders I. Visit URL: https://eservices.nsdl.com
holding securities in II. Click on the “Beneficial Owner” icon under “Login” under ‘IDeAS’ section.
demat mode with III. On the new page, enter User ID and Password. Post successful authentication, click on
NSDL “Access to e-Voting”
IV. Click on company name or e-Voting service provider and you will be re-directed to
e-Voting service provider website for casting the vote during the remote e-Voting
period.
2. User not registered for IDeAS e-Services
I. To register click on link : https://eservices.nsdl.com
II. Select “Register Online for IDeAS” or click at https://eservices.nsdl.com/SecureWeb/
IdeasDirectReg.jsp
III. Proceed with completing the required fields.
IV. Follow steps given in points 1
3. Alternatively by directly accessing the e-Voting website of NSDL
I. Open URL: https://www.evoting.nsdl.com/
II. Click on the icon “Login” which is available under ‘Shareholder/Member’ section.
III. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat
account number held with NSDL), Password / OTP and a Verification Code as shown on
the screen.
IV. Post successful authentication, you will requested to select the name of the company
and the e-Voting Service Provider name, i.e.KFintech.
V. On successful selection, you will be redirected to KFintech e-Voting page for casting your
vote during the remote e-Voting period.

Individual 1. Existing user who have opted for Easi / Easiest
Shareholders I. Visit URL: https://web.cdslindia.com/myeasi/home/login or
holding securities in URL: www.cdslindia.com
demat mode with II. Click on New System Myeasi
CDSL
III. Login with your registered user id and password.
IV. The user will see the e-Voting Menu. The Menu will have links of ESP i.e. KFintech
e-Voting portal.
V. Click on e-Voting service provider name to cast your vote.
2. User not registered for Easi/Easiest
I. Option to register is available at
https://web.cdslindia.com/myeasi/Registration/EasiRegistration
II. Proceed with completing the required fields.
III. Follow the steps given in point 1
3. Alternatively, by directly accessing the e-Voting website of CDSL
I. Visit URL: www.cdslindia.com
II. Provide your demat Account Number and PAN No.
III. System will authenticate user by sending OTP on registered Mobile & Email as recorded
in the demat Account.
IV. After successful authentication, user will be provided links for the respective ESP, i.e
KFintech where the e- Voting is in progress.
Individual I. You can also login using the login credentials of your demat account through your DP
Shareholder login registered with NSDL /CDSL for e-Voting facility.
through their demat II. Once logged-in, you will be able to see e-Voting option.Once you click on e-Voting option,
accounts / Website you will be redirected to NSDL / CDSL Depository site after successful authentication,
of Depository wherein you can see e-Voting feature.
Participant III. Click on options available against company name or e-Voting service provider – Kfintech
and you will be redirected to e-Voting website of KFintech for casting your vote during the
remote e-Voting period without any further authentication.
Important note: Members who are unable to retrieve User ID / Password are advised to use Forgot user ID and Forgot
Password option available at respective websites.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through
Depository i.e. NSDL and CDSL.
Login type Helpdesk details

Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by
securities in demat mode with NSDL sending a request at evoting@nsdl.co.in or call at : 022 - 4886 7000 and 022 -
2499 7000
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by
securities in Demat mode with CDSL sending a request at helpdesk.evoting@cdslindia.com or contact at toll free
no. 1800 22 55 33
Details on Step 2 are mentioned below:
II) Login method for e-Voting for shareholders other than Individual’s shareholders holding securities in demat
mode and shareholders holding securities in physical mode.
(A) Members whose email IDs are registered with the Company/ Depository Participants (s), will receive an email from
KFintech which will include details of E-Voting Event Number (EVEN), USER ID and password. They will have to follow
the following process:
05
i. Launch internet browser by typing the URL: https:// x. You may then cast your vote by selecting an
evoting.kfintech.com/ appropriate option and click on “Submit”.
ii. Enter the login credentials (i.e. User ID and password). xi. A confirmation box will be displayed. Click “OK” to
In case of physical folio, User ID will be EVEN (E-Voting confirm else “CANCEL” to modify. Once you have
Event Number) 7694, followed by folio number. In voted on the resolution (s), you will not be allowed to
case of Demat account, User ID will be your DP ID and modify your vote. During the voting period, Members
Client ID. However, if you are already registered with can login any number of times till they have voted on
KFintech for e-voting, you can use your existing User the Resolution(s).
ID and password for casting the vote.
xii. Corporate/Institutional Members (i.e. other than
iii. After entering these details appropriately, click on Individuals, HUF, NRI etc.) are also required to send
“LOGIN”. scanned certified true copy (PDF Format) of the
Board Resolution/Authority Letter etc., authorizing
iv. You will now reach password change Menu wherein its representative to attend the AGM through VC
you are required to mandatorily change your / OAVM on its behalf and to cast its vote through
password. The new password shall comprise of remote e-voting. Together with attested specimen
minimum 8 characters with at least one upper case signature(s) of the duly authorised representative(s),
(A- Z), one lower case (a-z), one numeric value (0-9) to the Scrutinizer at email id sanjay@csskc.in with a
and a special character (@,#,$, etc.,). The system will copy marked to evoting@kfintech.com. The scanned
prompt you to change your password and update image of the above-mentioned documents should be
your contact details like mobile number, email ID etc. in the naming format “Corporate Name_Even No.”
on first login. You may also enter a secret question
and answer of your choice to retrieve your password (B) Members whose email IDs are not registered with
in case you forget it. It is strongly recommended the Company/Depository Participants(s), and
that you do not share your password with any other consequently the Annual Report, Notice of AGM and
person and that you take utmost care to keep your e-voting instructions cannot be serviced, will have to
password confidential. follow the following process:
v. You need to login again with the new credentials. Procedure for Registration of email and Mobile:
securities in physical mode
vi. On successful login, the system will prompt you
to select the “EVEN” i.e.,‘“7694 - AGM” and click on Physical shareholders are hereby notified that based
“Submit” ion SEBI Circular number: SEBI/HO/MIRSD/MIRSD-
PoD-1/P/CIR/2023/37, dated March 16th, 2023, All
vii. On the voting page, enter the number of shares holders of physical securities in listed companies
(which represents the number of votes) as on the shall register the postal address with PIN for their
Cut-off Date under “FOR/AGAINST” or alternatively, corresponding folio numbers. It shall be mandatory
you may partially enter any number in “FOR” and for the security holders to provide mobile number.
partially “AGAINST” but the total number in “FOR/ Moreover, to avail online services, the security holders
AGAINST” taken together shall not exceed your total can register e-mail ID. Holder can register/update the
shareholding as mentioned herein above. You may contact details through submitting the requisite ISR 1
also choose the option ABSTAIN. If the Member does form along with the supporting documents.
not indicate either “FOR” or “AGAINST” it will be
treated as “ABSTAIN” and the shares held will not be ISR 1 Form can be obtained by following the link:
counted under either head. https://ris.kfintech.com/clientservices/isc/default.
aspx
viii. Members holding multiple folios/demat accounts
shall choose the voting process separately for each ISR Form(s) and the supporting documents can be
folio/ demat accounts. provided by any one of the following modes.
ix. Voting has to be done for each item of the notice a) Through ‘In Person Verification’ (IPV): the authorized
separately. In case you do not desire to cast your vote person of the RTA shall verify the original documents
on any specific item, it will be treated as abstained. furnished by the investor and retain copy(ies) with IPV
stamping with date and initials; or

b) Through hard copies which are self-attested, which iv. Members will be required to grant access to the
can be shared on the address below; or webcam to enable VC / OAVM. Further, Members
connecting from Mobile Devices or Tablets or
Name KFIN Technologies Limited through Laptop connecting via Mobile Hotspot may
Address Selenium Building, Tower-B, experience Audio/Video loss due to fluctuation in
Plot No 31 & 32, Financial District, their respective network. It is therefore recommended
Nanakramguda, Serilingampally, to use Stable Wi-Fi or LAN Connection to mitigate any
Hyderabad, Rangareddy, kind of aforesaid glitches.
Telangana India - 500 032.
v. As the AGM is being conducted through VC / OAVM,
c) Through electronic mode with e-sign by following for the smooth conduct of proceedings of the AGM,
the link: https://ris.kfintech.com/clientservices/isc/ Members are encouraged to express their views
default.aspx# / send their queries in advance mentioning their
name, demat account number / folio number, email
Detailed FAQ can be found on the link: https://ris. id. Questions /queries received by the Company till
kfintech.com/faq.html September 27, 2023 shall only be considered and
responded during the AGM.
For more information on updating the email and
Mobile details for securities held in electronic mode, vi. The Members who have not cast their vote through
please reach out to the respective DP(s), where the remote e-voting shall be eligible to cast their vote
DEMAT a/c is being held. through e-voting system available during the AGM.
E-voting during the AGM is integrated with the VC /
After receiving the e-voting instructions, please follow OAVM platform. The Members may click on the voting
all steps above to cast your vote by electronic means. icon displayed on the screen to cast their votes.
Details on Step 3 are mentioned below: vii. A Member can opt for only single mode of voting i.e.,
through Remote e-voting or voting at the AGM. If a
III) Instructions for all the shareholders, including
Member casts votes by both modes, then voting done
Individual, other than Individual and Physical,
through Remote e-voting shall prevail and vote at the
for attending the AGM of the Company through
AGM shall be treated as invalid.
VC/OAVM and e-Voting during the meeting.
viii. Facility of joining the AGM through VC / OAVM shall
i. Member will be provided with a facility to attend
be available for atleast 2000 members on first come
the AGM through VC / OAVM platform provided by
first served basis.
KFintech. Members may access the same at https://
emeetings.kfintech.com/ by using the e-voting login ix. Institutional Members are encouraged to attend and
credentials provided in the email received from the vote at the AGM through VC / OAVM.
Company/KFintech. After logging in, click on the
Video Conference tab and select the EVEN of the OTHER INSTRUCTIONS
Company. Click on the video symbol and accept the
meeting etiquettes to join the meeting. Please note I. Speaker Registration: The Members who wish to
that the members who do not have the User ID and speak during the meeting may register themselves
Password for e-Voting or have forgotten the User ID as speakers for the AGM to express their views.
and Password may retrieve the same by following the They can visit https://emeetings.kfintech.com and
remote e-Voting instructions mentioned above. login through the user id and password provided
in the mail received from Kfintech. On successful
ii. Facility for joining AGM though VC/ OAVM shall open login, select ‘Speaker Registration’ which will be
atleast 30 minutes before the commencement of opened from September 25, 2023 to September 27,
the Meeting. 2023. Members shall be provided a ‘queue number’
before the meeting. The Company reserves the
iii. Members are encouraged to join the Meeting through right to restrict the speakers at the AGM to only
Laptops/ Desktops with Google Chrome (preferred those Members who have registered themselves,
browser), Safari, Internet Explorer, Microsoft Edge, depending on the availability of time for the AGM.
Mozilla Firefox 22.
07
II. Post your Question: The Members who wish to post V. In case a person has become a Member of the
their questions prior to the meeting can do the same Company after dispatch of AGM Notice but on or
by visiting https://emeetings.kfintech.com. Please before the cut-off date for E-voting, he/she may
login through the user id and password provided obtain the User ID and Password in the manner as
mentioned below:
in the mail received from Kfintech. On successful
login, select ‘Post Your Question’ option which will i. If e-mail address or mobile number of the
be opened from September 25, 2023 to September member is registered against Folio No. / DP
27, 2023. ID Client ID, then on the home page of https://
evoting.kfintech.com/ , the member may click
III. In case of any query and/or grievance, in respect of “Forgot Password” and enter Folio No. or DP ID
voting by electronic means, Members may refer to Client ID and PAN to generate a password.
the Help & Frequently Asked Questions (FAQs) and
ii. Members who may require any technical
E-voting user manual available at the download assistance or support before or during the AGM
section of https://evoting.kfintech.com (KFintech are requested to contact KFintech at toll free
Website) or contact Ms. C Shobha Anand, at evoting@ number 1-800-309-4001 or write to them at
kfintech.com or call KFintech’s toll free No. 1-800-309- evoting@kfintech.com.
4001 for any further clarifications.
VI. The Results of voting will be declared within two
IV. The Members, whose names appear in the Register working days from the conclusion of the AGM and
the Resolutions will be deemed to be passed on
of Members / list of Beneficial Owners as on Friday,
the date of the AGM, subject to receipt of requisite
September 22, 2023, being the cut-off date, are
number of votes. The declared Results, along with the
entitled to vote on the Resolutions set forth in this Scrutinizer’s Report, will be available forthwith on the
Notice. A person who is not a Member as on the Company’s corporate website www.rattanindia.com
cut-off date should treat this Notice for information and on the website of RTA, such Results will also be
purposes only. Once the vote on a resolution(s) is cast forwarded to the National Stock Exchange of India
by the Member, the Member shall not be allowed to Limited and BSE Limited, where the Company’s shares
change it subsequently. are listed.

EXPLANATORY STATEMENT
The following Explanatory Statement pursuant to Section Annual leaves and gratuity: as per the standard rules of the
102 of the Companies Act, 2013 (“Act”) sets out all material appointee company, which would be a replication of the
facts relating to the business mentioned at Item No. 4 of standard rules applicable in the Company.
the accompanying Notice dated September 6, 2023:
ESOPs/Sweat Equity: Will be eligible for ESOPs/Sweat
Item no. 4 Equity upto 5% of the issued and subscribed equity share
capital of Neotec Enterprises Limited and Neotec Insurance
Appointment of Mr. Rahul Gochhwal as President – Brokers Limited, wholly owned subsidiary companies,
Fintech Business, a related party and for holding the carrying Fintech and Insurance Businesses.
office of place of profit
Other terms and conditions: as per standard rules applicable
The Board of Directors of the Company based on the in the appointee company, which would be a replication of
recommendation of Nomination and Remuneration the standard rules applicable in the Company.
Committee and Audit Committee considered the
appointment of Mr. Rahul Gochhwal, who is a relative of The payment of remuneration shall not commence earlier
Ms. Anjali Nashier, Director of the Company, as President- than October 1, 2023.
Fintech Business and the remuneration proposed to be
paid to Mr. Gochhwal exceeds INR 2,50,000/- (Rupees Two The Board thinks that for such an onerous position and
Lac Fifty Thousand) per month approval of the members/ responsibility, the remuneration package as described
shareholders of the Company is the pre-requisite for his above would be commensurate compensation. The same
appointment and for occupying the place of profit as may be taken to be description of the Monetary value, of
defined under Section 188 (1) (f) of the Companies Act, his contract of employment with the Company.
2013 read with Rule 15(3) of Companies (Meetings of Board
Accordingly, approval of the members of the Company
and its Powers) Rules, 2015.
is sought in this regard, in terms of the resolution set out
Mr. Rahul Gochhwal is an alumnus of IIM Calcutta and at item no. 4 of the notice and the same is recommended
Punjab Engg. College (PEC), Chandigarh. He has over 20 for approval.
years of business experience both as an entrepreneur and
Except Mrs. Anjali Nashier, Director or her relatives, none
a professional. Mr. Gochhwal founded Trupay- Country’s
of the other director or key managerial personnel of the
first Payment Platform to provide UPI and Bharat QR based
Company and /or their relatives are or may be deemed
payment solutions. In his previous professional stints,
to be concerned or interested financially or otherwise in
Mr. Gochhwal has worked in Infosys, Indiabulls Group and
the resolution.
Unitech in various leadership positions.
By Order of the Board of Directors
The position would carry the remuneration as
described below:
Performance Cost to Sd/-

Fixed Pay Rajesh Arora
Linked Incentive the Company
Company Secretary
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09
MARCHING
AHEAD
RattanIndia
Enterprises Limited
Annual Report
2022-23
Contents
Chairman & Business Chairperson’s Message 2

Management Discussion and Analysis 6
Corporate Information 39
Board’s Report 40
Business Responsibility & Sustainability Reporting 53
Corporate Governance Report 77
Standalone Financial Statements 99
Consolidated Financial Statements 162
Cautionary statement
Information in this Management Discussion and Analysis Report highlighting your Company’s objectives, forecasts, estimates, and
expectations may be deemed forward-looking statements under applicable laws and regulations, and actual results may differ
from those expressed or indicated herein. Your Company is not obligated to publicly amend, update, or alter any forward-looking
statements due to new information, developments, or events.
CORPORATE STATUTORY FINANCIAL
OVERVIEW REPORTS STATEMENTS
India.
A land of relentless growth that keeps pace
with the visions of the future.
A nation that’s at the cusp of a dynamic
boom in opportunities & development.
A country that is about to rise to unforeseen
heights.
A name that is looked upon as a beacon of
global economic hope.
The potential is undeniable. The
progress is inevitable.
India is pacing forward

faster than ever before. And
we’re here, ready to March
Ahead with it!
Annual Report 2022-23 01

Chairman &
Business Chairperson’s Message
“AT REL, WE
HAVE CAREFULLY
CHOSEN TO BE
IN NEW-AGE
BUSINESS SPACES
THAT ARE AND
WILL CONTINUE TO
SURGE WITH THE
RESURGENCE OF
OUR NATION.”
Rajiv Rattan
Chairman

Anjali Rattan Nashier

Business Chairperson

DearShareholders,
It is a privilege to share my topline to reach C4,079 crore and Limited (TAS) launched four new
thoughts through this narrative reported a Net Profit of C47 crore. models with enhanced capability.
as RattanIndia Enterprises In our ‘Neobrands’ segment, we It also received drone Remote
Limited (REL) reported another launched three brand stores on Pilot Training Organisation (RPTO)
excellent performance; I am filled Amazon featuring trendy casual license. This is important as it
with gratitude and a sense of wear, denim wear and athleisure opens a flanking revenue vertical
accomplishment. products. which is expected to become a
sizeable revenue and profitability
Our journey was fashioned by Our e-mobility vertical delivered spinner over the coming years
the evolving global and Indian splendid numbers. Sales volumes – considering that India would
economic landscapes, and I would upped by about 34% while the need about 100,000 drone pilots
like to reflect upon them as we topline scaled by more than over the next few years. TAS is one
celebrate our success. 50%. These numbers showcase of selected few companies that
the winds of change in favour of has qualified for Government of
Global issues put forth multiple e-mobility. We continued to widen India (Production Linked Incentive
waves of volatility and uncertainty our presence in new cities which scheme) in July’ 2022 for the period
that triggered significant risks to generated interesting footfall. To of three year starting FY22.
India’s macroeconomic stability and up the ante, we recently launched
progress. But a resolute India deftly a limited edition stealth black Moreover, we reported an
overcame the prevailing headwinds. RV400 electric motorcycle, which impressive growth in business
Our excellent economic progress will strengthen our position in the profitability despite elevated
is a compelling watermark to the market. inflation and escalating interest
nation’s resilience and adaptability rates, which was particularly
as we emerged one of the fastest- The fintech vertical witnessed more heartening.
growing economies in FY23. than 1.7 million people visited their
portal in FY23. We disbursed 7,300 Our Adjusted EBITDA* at
At REL, we bettered our financial loans cumulating more than C300 consolidated level improved to
numbers, further strengthened crore. Also, we issued 3,700+ credit C538 million in FY23. I believe this
our brands, and continued to cards. Additionally, we widened is the satisfying outcome of our
pursue value-accretive growth our service basket, we also initiated growing brand awareness and
opportunities. Our revenue from our insurance piece for which we acceptability by the end consumers.
operations scaled to C41,238 million partnered with multiple insurance
in FY23. Continuous upheavals As we advance, we will remain
companies, NBFCs, banks and other steadfast in continuing to grow our
notwithstanding, we recorded fintech companies in India.
strong performances across all our brand acceptance by rejuvenating
business segments. It was a very satisfying year for our offering under each brand with
our drones segment. In FY23, customer-relevant and value-
In our e-commerce vertical, our NeoSky, through its subsidiary generating products.
‘Cocoblu’ division registered a Throttle Aerospace Systems Private
*Adjusted EBITDA = EBITDA excluding unrealised /
realised gain / loss on investment and derecognition
of investment in associates.

peaks I am very confident that under the

and the tutelage of the senior leadership,
ambition to every business team will leave no
delve into the new. stone unturned to ensure that
Because business we meet our immediate- and
spaces have widened medium-term operational and
significantly in this new India, financial goals. It will allow us
business models and processes to deliver superior value to all
have altered considerably with our stakeholders and make a
the technology tsunami sweeping meaningful contribution to India’s
across India Inc. march onto the global center stage.
At REL, we have carefully chosen The journey has been enjoyable so

to be in new-age business spaces far, and I look forward to an even
that are and will continue to surge more exciting time in the context of
I am positive with the resurgence of our nation. India’s Marathon story.
about our prospects Moreover, within these spaces, we
over the coming years. have created a niche that positions Before I close, I take the opportunity
My optimism is reinforced us out of the clutter. Case in point: to thank all our stakeholders – the
by my belief that India has We are India’s first and No. 1 E-2W Government and its departments,
transformed into one of the bike. Featuring among the first our customers, investors, regulators,
greatest countries in the world. movers in our business spaces, lenders, suppliers and advisors – for
we hope to make the most of the their continued support.
The last decade was the decade
mushrooming opportunities in
that will be etched in history as the I sincerely thank REL’s exceptionally
these sectors over the next decade.
golden period in India’s journey as talented and hardworking team,
we are an economy that is surging We have drawn up a who is relentlessly pursuing our
above the rest against all odds. We comprehensive strategic roadmap ambition of elevating our flight into
are a nation that is traversing fast for every business vertical. We a new orbit. I look forward to your
to occupy the global podium. I are determined to introduce new continued support.
count myself extremely lucky to be products that will ensure our
witnessing and contributing to the preeminent position. Consistent Warm regards
resurgence of our nation. with that objective, we will
undertake our planned investments Sd Sd
India is a name reverberating across
to enhance our capacities and
the world as an economic power Rajiv Rattan Anjali Rattan
capabilities to deliver products and
that is coming of age and creating Nashier
solutions aligned with evolving
unlimited opportunities for business Chairman Business Chairperson
market dynamics.
enterprises that aspire to scale new

MANAGEMENT
DISCUSSION & ANALYSIS
An economic overview
World economy: The In 2022, housing, bank lending, and incoming data in the first half of
world economy witnessed a the industrial sector pulled down 2023 surpassed expectations and
significant recovery in 2022 from the growth matrices. However, it is are forcing agencies towards an
macroeconomic, environmental, offset by a robust recovery in other upward revision for 2023 for many
and humanitarian crises and segments, notably in-service sector economies.
registered a healthy growth of activities and strong labor markets.
3.4%, as reported by IMF in its Further, amidst global geopolitical Interestingly, inflation seemed
April 2023 version of the World and economic tensions, global trade to peak in 2022, but in 2023 it
Economic Outlook. Emerging hit a record high of US$ 32 trillion, seems to be waning very slowly,
Asian economies seemed to despite negative growth during the provoking/insinuating further
have performed better last year last quarter. Manufacturing declined monetary tightening. Therefore,
compared to developed economies overall, while trade in sustainable the likelihood of slower growth is
of Europe, Latin America, and the products increased during the year’s very high in the second half of 2023
US, which registered rather feeble second half. and the first half of 2024. However,
growth. Reopening dynamics emerging Asian economies will
and lesser inflationary pressure Global agencies suggested continue to drive growth amidst
were the key reasons for the Asian continuous trade stagnation in the certainty of a persistent
economies to perform better than the first half of 2023, although the slowdown in most advanced
other countries. outlook is expected to turn positive economies.
during the second half. But new

Indian economy: India’s GDP print India faced high inflation in 2022-23 The year saw the consumption of
in the last quarter of FY2022-23 due to global geopolitical turmoil major fuels–diesel, petrol, and LPG
indicated significant economic triggered by the Russia-Ukraine war. – that broke/surpassed all previous
growth as it reached 6.1%, lifting CPI (Consumer Price Index), which records. Traditionally, petroleum
the total annual growth to 7.2%, measures retail inflation of goods & product consumption is considered
according to the data released by services in the economy covering a measure of crude oil demand. It is
NSO (National Statistical Office) 260 commodities, rose highest in also a proxy for tracking industrial
on 31st May 2023. The uptick was April to 7.79% but came down to activity and domestic consumption
driven by good performance in a much more comfortable level of trends.
the agriculture, manufacturing, 5.66% in March 2023. The average
mining, and construction sectors inflation for the whole year remains Outlook: The Indian economy
which catapulted the economy to a at 6.7% in FY23. seems better placed amid global
whopping US$ 3.3 trillion. recession fears and further interest
Commodity prices remained high hikes. July 2023 data suggests
Growth in the March quarter throughout the financial year. high-frequency indicators like
reflects a steady/consistent But raw material prices dipped manufacturing data, capex by state
expansion and an overall economic sequentially during the fourth and central Government, and a
strength. Case in point, GVA (Gross quarter of FY23, resulting in better recent uptick in tax receipts (direct
Value Added) has risen 7% in the operating margins in almost all & indirect). As a net importer of
2022-23 fiscal and manufacturing sectors. However, experts suggest crude oil, diminished prices are
jumped in the final quarter of that the commodity prices will likely to have a ripple effect on the
FY23 to 4.5% after six months likely remain stable but range Indian economy this financial year,
of contraction. However, overall bound in FY24. potentially improving corporate
consumption remained tepid for margins.
an entire year. The mining sector The total gross GST collection for
2022-23 stood at C18.10 lakh crore, However, escalation in global
experienced an acceleration of 4.3%
while the average gross monthly tension and domestic weather
last financial year against 2.3% in
collection for the entire year was threats like El Nino can potentially
2021-22. The services sector grew
C1.51 lakh crore. The GST revenues thwart the growth momentum,
by 9.5%. Trade, hotel, transport,
clocked 13% growth on a y-o-y basis. negatively impacting food inflation
communication, and broadcasting
and consumption demand. The
services have shown an annual
The fuel prices remain stable in the recent rise in vegetable prices is
growth of 14% in FY23.
financial year ending March 2023. also worth monitoring.

India’s Digital Economy
India is rapidly progressing to automation, transportation, and to India’s GDP went from 5% in
emerge as a global leader in the logistics to banking, R&D, social 2014 to 9% in April 2023, aiming for
digital economy, which has grown media connectivity, shopping, an even greater contribution to the
by leaps and bounds in the last and entertainment, the goal tune of ~20% by 2025-26.
few years. Digital initiatives by of making India a US$ 1 trillion
the Government, Digital India digital economy seems reasonably India’s explosive growth of the
programs, the rise of online achievable in the near future. digital economy is poised to
payment systems, government serve as a significant enabler in
initiatives and general people’s Within nine years, the number of economic growth. Compared to
eagerness to adapt to the digital digital transactions in India has developed countries, India’s pace of
economy are some of the factors increased 100 times from a mere digitalisation has been significantly
for this upsurge. 127 crore in 2013-14 to 12,735 crore fast in recent years. Further, with the
transactions in 2022-23 (as on Mar advent of 5G and the setting up of
Digital transformation is the new 23, 2022). India’s internet users are semiconductor industries in India,
norm in most of the industries. expected to grow from 75.9 crore to the digital economy is expected to
Further, with usage ranging 90 crore by 2025. In the last decade, accelerate even further in the next
from communication, learning, the digital economy’s contribution few years.

Growth drivers An era of high technology and digital economy in the country
startups: India is experiencing a in a penetrative manner Case in
The digital economy significantly
golden technological development point, the Digital Saksharta Abhiyan
impacts the country’s economy and
age. And with a growing number (DISHA) program launched in 2016
society, where private and public
of tech talents trained in world- aims to make at least one member
sectors are fueling its growth. It has
class institutions, several tech of every household digitally literate.
created jobs, boosted productivity,
startups and established players are The recent budget 2023 also
and enabled common people to
investing in the sector. Further, with emphasised the importance of
access services and opportunities
various cutting-edge technologies digital in the Indian economy while
easily and affordably. The growth
like 5G, AI, blockchain, augmented putting adequate importance on
of the digital economy further
reality, virtual reality, machine 5G labs, AI centers of excellence,
led to the emergence of several
learning, deep learning, robotics, and right skilling.
new business models, such as
natural language processing, etc.,
e-commerce, digital payments, Changes in the nature of
in play, India has become a global
online education and many more. business: The Indian industry has
hub for tech startups. Case in point,
India has over 27,000 active tech been undergoing changes/shifts
Growing population and Aadhar:
startups, with 1,300 starting just in recent years, with a growing
India is the world’s most populous
in 2022. India’s startup ecosystem number of organisations adopting
(142.02 crore) country with rising
is one of the fastest-growing in digital technologies and an equally
income and a substantial young
the world, with several unicorns large number of business entities
population. Most of this population
emerging in recent years. registering in the GST digital
is biometrically registered and
platform. In June 2022, more than
connected through a single
Policy reforms: The Digital India 11.9 million entities registered on
biometric digital identity platform
framework serves as a guiding the portal. Further, the multiplying
called Aadhar, a key component
principle in the digital economy, number of smartphones, affordable
in our digital infrastructure. Apart
focusing on industry transformation data plans by telecom companies,
from being inherently unique, it
to promote growth. Coupled with and increasing internet penetration
also plays an essential role in digital
the Digital India program, the Make have enabled more people to
governance in India. For example, it
in India initiative, which promotes access digital services. This has
ensures that government benefits
(indigenous/local) manufacturing created a large market for digital
reach directly to the intended
within the country, is promoting services, including e-commerce,
beneficiaries. Further, the Indian
the production of digital devices in digital payments, fintech, and
population is known for their
India. One of the other significant online entertainment.
adaptability and eagerness to
initiatives is that the BharatNet
learn. As a result, the nation is
project aims to connect villages in
rapidly adopting this new digital
India with high-speed broadband
technology, thus driving growth in
by 2023. This rural connectivity will
the Indian economy.
play a pivotal role in scaling the

Our business
PRESENCE.
PERFORMANCE.
PROSPECTS.
With reviving domestic demand, increasing capacity utilisation by the
manufacturing sector, and easing input cost pressures, the corporate sector
draws funds for productive purposes. Against this backdrop, multiple
industry segments such as drones, electric vehicles, e-commerce and fintech
businesses are soaring, which in turn are helping India to become a US$ 5
trillion economy. Besides being utterly eco-friendly, these sunrise sectors
provide flexibility, scalability, decent profit margin, and significant enough
room for growth for the Company in the future.


E-COMM Business vertical 1
E-COMMERCE

MERCE

Overview: In recent years, India their hat in the ring. Against this Technology-based invoice
is witnessing an explosion in backdrop, E-commerce players are financing embedded ‘pay-later’
internet and smartphone usage, re-strategising to tap the next set of option has already gained
and this fast-growing number of internet users from the hinterlands. traction in recent years. And with
internet subscriptions and high aggregator platforms available
data consumption are bridging In the last three financial years, for payment, leveraging the
the digital divide. Driven by E-commerce sales jumped by power of data and technology
these factors, rising income, and a staggering 140% in India. to gain customer insights and
the ‘Digital India’ initiative, the But, despite a relatively slow create compelling, personalised
E-commerce sector is stirring the momentum in the last fiscal, the experiences will be crucial for all
pot in the Indian business space. e-tailing market is 2.5x today E-commerce companies. Further,
The mobility restriction during the compared to the pre-Covid level, proactive government initiatives
pandemic also boosted this sector’s and it is performing much better to build the enabling infrastructure
enormous growth. than the overall retail market, still and transform logistics coupled
subdued because of inflation. The with embedded finance and credit
Indian E-commerce sector is same three financial years also will give the sector a well-deserved
characterised by several segments witnessed a significant increase in boost and faster growth in the
of businesses such as business- the E-commerce customer base, coming years.
to-business (B2B), consumer-to- where most users belong to non-
business (C2B), direct-to-consumer metro areas.
(D2C) and consumer-to-consumer
(C2C). Among these, B2B and D2C The FY23 growth pattern suggests
have seen immense growth in that the monthly user base is larger
the last few years. Another type of than ever. The monthly shopper
E-commerce is also in vogue today, base (MTU) stood at 65 million
for example, ‘Social E-commerce,’ in the same financial year, which
which is E-commerce via social is 31% of the annual e-tailing
media. shopper base – it was 23% of the
pre-pandemic era. It proves the fact
Before 2022, the Indian that the consumer base for Indian
E-commerce segment was E-commerce is growing, and they
dominated by two major players. shop online more frequently across
But 2022 saw some significant a wide range of categories.
changes, with several giant
conglomerates, startups and state- India’s future in E-commerce
backed ONDC all ready to throw appears considerably promising.

Growth drivers • The emergence of new-age Opportunities: Being the third-

delivery systems such as largest retail market globally, India
• Government initiatives like
next-day delivery, on-day has the third-highest number of
Startup India, Digital India, Skill
delivery, and return delivery e-retail shoppers (behind China
India and Innovation Fund are
are fueling the growth of and the US). The number of online
contributing to the growth of
E-commerce sectors in India. shoppers in India is anticipated to
E-commerce in India. Also, the
Additionally, high-quality touch about 50 crore in 2030 from
Government itself launched an
of customer services, bulk 19 crore in 2021. India’s internet
E-commerce platform for the
handling capabilities of delivery user base is expected to swell from
farming community so that
companies have proved to 759 million users to 900 million
people can sell agro products
be extremely beneficial for users by 2025. These factors are
online.
E-commerce companies, likely to drive exponential growth in
• Rising internet penetration thereby driving growth. the Indian E-commerce market.
facilitated by rapid
• New-age payment solutions
advancements in technology
like UPI, ePOS and other
such as 4G & 5G and affordable
digital payment platforms are
data tariffs by companies
unlocking considerable potential
are driving the growth of
in the E-commerce market. With
E-commerce in India. Further,
physical cash exchanging hands,
the Government policy of
the transactions were difficult
pushing the internet in the
and time-consuming earlier.
remotest corners of the nation
But with these online payment
India will work as means to
systems facilitating the transfer,
tap the huge rural market
purchasing goods has become
for E-commerce companies.
extremely convenient and easy
Coupled with internet
for every party involved.
penetration, the increasing
rate of smartphone adoption
is also propelling the growth in
E-commerce in India.

Overview of our business
1) Cocoblu Cocoblu offering some of the best- crore, and PAT touched C47 crore
in-class items for customers. The while EBITDA stood at C93 crore in
Housed in 26,000 sq. ft. office
efforts have made the Company the same time period.
space in Bangalore, Cocoblu Retail
one of the most sought-after
Limited is a company engaged in 2) Neobrands
brands on Amazon, where we are
the E-commerce business since its
awarded an overall 4.5-star review Through its wholly-owned
incorporation in 2021. Today it is a
rating. subsidiary Neobrands, REL
direct beneficiary of India’s booming
online retail business space. engages in the fast-growing B2B
The Company is leveraging big
online fashion apparel business.
data, analytics, and machine
It is a wholly-owned (100% Neobrands houses brands across
language to understand the
holding) subsidiary of RattanIndia multiple fashion categories, such
customers’ purchasing behavior. It
Enterprises Limited. The Company as fashion, denim, athleisure and
helps Cocoblu tailor their marketing
has partnered with several big and performance wear, and sells them
directly to customer preferences
small brands in India to bring them online through E-commerce
and create new products that
on Cocoblu’s leading online retail platforms. However, in the first
satisfy the customer’s needs.
platform. Cocoblu is committed phase, it will likely sell all the brands
The Company also uses robust
to scaling up local MSMEs and through a D2C route.
processes to build on the best-in-
helping their brand to tap the
class technology in managing retail In FY23, Neobrands launched
vast opportunity of the Indian
details for a better user experience. House of Brands (D2C) across
E-commerce market.
multiple fashion categories,
In FY23, Cocoblu shipped 1.5 crore
By the end of the last financial including casual wear, athleisure
shoes and an equal number of
year, Cocoblu has tied up with and denim, all launched in the
wireless accessories across pin codes
~136 Amazon Fulfilment Centers, Company’s brand stores on
in India. The Company also delivered
enabling it to deliver across ~100% Amazon. Neobrands has also
2.1 crore books, 3.03 crore apparel,
of the PIN codes in the country. initiated a pilot program for selling
89 lakhs of office stationery and
We delivered more than 19,000 PIN apparel, shoes and handbags on
9.5 lakhs of musical instruments in
codes across India. Last fiscal more Amazon.com to serve the US,
the same financial year. As a result,
than 880 top brands signed up with Canadian and Mexican markets.
Cocoblu’s revenue reached C4,079

Our competitive advantages on unit economics, it plans

to systematically deploy the
Excellent management: An
right resources to elevate the
experienced, talented and aptly
momentum with an objective
qualified management team with
of widening the addressable
experience running operations
opportunity size.
in several E-commerce and retail
companies and who are supported There are abundant opportunities
by experts with rich experience in available in e-commerce that can
scaling up brands. be harnessed at an appropriate
time by REL. Some of them include:
Technological edge: With
embedded technology, fully • Partnering vendors in their
integrated systems and the growth journey
capability to analyze customer • Digital co-branding
behavior and predict trends, • Other online marketplaces
Cocoblu is always a step ahead • Licensing foreign brands
of its competitors. The Company • Private Labels
also possesses a robust inventory
management system, an excellent REL’s endeavour is to tap
supply chain network and possibilities in the e-commerce
dedicated software applications for space by leveraging its expertise
customer fulfillment. in new age business and native
knowledge of Cocoblu team. Deep
Engagement in long-tail expertise comes from Cocoblu’s
categories: Cocoblu specialises in passionate team of almost 230+
selling long-tail product categories. e-com natives, who are adept with
Long-tail products typically contain big data technology and well-
a head containing a few dominant versed with product category
products and a long tail spanning dynamics In doing so, the
many rarely sold products. But philosophy of driving business
the amount from the sale of these will remain unaltered. We will
rarely sold products usually exceeds focus relentlessly towards
the main product’s value. achieving rapid
scalability with limited
Our business strategy going
investments, with a
forward
customer experience
Cocoblu has been built on a backward approach
solid foundation with all the to achieve market
right ingredients for success. The leadership position.
Company is very well placed to
capitalise the emerging themes
and gamut of opportunities
present in the Indian e-commerce
space. While emphasising

ELECTR
VEHIC
Business vertical 2
ELECTRIC
VEHICLES

RIC
CLE

Market: India represents the fourth growth on account of favorable due to competitive prices (owing
largest automobile market in the government’s policies for EVs to government subsidies and
world and the second largest two supporting reduction in upfront technological developments), lower
wheeler market with ~20 mn units. cost and expansion of charging running costs, low maintenance
India, a rapidly growing economy, infrastructure, rising fuel prices, and charges, growing sensitivity
is fast becoming a manufacturing shifting consumer preferences. towards the environment.
hub for many industries, such as
electric vehicles. In this sector, The E2W sales in India has increased
India aims to achieve 100% local over the years and has witnessed
production of EVs under its ‘Make in significant growth in FY23. E2W Chart 65: EV sales (in million units)
India’ initiative. sales in FY23 grew by 188% 0.83
compared to the previous year. The

Overall, the penetration of EVs has CAGR of E2W during the period
increased to 5.12% of the total FY19 to FY23 stood at 92%. 0.43
vehicle sales in FY23. This can be

compared to the ambitious targets The E2W sales continued to soar in 0.15 0.17
0.13
set by Government of India at FY23 which can be attributed to the 0.10
30% EV penetration by 2030. In shift in customer preference from FY18 FY19 FY20 FY21 FY22 FY23
FY23, EV sales witnessed massive petrol two-wheelers to electric ones Source: Center for Energy Finance, CareEdge Research

Sales units of E2Ws and Penetration of E2W in overall two -wheeler volumes
4.35%
7,26,841
1.84%
0.01% 0.13% 0.15% 0.30%
2,52,547
28,005 26,827 44,782

2,004
FY18 FY19 FY20 FY21 FY22 FY23
Electric Two-Wheeler E2W Penetration in total EV sales
Source: Center for Energy Finance, CareEdge Research
Opportunities moving the car. This means that transition, energy security and net
an electric vehicle is roughly zero objectives, which will help
There is a growing thrust on the
three times as efficient as an ICE the EV industry to work alongside
adoption of electric vehicles (EVs)
vehicle. Needing less energy to in addressing the issues related to
across the globe amid increasing
power your car also helps bring Climate Crisis. The government of
carbon emissions which have
down the cost. India has also planned to achieve
serious repercussions including
100% e-mobility by 2030 in smart
global warming. The Indian • In almost every aspect, electric cities and this opens a huge market
government is aligned with taking vehicles are technologically for EVs.
steps to decarbonise the economy superior to ICE vehicles. Electric
with a push towards electrification vehicles are simpler - a battery Electric Bikes: In the dynamic
of mobility. As India is significantly plus motor and controller is landscape of India’s two-wheeler
dependent on crude oil imports all that’s replacing the entire market, where the electric scooter
and various cities in India are facing engine and its related systems revolution has been stealing
pollution menace, the Indian in ICE vehicles. ICE technology the spotlight, the presence of
government has also acknowledged is extremely complex, if one motorcycles, which constitute
the need to promote EVs. The considers the enormous number over 65% of the annual two-
Government’s initiatives along with of parts operating in sync with wheeler market in India, has been
growing concerns for environment & each other. overlooked. Electric bikes are
energy security, rapid advancements perfect for micro-mobility solutions.
in technologies for powertrain • The proactive measures taken by
electrification, and innovative newer the Government, as well as the Additionally, the burgeoning
business models are driving the State Government to accelerate interest in sustainable
sales of EVs. EV transition, development of transportation alternatives among
local manufacturing of batteries, consumers, combined with the
Mentioned below are some of and increasing affordability of the increasing availability of affordable
the key points that will lead to vehicles, augur well for the sector Electric bikes, is expected to drive
faster adoption of EVs and present which is anticipated to see long- further growth in the coming years.
significant growth opportunities: term growth in the future. The Advances in battery technology
overall outlook for E2W in India is and the increasing availability and
• According to the Department
positive, and the country is well use of battery swapping stations
of Energy (DOE), in an EV, about
on its way towards achieving have also contributed to the
59-62 percent of the electrical
a sustainable and eco-friendly demand. Strategic agreements
energy from the grid goes to
transportation ecosystem. between manufacturers, service
turning the wheels, whereas
providers, and charging companies
gas combustion vehicles only In the Union Budget 2023-24, the are building alliances which will
convert about 17-21 percent of government has allocated INR accelerate the penetration.
energy from burning fuel into 35,000 crore to achieve the energy

Our business strategies going
forward Revolt is well capitalised
to gain a stronger hold in the
automobile industry as the EV space
starts to gather steam in the coming
years. While the EV two wheeler
space is currently at a nascent stage
globally, Revolt enjoys the first
mover advantage as it continues
to be the leading EV motorcycle in
India for the last six years.
Considering the abundant

opportunities in the EV sector,
Overview of business
here are some of the most crucial
aspects of our strategy:
• Expansion of product portfolio

by adding new products
REL acquired a 100% stake in the Our Competitive advantages across different price points –
Revolt brand in January 2023, and catering to a wider segment of
• First-mover advantage in the population
the entire supply chain has been
electric bike segment
overhauled. We have expanded the • Expansion of network in India
existing distribution network from a • India’s most advanced next- and start exports to various
limited reach to an elaborated pan- generation AI-enabled electric international markets to increase
India system. We have engaged bike that doesn’t require any the reach.
our customers meaningfully with special charging infrastructure
our new digital approach using AI- • Continuous investment in R&D
enabled data analytics. • Cutting-edge manufacturing to improve quality, reduce cost
technology, with the majority of and launch new products at a
Due to our efforts on the the components sourced locally faster pace.
manufacturing front, we have • Pan India presence with 65 • Adoption of best-in-class
achieved 100% localisation through stores spread across 59 cities practices to maintain optimal
our state-of-the-art technology and more new stores in the consumer satisfaction
and doubled the factory output. pipeline
The brand’s customer-centricity is • Ensure commercial sustainability
improved with prompt services and • Excellent pre-purchase and and profitability of all
quality spares. AI-enabled data have after-sales service making full stakeholders involved.
also brought enormous upgrades use of advanced digital tools
to the technical features of the bike.


FINTECH Business vertical 3
FINTECH

CH

Key Highlights
US$ 2.1 Tn 63 Mn
Estimated Fintech market opportunity Total number of SMBs in India
by 2030
US$ 2.8 bn US$ 4.8 bn

Total funding into B2B Lending start-ups Total funding into Fintech Sector
(2014-2022) in 2022
Overview: The COVID-19 today started as fintech startups. have launched innovation labs to
lockdowns and mobility restrictions Many renowned foreign investors develop contemporary solutions.
positively impacted the overall are actively investing in many such The RBI assists finance startups
fintech market in India. Naturally, potential/promising startups. Also, with financial support to develop
people depended more on online several Government initiatives to technology solutions. Also, the
payment methods, e-commerce promote the digitisation of financial Government has approved new
which grew exponentially during systems and a cashless economy banking licenses and increased the
2020 and 2021. However, this trend have helped consumers to shift FDI limit in the insurance sector.
continued even after the pandemic towards digital alternatives for
because people realised the ease financial transactions and services. All these factors led India to host
of online financial transactions over more than 2,100 fintech entities
physical methods. ‘Digital India’ has fueled fintech making it the world’s third-largest
growth by providing digital provider of fintech services. Newly
Today, with India becoming a hub infrastructure and services to founded startups in the past five
for many Fintech startups, the all citizens. An estimated 80% years comprise 67% of the total
Indian fintech industry has shown of the banking activities at top fintech companies in India.
enormous growth and potential banks in India operate on digital
over the past few years. Some of platforms. Numerous companies,
the biggest companies in India in partnership with fintech firms,

Growth drivers • With the growing middle class In last few years, digital lending
and increasing disposable has witnessed significant growth
• The Government remains
income in the country fintech in India. Open banking has
extremely supportive of the
companies are interested emerged as a sunrise trend in
fintech industry with the
to tap into the market by the fintech industry, where banks
introduction of policies like
offering services such as wealth and other financial institutions
Unified Payment Interface
management, digital investment open their APIs (Application
(UPI), Digital India and PMJDY
platforms, and robo-advisory Programming Interfaces) to third-
(Pradhan Mantri Jan Dhan Yojana)
services for the Indian market. party developers. Also, AI, ML and
initiatives promoting digital
Blockchain are expected to play
payments and financial inclusion. Opportunities: Fintech companies a significant role in future growth
• Fintech companies are can bring unprecedented change and can transform the industry with
partnering with traditional in how people bank in India secure, transparent, cost-effective,
financial institutions thereby by providing quick, easy and and efficient transactions.
expanding their reach and affordable financial services not
capability while offering new only to the marginal people but BNPL of Buy Now Pay Later is
products and services. also to the resident of tier 2 and 3 another emerging trend in the
cities and remote villages, which Indian fintech industry. Because
• Fintech organisations are are still neglected by our traditional of the symbiotic link with
taking into fold the previously banking system. E-commerce, BNPL is deemed
neglected and poorest section the future of fintech. BNPL is very
of the populace. Furthermore, Powered by rapid advancement popular among GenZ consumers,
unlike traditional banks, they in technology, deeper penetration young millennials and first-time
are very active in rural areas of of smartphones even in distant borrowers because of the simplicity
the country where access to the areas of the country and affordable of access to credit and also, this
banking system is limited. internet connectivity, the fintech particular demographic is ignored
sector is playing a defining role in by our conventional banking
• The growth of E-commerce in
increasing financial inclusion and system.
India has created opportunities
offering an equitable opportunity
for fintech companies offering
for the economic upliftment of the
payment solutions and financial
people of India.
services for online shoppers.

Neotec Enterprises is a wholly- • The insurance sales business
owned subsidiary of REL, and it kickstarted in REL with subsidiary
operates in the fast-growing digital Neotec Insurance Brokers.
lending sector through its digital
• Partnered with multiple
aggregator platform, ‘Win.’ Neotec
insurance companies in the
works in partnership with leading
country.
banks & NBFCs in India. It offers a
wide bouquet of services, including • Disbursed 7,300+ loans in FY23
personal loans, 2W loans, credit with a value of C300+ crore.
cards and business loans, making
• The number of credit cards
it a one-stop shop for all lending
issued in FY23 is 3,700+.
products.
Our competitive advantages
30+ 34 1,440 1.7 mn 3,54,000 1,86,000 13

Relationships Association Two wheeler Number of Number of Number of Banks
with financial with OEMs models visitors on the registered credit score integrated with
institutions website/app customers checks our system
for real-time
banking

1. With the ‘wefin’ app or website, 4. With an integrated system and financial empowerment, especially
Neotec facilitates paperless web aggregation at the core, it among underserved and unbanked
authentication and onboarding is easy to scale up the business populations. While Aadhaar based
against a heavy paperwork quickly without any hassle. eKYC has solved the identity layer
scenario for traditional lending. (eKYC), Account Aggregator is
It expedites the whole process, Our business strategy going transforming way consent based
and with instant loan approval, forward authentic financial data is being
customers can enjoy a seamless In recent years, India has witnessed a shared by individuals which is
and user-friendly borrowing remarkable and rapid transformation enabling financial institutions to
experience. in its financial sector, largely make machine led real time credit
driven Jan-Dhan- Aadhaar- Mobile decisions.
2. As a bank/NBFC agnostic digital
(JAM) trinity. This has been further
platform, customers can choose Credit auto-repayments are
supplemented by the emergence
from several loan products driven by eNACH and UPI based
of India stack comprising of
offered by several companies e-mandates. Aadhaar based eSign
Aadhaar, UPI, e-NACH, Account
and compare them live. It makes has enabled paperless, legally
Aggregator and Aadhaar based
choosing a particular product tenable and transparent e-contracts
eSign ecosystem. This digitization
easy based on the customer’s between individuals and financial
has significantly impacted various
preference and need. institution. This entire ecosystem
aspects of the country’s financial
is driving the digital sourcing,
3. Neotec’s ability to offer ecosystem, bringing about
underwriting and delivery of credit
personalised loan products improved accessibility, efficiency,
digitally.
gives the Company a strategic and inclusivity.
advantage over its market Wefin is leveraging data analytics,
The fusion of technology and
peers, which results in a high machine learning, and artificial
finance has not only reshaped the
conversion ratio and satisfied intelligence for sourcing and
way financial services are delivered
customers. assessing creditworthiness of
but has also paved the way for
customers. Wefin has partnered
with Banks and other financial
institutions to enable this digital
distribution of credit and insurance
products without partaking any
credit risk.

DRONE Business vertical 4
DRONES

ES

Thus, several startups and
companies are currently
developing drones and
identifying several applications
for them. Large corporations are
also heavily investing in the drone
ecosystem. But cybersecurity
issues are one of the significant
constraints, and thus, the
Overview: Unmanned Aerial soaring high in recent years and is Government has imposed
Vehicles (UHV) or commonly expected to go even higher in the regulatory restrictions on drone
known as drones, are used next few years. India’s drone sector possession and imports.
in many application areas, achieved a growth of 60% in 2022.
including defense, construction, The Government wants to make The Indian drone market is poised
filmmaking, surveillance, healthcare, it a US$ 1 billion industry by 2025 to grow from around C75,000
E-commerce, delivery and many and has taken measures to achieve crore by CY25 to C1,94,000 crore
more. The Indian drone industry is the goal. by CY28.

Growth drivers
• The Directorate General of Civil • The Indian government 3. Further, there are anti-drone
Aviation (DGCA) released two implemented liberal policies and systems in the defense,
sets of regulations for drones in initiatives for the drone industry, specifically in the areas of
2018. These regulations aimed including Drone Shakti – a PLI sensors, phased array radar,
to create a framework for the scheme, increased air space, Radio Frequency (RF) sensors,
safe and controlled operation of and others that have proven electro-optical and infra-red (EO/
drones in India. to be very encouraging and IR) systems, navigational satellite
collectively support the market’s jammer systems, RF jammer
• The Drone Rules, 2021 were
growth. The Government has and laser-directed energy
framed to simplify and ease
allocated C120 crore for the PLI weapon (Laser-DEW) systems.
the process of the adoption of
scheme to incentivise drone In addition, there is scope
drones.
manufacturing in India. for border security, counter-
• The Digital Sky platform insurgency and crime control,
• The increasing array of drone
was launched by the Indian and anti-terrorism applications.
applications in multiple
government to facilitate
industries is propelling the 4. Another big opportunity
the online registration and
growth of the entire drone area in the drone industry is
approval process for drone
ecosystem, including drone the novel idea of drone-as-a-
operators and pilots.
repair and overhaul, drone service. Most companies may
• Kisan Drones – The scheme was maintenance, drone platform opt for this service because an
to promote the use of drones services, and training and enterprise-level drone might be
in agriculture and make drone education. exceedingly expensive. This is
technology affordable to the anticipated to boost the growth
farmers and other stakeholders
Opportunities
in the drone industry as well,
of this sector. 1. Several types of drones are as most of the time; drones are
used these days. These drones found to be reducing enterprise
• The Government is encouraging
need both hardware, software expenditures.
the ecosystem of setting up
and several components to
more DGCA-approved remote 5. India needs around 100,000
operate. Naturally, unmatched
pilot training orgnisations, to drone pilots in the next few
manufacturing opportunities
cater the future demand of years. The Government’s
exist for all these materials.
certified drone pilots. Pradhan Mantri Kaushal Vikas
2. The commercial UAV market Yojana 4.0 aims to upskill
• The Government’s Startup India
is experiencing exponential Indian youth with industry-
initiative aimed to provide various
growth, becoming widely relevant knowledge to
benefits to startups, including
utilised in many application enhance their employability;
those in the drone sector. Startups
areas. These applications include this scheme also includes
could avail tax benefits, fast-track
site inspections, surveillance, drones (Budget FY23-24).
patent applications, and access
monitoring & capture, and real-
to funding through government
time data transmission.
schemes.

NeoSky India Limited, a leading 90-minute endurance), which is Our business strategy going
name in the Indian drone industry, is an improvement over its TALV- forward
a wholly-owned subsidiary of REL. It TACT product category in terms
India aims to be the global drone
aims to provide 360-degree service of endurance. The targeted
hub by the year 2030. Drone market
to its clients via Drone-as-a-product application areas for this product
in India is likely to grow from C2,900
and Drone-as-a-service portfolios. are paramilitary, police & security
crore in 2020 to C2,95,000 crore by
and defense.
NeoSky received a Drone pilot 2030, 100x growth in this decade.
training license (RPTO – Remote Our competitive advantages Drones is a sunrise industry, with a
Pilot Training Organisation) from massive push from the Government
• Our innovative team and of India (GOI) to liberalise drone
DGCA (Directorate General of Civil
management possess the usage in India.
Aviation) in the 2022-23 financial
right mix of experience and
year. The first such center will
technological know-how in GOI has taken multiple steps in
be launched in Bangalore, with
product design, embedded the last few years to ensure mass
batches starting from June 2023.
systems, aeronautics, AI, ML, adoption of drones, this includes
NeoSky India Limited-owned computer vision, marketing & liberalised drone rules-2021,
subsidiary, Throttle Aerospace SaaS. launching Digital Sky platform,
Systems Private Limited (TAS)), is banning drone imports into
• Due to its excellent team, R&D
one of selected few companies that India, Drone shakti, introducing
and competent manufacturing
has qualified for Government of Production Linked Incentives (PLI)
ability, the Company can offer
India (Production Linked Incentive for drone manufacturers and many
comprehensive services - from
more. Drone exports are expected
scheme) in July’ 2022 for the period design and manufacturing to
to grow from C4,300 crore in the
of three year starting FY22. marketing to its customers. It
year 2025 to C47,000 crore by 2030.
sets us apart from the rest of
Neosky’s subsidiary, TAS has Exports as a % of the industry are
the pack and puts us on a stellar
recently launched two new likely to see a massive jump from
growth trajectory.
products, namely, L40 (Cargo drone just 5% in 2025 to 16% in 2030.
with a capacity of 40kg), targeting • A subsidiary of NeoSky, TAS is
India’s first drone manufacturer Neosky is the drone’s business arm
defense, healthcare, paramilitary
approved by DGCA for civil and wholly owned subsidiary of
and E-commerce industries. The
drones and military authority for REL. The Company is leading the
Company also launched TACT
military drones. way as a strong full-line player in
XL (Surveillance drone with a
the industry, having its presence

across Drones-as-a-Product and in Surveillance. TACT is a military Company to get the benefits of
Drones-as-a-Service. grade drone with 10x zoom and synergies within group companies
thermal capabilities and Nimble-i and sharing of knowledge and
The Company aims to be a market is the industry’s most affordable expertise in various operational and
leader in the Indian drone industry surveillance drone. DOPO is a financial aspects.
and has ambitions to explore powerhouse which can map
markets beyond India. The Company over 5 Sq. kms of land in a single The identification of challenges and
is building a strong presence day, it can also support industrial issues faced by Drone customers
across Consumer, Commercial, inspection, agriculture. and providing the products
Defence drones along with Drone catering to their needs are the key
services and Pilot training. A team The Company have the best growth and sales drivers for the
of company’s subject matter & delivery drones in the market which Company. The combination of retail
technical experts are currently can carry payloads of over 20kg and and institutional customer base will
working on a miniature drone for the Company has also performed be an advantage to diversify the
revenue stream of the Company.
the consumer drone market. The BVLOS (Beyond Visual Line of Sight)
The vast offerings of the Company
Company has also built upon the for drone delivery. We launched an
products to different categories of
Rattan group’s strong foundations innovative, Made-in-India Anti-
customer base will be pivotal to
in the infrastructure space and Drone – the defender. Defender the Company’s growth aspects. The
entered the drone services market can lock, track and hunt down the Company is working towards the
which covers categories like land rogue drones which are entering right price discovery and optimal
mapping, infrastructure inspection, unauthorised spaces. mix of drone models and features
surveillance, logistics and agriculture. to address various customer
The Company has also ventured segments and applications. The
The Company acquired Throttle into drone pilot training to upskill objective of the Company is to
Aerospace Systems (TAS), a the Indian youth and provide provide quality & reliable products
7-year-old company and a leading employment. Efforts are underway and innovative drones that meet or
commercial and defence drone to harness the best intellectual exceed customer expectations. The
manufacturer in India. TAS has talent and technologies in order Company is putting its efforts to
India’s first DGCA approved drone to deliver scalable products and get quality and other accreditation
and has license to make drones for platforms towards this end. applicable to its products and
Ministry of Defence (MoD). TAS also services, which will boost the
qualified for GOI’s PLI scheme. We The strong linkages to parent will confidence of customers in the
have the industry-best products be an added advantage to the Company’s product quality.

Government procurement, developing a multi-channel sales Adherence to the regulatory
especially in the defence sector, has strategy which includes direct compliances is amongst most
opened a new window for drone sales, partnerships, collaborations, important part for any organisation
sector, which may play a substantial government bidding and online efficient operations. The
role in revenue earning capacity of platforms. The idea is to approach Company directionally ensures
the Company and can boost the the prospective customers, expand strict adherence to all relevant
revenue in manifolds. The Company the market reach and increase regulations and safety standards
has either already registered or the visibility of the Company applicable to the drone industry.
started the process of getting products by conducting seminars,
itself registered at various online demonstrating the products, The Company has an effective
platforms including registration for registration on various online system to monitor financial
government bidding. platforms, campaign through social performance closely and make
media platforms and sales through informed decisions to optimise
The Company has also invested distributorship business model. resource allocation. The Company
a decent amount in R&D The Company regularly attends understands the significance of
activities to enhance the current various drone seminars/exhibitions human capital and continuously
technological capabilities of the which highlight the unique features works towards building a skilled
Company products as well as to and benefits of company drones. and motivated team by hiring top
broaden the product portfolio. The It helps the Company in creating talent and fostering professional
Company encourages a culture of brand value and differentiation growth. All the employees are
innovation within the Company, from other competitors. encouraged to attend various
fostering creative thinking and idea training programs to keep
generation. The Company conducts The post-sales support is equally team up to date with industry
regular market assessments to important to build strong customer advancements.
identify new opportunities and relationships and repeated orders.
adjust strategies accordingly. The Company gathers feedback The management periodically
from past and existing customers reviews the potential risks, both
The Company is working towards system which gives important internal and external, and develops
establishing more efficient insights to refine company mitigation strategies.
manufacturing processes to products and enhance the user
ensure high-quality products are experience.
delivered on time. The Company is

Human Internal
resources control systems
The Company takes immense pride Your Company has an internal Internal control systems are
in the commitment, competence control system suitable to the examined regularly for effectiveness
and dedication of its employees characteristic and scale of its and deliverability so that any
in the respective areas of their operations and efficiently and necessary precautions to reinforce
expertise. The Company has a efficiently addresses all aspects them can be undertaken in
structured induction process at all of the business and functional response to changing company
locations for employees at all levels departments. requirements. Your Company
and a standardised and flexible reviews its systems, procedures, and
system to further upgrade the The framework encompasses controls, consistently comparing
necessary skills of the workforce. a compliance management and aligning them with industry
Moreover, objective appraisal team with established policies, standards.
systems based on key result norms, and procedures, as well
areas are in place for all the staff, as applicable statutes, rules, and
including our senior management. regulations, alongside an inbuilt
The Company is committed to system of checks and balances
nurture the skills of its people to ensure that appropriate and
and retain its top talent through prompt corrective actions are taken
its comprehensive Learning and in the event of any discrepancies
Development initiatives. This is part from the defined standards and
of our human resource function parameters.
and is essential in supporting the
organisation’s growth.

Details of significant changes in
financial ratios
During the Year under review, there were the following changes in Key Financial Ratios on Consolidated basis:
Ratio Formula 31 March 31 March Variance Reason for Variance

2023 2022
Trade receivables Revenue/ Average 164.21 8.36 1864% Increase in average trade
turnover ratio trade receivables receivables in current year.
Trade payable Purchase of services 12.47 1.02 1122% Increase in average trade payables
turnover ratio and other expenses/ in current year.
Average trade
payables
Net capital Revenue/ Working (23.34) 0.41 -5800% Increase in revenue and decrease
turnover ratio capital working capital in the current year.
Inventory Cost of goods sold/ 6.20 0.24 2483% Subsidiary has full year of
turnover ratio Average inventory commercial operations during
current year whereas in the
previous year operations started in
February 2022
Return on capital Earnings before -15.57% 67.88% -83% Decrease in EBIT during the year.
employed (ROCE) interest and tax/
Capital employed
Current ratio Current assets/ 0.90 1.20 -25% Increase due to Borrowing in
Current liabilities current year.
Debt - equity ratio Total debt*/ 2.29 0.17 1231% Increased due to ICD taken
Shareholder’s equity
Debt service Earnings available (4.19) 6.40 -165% Decrease in EBIDTA during the year.
coverage ratio for debt service/
Debt service
Return on equity Net profits/ (loss) -51.62% 141.41% -193% Current year loss from fair valuation
(ROE) after taxes/ Average of Investment-Unrealized in RPL.
shareholder’s equity
Net Profit ratio Net profit/ (loss)/ -6.94% 3958.15% -3965% Decrease in profits during the
Revenue year although revenue has been
increased
Interest Coverage EBIT/ Interest (0.22) 0.00 -21.05% NA
ratio expense
Operating profit Adjusted EBITDA**/ 1.30% 4.04% -2.74% NA
ratio Net sales
* Total debts excluding lease liabilities
** Adjusted EBITDA = EBITDA excluding unrealised/realised gain/loss on investment and derecognition of
investment in associates

Corporate Information
Board of Directors
Mr. Rajiv Rattan - Non Executive Chairman
Mrs. Anjali Nashier - Business Chairperson
Mr. Jeevagan Narayana Swami Nadar - Independent Director
Mr. Sanjiv Chhikara - Independent Director
Mrs. Neha Poonia (upto November 10, 2022) - Independent Director
Mrs. Pritika Poonia (w.e.f. November 10, 2022) - Independent Director
Mr. Rajesh Kumar - Wholetime Director
Company Secretary Registrar and Transfer Agent

Mr. Rajesh Arora KFin Technologies Limited
Karvy Selenium Tower-B,
Chief Financial Officer Plot No. 31 & 32,
Mr. Vinu Saini Financial District, Gachibowli,
Nanakramguda, Serilingampally,
Statutory Auditors
Hyderabad – 500032, Telangana
Walker Chandiok & Co LLP,
Chartered Accountants, Registered Office
Firm Registration No.: 001076N/N500013 5th Floor, Tower-B, Worldmark 1,
21st Floor, DLF Square Jacaranda Marg, Aerocity, New Delhi-110037
DLF Phase II, Gurugram-122002 Website: www.rattanindia.com
CIN: L74110DL2010PLC210263
Secretarial Auditors
Email ID: rel@rattanindia.com
S. Khandelwal & Co.
Company Secretaries Bankers
E-7/12, Malviya Nagar, HDFC Bank Limited
New Delhi – 110017 State Bank of India
Internal Auditor
Sharma Gopal & Company

Board’s Report
Dear Shareholders,
Your Directors present to you the Thirteenth Annual Report and the Audited Statement of Accounts of the Company for
year ended March 31, 2023
Financial Results
(H in million)
Standalone Consolidated
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
Revenue
Revenue from operations 40.42 26.00 41,237.90 139.93
Other income 21.85 475.94 144.21 5,789.95
62.27 501.94 41,382.11 5,929.88
Expenses
Cost of raw materials consumed - - 941.99 -
Purchase of stock-in-trade - - 43,667.82 474.39
Changes in inventories of finished goods, stock in trade - - (10,218.50) (383.68)
and work-in-progress
Employee benefits expense 38.50 29.07 738.60 64.39
Finance costs 214.02 15.04 492.58 18.22
Depreciation and amortisation expense 22.77 6.35 98.82 12.68
Other expenses 2,587.29 20.24 8,267.55 69.86
2,862.58 70.70 43,988.86 255.85
(Loss)/ Profit before share of loss in Associate (2,800.31) 431.24 (2,606.75) 5,674.03
Share of loss in associate - - (126.70) (133.36)
(Loss)/ profit before tax (2,800.31) 431.24 (2,733.45) 5,540.67
Tax expense
Current tax expense - - 149.64 -
Deferred tax expense / (credit) - 2.03 (22.09) 2.03
(Loss)/ profit after tax (2,800.31) 429.21 (2,861.00) 5,538.64
Other comprehensive income
Items that will not be reclassified to profit and loss - - - -
Re-measurement of post-employment benefit obligations (0.19) (1.09) 2.84 (1.46)
Income tax relating to items that will not be reclassified to - - (0.01) -
profit or loss
Other comprehensive income for the year (0.19) (1.09) 2.83 (1.46)
Total comprehensive (loss)/ income for the year (2,800.50) 428.12 (2,858.17) 5,537.18
(Loss)/ Income for the period attributable to:
Equity holders of the Company (2,800.31) 429.21 (2,845.66) 5,538.64
Non-controlling interest - - (15.34) -
(2,800.31) 429.21 (2,861.00) 5,538.64
Other comprehensive Income attributable to
Equity holders of the Company (0.19) (1.09) 2.74 (1.46)
Non-controlling interest - - 0.09 -
(0.19) (1.09) 2.83 (1.46)
Total comprehensive (loss)/ Income for the year
attributable to:
Equity holders of the Company (2,800.50) 428.12 (2,842.92) 5,537.18
Non-controlling interest - - (15.25) -
(2,800.50) 428.12 (2,858.17) 5,537.18
Earnings per equity share (Face Value of D 2 each)
Basic (D) (2.03) 0.31 (2.07) 4.01
Diluted (D) (2.03) 0.31 (2.07) 4.01

TRANSFER TO RESERVE Mr. Rajiv Rattan (DIN: 00010849) due to his appointment
In view of the losses incurred during the financial year as Executive Chairman of RattanIndia Power Limited, had
ended March 31, 2023, it has not been possible to transfer re-transited from the position of Executive Chairman to
any amount to general reserve. Non-Executive Chairman of the Company w.e.f. October
29, 2022.
BUSINESS REVIEW
During the year under review, the Company has incurred Mr. Amit Jain (PAN: AEUPJ9311H) ceased to be the Chief
net loss of ₹ (2,800.50) Million. Financial Officer of the Company w.e.f. April 2, 2022 and
Mr. Amit Jain (PAN: AFKPJ7410C) was appointed as Chief
The Company is into the business of manpower/human Financial Officer of the Company w.e.f. April 2, 2022.
resource supply and consultancy, payroll management
Post closure of the financial year, Mr. Amit Jain (PAN:
services, technology business and other related activities.
AFKPJ7410C) ceased to be the Chief Financial Officer of
Company’s criteria for selecting the new-age businesses the Company w.e.f. May 19, 2023 and Mr. Vinu Saini (PAN:
are low capital expenditure requirement, low debt, clean AFSPB8478G) was appointed as the Chief Financial Officer
of the Company w.e.f. May 20, 2023.
tech, non-polluting industries (ESG compliant), rapidly
scalable, direct to consumer engagement, profitable Post Closure of Financial Year, Mr. Rajesh Kumar (DIN:
from beginning, etc. In light with the stated objective, 03291545) was appointed as an Executive Director on the
the Company through its subsidiaries, has forayed into board of the Company effective April 1, 2023, as approved
businesses like e-commerce, fintech, drones and electric by the shareholders in the EGM held on February 7, 2023.
vehicles, details of which can be referred to in the
Chairman’s Message and Management Discussion and The matter as to re-appointment of Mr. Rajesh Kumar, as
Analysis report. a director of the Company liable to retire by rotation has
been included in the Notice convening the Annual General
CHANGE IN OBJECT CLAUSE OF THE Meeting of the Company for the financial year 2022-23,
MEMORANDUM OF ASSOCIATION OF THE for the approval of the members of the Company and
COMPANY his detailed profile is given in the Corporate Governance
During the Financial Year 2022-23, an amendment in Report forming part of the Annual Report.
the object clause of Memorandum of Association of
During the year under review, no Non-Executive Directors
the Company to include an object of providing services
(NEDs) of the Company had any pecuniary relationship or
of planning, marketing, securing, developing infra- transactions with the Company.
structuring activity was approved by Shareholders through
Postal Ballot, result of which was declared on August 3, Pursuant to the provisions of Section 203 of the Act, the
2022 and registered by Registrar of Companies, Delhi on Key Managerial Personnel of the Company are: Mr. Rajesh
August 12, 2022. Kumar, Whole Time Director, Mr. Vinu Saini, Chief Financial
Officer, and Mr. Rajesh Arora, Company Secretary.
DIRECTORS/ KEY MANAGERIAL PERSONNEL
(KMP) DETAILS Details of the various committees along with the
In terms of the provisions of Section 152 of the Companies meetings held during the financial year 2022-23, are
Act, 2013 and Articles of Association of the Company, given in the “Report on the Corporate Governance” of the
Annual Report.
Mr. Rajesh Kumar (DIN: 03291545), would be retiring as a
director by rotation and being eligible for re-appointment, As required under Regulation 34(3) read with Schedule
has offered himself for the same. V Para C (10)(i) of LODR, Certificate from the Mr. Sanjay
Khandelwal Practicing Company Secretary that none of the
During the financial year, Mrs. Neha Poonia (DIN: 07965751)
Company’s Directors have been debarred or disqualified
resigned as Non-Executive Independent Woman Director
from being appointed or continuing as directors of
of the Company w.e.f. November 10, 2022, due to Companies, is enclosed as an Annexure to the Corporate
personal reasons and Mrs. Pritika Poonia (DIN: 06715564) Governance Report.
was appointed as Non-Executive Independent Woman
Director w.e.f. November 10, 2022 by the Board, and her DECLARATIONS FROM INDEPENDENT DIRECTORS
appointment was approved by the shareholders in the In terms of Section 149 of the Act, Mr. Sanjiv Chhikara,
EGM held on February 7, 2023. Mr. Jeevagan Narayana Swami Nadar and Mrs. Pritika

Poonia were the Independent Directors of the Company Depending upon the nature, quantum, importance
as on March 31, 2023 and are also as on date. The Company and intricacies of the responsibilities and functions
has received declarations from the Independent Directors being discharged as also the standards prevailing in the
to the effect that (a) they fulfill the criteria for independence industry the concerned individuals get the best possible
as laid down under Section 149(6) of the Companies remuneration packages permissible under the applicable
Act, 2013 and the rules framed thereunder, read with laws, so that the Company gets to retain the best of quality
Regulation 16(1)(b) of the SEBI (Listing Obligations and and talent.
Disclosure Requirements) Regulations, 2015 as amended
upto date (“Listing Regulations”) (b) that they have got ANNUAL EVALUATION OF PERFORMANCE OF
themselves registered in the data bank for Independent THE BOARD, ITS COMMITTEES AND INDIVIDUAL
Directors being maintained by the Indian Institute of DIRECTORS
Corporate Affairs (IICA), of the Ministry of Corporate Affairs, The annual evaluation process of the Board of Directors,
Government of India and their names are included in the individual Directors and Committees was conducted in
data bank maintained by IICA (c) they are not aware of any accordance with the provisions of the Act and the Listing
circumstance or situation, existing or anticipated, which Regulations. The Board evaluated its performance after
may impact or impair their ability to discharge duties (d) seeking inputs from all the Directors based on criteria such
that they have complied with the Code for Independent as the board composition and structure, effectiveness of
Director prescribed in Schedule IV to the Companies Act, board processes, information and functioning, etc.
2013 which forms a part of the Company’s Code of Conduct
The performance of the committees was evaluated
for Directors and Senior Management Personnel, to which
by the Board after seeking inputs from the committee
as well, they affirm their compliance.
members on the basis of criteria such as the composition
As required under Regulation 25(7) of SEBI (LODR) of committees, effectiveness of committee meetings, etc.
Regulations, the Company has programmes for The above criteria are broadly based on the Guidance Note
Familiarisation for the Independent Directors about on Board Evaluation issued by the Securities and Exchange
the nature of the Industry, Business model, roles, rights Board of India on January 5, 2017.
and responsibilities of Independent Directors and other
Pursuant to Schedule II, Part D of Listing Regulations,
relevant information. As required under Regulation 46(2)(i)
the Nomination and Remuneration Committee has laid
of SEBI (LODR) Regulations the details of the Familiarisation
down evaluation criteria for performance evaluation of
Programme for Independent Directors are available at the
Independent Directors, which is based on attendance,
Company’s website at the web-link https://rattanindia.
expertise and contribution brought in by the Independent
com/wp-content/uploads/2022/08/4-FAMILIARIZATION-
Director at the Board and Committee Meetings, which
PROGRAMME-FOR-INDEPENDENT-DIRECTORS-1.pdf
shall be taken into account at the time of appointment of
COMPANY’S POLICY ON APPOINTMENT AND Independent Director.
REMUNERATION OF DIRECTORS
The performance of the Independent Directors was
The Company’s Policy for the appointment of Directors
reviewed and evaluated by the entire Board and in such
and Key and Senior Managerial Personnel and their
exercise, the director concerned whose performance was
Remuneration policy can be accessed on the Company’s
being evaluated, did not participated.
website at the web-link https://rattanindia.com/wp-
content/uploads/2022/09/REL-SUCCESSION-POLICY-FOR- Pursuant to Section 134(3)(p) of the Companies Act, 2013,
APPOINTMENTS-TO-THE-BOARD-AND-SENIOR.pdf and Regulation 25(4) of Listing Regulations, Independent
Directors have evaluated the quality, quantity and
In seeking to select individuals for induction as directors
timeliness of the flow of information between the
on the Board of Directors of the Company, the criteria such
Management and the Board Performance of the Board as
as qualifications, positive attributes, independence as set
a whole and its Members and other required matters.
out in the aforementioned policy, are strictly adhered to.
Additionally, the knowledge, experience and expertise of The performance of Non – Executive Directors (NEDs), the
the incumbent and their relevance to the Company, are Board as a whole and the Chairman of the Company was
other aspects covered by the policy, which are considered. evaluated by Independent Directors, taking into account
the views of the Executive Director and NEDs.
Remuneration packages for directors, key and senior
management personnel, are drawn up in consonance The Board and the Nomination and Remuneration
with the tenets as laid down in the Remuneration Policy Committee reviewed the performance of individual

directors on the basis of criteria such as the contribution of Board And its Powers) Rules, 2014, as amended upto
of the individual director to the Board and committee date, a well formulated and meticulously framed policy
meetings like preparedness on the issues to be discussed, has been in place in the Company which is followed in
meaningful and constructive contribution and inputs in letter and spirit. The policy is uploaded on the website of
meetings, etc. the Company at the weblink: https://rattanindia.com/wp-
content/uploads/2022/08/POLICY-ON-MATERIALITY-OF-
MEETINGS OF THE BOARD OF DIRECTORS RELATED-PARTY-TRANSACTIONS-AND-DEALING-WITH-
During the year under review 7 meetings of the Board RELATED-PARTY-TRANSACTIONS.pdf
of Directors of the Company were held. The details as to
the dates of such meetings and the attendance of various During the year under review all the related party
directors of the Company thereat, have been provided in transactions entered into by the Company were with the
the Corporate Governance Report. prior approval of the Audit Committee. All such transactions
were at an arm’s length basis and in the ordinary course of
Additionally, a meeting of the Independent directors of business of the Company and details of such transactions,
the Company was held on February 10, 2023, with the forms a part of the financial statements of the Company for
participation of all Independent Directors of the Company the financial year 2022-23, which forms part of the Annual
at the meeting. Report. Certain transactions, which were repetitive in
nature, were approved through omnibus route.
CORPORATE SOCIAL RESPONSIBILITY
In compliance with the requirements of the Companies There were no material transactions of the Company
Act, 2013, the Company has in place, a well-defined and with any of its related parties without the consent of
well structured, Corporate Social Responsibility Policy (CSR the shareholders.
Policy) as drawn up by the Corporate Social Responsibility
Committee (“CSR Committee”) and approved by the Board. The details of such transactions form a part of the financial
statements of the Company for the financial year 2022-23,
The CSR Committee of the Company as on March 31, which forms part of the Annual Report.
2023, consists of three directors namely Mr. Sanjiv
Chhikara, Independent Director, who is the Chairman of LOANS AND ADVANCES IN THE NATURE OF LOANS
the Committee, Mrs. Pritika Poonia, Independent Director TO FIRMS/COMPANIES IN WHICH DIRECTORS ARE
and Mr. Rajesh Kumar, Non-Independent Director. The INTERESTED BY NAME AND AMOUNT
Committee has been formed with the objective of Please refer notes to the financial statement, for details
implementing and monitoring the CSR Policy of the of the loans, pursuant to and in terms of the provisions of
Company under the control and supervision of the Board Schedule V Para C clause (10)(m) of the Listing Regulation,
of Directors. which are in the nature of loans and advances to firms/
companies in which directors are interested.
The CSR Policy of the Company lays down the various
causes to which the Company would be making its CSR INTERNAL FINANCIAL CONTROLS AND THEIR
contribution, towards effectuation of the policy. The ADEQUACY
Company was not statutorily required to make any The Company has in place internal financial controls
contributions towards CSR, during the year under review, commensurate with the nature and size of business
as there has been an average net loss. The CSR Policy of operations. These have been designed to provide
the Company has been uploaded on the website of the reasonable assurance with regard to recording and
Company and is available at the link https://rattanindia. providing reliable financial and operational information,
com/wp-content/uploads/2022/09/Corporate-Social- complying with applicable statutes, safeguarding assets
Responsibility-Policy_IIPL.pdf. The Annual report on CSR from unauthorized use or losses, executing transactions
forms a part of the Directors Report and is annexed hereto with proper authorization and ensuring compliance of
as Annexure-A. corporate policies. Internal Auditor along with external
firms of Chartered Accountants carry out Audits. Further,
CONTRACTS AND ARRANGEMENTS WITH Cost Auditors, the Secretarial Auditors and the Statutory
RELATED PARTIES Auditors are also responsible for checks during the course of
In due compliance with the requirements of the SEBI (Listing their respective audits. The Audit Committee reviews Audit
Obligations and Disclosure Requirements) Regulations, Reports submitted by the internal Auditors. Suggestions
2015 read with Section 188 of the Companies Act, 2013 for improvement are considered and the Audit Committee
and the Rule 6A and Rule 15 of the Companies (Meetings follows up the implementation of corrective actions. The

Committee also meets the Company’s statutory auditors to Management Discussion and Analysis Report which forms
ascertain, inter alia, their views on the adequacy of internal part of the Annual Report identifies key risks, which can
control systems in the Company and keeps the Board of affect the performance of the Company.
Directors informed of its major observations from time
to time. The policy has been uploaded on the website of the
Company and can be accessed at the web link https://
Your Directors are of the view that there are adequate rat tanindia.com/ril/announcement s/reg -21_ risk-
policies and procedures in place in the Company so as management-policy/
to ensure:
PUBLIC DEPOSITS
(1) the maintenance of records that, in reasonable detail, During the year under review your company has not
accurately and fairly reflect the transactions and accepted any public deposits within the meaning of
dispositions of the assets of the company; Section 73 of the Companies Act, 2013 read with rules
framed thereunder.
(2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of DETAILS OF LOANS/GUARANTEES & SECURITIES /
financial statements in accordance with generally INVESTMENTS MADE BY THE COMPANY
accepted accounting principles, and that receipts and Full particulars of the loans given, guarantees extended
expenditures of the company are being made only in or securities provided and the investments made by the
accordance with authorizations of management and Company in various bodies corporate in terms of the
directors of the company; and provisions of Section 186 of the Companies Act, 2013 and
the rules framed thereunder and have been adequately
(3) provide reasonable assurance regarding prevention described in the notes to Financial Statements. The same
or timely detection of unauthorized acquisition, use, are in consonance the provisions of the aforesaid section.
or disposition of the company’s assets that could have
a material effect on the financial statements. CONSOLIDATED FINANCIAL STATEMENTS
In compliance with the requirements of Section 129(3)
RISK MANAGEMENT of the Companies Act, 2013 read with rules framed
In compliance with Regulation 21(2) of the SEBI (Listing thereunder and pursuant to Regulation 33 of the SEBI
Obligations And Disclosure Requirements) Regulations, (Listing Obligations and Disclosure Requirements)
2015 as amended upto date, pursuant to the recent Regulations, 2015:
amendment in such regulations notified by SEBI on May
5, 2021, a Risk Management Committee was constituted (a) Consolidated financial statements of the Company
by the Board of Directors on June 18, 2021 comprising and its subsidiaries for the financial year ended March
of Mr. Rajiv Rattan - a Non-Independent Director as the 31, 2023 were prepared, for being presented to the
Chairman, Mr. Rajesh Kumar, a Non-Independent Director, shareholders for approval along with the standalone
Mr. Jeevagan Narayana Swami Nadar, Independent financial statements of the Company for the said
Director and Mr. Ashok Sharma as the other member, to financial year.
oversee implementation of the Risk Management Policy
in force in the Company, and monitor and evaluate risks, (b) a separate statement containing the salient features
basis appropriate methodology, processes and systems. of financial statements of the subsidiaries in the
stipulated form AOC-1 is also being annexed to the
The Risk Management Policy in force and application in financial statements, as a part of the Annual Report.
the Company, has been drawn up based on a detailed
assessment of the operational risks, risks associated with Further, pursuant to provisions of Section 136 of the
related business in India, in general and the business of the Companies Act, 2013, the financial statements of the
Company in particular. Company, consolidated financial statements along with
relevant documents and separate audited financial
The Risk management Policy also covers the risks related statements in respect of subsidiaries, are available on the
to the Company assets and property, the risks which the Company’s website at https://rattanindia.com/ril/audited-
employees of the Company may get exposed to, the risks financial-statements-of-subsidiaries/.
arising out of non -compliance if any, with the provisions
of and requirements laid down under various applicable DIVIDEND
statutes, Foreign Exchange related risks, risks which could No dividend has been recommended for the financial year
emanate from business competition, contractual risks etc. 2022-2023. The “Dividend Distribution Policy” formulated

in terms of and pursuant to the Regulation 43A of the Listing b. Any claim in relation to phase – II of the Project
Regulations, forms part of the Annual Report, is available of RPL and
on the website of the Company: https://rattanindia.com/
wp-content/uploads/2022/08/Dividend-Distribution- c. Any contingent liability of RPL in excess of H5
Policy-RattanIndia-Enterprises-Limited.pdf crore in any FY.
DETAILS OF SIGNIFICANT CHANGES C. The Company has pledged 9,40,83,932 equity shares
For Changes in the key financial ratio, please refer to of RattanIndia Power Limited and kept under NDU
para 49 at page no. 155 of the Standalone Financials of 70,13,70,786 equity shares held by the Company in
the Company. RPL to secure :
M ATE R IAL CHANG E AN D FI NAN CIAL (a)

The Debentures Secured obligation of an
COMMITMENT amount of H1025/- crore,
Apart from the information provided/disclosures made
(b) Rupee term Loan facility of amount H100/- crore
elsewhere in the Board Report including Annexures
and,
thereof, there are no material changes and commitments
affecting the financial position of the Company, occurred (c)
W orking Capital secured obligation of
between the end of the Financial year of the Company i.e. H250/- crore,
March 31, 2023 till date of this Report, except the following:
aggregating to H1375/- crore.
A. Acquisition of business of RattanIndia Technologies
Private Limited by the Company: SHARE CAPITAL
There was no change in the paid-up equity share capital of
(a)
The Company has agreed to enter into the Company during the Financial Year 2022-23.
Business Transfer Agreement with RattanIndia
Technologies Private Limited (“RTPL”) on June The paid-up equity share capital of the Company is
01,2023 to purchase its Technology Business, ₹2,764,539,184 (Rupees Two Hundred Seventy-Six Crores
as a going concern, on slump sale basis. The Forty-Five Lakh Thirty-Nine Thousand One Hundred
business function of RattanIndia Technologies Eighty-Four) divided into 1,382,269,592 (One Hundred
Pvt Ltd has been providing services to the Thirty-Eight Crore Twenty-Two Lakh Sixty-Nine Thousand
Company’s subsidiaries to develop their Five Hundred Ninety-Two) equity shares of ₹2/- each.
technology platforms.
HUMAN RESOURCES
(b) The acquisition of technology business of RTPL Your Company believes that a progressive organisation can
by the Company is a related party transaction attain its full potential by developing and maintaining a
and is on arm’s length basis. cordial work culture that promotes happiness at workplace.
Our constant endeavors are on sustaining an engaged
(c)
The Company’s acquisition of RattanIndia and skilled workforce that is capable of delivering on the
Technologies Private Limited’s business will commitments to our stakeholders in order for us to remain
enable internal development of new capabilities ‘future ready’ structurally, financially and culturally.
that may take too long or be costly over a period
of time. Technology acquisition can enable to Your Company continued the people framework of 6 levels
create valuable knowledge-based resources – Culture, Capability, Capacity, Compassion, Collaboration
and improve strategic flexibility to reduce costs and Contribution to meet dynamic business requirements
and development time. towards building a high performing and caring
organization. Our human capital has played a pivotal role
B.
The Company has executed a deed of an in shaping what the Company is today.
unconditional and irrevocable guarantee in respect
of any amount payable on account of a claim made EMPLOYEE HEALTH & SAFETY
against RattanIndia Power Limited (“RPL”), in relation Your Company is consciously committed to health and
of following identified liabilities, on occurrence of safety of all employees and other stakeholders. Your
certain identified event of defaults: Company employs a pro-active and pre-emptive approach
to occupational health and safety and is committed to
a. Any claim made by any of the erstwhile lenders actively drive the agenda through the length and breadth
against RPL of the organisation. Consequently, 100% of your employees

are trained on various aspects of Occupational Health and In accordance with Section 129(3) of the Act, the Company
Safety management system. Your company maintains and has prepared Consolidated Financial Statements
continually improve management systems to eliminate incorporating the Financial Statements of all Subsidiaries,
hazards, reduce health & safety risks to all our stakeholders. which form part of the Annual Report.
DISCLOSURE PURSUANT TO SECTION 197(14) OF A report on the performance and financial position of each
THE COMPANIES ACT, 2013 of the subsidiaries has been provided in Form AOC-1 as per
The Company doesn’t have any holding company. The Section 129(2) of the Companies Act, 2013 (the Act).
executive director does not receive any remuneration or
commission from the subsidiary company. Further, pursuant to the provisions of Section 136 of the Act,
the audited financial statements including consolidated
ANNUAL RETURN financial statements along with relevant documents of
Pursuant to Section 92(3) read with Section 134(3)(a) of the the Company and audited financial statements of the
Act, the Annual Return as on March 31, 2023 is available subsidiaries are available on the website of the Company
on the Company’s website on https://rattanindia.com/ril/ www.rattanindia.com
annual-return-section-92-of-companies-act-2013/.
The Company’s Policy on material subsidiaries may be
The e-form MGT-7 shall be filed with the MCA within the accessed on the Company’s website at the web-link:
due date upon the completion of the 13th Annual General https://rattanindia.com/wp-content/uploads/2022/08/
Meeting of the Company as required under Section 92 of policy-on-material-subsidiaries.pdf
the Companies Act, 2013 and the Rules made thereunder.
PARTICULARS OF EMPLOYEES AND RELATED
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE DISCLOSURES
COMPANIES The statement containing the top ten employees and
As on March 31, 2023, your Company had eight Indian the employees drawing remuneration in excess of limit
subsidiary companies namely Cocoblu Retail Limited, prescribed under Section 197(12) of the Companies Act,
Neosky India Limited, Neotec Enterprises Limited, Neotec 2013 (Act) read with Rule 5(2) & (3) of the Companies
Insurance Brokers Limited, RattanIndia Investment Manager (Appointment and Remuneration of Managerial Personnel)
Private Limited, Revolt Intellicorp Private Limited (Revolt), Rules, 2014, forms part of the report. However, in terms of
Neobrands Limited and Throttle Aerospace Systems the proviso to Section 136(1) of the Act, the Report and
Private Limited (Subsidiary of Neosky India Limited) and Accounts are being sent to the Members and others
one Foreign Subsidiary Neorise Technologies – FZCO. entitled thereto, excluding the said information on
employees’ particulars. The said statement is also available
During the financial year: for inspection at the Registered Office of the Company
during business hours on working days of the Company
a. Neosky India Limited, a wholly owned subsidiary of
up to the date of the ensuing Annual General Meeting. Any
the Company in Throttle Aerospace Systems Private
Member interested in obtaining a copy of the same may
Limited (“TAS”) acquired 60% equity stake on a fully
write to the Company Secretary.
diluted basis in TAS and subsequent to the said
investment, TAS became a step-down subsidiary of The information required under Section 197(12) of the
the Company. Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel)
b. The Company had acquired 66.16% of the equity
Rules, 2014, is attached as an Annexure-B, to this Report.
share capital of Revolt, resulting in an increase in
the Company’s stake in Revolt from 33.84% to 100%. VIGIL MECHANISM
Consequent to this acquisition, Revolt became a Pursuant to Section 177(9) of the Act and Regulation 22 of
wholly owned subsidiary of the Company. SEBI (LODR) Regulations, 2015, Company has established a
vigil mechanism and has a whistle blower policy. The policy
c. The Company acquired 100% equity share capital
provides the mechanism for the receipt, retention, and
of Neobrands Limited, making it a wholly owned
treatment of complaints and to protect the confidentiality
subsidiary of the Company.
and anonymity of the stakeholders. The Vigil Mechanism
The Company neither has any associate company nor is it provides a mechanism for employees of the Company
in joint venture with any other entity. to approach the Chairman of the Audit Committee for

redressal. No person has been denied access to the (e) of the Securities and Exchange Board of India (Listing
Chairman of the Audit Committee. Obligations and Disclosure Requirements) Regulations,
2015, is presented in a separate section forming part of
The Whistle Blower Policy is available on the website the Annual Report.
of the Company https://rattanindia.com/wp-content/
uploads/2022/08/whistle-bLower-policy-vigil-mechanism- CORPORATE GOVERNANCE REPORT
rel.pdf Pursuant to the applicable regulation of SEBI (LODR)
Regulations, 2015 read with Schedule V thereto, a
BUSINESS RESPONSIBILITY & SUSTAINABILITY
detailed report on Corporate Governance is included in
REPORT (BRSR)
The Regulation 34(2)(f) of the Listing Regulations mandate the Annual Report. A Practicing Company Secretary’s
the inclusion of the Business Responsibility & Sustainability Certificate certifying the Company’s compliance with
Report (BRSR), covering disclosures on the company’s the requirements of Listing regulations as set out in the
performance on Environment, Social and Governance SEBI (Listing Obligations and Disclosure Requirements)
parameters for the financial year 2022-23. BRSR includes Regulations, 2015, is attached to the Report.
reporting on the nine principles of the National Voluntary
Guidelines on social, environmental and economic STATUTORY AUDITORS & AUDITORS’ REPORT
responsibilities of business as framed by MCA. In M/s Walker Chandiok & Co LLP, Chartered Accountants
compliance with the said regulation, we have integrated (Registration no.: 001076N/N500013), Statutory Auditors
BRSR disclosures into our Annual Report as Annexure-C. of the Company, were in compliance with the provisions
of Section 139 of the Companies Act, 2013 read with the
GENERAL Companies (Audit And Auditors) Rules, 2014, appointed in
Your Directors state that no disclosure or reporting is the 10th Annual General Meeting held on September 30,
required in respect of the following items as there were no 2020, as the Statutory Auditors of the Company to hold
transactions pertaining to or developments/happenings office as such for a term of five years, from the financial
in respect of such matters, during the year under review: year 2020-21 to 2024-25 and continue to hold office as such.
1. Issue of equity shares with differential rights as to
The Auditors’ Report does not contain any qualification,
dividend, voting or otherwise.
reservation or adverse remark.
2. Issue of shares (including sweat equity shares) to
employees of the Company under any scheme No fraud has been reported by the Statutory Auditor,
including the stock option schemes in force in details of which are required to be disclosed u/s 143(12)
the Company. of the Act.
3. Passing of Material orders by the Regulators or Courts
The Notes on financial statement referred to in the
or Tribunals which impact the going concern status
Auditors’ Report are self–explanatory and do not call for
and Company’s operations in future.
any further comments.
4. Corporate insolvency resolution process initiated or
pending of any insolvency proceedings under the AUDIT COMMITTEE
insolvency and bankruptcy code, 2016 (IBC) The Audit Committee as on March 31, 2023 comprised
of four members namely, Mr. Jeevagan Narayana Swami
EMPLOYEE STOCK OPTIONS
Nadar who is also the Chairman of the Committee, Mrs.
During the financial year, the shareholders of the company
Pritika Poonia, Mr. Sanjiv Chhikara, Independent Directors
accorded their approval for institution of “RattanIndia
and Mr. Rajiv Rattan, a non-independent director. All the
Employee Stock Option Plan 2022” through postal ballot,
the results of which was declared on August 03, 2022. There recommendations made by the Audit Committee, as
has been no grant of options during the Financial Year and to various matters during the year under review, were
till the date of issuance of this report. accepted by the Board. A detailed description of the Audit
Committee and its scope of responsibility and powers and
MANAGEMENT DISCUSSION AND ANALYSIS REPORT the number of Audit Committee meetings held during the
The Management’s Discussion and Analysis Report, as year under review is set out in the Corporate Governance
required in terms of the provisions of Regulation 34(2) Report, which forms a part of the Annual Report.

COST AUDITORS 4. the Directors had prepared the Annual Accounts of
The Company was not required to maintain cost records as the Company on a ‘going concern’ basis;
specified under Section 148(1) of the Companies Act, 2013.
5. the Directors had laid down internal financial controls
SECRETARIAL AUDITOR & SECRETARIAL AUDIT to be followed by the Company and such internal
REPORT financial controls are adequate and were operating
The Board had appointed M/s S. Khandelwal & Co, effectively; and
Practicing Company Secretaries, to conduct a Secretarial
Audit for the financial year 2022-23 pursuant to Section 204 6. the Directors had devised proper systems to ensure
of the Companies Act, 2013. The Secretarial Audit Reports compliance with the provisions of all applicable
of the Company and its material subsidiary i.e. Cocoblu laws and such systems were adequate and were
Retail Limited, for the financial year ended March 31, 2023, operating effectively.
are annexed as Annexure-D and Annexure D(a) to this Based on the framework of internal financial controls and
Report. The Secretarial Audit Reports does not contain any compliance systems established and maintained by the
reservation, qualification, or adverse remark. Company, the work performed by the internal, statutory,
Pursuant to Regulation 24(A) of SEBI Listing Regulations, the and secretarial auditors and the reviews from management
Company has obtained the annual secretarial compliance and audit committee, the Board is of the opinion that the
report from M/s S. Khandelwal & Co, Practicing Company Company’s internal financial controls were adequate and
Secretaries. The Secretarial Compliance Report also does effective during FY 2022-2023.
not contain any qualification, reservation, adverse remark PREVENTION, PROHIBITION AND REDRESSAL OF
or any disclaimer. SEXUAL HARASSMENT AT WORKPLACE
Pursuant to the requirement of the Sexual Harassment
COMPLIANCE WITH SECRETARIAL STANDARDS
of Women at Workplace (Prevention, Prohibition and
The Company has proper system in place to ensure
Redressal) Act, 2013 and Rules made thereunder, your
compliance with the provisions of all Secretarial Standards
Company has constituted an Internal Complaints
issued by the Institute of Company Secretaries of India and
Committee to consider and resolve all sexual harassment
that system is adequate and operating effectively.
complaints. Your Company has framed a policy on Sexual
DIRECTORS’ RESPONSIBILITY STATEMENT Harassment of Women to ensure a free and fair enquiry
Pursuant to Section 134(5) of the Companies Act, 2013, your process on complaints received from the women employee
Directors to the best of their knowledge and ability, state/ about Sexual Harassment, also ensuring complete
confirm that: anonymity and confidentiality of information. During
the year under review, there were no cases received/
1. in the preparation of the annual accounts for the year filed pursuant to the provisions of the Sexual Harassment
ended March 31, 2023, the applicable accounting of Women at Workplace (Prevention, Prohibition and
standards had been followed and there were no Redressal) Act, 2013.
material departures from the same;
LISTING WITH STOCK EXCHANGES
2. the Directors had selected such accounting policies The shares of the Company continue to remain listed with
and applied them consistently and made judgments BSE Limited and National Stock Exchange Limited. The
and estimates that are reasonable and prudent so as Annual Listing fee payable to the said stock exchanges for
to give a true and fair view of the state of affairs of the the financial year 2023-2024, has been duly paid.
Company as at 31st March, 2023 and the losses of the
CONSERVATION OF ENERGY, TECHNOLOGY
Company for the year ended on that date;
ABSORPTION AND FOREIGN EXCHANGE
3. the Directors had taken proper and sufficient care EARNINGS AND OUTGO
for maintenance of adequate accounting records in The particulars relating to conservation of energy,
accordance with the provisions of the Companies technology absorption, foreign exchange earnings and
Act, 2013 for safeguarding the assets of the Company outgo, as required to be disclosed under the Act, are
and for preventing and detecting fraud and provided in Annexure – E to this Report.
other irregularities;

DETAILS OF DIFFERENCE BETWEEN AMOUNT OF 108 of the Companies Act, 2013 read with Rule 20 of the
VALUATION DONE AT THE TIME OF ONE TIME Companies (Management and Administration) Rules, 2014.
SETTLEMENT AND VALUATION DONE WHILE The instructions for e-voting are provided in the notice.
TAKING LOAN FROM BANKS/FIs ALONG WITH Furthermore, in compliance with the conditions and the
REASONS THEREOF related procedure laid down in the MCA Circulars, the
There was no one time settlement done during the meeting and the voting thereat shall take place in the
financial year 2022-23. manner so laid down.
GREEN INITIATIVES ACKNOWLEDGEMENT

This year too, Annual Report and the notice of the 13th Your directors take the opportunity to express their sincere
Annual General meeting of the Company are being sent to gratitude to the Investors and to bankers of the Company,
all members electronically, at their registered e-mail ids as the governmental authorities, the employees of the
made available to the Company or its Registrar and Transfer Company and other persons and entities associated with
Agent, KFin Technologies Limited. the Company, for their continued assistance and support.
Your Directors also wish to place on record their deep
The e-voting facility is being provided to the members
sense of appreciation for the committed services by the
to enable them to cast their votes electronically on all
Company’s executives, staff and workers.
resolutions sent forth in the notice, pursuant to Section
For and on behalf of the Board of Directors
Sd/-
Rajiv Rattan
Place: New Delhi Chairman
Date: 09.08.2023 DIN: 00010849

Annexure - A
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY
(CSR) ACTIVITIES FOR THE FINANCIAL YEAR 2022-2023
1. A brief outline of Company’s CSR policy:

To discharge its corporate social responsibility, the Company has in place a well-defined and well detailed Corporate
Social Responsibility Policy (‘CSR Policy’) in compliance with the requirements of the Companies Act, 2013.
The CSR Policy encompasses a wide range of areas and committed to ensure wellbeing of the communities in the
vicinity of its business operations through CSR initiatives and once the financial position of the Company permits,
the Policy shall be effectuated with full gusto.
2. The Composition of the CSR Committee as on March 31, 2023:

Number of meetings of Number of meetings of
Sl. Designation/Nature of
Name of Director CSR Committee held during CSR Committee attended
No Directorship
the year during the year
1 Mr. Sanjiv Chhikara Chairman/ Independent Nil Nil
Director
2 Mrs. Pritika Poonia Member/Independent Director Nil Nil
3 Mr. Rajesh Kumar Member/ Non- Independent Nil Nil
Director
3. Provide the web-link where Composition of CSR Committee, CSR Policy and CSR Projects approved by the
Board are disclosed on the website of the Company: https://rattanindia.com/ril/corporate-social-responsibility-
policy/
4. Provide the executive summary along with weblink of Impact assessment of CSR projects carried out in
pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if
applicable : Not Applicable
5. (a) Average net profit of the Company as per Section 135(5): The Company has, at an average, been at a loss,
for the last three financial years
(b) Two percent of average net profit of the Company as per section 135(5): The Company has, at an average,
been at a loss, for the last three financial years
(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years:
Not Applicable
(d) Amount required to be set off for the financial year, if any : Not Applicable
(e) Total CSR obligation for the financial year (a+b-c) : Not Applicable
6. (a) Amount spent on CSR projects (both Ongoing Project and other than Ongoing Projects): Not Applicable.
(b) Amount spent in Administrative Overheads.
(c) Amount spent on impact Assessment, if applicable
(d) Total amount spent for the Financial Year {(a)+(b)+(c)}
(e) CSR amount spent or unspent for the financial year
Total Amount Spent Amount Unspent (in D)

for the Financial Total Amount transferred to Unspent Amount transferred to any fund specified under
Year. (in D) CSR Account as per sub-section 135(6) Schedule VII as per second proviso to section 135(5)
Amount Date of transfer Name of the Fund Amount Date of transfer

(f) Excess amount for set-off, if any

Sl.
Particular Amount (in D)
No
(i) Two percent of average net profit of the company as per sub-section (5) of Section 135
(ii) Total amount spent for the Financial Year
(iii) Excess amount spent for the financial year [(ii)-(i)]
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous
financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)]
7. Details of Unspent Corporate Social Responsibility amount for the preceding three financial years :
Not Applicable
Balance Amount transferred to a

Amount Amount
Amount Fund as specified under
transferred remaining
Unspent Amount Schedule VII as per second
Preceding to Unspent to be
Sl. CSR Account Spent in the proviso to subsection (5) Deficiency,
Financial CSR account spent in
No under Financial of section 135, if any if any
Year under succeeding
subsection Year (in D)
section 135 Amount Date of Financial
(6) of section
(6) (in D) (in D) Transfer Years (in D)
135 (in D)
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount
spent in the Financial Year: No
If Yes, enter the number of Capital assets created/ acquired: Not Applicable
Details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent in the
Financial Year:
Pin code of the property or asset(s)

Short particulars of the property or
Sl. Details of entity/
asset(s) [including complete address Amount of CSR
No Date of creation Authority/beneficiary of
and location of the property amount spent
the registered owner
Not Applicable
(All the fields should be captured as appearing in the revenue record, flat no, house no, Municipal Office/Municipal
Corporation/ Gram panchayat are to be specified and also the area of the immovable property as well as boundaries)
9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per
subsection (5) ofsection 135.: Not applicable
Sd/- Sd/-
Rajesh Kumar Sanjiv Chhikara
(Whole time Director) (Chairman CSR Committee)
DIN: 03291545 DIN: 06966429

Annexure - B
DISCLOSURES ON MANAGERIAL REMUNERATION
(The Companies Appointment and Remuneration of Managerial Personnel) Rules, 2014
Details of remuneration as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
(i) the ratio of the remuneration of each director to the median remuneration of the employees of the company
for the financial year 2022-23;
Not Applicable, as none of the Directors of the Company has drawn any remuneration from the Company during the
FY 2022-23.
(ii) the percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer,
Company Secretary or Manager, if any, in the financial year 2022-23;
S. No. Designation % increase in remuneration
- -
(iii) the percentage increase in the median remuneration of employees in the financial year 2022-2023;
Particulars Amounts % age of Increments
Apr 22 Median 79,279 -
Mar 23 Median 83,334 5.11%
(iv) the number of permanent employees on the rolls of the Company;

17 permanent employees of the Company as on March 31, 2023.
(v) average percentile increase already made in the salaries of employees other than the managerial personnel
in the last financial year and its comparison with the percentile increase in the managerial remuneration and
justification thereof and point out if there are any exceptional circumstances for increase in the managerial
remuneration;
Percentile Increments Percentile Increments
(Other than Managerial Remuneration) (Managerial Remuneration)
1.22% 0.00%
(vi) affirmation that the remuneration is as per the remuneration policy;

The remuneration to Directors, KMP’s and other employees of the Company is as per the Remuneration policy of
the Company.

Annexure - C
Business Responsibility &

Sustainability Reporting (BRSR)
SECTION A: GENERAL DISCLOSURES
I. Details of the listed entity
1 Corporate Identity Number (CIN) of the Listed Entity L74110DL2010PLC210263
2 Name of the Listed Entity RattanIndia Enterprises Limited
3 Year of incorporation 2010
4 Registered office address 5th Floor, Tower-B, Worldmark 1, Aerocity, New Delhi-110037
5 Corporate address 5th Floor, Tower-B, Worldmark 1, Aerocity, New Delhi-110037
6 E-mail rel@rattanindia.com
7 Telephone 011- 46611666
8 Website www.rattanindia.com
9 Financial year for which reporting is being done 1 April 2022 to 31 March 2023
10 Name of the Stock Exchange(s) where shares are listed BSE Limited and National Stock Exchange of India Limited
11 Paid-up Capital ₹2,76,45,39,184 divided into 1,38,22,69,592 fully paid-up
equity shares of ₹2 each
12 Name and contact details (telephone, email address) of Mr. Rajesh Arora,
the person who may be contacted in case of any queries Company Secretary
on the BRSR report. 011-46611666
rel@rattanindia.com
13 Reporting boundary The disclosures under this report is on Standalone basis.
Are the disclosures under this report made on a standalone
basis (i.e. only for the entity) or on a consolidated basis
(i.e. for the entity and all the entities which form a part
of its consolidated financial statements, taken together).
II. Products/Services
14. Details of business activities (accounting for 90% of the turnover):
% of Turnover of the
SI. Description of main activity Description of business activity
entity (FY 22-23)
1 Support service to Organizations Other support services to organizations 100
15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
% of total Turnover
SI. Product/Service NIC Code
contributed
1 Human resources provision and management of human 78300 100
resources functions
III. Operations
16. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of plants Number of offices Total
National - 1 1
International - - -
17. Markets served by the entity:

a. Number of locations
Locations Number
National (No. of States) Pan-India
International (No. of Countries) -

b. What is the contribution of exports as a percentage of the total turnover of the entity?
NIL
c. A brief on types of customers

The Company serves various customers including corporates, urban population, rural population
and government.
IV. Employees
18. Details as at the end of Financial Year:
a. Employees and workers (including differently abled)
Male Female
SI. Particulars Total (A)
No. (B) % (B / A) No. (C) % (C / A)
EMPLOYEES
1 Permanent (D) 12 11 91.67 1 8.34
2 Other than Permanent (E) 6 5 83.34 1 16.67
3 Total employees (D + E) 18 16 88.88 2 11.11
WORKERS
4 Permanent (F) 0 0 0 0 0
5 Other than Permanent (G) 1 1 100% 0 0
6 Total workers (F + G) 1 1 100% 0 0
b. Differently abled Employees and Workers

Male Female
SI. Particulars Total (A)
No. (B) % (B / A) No. (C) % (C / A)
DIFFERENTLY ABLED EMPLOYEES
1 Permanent (D) 0 0 0 0 0
2 Other than Permanent (E) 0 0 0 0 0
3 Total differently abled employees (D + E) 0 0 0 0 0
DIFFERENTLY ABLED WORKERS
4 Permanent (F) 0 0 0 0 0
5 Other than Permanent (G) 0 0 0 0 0
6 Total differently abled workers (F + G) 0 0 0 0 0
19. Participation/Inclusion/Representation of women:

No. and percentage of Females
Particulars Total (A)
No. (B) % (B / A)
Board of Directors 6 2 33.33
Key Management Personnel 2 0 0.00
20. Turnover rate for permanent employees and workers:

(in %)
FY 2022-23 FY 2021-22 FY 2020-21
Particulars
Male Female Total Male Female Total Male Female Total
Permanent Employees 12 3 93.75 6 0 66.67 1 0 50
Permanent Workers 0 0 0

V. Holding, Subsidiary and Associate Companies (including joint ventures)

21. (a) Names of holding / subsidiary / associate companies / joint ventures as on 31 March 2023:
Name of the holding/subsidiary/ Indicate whether holding /
% of shares held by listed entity
SI. associate companies/joint subsidiary/ associate / joint
(directly or indirectly)
ventures (A) venture
1 Neotec Enterprises Limited Subsidiary 100
2 NeoSky India Limited Subsidiary 100
3 Cocoblu Retail Limited Subsidiary 100
4 RattanIndia Investment Manager Subsidiary 100
Private Limited
5 Neotec Insurance Brokers Limited Subsidiary 100
6 Revolt Intellicorp Private Limited Subsidiary 100
7 Throttle Aerospace Systems Private Step down Subsidiary 60
Limited (Subsidiary of Neosky India
Limited)
8 Neobrands Limited Subsidiary 100
9 Neorise Technologies – FZCO Foreign Subsidiary 100
(b) Does the entity indicated at column A, participate in the Business Responsibility initiatives of the
listed entity? (Yes/No)
No
VI. CSR Details

22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes
(ii) Turnover (In D): 40.42 Million for FY 2022-23
(iii) Net worth (In D): 4349.26 Million as on 31 March 2023
VII. Transparency and Disclosures Compliances

23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on
Responsible Business Conduct:
FY 2022-23 FY 2021-22
Grievance Redressal
Stakeholder Number of Number of
Mechanism in Place
group from Number of complaints Number of complaints
(Yes/No) (If Yes,
whom
then provide web- complaints pending
Remarks
complaints pending
Remarks
complaint is
link for grievance filed during resolution filed during resolution
received the year at close of the year at close of
redress policy)
the year the year
Communities No 0 0 - 0 0 -
Investors* No 0 0 - 0 0 -
(other than
shareholders)
Shareholders Yes 2 0 - 0 0 -
(https://rattanindia.
com/ril/investor-
contacts/)
Employees No 0 0 - 0 0 -
and workers
Customers No 0 0 - 0 0 -
Value Chain No 0 0 - 0 0 -
Partners

24. Overview of the entity’s material responsible business conduct issues:
The material responsible business conduct and sustainability issues pertaining to environmental and social
matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to
adapt or mitigate the risk along-with its financial implications are given below:
Indicate Financial implications of
Rationale for In case of risk,
Material issue whether risk the risk or opportunity
SI. identifying the risk/ approach to adapt
identified or opportunity (Indicate positive or
opportunity or mitigate
(R/O) negative implications)
1 Business ethics and Risk Unethical behaviour Training and Negative - Non-compliance
culture may lead to non- mandatory affirmation with Code of Conduct may
compliances and to the code of result in penalties and loss of
adverse impact, business conduct and brand reputation.
financial or otherwise. ethics.
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

National Guidelines for Responsible Business Conduct (NGRBC) issued by the Ministry of Corporate Affairs
advocates nine principles as given below:
SI. Principle Description
P1 Businesses should conduct and govern themselves with integrity and in a manner that is Ethical, Transparent and Accountable.
P2 Businesses should provide goods and services in a manner that is sustainable and safe.
P3 Businesses should respect and promote the well-being of all employees, including those in their value chains.
P4 Businesses should respect the interests of and be responsive to all its stakeholders.
P5 Businesses should respect and promote human rights.
P6 Businesses should respect and make efforts to protect and restore the environment.
P7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and
transparent.
P8 Businesses should promote inclusive growth and equitable development.
P9 Businesses should engage with and provide value to their consumers in a responsible manner.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes
1 a. Whether your entity’s policy / policies cover each principle and its core Yes
elements of the NGRBCs. (Yes/No)
b. Has the policy been approved by the Board? (Yes/No) Yes, the policies mandated under the Companies Act,
2013 and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 are approved by the
Board and other applicable policies are approved by
the Functional Heads of the Company, as appropriate.
c. Web Link of the Policies, if available Policies are displayed on the website of the
Company at the weblink: www.rattanindia.com in
the relevant sections.
2. Whether the entity has translated the policy into procedures. (Yes / No) Yes
3. Do the enlisted policies extend to your value chain partners? (Yes/ No) Yes
4.
Name of the national and international codes/certifications/ labels/ All the policies are firmly rooted with the NGRBC
standards (e.g. Forest Stewardship Council, Fairtrade, Rainforest Alliance, Principles which align with internationally recognized
Trustea) standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted by the Company standards such as ISO 9000, 14000 and 45001,
and mapped to each principle. UNGC principles, ILO principles and United Nations
Sustainable Development Goals (SDGs).

Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
5. Specific commitments, goals and targets set by the entity with defined Towards the effectuation of various programmes
timelines, if any. and initiatives in pursuit of the policy of promoting
equitable growth and Development, the Company
6. Performance of the entity against the specific commitments, goals and has also been coming to the aid of the local
targets along-with reasons in case the same are not met. population by providing assistance and succor in
various other forms such provision of medical aid,
contribution towards religious ceremonies of locals
etc.
Governance, leadership and oversight
7. Statement by director responsible for the business responsibility report, Please refer Chairman’s message forming part of
highlighting ESG related challenges, targets and achievements (listed entity Annual Report.
has flexibility regarding the placement of this disclosure)
8.
Details of the highest authority responsible for implementation and Board of Directors is the highest authority
oversight of the Business Responsibility policy / policies responsible for implementation and oversight of the
Business Responsibility policy (ies).
9.
Does the entity have a specified Committee of the Board/ Director No. The Board is responsible for the decision making.
responsible for decision making on sustainability related issues? (Yes / No).
If yes, provide details.
10. Details of Review of NGRBCs by the Company:

Indicate whether review
Frequency (Annually/
was undertaken by Director/
Half yearly/ Quarterly/
Subject for Review Committee of the Board/
Any other – please specify)
Any other Committee
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above policies and follow up action Y Y Y Y Y Y Y Y Y Policies are reviewed yearly and at
such intervals as may be required.
Compliance with statutory requirements of relevance to Y Y Y Y Y Y Y Y Y Compliance checks are conducted
the principles, and, rectification of any non-compliances quarterly to ensure that the
Company is in compliance with all
the applicable laws and regulations.
11. Has the entity carried out independent assessment/evaluation of the P1 P2 P3 P4 P5 P6 P7 P8 P9
working of its policies by an external agency? (Yes/No). If yes, provide name of the Yes, the Company has robust
agency. review mechanisms and internal
audit processes to monitor the
implementation of key policies. The
internal audits and assessments are
conducted by the independent firms
and major concerns are reported to
the Audit Committee.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Not Applicable

SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE
Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical,
Transparent and Accountable.
ESSENTIAL INDICATORS
1. Percentage coverage by training and awareness programmes on any of the principles during the financial
year:
Total number of training Topics / principles covered % of persons in respective
Segment and awareness programmes under the training and its category covered by the
held impact awareness programmes
Board of Directors Business & Regulatory updates including developments in the 100%
Key Managerial Personnel global environment, industry scenarios, key operational matters
and sustainability initiatives are placed and discussed at various
Meetings of Board of Directors.
Employees other than BoD 2 - Code of Business Conduct 80%
and KMPs - Anti-Sexual Harassment Policy
Workers N.A. N.A. N.A.
2. Details of fines/penalties/punishment/award/compounding fees/settlement amount paid in proceedings

(by the entity or by directors/KMPs) with regulators/law enforcement agencies/ judicial institutions, in the
financial year:
Monetary
Name of the regulatory/ Has an appeal
NGRBC Amount Brief of
Particulars enforcement agencies/ been preferred?
Principle (In D) the Case
judicial institutions (Yes/No)
Penalty/ Fine During FY 2022-23, there were no fines/penalties/punishment/ award/ compounding fees/
Settlement settlements as specified under Regulation 30 of the SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015.
Compounding fee
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where
monetary or non-monetary action has been appealed:
Not Applicable
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web link to the policy:
The Company’s Code of Business Conduct contains stringent provisions to prevent corruption/ bribery and is
applicable to all the directors, employees and others associated with the business of the Company. The principles of
business conduct are strongly embedded into working environment of the Company.
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption:
Particulars FY 2022-23 FY 2021-22
Directors
KMPs
Nil Nil
Employees
Workers
6. Details of complaints with regard to conflict of interest:

FY 2022-23 FY 2021-22
Particulars
Number Remarks Number Remarks
Number of complaints received in relation to issues of Nil - Nil -
Conflict of Interest of the Directors
Number of complaints received in relation to issues of
Conflict of Interest of the KMPs


7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action
taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of
interest:
Not Applicable.
Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of products and processes to total R&D and capex investments made by
the entity, respectively:
Details of improvements in
environmental and social impacts
R&D Nil Nil -
Capex Nil Nil -
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No):
No
b. If yes, what percentage of inputs were sourced sustainably?

Not Applicable
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the
end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste:
Not Applicable
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes,
whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted
to Pollution Control Boards? If not, provide steps taken to address the same:
Not Applicable
Principle 3: Businesses should respect and promote the well-being of all employees, including those in their
value chains
1. a. Details of measures for the well-being of employees:
% of employees covered by
Health Accident Maternity Paternity Day Care
Category Total insurance* insurance benefits Benefits facilities
(A) Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent employees
Male 17 17 100 15 88.24 NA 0 0 0 0 0
Female 2 2 100 2 100 0 0 NA 0 0 0
Total 19 19 100 17 89.47 0 0 0 0 0 0
Other than Permanent employees
Male 0 0 0 0 0 NA 0 0 0 0 0
Female 0 0 0 0 0 0 0 NA 0 0 0
Total 0 0 0 0 0 0 0 0 0 0 0

b. Details of measures for the well-being of workers:
% of employees covered by
Health Accident Maternity Paternity Day Care
Category Total insurance* insurance benefits Benefits facilities
(A) Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent workers
Male 0 0 0 0 0 NA 0 0 0 0 0
Female 0 0 0 0 0 0 0 NA 0 0 0
Total 0 0 0 0 0 NA 0 NA 0 0 0
Other than Permanent workers
Male 0 0 0 0 0 NA 0 0 0 0 0
Female 0 0 0 0 0 0 0 NA 0 0 0
Total 0 0 0 0 0 NA 0 NA 0 0 0
2. Details of retirement benefits:

FY 2022-23 FY 2021-22
No. of No. of Deducted and No. of No. of Deducted and
Benefits employees workers deposited employees workers deposited
covered as covered as with the covered as covered as with the
a % of total a % of total authority a % of total a % of total authority
employees workers (Y/N/N.A.) Employees workers (Y/N/N.A.)
PF 74 0 Y 7 0 Y
Gratuity 100 100 NA 0 0 NA
ESI 0 0 NA 0 0 NA
Others – please specify NA NA NA NA NA NA
3. Accessibility of workplaces:
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the
requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken
by the entity in this regard.
Yes, The Company’s premises/offices are accessible to Persons with Disabilities (PwDs), as per the requirements
of the Rights of Persons with Disabilities Act, 2016. The Company provides Wheelchair and Evacuation chair at its
premises/ offices.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If
so, provide a web-link to the policy:
The Company is an equal opportunity employer and it hires employees on the basis of merit and does not discriminate
on the basis of race, sexual orientation, colour, religion, physical disability etc.
5. Return to work and Retention rates of permanent employees and workers that took parental leave:
Permanent employees Permanent workers
Gender Return to work Retention Return to work Retention
rate (%) rate (%) rate (%) rate (%)
Male N.A. N.A. N.A. N.A.
Female N.A. N.A. N.A. N.A.
Total N.A. N.A. N.A. N.A.

6. Is there a mechanism available to receive and redress grievances for the following categories of employees
and workers?
Yes/No (If Yes, then
(Brief details of
Particulars give details of the
the mechanism)
mechanism in brief)
Permanent Workers No Not Applicable
Other than Permanent Workers
Permanent Employees Yes The Company has a policy on Whistle-blower mechanism and
Other than Permanent Prevention of Sexual Harassment at Workplace (POSH) to provide a work
Employees environment that ensures every person at the workplace is treated with
respect and dignity and is afforded equal treatment. Issues relating to
sexual harassment are dealt with as per the Company’s POSH Policy, the
Company’s POSH Policy is gender neutral.
7. Membership of employees and workers in association(s) or Unions recognised by the listed entity:
FY 2022-23 FY 2021-22
No. of employees/ No. of employees/
Total Total
workers in workers in
Category employees/ employees/
respective category, % respective category, %
workers in workers in
who are part of (B/A) who are part of (D/C)
respective respective
association(s) or association(s) or
category (A) category (C)
Union (B) Union (D)
Total Permanent Employees
- Male NA NA NA NA
- Female NA NA NA NA
Total Permanent Workers
- Male NA NA NA NA
- Female NA NA NA NA
8. Details of training given to employees and workers:

FY 2022-23 FY 2021-22
On Health and On Skill On Health and On Skill
Category Total Total
safety measures upgradation safety measures upgradation
(A) (D)
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees*
Male 15 14 93.33 13 86.66 12 9 75 11 91.66
Female 2 2 100 2 100 2 1 50 2 100
Total 17 16 94.12 15 88.24 14 10 71.43 13 92.86
Workers
Male NA NA NA NA NA NA NA NA NA NA
Female NA NA NA NA NA NA NA NA NA NA
Total NA NA NA NA NA NA NA NA NA NA

9. Details of performance and career development reviews of employees and worker:
FY 2022-23 FY 2021-22
Category
Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
Employees*
Male 15 15 100 12 12 100
Female 2 2 100 2 2 100
Total 17 17 100 14 14 100
Workers
Male
Not Applicable
Female
Total
10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity?
(Yes/ No). If yes, what is the coverage of such a system?
Not Applicable
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-
routine basis by the entity?
Not Applicable
c. Whether you have processes for workers to report the work-related hazards and to remove themselves
from such risks.
Not Applicable
d. Do the employees/ workers of the entity have access to non-occupational medical and healthcare
services?
Not Applicable
11. Details of safety related incidents are given below:

Safety Incident/Number Category FY 2022-23 FY 2021-22
Lost Time Injury Frequency Rate (LTIFR) (per one million-person Employees N.A. N.A.
hours worked) Workers N.A. N.A.
Total recordable work-related injuries Employees N.A. N.A.
Workers N.A. N.A.
No. of fatalities Employees N.A. N.A.
Workers N.A. N.A.
High consequence work-related injury or ill-health (excluding Employees N.A. N.A.
fatalities) Workers N.A. N.A.
12. Describe the measures taken by the entity to ensure a safe and healthy workplace:
The Company has taken the following initiatives to ensure a safe and healthy workplace:
1. Fire Safety Mockdrills
2. Environmental Monitoring, Monitoring and Measurement of workplace for Noise, Heat, Ventilation, Air and
Water Sampling as per scheduled program.
3. Compliance Management System
4. Management reviews with Senior Management

13. Number of complaints on the following made by employees and workers:

FY 2022-23 FY 2021-22
Pending Pending
Particulars Filed during resolution Filed during resolution
Remarks Remarks
the year at the end of the year at the end of
year year
Working Conditions - - N.A. - - N.A.
Health & Safety - - N.A. - - N.A.
14. Assessments for the year:

% of your plants and offices that were assessed
Particulars
(by entity or statutory authorities or third parties)
Health and safety practices 100%
Working Conditions 100%
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and
on significant risks / concerns arising from assessments of health & safety practices and working conditions:
All activities and operations performed in the office are reviewed periodically and if there is any near Miss and/or
Injury incident then adequate control measures are implemented for performing the respective activities.
Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity:
Key stakeholders, both internal and external, are identified based on
a. the impact that they have on the value Company creates and
b. the impact of the Company’s business operations on the stakeholders.
These include employees, shareholders, consumers, investors, communities, suppliers, and vendors. Various
communication channels have been established to allow open discussions and understanding of the issues that are
critical to their respective interests. This enables a Company to create shared value and make a positive contribution
to build a sustainable society.
2. List of stakeholder groups identified as key for your entity and the frequency of engagement with each
stakeholder group:
Whether Channels of communication
Frequency of
identified as (Email, SMS, Newspaper,
engagement Purpose and scope of engagement
Stakeholder Vulnerable & Pamphlets, Advertisement,
(Annually/ Half yearly/ including key topics and concerns
Group Marginalized Community Meetings,
Quarterly/ others – raised during such engagement
Group (Yes/ Notice Board, Website),
please specify)
No) Other
Employees No Trainings, awareness sessions Regularly The purpose is to have an inclusive and
on physical, mental, financial overall development of employees,
and social well- being, obtaining valuable feedback and
townhalls and development sharing the strategy & vision of the
conversations Company with the employees.
Suppliers No Supplier meets, reviews and Regularly The scope includes capacity and
audits. capability building, competitive
pricing, value chain efficiencies,
sustainability and adherence to
Company’s standards and policies.
Investors / No Annual report, press releases, Regularly Communications made to the
Shareholders stock exchange communications, investors of the Company majorly
investors’ presentations, includes updates on the financial
investors’ meet, newspaper performance, business growth, future
publications, general meetings plans, key organizational changes and
and website disclosures. investor service related information.

Principle 5: Businesses should respect and promote human rights
1. Details of Employees and workers who have been provided training on human rights issues and policy(ies)
of the entity are given below:
FY 2022-23 FY 2021-22
Category No. of employees/ No. of employees/

Total % Total %
workers covered workers covered
(A) (B/A) (C) (D/C)
(B) (D)
Employees
Permanent 15 14 93.33 12 9 75
Other than permanent 2 2 100 2 1 50
Total employees 17 16 94.12 14 10 71.43
Workers
Permanent 0 0 0 0 0 0
Other than permanent 0 0 0 0 0 0
Total workers 0 0 0 0 0 0
2. Details of minimum wages paid to employees and workers are given below:
FY 2022-23 FY 2021-22
Equal to More than Equal to More than
Category Total Total
Minimum Wage Minimum Wage Minimum Wage Minimum Wage
(A) (D)
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Permanent 18 0 0 18 100 13 0 0 13 100
Male 16 0 0 16 100 11 0 0 11 100
Female 2 0 0 2 100 2 0 0 2 100
Other than permanent 0 0 0 0 0 0 0 0 0 0
Male 0 0 0 0 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0
Total employees 18 0 0 18 100 13 0 0 13 100
Workers
Permanent 0 0 0 0 0 0 0 0 0 0
Male 0 0 0 0 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0
Other than permanent 1 1 100 0 0 1 1 100 0 0
Male 1 1 100 0 0 1 1 100 0 0
Female 0 0 0 0 0 1 0 0 0 0
Total workers 1 1 100 0 0 1 1 100 0 0
3. Details of remuneration/salary/wages are given below:

Male Female
Particulars Median remuneration/ Median remuneration/

Number salary/ wages of Number salary/ wages of
respective category respective category
Board of Directors (BoD)* - - - -
Key Managerial Personnel (KMP)** 2 17,594,386 - -
Employees other than BoD, KMPs and Workers 13 6,807,682 2 1,288,831
Workers - - - -

4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or
issues caused or contributed to by the business? (Yes/No)
Yes. The Company has a Human Rights Policy in place to address issues related to human rights. The policy extends
to all internal and external stakeholders which includes employees, vendors, contractors and business partners.
Various management committees and committees of the Board reviews and addresses human rights issues.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues:
Respecting and upholding human rights and values is deeply integrated into the Company’s culture, ways of working
and value system over the years. The human rights concerns/grievances can be reported to the Direct Manager,
or the Compliance Officer. Further, the Company’s policies provides for various mechanisms to effectively redress
grievances relating to human rights. Under these policies, the Company has established web portal, e-mail IDs and
contact details for handling the complaints.
The Company has policy on Prevention of Sexual Harassment at Workplace (“POSH”) and Code of Conduct which
include stringent SOPs for human rights grievance redressal with respect to sexual harassment and ethical practices.
6. Number of Complaints on the following made by employees and workers:

FY 2022-23 FY 2021-22
Particulars Pending Pending

Filed during Filed during
resolution at Remarks resolution at Remarks
the year the year
the end of year the end of year
Sexual Harassment 0 0 - 0 0 -
Discrimination at workplace 0 0 - 0 0 -
Child Labour 0 0 - 0 0 -
Forced Labour/Involuntary Labour 0 0 - 0 0 -
Wages 0 0 - 0 0 -
Other human rights related issues 0 0 - 0 0 -
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases:
The Company believes in providing equal opportunity and has zero tolerance towards any kind of discrimination on
the basis of age, gender, religion or other factors. The Code of Business Conduct and Anti Sexual Harassment Policy
of the Company provides adequate mechanisms for redressal of complaints of harassment without fear or threat of
reprisals in any form or manner to all employees irrespective of their gender and sexuality.
The Whistle Blower Policy provides vigil mechanism for Directors and Employees to voice their concerns in a
responsible and effective manner regarding unethical behaviour, actual or suspected fraud or violation of the
Company’s Code of Conduct and dealing with Insider Trading and Unpublished Price Sensitive Information. It also
provides adequate safeguards against victimization of Directors and Employees who avail the mechanism.
8. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes, the Company has a policy on zero child labour, zero tolerance for discrimation at workplace and other human
rights violations which extends to supply chain as well.
9. Assessments of the year:

% of your plants and offices that were assessed
Particulars
(by entity or statutory authorities or third parties)*
Child labour 100%
Forced/involuntary labour 100%
Sexual harassment 100%
Discrimination at workplace 100%
Wages 100%
Others – please specify -
* Assessments were done by the Company.

10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
from the assessments at Question 9 above:
The Company did not find any significant risks or concerns arising from the assessments conducted. Further, the
Company’s statutory and internal auditors’ observations of the audits carried out at the office is placed before the
Audit Committee on quarterly basis.
Principle 6: Businesses should respect and make efforts to protect and restore the environment
1. a. Details of total energy consumption (in Joules or multiples) and energy intensity are given below:
Parameter FY 2022-23 FY 2021-22
Total electricity consumption (A) (in GJ) 51309 191100
Total fuel consumption (B) (in GJ) 0 0
Energy consumption through other sources (C) (in GJ) 8210 7254
Total energy consumption (A+B+C) (in GJ) 59519 198354
Energy intensity per rupee of turnover - -
(Total energy consumption/ turnover in rupees)
Energy intensity (GJ/Metric tonnes of production) - -
Note: GJ= Gigajoules.
b. Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
agency? (Y/N) If yes, name of the external agency:
No
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under
the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action
taken, if any.
Not Applicable
3. a. The disclosures related to water are given below:

Parameter FY 2022-23 FY 2021-22
Water withdrawal by source (in kilolitres)
(i) Surface water 0 0
(ii) Groundwater (in kilolitres) 0 0
(iii) Third party water (Municipal water supplies, tankers, supplies from 16.27 138.94
industrial estate ) (in kilolitres)
(iv) Seawater / desalinated water 0 0
(v) Others 0 0
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 16.27 138.94
Total volume of water consumption (in kilolitres) 16.27 138.94
Water intensity per rupee of turnover (Water consumed / turnover) N.A. N.A.
Water intensity (KL/Metric tonnes of production) - -
No
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage
and implementation:
Not Applicable

5. Air emissions (other than GHG emissions) by the entity:

Not Applicable
6. a. The details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity are given
below:
Parameter Unit FY 2022-23 FY 2021-22
Total Scope 1 emissions (Break-up of the GHG into Metric tonnes of CO2 N.A. N.A.
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) equivalent
Total Scope 2 emissions (Break-up of the GHG into Metric tonnes of CO2 N.A. N.A.
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) equivalent
Total Scope 1 and Scope 2 emissions per rupee of N.A. N.A.
turnover
Total Scope 1 and Scope 2 emission intensity (Metric N.A. N.A.
tonnes of production)
No
7. Does the entity have any project related to reducing Greenhouse Gas emission? If Yes, then provide details:
Not Applicable
8. a. The details related to waste management by the entity are given below:
Parameter UOM FY 2022-23 FY 2021-22
Total Waste generated (in metric tonnes)
Plastic waste (A) N.A. N.A.
E-waste (B) N.A. N.A.
Bio-medical waste (C) N.A. N.A.
Construction and demolition waste (D) N.A. N.A.
Battery waste (E) N.A. N.A.
Radioactive waste (F) N.A. N.A.
Other Hazardous Waste (G): N.A. N.A.
Waste Oil N.A. N.A.
Waste Oil Cotton N.A. N.A.
DG Filters N.A. N.A.
Hazardous Waste Containers N.A. N.A.
Other Non-hazardous waste generated (Rejected product waste, paper N.A. N.A.
waste, cardboard, metal, PPE, wood, rubber) (H)
Total (A+B + C + D + E + F + G + H) N.A. N.A.
N.A. N.A.
Category of waste (in metric tonnes) N.A. N.A.
(i) Recycled N.A. N.A.
N.A. N.A.
(ii) Re-used N.A. N.A.
(iii) Other recovery operations N.A. N.A.
Total N.A. N.A.
N.A. N.A.
Category of waste (in metric tonnes)
(i) Incineration N.A. N.A.
N.A. N.A.
(ii) Landfilling N.A. N.A.
(iii) Other disposal operations N.A. N.A.
Total N.A. N.A.

No
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy
adopted by your Company to reduce usage of hazardous and toxic chemicals in your products and processes
and the practices adopted to manage such wastes:
Not Applicable
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.)
where environmental approvals / clearances are required, please specify details in the following format:
The entity doesn’t have office in ecologically sensitive areas.
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable
laws, in the current financial year: Not Applicable
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
Protection Act and rules thereunder (Y/N). If not, provide details of all such non-compliances:
Yes, your Company is compliant with the applicable environmental law/ regulations/ guidelines in India.
PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner
that is responsible and transparent
1. Number of affiliations with trade and industry chambers/ associations and list of top 10 trade and industry
chambers/ associations (determined based on the total members of such a body) the entity is a member of/
affiliated to:
Name of the trade and industry Reach of trade and industry chambers/
SI.
chambers/associations associations (State/National)
N.A.
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by
the entity, based on adverse orders from regulatory authorities:
Not Applicable
PRINCIPLE 8 Businesses should promote inclusive growth and equitable development

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in
the current financial year:
Not Applicable
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
undertaken by your entity, in the following format:
Not Applicable
3. Describe the mechanisms to receive and redress grievances of the community:

Not Applicable

4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
(in %)
Directly sourced from MSMEs/ small producers N.A N.A
Sourced directly from within the district and neighbouring districts N.A N.A
PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback:
Any query/complaints are received directly on Company’s e-mail id.
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry
information about:
Particulars As a percentage to total turnover
Environmental and social parameters relevant to the product 100%
Safe and responsible usage
Recycling and/or safe disposal
3. Number of consumer complaints in respect of the following:

FY 2022-23 FY 2021-22
Particulars Received Pending Remarks Received Pending Remarks

during the resolution at during the resolution at
year end of year year end of year
Data privacy 0 0 - 0 0 -
Advertising 0 0 - 0 0 -
Cyber-security 0 0 - 0 0 -
Delivery of essential services 0 0 - 0 0 -
Restrictive Trade Practices 0 0 - 0 0 -
Unfair Trade Practices 0 0 - 0 0 -
Others* 0 0 - 0 0 -
4. Details of instances of product recalls on account of safety issues:

Number Reasons for recall
Voluntary recalls 0 NA
Forced recalls 0 NA
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If
available, provide a web-link of the policy:
Yes, the Company respects the privacy of its employees, business partners and others who interact with the Company.
This is reflected in the Company’s policy and the issues are overseen by the Board Committees, as may be required.
The weblink of the policy is https://rattanindia.com/wp-content/uploads/2022/09/REL-Risk-Management-Policy.pdf
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery
of essential services; cyber security and data privacy of customers; re-occurrence of instances of product
recalls; penalty / action taken by regulatory authorities on safety of products / services:
There were no significant issues/ penalties/ regulatory actions relating to advertising, cyber security and data privacy
during the year.

Annexure - D
FORM-MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED ON 31ST MARCH, 2023

[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
RATTANINDIA ENTERPRISES LIMITED
5th Floor, Tower-B, Worldmark 1, Aerocity
New Delhi -110037
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by RattanIndia Enterprises Limited (hereinafter called “the Company”). Secretarial Audit was
conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts /statutory compliances
and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during
the audit period covering the financial year ended on 31st March, 2023 complied with the statutory provisions listed here
under and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the
manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by RattanIndia
Enterprises Limited for the financial year ended on 31st March, 2023 according to the provisions of:
i. The Companies Act, 2013(the Act)and the rules made thereunder;
ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’)and the rules made thereunder;
iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv. Foreign Exchange Management Act,1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
v. The Regulations prescribed under the Securities and Exchange Board of India Act,1992 (‘SEBI Act’) viz.:-
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,2011;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009(till
November 9, 2018) and Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018 (w.e.f. November 10, 2018);
d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;
e) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;
(Not Applicable during the period under audit)
f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,1993
regarding the Companies Act and dealing with client;
g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; (Not Applicable during
the period under audit)

h) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 (Not Applicable during
the period under audit); and
i) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“Listing Regulations”);
vi. and other applicable laws like:
• The Electricity Act, 2003
• National Tariff Policy
• The Trade Mark Act, 1999
• Taxation Laws
• Labour Laws and Social Security Laws – such as Employees State Insurance Act, 1948; Payment of Gratuity Act,
1972; Contract Labour (Regulation and Abolition) Act, 1970; Maternity Benefit Act, 1961, The Equal Remuneration
Act 1976; Employees Provident Funds And Miscellaneous Act, 1952
• IT Related Laws – Information Technology Act, 2000;
• Miscellaneous Laws – Sexual Harassment of Women at Workplace (Prevention, Prohibition and Regulation)
Act, 2013
We have also examined compliance with the applicable clauses of Secretarial Standards issued by the Institute of Company
Secretaries of Indiaw.r.t. meetings of the Board of Directors (SS - 1) and General Meeting (SS – 2).
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
We further report that the Board of Directors of the Company is duly constituted with proper balance of Executive
Director, Non-Executive Directors, and Independent Directors. The changes in the composition of the Board of Directors
that took place during the period under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent
in advance and a system exists for seeking and obtaining further information and clarifications on the agenda items before
the meeting and for meaningful participation at the meeting.
All decisions of the Board and Committees were carried with requisite majority.
We further report that

i. An amendment in the object clause of Memorandum of Association of the Company to include an object of providing
services of planning, marketing, securing, developing infra-structuring activity was approved by Shareholders
through Postal Ballot, result of which was declared on August 3, 2022 and registered by Registrar of Companies,
Delhi on August 12, 2022.
ii. Pursuant to the approval of the Board of Directors, the Company has provided Corporate Guarantee to various
vendors/lenders of its wholly owned subsidiary namely Cocoblu Retail Limited.
We further report that there are adequate systems and processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. The
Company has introduced compliance alert system for applicability of all applicable laws, rules, regulations and guidelines
For S. Khandelwal & Co.

Company Secretaries
Sd/-
Sanjay Khandelwal
Proprietor
Membership No. : FCS-5945
Place: New Delhi C P No.: 6128
Date: 31.07.2023 UDIN: F005945E000708020
This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.

Annexure - A
To,
The Members,
RATTANINDIA ENTERPRISES LIMITED
New Delhi -110037
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a
reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
7. The maximum liability of our firm under the secretarial audit in respect of the aggregate of all claims shall not exceed
the fee charged by us.

Company Secretaries
Sd/-
Sanjay Khandelwal
Proprietor
Date: 31.07.2023 UDIN: F005945E000708020

Annexure - D(a)
FORM-MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED ON 31ST MARCH, 2023

[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
COCOBLU RETAIL LIMITED
New Delhi -110037
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Cocoblu Retail Limited (hereinafter called “the Company”). Secretarial Audit was conducted in a
manner that provided us a reasonable basis for evaluating the corporate conducts /statutory compliances and expressing
our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during
the audit period covering the financial year ended on 31st March, 2023 complied with the statutory provisions listed here
under and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the
manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by Cocoblu
Retail Limited for the financial year ended on 31st March, 2023 according to the provisions of:
i. The Companies Act, 2013 (the Act) and the rules made thereunder;
ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder; Not Applicable
iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv. Foreign Exchange Management Act,1999and the rules and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
v. The Regulations prescribed under the Securities and Exchange Board of India Act,1992 (‘SEBI Act’) viz.:- Not Applicable
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,2011;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)Regulations, 2009(till
November 9, 2018) and Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018 (w.e.f. November 10, 2018;
d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
e) The Securities and Exchange Board of India(Issue and Listing of Debt Securities) Regulations, 2008;
f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,1993
regarding the Companies Act and dealing with client;
g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations,2009;
h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998(till September 10, 2018)
and Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 (w.e.f. September 11,
2018); and
i) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

vi. and other applicable laws like:
z Taxation Laws
z Labour and Social Security Laws – such as Employees State Insurance Act, 1948; Payment of Gratuity Act, 1972;
Contract Labor (Regulation and Abolition) Act, 1970; Maternity Benefit Act, 1961, The Equal Remuneration Act
1976;Employees Provident Funds And Miscellaneous Act, 1952
z IT Related Laws – Information Technology Act, 2000;
z Miscellaneous Laws – Sexual Harassment of Women at Workplace (Prevention, Prohibition and Regulation)
Act, 2013
We have also examined compliance with the applicable clauses of Secretarial Standards issued by the Institute of Company
Secretaries of India w.r.t. meetings of the Board of Directors (SS - 1) and General Meeting (SS – 2).
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
We further report that the Board of Directors of the Company is duly constituted with proper balance of Executive
Director, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors
that took place during the period under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent
at least seven days in advance and a system exists for seeking and obtaining further information and clarifications on the
agenda items before the meeting and for meaningful participation at the meeting.
All decisions of the Board and Committees were carried with requisite majority.
We further report that
i. The Authorised Share Capital of the Company was increased from D16,05,00,000/- divided into 1,60,50,000 Equity
Shares of D10/- each to D35,05,00,000/- divided into 3,50,50,000 Equity Shares of D10/- each
ii. The Company has allotted 70,00,000 Equity Shares of D100/- each. (including premium of D90 per share) on 20th April,
2022, 70,00,000 Equity Shares of D100/- each. (including premium of D90 per share) on 30th May, 2022 and has allotted
50,00,000 Equity Shares of D100/- each. (Including premium of D90 per share) on 21st July, 2022
We further report that there are adequate systems and processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. The
Company has introduced compliance alert system for applicability of all applicable laws, rules, regulations and guidelines.

Company Secretaries
Sd/-
Sanjay Khandelwal
FCS-5945
C P No.: 6128
Place: New Delhi UDIN: F005945E000708350
Date: 31.07.2023 Peer Review Cert. No – 2271/2022
This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.

Annexure - A
To,
The Members,
COCOBLU RETAIL LIMITED
New Delhi -110037
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a
reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
7. The maximum liability of our firm under the secretarial audit in respect of the aggregate of all claims shall not exceed
the fee charged by us.

Company Secretaries
Sd/-
Sanjay Khandelwal
Place: New Delhi FCS-5945
Date: 31.07.2023 C P No.: 6128

Annexure - E
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS & OUTGO
[Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014]
A. Conservation of Energy
The Company operations do not account for substantial energy consumption. However, the Company is taking all
possible measures to conserve energy. As an ongoing process, the following measures are undertaken:
a. Implementation of viable energy saving proposals.
b. Installation of automatic power controllers to save maximum demand charges and energy.
c. Shutting of all the lights when not in use and use of LED lights.
d. Training front end operational personnel on opportunities of energy conservation.
e. Awareness and training sessions for maintenance personnel conducted by experts.
B. Technology Absorption
The nature of business being carried out by the Company entails use of effective information technology. The
management keeps itself abreast of technological advancement in the industry and ensures continues and sustained
efforts towards absorption of technology, adaptation as well as development of the same to meet the business needs
and objectives.
The Company continuously encourages the introduction and use of latest available innovations in the field of
information technology.
C. Foreign Exchange Earnings and Outgo

(₹ in Million)
Particulars As on March 31, 2023 As on March 31, 2022
Earnings in Foreign Currency - -
Expenditure in Foreign Currency 0.18 -

Corporate Governance Report

1. THE COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE
The Company is committed to good Corporate Governance and its philosophy of Corporate Governance aims at
establishing and practicing a system of good Corporate Governance which will assist the management in managing
the Company’s business in an efficient and transparent manner towards fulfilling the corporate objectives and meet
the obligations and serve the interest of the stakeholders. The Company’s endeavor has always been to maximize
the long-term value to the shareholders of the Company.
2. BOARD OF DIRECTORS (BOARD)

(A) Composition and size of the Board
The Board of Directors in the Company has been constituted in a manner which ensures appropriate combination
of Executive Directors and Non-executive Directors and having proper mix of non- independent and independent
directors to ensure proper governance and management. The Board members have collective experience in
diverse fields.
Currently, the Board of Directors (Board) consists of one executive director and five non-executive directors. The
Independent Directors constitute fifty percent of the total Board composition with three out of six directors on the
Board of the Company being independent.
The details of Directors, number of Directorships held by them in other companies as also the number of their
Memberships and Chairpersonships on various Board Committees, as at 31.03.2023, are depicted in the table
given below:
Category of No. of Memberships/
No. of Chairpersonships in Board
Directorship and name
S. Name of the Category of Directorships Committees of various companies
of the other listed
No. Director Directorship in other (including the Company)**
companies
Companies*
as on 31.03.2023 Member Chairperson
1. Mr. Rajiv Rattan Chairman, 1 RattanIndia Power Limited 4 0
(DIN: 00010849)# Non-Executive - Executive Chairman and
Director and Director and Promoter
Promoter
2. Mr. Jeevagan Non-Executive 6 RattanIndia Power Limited 5 3
Narayana Independent - Independent Director
Swami Nadar Director
DIN: 02393291)
3. Mr. Rajesh Kumar Non-Executive 1 - 1 0
(DIN: 03291545)## Director
4. Mr. Sanjiv Chhikara Non-Executive 1 RattanIndia Power Limited 4 1
(DIN: 06966429) Independent - Independent Director
Director
5. Mrs. Pritika Poonia Non-Executive 1 RattanIndia Power Limited 2 0
(DIN: 06715564)### Independent - Independent Woman
Woman Director
Director
6. Mrs. Anjali Nashier Non-Executive 0 - 0 0
(DIN: 01942221) Director
# Mr. Rajiv Rattan (DIN: 00010849) re-transited from the position of Executive Chairman to Non-Executive Chairman of the
Company w.e.f. October 29, 2022.
## Post Closure of Financial Year Mr. Rajesh Kumar (DIN: 03291545) was appointed as an Executive Director of the Company w.e.f.
April 01, 2023.
### Mrs. Pritika Poonia was appointed as Non-Executive Independent Woman Director on November 10, 2022.
* Does not include directorships held in private limited companies, foreign companies, high value debt listed entities and the
companies registered under Section 8 of the Companies Act, 2013.
** In terms of Regulation 26(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, only memberships/chairpersonships of the Audit Committees and Stakeholders’ Relationship Committees
in various public limited companies, have been considered.

None of the Directors on the Board held directorship in Qualifications of Directors), 2014 and Regulation 17(1)(a) of
more than seven listed companies. Further, the Executive SEBI (Listing Obligations and Disclosures Requirements),
director of the Company, do not serve as an Independent Regulations, 2015 has Non-executive Woman Director
director in any listed company as mentioned in Regulation on the Board. Mrs. Pritika Poonia, Independent Woman
17A (2) of Securities Exchange Board of India (Listing Director who was appointed with effect from November
Obligations and Disclosure Requirements) Regulation, 2015 10, 2022 as an Additional Independent Woman Director, for
(SEBI Listing Regulations). a tenure of 5 years and subsequently her appointment was
approved by the shareholders in the Extraordinary General
None of the directors on the Board is a member of more Meeting held on February 07, 2023.
than ten committees or chairperson of more than five
committees across all Public Limited companies in which Independent Director
he/ she is a director. In computing the said number only The Independent Directors of the Company have been
Audit Committee and Stakeholders Committee, have been appointed in terms of the requirements of the Act, the
considered. Further, none of the Independent Directors on Listing Regulations and the Governance Guidelines for
the Board is serving as an Independent Director in more Board Effectiveness adopted by the Company.
than seven listed companies or a whole-time director/MD
in any listed entity. Formal letters of appointment have been issued to the
Independent Directors and the terms and conditions of
Except Mr. Rajiv Rattan, who holds 17,70,000 equity shares their appointment are disclosed on the Company’s website
and Mr. Rajesh Kumar who holds 3,120 equity shares in the https://rattanindia.com/wp-content/uploads/2022/08/
Company, no other director holds any share/ convertible appointment-letter-and-terms-of-appointment-of-
instruments in the Company. independent-directors.pdf
None of the Non-executive Director had any pecuniary The Company has received declaration from the
relationship with or entered any pecuniary transactions Independent Directors confirming that they meet the
with the Company, during the financial year 2022-23. criteria of independence as prescribed under Section
149(6) of the Act read with Regulation 16(1)(b) of the Listing
Except Mr. Rajiv Rattan and Mrs. Anjali Nashier (wife of
Regulations. In terms of Regulation 25(8) of the Listing
Mr. Rajiv Rattan), no other director is related to one another.
Regulations, the Independent Directors have confirmed
During the financial year, Mrs. Neha Poonia (DIN: 07965751) that they are not aware of any circumstances or situations
resigned as Non-Executive Independent Woman Director which exist or may be reasonably anticipated that could
of the Company w.e.f. November 10, 2022, due to impair or impact their ability to discharge their duties.
personal reasons and Mrs. Pritika Poonia (DIN: 06715564)
The Board is of the opinion that the Independent
was appointed as Non-Executive Independent Woman
Directors fulfill the conditions specified in the Act and
Director w.e.f. November 10, 2022. Mr. Rajiv Rattan (DIN:
the Listing Regulations and that they are independent of
00010849) due to his appointment as Executive Chairman
the management.
of RattanIndia Power Limited, had re-transited from the
position of Executive Chairman to Non-Executive Chairman In terms of Section 150 of the Act read with Rule 6 of the
of the Company w.e.f. October 29, 2022. Mr. Rajesh Kumar Companies (Appointment & Qualification of Directors)
(DIN: 03291545) was appointed as an Executive Director on Rules, 2014, the Independent Directors have confirmed
the board of the Company w.e.f. April 1, 2023. Mr. Amit Jain that they are registered in the data bank of Independent
(PAN: AEUPJ9311H) ceased to be the Chief Financial Officer Directors maintained with the Indian Institute of
of the Company w.e.f. April 02, 2022 and Mr. Amit Jain (PAN: Corporate Affairs.
AFKPJ7410C) had been appointed as Chief Financial Officer
of the Company w.e.f. April 02, 2022. Separate meeting of Independent Directors
In compliance with the requirements set out in Schedule
Post closure of the financial year, Mr. Amit Jain (PAN:
IV to the Companies Act, 2013 read with the SEBI (LODR)
AFKPJ7410C) resigned as a Chief Financial Officer of the
Regulations, 2015 and Secretarial Standard on Board
Company w.e.f. May 19, 2023 and Mr. Vinu Balwant Saini
Meeting (SS-1) a separate meeting of Independent
(PAN: AFSPB8478G) was appointed as Chief Financial
Directors of the Company was held on February 10, 2023.
Officer of the Company w.e.f. May 20, 2023.
The Independent Directors, inter-alia, reviewed the
Woman Directors
performance of Non-Independent Directors, board
The Company, in compliance of the provisions of Section as a whole and Chairman of the Company, taking into
149 read with Rule 3 of the Companies (Appointment and account the views of Executive Directors and Non-
Executive Directors.

(B) Details of Board meetings and the last Annual General Meeting (AGM) and attendance record of Directors
thereat
During the Financial Year 2022-2023, the Board met 7 (Seven) times. The dates of the Board meetings were April 02, 2022,
May 30, 2022, August 12, 2022, September 30, 2022, November 10, 2022, January 03, 2023, February 10, 2023. The gap
between any two consecutive meetings held during the FY 2022-23 did not exceed 120 days.
The last Annual General Meeting of the Company was held on September 30, 2022.
table depicting the attendance of Directors at various Board Meetings and Annual General Meeting held during the
A
Financial Year 2022-23 is given below:
Sr. Meetings held during No. of Board Attendance at
Name of the Director
No. the tenure Meetings attended the last AGM
1. Mr. Rajiv Rattan 7 7 Yes
2. Mr. Jeevagan Narayana Swami Nadar 7 7 Yes
3. Mr. Rajesh Kumar 7 7 Yes
4. Mr. Sanjiv Chhikara 7 1 Yes
5. Mrs. Neha Poonia* 5 5 Yes
6. Mrs. Pritika Poonia** 2 2 NA
7. Mrs. Anjali Nashier 7 4 Yes
*Mrs. Neha Poonia ceased to be an Independent Woman Director of the Company w.e.f. November 10, 2022.
**Mrs. Pritika Poonia appointed as an Independent Woman Director of the Company w.e.f. November 10, 2022.
ote: Agenda papers with detailed notes are circulated in advance at each meeting. Information as required in Part A of
N
Schedule II of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 has been made available to the Board from time to time.
T he Company periodically places Compliance Reports with on the website of the Company https://rattanindia.
respect to all applicable laws before the Board of Directors com/ril/code-of-conduct-senior-management/
for its review.
None of the Non-Executive Directors has any other
The Board of Directors of the Company had accepted all material pecuniary relationship or transactions with
recommendation of committees of the Board which are the Company, its Promoters or Directors, its Senior
mandatorily required, during the Financial Year 2022-23. Management or its Subsidiaries.
All Board members and Senior Management
(C) Code of Conduct
Personnel have affirmed compliance with the Code
In order to adopt Corporate Governance practice in its of Conduct applicable to them, for the Financial
true spirit, the Company has adopted a “Code of Conduct” Year 2022-23. A declaration signed by the Mr. Rajesh
for its employees including Managing/Executive Director Kumar, Whole time Director of the Company, to this
and senior management. In addition, the Company has effect, appears at the end of this Report.
also adopted a Code of Conduct for its Non- Executive
Directors, which includes duties of the Independent (ii) Code of Conduct for Prevention of Insider
Directors as laid down in the Companies Act, 2013 (the Trading
“Act”). These codes are available on the website of the In accordance with the Securities and Exchange
Company. Further, the Company’s Corporate Governance Board of India (Prohibition of Insider Trading)
philosophy has been strengthened through the “Code Regulations, 2015, as amended from time to
of Conduct for Prevention of Insider Trading and Code of time, the Board of Directors of the Company
Corporate Disclosure Practices”. has adopted Code of Conduct for prevention
(i) Code of Conduct and Ethics of Insider Trading and the Code of Corporate
Disclosure Practices (Insider Trading Code).
The Company has laid down a Code of Conduct for all
Board members and Senior Management Personnel All the Directors, Employees of the Company
of the Company, which also includes the duties and and their immediate relatives and other
responsibilities of both Executive and Non-Executive connected persons who could have access to
directors as laid down under the Companies Act, 2013 the Unpublished Price Sensitive Information of
and SEBI Regulations. The Code of Conduct is available

the Company, are governed under this Insider thereby ensuring that the management adheres to
Trading Code. high standards of ethics, transparency and disclosure.
(D) Chart / Matrix of Skills / Expertise / Competence The Company requires skills/expertise/competencies
of the Board of Directors in context to Company’s in the areas of strategy, finance, leadership,
business and sector: accounting, economic, legal and regulatory matters
The Board is satisfied that the current composition and human resources, etc.
reflects a mix of knowledge, skills, experience,
The Board has identified the following skills/expertise/
diversity and independence. The Board provides
competencies fundamental for the effective
leadership, strategic guidance, objective, and an
functioning of the Company which are currently
independent view to the Company’s management
available with the Board:
while discharging its fiduciary responsibilities,
Area of Expertise
S. Legal and
Name of the Director Human
No Strategy Finance Leadership Accounting Economic Regulatory
Resources
Matters
1 Mr. Rajiv Rattan  –  –   –
2 Mr. Rajesh Kumar  – – –   –
3 Mr. Jeevagan Narayana Swami   –    –
Nadar
4 Mr. Sanjiv Chhikara   –  –  –
5 Mrs. Pritika Poonia    – – – –
6 Mrs. Anjali Nashier  –  –   
3.
FAMILIARISATION PROGRAMMES FOR out during the financial year 2022-2023, as it had been
INDEPENDENT DIRECTORS carried out in the previous financial year.
With an aim to provide insights into the Company
to enable the Independent Directors to understand As required under Regulation 25(7) and 46 of the
its business in depth and contribute significantly, Listing Regulations, the details of Familiarisation
familiarization program has been designed for the program imparted to the Independent Directors are
Independent Directors. available on the website of the Company and can
be viewed at the weblink https://rattanindia.com/
The Company, on regular basis makes detailed wp-content/uploads/2022/08/4-FAMILIARIZATION-
presentations to the Board including Independent PROGRAMME-FOR-INDEPENDENT-DIRECTORS-1.pdf
Directors, on the Company’s operation and business
plans, the nature of industry in which Company 4. SENIOR MANAGEMENT
operates, and model of respective businesses. During the Financial Year 2022-2023, Mr. Rajesh Arora,
Company Secretary and Mr. Amit Jain, Chief Financial
In compliance with the requirement of Regulation Officer of the Company were the Senior management
25(7) of the SEBI (Listing Obligations and Disclosure personnel of the Company. Post Closure of Financial
Requirements) Regulations 2015, Independent Year Mr. Vinu Saini was appointed as the Chief
Directors of the Company are made aware of their Financial Officer (SMP) of the Company w.e.f. May 20,
role, responsibilities, and liabilities at the time of their 2023 and Mr. Amit Jain resigned from the post on May
appointment/reappointment through a formal letter 19, 2023.
of appointment which stipulates various terms and
conditions of their engagement apart from clarifying 5. COMMITTEES OF THE BOARD
their roles and responsibilities. Further, in line with The Board has various committees including
the policy of the Company as framed in this regard Audit Committee, Nomination & Remuneration
and in compliance with the requirements of the SEBI Committee, Stakeholders Relationship Committee,
(Listing Obligations and Disclosure Requirements) Risk Management Committee and Corporate
Regulations, 2015, a familiarization exercise for Social Responsibility (CSR) Committee which act in
Independent Directors of the Company was carried accordance with the terms of reference determined

by the Board. Meetings of each of these Committees • reviewing, with the management, the annual
are convened by the respective Chairman. Matters financial statements and auditor’s report
requiring Board’s attention/approval are placed thereon before submission to the board
before the Board. The role, the composition of these for approval.
Committees including the number of meetings held • reviewing, with the management, the quarterly
during the financial year and the related attendance financial statements before submission to Board
details are provided below: for approval.
(A) Audit Committee • Reviewing, with the management, the
statement of uses/ application of funds raised
The Audit Committee of the Company is constituted through an issue (public issue, rights issue,
in compliance with provisions of Regulation 18 of preferential issue, etc.), the statement of fund
SEBI Listing Regulations 2015 and Section 177 of utilized for purposes other than those stated in
the Companies Act 2013 and as on March 31, 2023 the offer document/prospectus/notice and the
comprised of four members namely, Mr. Jeevagan report submitted by the monitoring agency
Narayana Swami Nadar as the Chairperson and monitoring the utilisation of proceeds of a
member, Mr. Rajiv Rattan, Mr. Sanjiv Chhikara and Mrs. public or rights issue, and making appropriate
Pritika Poonia as the other members. Mr. Jeevagan recommendations to the board to take up steps
Narayana Swami Nadar, Mr. Sanjiv Chhikara and in this matter.
Mrs. Pritika Poonia are Non-Executive Independent • reviewing and monitoring the auditor’s
Directors and Mr. Rajiv Rattan is Non-Executive independence and performance, and
Director. The Secretary of the Company also acts as effectiveness of audit process.
Secretary of the Audit Committee.
• approval or any subsequent modification of
All the members are financially literate and having transactions of the Company with related parties.
expertise in the fields of finance, accounting, • s cr u tiny o f inte r- co r p o r ate l o ans
development, strategy and management. and investments.
• valuation of undertakings or assets of the
In terms of Section 177 of the Companies Act, 2013
Company, wherever it is necessary.
and Regulation 18 (3) of the Securities and Exchange
Board of India (Listing Obligations and Disclosure • evaluation of internal financial controls and risk
Requirements) Regulations 2015, read with Part-C management systems.
of Schedule II of the Regulations the role of Audit • reviewing, with the management, performance
Committee, inter-alia includes the following: of statutory and internal auditors, adequacy of
the internal control systems.
• to review (a) the management discussion and
• reviewing the adequacy of internal audit
analysis of financial condition and results of
function, if any, including the structure of
operations (b) statement of significant related
the internal audit department, staffing and
party transactions submitted by management
seniority of the official heading the department,
(c) the management letters / letters of internal
reporting structure coverage and frequency of
control weaknesses, if any issued by the statutory
internal audit.
auditors (d) the internal audit reports provided
by the Internal Auditors of the Company and (e) • discussion with internal auditors of any
statement of deviations. (f) the appointment, significant findings and follow up there on.
removal and terms of remuneration of the • reviewing the findings of any internal
Internal Auditor. investigations by the internal auditors into
• re co mm e n dati o n f o r ap p o intm e nt , matters where there is suspected fraud or
remuneration and terms of appointment of irregularity or a failure of internal control
statutory auditors. systems of a material nature and reporting the
matter to the board.
• approval of payment to statutory auditors
for any other services rendered by the • discussion with statutory auditors before the
statutory auditors. audit commences, about the nature and scope
of audit as well as post-audit discussion to
ascertain any area of concern.

• to look into the reasons for substantial defaults The Finance Head and Auditors attended the meeting
in the payment to the depositors, debenture by Invitation.
holders, shareholders (in case of non- payment
of declared dividends) creditors, if any. The Chairman of the Audit Committee was present at
the Twelfth Annual General Meeting of the Company
• to review the functioning of the whistle
held on September 30, 2022.
blower mechanism.
• approval of appointment of chief financial officer The Board of Directors of the Company had accepted
after assessing the qualifications, experience all recommendations of the committee which
and background, etc. of the candidate. are mandatorily required, during the Financial Year
• reviewing the utilization of loans and/ or 2022-23.
advances from/investment by the Company in
(B) Nomination & Remuneration Committee
the subsidiary exceeding rupees 100 crore or
10% of the asset size of the subsidiary, whichever The Nomination & Remuneration Committee is
is lower including existing loans / advances/ constituted in compliance with the requirements of
investments existing as on the date of coming Regulation 19 of SEBI Listing Regulations and Section
into force of this provision 178 of the Companies Act, 2013 and as on March 31,
2023 comprised of three Non-Executive Directors as
• consider and comment on rationale, cost-
its members namely Mr. Jeevagan Narayana Swami
benefits and impacts of schemes involving
Nadar, as the Chairperson and member, Mr. Sanjiv
merger, demerger, amalgamation etc., on the
Chhikara and Mr. Rajesh Kumar as the other two
listed entity and its shareholders
members. Mr. Jeevagan and Mr.Sanjiv Chhikara are
• Carrying out any other function as is mentioned Independent Directors.
in the terms of reference of the audit committee.
• The Audit Committee is entrusted with the Post closure of financial year, Mr. Rajiv Rattan was
responsibility to supervise the Company’s appointed as member of the Committee on April 1,
internal control and financial reporting process. 2023 in place of Mr. Rajesh Kumar who ceased to be
member of the committee from the said date.
Meetings and Attendance during the year
Terms of reference
During FY 2022-23, the Audit Committee met five
times. The dates of the meetings being May 30,2022, The terms of reference of Nomination & Remuneration
August 12, 2022, November 10, 2022, January 03, Committee, inter-alia, include:
2023, February 10, 2023 and the gap between two - to recommend to the Board, compensation terms
consecutive meetings did not exceed one hundred of the Executive Directors;
twenty days. -
f ormulation of the criteria for determining
qualif ications, positive at tributes and
The attendance record of the committee members
independence of a director and recommend to
to the meetings so held is depicted in the table
the board of directors a policy relating to, the
given below:
remuneration of the directors, key managerial
Meetings No. of personnel and other employees;
Sr. Name of the
held during Meetings
No. Member -
f or appointment of Independent Director(s),
the tenure attended
1. Mr. Rajiv Rattan 5 5 evaluate the balance of skills, knowledge and
2. Mr. Jeevagan 5 5 experience on the board and on basis of such
Narayana Swami evaluation, prepare a description of the role and
Nadar capabilities required of an Independent Director.
3. Mrs. Pritika Poonia* 2 2 -
f ormulation of the criteria for evaluation of
4. Mrs. Neha Poonia** 3 3 performance of independence director and the
5. Mr. Sanjiv Chhikara 5 1 board of directors.
*
Mrs. Pritika Poonia appointed as a member of the - devising a policy on diversity of board of directors;
committee on November 10, 2022.
- identifying persons who are qualified to become
**
Mrs. Neha Poonia ceased to be a member of the
committee w.e.f. November 10, 2022. directors and who may be appointed in senior
management in accordance with the criteria laid

down and recommend to the board of directors information flow, recommendations to the
their appointment and removal; Board, etc.
-
w hether to extend or continue the term of 3.
Executive Directors – Attendance at the
appointment of the independent director, on the meetings, engagement with fellow Board
basis of the report of performance evaluation of members, employees, strategy making, risk
independent directors and other pertinent factors.. management, management of the company and
- Recommend to the board, all remuneration, in its employees during the ongoing pandemic
whatever form, payable to the senior management. situation etc.
4. The Chairman – Leadership of the Board,
Meetings and Attendance during the year promoting effective participation of all Board
During the FY 2022-23, the Nomination and members in the decision making process,
Remuneration Committee met two times. The dates encouraging deliberations on important
of the meetings being November 10, 2022 and matters etc.
January 03, 2023:- 5. Independent Directors – Independence from the
Company, exercising independent judgement
The attendance record of the committee members
in decision-making, contributing strongly to
to the meetings so held is depicted in the table
the objectivity of the Board’s deliberations
given below:
based on their external expertise, attendance
Meetings No. of
Sr. Name of the
at meetings etc.
No. Director
the tenure attended
The performance of Independent Directors was also
1. Mr. Jeevagan 2 2
Narayana Swami
evaluated by the entire Board and in such exercise,
Nadar the director concerned whose performance was
2. Mr. Sanjiv Chhikara 2 1 being evaluated didn’t participate
3. Mr. Rajesh Kumar 2 2 The evaluation report was also discussed at the
The Chairman of the Nomination and Remuneration meeting of the Board of Directors. The Board
Committee was present at the Twelfth Annual General deliberated over the suggestions and inputs to
Meeting of the Company held on September 30, 2022. augment its own effectiveness and optimise the
individual strengths of the directors. The directors
Performance Evaluation were satisfied with the Company’s standard of
The Board had carried out an annual evaluation of governance, its transparency, meeting practices and
its own performance and of its committees as well overall Board effectiveness. The suggestions given by
as the performance of each individual directors. the Independent Directors were duly incorporated.
Board Evaluation Criteria Feedback was sought
S uccession Planning: The NRC reviewed the
based on the evaluation criteria approved by the
succession planning of top leadership positions
NRC for evaluating the performance of the Board, its
in the Company. While undertaking said review
committees and individual directors. Evaluation is
the leadership competencies required for orderly
done on the following parameters.
succession planning was considered by the NRC.
1. The Board – Board Administration, Overall Board
Effectiveness, Governance and Compliance, Remuneration Policy
Member Effectiveness, Ethics, Chairman, The remuneration policy of the Company is designed
Board Committees, Meeting through Video to create a high-performance culture. It enables the
Conferencing, Miscellaneous. Company to attract, retain and motivate employees
2. Board committees – Committee Effectiveness to achieve results.
Component including the frequency of the
meetings, the chairperson of the Committee, The Company’s Nomination, Appointment and
the time allotted for agenda items, proper Remuneration Policy for Directors, Executive Directors
agenda papers and other required documents, and Senior Management Personnel is accessible on
healthy debates and discussions, action taken the Company’s website at the https://rattanindia.
points from the previous committee meetings, com/ril/code-of-conduct-senior-management/

In terms of the provisions of Section 178(3) of the Act Mr. Rajesh Kumar are Non- Executive Directors of
and Regulation 19(4) read with Part D of Schedule II the Company.
to the SEBI Regulations, the Committee is responsible
for inter alia formulating the criteria for determining Terms of reference
qualification, positive attributes and independence The terms of reference of the Stakeholders
of a Director. The Committee is also responsible for Relationship Committee (SRC) covers the areas
recommending to the Board a policy relating to mentioned in Section 178 (5) of the Act and
the remuneration of the Directors, Key Managerial Regulation 20 read with Part D (B) of Schedule II to
Personnel and other employees. The Board has the Listing Regulations. The terms of reference of the
adopted the Policy on Board Diversity & Director Stakeholders Relationship Committee, inter-alia are
Attributes and Remuneration Policy for Directors, Key as follows;
Managerial Personnel and other senior employees of
(a) Resolving the grievances of the security holders
the Company.
of the Company including complaints related
The company’s remuneration policy is market-led and to transfer/ transmission of shares, non-receipt
takes into account the competitive circumstances of of annual report, non-receipt of declared
the business so as to attract and retain quality talent dividends, issue of new/ duplicate certificates,
and leverage performance significantly. However, general meetings etc.
while fixing the remuneration for its key managerial
(b) Review of measures taken for effective exercise
personnel and other senior management personnel,
of voting rights by shareholders.
care is taken to ensure that the financial prudence
is not compromised with and that a reasonable (c) Review of adherence to the service standards
parity commensurate with the level of responsibility adopted by the Company in respect of various
and quantum of work handled, is maintained services being rendered by the Registrar & Share
between the remuneration of personnel at different Transfer Agent.
hierarchical level. (d) Review of the various measures and initiatives
taken by the Company for reducing the
Remuneration of Directors
quantum of unclaimed dividends and ensuring
(i) Remuneration of Executive Directors timely receipt of dividend warrants/ annual
Mr. Rajiv Rattan, Whole-time Director in the reports/ statutory notices by the shareholders
Company till October 29, 2022 (date of re- of the company.
transition from Executive to Non-Executive) did
The Committee in order to meaningfully serve the
not draw any remuneration from the Company.
purpose of its creation and effectively discharge its
There was no other executive director on the
responsibility works in close coordination with the
Board of the Company during the Financial Year
Company Secretarial Department of the Company
2022-23.
and the Registrar and Transfer Agent appointed by
(ii) Remuneration of Non-Executive Directors the Company. The emphasis is always on working in
Non-Executive Directors have not been paid any closely with each other so that not only the investor
remuneration/sitting fees during the Financial grievances are resolved meaningfully and in time,
Year 2022-23 and did not have any pecuniary to their utmost satisfaction, but also that suitable
relationship or transactions with the Company measures are taken to prevent the possibility of
during the aforementioned Financial Year. recurrence of such grievances.
(C) Stakeholders Relationship Committee Meetings and Attendance during the year
The Stakeholders Relationship Committee of the During the FY 2022-23 the Stakeholders Relationship
Board is constituted in terms of Regulation 20 of SEBI Committee met four times. The dates of the meetings
Listing Regulations and Section 178 of the Companies being April 16, 2022, July 13, 2022, October 15, 2022
Act, 2013 and as on March 31, 2023 comprised of and January 11, 2023.
Mr. Sanjiv Chhikara as the Chairperson and member,
Mr. Rajiv Rattan and Mr. Rajesh Kumar as the other The attendance record of the committee members
two members. Mr. Sanjiv Chhikara is Non- Executive to the meetings so held is depicted in the table
Independent Director and Mr. Rajiv Rattan and given below:

Meetings No. of including financial, operational, sectoral,

Sr. Name of the
No. Director
held during Meetings sustainability (particularly, ESG related
the tenure attended risks), information, cyber security risks or
1. Mr. Rajiv Rattan 4 1 any other risk as may be determined by
2. Mr. Sanjiv Chhikara 4 4 the Committee.
3. Mr. Rajesh Kumar 4 3
2. Measures for risk mitigation including
systems and processes for internal control
The Chairman of the Stakeholders Relationship of identified risks.
Committee was present at the Twelfth Annual General
Meeting of the Company held on September 30, 2022. 3. Business continuity plan.
Name and designation of compliance officer b.

To ensure that appropriate methodology,
processes and systems are in place to monitor
Mr. Rajesh Arora, Company Secretary is the
and evaluate risks associated with the business
Compliance Officer of the Company pursuant to
Regulation 6(1) of the Securities and Exchange of the Company;
Board of India (Listing Obligations and Disclosure
c. To monitor and oversee implementation of the
Requirements) Regulations, 2015.
risk management policy, including evaluating

Details of queries/complaints received and the adequacy of risk management systems;
resolved
d. To periodically review the risk management
During FY 2022-23, 2 complaints were received, both
policy, at least once in two years, including by
pertaining to Non-receipt of Annual Report and
considering the changing industry dynamics
the same were redressed to the satisfaction of the
complainants and thus no complaint was pending at and evolving complexity;
the end of the financial year.
e. To keep the board of directors informed about
(D) Risk Management Committee the nature and content of its discussions,
The Risk Management committee has been recommendations and actions to be taken;
constituted by the Board in compliance with the
f.
The appointment, removal and terms of
requirements of Regulation 21 of SEBI (Listing
remuneration of the Chief Risk Officer (if
Obligations and Disclosure Requirements)
any) shall be subject to review by the Risk
Regulations, 2015, as amended from time to time.
In compliance with Regulation 21, the committee Management Committee.
comprises of majority of members being the board
Meetings and Attendance during the year
of Directors, including atleast one Independent
Director. The composition of committee as on March During the Financial Year ended 31st March 2023, the
31, 2023 comprises Mr. Rajiv Rattan, Chairperson and Committee met two times. The dates of the meetings
Non- Executive Director, Mr. Rajesh Kumar, Member were August 12, 2022 and January 23, 2023.
and Non-Executive director, Mr. Jeevagan Narayana
Swami Nadar, Member and Independent Director and The attendance of the members of the Committee at
Mr. Ashok Sharma, Member of the committee. the meetings held during the FY 2022-23 is depicted
in the table given below:
Terms of reference
Meetings No. of
The terms of reference of Risk Management Sr. Name of the
Committee are: No. Member
the tenure attended
1. Mr. Rajiv Rattan 2 2
a. To formulate a detailed Risk Management Policy
2. Mr. Rajesh Kumar 2 2
which include:
3. Ms. Jeevagan 2 2
1.
Framework for identif ication of Narayana Swami
Nadar
internal and external risks specifically
faced by the listed entity, in particular 4. Mr. Ashok Sharma 2 1

(E) Corporate Social Responsibility (CSR) Committee undertaken by the Company as specified in
The Corporate Social Responsibility Committee
Schedule VII to the Act.
(CSR Committee) of the Board was constituted in
compliance with the requirements of Section 135 of -
R ecommend the amount to be spent on
the Companies Act, 2013 and as on March 31, 2023 CSR activities.
comprised of Mr. Sanjiv Chhikara as the Chairperson
and member, Mrs. Pritika Poonia and Mr. Rajesh - Monitor implementation and adherence to the CSR
Kumar as the other two members. Policy of the Company from time to time.
Mrs. Pritika Poonia was appointed as the member - Such other activities as the Board of Directors
of the committee effective from November 10, 2022
determine as they may deem fit in line with
in place of Mrs. Neha Poonia who ceased to be a
member of the committee from the said date. CSR Policy.
CSR Committee is primarily responsible for The CSR Policy of the Company may be accessed on
formulating and monitoring the implementation of
its website at the link:
the framework of Corporate Social Responsibility
Policy and matters related to its overall governance.
h t t p s : //r a t t a n i n d i a . c o m / w p - c o n t e n t /
uploads/2022/09/Corporate-Social-Responsibility-
Terms of reference
Policy_IIPL.pdf
The terms of reference of the CSR Committee inter-
alia, include: Meetings and Attendance during the year
- Formulate and recommend to the Board, a CSR
Policy indicating the activity or activities to be During the FY 2022-23, no meeting of the Corporate
Social Responsibility Committee was held.
5. GENERAL BODY MEETINGS

A. Location and time of the last three Annual General Meetings (AGMs)
Annual General
Year Location Date Time
Meeting (AGM)
10th AGM 2019-2020 Through Video Conferencing (“VC”)/ September 30, 2020 5:00 P.M.
Other Audio-Visual Means (“OAVM”)
11th AGM 2020-2021 Through Video Conferencing (“VC”)/ September 21, 2021 5:00 P.M.
12th AGM 2021-2022 Through Video Conferencing (“VC”)/ September 30, 2022 10:00 A.M.
B. Details of special resolutions passed in the previous three AGMs:

(I) In the Tenth AGM of the Company for the FY 2019-20 held on September 30, 2020, 5 special resolutions as briefly
specified hereunder were passed:
(i) Alteration of the Objects Clause of the Memorandum of Association of the Company.
(ii) Change of the name of the Company.
(iii) Approval to the appointment and remuneration of Mr. Rajiv Rattan as an Executive Director and by virtue
of the same, as the Executive Chairman.
(iv) Authorisation for a QIP Issue.
(v) Authorisation for the place of profit
(II) In the Eleventh AGM of the Company for the FY 2020-21 held on September 21, 2021, 3 special resolutions as
briefly specified hereunder were passed:
(i) Enabling resolution under Sections 185 & 186 of the Companies Act, 2013.
(ii) Ratification to the Investment made by the Company in Revolt Intellicorp Private Limited
(iii) Alteration of the Object Clause of the Memorandum of Association of the Company
(III) In the Twelfth AGM of the Company for the FY 2021-22 held on September 30, 2022, no special resolution
was passed.

C. During the financial year 2022-23, in pursuance of Section 110 of the Companies Act, 2013, the Company has
conducted one Postal Ballot vide notice dated July 4, 2022, for seeking approval of the shareholders by way
of Ordinary Resolutions, as under, result of which was declared on August 3, 2022:
Item % of votes polled on % of votes in favour % of votes against
Particulars
No. outstanding shares on votes polled on votes polled
1 Approval to the institution of Employees Stock 82.6895 99.4147 0.5853
Options Plan “RattanIndia Enterprises Limited
Employee Stock Option Plan 2022”
2 Approval to Grant of Employee Stock Options to 82.6895 99.4141 0.5859
the employees of a Group company including
subsidiary company(ies) or associate company,
if any, of the Company under RattanIndia
Enterprises Limited Employee Stock Option Plan
2022
3 Approval for grant of Employee Stock Options to 82.6893 99.4144 0.5856
the identified employee(s) during any one year,
equal to or exceeding one percent of the issued
capital of the Company at the time of grant of
Employee Stock Options
4 Approval of Trust Route for the implementation 82.6894 99.4145 0.5855
of RattanIndia Enterprises Limited Employee
Stock Option Plan 2022
5 Approval for Provision of Money by the Company 82.6892 99.4149 0.5851
for purchase of its own shares by the Trust /
Trustees for the benefit of Employees under
RattanIndia Enterprises Limited Employee Stock
Option Plan 2022
6 Alteration in the object Clause of the 82.6959 99.9968 0.0032
Memorandum of Association of the Company
7 Approval to the Related Party Transaction with 8.0204 93.9658 6.0342
RattanIndia Power Limited
Mr. Sanjay Khandelwal (Membership No. FCS 5945) of M/s. S. Khandelwal & Co., Practicing Company Secretary, was
appointed as the Scrutinizer for the purpose of conducting and scrutinizing the postal ballot voting process in a fair
and transparent manner.
The Company had followed-up all the applicable legal requirements as prescribed in the SEBI LODR Regulations
and the Companies Act, 2013 and rules made thereunder, for conducting the aforesaid Postal Ballot which inter-alia
included mailing / dispatch of Postal Ballot Notice to the shareholders, appointing scrutinizer to receive and scrutinize
the completed postal ballot papers, publication of advertisement in the newspaper informing on postal ballot notice
and its dispatch, opening / closing time for exercising e voting and timeline for declaration of postal ballot results.
Mr. Rajesh Arora, the Company Secretary of the Company was responsible for the entire Postal Ballot / e-voting process.
D. During the Financial Year 2022-23 an Extraordinary General Meeting was held on February 07, 2023 and
following resolutions were passed:
(I) Appointment of Mrs. Pritika Poonia (DIN: 06715564) as an Independent Woman Director of the Company.
(II) Appointment of Mr. Rajesh Kumar (DIN: 03291545), Non-executive Director of the Company as a Whole-Time
Director (Executive Director) & Key Managerial Personnel of the Company, for a period of five years, with effect
from April 01, 2023.
(III) Approval to the Related Party Transactions seeking financial assistance from certain related parties.
6. DISCLOSURES
(i) Details on materially significant related party transactions
All Related Party Transactions are placed before the Audit Committee. Prior omnibus approval of the Audit Committee
is obtained on a yearly basis for the transactions which are repetitive in nature. The actual transactions entered

into pursuant to the omnibus approval so granted are Further, in order to encourage the employees to
placed at quarterly meetings of the Audit Committee. freely air their views and voice their concerns on
various matters and to prevent any victimization of
The policy on materiality of related party transactions
the employees, identity of the employees is kept
and dealing with related party transactions as
strictly confidential.
approved by the Board may be accessed on the
Company’s website at the link: https://rattanindia. It would be pertinent to mention here that the Audit
com/wp-content/uploads/2022/08/POLICY-ON- Committee set by the Board, constitutes a vital
MATERIALITY-OF-RELATED-PARTY-TRANSACTIONS- component of the Whistle Blower Mechanism and
A N D - D E A L I N G - W I T H - R E L AT E D - PA R T Y- instances of financial misconduct, if any, are reported
TRANSACTIONS.pdf to the Audit committee. No employee is denied
having a direct access to the Chairman of the Audit
(ii)
Details of non-compliance, penalties etc. Committee. The Policy on vigil mechanism/ Whistle
imposed by Stock Exchange, SEBI etc. on any Blower Policy may be accessed on the Company’s
matter related to capital markets, during the last website at the link: https://rattanindia.com/wp-
three years content/uploads/2022/08/whistle-bLower-policy-
During FY 2020-21, the Company was non-compliant vigil-mechanism-rel.pdf
with Regulation 17 of LODR w.r.t. appointment of
(iv) As on March 31, 2023 there are nine subsidiary
Independent Woman Director by April 1, 2020 as
companies including one foreign subsidiary
per Market Capitalization of the Company falling in
namely:
top 1000 Companies list. Both the stock exchanges
imposed penalty on the Company for the period of i. Neotec Enterprises Limited
non-compliance upto July 29, 2020. Mrs. Neha Poonia ii. Neosky India Limited
was appointed as an Independent Woman Director iii. Cocoblu Retail Limited
on the Board of the Company w.e.f. July 30, 2020.
iv. RattanIndia Investment Manager Private Limited
The Company had made a representation to the
exchanges seeking relief on the penalty imposed, v. Neotec Insurance Brokers Limited
as due to Covid pandemic situation prevailing at vi. Revolt Intellicorp Private Limited
that time and the even on the efforts made by the vii. Throttle Aerospace Systems Private Limited
Company, Independent Woman Director was not (Subsidiary of Neosky India Limited)
appointed. Both the stock exchanges i.e., NSE and
viii. Neobrands Limited
BSE accepted the representation and the penalty was
waived by them. ix.
Neorise Technologies – FZCO (Foreign
Subsidiary)
Except above there has been no instance of any non-
compliance by the Company on any matter related Material Subsidiary:
to capital markets or any other statute and hence, no Cocoblu Retail Limited (Cocoblu) is the material
penalties or strictures were imposed on the Company subsidiary of the Company during the Financial Year
by SEBI or the Stock Exchanges or any other statutory 2022-23.
authorities on any such matters.
Details of Material Subsidiary:
(iii) Whistle Blower Policy and affirmation that no a) Date of Incorporation: October 21, 2021
personnel have been denied access to the Audit
b) Place of Incorporation: New Delhi
Committee
c) Details of Statutory Auditor: Walker Chandiok &
The Company has in place a highly effective
Co. LLP, Chartered Accountants (FRN: 001076N)
Whistle Blower Policy which sets out the process
and mechanism whereby employees at various d) Date of appointment of Statutory Auditor:
levels in the organization can bring to the March 25, 2022
notice of the management any violations of the Policy for determining Material Subsidiary is available
applicable laws, regulations as also any unethical or at the website of the Company https://rattanindia.
unprofessional conduct. com/wp-content/uploads/2022/08/policy-on-
All such reports are taken up for consideration at material-subsidiaries.pdf
appropriate intervals depending upon the gravity
of the matter reported so that adequate rectifying
measures can be initiated in the right earnest, at the
appropriate levels.

(v)
Details of compliance with mandatory (iii) Management’s Discussion and Analysis Report:
requirements and adoption of the discretionary The same has been included in a separate section,
requirements which forms a part of the Annual Report.
The Company has complied with all the mandatory (iv) Investor Relation: The Company’s website contains
requirements of the applicable/relevant regulations a separate dedicated section ‘Investors’ and ‘News &
of the Securities and Exchange Board of India Media’ where general information to the shareholders
(Listing Obligations and Disclosure Requirements) of the Company is available.
Regulations, 2015 except for the non¬compliance
as referred in 6(ii) above. The details of these (v) NSE Electronic Application Processing System
compliances have been given in the relevant sections (NEAPS)/ NSE New Digital Platform: The
of this Report. The status on compliance with the NEAPS/NSE New Digital Platform is a web-based
discretionary requirements is given at the end of application designed by NSE for corporates. All
the Report. periodical compliance filings like shareholding
pattern, corporate governance report, etc. are filed
(vi) Disclosures in relation to the sexual harassment electronically on NEAPS/NSE New Digital Platform.
of women at workplace (Prevention, Prohibition
(vi) BSE Corporate Compliance & Listing Centre
and Redressal) Act, 2013:
(the ‘Listing Centre’): BSE’s Listing Centre is a
a. Number of complaints filed during the financial web-based application designed for corporates.
year 2022-23 – Nil All periodical compliance filings like shareholding
b. Number of complaints disposed of during the pattern, corporate governance report etc. are filed
financial year 2022-23 - Nil electronically on the Listing Centre.
c. Number of complaints pending as on end of the
financial year 2022-23 - Nil (vii) SEBI Complaints Redress System (SCORES): The
investor complaints are processed in a centralised
(vii) Fees paid to the Statutory Auditors: web-based complaints redress system.
Total fees for all services, paid by the Company
and its subsidiaries to statutory auditors of the 8. GENERAL SHAREHOLDERS’ INFORMATION
Company during the year ended March 31, 2023, is (A) Company Registration Details
described below:
The Company is registered in the State of Delhi, India.
By the By the Total
Particulars The Corporate Identity Number (CIN) allotted to the
Company Subsidiary* Amount
Company by the Ministry of Corporate Affairs (MCA)
Statutory 21,00,000 56,50,000 77,50,000
audit is L74110DL2010PLC210263.
Total 21,00,000 56,50,000 77,50,000
(B) Date and Time of Annual General Meeting (AGM)
* Only two subsidiaries Revolt Intellicorp Private Limited The date and time of the AGM which will be held
and Cocoblu Retail Limited are covered, whose Audit is through VC/OAVM means has been indicated in the
being done by the Auditor as of the Company i.e. Walker Notice convening the AGM, which forms a part of the
Chandiok & Co. LLP.
Annual Report.
(viii) The Company has adopted the policy on Archival
and Preservation of Documents drawn in terms (C)
Profile of Directors seeking appointment/re-
of the Regulation 9 and Regulation 30 of the SEBI appointment
LODR Regulations 2015. 1. Mr. Rajesh Kumar, Executive Director
7. MEANS OF COMMUNICATION Mr. Rajesh Kumar (DIN: 03291545), is B. Tech
(i) Publication of Results: The quarterly/annual results (Mechanical), from Bangalore University and also
of the Company are published in Financial Express holds post graduate diploma in management
and Jansatta, leading newspapers. with specialisation in marketing and materials
(ii) News, Release, etc: The Company has its own management from Indian Institute of Business
website https://rattanindia.com/ril/regulation-46/ Management, Patna. He carries with him, 32 rich years
and all vital information relating to the Company of experience in thermal Power projects, varied from
and its performance including financial results, press pre bid & post bid activities ~ post award activities
releases pertaining to important developments, project execution projects material procurements~
performance updates and corporate presentations, preparation of detailed project reports (DPR) looking
corporate announcements etc. are regularly posted direct taxes & indirect taxes for mega status project
on the website.

and special economy zone project (SEZ) contracts & commercial management site management. He is an astute
professional with significant exposure in executing and spearheading projects involving engineering, development,
administration, resource planning with a flair for adopting modern methodologies in compliance to Quality standards.
Membership/Chairpersonship of Mr. Rajesh Kumar in Public Limited Companies in various committees are as under:
Name of the Company Name of Committee Chairperson/Member
RattanIndia Enterprises Limited Stakeholders Relationship Committee Member
RattanIndia Enterprises Limited Risk Management Committee Member
RattanIndia Enterprises Limited Nomination & Remuneration Committee Member
RattanIndia Enterprises Limited Corporate Social Responsibility Committee Member
Mr. Rajesh Kumar is also on the Board of Albina Power Limited. He holds 3120 fully paid-up equity shares of the
Company. Mr. Rajesh Kumar is not related to any other director of the Company. Mr. Rajesh Kumar has not resigned
from any listed entity in the past three year.
(D) Financial Year

The financial year of the Company is a period of twelve months beginning on 1st April every calendar year and ending
on 31st March the following calendar year.
(E) Date of Book Closure

Book Closure dates have been provided in the Notice convening the AGM forming part of this Annual Report.
(F) Dividend Payment date

No dividend has been recommended by the Board for the FY 2022-23.
(G) (i) Distribution of shareholding as on March 31, 2023

Sr. Shareholding of No. of % to total Value % to nominal
No. nominal value (in D) holders holders (in `) value
From - To
1 1 - 5000 2,32,242 96.13 10,85,91,424.00 3.93
2 5001 - 10000 4,748 1.97 3,50,25,964.00 1.27
3 10001 - 20000 2,407 1.00 3,58,81,490.00 1.30
4 20001 - 30000 717 0.30 1,78,07,206.00 0.64
5 30001 - 40000 380 0.16 1,36,45,356.00 0.49
6 40001 - 50000 218 0.09 99,72,478.00 0.36
7 50001 - 100000 427 0.18 3,05,16,928.00 1.10
8 100001 & above 457 0.19 2,51,30,98,338.00 90.90
Total: 2,41,596 100.00 276,45,39,184.00 100.00
(ii) Shareholding pattern as on March 31, 2023

Sr.
Category No. of Shares % holding
No.
1 Promoters 1,03,47,37,770 74.86
2 Financial Institution/Banks/ Mutual Fund 4,12,267 0.03
3 FIIs/Foreign Portfolio Investors 13,14,09,908 9.51
4 Bodies Corporates 1,95,65,161 1.42
5 Indian Public 18,57,85,413 13.44
6 Trust 12,06,749 0.09
7 NRIs 87,63,874 0.63
8 Clearing Members 3,82,760 0.03
9 NBFCs registered with RBI 5,690 0.00
Total 1,38,22,69,592 100.00

(H) Dematerialization of shares and liquidity

Shares of the Company are compulsorily traded in dematerialized form and are available for trading under both the
depositories i.e. NSDL and CDSL.
99.99% Equity shares of the Company representing 138,21, 84, 674 out of a total of 138,22,69,592 Equity shares as on
March 31, 2023, were held in dematerialized form with NSDL & CDSL with a miniscule balance of 84,918 Equity shares,
constituting about 0.01% of the total outstanding Equity shares, being held in physical form.
(I) Outstanding Convertible Instruments

There were no outstanding convertible securities as at the end of Financial Year March 31, 2023.
(J) Commodity price risk or foreign exchange risk and hedging activities
Not applicable
(K) Listing on Stock Exchanges

The Company’s shares are listed on the following stock exchanges:
National Stock Exchange of India Limited (NSE)
“Exchange Plaza”, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051
BSE Limited (BSE)
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001
(L) Payment of Listing Fee

Annual listing fee for the Financial Year 2022-23 has been paid by the Company to BSE and NSE, within the
stipulated time.
(M) Stock/Scrip Code

BSE Limited - 534597
National Stock Exchange of India Limited - RTNINDIA
ISIN for Dematerialization - INE834M01019
(N) Stock Market Price at National Stock Exchange of India Ltd (NSE) and BSE Ltd (BSE)
The monthly high and low market prices of shares at the National Stock Exchange of India Limited (NSE) and BSE
Limited (BSE) for the year ended March 31, 2023 are as under:
NSE BSE
Month
High (D) Low (D) High (D) Low (D)
April, 2022 52.3 40.2 52.25 42.15
May, 2022 49.25 30.5 49.35 30.5
June, 2022 59.65 39.1 59.7 39.4
July, 2022 45.45 40.4 45.4 40.7
August, 2022 58.45 42.5 58.4 42.5
September, 2022 55.85 45.6 55.8 45.5
October, 2022 55.25 46.65 55.2 46.6
November, 2022 55.95 46.6 55.95 46.7
December, 2022 50.8 39.00 50.85 39.00
January, 2023 50.45 41.1 50.4 41.05
February, 2023 45.75 36.6 45.75 36.75
March, 2023 40.2 32.15 40.16 32.05
(O) Performance of the Company in comparison to broad-based indices

REL Share Price on BSE Sensex
53
63,000
50
REL Share Price on BSE
61,000
47
Sensex
59,000
44
41 57,000
38 55,000
35 53,000
22
22
22
22
23
23
2
22
3
2
/2
l/2
t /2
/2
r/2
n/
g/
p/
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n/
b/
c/
ay
ar
Ju
No
Oc
Ap
Ju
Se
Ja
Fe
Au
De
M
M
Month End
REL Share Price on NSE Nifty
53 19,000
REL Share Price on NSE
50
18,000
47
Nifty
44 17,000
41
16,000
38
35 15,000
2
22
22
22
22
22
23
23
3
r/2
/2
l/2
t /2
/2
n/
g/
p/
v/
c/
n/
b/
ar
ay
Ju
Ap
Oc
No
De
Ju
Se
Ja
Fe
Au
M
M
Month End
(P) Registrar and Transfer Agents

KFin Technologies Limited are acting as the Registrar and Transfer Agents of the Company for handling the share
related matters, both in physical and dematerialised mode.
The contact details are as under:
KFin Technologies Limited

Unit: RattanIndia Enterprises Limited
Karvy Selenium, Tower-B, Plot No. 31 & 32,
Gachibowli, Financial District,
Nanakramguda Serilingampally, Hyderabad-500032, Telangana

Contact Person:
Ms. C Shobha Anand, DVP
Tel : 040-67162222
Fax: 040-23001153
E-mail: einward.ris@kfintech.com
(Q) Share Transfer System

In terms of amended SEBI (LODR) Regulations, 2015, effective from April 1, 2019 transfer of shares of the Company
can only happen in the demat form, which does not ordinarily require approvals from the board of directors or any
committee thereof and takes place through the depository mechanism.
(R) Address for Correspondence Registered Office:

During the Financial Year, the registered office of the Company was changed from H.No. 9, First Floor, Vill. Hauz, New
Delhi 110016 to 5th Floor, Tower -B, Worldmark-1, Aerocity, New Delhi-110037.
Tel: 011-46611666, Fax: 011-46611777
Website: www.rattanindia.com
(S) Transfer of unclaimed / unpaid amounts to the Investor Education and Protection Fund (“IEPF”) :
The Company has not declared any dividends since the date of its incorporation.
(T) Commodity price risk or foreign exchange risk and hedging activities:
The Company does not deal in commodities and hence the disclosure pursuant to SEBI Circular dated November 15,
2018 is not required to be given. The Company has no exposure to the commodity price & foreign exchange risk.
(U) Disclosure of certain types of agreements binding on the listed entity:

As per clause 5A of paragraph A of Part A of Schedule III of SEBI Listing Regulations, there was no such agreements
entered by the Company during the Financial Year 2022-2023.
(V) Demat suspense account/ Unclaimed suspense account

S. No. of No. of
Particulars
No. Shareholders shares
1 Aggregate number of shareholders and the outstanding shares in the 28 2780
suspense account lying at the beginning of the year
2 Number of shareholders who approached listed entity for transfer of 0 0
shares from suspense account during the year
3 Number of shareholders to whom shares were transferred from suspense 0 0
account during the year
4 Aggregate number of shareholders and the outstanding shares in the 28 2780
suspense account lying at the end of the year
(W) “No Disqualification Certificate” from Company Secretary in Practice

Certificate from S.Khandelwal & Co., Practicing Company Secretary, confirming that none of the Directors on the Board
of the Company have been debarred or disqualified from being appointed or continuing as directors of companies
by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority,
as stipulated under Regulation 34 of the Listing Regulations, is attached to this Report.
(X) Reporting of Internal Auditor

The Company has an Internal Auditor, who was appointed by the Audit Committee, with such appointment being
subsequently ratified by the Board of Directors. The Internal Auditor reports directly to the Audit Committee with
his reports being subsequently forwarded to the Board of Directors by the Audit Committee.

9.
COMPLIANCE CERTIFICATE FROM THE (B) Separate Posts of Chairman and Chief Executive
PRACTICING COMPANY SECRETARY Officer
A certificate from a Practicing Company Secretary

The Company does not have any Chief
certifying the Company’s compliance with the
Executive Officer.
provisions of Corporate Governance as stipulated in
Regulation 34(3) read with Schedule V of the Securities (C) Shareholders’ Rights
and Exchange Board of India (Listing Obligations The Company is getting its quarterly/half yearly
and Disclosure Requirements) Regulations, 2015 is and annual financial results published in leading
annexed to and forms a part of the Annual Report. newspapers with wide circulation across the country
10.
EXECUTIVE DIRECTOR & EXECUTIVE and regularly updates the same and other important
CHAIRMAN CERTIFICATION information on its public domain website. In view of
The certificate in compliance with Regulation the same, individual communication of quarterly/half
17(8) of the Securities and Exchange Board of India yearly and annual financial results to the shareholders
(Listing Obligations and Disclosure Requirements) is not being made at present.
Regulations, 2015, signed by the Whole time Director (D) Unmodified Audit Report
and Chief Financial Officer, was placed before the
The Auditors’ Report on the audited annual accounts
Board of Directors and annexed herewith.
of the Company does not contain any qualification and
11. DISCRETIONARY REQUIREMENTS it shall be the endeavor of the Company to continue
Status of Compliance of Discretionary requirements in the trend by strengthening the existing accounting
compliance with Part E of Schedule II of the Securities systems and controls as well as ensuring complete
and Exchange Board of India (Listing Obligations adherence to the applicable accounting standards,
and Disclosure Requirements) Regulations, 2015 is procedures and practices to have un¬modified
as under: audit opinion.
(A) Non-Executive Chairman (E) Reporting of Internal Auditor

Mr. Rajiv Rattan being a non-executive Chairman, The Company has an Internal Auditor, who was
the Company is following the necessary required appointed by the Board of Directors, on the
guidelines and requirements. recommendation of the Audit Committee. The Internal
Auditor reports directly to the Audit Committee with
his reports being subsequently forwarded to the
Board of Directors by the Audit Committee.
Sd/-
Rajesh Kumar
Place: New Delhi Whole time Director
Date: 09.08.2023 DIN: 03291545
DECLARATION AS REQUIRED UNDER THE LISTING REGULATIONS

All Directors and senior management of the Company have affirmed compliance with the RattanIndia Enterprises Limited
Code of Conduct for the financial year ended 31st March, 2023.
Sd/-
Rajesh Kumar
Place: New Delhi Whole time Director
Date: 09.08.2023 DIN: 03291545

CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To
The Members,
5th Floor, Tower-B, Worldmark 1,
Aerocity New Delhi- 110037
I have examined the compliance of conditions of Corporate Governance by RattanIndia Enterprises Limited (“the
Company”), for the year ended March 31, 2023, as stipulated under Regulations 17 to 27, 46 (2) (b) to (i) and para-C, D and
E of Schedule V of Chapter V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) for the
Financial Year ended March 31, 2023.
I state that the compliance of conditions of Corporate Governance is the responsibility of the Company’s management
and my examination was limited to procedures and implementation thereof, adopted by the Company for ensuring the
compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the
financial statements of the Company.
In my opinion, and to the best of my information and according to the explanations given to me and the representations
made by the Directors and the management, I certify that the Company has complied with the conditions of Corporate
Governance as stipulated in the above mentioned LODR for the Financial Year ended March 31, 2023.
I further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
This certificate is issued solely for the purpose of complying with the aforesaid Regulations and may not be suitable for
any other purpose.

Company Secretaries
Sd/-
Sanjay Khandelwal
Proprietor
Date: 31.07.2023 UDIN: F005945E000708020

COMPLIANCE CERTIFICATE UNDER REGULATION 17(8) OF SEBI
(LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
Compliance Certificate pursuant to Regulation 17(8) of the SEBI (Listing Obligations

And Disclosure Requirements) Regulations, 2015 read with Part B of the Schedule II thereto
We, Rajesh Kumar, Whole time Director and Vinu Saini, Chief Financial Officer of RattanIndia Enterprises Limited (the
“Company”), having registered office located at 5th Floor, Tower-B, Worldmark 1, Aerocity New Delhi 110037, hereby certify
that we have reviewed the financial statements and cash flow statement of the Company, for the financial year ended
March 31, 2023 and to the best of our knowledge and belief:
(i) these statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading;
(ii) these statements together present a true and fair view of Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations ;
(iii) no transaction was entered into by the Company during the period which were fraudulent, illegal or violative of
Company’s code of conduct;
(iv) we accept responsibility for establishing and maintaining internal controls for financial reporting and that we have
evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and that
the same did not reveal any deficiencies;
(v) there was no significant changes in internal control over financial reporting during the period
(vi) there was no significant changes in accounting policies during the year; and
(vii) there was no instances of significant fraud of which we have become aware having involvement therein of the
management or an employee having a significant role in Company’s internal control system over financial reporting.

Sd/- Sd/-
Date : 29th May 2023 Rajesh Kumar Vinu Saini
Place : New Delhi Whole time Director Chief Financial Officer

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i)
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
To
The Members,
5th Floor, Tower-B, Worldmark 1,
Aerocity, New Delhi - 110037
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of RattanIndia
Enterprises Limited having CIN L74110DL2010PLC210263 and having registered office at 5th Floor, Tower-B, Worldmark
1, Aerocity New Delhi -110037 (hereinafter referred to as ‘the Company’), produced before me by the Company for the
purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Clause 10(i) of the
Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In my opinion and to the best of my information and according to the verifications (including Directors Identification
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me by the
Company & its officers, I hereby certify that none of the Directors on the Board of the Company, for the financial year ending
on 31 March, 2023, have been debarred or disqualified from being appointed or continuing as Directors of companies by
the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authorities.
Ensuring the eligibility for the appointment/continuity of every Director on the Board is the responsibility of the
management of the Company. My responsibility is to express an opinion on these, based on my verification. This certificate
is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the
management has conducted the affairs of the Company.

Company Secretaries
Sd/-
Sanjay Khandelwal
Proprietor
FCS-5945
Date: 31.07.2023 UDIN: F005945E000707767

Standalone
Financial
Statements
Independent Auditor’s Report

To the Members of RattanIndia Enterprises Limited
Report on the Audit of the Standalone Financial Statements
Opinion other ethical responsibilities in accordance with these

1) We have audited the accompanying standalone requirements and the Code of Ethics. We believe that
financial statements of RattanIndia Enterprises the audit evidence we have obtained together with
Limited (‘the Company’), which comprise the Balance the audit evidence obtained by the auditors of the
Sheet as at 31 March 2023, the Statement of Profit Trust, in terms of their reports referred to in paragraph
and Loss (including Other Comprehensive Income), 15 of the Other Matter section below is sufficient and
the Statement of Cash Flow and the Statement of appropriate to provide a basis for our opinion.
Changes in Equity for the year then ended, and notes
to the standalone financial statements, including a Key Audit Matter
summary of the significant accounting policies and 4) Key audit matters are those matters that, in our
other explanatory information in which are included professional judgment, were of most significance in
the financial statements of RattanIndia Enterprises our audit of the standalone financial statements of
Limited Employee Welfare Trust (‘’the Trust’’) for the the current period. These matters were addressed in
year ended on that date audited by the auditors of the context of our audit of the financial statements as
the Trust. a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
2) In our opinion and to the best of our information
and according to the explanations given to us, and 5) We have determined that there are no key audit
based on the consideration of the reports of the matters to communicate in our report.
auditors of the Trust as referred to in paragraph 15
Information other than the Financial Statements
below, the aforesaid standalone financial statements
and Auditor’s Report thereon
give the information required by the Companies Act,
6) The Company’s Board of Directors are responsible
2013 (‘the Act’) in the manner so required and give
for the other information. The other information
a true and fair view in conformity with the Indian
comprises the information included in the Annual
Accounting Standards (‘Ind AS’) specified under
Report, but does not include the standalone financial
section 133 of the Act read with the Companies
statements and our auditor’s report thereon. The
(Indian Accounting Standards) Rules, 2015 and other
Annual Report is expected to be made available to
accounting principles generally accepted in India,
us after the date of this auditor’s report.
of the state of affairs of the Company as at 31 March
2023, and its loss (including other comprehensive Our opinion on the standalone financial statements
income), its cash flows and the changes in equity for does not cover the other information and we do not
the year ended on that date. express any form of assurance conclusion thereon.
Basis for Opinion In connection with our audit of the standalone
3) We conducted our audit in accordance with the financial statements, our responsibility is to read the
Standards on Auditing specified under section other information and, in doing so, consider whether
143(10) of the Act. Our responsibilities under those the other information is materially inconsistent with
standards are further described in the Auditor’s the standalone financial statements or our knowledge
Responsibilities for the Audit of the Standalone obtained in the audit or otherwise appears to be
Financial Statements section of our report. We are materially misstated.
independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered When we read the Annual Report, if we conclude
Accountants of India (‘ICAI’) together with the ethical that there is a material misstatement therein, we
requirements that are relevant to our audit of the are required to communicate the matter to those
financial statements under the provisions of the Act charged with governance.
and the rules thereunder, and we have fulfilled our

esponsibilities of Management and Those
R exists. Misstatements can arise from fraud or error
Charged with Governance for the Standalone and are considered material if, individually or in the
Financial Statements aggregate, they could reasonably be expected to
7) The accompanying standalone financial statements influence the economic decisions of users taken on
have been approved by the Company’s Board the basis of these financial statements.
of Directors. The Company’s Board of Directors
are responsible for the matters stated in section 11) As part of an audit in accordance with Standards on
134(5) of the Act with respect to the preparation Auditing, specified under section 143(10) of the Act
and presentation of these standalone financial we exercise professional judgment and maintain
statements that give a true and fair view of the professional skepticism throughout the audit.
financial position, financial performance including We also:
other comprehensive income, changes in equity and • Identify and assess the risks of material
cash flows of the Company in accordance with the misstatement of the financial statements,
Ind AS specified under section 133 of the Act and whether due to fraud or error, design and
other accounting principles generally accepted in perform audit procedures responsive to
India. This responsibility also includes maintenance of those risks, and obtain audit evidence that is
adequate accounting records in accordance with the sufficient and appropriate to provide a basis
provisions of the Act for safeguarding of the assets of for our opinion. The risk of not detecting a
the Company and for preventing and detecting frauds material misstatement resulting from fraud
and other irregularities; selection and application of is higher than for one resulting from error, as
appropriate accounting policies; making judgments fraud may involve collusion, forgery, intentional
and estimates that are reasonable and prudent; omissions, misrepresentations, or the override
and design, implementation and maintenance of internal control;
of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and • Obtain an understanding of internal control
completeness of the accounting records, relevant relevant to the audit in order to design
to the preparation and presentation of the financial audit procedures that are appropriate in the
statements that give a true and fair view and are free circumstances. Under section 143(3)(i) of the
from material misstatement, whether due to fraud Act we are also responsible for expressing our
or error. opinion on whether the Company has adequate
internal financial controls with reference to
8) In preparing the financial statements, the Board of financial statements in place and the operating
Directors are responsible for assessing the Company’s effectiveness of such controls;
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and • Evaluate the appropriateness of accounting
using the going concern basis of accounting unless policies used and the reasonableness of
the Board of Directors either intend to liquidate the accounting estimates and related disclosures
Company or to cease operations, or has no realistic made by management;
alternative but to do so.
• Conclude on the appropriateness of Board of
9) Those Board of Directors are also responsible for Directors’ use of the going concern basis of
overseeing the Company’s financial reporting process. accounting and, based on the audit evidence
obtained, whether a material uncertainty exists
Auditor’s Responsibilities for the Audit of the related to events or conditions that may cast
Standalone Financial Statements significant doubt on the Company’s ability to
10) Our objectives are to obtain reasonable assurance continue as a going concern. If we conclude that
about whether the financial statements as a whole a material uncertainty exists, we are required to
are free from material misstatement, whether due to draw attention in our auditor’s report to the
fraud or error, and to issue an auditor’s report that related disclosures in the financial statements
includes our opinion. Reasonable assurance is a high or, if such disclosures are inadequate, to modify
level of assurance, but is not a guarantee that an audit our opinion. Our conclusions are based on the
conducted in accordance with Standards on Auditing audit evidence obtained up to the date of our
will always detect a material misstatement when it auditor’s report. However, future events or

conditions may cause the Company to cease to Other Matter

continue as a going concern; 15) We did not audit the financial statements/information
of one Trust included in the standalone financial
• Evaluate the overall presentation, structure statements of the Company whose financial
and content of the financial statements, statements/information reflects total assets and net
including the disclosures, and whether the assets of H50.01 million and H(0.10) million respectively
financial statements represent the underlying as at 31 March 2023, and the total revenues of ₹
transactions and events in a manner that Nil, total net loss after tax of ₹ 0.12 million, total
achieves fair presentation; comprehensive loss of ₹ 0.12 million, and cash flows
• Obtain sufficient appropriate audit evidence (net) of H0.01 million respectively for the period
regarding the financial information/financial ended on that date, as considered in the standalone
statements of the Company and its Trust or financial statements/information. These financial
the business activities within the Company to statements/ information have been audited by the
express an opinion on the financial statements. other auditors whose reports have been furnished
We are responsible for the direction, supervision to us by the management, and our opinion on the
and performance of the audit of financial standalone financial statements, in so far as it relates
statements of the Company included in the to the amounts and disclosures included in respect of
financial statements, of which we are the Trust, is based solely on the report of such auditors of
independent auditors. For the Trust included the Trust.
in the financial statements, which have been Our opinion above on the standalone financial
audited by the other auditor , such other statements, and our report on other legal and
auditor of the Trust remain responsible for the regulatory requirements below, are not modified
direction, supervision and performance of the in respect of the above matters with respect to our
audits carried out by them. We remain solely reliance on the work done by and the reports of the
responsible for our audit opinion. auditors of the Trust.
12)
We communicate with those charged with Report on Other Legal and Regulatory
governance regarding, among other matters, the Requirements
planned scope and timing of the audit and significant 16) Based on our audit, and on the consideration of the
audit findings, including any significant deficiencies reports of the auditors of the Trust as referred to in
in internal control that we identify during our audit. paragraph 15 above, we report that the Company has
13) We also provide those charged with governance with not paid or provided for any managerial remuneration
a statement that we have complied with relevant during the year. Accordingly, reporting under section
ethical requirements regarding independence, and 197(16) of the Act is not applicable.
to communicate with them all relationships and 17) As required by the Companies (Auditor’s Report)
other matters that may reasonably be thought to Order, 2020 (‘the Order’) issued by the Central
bear on our independence, and where applicable, Government of India in terms of section 143(11) of the
related safeguards. Act we give in the Annexure A, a statement on the
14) From the matters communicated with those charged matters specified in paragraphs 3 and 4 of the Order,
with governance, we determine those matters that to the extent applicable.
were of most significance in the audit of the financial 18) Further to our comments in Annexure A, as required
statements of the current period and are therefore by section 143(3) of the Act based on our audit, we
the key audit matters. We describe these matters report, to the extent applicable, that:
in our auditor’s report unless law or regulation
precludes public disclosure about the matter or a) We have sought and obtained all the information
when, in extremely rare circumstances, we determine and explanations which to the best of our
that a matter should not be communicated in our knowledge and belief were necessary for the
report because the adverse consequences of doing purpose of our audit of the accompanying
so would reasonably be expected to outweigh the standalone financial statements;
public interest benefits of such communication.

b) in our opinion, proper books of account as iii.
There were no amounts which were
required by law have been kept by the Company required to be transferred to the Investor
so far as it appears from our examination of Education and Protection Fund by the
those books; Company during the year ended 31
March 2023;
c) The report on the accounts of the Trust of the
Company audited under section 143(8) of the iv. a. The management has represented
Act by the auditors of the Trust has been sent that, to the best of its knowledge and
to us and have been properly dealt with by us belief, as disclosed in note 56(a) to
in preparing this report; the standalone financial statements,
no funds have been advanced or
d) The standalone financial statements dealt with loaned or invested (either from
by this report are in agreement with the books borrowed funds or securities
of account; premium or any other sources or kind
of funds) by the Company to or in
e) in our opinion, the aforesaid standalone financial
any person(s) or entity(ies), including
statements comply with Ind AS specified under
foreign entities (‘the intermediaries’),
section 133 of the Act;
with the understanding, whether
f) On the basis of the written representations recorded in writing or otherwise,
received from the directors and taken on record that the intermediary shall, whether,
by the Board of Directors, none of the directors directly or indirectly lend or invest in
is disqualified as on 31 March 2023 from being other persons or entities identified
appointed as a director in terms of section in any manner whatsoever by or
164(2) of the Act; on behalf of the Company (‘the
Ultimate Beneficiaries’) or provide
g) With respect to the adequacy of the internal any guarantee, security or the like on
financial controls with reference to financial behalf the Ultimate Beneficiaries;
statements of the Company as on 31 March 2023
and the operating effectiveness of such controls, b. The management has represented
refer to our separate Report in Annexure B that, to the best of its knowledge
wherein we have expressed an unmodified and belief, other than as disclosed
opinion; and in note 56(b) to the standalone
financial statements, no funds have
h) With respect to the other matters to be included been received by the Company from
in the Auditor’s Report in accordance with rule any person(s) or entity(ies), including
11 of the Companies (Audit and Auditors) Rules, foreign entities (‘the Funding
2014 (as amended), in our opinion and to the Parties’), with the understanding,
best of our information and according to the whether recorded in writing or
explanations given to us and based on the otherwise, that the Company shall,
consideration of the reports of the auditors of whether directly or indirectly, lend
the Trust as referred to in paragraph 15 above: or invest in other persons or entities
identified in any manner whatsoever
i. The Company, does not have any pending
by or on behalf of the Funding
litigations which would impact its financial
Party (‘Ultimate Beneficiaries’) or
position as at 31 March 2023;
provide any guarantee, security or
ii. The Company did not have any long-term the like on behalf of the Ultimate
contracts including derivative contracts for Beneficiaries; and
which there were any material foreseeable
c. Based on such audit procedures
losses as at 31 March 2023;
performed as considered reasonable
and appropriate in the circumstances,

nothing has come to our notice that companies which use accounting software
has caused us to believe that the for maintaining their books of account, to
management representations under use such an accounting software which has
sub-clauses (a) and (b) above contain a feature of audit trail, with effect from the
any material misstatement. financial year beginning on 1 April 2023
and accordingly, reporting under Rule
v. The Company has not declared or paid 11(g) of Companies (Audit and Auditors)
any dividend during the year ended 31 Rules, 2014 (as amended) is not applicable
March 2023. for the current financial year.
vi. Proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 requires all
For Walker Chandiok & Co LLP

Chartered Accountants
Firm’s Registration No.: 001076N/N500013
Deepak Mittal
Partner
Place: New Delhi Membership No.: 503843
Date: 29 May 2023 UDIN: 23503843BGUTBW4982

Annexure - A to the Independent Auditor’s Report
Annexure A referred to in Paragraph 17 of the Independent Auditor’s Report of even date to the members of
RattanIndia Enterprises Limited on the standalone financial statements for the year ended 31 March 2023
In terms of the information and explanations sought by us Further, for the properties where the Company
and given by the Company and the books of account and is a lessee and the lease agreements are
records examined by us in the normal course of audit and duly executed in the favour of the lessee,
to the best of our knowledge and belief, we report that: the Company has entered into sub-leasing
arrangements in 1 case.
(i) (a) (A) The Company has maintained proper
records showing full particulars, including (d) The Company has not revalued its Property,
quantitative details and situation of Plant and Equipment including Right of Use
property, plant and equipment and right assets during the year. Further, the Company
of use assets. does not hold any intangible assets.
(B) The Company does not have any intangible (e) No proceedings have been initiated or are
assets and accordingly, reporting under pending against the Company for holding
clause 3(i)(a)(B) of the Order is not any benami property under the Prohibition
applicable to the Company. of Benami Property Transactions Act, 1988 (as
amended) and rules made thereunder.
(b) The property, plant and equipment and, right
of use assets have been physically verified (ii) (a) The Company does not hold any inventory.
by the management during the year and no Accordingly, reporting under clause 3(ii)(a) of
material discrepancies were noticed on such the Order is not applicable to the Company.
verification. In our opinion, the frequency of
(b) The Company has not been sanctioned working
physical verification programme adopted by
capital limits by banks or financial institutions
the Company, is reasonable having regard to the
on the basis of security of current assets at
size of the Company and the nature of its assets.
any point of time during the year. Accordingly,
(c) The title deeds of all the immovable properties reporting under clause 3(ii)(b) of the Order is not
held by the Company (other than properties applicable to the Company.
where the Company is the lessee and the lease
(iii) (a) The Company has made investments in and /
agreements are duly executed in favour of the
or provided loans or advances in the nature of
lessee) disclosed in note 4 to the standalone
loans, or guarantee, or security to Subsidiaries/
financial statements are held in the name of
Others during the year as per details given below:
the Company.
(Amount in H million)
Particulars Investment Guarantees Loans
Aggregate amount provided/granted during the year:
- Subsidiaries *2,892.65 3,375.00 **767.33
- Others - - -
Balance outstanding as at balance sheet date in respect of above cases:
- Subsidiaries 2,892.65 3,375.00 522.55
- Others - 1,515.90 -
*Includes / **Excludes impact of `1,900 million which got converted into Equity Share Capital by the Subsidiary Company out of inter-
corporate loan given during the year.
(b) In our opinion, and according to the information (c) In respect of loans and advances in the nature
and explanations given to us, the investments of loans granted by the Company, the schedule
made, guarantees provided, security given and of repayment of principal and the payment
terms and conditions of the grant of all loans and of the interest has not been stipulated and
advances in the nature of loans and guarantees accordingly, we are unable to comment as to
provided are, prima facie, not prejudicial to the whether the repayments/receipts of principal
interest of the Company. interest are regular.

(d)
In the absence of stipulated schedule of including goods and services tax, provident
repayment of principal and payment of interest fund, employees’ state insurance, income-
in respect of loans or advances in the nature of tax, sales-tax, service tax, duty of customs,
loans, we are unable to comment as to whether duty of excise, value added tax, cess and
there is any amount which is overdue for more other material statutory dues, as applicable,
than 90 days. with the appropriate authorities. Further, no
undisputed amounts payable in respect thereof
(e) In respect of loans and advances in the nature of were outstanding at the year-end for a period
loans granted by the Company, the schedule of of more than six months from the date they
repayment of principal has not been stipulated. became payable.
According to the information and explanation
given to us, such loans have not been demanded (b) According to the information and explanations
for repayment as on date. given to us, there are no statutory dues referred
to in subclause (a) above that have not been
(f) The Company has granted loans which are deposited with the appropriate authorities on
repayable on demand, as per details below: account of any dispute.
(Amount in H million)
(viii) According to the information and explanations given
Particulars Related Parties
to us, no transactions were surrendered or disclosed
Aggregate of loans/advances in as income during the year in the tax assessments
nature of loan
under the Income Tax Act, 1961 (43 of 1961) which
- Repayable on demand (A) *2,667.33
have not been previously recorded in the books
- Agreement does not specify any - of accounts.
terms or period of repayment (B)
Total (A+B) 2,667.33 (ix) (a) According to the information and explanations
Percentage of loans/advances in 100% given to us, loans amounting to H4,858.80
nature of loan to the total loans million are repayable on demand and terms
*Includes `1,900 million which got converted into investment
and conditions for payment of interest thereon
in Equity Share Capital subsequently. have not been stipulated. Further, such loans
and interest thereon have not been demanded
(iv) In our opinion, and according to the information and
for repayment as on date.
explanations given to us, the Company has complied
with the provisions of section 186 of the Act in respect (b) According to the information and explanations
of loans and investments made and guarantees given to us including representation received
and security provided by it, as applicable. Further, from the management of the Company, and on
the Company has not entered into any transaction the basis of our audit procedures, we report that
covered under section 185 of the Act. the Company has not been declared a willful
defaulter by any bank or financial institution or
(v) In our opinion, and according to the information
government or any government authority.
and explanations given to us, the Company has not
accepted any deposits or there are no amounts which (c) In our opinion and according to the information
have been deemed to be deposits within the meaning and explanations given to us, the Company has
of sections 73 to 76 of the Act and the Companies not raised any money by way of term loans
(Acceptance of Deposits) Rules, 2014 (as amended). during the year and did not have any term loans
Accordingly, reporting under clause 3(v) of the Order outstanding at the beginning of the current
is not applicable to the Company. year. Accordingly, reporting under clause 3(ix)(c)
of the Order is not applicable to the Company.
(vi)
The Central Government has not specified
maintenance of cost records under sub-section (1) (d) In our opinion and according to the information
of section 148 of the Act, in respect of Company’s and explanations given to us, and on an overall
products/ services / business activities. Accordingly, examination of the financial statements of the
reporting under clause 3(vi) of the Order is Company, funds raised by the Company on short
not applicable. term basis have not been utilised for long term
purposes except for borrowings from related
(vii) (a) In our opinion, and according to the information
party amounting to H2,892.65 million which has
and explanations given to us, the Company is
been utilised for investment in subsidiaries.
regular in depositing undisputed statutory dues

(e) According to the information and explanations (xiii) In our opinion and according to the information and
given to us and on an overall examination of explanations given to us, all transactions entered
the financial statements of the Company, the into by the Company with the related parties are
Company has not taken any funds from any in compliance with sections 177 and 188 of the
entity or person on account of or to meet the Act, where applicable. Further, the details of such
obligations of its subsidiaries or associate. related party transactions have been disclosed in the
standalone financial statements, as required under
(f) According to the information and explanations Indian Accounting Standard (Ind AS) 24, Related
given to us, the Company has not raised any Party Disclosures specified in Companies (Indian
loans during the year on the pledge of securities Accounting Standards) Rules 2015 as prescribed
held in its subsidiaries. under section 133 of the Act.
(x) (a) The Company has not raised any money by (xiv) (a) In our opinion and according to the information
way of initial public offer or further public offer and explanations given to us, the Company has
(including debt instruments), during the year. an internal audit system as per the provisions of
Accordingly, reporting under clause 3(x)(a) of section 138 of the Act which is commensurate
the Order is not applicable to the Company. with the size and nature of its business.
(b) According to the information and explanations (b) We have considered the reports issued by the
given to us and on the basis of our examination Internal Auditors of the Company till date for the
of the records of the Company, the Company period under audit.
has not made any preferential allotment or
private placement of shares or (fully, partially or (xv) According to the information and explanation given
optionally) convertible debentures during the to us, the Company has not entered into any non-cash
year. Accordingly, reporting under clause 3(x)(b) transactions with its directors or persons connected
of the Order is not applicable to the Company. with its directors and accordingly, reporting under
clause 3(xv) of the Order with respect to compliance
(xi) (a) To the best of our knowledge and according to with the provisions of section 192 of the Act are not
the information and explanations given to us, applicable to the Company.
no fraud by the Company or no material fraud
on the Company has been noticed or reported (xvi) (a) The Company is not required to be registered
during the period covered by our audit. under section 45-IA of the Reserve Bank of
India Act, 1934. Accordingly, reporting under
(b) According to the information and explanations clauses 3(xvi)(a), (b) and (c) of the Order are not
given to us including the representation made applicable to the Company.
to us by the management of the Company, no
report under sub-section 12 of section 143 of (d) Based on the information and explanations
the Act has been filed by the auditors in Form given to us and as represented by the
ADT-4 as prescribed under Rule 13 of Companies management of the Company, the Group (as
(Audit and Auditors) Rules, 2014, with the defined in Core Investment Companies (Reserve
Central Government for the period covered by Bank) Directions, 2016) does not have any CIC.
our audit.
(xvii) The Company has incurred cash losses amounting to
(c) According to the information and explanations H224.05 million in the current financial year but had
given to us including the representation made not incurred cash losses in the immediately preceding
to us by the management of the Company, there financial year.
are no whistle-blower complaints received by
the Company during the year. (xviii) There has been no resignation of the statutory
auditors during the year. Accordingly, reporting
(xii) The Company is not a Nidhi Company and the Nidhi under clause 3(xviii) of the Order is not applicable to
Rules, 2014 are not applicable to it. Accordingly, the Company.
reporting under clause 3(xii) of the Order is not
applicable to the Company. (xix) According to the information and explanations given
to us and on the basis of the financial ratios, ageing
and expected dates of realisation of financial assets

and payment of financial liabilities, other information get discharged by the company as and when they
accompanying the standalone financial statements, fall due.
our knowledge of the plans of the Board of Directors
and management and based on our examination of (xx) According to the information and explanations given
the evidence supporting the assumptions, nothing to us, the Company has met the criteria as specified
has come to our attention, which causes us to believe under sub-section (1) of section 135 of the Act read
that any material uncertainty exists as on the date with the Companies (Corporate Social Responsibility
of the audit report indicating that Company is not Policy) Rules, 2014, however, in the absence of average
capable of meeting its liabilities existing at the date net profits in the immediately three preceding years,
of balance sheet as and when they fall due within a there is no requirement for the Company to spend
period of one year from the balance sheet date. We, any amount under sub-section (5) of section 135 of
however, state that this is not an assurance as to the the Act. Accordingly, reporting under clause 3(xx) of
future viability of the company. We further state that the Order is not applicable to the Company.
our reporting is based on the facts up to the date of
(xxi) The reporting under clause 3(xxi) of the Order is
the audit report and we neither give any guarantee
not applicable in respect of audit of standalone
nor any assurance that all liabilities falling due within
financial statements of the Company. Accordingly, no
a period of one year from the balance sheet date, will
comment has been included in respect of said clause
under this report.

Deepak Mittal
Partner

Annexure - B to the Independent Auditor’s Report
Annexure B to the Independent Auditor’s Report of even date to the members of RattanIndia Enterprises Limited,
on the standalone financial statements for the year ended 31 March 2023
Independent Auditor’s Report on the internal by the ICAI. Those Standards and the Guidance Note
financial controls with reference to the standalone require that we comply with ethical requirements
financial statements under Clause (i) of Sub-section 3 and plan and perform the audit to obtain reasonable
of Section 143 of the Companies Act, 2013 (‘the Act’) assurance about whether adequate internal financial
1. In conjunction with our audit of the standalone controls with reference to financial statements were
financial statements of RattanIndia Enterprises established and maintained and if such controls
Limited (‘the Company’) as at and for the year ended operated effectively in all material respects.
31 March 2023, we have audited the internal financial
4.
Our audit involves performing procedures to
controls with reference to financial statements of the
obtain audit evidence about the adequacy of the
Company as at that date.
internal financial controls with reference to financial
Responsibilities of Management and Those statements and their operating effectiveness. Our
Charged with Governance for Internal Financial audit of internal financial controls with reference
Controls to financial statements includes obtaining an
2. The Company’s Board of Directors is responsible for understanding of such internal financial controls,
establishing and maintaining internal financial controls assessing the risk that a material weakness exists,
based on the internal financial controls with reference and testing and evaluating the design and operating
to financial statements criteria established by the effectiveness of internal control based on the
Company considering the essential components of assessed risk. The procedures selected depend on
internal control stated in the Guidance Note of Audit the auditor’s judgement, including the assessment
of Internal Financial Controls over Financial Reporting of the risks of material misstatement of the financial
(‘the Guidance Note’) issued by the Institute of statements, whether due to fraud or error.
Chartered Accountants of India (‘the ICAI’). These
5. We believe that the audit evidence we have obtained
responsibilities include the design, implementation
is sufficient and appropriate to provide a basis for our
and maintenance of adequate internal financial
audit opinion on the Company’s internal financial
controls that were operating effectively for ensuring
controls with reference to financial statements.
the orderly and efficient conduct of the Company’s
business, including adherence to the Company’s Meaning of Internal Financial Controls with
policies, the safeguarding of its assets, the prevention Reference to Financial Statements
and detection of frauds and errors, the accuracy and 6. A company’s internal financial controls with reference
completeness of the accounting records, and the to financial statements is a process designed to
timely preparation of reliable financial information, provide reasonable assurance regarding the reliability
as required under the Act. of financial reporting and the preparation of financial
statements for external purposes in accordance
Auditor’s Responsibility for the Audit of the
with generally accepted accounting principles. A
Internal Financial Controls with Reference to
company’s internal financial controls with reference
Financial Statements
to financial statements include those policies and
3. Our responsibility is to express an opinion on
procedures that (1) pertain to the maintenance of
the Company’s internal financial controls with
records that, in reasonable detail, accurately and fairly
reference to financial statements based on our
reflect the transactions and dispositions of the assets
audit. We conducted our audit in accordance with
of the company; (2) provide reasonable assurance
the Standards on Auditing issued by the Institute of
that transactions are recorded as necessary to permit
Chartered Accountants of India (‘ICAI’) prescribed
preparation of financial statements in accordance
under Section 143(10) of the Act, to the extent
with generally accepted accounting principles, and
applicable to an audit of internal financial controls
that receipts and expenditures of the company are
with reference to financial statements, and the
being made only in accordance with authorisations
Guidance Note on Audit of Internal Financial Controls
of management and directors of the company; and (3)
Over Financial Reporting (‘the Guidance Note’) issued

provide reasonable assurance regarding prevention inadequate because of changes in conditions, or

or timely detection of unauthorised acquisition, use, that the degree of compliance with the policies or
or disposition of the company’s assets that could have procedures may deteriorate.
a material effect on the financial statements.
Opinion
Inherent Limitations of Internal Financial Controls 8. In our opinion, the Company has, in all material
with Reference to Financial Statements respects, adequate internal financial controls with
7. Because of the inherent limitations of internal reference to financial statements and such controls
financial controls with reference to financial were operating effectively as at 31 March 2023, based
statements, including the possibility of collusion or on the internal financial controls with reference
improper management override of controls, material to financial statements criteria established by the
misstatements due to error or fraud may occur and Company considering the essential components of
not be detected. Also, projections of any evaluation internal controls stated in the Guidance Note on Audit
of the internal financial controls with reference to of Internal Financial Controls over Financial Reporting
financial statements to future periods are subject issued by the Institute of Chartered Accountants
to the risk that the internal financial controls with of India.
reference to financial statements may become

Deepak Mittal
Partner

Standalone Balance Sheet
as at 31 March 2023
(All amount in H Million, unless otherwise stated)
Note As at 31 March 2023 As at 31 March 2022
ASSETS
Non-current assets
(a) Property, plant and equipment 4A 0.52 0.48
(b) Right of use assets 4B 42.03 64.78
(c ) Financial assets
(i) Investments 5A 8,642.07 8,302.91
(ii) Other financial assets 7 13.21 13.00
(d) Non-current tax assets (net) 8 4.19 5.66
8,702.02 8,386.83
Current assets
(a) Financial assets
(i) Investments 5B 10.01 6.03
(ii) Trade receivables 10 14.85 4.64
(iii) Cash and cash equivalents 11 3.21 12.75
(iv) Bank balances other than cash and cash equivalents 12 0.31 0.31
(v) Loans 6 530.07 36.15
(vi) Other financial assets 7 3.09 33.39
(b) Other current assets 9 2.62 1.40
564.16 94.67
TOTAL ASSETS 9,266.18 8,481.50
EQUITY AND LIABILITIES
EQUITY
(a) Equity share capital 13 2,764.54 2,764.54
(b) Other equity 14 1,584.72 4,434.21
4,349.26 7,198.75
LIABILITIES
Non-current liabilities
(a) Financial liabilities
(i) Lease liabilities 16 20.26 43.23
(b) Provisions 17 1.30 0.60
21.56 43.83
Current liabilities
(i) Borrowings 15 4,858.80 1,200.85
(ii) Lease liabilities 16 22.98 21.58
(iii) Trade Payables 18
Total Outstanding dues of micro enterprises and small - -
enterprises
Total Outstanding dues of creditors other than micro 3.36 7.80
enterprises and small enterprises
(iv) Other financial liabilities 19 7.46 5.98
(b) Provisions 17 0.11 0.01
(c ) Other current liabilities 20 2.65 2.70
4,895.36 1,238.92
TOTAL EQUITY AND LIABILITIES 9,266.18 8,481.50
Significant accounting policies and accompanying notes are integral part of the standalone financial statements
This is the Standalone Balance Sheet referred to in our report of even date.
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors
Firm Registration No.: 001076N/ N500013
Deepak Mittal Rajiv Rattan Rajesh Kumar Vinu Balwant Saini Rajesh Arora
Partner Chairman Whole Time Director Chief financial officer Company Secretary
Membership No.: 503843 DIN: 00010849 DIN: 03291545 PAN: AFSPB8478G FCS-4081
Place: New Delhi Place: New Delhi Place: New Delhi Place: New Delhi Place: New Delhi
Date: 29 May 2023 Date: 29 May 2023 Date: 29 May 2023 Date: 29 May 2023 Date: 29 May 2023

Standalone Statement of Profit & Loss

for the year ended 31 March 2023
For the year ended For the year ended
Note
31 March 2023 31 March 2022
Revenue
Revenue from operations 21 40.42 26.00
Other income 22 21.85 475.94
62.27 501.94
Expenses
Employee benefits expense 23 38.50 29.07
Finance costs 24 214.02 15.04
Depreciation and amortisation expense 25 22.77 6.35
Other expenses 26 2,587.29 20.24
2,862.58 70.70
(Loss)/ Profit before tax (2,800.31) 431.24
Tax expense
Current tax expense - -
Deferred tax expense - 2.03
Total tax expenses - 2.03
(Loss)/ profit for the year (2,800.31) 429.21
Items that will not be reclassified to profit and loss
Re-measurement of post-employment benefit obligations (0.19) (1.09)
Income tax relating to items that will not be reclassified to profit - -
or loss
Other comprehensive income for the year (0.19) (1.09)
Total comprehensive(loss)/income for the year (2,800.50) 428.12
Earnings per equity share (Face Value of D2 each) 29
Basic (H) (2.03) 0.31
Diluted (H) (2.03) 0.31
This is the Standalone Statement of Profit and Loss referred to in our report of even date.

Standalone Statement of Changes in Equity
A Equity share capital (refer note 13)
As at 31 March 2023
Balance at the Changes in equity Restated balance Changes in Balance at
beginning of share capital due at the beginning equity share the end of
Particulars
the current to prior period of the current capital during the current
reporting year errors reporting year the current year reporting year
Equity share capital 2,764.54 - 2,764.54 - 2,764.54
As at 31 March 2022
Particulars
B Other equity (refer note 14)

Reserves and surplus
Particulars Employee’s Treasury

Capital Securities Retained
stock options Shares [Refer Total
reserve premium earnings
outstanding Note 45(ii)]
Balance as at 1 April 2021 3,792.85 329.63 0.03 (116.42) - 4,006.09
Profit for the year - - - 429.21 - 429.21
Other comprehensive income - - - (1.09) - (1.09)
(net of tax)
Balance as at 31 March 2022 3,792.85 329.63 0.03 311.70 - 4,434.21
Loss for the year - - - (2,800.31) - (2,800.31)
Other comprehensive income - - - (0.19) - (0.19)
Amount transferred on account - - (0.03) 0.03 - -
of options not exercised/ lapsed
Treasury shares acquired by - - - - (48.99) (48.99)
REL-Employee Welfare Trust
[Refer Note 45(ii)]
Balance as at 31 March 2023 3,792.85 329.63 - (2,488.77) (48.99) 1,584.72
This is the standalone statement of changes in equity referred to in our report of even date.

Standalone Cash Flow Statement

31 March 2023 31 March 2022
A CASH FLOWS FROM OPERATING ACTIVITIES
(Loss)/ profit before tax (2,800.31) 431.24
Adjustment for:
Interest income (8.82) (11.91)
Gain on sale of investment (1.11) (2.68)
Loss/(Gain) on equity shares investment measured at FVTPL (unrealised) 2,553.50 (461.15)
Finance costs 214.02 15.04
Depreciation /amortisation expense 22.77 6.35
Operating loss before working capital changes (19.95) (23.11)
Movement in working capital:
(Increase) in other current assets (1.22) (1.67)
Decrease/ (Increase) in other financial assets 29.97 (46.88)
(Increase) in trade receivables (10.21) (4.64)
(Decrease)/ increase in trade payable (4.43) 7.40
(Decrease)/ increase in other financial liabilities 1.51 3.60
Increase/ (decrease) in other current liabilities 0.55 (1.29)
Cash flow used in operating activities post working capital changes (3.78) (66.59)
Income tax refund/(paid) 1.47 (0.22)
Net cash used in operating activities (A) (2.31) (66.81)
B CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (0.07) -
Movement in fixed deposits (net) - (0.30)
Interest received on deposits 11.33 1.17
(Purchase)/redemption of mutual fund -(net) (2.86) 840.14
Proceeds from sale of investment - 693.97
Investment in subsidiary, associate and trust (including amounts converted (2,892.66) (2,610.63)
out of inter corporate deposit given)
Inter corporate deposits given (net) (496.93) (25.62)
Net cash used in investing activities (B) (3,381.19) (1,101.27)

Standalone Cash Flow Statement
31 March 2023 31 March 2022
C CASH FLOWS FROM FINANCING ACTIVITIES
Payment of lease liabilities (24.37) (6.52)
Treasury shares acquired by ESOP Trust [Refer Note 45(ii)] (48.99) -
Inter corporate deposits taken (net) 3,461.40 1,188.40
Finance costs (14.08) (1.38)
Net cash generated from/ (used in) financing activities (C) 3,373.96 1,180.50
(Decrease)/ Increase in cash and cash equivalents (A+B+C) (9.54) 12.42
Cash and cash equivalents at the beginning of the year 12.75 0.33
Cash and cash equivalents at the end of the year (D+E) 3.21 12.75
Notes:
a) Cash and cash equivalent comprises of : (refer note 11)
Cash on hand 0.96 0.06
Balances with banks
Current accounts 2.25 12.69
3.21 12.75
b) Refer note 52 for reconciliation of liabilities arising from financing activities
The Statement of Cash Flow has been prepared in accordance with ‘Indirect method’ as set out in the Ind AS - 7 on ‘Statement of Cash
Flows’, as notified under Section 133 of the Companies Act, 2013, read with the relevant rules thereunder.
This is the Standalone Cash Flow statement referred to in our report of even date.

Significant accounting policies and notes to the standalone financial statements

1. Corporate information with Indian Accounting Standards (Ind

Nature of operations AS) notified under the Companies (Indian
RattanIndia Enterprises Limited (formerly RattanIndia Accounting Standards) Rules, 2015 (as
Infrastructure Limited) (“the Company”) was amended from time to time) and presentation
incorporated on 9 November 2010. requirements of Division II of Schedule III to
the Companies Act, 2013, (Ind AS compliant
The Company is a public limited company Schedule III). These were used throughout all
incorporated and domiciled in India and has its periods presented in the financial statements,
registered office at 5th Floor, Tower B, Worldmark 1, except where the Company has applied certain
Aerocity, New Delhi- 110037, India. The Company has accounting policies and exemptions upon
its primary listings on the BSE Limited and National transition to Ind AS.
Stock Exchange of India Limited.
The financial statements have been prepared
The standalone financial statements for the year on going concern basis under the historical cost
ended 31 March 2023 were approved by the Board of basis except for the following:
Directors on 29 May 2023. • Certain financial assets and liabilities which
are measured at fair value;
2.
General information and statement of
compliance with Ind AS • Defined benefit plans – liability of which is
(a) The standalone financial statements of the recognised as per actuarial valuation; and
Company have been prepared in accordance • Share based payments which are measured
with the Indian Accounting Standards as at fair value of the options
notified under section 133 of the Companies
Act 2013 (“Act”) read with the Companies b) Current and non-current classification
(Indian Accounting Standards) Rules 2015 The Company presents assets and liabilities
(by Ministry of Corporate Affairs (“MCA”)), as in the balance sheet based on current / non-
amended, and other relevant provisions of the current classification.
Act and guidelines issued by the Securities and
Exchange Board of India (SEBI). The Company An asset is classified as current when it satisfies
has uniformly applied the accounting policies any of the following criteria:
during the periods presented. • it is expected to be realized in, or is
intended for sale or consumption in,
(b) Functional and presentation currency the Company’s normal operating cycle.
These financial statements are presented in - it is held primarily for the purpose of
Indian Rupees (H), which is also the Company’s being traded;
functional currency. All amounts disclosed in • it is expected to be realized within 12
standalone financial statements and notes have months after the reporting date; or
been rounded off to the nearest million as per
• it is cash or cash equivalent unless it is
the requirement of Schedule III, unless otherwise
restricted from being exchanged or used
indicated. The transaction and balances with
to settle a liability for at least 12 months
values below the rounding off norms adopted
after the reporting date.
by the Company have been reflected as “0.00” in
the relevant notes to these financial statements A liability is classified as current when it satisfies
(represents amount less than 0.005 million due any of the following criteria:
to rounding off).
• it is expected to be settled in the
3. Summary of significant accounting policies Company’s normal operating cycle;
a) Basis of preparation
• it is held primarily for the purpose of
These standalone financial statements of the
being traded;
Company have been prepared in accordance

• it is due to be settled within 12 months of unbilled receivables, which arises when
after the reporting date; or Company satisfies a performance obligation
but does not have an unconditional rights to
•
the Company does not have an consideration. A receivables represents the
unconditional right to defer settlement Company’s right to an amount of consideration
of the liability for at least 12 months after that is unconditional. Contract assets are
the reporting date. Terms of a liability that subject to impairment assessment. Refer to
could, at the option of the counterparty, accounting policies on impairment of financial
result in its settlement by the issue of equity assets in section (Financial instruments
instruments do not affect its classification. – initial recognition and subsequent
measurement).
Current assets/liabilities include current
portion of noncurrent financial assets/liabilities A contract liability is the obligation to transfer
respectively. All other assets/liabilities are goods or services to a customer for which
classified as non-current. Deferred tax assets the Company has received consideration (or
and liabilities (if any) are classified as non- an amount of consideration is due) from the
current assets and liabilities. customer. If a customer pays consideration
before the Company transfers goods or services
Operating cycle
to the customer, a contract liability is recognised
Based on the nature of the operations and when the payment is made or the payment is
the time between the acquisition of assets for due (whichever is earlier). Contract liabilities
processing and their realization in cash or cash are recognised as revenue when the Company
equivalents, the Company has ascertained performs under the contract (i.e., transfers
its operating cycle as twelve months for the control of the related goods or services to the
purpose of current/non-current classification customer).
of assets and liabilities.
A trade receivable is recognised if an amount
c) Revenue recognition of consideration that is unconditional (i.e.,
Revenue towards satisfaction of a performance only the passage of time is required before
obligation is measured at the amount of payment of the consideration is due). Refer to
transaction price (net of variable consideration) accounting policies of financial assets in section
allocated to that performance obligation. The (Financial instruments – initial recognition and
transaction price of goods sold and services subsequent measurement).
rendered is net of variable consideration on
account of various discounts and schemes Interest income
offered by the Company as part of the contract. Interest income is recorded on accrual basis
The Company applies the revenue recognition using the effective interest rate (EIR) method.
criteria to each separately identifiable
component of the sales transaction as set Dividend income
out below. Dividend income is recognised at the time when
right to receive the payment is established,
Service income which is generally when the shareholders
Revenue from services rendered is recognised approve the dividend.
when relevant services have been rendered, as
per the agreed terms with the customer. d) Borrowing costs
Borrowing costs include interest and
Contract balances amortisation of ancillary costs incurred to the
A contract asset is the right to consideration in extent they are regarded as an adjustment to
exchange for goods or services transferred to the interest cost. Costs in connection with the
the customer. Contract assets are in the nature borrowing of funds to the extent not directly


related to the acquisition of qualifying assets are De-recognition

charged to the Statement of Profit and Loss over An item of property, plant and equipment
the tenure of the loan. Borrowing costs, allocated and any significant part initially recognised
to and utilised for qualifying assets, pertaining is derecognised upon disposal or when no
to the period from commencement of activities future economic benefits are expected from
relating to construction/ development of the its use or disposal. Any gain or loss arising on
qualifying asset up to the date of capitalisation de-recognition of the asset (calculated as the
of such asset are added to the cost of the difference between the net disposal proceeds
assets. Any income earned on the temporary and the carrying amount of the asset) is
deployment/ investment of those borrowings is included in the income statement when the
deducted from the borrowing costs so incurred. asset is derecognised.
Capitalisation of borrowing costs is suspended
and charged to the Statement of Profit and f) Intangible assets
Loss during extended periods when active Recognition and initial measurement
development activity on the qualifying assets
Intangible assets with finite useful lives are
is interrupted. A qualifying asset is one that
carried at cost less accumulated amortisation
necessarily takes a substantial period of time to
and impairment losses, if any. Intangible assets
get ready for its intended use.
with indefinite useful lives that are acquired
e) Property, plant and equipment separately are carried at cost less accumulated
impairment losses. The cost of an intangible
Recognition and initial measurement
asset comprises its purchase price, including
Properties, plant and equipment are stated at any import duties and other taxes (other than
their cost of acquisition. The cost comprises those subsequently recoverable from the
purchase price, borrowing cost if capitalisation tax authorities), and any directly attributable
criteria are met and directly attributable cost of expenditure on making the asset ready for its
bringing the asset to its working condition for intended use and net of any trade discounts
the intended use. Any trade discount and rebates and rebates. Subsequent expenditure on an
are deducted in arriving at the purchase price. intangible asset after its purchase / completion is
Subsequent costs are included in the asset’s recognised as an expense when incurred unless
carrying amount or recognised as a separate it is probable that such expenditure will enable
asset, as appropriate, only when it is probable the asset to generate future economic benefits
that future economic benefits associated with in excess of its originally assessed standards
the item will flow to the Company. All other of performance and such expenditure can be
repair and maintenance costs are recognised in measured and attributed to the asset reliably,
statement of profit and loss as incurred. in which case such expenditure is added to the
cost of the asset.
Subsequent measurement (depreciation and
useful lives) Subsequent measurement (amortisation)
Depreciation on property, plant and equipment The intangible assets are amortised over a
is provided on the straight-line method, period in the range of three to five years on a
computed on the basis of useful lives prescribed straight-line basis, commencing from the date
in Schedule II to the Act. Land is not subject the asset is available to the Company for its use.
to depreciation. The amortisation period are reviewed at the
end of each financial year and the amortisation
The residual values, useful lives and method of method is revised to reflect the changed pattern.
depreciation are reviewed at each financial year
end and adjusted prospectively, if appropriate. Derecognition of intangible assets
An intangible asset is derecognised upon
disposal or when no future economic benefits

are expected to arise from the continued • Contractual terms of the asset give rise on
use of the asset. Gains or losses arising from specified dates to cash flows that are solely
derecognition of an intangible asset, measured payments of principal and interest (SPPI)
as the difference between the net disposal on the principal amount outstanding.
proceeds and the carrying amount of the asset,
are recognised in the consolidated statement of After initial measurement, such financial assets
profit and loss when the asset is derecognised. are subsequently measured at amortised cost
using the effective interest rate (EIR) method.
g) Impairment of non-financial assets All other debt instruments are measured at Fair
At each reporting date, the Company assesses Value through other comprehensive income
whether there is any indication based on or Fair value through profit and loss based on
internal/external factors, that an asset may Company’s business model. All investments
be impaired. If any such indication exists, the in mutual funds in scope of Ind AS 109 are
Company estimates the recoverable amount measured at fair value through profit and loss
of the asset. If such recoverable amount of the (FVTPL).
asset or the recoverable amount of the cash
De-recognition of financial assets
generating unit to which the asset belongs
is less than its carrying amount, the carrying A financial asset is primarily de-recognised when
amount is reduced to its recoverable amount the rights to receive cash flows from the asset
and the reduction is treated as an impairment have expired or the Company has transferred its
loss and is recognised in the statement of rights to receive cash flows from the asset.
profit and loss. All assets are subsequently
Financial liabilities and equity instruments
reassessed for indications that an impairment
loss previously recognised may no longer exist. Classification as debt or equity
An impairment loss is reversed if the asset’s or Debt and equity instruments issued by the
cash-generating unit’s recoverable amount Company are classified as either financial
exceeds its carrying amount. liabilities or as equity in accordance with the
substance of the contractual arrangements
h) Financial instruments and the definitions of a financial liability and an
Initial recognition and measurement equity instrument.
All financial assets and financial liabilities are

Financial liabilities subsequent measurement
recognized initially at fair value, plus in the
case of financial assets and financial liabilities Subsequent to initial recognition, these
not recorded at fair value through profit or loss liabilities are measured at amortised cost using
(FVTPL), transaction costs that are attributable the effective interest method. These liabilities
to the acquisition of the financial asset and include borrowings and deposits.
financial liabilities. However, trade receivables De-recognition of financial liabilities
that do not contain a significant financing
A financial liability is de-recognised when the
component are measured at transaction price.
obligation under the liability is discharged or
Financial assets cancelled or expires. When an existing financial
Subsequent measurement liability is replaced by another from the same
lender on substantially different terms or the
Financial assets at amortised cost – The
terms of an existing liability are substantially
financial assets are measured at the amortised
modified, such an exchange or modification
cost if both the following conditions are met:
is treated as the de-recognition of the original
• The asset is held within a business model liability and the recognition of a new liability.
whose objective is to hold assets for The difference in the respective carrying
collecting contractual cash flows, and amounts is recognised in the statement of profit
and loss.


Offsetting of financial instruments ECL is the difference between all contractual cash
Financial assets and financial liabilities are offset flows that are due to the Company in accordance
and the net amount is reported in the balance with the contract and all the cash flows that the
sheet if there is a currently enforceable legal right Company expects to receive. When estimating
to offset the recognised amounts and there is an the cash flows, the Company considers:
intention to settle on a net basis, to realise the • All contractual terms of the financial assets
assets and settle the liabilities simultaneously. (including prepayment and extension)
over the expected life of the assets.
All assets and liabilities for which fair value
• Cash flows from the sale of collateral held
is measured or disclosed in the financial
or other credit enhancements that are
statements are categorised within the fair value
integral to the contractual terms.
hierarchy, described as follows, based on the
lowest level input that is significant to the fair Trade receivables
value measurement as a whole:
The Company applies approach permitted by
• Level 1 — Quoted (unadjusted) market Ind AS 109 Financial Instruments, which requires
prices in active markets for identical assets expected lifetime losses to be recognised from
or liabilities initial recognition of receivables.
• Level 2 — Valuation techniques for which
the lowest level input that is significant to Other financial assets
the fair value measurement is directly or For recognition of impairment loss on other
indirectly observable financial assets and risk exposure, the Company
•
Level 3 — Valuation techniques for determines whether there has been a significant
which the lowest level input that is increase in the credit risk since initial recognition
significant to the fair value measurement and if credit risk has increased significantly, life
is unobservable time impairment loss is provided otherwise
provides for 12 month expected credit losses.
i) Investments in subsidiaries and associates
k) Income taxes
Equity investments in subsidiaries are stated
at cost less impairment, if any as per Ind AS Tax expense recognised in statement of
27. The Company tests these investments for profit and loss comprises the sum of deferred
impairment in accordance with the policy tax and current tax not recognised in Other
applicable to ‘Impairment of non-financial Comprehensive Income (“OCI”) or directly
assets’. Where the carrying amount of an in equity.
investment or CGU to which the investment
Current tax
relates is greater than its estimated recoverable
amount, it is written down immediately to Current income tax is measured at the amount
its recoverable amount and the difference is expected to be paid to the tax authorities in
recognised in the Statement of Profit and Loss. accordance with the Income-tax Act, 1961.
Current income tax relating to items recognised
Profit/ loss on sale of investments are recognised outside statement of profit and loss is
on the date of the transaction of sale and are recognised outside statement of profit and loss
computed with reference to the original cost of in OCI or equity depending upon the treatment
the investment sold. of underlying item.
j) Impairment of financial assets The Company offsets current tax assets and
In accordance with Ind AS 109, the Company current tax liabilities, where it has a legally
applies expected credit loss (ECL) model for enforceable right to set off the recognised
measurement and recognition of impairment amounts and where it intends either to settle
loss for financial assets carried at amortised cost. on a net basis, or to realise the asset and
liability simultaneously.

Deferred tax at the rate of exchange prevailing at the date of

Deferred income taxes are calculated using the transactions. At the end of each reporting
the liability method. Deferred tax liabilities period, monetary items denominated in
are generally recognised in full for all taxable foreign currencies are retranslated at the rates
temporary differences. Deferred tax assets are prevailing at that date. Non-monetary items
recognised to the extent that it is probable that are measured in terms of historical cost in a
that the underlying tax loss, unused tax credits foreign currency are not retranslated. Exchange
or deductible temporary difference will be differences on monetary items are recognised in
utilised against future taxable income. This is profit and loss in the period in which they arise.
assessed based on the Company’s forecast of
n)
Post-employment, long term and short
future operating results, adjusted for significant
term employee benefits
non-taxable income and expenses and specific
limits on the use of any unused tax loss or Defined contribution plans
credit. Unrecognised deferred tax assets are The Company makes contribution to the
re-assessed at each reporting date and are statutory provident fund in accordance
recognised to the extent that it has become with the Employees Provident Fund and
probable that future taxable profits will allow Miscellaneous Provisions Act, 1952 which is a
the deferred tax asset to be recovered. defined contribution plan and contribution paid
or payable is recognised as an expense in the
Deferred tax assets and liabilities are measured period in which the services are rendered.
at the tax rates that are expected to apply in the
year when the asset is realised or the liability is Defined benefit plans
settled, based on tax rates (and tax laws) that Gratuity is post-employment benefit and is
have been enacted or substantively enacted in the nature of a defined benefit plan. The
at the reporting date. Deferred tax relating to liability recognised in the financial statements
items recognised outside statement of profit in respect of gratuity is the present value of the
and loss is recognised outside statement of defined benefit obligation at the reporting date
profit and loss in OCI or equity depending upon together with adjustments for unrecognized
the treatment of underlying item. actuarial gains or losses and past service costs.
The defined benefit obligation is calculated at
The measurement of deferred tax liabilities and
or near the reporting date by an independent
assets reflects the tax consequences that would
actuary using the projected unit credit
follow from the manner in which the Company
actuarial method.
expects, at the end of the reporting period,
to recover or settle the carrying amount of its Actuarial gains and losses arising from
assets and liabilities. past experience and changes in actuarial
assumptions are credited or charged to the
l) Cash and cash equivalents
statement of OCI in the year in which such gains
Cash and cash equivalents comprise cash on or losses are determined.
hand, demand deposits with banks/corporations
and short-term highly liquid investments Other long-term employee benefits
(original maturity less than 3 months) that are Liability in respect of compensated absences
readily convertible into known amount of cash becoming due or expected to be availed
and are subject to an insignificant risk of change within one year from the balance sheet date
in value. is recognised on the basis of undiscounted
value of estimated amount required to be paid
m) Foreign currency translations
or estimated value of benefit expected to be
In preparing the financial statements of the availed by the employees. Liability in respect
Company, transactions in currencies other than of compensated absences becoming due or
the entity’s functional currency are recognised


expected to be availed more than one year the vesting period, which is the period over
after the balance sheet date is estimated on the which all of the specified vesting conditions
basis of an actuarial valuation performed by an are to be satisfied. At the end of each period,
independent actuary using the projected unit the entity revises its estimates of the number of
credit method. options that are expected to vest based on the
non-market vesting and service conditions. It
Actuarial gains and losses arising from recognises the impact of the revision to original
past experience and changes in actuarial estimates, if any, in statement of profit and loss,
assumptions are charged to statement of profit with a corresponding adjustment to equity.
and loss in the year in which such gains or losses
are determined. p)
Provisions, contingent assets and
contingent liabilities
Short-term employee benefits
Provisions are recognized only when there is
Expense in respect of other short-term benefits a present obligation, as a result of past events,
is recognised on the basis of the amount paid or and when a reliable estimate of the amount of
payable for the period during which services are obligation can be made at the reporting date.
rendered by the employee. These estimates are reviewed at each reporting
date and adjusted to reflect the current best
(o) Share based payments
estimates. Provisions are discounted to their
The Company has created an Employee Welfare present values, where the time value of money
Trust (EWT) for providing share-based payment is material.
to its employees. The Company uses EWT as
a vehicle for distributing shares to employees Contingent liability is disclosed for:
under the REL- Employee Stock Option Plan •
Possible obligations which will be
2022 (“”REL-ESOP 2022””). The EWT buys shares confirmed only by future events not wholly
of the Company from the market, for giving within the control of the Company or
shares to employees. The Company treats EWT
• Present obligations arising from past
as its extension and shares held by EWT are
events where it is not probable that an
related as treasury shares.
outflow of resources will be required to
Own equity instruments that are reacquired settle the obligation or a reliable estimate
(treasury shares) are recognised at cost and of the amount of the obligation cannot
deducted from other equity. No gain or loss is be made.
recognised in profit or loss on the purchase, Contingent assets are not recognised. However,
sale, issue or cancellation of the Company’s own when inflow of economic benefit is probable,
equity instruments. Treasury shares are reduced related asset is disclosed.
while computing basic and diluted earnings
per share. q) Earnings per share
Basic earnings per share is calculated by dividing
The Company transfers the excess of exercise the net profit or loss for the period attributable
price over the cost of acquisition of treasury to equity shareholders (after deducting
shares, net of tax, by EWT to General Reserve. attributable taxes) by the weighted average
number of equity shares outstanding during
Employee stock option plan (ESOP)
the period. The weighted average number of
The fair value of options granted under Employee equity shares outstanding during the period is
Stock Option Plan is recognised as an employee adjusted for events including a bonus issue.
benefits expense with a corresponding increase
in equity. The total amount to be expensed is For the purpose of calculating diluted earnings
determined by reference to the fair value of the per share, the net profit or loss for the period
options. The total expense is recognised over attributable to equity shareholders and

the weighted average number of shares lease liability are made up of fixed payments
outstanding during the period are adjusted for (including in substance fixed payments) and
the effects of all dilutive potential equity shares. variable payments based on an index or rate.
Treasury shares are reduced while computing Subsequent to initial measurement, the liability
basic and diluted earnings per share. will be reduced for payments made and
increased for interest. It is re-measured to reflect
r) Leases any reassessment or modification, or if there
A lease is defined as ‘a contract, or part of a are changes in in-substance fixed payments.
contract, that conveys the right to use an asset When the lease liability is re-measured, the
(the underlying asset) for a period of time in corresponding adjustment is reflected in the
exchange for consideration’. right-of-use asset.
Classification of leases The Company has elected to account for short-

The Company enters into leasing arrangements term leases using the practical expedients.
for various assets. The assessment of the lease Instead of recognising a right-of-use asset and
is based on several factors, including, but not lease liability, the payments in relation to these
limited to, transfer of ownership of leased asset are recognised as an expense in statement of
at end of lease term, lessee’s option to extend/ profit and loss on a straight-line basis over the
purchase etc. lease term.
Recognition and initial measurement Company as a lessor

At lease commencement date, the Company The Company as a lessor Leases for which the
recognises a right-of-use asset and a lease Company is a lessor is classified as a finance or
liability on the balance sheet. The right-of-use operating lease. Whenever the terms of the lease
asset is measured at cost, which is made up of transfer substantially all the risks and rewards of
the initial measurement of the lease liability, any ownership to the lessee, the contract is classified
initial direct costs incurred by the Company, an as a finance lease. All other leases are classified
estimate of any costs to dismantle and remove as operating leases. When the Company is an
the asset at the end of the lease (if any), and any intermediate lessor, it accounts for its interests in
lease payments made in advance of the lease the head lease and the sublease separately. The
commencement date (net of any incentives sublease is classified as a finance or operating
received). lease by reference to the right-of-use asset
arising from the head lease.
Subsequent measurement
Finance leases
The Company depreciates the right-of-use
assets on a straight-line basis from the lease Leases which effectively transfer to the lessee
commencement date to the earlier of the end of substantially all the risks and benefits incidental
the useful life of the right-of-use asset or the end to ownership of the leased item are classified
of the lease term. The Company also assesses and accounted for as finance lease. Lease rental
the right-of-use asset for impairment when such receipts are apportioned between the finance
indicators exist. income and capital repayment based on the
implicit rate of return. Contingent rents are
At lease commencement date, the Company recognised as revenue in the period in which
measures the lease liability at the present value they are earned.
of the lease payments unpaid at that date,
discounted using the interest rate implicit in Operating leases
the lease if that rate is readily available or the Leases in which the Company does not
Company’s incremental borrowing rate. Lease transfer substantially all the risks and rewards
payments included in the measurement of the of ownership of an asset are classified as


operating leases. The respective leased assets Estimates and assumptions

are included in the balance sheet based on The key assumptions concerning the future and
their nature. Rental income is recognized on other key sources of estimation uncertainty at
straight-line basis over the lease term except the reporting date, that have a significant risk
where scheduled increase in rent compensates of causing a material adjustment to the carrying
the Company with expected inflationary costs. amounts of assets and liabilities within the
next financial year, are described below. The
Such lease is classified as operating lease, and
Company based its assumptions and estimates
as such the revenue is recognized on straight
on parameters available when the standalone
line basis. Considering that the capacity charges
financial statements were prepared. Existing
per unit is higher in the initial years, there is a
circumstances and assumptions about future
negative charge to Statement of Profit and loss
developments, however, may change due to
account of straight lining.
market changes or circumstances arising that
s) Segment reporting are beyond the control of the Company. Such
changes are reflected in the assumptions when
Operating segments are reported in a manner
they occur.
consistent with the internal reporting provided
to the chief operating decision maker (CODM). Classification of leases – The Company enters
into leasing arrangements for various assets.
All operating segments’ results are reviewed
The classification of the leasing arrangement as
regularly by the Board of Directors, who have
a finance lease or operating lease is based on
been identified as the CODM, to allocate
an assessment of several factors, including, but
resources to the segments and assess
not limited to, transfer of ownership of leased
their performance.
asset at end of lease term, lessee’s option to
t)
Significant management judgment in purchase and estimated certainty of exercise
applying accounting policies and estimation of such option, proportion of lease term to the
uncertainty asset’s economic life, proportion of present
The preparation of the Company’s standalone value of minimum lease payments to fair value
financial statements requires management to of leased asset and extent of specialized nature
make judgements, estimates and assumptions of the leased asset.
that affect the reported amounts of revenues, Significant management judgments
expenses, assets and liabilities, and the
The following are significant management
accompanying disclosures, and the disclosure
judgments in applying the accounting policies
of contingent liabilities. The estimates and
of the Company that have the most significant
assumptions are based on historical experience
effect on the financial statements.
and other factors that are considered to
be relevant. The estimates and underlying Recognition of deferred tax assets – The

assumptions are reviewed on an ongoing extent to which deferred tax assets can be
basis and any revisions thereto are recognized recognized is based on an assessment of the
in the period of revision and future periods if probability of the future taxable income against
the revision affects both the current and future which the deferred tax assets can be utilized.
periods. Uncertainties about these assumptions
and estimates could result in outcomes that In addition, significant judgment is required in
require a material adjustment to the carrying assessing the impact of any legal or economic
amount of assets or liabilities affected in limits or uncertainties under the relevant
future periods. tax jurisdiction.

Evaluation of indicators for impairment

Significant estimates
of assets – The evaluation of applicability of Information about estimates and assumptions
indicators of impairment of assets requires that have the most significant effect on
assessment of several external and internal recognition and measurement of assets,
factors which could result in deterioration of liabilities, income and expenses is provided
recoverable amount of the assets. below. Actual results may be different.
Recoverability of advances/receivables – At
Taxes
each balance sheet date, based on historical
Deferred tax assets are recognised for unused
default rates observed over expected life, the
tax losses to the extent that it is probable that
management assesses the expected credit loss
taxable profit will be available against which the
on outstanding receivables and advances.
losses can be utilised. Significant management
Impairment of Investments made / Loans judgment is required to determine the amount
given to subsidiaries of deferred tax assets that can be recognised,
based upon the likely timing and the level of
In case of investments made and Intercorporate
future taxable profits together with future tax
Deposits (“ICD”) given by the company to its
planning strategies.
subsidiaries, the Management assesses whether
there is any indication of impairment in the value Useful lives of depreciable/amortisable
of investment and ICDs. The carrying amount is assets
compared with the present value of future net
Management reviews its estimate of the useful
cash flow of the subsidiaries.
lives of depreciable/ amortisable assets at each
D efined benefit obligation (DBO) –
reporting date, based on the expected utility
Management’s estimate of the DBO is based of the assets. Uncertainties in these estimates
on a number of critical underlying assumptions relate to technical and economic obsolescence
such as standard rates of inflation, medical that may change the utility of certain software,
cost trends, mortality, discount rate and customer relationships, IT equipment and other
anticipation of future salary increases. Variation plant and equipment.
in these assumptions may significantly impact
u)
Certain prior year amounts have been
the DBO amount and the annual defined
reclassified for consistency with the current
benefit expenses.
year presentation. Such reclassification does
Fair value measurements – Management not have any impact on the current year
applies valuation techniques to determine financial statements.
the fair value of financial instruments (where
v) Recent accounting pronouncements:
active market quotes are not available) and
non-financial assets. This involves developing Ministry of Corporate Affairs (“MCA”) notifies
estimates and assumptions consistent with how new standards or amendments to the existing
market participants would price the instrument. standards under Companies (Indian Accounting
Management uses the best information Standards) Rules as issued from time to time. On
available. Estimated fair values may vary from 31 March 2023, MCA amended the Companies
the actual prices that would be achieved in an (Indian Accounting Standards) Amendment
arm’s length transaction at the reporting date. Rules, 2023, as below:
Provisions – At each balance sheet date on the (i)

Ind AS 1 - Presentation of Financial
basis the management judgment, changes in Statements - This amendment requires
facts and legal aspects, the Company assesses the entities to disclose their material
the requirement of provisions. However the accounting policies rather than their
actual future outcome may be different from significant accounting policies and include
this judgment. corresponding amendments to Ind AS


107 and Ind AS 34. The effective date for (iii) Ind AS 12 - Income Taxes - This amendment
adoption of this amendment is annual has narrowed the scope of the initial
periods beginning on or after 1 April 2023. recognition exemption so that it does not
apply to transactions that give rise to equal
(ii) Ind AS 8 - Accounting Policies, Changes and offsetting temporary differences. Also
in Accounting Estimates and Errors - This there is corresponding amendment to Ind
amendment has introduced a definition AS 101. The effective date for adoption
of ‘accounting estimates’ and included of this amendment is annual periods
amendments to Ind AS 8 to help entities beginning on or after 1 April 2023.
distinguish changes in accounting policies
from changes in accounting estimates. The Company has evaluated the above
The effective date for adoption of this amendments and the impact thereof is not
amendment is annual periods beginning expected to be material on these standalone
on or after 1 April 2023. financial statements.

4A Property, plant and equipment

Freehold Furniture and Office
Particulars Computers Total
land (i) fixtures equipment
Gross carrying amount
Balance as on 1 April 2021 0.48 0.19 0.02 0.27 0.96
Additions - - - - -
Disposals/ adjustments - - - - -
Balance as on 31 March 2022 0.48 0.19 0.02 0.27 0.96
Additions - - - 0.07 0.07
Balance as on 31 March 2023 0.48 0.19 0.02 0.34 1.03
Accumulated depreciation
Balance as on 1 April 2021 - 0.18 0.02 0.27 0.47
Depreciation for the year - 0.01 - - 0.01
Balance as on 31 March 2022 - 0.19 0.02 0.27 0.48
Depreciation for the year - - - 0.02 0.02
Balance as on 31 March 2023 - 0.19 0.02 0.29 0.51
Net carrying amount
Balance as on 31 March 2023 0.48 - - 0.05 0.52
Balance as on 31 March 2022 0.48 - - - 0.48
(i) The Title deed of the immovable property is in the name of the Company.
4B Right-of-use assets (refer note 30)

Gross carrying amount Right of use Total
Balance as on 1 April 2021 - -
Additions 68.73 68.73
Adjustments 2.39 2.39
Balance as on 31 March 2022 71.12 71.12
Additions - -
Balance as on 1 April 2021 - -
Depreciation for the year 6.34 6.34
Net carrying amount


5A Non-current investments
As at 31 March 2023 As at 31 March 2022
No. of shares Amount No. of shares Amount
Investment in fully paid equity instruments [refer
note 55(b)]
a) Unquoted, fully paid equity instruments of
subsidiary companies (at cost)
Neotec Enterprises Limited (Face value of H10 10,000 0.10 10,000 0.10
each)
Neosky India Limited (Face value of H10 each) 150,000 200.50 50,000 0.50
RattanIndia Investment Manager Private Limited 102,000 0.03 102,000 0.03
(Face value of H10 each)
Cocoblu Retail Limited (Face value of H10 each) 35,010,000 3,500.10 16,010,000 1,600.10
Revolt Intellicorp Private Limited (Face value of 1,843,014 1,764.17 - -
H10 each) [refer note 33 (ii)]
Neotec Insurance Brokers Limited (Face value of 1,000,000 10.00 1,000,000 10.00
H10 each)
Neorise Technologies FZCO (Face value of AED 10,000 22.56 - -
100 each) [Refer Note 34 (c)]
Neobrands Limited (Face value of H10 each) 10,000 0.10 - -
[Refer Note 34 (b)]
Total investment in equity instruments of 5,497.56 1,610.73
subsidiary companies
b) Unquoted, fully paid equity instruments of
associate company (at cost)
Revolt Intellicorp Private Limited (Face value of - - 623,712 994.18
H10 each) [refer note 33 (i)]
c) Quoted, fully paid equity instruments of other
company (at FVTPL)
RattanIndia Power Limited (refer note 35) 1,063,960,011 3,138.68 1,063,960,011 5,692.18
d) Investments in Share Warrant, unquoted (at
cost)
Revolt Intellicorp Private Limited [refer note 33(i) 5.82 5.82
and refer footnote (i)]
e) Investment in Trust
Neo Opportunity Fund Trust [refer footnote (ii)] 0.01 -
8,642.07 8,302.91
Aggregate amount of quoted investments at market value 3,138.68 5,692.18
Aggregate amount of quoted investments at cost 5,319.80 5,319.80
Aggregate amount of unquoted investments 5,503.39 2,610.73
Aggregate amount of impairment in the value of - -
investments
(i) A share warrant is a financial instrument which gives holder the right to acquire equity shares. Money received against share
warrants comprise of share warrants issued by the Company against which shares are yet to be allotted.
During the previous year, Revolt Intellicorp Private Limited (RIPL) issued and allotted 317,328 share warrants to the Company.
During the current year, RIPL vide its letter dated 5 October 2022, has extended the term of such share warrants for a further
period of 18 months i.e. up to 29 April 2024. Further, as per the agreed terms, RIPL is obligated to issue the equity shares at the
prevailing date fair market value on the date of conversion.
(ii) During the previous year ended 31 March 2022 the Company had set up a Trust where the Company is a Settlor.

5B Current investments
Unquoted, non trade (at FVTPL)
Investments in mutual funds
8,282.145 (31 March 2022 :NIL) units in ICICI Overnight Fund-Direct Plan 10.01 -
Growth
Nil (31 March 2022 :19,125.26) units in ICICI Liquid Prudential Fund-Direct - 6.03
Plan Growth
10.01 6.03
Aggregate amount of quoted investments and market value thereof - -
Aggregate amount of unquoted investments 10.01 6.03
Aggregate amount of impairment in the value of investments - -
6 Loans (unsecured, considered good)

Loans to employees 0.37 -
Inter corporate deposits to subsidiary companies * [refer note 55(a)] 529.70 36.15
530.07 36.15
* Inter corporate deposits carry interest in range of 6.50%-7.25% and are recoverable on demand.
7 Other financial assets

Non-current Current
As at As at As at As at
31 March 2023 31 March 2022 31 March 2023 31 March 2022
Lease recoverable 0.50 1.07 0.57 0.54
Security deposits 12.71 11.93 - -
Other receivables - - 2.02 32.81
Earnest money deposit* - - 0.50 -
Advance recoverable from employees - - - 0.04
13.21 13.00 3.09 33.39
* During the year ended 31 March 2023, the Company has entered into an arrangement with RattanIndia Power Limited (RPL)
for exploring for commercial development on surplus land admeasuring 421 acres, situated at Thermal Power Plant of RPL at
Amravati, which was approved by the shareholders in Annual General Meeting of the Company. The arrangement is subject to
approvals by Maharashtra Industrial Development Corporation (‘MIDC’) and the lenders.
8 Non current tax assets (net)
Advance income tax (net of provision) 4.19 5.66
4.19 5.66
9 Other current assets (Unsecured considered good)

Prepaid expenses 0.96 0.23
Balance with government authorities 1.66 1.17
2.62 1.40


10 Trade receivables (Unsecured unless otherwise stated, at amortised cost)

Debtors
(i) Considered good - Secured - -
(ii) Considered good - Unsecured 14.85 4.64
(iii) Receivables having significant increase in credit risk - -
(iv) Credit impaired - -
14.85 4.64
Trade receivable ageing schedule :-

Outstanding for following periods from due date of payment
Particulars Not Less than 6 months 1-2 2-3 More than
Year Unbilled Total
due 6 months to 1 year years years 3 years
Undisputed Trade receivable- 2022-23 0.25 - 14.60 - - - - 14.85
considered good 2021-22 - - 4.64 - - - - 4.64
Undisputed Trade receivable- 2022-23 - - - - - - - -
credit impaired 2021-22 - - - - - - - -
Disputed Trade receivable- 2022-23 - - - - - - - -
considered good 2021-22 - - - - - - - -
credit impaired 2021-22 - - - - - - - -
Total Gross 2022-23 0.25 - 14.60 - - - - 14.85
2021-22 - - 4.64 - - - - 4.64
Less : Allowance for credit 2022-23 - - - - - - - -
loss 2021-22 - - - - - - - -
Net receivables 2022-23 0.25 - 14.60 - - - - 14.85
2021-22 - - 4.64 - - - - 4.64
Notes
a. Trade receivables are usually on trade terms based on credit worthiness of customers as per the terms of contract with customers.
b. Neither trade nor other receivables are due from directors or other officers of the Company either severally or jointly with any
other person, nor any trade or other receivables are due from firms or private companies respectively in which any director is a
partner, a director or a member.
11 Cash and cash equivalents

Balances with banks
3.21 12.75
12 Bank balances other than cash and cash equivalents

Balances with banks
Fixed deposit with original maturity of more than 3 months but less than 12 0.31 0.31
months*
0.31 0.31
*Includes bank deposits amounting to H0.31 million (31 March 2022 H0.31 million) that are lien marked against the credit card
facility availed by the Company.

13 Equity share capital

Authorised capital
2,000,000,000 (31 March 2022: 2,000,000,000) equity shares of H2 each 4,000.00 4,000.00
4,000.00 4,000.00
Issued, subscribed and fully paid up capital
1,382,269,592 (31 March 2022: 1,382,269,592) equity shares of H2 each fully 2,764.54 2,764.54
paid up
2,764.54 2,764.54
a) Reconciliation of equity shares outstanding at the beginning and at the end of the year
No of shares Amount No of shares Amount
Equity shares at the beginning of the year 1,382,269,592 2,764.54 1,382,269,592 2,764.54
Add : Change during the year - - - -
Equity shares at the end of the year 1,382,269,592 2,764.54 1,382,269,592 2,764.54
b) Rights/ restrictions attached to equity shares

The Company has only one class of equity shares with voting rights, having a par value of H2 per share. Each
shareholder of equity shares is entitled to one vote per share held. Each share is entitled to dividend, if declared, in
Indian Rupees. The dividend, if any, proposed by Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in the case of interim dividend. In the event of liquidation of the Company,
the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c) Details of shareholders holding more than 5% equity shares

No of shares % Holding No of shares % Holding
Equity shares of D2 each fully paid up
Laurel Energetics Private Limited* 543,338,386 39.31% 543,338,386 39.31%
Arbutus Consultancy LLP 384,112,902 27.79% 384,112,902 27.79%
Yantra Energetics Private Limited 104,765,484 7.58% 104,765,484 7.58%
* (i) 6.87% equity shares of the Company, held by one of the Promoter Company were pledged to secure a loan availed by other
promoter Company to provide working capital to Cocoblu Retail Limited, the wholly owned subsidiary. Of the aforesaid
equity shares, pledge on 3.07% equity shares has been released on 24 May 2023.
(ii) 4.64% equity shares of the Company, held by one of the Promoter Company were pledged to avail/ fulfil the additional
margin requirement for working capital facility and to secure invoice discounting facility by Cocoblu Retail Limited, the
wholly owned subsidiary.
The above information has been furnished as per the shareholders’ register as at the year end.
d) Details of shareholding held by promoters # as at 31 March 2023

No of % of % change
Promoter Name Year
shares total shares during the year
Rajiv Rattan 31 March 2023 1,770,000 0.13% -
31 March 2022 1,770,000 0.13% -
Laurel Energetics Private Limited 31 March 2023 543,338,386 39.31% -
31 March 2022 543,338,386 39.31% -


No of % of % change
Promoter Name Year
Arbutus Consultancy LLP 31 March 2023 384,112,902 27.79% -
31 March 2022 384,112,902 27.79% -
Yantra Energetics Private Limited 31 March 2023 104,765,484 7.58% -
31 March 2022 104,765,484 7.58% -
# Promoters here means ‘promoter’ as defined under Companies Act, 2013.
e) No bonus shares or shares were issued for consideration other than cash and no shares have been bought back over
the last five years immediately preceeding the reporting date.
14 Other equity
Capital reserve 3,792.85 3,792.85
Securities premium 329.63 329.63
Employee's stock options reserve - 0.03
Retained earnings (2,488.77) 311.70
Treasury shares (48.99) -
1,584.72 4,434.21
Nature and purpose of other reserves

Capital reserve
Capital reserve was created in earlier years in relation to specific transactions. Capital reserve is not available for
distribution to the shareholders.
Securities premium
Securities premium represents premium received on issue of shares. The reserve is utilised in accordance with the
provisions of the Companies Act, 2013.
Employee’s stock options reserve

The reserve account is used to recognise the grant date value of options issued to employees under Employee stock
option plan.
Retained earnings
Retained earnings are created from the profit of the Company, as adjusted for distribution to owners, transfer to other
reserve, remeasurement of defined benefit plan, etc.
Treasury shares
This reserve represents own equity shares held by RattanIndia Enterprises Employee Welfare Trust.
15 Borrowings (Unsecured)
Current
Inter corporate deposit from related party* (refer note 55) 4,858.80 1,200.85
4,858.80 1,200.85
* Terms of interest rate are amended with effective from 1 April 2022, Inter corporate deposits (ICD) carry effective rate of interest
at 6.50% per annum over the tenure of loan and are repayable on demand.

16 Lease liabilities
Non-current Current
Lease liability (refer note 30) 20.26 43.23 22.98 21.58
20.26 43.23 22.98 21.58
17 Provisions
Non-current Current
Provision for employee benefits (refer note 28)
Provision for compensated absences 0.39 0.15 0.04 0.00
Provision for gratuity 0.91 0.45 0.07 0.01
1.30 0.60 0.11 0.01
18 Trade Payables
Outstanding dues of micro enterprises and small enterprises (refer note 39) - -
Outstanding dues of creditors other than micro enterprises and small enterprises 3.36 7.80
3.36 7.80
Trade payables ageing schedule :-

Particulars Less than 1-2 2-3 More than
Year Not due Total
1 year years years 3 years
Due to MSME 2022-23 - - - - - -
2021-22 - - - - - -
Due to Others 2022-23 2.40 0.93 - - 0.03 3.36
2021-22 4.12 3.65 - - 0.03 7.80
Disputed dues to MSME 2022-23 - - - - - -
2021-22 - - - - - -
Disputed dues to Others 2022-23 - - - - - -
2021-22 - - - - - -
Total 2022-23 2.40 0.93 - - 0.03 3.36
2021-22 4.12 3.65 - - 0.03 7.80
19 Other financial liabilities

Employee related payables 6.44 5.16
Other payables 1.02 0.82
7.46 5.98
20 Other current liabilities

Statutory dues 2.48 2.58
Other payables 0.17 0.12
2.65 2.70


21 Revenue from operations

31 March 2023 31 March 2022
Operating revenue
Manpower services - 10.00
Management support services 28.42 -
Payroll management services 12.00 16.00
40.42 26.00
Revenue from contract with customers

Disaggregation of revenue
Set out below is the disaggregation of the Company’s revenue from contracts with customers:
Particulars
31 March 2023 31 March 2022
Revenue from contracts with customers
Based on nature of services
Manpower services - 10.00
Management support services 28.42 -
Total 40.42 26.00
The following table provides information about receivables, contract assets and contract liabilities from contract
with customers:
Particulars
31 March 2023 31 March 2022
Receivables
Trade receivables (gross) 14.60 4.64
Unbilled revenue for passage of time 0.25 -
Less : Allowances for doubtful debts - -
Net receivables (a) 14.85 4.64
Contract assets
Billed during the year - -
Total contract assets (b) - -
Contract liabilities
Recognized as revenue during the year - -
Total contract liabilities (c) - -
Total (a+b-c) 14.85 4.64
The Company’s contracts with customers for the services generally include one performance obligation. The
Company has concluded that revenue from sale of services should be recognised at the point in time when services
are rendered to the customer.
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the
Company performs by transferring goods or services to a customer before the customer pays consideration or before
payment is due, a contract asset is recognised for the earned consideration that is conditional. A contract liability is
the obligation to transfer goods or services to a customer for which the Company has received consideration from the
customer. Contract liabilities are recognised as revenue when the Company performs obligations under the contract.

Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price
Particulars
31 March 2023 31 March 2022
Revenue as per contract 40.42 26.00
Adjustments:
Cash rebate - -
Other adjustments - -
Revenue from contract with customers 40.42 26.00
Transaction price - remaining performance obligation

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be
recognized as at the end of the reporting period and an explanation as to when the Company expects to recognize
these amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the
remaining performance obligation related disclosures for contracts as the revenue recognised corresponds directly
with the value to the customer of the entity’s performance completed till the reporting period.
22 Other income
Particulars
31 March 2023 31 March 2022
Interest on
Bank deposits (at amortised cost) 0.02 0.01
Inter corporate deposits 7.94 11.69
Income tax refund 0.03 0.09
Security deposits 0.78 0.18
Lease rental 0.08 0.03
Other income
Capital gain on mutual fund /investment- realised 1.11 91.42
Profit from fair value of mutual fund - unrealised (at FVTPL) 0.01 0.02
Profit from fair value of investment - unrealised (at FVTPL) [refer note - 372.39
35(i)]
Commission on corporate guarantee 11.42 -
Miscellaneous income 0.46 0.11
21.85 475.94
23 Employee benefits expense

Particulars
31 March 2023 31 March 2022
Salaries and wages 36.48 26.46
Contribution to provident and other funds 0.29 0.02
Provision for gratuity and compensated absences (refer note 28) 0.63 0.47
Recruitment and training expenses 1.08 2.11
Staff welfare expenses 0.02 0.01
38.50 29.07


24 Finance costs
Particulars
31 March 2023 31 March 2022
Interest on
Lease liability 3.41 1.20
214.02 15.04
25 Depreciation and amortisation expense

Particulars
31 March 2023 31 March 2022
Depreciation on
Property, plant and equipment 0.02 0.01
Right-of-use assets 22.75 6.34
22.77 6.35
26 Other expenses
Particulars
31 March 2023 31 March 2022
Rates and taxes 6.69 4.15
Legal and professional charges* 20.76 12.63
Advertisement expenses 0.35 0.20
Rent expenses (refer note 30) 0.16 0.42
Electricity expenses 0.02 0.04
Printing and stationery 0.06 0.03
Travelling and conveyance 1.30 1.08
Office maintenance 4.19 1.23
Loss on foreign currency transactions 0.01 0.02
Loss on equity share investment measured at FVTPL (unrealised)[refer 2,553.50 -
note 35(ii)]
Bank charges 0.08 0.01
Miscellaneous expenses 0.17 0.43
2,587.29 20.24
*Includes remuneration to auditors as follows (excluding applicable
taxes):
Statutory audit and limited reviews 2.00 2.00
Certifications 0.10 -
2.10 2.00

27 Related party disclosures

s per Ind AS-24 “Related Party Disclosure”, the related parties, identified by the Management, where control exists or
A
where significant influence exists and with whom transactions have taken place are as below:
Related parties where control exists:
I. Entities having substantial interest Laurel Energetics Private Limited
Arbutus Consultancy LLP
Yantra Energetics Private Limited
II. Associates Revolt Intellicorp Private Limited (up to 12 January 2023)

RattanIndia Power Limited (up to 29 March 2022)
III. Subsidiary companies including step down Neotec Enterprises Limited (w.e.f. 17 March 2021)
subsidiaries RattanIndia Investment Manger Private Limited (w.e.f. 19 June 2021)
Neosky India Limited (w.e.f. 20 September 2021)
Cocoblu Retail Limited (w.e.f. 03 November 2021)
Neotec Insurance Brokers Limited (w.e.f. 15 November 2021)
Revolt Intellicorp Private Limited (w.e.f 13 January 2023)
Neobrands Limited (w.e.f 10 November 2022)
Throttle Aerospace System Private Limited (w.e.f 25 May 2022)*
Neorise Technologies–FZCO (w.e.f. 27 December 2021)
* Step down subsidiary of the Company.
IV. Other related parties:

a) Enterprise over which Key Management Personnel have significant influence –
(with whom transactions have been entered during the year/ previous year):
Priapus Developers Private Limited
Hamlin Trust
Antheia Engineers Private Limited
Nettle Constructions Private Limited
Sinnar Power Transmission Company Limited
b) Key Management Personnel

Name Designation
Rajiv Rattan Non-Executive Director and Chairman (Executive up to 29 October 2022)
Anjali Nashier Non-Executive Non-Independent Director
Jeevagan Narayana Swami Nadar Non-Executive Independent Director
Rajesh Kumar Executive Whole Time Director (Non-Executive up to 31 March 2023)
Sanjiv Chhikara Non-Executive Independent Director
Neha Poonia Non-Executive Independent Woman Director (up to 10 November 2022)
Pritika Poonia Non-Executive Independent Woman Director (w.e.f. 10 November 2022)
Amit Jain (PAN:- AFKPJ7410C) Chief Financial Officer (from 02 April 2022 to 19 May 2023)
Amit Jain (PAN:- AEUPJ9311H) Chief Financial Officer (from 11 October 2021 to 02 April 2022)
Vinu Balwant Saini1 Chief Financial Officer (w.e.f. 20 May 2023)
Vikas Kumar Adukia Chief Financial Officer (up to 29 April 2021)
Rajesh Arora Company Secretary (w.e.f. 14 October 2021)
Ram Kumar Agarwal Company Secretary (up to 13 October 2021)


1. Subsequent to the year ended 31 March 2023, Mr. Amit Jain ceased to be Chief Financial Officer with effect from
closure of business hours on 19 May 2023, in place of whom the Company has appointed Mr. Vinu Balwant Saini as
Chief Financial Officer with effect from 20 May 2023.
V. Relative of key management personnel Ram Kumar
VI. Interest in Trust - RattanIndia Employee Welfare Trust

Neo Opportunities Fund Trust
VII. Summary of transactions with related parties:

Enterprises over Relative
Key Man-
Subsidi- which Key Manage- of Key Man- Interest
Nature of transactions Year ended agement Total
aries ment Personnel have agement in Trust
Personnel
significant influence Personnel
Inter-corporate deposits
Inter corporate deposit 31 March 2023 - 3,448.95 - - - 3,448.95
taken (net) 31 March 2022 - 1,188.40 - - - 1,188.40
Inter corporate deposit 31 March 2023 2,596.93 - - - 50.00 2,646.93
given (net) 31 March 2022 1,625.62 - - - - 1,625.62
Expense
Lease and other expenses 31 March 2023 - 29.17 - 0.18 - 29.35
31 March 2022 - 8.07 - - - 8.07
Interest expense on ICD 31 March 2023 - 210.61 - - - 210.61
taken 31 March 2022 - 12.45 - - - 12.45
Short-term employee 31 March 2023 - - 17.60 - - 17.60
benefits 31 March 2022 - - 5.49 - - 5.49
Post-term employee 31 March 2023 - - 0.31 - - 0.31
benefits 31 March 2022 - - 1.23 - - 1.23
Income
Interest on ICD given 31 March 2023 7.95 - - - 0.08 8.03
31 March 2022 11.7 - - - - 11.70
Management Support 31 March 2023 28.42 - - - - 28.42
Services 31 March 2022 - - - - - -
Service Income 31 March 2023 - 12.00 - - - 12.00
31 March 2022 - 26.00 - - - 26.00
Lease income 31 March 2023 0.72 - - - - 0.72
31 March 2022 0.17 - - - - 0.17
Commission on Corporate 31 March 2023 11.43 - - - - 11.43
Guarantee 31 March 2022 - - - - - -
Others
Reimbursement of 31 March 2023 2.23 - - - 0.24 2.47
expenses 31 March 2022 - - - - - -
Corporate Guarantee 31 March 2023 - 1,515.90 - - - 1,515.90
Received 31 March 2022 - - - - - -
Corporate Guarantee given 31 March 2023 3,375.00 - - - - 3,375.00
31 March 2022 - - - - - -
Earnest Money Deposit 31 March 2023 - 0.50 - - - 0.50
31 March 2022 - - - - - -

Enterprises over Relative

Key Man-
Subsidi- which Key Manage- of Key Man- Interest
aries ment Personnel have agement in Trust
Personnel
Investment in Equity/ 31 March 2023 2,122.56 - - - - 2,122.56
Conversion in to Equity 31 March 2022 1,600.00 - - - - 1,600.00
Purchase of Equity 31 March 2023 - 0.10 - - - 0.10
31 March 2022 - - - - - -
Corpus fund in Trust 31 March 2023 - - - - 0.03 0.03
31 March 2022 - - - - - -
Security deposit given 31 March 2023 - - - - - -
31 March 2022 - 14.32 - - - 14.32
VIII. Summary of outstanding balances:

Enterprises over which
Key Management Interest in
Nature of transactions Year ended Subsidiaries Total
Personnel have Trust
significant influence
Inter corporate deposit taken 31 March 2023 - 4,649.80 - 4,649.80
31 March 2022 - 1,188.40 - 1,188.40
Inter corporate deposit given 31 March 2023 522.55 50.00 572.55
31 March 2022 25.62 - 25.62
Security deposit receivable 31 March 2023 - 14.32 - 14.32
31 March 2022 - 14.32 - 14.32
Lease and other expenses payable 31 March 2023 - - - -
31 March 2022 - 2.87 - 2.87
Interest expense on ICD payable 31 March 2023 - 209.00 - 209.00
31 March 2022 - 12.45 - 12.45
Interest income on ICD receivable 31 March 2023 7.15 - 0.08 7.23
31 March 2022 10.53 - - 10.53
Management Support Services 31 March 2023 11.27 - - 11.27
31 March 2022 - - - -
Receivables 31 March 2023 - 2.32 - 2.32
31 March 2022 - 4.64 - 4.64
Commission on Corporate 31 March 2023 1.26 - - 1.26
Guarantee receivable 31 March 2022 - - - -
Reimbursement of expenses 31 March 2023 0.33 - - 0.33
receivable 31 March 2022 - - - -
Corporate Guarantee Received 31 March 2023 - 1,515.90 - 1,515.90
31 March 2022 - - - -
Corporate Guarantee given 31 March 2023 3,375.00 1,515.90 - 4,890.90
31 March 2022 - - - -
Earnest Money Deposit Receivable 31 March 2023 - 0.50 - 0.50
31 March 2022 - - -

Notes to the standalone financial statements
IX. Statement of material transactions:
Name Year
Inter -corporate
deposit given
Inter -corporate
deposit taken
Inter -corporate
deposit received back/
adjustment
Inter -corporate
deposit repaid/
adjustment
Interest expenses
on Inter -corporate
deposit
Interest income on
Inter -corporate
deposit
Service Income/
Management Support
Services
(Lease income)/ Lease
and other expenses
Reimbursement of
expenses
Equity Purchase
Investment/
Conversion in to
equity
Commission on
Corporate Guarantee
Corporate Guarantee
Given
Corporate Guarantee
Received
Earnest Money Deposit
Security deposit
Subsidiaries Companies
Neotec Enterprises 31 March 2023 103.90 - 66.30 - - 2.14 12.20 - 0.14 - - - - - - -
Limited 31 March 2022 20.02 - - - - 0.31 - - - - - - - - - -
Cocoblu Retail Limited* 31 March 2023 1,900.00 - 4.10 - - - 11.67 - 0.00 - 1,900.00 10.55 2,995.00 - - -
31 March 2022 1,604.10 - - - - 11.38 - - - - 1,600.00 - - - - -
Neosky India Limited 31 March 2023 249.00 - - - - 2.03 3.96 - 0.18 - 200.00 - - - - -
31 March 2022 1.50 - - - - 0.01 - - - - - - - - - -
Neotec Insurance 31 March 2023 - - - - - - - (0.72) - - - - - - - -
Broker Limited 31 March 2022 - - - - - - - (0.17) - - - - - - - -
Neobrands Limited 31 March 2023 5.00 - - - - 0.04 - - - - - - - - - -
OVERVIEW
31 March 2022 - - - - - - - - - - - - - - - -
CORPORATE
Revolt Intellicorp 31 March 2023 408.43 - - - - 3.71 0.59 - 1.91 - - 0.88 380.00 - - -
Private Limited 31 March 2022 - - - - - - - - - - - - - - - -
Neorise Technologies 31 March 2023 - - - - - - - - - - 22.56 - - - - -
FZCO 31 March 2022 - - - - - - - - - - - - - - - -
RattanIndia Investment 31 March 2023 1.00 - - - - 0.03 - - - - - - - - - -
REPORTS
Manger Private Limited 31 March 2022 - - - - - - - - - - - - - - - -

STATUTORY
Enterprises over which Key Management Personnel have significant influence

RattanIndia Power 31 March 2023 - - - - - - 12.00 29.17 - - - - - - 0.50 -
Limited 31 March 2022 - - - - - - 3.00 8.07 - - - - - - - 14.32
Priapus Developers 31 March 2023 - 3,456.93 - 7.98 210.61 - - - - - - - - - - -
Private Limited 31 March 2022 - 2,040.20 - 851.80 12.45 - - - - - - - - - - -
Hamlin Trust 31 March 2023 - - - - - - - - - 0.10 - - - - - -
FINANCIAL
STATEMENTS
31 March 2022 - - - - - - - - - - - - - - - -
Antheia Engineers 31 March 2023 - - - - - - - - - - - - - - - -
Private Limited
Annual Report 2022-23

31 March 2022 - - - - - - 23.00 - - - - - - - - -
*H1,900 Million (31 March 2022 : D1600 million) initially given as Inter-Corporate deposit/loan was converted into equity share capital by the
Subsidiary Company, Cocoblu Retail Limited.
139
140
Name Year
Inter -corporate
deposit given
Inter -corporate
deposit taken
Inter -corporate
deposit received back/
adjustment
Inter -corporate
deposit repaid/
adjustment
Interest expenses
on Inter -corporate
deposit
Interest income on
Inter -corporate
deposit
Service Income/
Management Support
Services
and other expenses
Reimbursement of
expenses
Equity Purchase
Investment/
Conversion in to
equity
Commission on
Corporate Guarantee
Corporate Guarantee
Given
Corporate Guarantee
Received
Earnest Money Deposit
Security deposit
Nettle Constructions 31 March 2023 - - - - - - - - - - - - - 1,515.90 - -

Private Limited 31 March 2022 - - - - - - - - - - - - - - - -

Interest in Trust
Neo opportunity Fund 31 March 2023 - - - - - - - - 0.24 - 0.01 - - - - -
Trust 31 March 2022 - - - - - - - - - - - - - - - -
RattanIndia Employee 31 March 2023 50.00 - - - - 0.08 - - - - 0.02 - - - - -
Welfare Trust 31 March 2022 - - - - - - - - - - - - - - - -
Relative of Key Management Personnel
Ram Kumar 31 March 2023 - - - - - - - 0.18 - - - - - - - -
31 March 2022 - - - - - - - - - - - - - - - -
Total 31 March 2023 2,717.33 3,456.93 70.40 7.98 210.61 8.03 40.42 28.63 2.47 0.10 2,122.59 11.43 3,375.00 1,515.90 0.50 -
31 March 2022 1,625.62 2,040.20 - 851.80 12.45 11.70 26.00 7.90 - - 1,600.00 - - - - 14.32
X. Key management personnel

Name Year Short term employment benefit Post-employment benefit
Rajesh Kumar Arora 31 March 2023 7.89 0.07
31 March 2022 3.61 0.11
Ram Kumar Agarwal 31 March 2023 - -
31 March 2022 1.88 1.12
Amit Jain 31 March 2023 9.71 0.24
31 March 2022 - -
Total 31 March 2023 17.60 0.31
31 March 2022 5.49 1.23
- There are no non cash transactions entered with promoters or directors.
- The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions.
XI. Details of outstanding balances:
Name Year
Inter -corporate
deposit given
Inter -corporate
deposit taken
Interest on
Inter -corporate
payable
Interest on
Inter -corporate
deposit
receivable
Management
Support Services
/Service income
Lease rent
(receivable)/
payable
Security deposit
Reimbursement
of expenses
receivable
Commission
on Corporate
Guarantee
Corporate
Guarantee Given
Corporate
Guarantee
Received
Earnest Money
Deposit
Subsidiaries Companies
Neotec Enterprises Limited 31 March 2023 57.62 - - 1.93 6.26 - - - - - - -
31 March 2022 20.02 - - 0.28 - - - - - - - -
Cocoblu Retail Limited* 31 March 2023 - - - - 3.11 - - 0.00 0.25 2,995.00 - -
31 March 2022 4.10 - - 10.24 - - - - - - - -
Neosky India Limited 31 March 2023 50.50 - - 1.82 1.26 - - 0.04 - - - -
31 March 2022 1.50 - - 0.01 - - - - - - - -
Neobrands Limited 31 March 2023 5.00 - - 0.03 - - - - - - - -
31 March 2022 - - - - - - - - - - - -
Revolt Intellicorp Private Limited 31 March 2023 408.43 - - 3.34 0.64 - - 0.29 1.01 380.00 - -
31 March 2022 - - - - - - - - - - - -
RattanIndia Investment Manger Private Limited 31 March 2023 1.00 - - 0.03 - - - - - - - -
OVERVIEW
CORPORATE
31 March 2022 - - - - - - - - - - - -
RattanIndia Power Limited 31 March 2023 - - - - 2.32 - 14.32 - - - - 0.50
31 March 2022 - - - - 1.16 2.87 14.32 - - - - -
Priapus Developers Private Limited 31 March 2023 - 4,649.80 209.00 - - - - - - - - -
31 March 2022 - 1,188.40 12.45 - - - - - - - - -
REPORTS
STATUTORY
Antheia Engineers Private Limited 31 March 2023 - - - - - - - - - - - -

31 March 2022 - - - - 3.48 - - - - - - -
Nettle Constructions Private Limited 31 March 2023 - - - - - - - - - - 1,515.90 -
31 March 2022 - - - - - - - - - - - -
Sinnar Power Transmission Company Limited 31 March 2023 - - - - - - - - - 1,515.90 - -
31 March 2022 - - - - - - - - - - - -
FINANCIAL
Interest in Trust
STATEMENTS
RattanIndia Employee Welfare Trust 31 March 2023 50.00 - - 0.08 - - - - - - - -

31 March 2022 - - - - - - - - - - - -

Total 31 March 2023 572.55 4,649.80 209.00 7.23 13.59 - 14.32 0.33 1.26 4,890.90 1,515.90 0.50
31 March 2022 25.62 1,188.40 12.45 10.53 4.64 2.87 14.32 - - - - -
*H1,900 Million (31 March 2022 : D1600 million) initially given as Inter-Corporate deposit/loan was converted into equity share capital by the Subsidiary Company, Cocoblu Retail Limited.
141
28 Employee benefits
Defined contribution:
Contributions are made to the Government Provident Fund and Family Pension Fund which cover all regular employees
eligible under applicable Acts. Both the eligible employees and the Company make pre-determined contributions to the
Provident Fund. The contributions are normally based upon a proportion of the employee’s salary. The Company has
recognized in the Statement of Profit and Loss an amount of H0.29 million (31 March 2022: H0.02 million) towards employer’s
contribution towards provident fund.
Defined benefits:
Gratuity scheme - This is an unfunded defined benefit plan and it entitles an employee, who has rendered at least 5 years
of continuous service, to receive one-half month’s salary for each year of completed service at the time of retirement/exit
details as below
i) On normal retirement/early retirement/withdrawal/resignation: As per the provisions of the Payment of Gratuity Act,
1972 with vesting period of 5 years of service.
ii) On death in service: As per the provisions of the Payment of Gratuity Act, 1972 without any vesting period. Gratuity
payable to employee in case (i) and (ii), as mentioned above, is computed as per the Payment of Gratuity Act, 1972
except the Company does not have any limit on gratuity amount.
Other benefits:
Provision for unfunded compensated absences payable to eligible employees on availment/ retirement/ separation is
based upon an actuarial valuation as at the year ended 31 March 2023. Major drivers in actuarial assumptions, typically,
are years of service and employee compensation. The commitments are actuarially determined using the ‘Projected Unit
Credit Actuarial Method’ as at the year end. Gains/ losses on changes in actuarial assumptions are accounted for in the
Statement of Profit and Loss as identified by the Management of the Company.
Based on the actuarial valuation obtained in this respect, the following table sets out the status of Gratuity and Compensated
Absences and the amounts recognised in the financial statements for the year ended 31 March 2023:
Gratuity (Unfunded) Compensated absences
Particulars
Liability recognised in the balance sheet:
Present value of obligation as at the beginning of the year 0.45 0.76 0.15 0.11
Current service cost 0.30 0.12 0.19 0.09
Interest cost 0.04 0.08 0.01 0.01
Benefits paid - (1.60) (0.01) (0.22)
Actuarial losses 0.19 1.09 0.09 0.16
Present value of obligation at the end of the year (as per 0.98 0.45 0.43 0.15
actuarial valuation)
Expenses during the year
Current service cost 0.30 0.12 0.19 0.09
Interest cost 0.04 0.08 0.01 0.01
Actuarial losses - 0.09 0.17
Component of defined benefit cost charged to statement of 0.34 0.20 0.29 0.27
profit and loss
Remeasurement of post-employment benefit obligations:
Actuarial losses 0.19 1.09 - -
Component of defined benefit cost recognized in other 0.19 1.09 - -
comprehensive income/(loss)


Gratuity (Unfunded) Compensated absences

Particulars
Actuarial (gains)/ losses on obligation
Actuarial (gain)/ loss arising from change in demographic (0.01) - 0.05 -
assumptions
Actuarial (gain)/ loss arising from change in financial assumptions 0.22 (0.02) 0.09 (0.01)
Actuarial (gain)/ loss arising from change in experience (0.02) 1.11 (0.05) 0.18
adjustments
The actuarial valuation in respect of commitments and expenses relating to unfunded gratuity and compensated absences
are based on the following assumptions which if changed, would affect the commitment’s size, funding requirements
and expenses;
(a) Economic assumptions

Particulars 31 March 2023 31 March 2022
Discount rate 7.36% 7.18%
Expected rate of salary increase 7.00% 5.00%
(b) Demographic assumptions

Retirement age 60 years 60 years
Mortality table 100% IALM (2012-14) 100% IALM (2012-14)
Ages Withdrawal rate (%) Withdrawal rate (%)
Upto 30 years 15 3
From 31 to 44 years 6.25 2
Above 44 years 12.50 1
The employer’s best estimate of contributions expected to be paid during the annual period beginning after the balance
sheet date, towards gratuity and compensated absences is H0.52 million (31 March 2022 : H0.34 million) and H0.27 million
(31 March 2022: H0.12 million) respectively.
(c) Sensitivity analysis of defined benefit obligation

a) Impact of the change in discount rate
i) Impact due to increase of 0.50% (31 March 2022: 0.50%) (0.05) (0.04)
ii) Impact due to decrease of 0.50% (31 March 2022: 0.50%) 0.05 0.04
b) Impact of the change in salary increase
i) Impact due to increase of 0.50% (31 March 2022: 0.50%) 0.05 0.04
ii) Impact due to decrease of 0.50% (31 March 2022: 0.50%) (0.05) (0.04)
a. The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined
benefit obligation as a result of reasonable changes in an assumptions occurring at the end of the reporting period
while holding all other assumption constraint. In practice it is unlikely to occur and change in some of the assumption
may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial
assumptions the same method (present value of the defined benefit obligation calculated with the projected unit
credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability
recognised in the balance sheet.

b. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the
prior period.
c. Sensitivities due to mortality & withdrawals are not material & hence impact of change not calculated.
d. Sensitivities as to rate of inflation, rate of increase of pensions in payment, rate of increase of pensions before
retirement & life expectancy are not applicable being a lump sum benefit on retirement.
(d) Maturity profile of defined benefit obligation

Less than 1 year 0.11 0.01
Year 1 to 5 0.42 0.04
More than 5 years 0.88 0.56
29 Earnings per equity share (EPS):

Particulars
31 March 2023 31 March 2022
(Loss)/Profit for the year (2,800.31) 429.21
Weighted average number of equity shares outstanding 1,382,269,592 1,382,269,592
Weighted average number of Treasury shares held by Trust* 28,581 -
Weighted average number of equity shares used in computing basic & 1,382,241,011 1,382,269,592
diluted earnings per equity share
Face value per equity share (H) 2.00 2.00
Basic earnings per equity share (H) (2.03) 0.31
Diluted earnings per equity share (H) (2.03) 0.31
Note:
*Treasury shares have been excluded while computing basic and diluted earnings per share [also refer note 45(ii)].
30 Leases disclosure:
The Company has entered into sub-lease agreement with RattanIndia Power Limited (Sub-lessor) for the use of licensed
premises for carrying business for term of 37 months which has been considered as finance lease as per Ind AS 116.
a) The table below describes the nature of the Company’s leasing activities by type of right-of-use asset recognised on
balance sheet:
No of leases
No of No of No of
No of right- Range of Average with variable
Right of use leases with leases with leases with
of use assets remaining remaining payments
assets extension purchase termination
leased term lease term linked to an
options options options
index
Office Premises 1 22 months 22 months - - - 1
b) Additional information on the right-of-use assets by class of assets is as follows:

Carrying amount as Carrying amount as
Right-of use assets Additions Depreciation Deletion
on 01 April 2022 on 31 March 2023
Office Premises 64.78 - 22.75 - 42.03

Office Premises - 71.12 6.34 - 64.78


c) Lease liabilities are presented in the statement of financial position as follows:

Current 22.98 21.58
Non-current 20.26 43.23
Total 43.24 64.81
d) The undiscounted maturity analysis of lease liabilities at 31 March 2023 is as follows:

Particulars Less than 1 year 1-5 year More than 5 years Total
Lease payments 24.99 20.83 - 45.82
The undiscounted maturity analysis of lease liabilities at 31 March 2022 is as follows:

Lease payments 24.99 45.82 - 70.81
e) The Company had total cash outflows for leases of H24.99 Million during 31 March 2023. (H6.85 Million) in 31 March 2022.
The following are the amounts recognised in profit or loss:
Depreciation expense of right-of-use assets 22.75 6.34
Interest expense on lease liabilities 3.41 1.20
Expense relating to short-term leases (included in other expenses) 0.16 0.42
At 31 March 2023, the Company has not committed to leases which had not commenced.
The Company has elected not to recognise a lease liability for short term leases (leases of expected term of 12 months
or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. In
addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed
as incurred.
31 Deferred tax assets/(liabilities) (net)

Tax effect of items constituting deferred tax assets
Employee benefit obligations 0.36 0.16
Property, plant and equipment and lease liabilities (net of right of use 0.44 (0.12)
assets)
Financial assets carried at fair value 48.92 0.32
Business losses & unabsorbed depreciation 45.06 32.25
94.78 32.61
Deferred tax assets not recognised (94.78) (32.61)
- -
(i) In the absence of reasonable certainty of availability of surplus taxable profits, the Company has restricted the
recognition of deferred tax asset on unabsorbed depreciation and brought forward business losses to the extent of
the corresponding deferred tax liability. The unabsorbed business losses of H178.51 million (31 March 2022: H128.12
million) are available for offset for maximum period of eight years from the incurrence of loss.

Movement in deferred tax assets/(liabilities)

Recognized Not Not recognized in
As at 01 As at 31
Particulars in profit or recognized in other comprehensive
April 2022 March 2023
loss profit or loss income
Tax effect of items constituting
deferred tax liabilities
- - - -
deferred tax assets*
Employee benefit obligations 0.16 - 0.15 0.05 0.36
Property, plant and equipment and (0.12) - 0.56 - 0.44
lease liabilities (net of right of use
assets)
Financial assets carried at fair value 0.32 - 48.60 - 48.92
Business losses & unabsorbed 32.25 - 12.81 - 45.06
depreciation
32.61 - 62.12 0.05 94.78
Deferred tax assets not recognised (32.61) - (62.12) (0.05) (94.78)
Deferred tax assets (net) - - - - -
*Deferred tax Assets on unrealised loss on investments in quoted equity shares has not been disclosed above on account of
absence of reasonable certainty regarding future taxable gains on such investments.
Movement in deferred tax assets/(liabilities)

Recognized Not Not recognized in
As at 01 As at 31
Particulars in profit or recognized in other comprehensive
April 2021 March 2022
loss profit or loss income
deferred tax liabilities
- - - - -
deferred tax assets
Tax credit (minimum alternative tax) 2.03 (2.03) - - -
Employee benefit obligations 0.22 - 0.21 (0.27) 0.16
Property, plant and equipment and 0.01 - (0.13) - (0.12)
lease liabilities (net of right of use
assets)
Financial assets carried at fair value (2.19) - 2.51 - 0.32
Business losses & unabsorbed 25.04 - 7.21 - 32.25
depreciation
25.11 (2.03) 9.80 (0.27) 32.61
Deferred tax assets not recognised (23.08) - (9.80) 0.27 (32.61)
Deferred tax assets (net) 2.03 (2.03) - - -
32 As per Ind AS 108 “Operating Segments”, if a financial report contains both consolidated financial statements and
the separate financial statements of the Parent Company, segment information may be presented on the basis of
the consolidated financial statements. Thus, disclosure required by regulation 33 of the SEBI (Listing Obligations
8- Disclosure Requirements) Regulations, 2015 on segment information and as per Ind AS 108 has been given in
consolidated financial statements.


33 (i) During the previous year ended 31 March 2022, the Company had acquired 623,712 equity shares constituting
33.84 % of the paid-up share capital of Revolt Intellicorp Private Limited (“RIPL”) and paid application money for
subscription to 317,328 share warrants for an aggregate amount of H1,000 million. Pursuant to the investment
made, RIPL became an associate of the Company.
(ii) During the year ended 31 March 2023, the Company had entered into an agreement with Revolt Intellicorp
Private Limited (”Revolt”) and its promoter to acquire balance 66.16% of equity share capital of Revolt for a
cash consideration of H770 million. The Company fulfilled the prescribed conditions under the agreement and
consequently, Revolt has became a wholly owned subsidiary of the Company effective 13 January 2023.
34 During the year ended 31 March 2023:
(a) NeoSky India Limited, a wholly- owned subsidiary of the Company, acquired 60% equity stake in Throttle
Aerospace Systems Private Limited (‘TAS’) on 24 May 2022, for a cash consideration of H200 million. TAS is a
drone hardware and software maker based out of Bangalore and is a market leader in enterprise, defence and
delivery drones.
(b) The Company has acquired 100% stake of Neobrands Limited for H0.10 million, consequent to which it has
become a wholly owned subsidiary of the Company effective 10 November 2022.
(c) The Company has invested an amount of 1 million AED (equivalent H22.5 million), in wholly owned foreign
subsidiary, Neorise Technologies- FZCO formed under Dubai Silicon Oasis Authority and registered in Free Zone
35 (i) During the previous year ended 31 March 2022, REL had sold 121,039,989 equity shares of RattanIndia Power
Limited (RPL), resulting in decrease in shareholding from 22.07 % to 19.81%, accordingly, RPL had ceased to
be associate of REL and consequently, investment in RPL had been classified as financial asset. Further, the
Company had recognised a realised gain of H88.77 million and unrealised gain of H372.39 million on classification
of investment in RPL as financial asset.
(ii) During the year ended 31 March 2023, in accordance with Ind AS-109, the Company has recognised unrealised
loss of H2,553.50 million, forming part of ‘Other Expenses’, on investment in equity shares of RattanIndia Power
Limited, on account of movement in market/ quoted price.
Out of total holding, 1,040,506,638 (31 March 2022: 1,040,506,638), equity shares of RPL are pledged in favour
of the lenders of RPL.
36 Guarantees excluding financial guarantees

a. Particulars As at 31 March 2023 As at 31 March 2022
(i) Corporate guarantees given on behalf of subsidiary companies 3,375.00 -
to vendors, Financial Institutions*
(ii) Corporate guarantees given on behalf of related party* 1,515.90 -
Total 4,890.90 -
* related party disclosure (refer note 27)
b. The Company has executed a Deed of Guarantee dated 31 December 2019 as a Sponsor of RattanIndia Power
Limited (RPL) in favour of Vistra ITCL (India) Limited (Security Trustee). As per the terms of Deed of Guarantee
the Company (Sponsor) has guaranteed the Backstopped Liabilities; liabilities of the borrower and claims made
by the existing lenders against the borrower in relation to the existing lenders redeemable preference shares,
including but not limited to the payment of any dividend or the redemption of the existing lenders redeemable
preference shares.

37 Subsequent to the Balance Sheet date:

a. The Company’s Board of Directors at their meeting held on 10 May 2023, have approved raising of fund
through issue of securities, by way of Qualified Institutions Placement (“QIP”) or any other permissible mode
in compliance with applicable laws, subject to shareholders and other applicable regulatory approvals, for an
amount up to H10,000 million or its equivalent in any other currencies.
b. The Company’s Board of Directors at their meeting held on 18 May 2023, agreed to enter into a Business Transfer
Agreement with RattanIndia Technologies Private Limited, a related entity, to purchase business activities
pertaining to its Technology Business, as a going concern, on slump sale basis, for a lump sum consideration of
H1 million, without values being assigned to individual assets and liabilities. The objective of such acquisition is
to enable the Company to develop new capabilities, create valuable knowledge-based resources and improve
strategic flexibility to reduce cost and development time.
38 In respect of amounts as mentioned under Section 125 of the Act, there is no amount required to be transferred to
the Investor Education and Protection Fund as at 31 March 2023 and as at 31 March 2022.
39 Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006:
Particulars As at 31 March 2023 As at 31 March 2022
i) Principal amount remaining unpaid to any supplier as at the end of - -
the accounting year.
ii) Interest due thereon remaining unpaid to any supplier as at the end - -
of the accounting year.
iii) The amount of interest paid by the buyer in terms of section 16 of the - -
Micro, Small and Medium Enterprises Development Act, 2006, along
with the amount of the payment made to the supplier beyond the
appointed day.
iv) The amount of interest due and payable for the period of delay in - -
making payment (which have been paid but beyond the appointed
day during the year) but without adding the interest specified under
the Micro, Small and Medium Enterprises Development Act, 2006.
v) The amount of interest accrued and remaining unpaid at the end of - -
the accounting year.
vi) The amount of further interest remaining due and payable even in - -
the succeeding years, until such date when interest dues above are
actually paid.
The above information has been determined to the extent such parties have been identified on the basis of information available
with the Company.
40 The Company has not entered into any derivative instruments during the year. The Company does not have any
foreign currency exposures towards receivables, payables or any other derivative instrument as at 31 March 2023
and 31 March 2022.
41 The disclosure as per Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
related to loans and advances in the nature of loans given to subsidiaries, associates and others and investments in
shares of the Company by such parties is covered in the related party disclosures (refer note 27).
42 The Company is covered under Section 135 of the Act and accordingly, has constituted a Corporate Social
Responsibility Committee of the Board. However, as the Company did not have average net profits based on the
immediately preceding three financial years, the Company is not required to spend amounts towards Corporate
Social Responsibility in terms of the Act.


43 The Company considers its investment in subsidiaries as strategic and long term in nature and accordingly, in the view
of the management, there is no impairment loss that needs to be recorded for such investments in these standalone
financial statements.
44 Effective tax reconciliation

Particulars
31 March 2023 31 March 2022
Tax expense comprise of:
Current tax expense - -
Deferred tax expense - 2.03
Income tax expense reported in the statement of profit and loss - 2.03
The major components of income tax expense and the reconciliation of expected tax expense and the reported tax
expense in profit of loss are as follows:
Particulars
31 March 2023 31 March 2022
Profit before tax (2,800.31) 431.24
Domestic tax rate 25.17% 25.17%
Expected tax expense (704.78) 108.53
Employee benefits 0.15 0.21
Borrowings 48.93 -
Other item disallowed/(allowed) under Income Tax Act, 1961 0.22 0.33
Adjustment for tax rate on gain on sale of investment 642.67 (116.28)
Deferred tax not recognised on business losses and unabsorbed 12.81 7.21
depreciation
Reversal of Mat credit under new tax regime (2.03)
Income Tax expense - (2.03)
45 Employees Stock Options Schemes

(i) Stock Option Schemes of RattanIndia Enterprises Limited (formerly RattanIndia Infrastructure Limited)
(“RIL ESOP 2019”):
Pursuant to a decision taken by the Board of Directors of the Company (Board) in its meeting held on 30 May
2022, the Employee Stock Option Plan- 2019 covering 2,00,00,000 stock options, earlier instituted by the Board,
stands cancelled from the said date. No stock options were outstanding under the said scheme, on the date of
its cancellation.
(ii) Stock Option Schemes of RattanIndia Enterprises Limited (formerly RattanIndia Infrastructure Limited)
(“REL ESOP 2022”):
RattanIndia Enterprises Limited Employee Stock Option Plan 2022 (“REL ESOP 2022) has been formulated by
the Board of Directors pursuant to the authority vested by the shareholders through the resolution passed
through postal ballot, the result whereof was declared on 3 August 2022, that such plan shall be administered
through REL Employee Welfare Trust (hereinafter “Trust”). The Trust shall make secondary market acquisition
for the purpose of the Scheme in accordance with the SEBI (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021. The pool options proposed to be offered under the Scheme shall be up to a maximum of 5%
of the paid-up capital of the Company.

During the year ended 31 March 2023, the Trust has acquired 1,381,988 equity shares (including 226,859 shares
settled subsequently) of the Company from the open market at an average price of H35.77 per share against
the loan given by the Company amounting to H50 million to the ESOP Trust which is repayable on demand.
As of 31 March 2023, the Trust holds 1,381,988 equity shares (Face value of H2 each) of the Company. The
financial statements of the Trust have been included in the standalone financial statements of the Company in
accordance with the requirements of IND AS and cost of such treasury shares has been presented as a deduction
in ”Other Equity”. Such number of equity shares (held by the Trust) have been excluded while computing basic
and diluted earnings per share.
46 Financial instruments
i) Fair values hierarchy
Financial assets and financial liabilities are measured at fair value in the statement of financial position are
grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of
significant inputs to the measurement, as follows:
Level 1: Quoted prices (unadjusted) in active markets for financial instruments.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using
valuation techniques which maximise the use of observable market data rely as little as possible on entity
specific estimates.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is

included in level 3.
Valuation technique used to determine fair value

The fair value of a financial instrument on initial recognition is normally the transaction price (fair value of the
consideration given or received). Subsequent to initial recognition, the Company determines the fair value of
financial instruments that are quoted in active markets using the quoted bid prices (financial assets held) or
quoted ask prices (Financial liabilities held) and using valuation techniques for other instruments. Valuation
techniques include discounted cash flow method, market comparable method, recent transactions happened
in the company and other valuation models. The Company uses valuation techniques that are appropriate in
the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant
observable inputs and minimising the use of unobservable inputs.
Financial assets and liabilities measured at fair value - recurring fair value measurements:
As at 31 March 2023 Level 1 Level 2 Level 3 Total
Financial assets
Investment in equity shares (at FVTPL) 3,138.68 - - 3,138.68
Investment in mutual funds (at FVTPL) - 10.01 - 10.01

Financial assets
There are no liabilities measured at fair value as at 31 March 2023 and 31 March 2022.
ii) Fair value of financial assets and liabilities measured at amortised cost.
The management assessed that cash and cash equivalents, trade receivables, trade payables, other current
financial assets and other current financial liabilities approximate their carrying amounts largely due to the
short-term maturities of these instruments. [refer note no 47(i)].


47 Financial risk management

i) Financial instruments by category
31 March 2023 31 March 2022
Particulars Amortised Amortised
FVTPL FVOCI FVTPL FVOCI
cost cost
Financial assets
Investments 3,148.69 - 5,503.39 5,698.21 - 2,610.73
Trade receivables - - 14.85 - - 4.64
Cash and cash equivalents - - 3.21 - - 12.75
Bank balances other than cash - - 0.31 - - 0.31
and cash equivalents
Loans - - 530.07 - - 36.15
Other financial assets - - 16.30 - - 46.39
Total 3,148.69 - 6,068.13 5,698.21 - 2,710.97
Financial liabilities
Borrowings - - 4,858.80 - - 1,200.85
Lease liabilities - - 43.24 - - 64.81
Trade payables - - 3.36 - - 7.80
Other financial liabilities - - 7.46 - - 5.98
Total - - 4,912.86 - - 1,279.44
Investment in subsidiaries are measured at cost as per Ind AS 27, ‘Separate Financial Statements’ and hence, not presented
here.
ii) Risk management
The Company is exposed to various risks in relation to financial instruments. The Company’s financial assets
and liabilities by category are summarised in note 47(i). The main types of risks are market risk, credit risk and
liquidity risk. The most significant financial risks to which the Company is exposed are described below.
The Company’s risk management is carried out by a central finance department (of the Company) under direction
of the Board of Directors. The Board of Directors provides principles for overall risk management, and covering
specific areas, such as foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.
Credit risk
Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. Credit risk arises from
cash and cash equivalents, trade receivables, investments carried at amortised cost and deposits with banks
and financial institutions. The Company’s maximum exposure to credit risk is limited to the carrying amount of
financial assets recognised at 31 March 2023 and 31 March 2022, as summarised below:

Investment 3,148.69 5,698.21
Trade receivables(i) 14.85 4.64
Cash and cash equivalents(iii) 2.25 12.69
Bank balances other than cash and cash equivalents(iii) 0.31 0.31
Loans 530.07 36.15
Other financial assets(ii) 16.30 46.39
The Company continuously monitors defaults of customers and other counterparties, and incorporates this
information into its credit risk controls. The Company’s policy is to deal only with creditworthy counterparties.

The Company’s management considers that all of the above financial assets are not impaired and/ or past due
for each of the above assets reporting dates under review are of good credit quality.
The Company considers the probability of default upon initial recognition of asset and whether there has
been a significant increase in credit risk on an on-going basis throughout each reporting period. In general, it
is presumed that credit risk has significantly increased since initial recognition if the payments are more than
30 days past due. A default on a financial asset is when the counterparty fails to make contractual payments
when they fall due. This definition of default is determined by considering the business environment in which
entity operates and other macro-economic factors.
(i) The Company’s management considers assets other than trade receivables, which are 30 days past due
and analyses facts and circumstances surrounding each such defaults separately. If the facts indicate
a probability of loss of value, the asset’s then expected cash flows are plotted in present value based
impairment model to determine the amount of impairment loss. Amounts are written off only in the
following circumstances: a) no probable legal recourse is available for recovery, b) the counterparty is
bankrupt, c) the cost of recovery is more than the amount or d) after all possible efforts the Company is
unable to recover amounts after a period of 3 years.
Similarly, substantial part of Company’s financial assets including trade receivables are recoverable from
Company’s subsidiaries, which the management of the Company believes are not credit impaired and
there are no 12 month expected credit losses that are required to be recognised, other than those already
assessed and recorded.
(ii) The Company has no such assets where credit losses have been recognised as none of the assets are
credit impaired.
(iii) The credit risk for cash and cash equivalents and other bank balances is considered negligible, since the
counterparties are reputable banks with high quality external credit ratings.
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when
due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability
under committed facilities.
Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents
on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the
entity operates.
Maturities of financial liabilities

The tables below analyse the Company’s financial liabilities into relevant maturity groupings based on their
contractual maturities for all non-derivative financial liabilities.
The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months
equal their carrying balances as the impact of discounting is not significant.
Less than 1 More than 5
31 March 2023 1-5 year Total
year years
Non-derivatives
Borrowings* 4,858.80 - - 4,858.80
Trade payable 3.33 - 0.03 3.36
Other financial liabilities 7.46 - - 7.46


Less than 1 More than 5

year years
Non-derivatives
Borrowings* 1,200.85 - - 1,200.85
Trade payable 7.77 - 0.03 7.80
*Borrowings excludes finance lease obligations, refer note 30 for disclosure of maturity profile of finance lease obligations.
Market Risk
Foreign currency risk
The Company is not exposed to foreign exchange risk arising from foreign currency transactions. Foreign
exchange risk arises from recognised assets and liabilities denominated in a currency that is not the Company’s
functional currency.
Interest rate risk

Liabilities
The Company’s policy is to minimise interest rate cash flow risk exposures on long-term financing. At 31 March
2023 and 31 March 2022, the Company is exposed to changes in market interest rates through bank borrowings
at variable interest rates. The Company’s fixed deposits are carried at amortised cost and are fixed rate deposits.
They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount
nor the future cash flows will fluctuate because of a change in market interest rates.
Interest rate risk exposure

Below is the overall exposure of the Company to interest rate risk:

Variable rate:
Borrowing - -
Loan assets - -
Total variable rate exposure - -
Fixed rate:
Borrowing 4,858.80 1,200.85
Loans and deposits - -
Total fixed rate exposure 4,858.80 1,200.85
Sensitivity
Below is the sensitivity of profit or loss and equity due to changes in interest rates, assuming no change in
other variables:

Interest sensitivity*
Interest rates – increase by 100 basis points (31 March 2022: 100 - -
basis points)
Interest rates – decrease by 100 basis points (31 March 2022: 100 - -
basis points)
*there are no borrowings having variable interest rates

Price risk
Exposure
The Company is exposed to price risk in respect of its investment in mutual funds (unquoted) and quoted equity
shares [refer note 5A(c) & 5B].
Sensitivity
Below is the sensitivity of profit or loss and equity changes in fair value of investments, assuming no change in
other variables:

Price sensitivity
Price increase by 1000 basis points (31 March 2022: 1000 basis 314.87 569.82
points)
Price decrease by 1000 basis points (31 March 2022: 1000 basis (314.87) (569.82)
points)
48 Capital management
The Company’s capital management objectives are;
- to ensure the Company’s ability to continue as a going concern
- to provide an adequate return to shareholders
The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as
presented on the face of balance sheet.
Management assesses the Company’s capital requirements in order to maintain an efficient overall financing structure
while avoiding excessive leverage. This takes into account the subordination levels of the Company’s various classes
of debt. The Company manages the capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure,
the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new
shares, or sell assets to reduce debt.
The amounts managed as capital by the Company for the reporting periods under review are summarised as follows:

Short-term borrowings 4,858.80 1,200.85
Total borrowings 4,858.80 1,200.85
Cash and cash equivalents 3.21 12.75
Other bank balances 0.31 0.31
Investment of excess fund in mutual funds 10.01 6.03
Net debts 4,845.27 1,181.76
Total equity (i) 4,349.26 7,198.75
Net debt to equity ratio 111.40% 16.42%
(i) Equity includes capital and all reserves of the Company that are managed as capital.


49 Financial Ratios:
Following are analytical ratios for the year ended 31 March 2023 and 31 March 2022
Numerator/
Particulars 31 March 2023 31 March 2022 Variance Remarks
Denominator
Current ratio Current assets/ 0.12 0.08 50.00% Refer Note 1 below
Current liabilities
Debt - equity ratio Total debt/ 1.12 0.17 558.82% Refer Note 1 below
Shareholder’s equity
Debt service coverage Earning available for (0.51) 0.38 (234.21)% Refer Note 1 below
ratio debt service/ Debt
service
Return on equity (ROE) Net profits after (48.50)% 6.15% (887.96)% Refer Note 2 below
taxes/ Average
shareholder’s equity
Trade receivables Revenue/ Average 4.15 11.21 (62.99)% Due to increase in
turnover ratio trade receivables trade receivable
& Revenue from
operations.
Trade payable turnover Purchase of services 6.06 4.94 22.67% Not required to
ratio and other expenses/ disclose
Average trade
payables
Net capital turnover ratio Revenue/ Working (0.01) (0.44) (96.72)% Due to decrease in
capital other income.
Net Profit ratio Net profit/ Revenue (4497.05)% 85.51% (5359.12)% Refer Note 2 below
Return on capital Earning before (28.09)% 5.31% (628.65)% Due to increase
employed (ROCE) interest and tax/ in Borrowing &
Capital employed decrease in retained
earning.
Note:
1. Due to increase in Borrowing amounting H4,858.80 Million as at 31 March 2023 from H1,200.85 Million as at 31 March 2022.
2. Due to Loss from fair valuation of Investment-Unrealized. [Refer Note 35(ii)]
50 Other statutory information

(i) The Company does not have any Benami property and no proceedings have been initiated or pending against
the Company and its Indian subsidiaries for holding any Benami property, under the Benami Transactions
(Prohibitions) Act, 1988 (45 of 1988) and the rules made thereunder.
(ii) The Company does not have transactions during the current and previous year with struck off companies under
section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the year.
(v) The Company has not entered into any such transaction which is not recorded in the books of accounts that
has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,
1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.
(vi) The Company has not been declared as a ‘Wilful Defaulter’ by any bank or financial institution (as defined under
the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued
by the Reserve Bank of India.

(vii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the act read
with the Companies (Restriction on Number of Layers) Rules 2017.
51 The Code on Social Security, 2020 (‘Code’) has been notified in the Official Gazette of India on 29 September 2020,
which could impact the contributions of the Company towards certain employment benefits. Effective date from
which changes are applicable is yet to be notified and the rules are yet be framed. Impact, if any, of change will be
assessed and accounted for in the period of notification of relevant provisions.
52 Reconciliation of liabilities arising from financing activities

Particulars Borrowings* Lease liabilities Total
As at 01 April 2021 - - -
Cash flows:
Receipt of borrowing 2,040.20 - 2,040.20
Repayment of borrowings (851.80) - (851.80)
Payment of lease rentals** - (6.52) (6.52)
Non-Cash :
Lease liabilities - 70.46 70.46
Interest accrued 12.45 1.18 12.45
Fair value adjustment - (0.31) (0.31)
As at 31 March 2022 1,200.85 64.81 1,264.48
Cash flows:
Payment of lease rentals** - (24.37) (24.37)
Non-Cash :
Interest accrued 209.00 3.33 212.33
Conversion of accrued interest in to ICD (12.45) - (12.45)
Fair value adjustment - (0.53) (0.53)
As at 31 March 2023 4,858.80 43.24 4,900.86
*Includes short-term borrowings.
** Includes interest on lease rentals.
53 Investments in subsidiaries
a) These standalone financials statements are separate financial statements prepared in accordance with Ind AS-27
“Separate financial Statements”


b) The company’s investment in subsidiaries are as under:
Proportion of Proportion of Method used

S. Country of
Name of the Subsidiary ownership as at 31 ownership as at 31 to account for
No Incorporation
March 2023 March 2022 Investment
1 Cocoblu Retail Limited India 100% 100% Cost
2 Revolt Intellicorp Private India 100% 33.84% Cost
Limited #
3 Neosky India Limited India 100% 100% Cost
4 Throttle Aerospace System India 60% - Cost
Private Limited*
5 Neotec Enterprises Limited India 100% 100% Cost
6 RattanIndia Investment India 100% 100% Cost
Manager Private Limited
7 Neotec Insurance Brokers India 100% 100% Cost
Limited
8 Neorise Technologies FZCO Dubai 100% - Cost
9 Neobrands Limited India 100% - Cost
# The investment in Revolt Intellicorp Private Limited, incorporated in India qualified as an associate up to 12 January
2023 and as subsidiary w.e.f 13 January 2023.
* The investment in this entity is held through Neosky India Limited
54 Foreign exchange disclosures:

Expenditure in foreign currency
For the year ended 31 For the year ended 31
Particulars
March 2023 March 2022
Rates & taxes 0.18 -
55 (a) Details of loans and guarantees of the Company outstanding at the end of the year, in terms of regulation
53 (F) and 34 (3) read together with para A of Schedule V of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 :
As at 31 March Max Balance As at 31 March Max Balance
Particulars
2023 during the year 2022 during the year
Neotec Enterprises Limited 57.62 57.62 20.02 20.02
RattanIndia Investment Manager Private 1.00 1.00 - -
Limited
Neosky India Limited 50.50 208.00 1.50 1.50
Revolt Intellicorp Private Limited 408.43 408.43 - -
Neobrands Limited 5.00 5.00 - -
Cocoblu Retail Limited - 1,904.10 4.10 1604.1
RattanIndia Employees Welfare Trust 50.00 50.00 - -

(b) Details of loans (gross) as per Section 186 (4) of Companies Act, 2013 and Disclosure as per Regulation
34 (3) read with Part A of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 in respect of loans/ advances/ investments outstanding as at year end
Investment Inter Corporate Deposits Corporate Guarantee
Particulars As at 31 As at 31 As at 31 As at 31 As at 31 As at 31
March 2023 March 2022 March 2023 March 2022 March 2023 March 2022
Neotec Enterprises Limited 0.10 0.10 57.62 20.02 - -
RattanIndia Investment 0.03 0.03 1.00 - - -
Neosky India Limited 200.50 0.50 50.50 1.50 - -
Neotec Insurance Brokers 10.00 10.00 - - - -
Limited
Cocoblu Retail Limited 3,500.10 1,600.10 - 4.10 2,995.00 -
Revolt Intellicorp Private 1,764.17 994.18 408.43 - 380.00 -
Limited
Revolt Intellicorp Private 5.82 5.82 - - - -
Limited (Share Warrant)
Neobrands Limited 0.10 - 5.00 - - -
Neorise Technologies FZCO 22.56 - - - - -
RattanIndia Power Limited 3,138.68 5692.18 - - - -
Neo Opportunity Fund Trust 0.01 - - - - -
RattanIndia Employees - - 50.00 - - -
Welfare Trust
Sinnar Power Transmission - - - - 1,515.90 -
Company Limited
56 a) No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any
other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (‘the
intermediaries’), with the understanding, whether recorded in writing or otherwise, that the intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Company (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf the
Ultimate Beneficiaries.
b) Other than as disclosed below, no funds have been received by the Company from any person(s) or entity(ies),
including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or otherwise,
that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries.
During the year, the Company has received fund as inter corporate deposit (ICD) from one of the related party Priapus
Developers Private Limited (PDPL). Further, same was given in form of inter corporate deposit (ICD) for business
operations and investment in equity shares of below subsidiary companies (100% subsidiaries of the Company).


For the year ended 31 March 2023:

ICD received Investment/ ICD given to
ultimate beneficiary Details of Details of
from funding
funding parties ultimate beneficiary
parties ICD given Investment
2,689.89 1,900.00 - Priapus Developers Cocoblu Retail Limited, Registered office - 5th
Private Limited (CIN : Floor, Tower-B, Worldmark 1, Aerocity New Delhi-
U70109DL2009PTC197234, 110037, CIN : U52399DL2021PLC388574
249.00 - Registered office - Plot No. Neosky India Limited, 5th Floor, Tower-B,
A-103, Fifth Floor, N.H-8, Worldmark 1, Aerocity New Delhi 110037 CIN:
Road No-4, Mahipalpur U62100DL2021PLC386780
Extension, New Delhi-
408.43 - 110037) Revolt Intellicorp Pvt. Ltd, House No. 27, Sector
31-32AUrban Estate Shivaji Nagar HR 122001
CIN:U34203HR2017PTC070517
103.90 - Neotec Enterprises Limited, 5th Floor, Tower-B,
Worldmark 1, Aerocity New Delhi 110037
CIN:U74999DL2021PLC378755
1.00 - RattanIndia Investment Manager Private Limited,
5th Floor, Tower-B, Worldmark 1, Aerocity New
Delhi 110037 CIN: U65100DL2009PTC197243
5.00 - Neobrands Limited, 5th Floor, Tower-B,
CIN:U51909DL2021PLC389349
- 22.56 Neorise Technologies FZCO, Registered office -
DSO-IFZA, Dubai Digital Park, Dubai Silicon Oasis,
Building A2, Dubai, United Arab Emirates
2,689.89 2,667.33 22.56

ultimate beneficiary Details of Details of
from funding
A-103, Fifth Floor, N.H-8, Worldmark 1, Aerocity New Delhi 110037,CIN:
20.02 - 110037) Neotec Enterprises Limited, 5th Floor, Tower-B,
Worldmark 1, Aerocity New Delhi 110037, CIN:
U74999DL2021PLC378755
1,625.62 1,625.62 -

The Company was required to lend and invest in above subsidiary companies (100% subsidiaries of the Company)
as per their respective business requirements for furtherance of company’s interest. One of the related party PDPL
supported the Company by providing ICD for the same.
57 The Company has not declared or paid any dividend during the year ended 31 March 2023 and 31 March 2022.

Consolidated
Financial
Statements
Independent Auditor’s Report
To the Members of RattanIndia Enterprises Limited
Report on the Audit of the Consolidated Financial Statements
Opinion Basis for Opinion

1) We have audited the accompanying consolidated 3) We conducted our audit in accordance with the
financial statements of RattanIndia Enterprises Standards on Auditing specified under section
Limited (‘the Holding Company’) and its subsidiaries 143(10) of the Act. Our responsibilities under those
(the Holding Company and its subsidiaries together standards are further described in the Auditor’s
referred to as ‘the Group’) and its associate, as listed Responsibilities for the Audit of the Consolidated
in Annexure 1, which comprise the Consolidated Financial Statements section of our report. We
Balance Sheet as at 31 March 2023, the Consolidated are independent of the Group and its associate in
Statement of Profit and Loss (including Other accordance with the Code of Ethics issued by the
Comprehensive Income), the Consolidated Cash Institute of Chartered Accountants of India (‘ICAI’)
Flow Statement and the Consolidated Statement of together with the ethical requirements that are
Changes in Equity for the year then ended, and notes relevant to our audit of the consolidated financial
to the consolidated financial statements, including a statements under the provisions of the Act and the
summary of the significant accounting policies and rules thereunder, and we have fulfilled our other
other explanatory information. ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that
2) In our opinion and to the best of our information and the audit evidence we have obtained together with
according to the explanations given to us and based on the audit evidence obtained by the other auditors
the consideration of the reports of the other auditors in terms of their reports referred to in paragraph 15
on separate financial statements and on the other of the Other Matters section below, is sufficient and
financial information of the subsidiaries and associate, appropriate to provide a basis for our opinion.
the aforesaid consolidated financial statements give
the information required by the Companies Act, Key Audit Matter
2013 (‘the Act’) in the manner so required and give 4)
Key audit matters are those matters that, in
a true and fair view in conformity with the Indian our professional judgment and based on the
Accounting Standards (‘Ind AS’) specified under consideration of the reports of the other auditors on
section 133 of the Act, read with the Companies separate financial statements of the subsidiaries, were
(Indian Accounting Standards) Rules, 2015, and other of most significance in our audit of the consolidated
accounting principles generally accepted in India of financial statements of the current period. These
the consolidated state of affairs of the Group, as at matters were addressed in the context of our audit
31 March 2023, and their consolidated loss (including of the consolidated financial statements as a whole,
other comprehensive income), consolidated cash and in forming our opinion thereon, and we do not
flows and the consolidated changes in equity for the provide a separate opinion on these matters.
year ended on that date.
5) We have determined the matters described below
to be the key audit matters to be communicated in
our report.

Key audit matter How our audit addressed the key audit matter
Accounting for business combinations (as described in Note 2 and Note 39 of the consolidated financial statements)
During the current year, the Holding Company acquired Our audit procedures relating to business combinations
substantial stake in Revolt Intellicorp Private Limited included, but were not limited to, the following:
and Throttle Aerospace Systems Private Limited, for • Evaluated the design, implementation and tested the
a consideration of H770 million and H200 million, operating effectiveness of the Holding Company’s
respectively. The Holding Company determined the controls relating to accounting for business combinations;
acquisitions to be within the scope of Ind AS 103,
• Examined the key purchase agreements and other
Business Combinations, (‘Ind AS 103’) which requires
arrangements related to the respective acquisitions,
that identified assets and liabilities, including identifiable
to obtain an understanding of the key terms and
intangible assets, be recognized at fair value as at the
conditions of the transactions, and evaluated the
date of acquisition, with excess of acquisition cost over
accounting treatment in accordance with Ind AS
the identified fair value of recognized assets (including
103, including determination of acquisition date and
intangibles) and liabilities, accounted for as goodwill.
purchase consideration;
The Holding Company’s management appointed
• Evaluated the competence and objectivity of the
independent valuation experts to perform fair valuation
management’s valuation expert engaged for the PPA
of assets and liabilities acquired, as of the respective date
and obtained the valuation reports provided by the
of acquisition, for the aforesaid purpose of allocation
expert to the management, ensuring completeness of
of the purchase price (hereinafter referred to as ‘the
assets and liabilities covered in such reports vis-à-vis the
purchase price allocation’ or ‘the PPA’) and consequently,
aforesaid purchase agreements;
recognised aggregate Goodwill of H1,535.82 million
representing excess of the consideration paid over the • Involved auditor’s valuation expert to assist us in
net assets acquired. validating the valuation assumptions and methodology
considered by the management’s expert to allocate
Significant judgement was required to be exercised by
the purchase price to identifiable assets and liabilities
the management in aforesaid fair valuations performed
acquired; and
by the valuation experts, using appropriate valuation
models. The key assumptions and estimates underpinning • Validated the future cash flow projections used in the
such fair valuations inter alia involved estimating future valuations from business plans.
cash flow projections, determining appropriate discount •
A ssessed the adequacy and appropriateness of
rate, growth rate etc. the disclosures made in the Consolidated Financial
Considering the materiality of the amounts and significant Statements in accordance with the requirements of Ind
judgement required by the management as above, AS 103, Business Combinations.
accounting for business combinations has been identified
as a key audit matter for the current year audit.
Existence and Valuation of inventory (Refer note 2 and note 12 of the consolidated financial statements)
The Subsidiary Company has e-commerce marketplace Our audit procedures relating to existence and valuation of
model arrangement wherein the marketplace platform inventory included, but was not limited to, the following:
(the ‘market place’) has agreed to manage the inventory, •
U nderstood the management process to ensure
interface with customers as well as handle delivery and existence of inventory, identification of non-moving or
logistics, for the Company. As at March 31, 2023, the unsellable inventory that involved understanding the
market place held Company’s inventories aggregating to extent and periodicity of information received from the
H10,151.73 million (net of provision). market place in this respect. Evaluated design and tested
As per the arrangement with the marketplace, on receipt the operating effectiveness of controls implemented
of goods from the Subsidiary Company’s suppliers/ by management around existence and valuation of
vendors, the marketplace provides storage services in inventory throughout the year.
its various fulfilment centers. Periodic cycle counts are
performed by the marketplace and in case of loss or
damage to any units at its centres/ warehouses due to any
breach of contractual obligation/ non-performance of
obligations, the Subsidiary Company is entitled to recover
the applicable replacement value of the product from the
marketplace.

Key audit matter How our audit addressed the key audit matter
The Subsidiary Company operates in a fast-changing Existence of inventory as at the reporting date:
market where there is a risk of inventory falling out of • Obtained inventory quantity confirmation directly from
trend and proving difficult to be sold above cost. At the the marketplace and reconciled the same with the
end of each reporting period, the Subsidiary Company’s inventory records of the Subsidiary Company.
management based on inputs from the marketplace
• Obtained agreement between the Subsidiary Company
such as non- moving, unsellable items, etc., assesses
and the marketplace and understood the terms of
whether there is adequate provision for inventory
such arrangement in relation to sales and inventory
losses on account of net realizable value being lower
management parameters.
than cost, as required to be measured as per Ind AS 2,
Inventory. Such estimates require the management to • Tested the adjustment/ recovery adjustment recorded
apply judgement in determining appropriate provisions in the Subsidiary Company’s books of accounts basis the
for inventory losses. In addition to the above, owing results of physical cycle counts performed by market-
to the nature of the business wherein value per unit is place, giving cognizance to the terms of agreement
relatively insignificant but higher volumes are involved mentioned above.
that are distributed across different fulfilment centres, the • Tested purchases (forming part of inventory as at the
existence of inventory is considered as a key audit matter. reporting date), on sample basis, with the supporting
The management obtains periodic confirmation from the documents, that included purchase order, purchase
marketplace and reconciles such confirmed quantity invoice, GRN (proof of delivery), tested the receipts
with the perpetual inventory records maintained by the recorded in the IT system for inwards of the inventory,
Subsidiary Company. etc, to substantiate the receipt of delivery of goods by
Considering the aforesaid complexities involved in the market place platform.
assessment of inventory existence at fulfilment centres Provision for inventory loss on account of net realizable
that required us to undertake alternate audit techniques value and non-moving/ unsellable inventory:
as described in this key audit matter, and significant • Assessed the methodology and key estimates used by the
management judgements and estimates involved with management to determine the net realizable value for
respect to allowance for inventory loss, existence and non-moving/ unsellable inventory and the consistency
valuation of inventory was determined to be a key audit thereof with the Subsidiary Company’s policy.
matter for the current year audit.
• Tested inventory ageing obtained including ensuring
completeness of such ageing analysis with perpetual
records and independent confirmation received from
Market Place.
•
Tested the net realizable value of traded goods
inventory on a sample basis, considering the selling
price of most subsequent/ recent sale transactions for
respective products.
• Tested the computation for allowance for non-moving/
unsellable inventories by critically evaluating the
estimates made by the management; with respect to
plans of liquidating such inventory.
• Evaluated the adequacy of the disclosures made in the
Financial Statements.
Obtained written representations from management on
the completeness and adequacy of inventory allowance
as at year- end.
Information other than the Consolidated Financial Our opinion on the consolidated financial statements
Statements and Auditor’s Report thereon does not cover the other information and we do not
express any form of assurance conclusion thereon.
6. The Holding Company’s Board of Directors are
responsible for the other information. The other In connection with our audit of the consolidated
information comprises the information included in the financial statements, our responsibility is to read the
Annual Report, but does not include the consolidated other information and, in doing so, consider whether
financial statements and our auditor’s report thereon. the other information is materially inconsistent
The Annual Report is expected to be made available with the consolidated financial statements, or our
to us after the date of this auditor’s report.

knowledge obtained in the audit or otherwise ventures are responsible for assessing the ability of
appears to be materially misstated. the Group and of its associates and joint ventures to
continue as a going concern, disclosing, as applicable,
When we read the Annual Report, if we conclude
matters related to going concern and using the going
that there is a material misstatement therein, we
concern basis of accounting unless the Board of
are required to communicate the matter to those
Directors either intend to liquidate the Group or to
charged with governance.
cease operations, or has no realistic alternative but
Responsibilities of Management and Those to do so.
Charged with Governance for the Consolidated
9.
Those respective Board of Directors are also
Financial Statements
responsible for overseeing the financial reporting
7. The accompanying consolidated financial statements process of the companies included in the Group.
have been approved by the Holding Company’s
Auditor’s Responsibilities for the Audit of the
Board of Directors. The Holding Company’s Board
Consolidated Financial Statements
of Directors are responsible for the matters stated
in section 134(5) of the Act with respect to the 10. Our objectives are to obtain reasonable assurance
preparation and presentation of these consolidated about whether the consolidated financial statements
financial statements that give a true and fair view of the as a whole are free from material misstatement,
consolidated financial position, consolidated financial whether due to fraud or error, and to issue an
performance including other comprehensive income, auditor’s report that includes our opinion. Reasonable
consolidated changes in equity and consolidated assurance is a high level of assurance but is not a
cash flows of the Group in accordance with the Ind guarantee that an audit conducted in accordance
AS specified under section 133 of the Act read with with Standards on Auditing will always detect a
the Companies (Indian Accounting Standards) Rules, material misstatement when it exists. Misstatements
2015, and other accounting principles generally can arise from fraud or error and are considered
accepted in India. The Holding Company’s Board of material if, individually or in the aggregate, they
Directors are also responsible for ensuring accuracy could reasonably be expected to influence the
of records including financial information considered economic decisions of users taken on the basis of
necessary for the preparation of consolidated Ind these consolidated financial statements.
AS financial statements. Further, in terms of the
11. As part of an audit in accordance with Standards on
provisions of the Act the respective Board of Directors
Auditing specified under section 143(10) of the Act
of the companies included in the Group, covered
we exercise professional judgment and maintain
under the Act are responsible for maintenance of
professional skepticism throughout the audit.
adequate accounting records in accordance with the
We also:
provisions of the Act for safeguarding the assets of
the Group and for preventing and detecting frauds • Identify and assess the risks of material misstatement
and other irregularities; selection and application of of the consolidated financial statements, whether
appropriate accounting policies; making judgments due to fraud or error, design and perform audit
and estimates that are reasonable and prudent; procedures responsive to those risks, and obtain
and design, implementation and maintenance audit evidence that is sufficient and appropriate
of adequate internal financial controls, that were to provide a basis for our opinion. The risk of not
operating effectively for ensuring the accuracy and detecting a material misstatement resulting from
completeness of the accounting records, relevant fraud is higher than for one resulting from error, as
to the preparation and presentation of the financial fraud may involve collusion, forgery, intentional
statements that give a true and fair view and are free omissions, misrepresentations, or the override of
from material misstatement, whether due to fraud internal control;
or error. These financial statements have been used
• Obtain an understanding of internal control relevant
for the purpose of preparation of the consolidated
to the audit in order to design audit procedures
financial statements by the Board of Directors of the
that are appropriate in the circumstances. Under
Holding Company, as aforesaid.
section 143(3)(i) of the Act we are also responsible
8. In preparing the consolidated financial statements, for expressing our opinion on whether the Holding
the respective Board of Directors of the companies Company has adequate internal financial controls
included in the Group and of its associates and joint

with reference to financial statements in place and bear on our independence, and where applicable,
the operating effectiveness of such controls; related safeguards.
• Evaluate the appropriateness of accounting policies 14. From the matters communicated with those charged
used and the reasonableness of accounting estimates with governance, we determine those matters that
and related disclosures made by management; were of most significance in the audit of the financial
statements of the current period and are therefore
• Conclude on the appropriateness of Board of
the key audit matters. We describe these matters
Directors’ use of the going concern basis of accounting
in our auditor’s report unless law or regulation
and, based on the audit evidence obtained, whether
precludes public disclosure about the matter or
a material uncertainty exists related to events or
when, in extremely rare circumstances, we determine
conditions that may cast significant doubt on the
that a matter should not be communicated in our
ability of the Group and its associates and joint
report because the adverse consequences of doing
ventures to continue as a going concern. If we
so would reasonably be expected to outweigh the
conclude that a material uncertainty exists, we are
public interest benefits of such communication.
required to draw attention in our auditor’s report to
the related disclosures in the financial statements Other Matter
or, if such disclosures are inadequate, to modify our
15. We did not audit the financial statements of 7
opinion. Our conclusions are based on the audit
subsidiaries, whose financial statements reflects
evidence obtained up to the date of our auditor’s
total assets of ₹ 486.33 million and net assets of ₹
report. However, future events or conditions may
246.70 million as at 31 March 2023, total revenues
cause the Group and its associates to cease to
of ₹ 91.52 million and net cashflows amounting to
continue as a going concern;
₹ 32.88 million for the year ended on that date, as
• Evaluate the overall presentation, structure and considered in the consolidated financial statements.
content of the financial statements, including the These financial statements have been audited by
disclosures, and whether the financial statements other auditors whose reports have been furnished
represent the underlying transactions and events in to us by the management and our opinion on the
a manner that achieves fair presentation; and consolidated financial statements, in so far as it
relates to the amounts and disclosures included in
• Obtain sufficient appropriate audit evidence
respect of these subsidiaries and our report in terms
regarding the financial information/ financial
of sub-section (3) of section 143 of the Act in so far as
statements of the entities or business activities
it relates to the aforesaid subsidiaries, are based solely
within the Group to express an opinion on the
on the reports of the other auditors.
consolidated financial statements. We are responsible
for the direction, supervision, and performance of Further, of these subsidiaries, 1 subsidiary, is located
the audit of financial statements of such entities outside India whose financial statements and
included in the financial statements, of which we other financial information have been prepared in
are the independent auditors. For the other entities accordance with accounting principles generally
included in the financial statements, which have been accepted in their respective countries and which
audited by the other auditors, such other auditors have been audited by other auditors under
remain responsible for the direction, supervision and International Financial Reporting Standards (IFRS)
performance of the audits carried out by them. We applicable in their respective countries. The Holding
remain solely responsible for our audit opinion. Company’s management has converted the financial
statements of such subsidiary, located outside India
12.
We communicate with those charged with
from accounting principles generally accepted in
governance regarding, among other matters, the
their respective countries to accounting principles
planned scope and timing of the audit and significant
generally accepted in India. We have audited these
audit findings, including any significant deficiencies
conversion adjustments made by the Holding
in internal control that we identify during our audit.
Company’s management. Our opinion on the
13. We also provide those charged with governance with consolidated financial statements, in so far as it relates
a statement that we have complied with relevant to the amounts and disclosures included in respect
ethical requirements regarding independence, and of such subsidiary, located outside India, is based
to communicate with them all relationships and on the report of other auditors and the conversion
other matters that may reasonably be thought to

adjustments prepared by the management of the paid or provided for any managerial remuneration
Holding Company, and audited by us. during the year. Accordingly, reporting under section
197(16) of the Act is not applicable in respect of such
Our opinion above on the consolidated financial
subsidiary companies.
statements, and our report on other legal and
regulatory requirements below, are not modified 17.
As required by clause (xxi) of paragraph 3 of
in respect of the above matters with respect to our Companies (Auditor’s Report) Order, 2020 (‘the Order’)
reliance on the work done by and the reports of the issued by the Central Government of India in terms of
other auditors. section 143(11) of the Act based on the consideration
of the Order reports issued till date {by us and by the
Report on Other Legal and Regulatory
respective other auditors as mentioned in paragraph
Requirements
15 above, of companies included in the consolidated
16. As required by section 197(16) of the Act based on financial statements for the year ended 31 March 2023
our audit and on the consideration of the reports of and covered under the Act we report that following
the other auditors, referred to in paragraph 15, on are the qualifications/adverse remarks reported by
separate financial statements of the subsidiaries, us and the other auditors in the Order reports of the
we report that the Holding Company, 6 subsidiaries companies included in the consolidated financial
companies, incorporated in India whose financial statements for the year ended 31 March 2023 for
statements have been audited under the Act have not which such Order reports have been issued till date
and made available to us:
Holding Company/ Clause number of the
S
Name CIN subsidiary/Associate/ CARO report which is
No
Joint Venture qualified or adverse
1 RattanIndia Enterprises Limited L74110DL2010PLC210263 Holding (ix)(d)(1)
2 Cocoblu Retail Limited U52399DL2021PLC388574 Subsidiary (ii)(b)(2), (vii)(a)(3)
3 Revolt Intellicorp Private Limited U34203HR2017PTC070517 Subsidiary (ii)(b)(2), (ix)(a)(4)
(1) Clause pertains to short term funds used for long term purposes, also refer note 23A(iv) to the consolidated financial statements.
(2) Clause pertains to difference in the amounts reported to banks and/or financial institutions in quarterly returns/statements vis-à-vis books of
accounts finalised by the Subsidiary Company’s management. Also refer note 23C to the consolidated financial statements.
(3) Clause pertains to delays in payment of undisputed statutory dues.
(4) Clause pertains to delays in repayment of loans or borrowings or in the payment of interest by Subsidiary Company.
18. As required by section 143(3) of the Act, based on section 133 of the Act read with the Companies (Indian
our audit and on the consideration of the report (s) Accounting Standards) Rules, 2015;
of the other auditors on separate financial statements
e) On the basis of the written representations received
and other financial information of the subsidiaries
from the directors of the Holding Company and its
and associate incorporated in India whose financial
subsidiary companies and its associate company and
statements have been audited under the Act, we
taken on record by the Board of Directors of the Holding
report, to the extent applicable, that:
Company, its subsidiary companies and associate
a) We have sought and obtained all the information and company respectively, and the reports of the statutory
explanations which to the best of our knowledge and auditors of its subsidiary companies, covered under the
belief were necessary for the purpose of our audit of Act, none of the directors of the Group companies, are
the aforesaid consolidated financial statements; disqualified as on 31 March 2023 from being appointed
as a director in terms of section 164(2) of the Act;
b) In our opinion, proper books of account as required
by law relating to preparation of the aforesaid f) With respect to the adequacy of the internal financial
consolidated financial statements have been kept so controls with reference to financial statements of the
far as it appears from our examination of those books Holding Company, and its subsidiary companies and
and the reports of the other auditors; associate companies covered under the Act, and the
operating effectiveness of such controls, refer to our
c) The consolidated financial statements dealt with by
separate report in ‘Annexure A’ wherein we have
this report are in agreement with the relevant books
expressed an unmodified opinion; and
of account maintained for the purpose of preparation
of the consolidated financial statements; g) With respect to the other matters to be included
in the Auditor’s Report in accordance with rule 11
d) In our opinion, the aforesaid consolidated financial
of the Companies (Audit and Auditors) Rules, 2014
statements comply with Ind AS specified under
(as amended), in our opinion and to the best of our

information and according to the explanations given b. The respective managements of the Holding
to us and based on the consideration of the report of Company and its subsidiary companies,
the other auditors on separate financial statements incorporated in India whose financial
and other financial information of the subsidiaries, statements have been audited under the Act
incorporated in India whose financial statements have have represented to us and the other auditors
been audited under the Act: of such subsidiaries, to the best of their
knowledge and belief, other than as disclosed in
i. The consolidated financial statements disclose the
the note 40 (b) and 69 (v) to the accompanying
impact of pending litigations on the consolidated
consolidated financial statements, no funds
financial position of the Group as detailed in Note
have been received by the Holding Company
45 and 48 to the consolidated financial statements;
or its subsidiary companies, from any person(s)
ii. The Holding Company, its subsidiary companies or entity(ies), including foreign entities (‘the
did not have any long-term contracts including Funding Parties’), with the understanding,
derivative contracts for which there were any whether recorded in writing or otherwise, that
material foreseeable losses as at 31 March 2023.; the Holding Company, or any such subsidiary
companies, whether directly or indirectly, lend
iii. There were no amounts which were required
or invest in other persons or entities identified
to be transferred to the Investor Education and
in any manner whatsoever by or on behalf of
Protection Fund by the Holding Company, and
the Funding Party (‘Ultimate Beneficiaries’) or
its subsidiary companies covered under the Act,
provide any guarantee, security or the like on
during the year ended 31 March 2023;
behalf of the Ultimate Beneficiaries; and
iv. a. T he respective managements of the Holding
c. Based on such audit procedures performed
Company and its subsidiary companies,
by us and that performed by the auditors of
incorporated in India whose financial
the subsidiaries, as considered reasonable
statements have been audited under the Act
and appropriate in the circumstances, nothing
have represented to us and the other auditors of
has come to our or other auditors’ notice that
such subsidiaries, to the best of their knowledge
has caused us or the other auditors to believe
and belief, as disclosed in note 40 (a) to the
that the management representations under
consolidated financial statements, no funds
sub-clauses (a) and (b) above contain any
have been advanced or loaned or invested
material misstatement.
(either from borrowed funds or securities
premium or any other sources or kind of funds) v. The Holding Company and its subsidiary companies
by the Holding Company or its subsidiary have not declared or paid any dividend during the
companies, to or in any person(s) or entity(ies), year ended 31 March 2023;
including foreign entities (‘the intermediaries’),
vi. Proviso to Rule 3(1) of the Companies (Accounts)
with the understanding, whether recorded in
Rules, 2014 requires all companies which use
writing or otherwise, that the intermediary
accounting software for maintaining their books
shall, whether, directly or indirectly lend or
of account, to use such an accounting software
invest in other persons or entities identified
which has a feature of audit trail, with effect
in any manner whatsoever by or on behalf of
from the financial year beginning on 1 April
the Holding Company, or any such subsidiary
2023 and accordingly, reporting under Rule 11(g)
companies, (‘the Ultimate Beneficiaries’) or
of Companies (Audit and Auditors) Rules, 2014
provide any guarantee, security or the like on
(as amended) is not applicable for the current
behalf the Ultimate Beneficiaries;
financial year.

Deepak Mittal
Partner
Date: 29 May 2023 UDIN: 23503843BGUTBX4851

Annexure 1
List of entities included in the Statement
Subsidiaries
1) Cocoblu Retail Limited (India)
2) Revolt Intellicorp Private Limited (India) (w.e.f 13 January 2023)
3) Neotec Enterprises Limited (India)
4) RattanIndia Investment Manager Private Limited (India)
5) Neosky India Limited (India)
6) Neotec Insurance Brokers Limited (India)
7) Throttle Aerospace Systems Private Limited (India) (w.e.f 24 May 2022)
8) Neobrands Limited (India) (w.e.f 10 November 2022)
9) Neorise Technologies-FZCO (Dubai)
Associate
1) Revolt Intellicorp Private Limited (India) (Upto 12 January 2023)
Trusts
1) RattanIndia Enterprises Limited Employee Welfare Trust (w.e.f. 17 March 2023)
2) Neo Opportunity Fund Trust

Annexure - A to the Independent Auditor’s Report
Independent Auditor’s Report on the internal financial controls with reference to Consolidated financial
statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (‘the Act’)
1. In conjunction with our audit of the consolidated with reference to financial statements, and the
financial statements of RattanIndia Enterprises Guidance Note on Audit of Internal Financial Controls
Limited (‘the Holding Company’) and its subsidiaries Over Financial Reporting (‘the Guidance Note’) issued
(the Holding Company and its subsidiaries together by the ICAI. Those Standards and the Guidance Note
referred to as ‘the Group’), as at and for the year ended require that we comply with ethical requirements
31 March 2023, we have audited the internal financial and plan and perform the audit to obtain reasonable
controls with reference to financial statements of the assurance about whether adequate internal financial
Holding Company and its subsidiary companies, controls with reference to financial statements were
which are companies covered under the Act, as at established and maintained and if such controls
that date. operated effectively in all material respects.
Responsibilities of Management and Those 4.

Our audit involves performing procedures to
Charged with Governance for Internal Financial obtain audit evidence about the adequacy of the
Controls internal financial controls with reference to financial
2. The respective Board of Directors of the Holding statements and their operating effectiveness. Our
Company and its subsidiary companies, which are audit of internal financial controls with reference
companies covered under the Act, are responsible to financial statements includes obtaining an
for establishing and maintaining internal financial understanding of such internal financial controls,
controls based on the internal financial controls with assessing the risk that a material weakness exists,
reference to financial statements criteria established by and testing and evaluating the design and operating
the Company considering the essential components effectiveness of internal control based on the
of internal control stated in the Guidance Note on assessed risk. The procedures selected depend on
Audit of Internal Financial Controls over Financial the auditor’s judgement, including the assessment
Reporting (’Guidance Note’) issued by the Institute of the risks of material misstatement of the financial
of Chartered Accountants of India (‘the ICAI’). These statements, whether due to fraud or error.
responsibilities include the design, implementation
and maintenance of adequate internal financial 5. We believe that the audit evidence we have obtained
controls that were operating effectively for ensuring and the audit evidence obtained by the other
the orderly and efficient conduct of the Company’s auditors in terms of their reports referred to in the
business, including adherence to the Company’s Other Matters paragraph below, is sufficient and
policies, the safeguarding of its assets, the prevention appropriate to provide a basis for our audit opinion
and detection of frauds and errors, the accuracy and on the internal financial controls with reference to
completeness of the accounting records, and the financial statements of the Holding Company and its
timely preparation of reliable financial information, subsidiary companies as aforesaid.
as required under the Act.
Meaning of Internal Financial Controls with
Auditor’s Responsibility for the Audit of the Reference to Consolidated Financial Statements
Internal Financial Controls with Reference to 6. A company’s internal financial controls with reference
Consolidated Financial Statements to financial statements is a process designed to
3. Our responsibility is to express an opinion on provide reasonable assurance regarding the reliability
the internal financial controls with reference to of financial reporting and the preparation of financial
financial statements of the Holding Company and statements for external purposes in accordance
its subsidiary companies, as aforesaid, based on our with generally accepted accounting principles. A
audit. We conducted our audit in accordance with company’s internal financial controls with reference
the Standards on Auditing issued by the Institute of to financial statements include those policies and
Chartered Accountants of India (‘ICAI’) prescribed procedures that (1) pertain to the maintenance of
under Section 143(10) of the Act, to the extent records that, in reasonable detail, accurately and fairly
applicable to an audit of internal financial controls reflect the transactions and dispositions of the assets

of the company; (2) provide reasonable assurance covered under the Act, have in all material respects,
that transactions are recorded as necessary to permit adequate internal financial controls with reference
preparation of financial statements in accordance to financial statements and such controls were
with generally accepted accounting principles, and operating effectively as at 31 March 2023, based on
that receipts and expenditures of the company are internal financial controls with reference to financial
being made only in accordance with authorisations statements criteria established by the respective
of management and directors of the company; and (3) companies considering the essential components on
provide reasonable assurance regarding prevention internal control stated in the Guidance Note issued by
or timely detection of unauthorised acquisition, use, the ICAI.
or disposition of the company’s assets that could have
a material effect on the financial statements. Other Matter
9. We did not audit the internal financial controls
Inherent Limitations of Internal Financial with reference to consolidated financial statements
Controls with Reference to Consolidated Financial insofar as it relates to 6 subsidiary companies,
Statements which are companies covered under the Act, whose
7. Because of the inherent limitations of internal financial statements / financial information reflect
financial controls with reference to financial total assets of ₹ 486.33 million and net assets of
statements, including the possibility of collusion or ₹ 246.70 million as at 31 March 2023, total revenues
improper management override of controls, material of ₹ 91.52 million and net cashflows amounting to
misstatements due to error or fraud may occur and ₹ 32.88 million for the year ended on that date, as
not be detected. Also, projections of any evaluation considered in the consolidated financial statements.
of the internal financial controls with reference to The internal financial controls with reference to
financial statements to future periods are subject financial statements in so far as it relates to such
to the risk that the internal financial controls with subsidiary companies have been audited by other
reference to financial statements may become auditors whose reports have been furnished to us
inadequate because of changes in conditions, or by the management and our report on the adequacy
that the degree of compliance with the policies or and operating effectiveness of the internal financial
procedures may deteriorate. controls with reference to financial statements for the
Holding Company and its subsidiary companies, as
Opinion aforesaid, under Section 143(3)(i) of the Act in so far as
8. In our opinion and based on the consideration of it relates to such subsidiary companies is based solely
the reports of the other auditors on internal financial on the reports of the auditors of such companies. Our
controls with reference to financial statements of opinion is not modified in respect of this matter with
the subsidiary companies, the Holding Company respect to our reliance on the work done by and on
and its subsidiary companies, which are companies the reports of the other auditors.

Deepak Mittal
Partner
Date: 29 May 2023 UDIN: 23503843BGUTBX4851

Consolidated Balance Sheet
as at 31 March 2023
Note As at 31 March 2023 As at 31 March 2022
ASSETS
Non-current assets
(a) Property, plant and equipment 4A 135.31 6.44
(b) Right of use assets 4B 345.19 396.69
(c) Goodwill 5 1,535.90 -
(d) Intangible assets 5 675.01 -
(e) Intangible assets under development 6 58.95 -
(f ) Financial assets
(i) Investments 7 3,138.69 6,558.83
(ii) Other financial assets 8 32.86 23.61
(g) Deferred tax assets (net) 9A 18.80 -
(h) Non-current tax assets (net) 10 396.12 7.30
(i) Other non-current assets 11 59.56 -
6,396.39 6,992.87
Current assets
(a) Inventories 12 10,716.58 383.76
(b) Financial assets
(i) Investments 13 13.52 1,559.78
(ii) Trade receivables 14 483.97 18.30
(iii) Cash and cash equivalents 15 321.40 18.07
(iv) Bank balances other than cash and cash equivalents 16 1,024.78 1.22
(v) Loans 17 5.53 -
(vi) Other financial assets 8 1,318.48 32.92
(c) Other current assets 11 1,597.83 77.79
15,482.09 2,091.84
TOTAL ASSETS 21,878.48 9,084.71
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 18 2,764.54 2,764.54
(b) Other equity 19 1,331.58 4,223.44
Equity attributable to owners of the parent 4,096.12 6,987.98
(a) Non-controlling interests 74.56 -
Total Equity 4,170.68 6,987.98
LIABILITIES
Non-current liabilities
Lease liabilities 20 303.06 345.02
(b) Deferred Tax Liabilities (net) 9B 39.29 -
(c) Provisions 21 82.66 1.60
(d) Other Non Current Liabilities 22 33.89 -
458.90 346.62
Current liabilities
(i) Borrowings 23 9,370.52 1,200.86
(ii) Lease liabilities 20 51.80 43.31
(iii) Trade Payables 24
Total Outstanding dues of micro enterprises and small 963.30 -
enterprises
Total Outstanding dues of creditors other than micro 5,728.75 479.11
enterprises and small enterprises
(iv) Other financial liabilities 25 853.56 17.01
(b) Provisions 21 35.44 0.62
(c ) Other current liabilities 22 245.53 9.20
17,248.90 1,750.11
TOTAL EQUITY AND LIABILITIES 21,878.48 9,084.71
Significant accounting policies and accompanying notes are integral part of the consolidated financial statements
This is the Consolidated Balance Sheet referred to in our report of even date.

Consolidated Statement of Profit & Loss

Note
31 March 2023 31 March 2022
Revenue
Revenue from operations 26 41,237.90 139.93
Other income 27 144.21 5,789.95
41,382.11 5,929.88
Expenses
Cost of raw materials consumed 28 941.99 -
Purchase of stock-in-trade 28 43,667.82 474.39
Changes in inventories of finished goods, stock in trade and work- 29 (10,218.50) (383.68)
in-progress
Employee benefits expense 30 738.60 64.39
Finance costs 31 492.58 18.22
Depreciation and amortisation expense 32 98.82 12.68
Other expenses 33 8,267.55 69.86
43,988.86 255.85
(Loss)/ profit before share of loss in associate (2,606.75) 5,674.03
Share of loss in associate (126.70) (133.36)
(Loss)/ profit before tax (2,733.45) 5,540.67
Tax expense
Current tax expense 149.64 -
Deferred tax expense/(credit) (22.09) 2.03
(Loss)/ profit after tax (2,861.00) 5,538.64
Items that will not be reclassified to profit and loss
Re-measurement of post-employment benefit obligations 2.84 (1.46)
Income tax relating to items that will not be reclassified to profit (0.01) -
or loss
Other comprehensive income for the year 2.83 (1.46)
Total comprehensive (loss) / income for the year (2,858.17) 5,537.18
(Loss)/ Income for the year attributable to:
Equity holders of the Company (2,845.66) 5,538.64
Non-controlling interest (15.34) -
(2,861.00) 5,538.64
Other comprehensive Income attributable to
Equity holders of the Company 2.74 (1.46)
Non-controlling interest 0.09 -
2.83 (1.46)
Total comprehensive (loss)/ Income for the year attributable to:
Equity holders of the Company (2,842.92) 5,537.18
Non-controlling interest (15.25) -
(2,858.17) 5,537.18
Earnings / (Loss) per equity share (Face Value of D2 each) 36
Basic (H) (2.07) 4.01
Diluted (H) (2.07) 4.01
This is the Consolidated Statement of Profit and Loss referred to in our report of even date.

Consolidated Statement of Changes in Equity
A Equity share capital (refer note 18)
As at 31 March 2023
Particulars
As at 31 March 2022
Particulars
B Other equity (refer note 19)

Attributable to owners
Non-Controlling Interest
Reserves and surplus
options outstanding
translation reserve
Employee's stock
Foreign currency
[refer note 56(ii)]
[refer note 39(a)]

Treasury shares
Particulars
[refer note 19]
other equity
Securities
premium
Retained
earnings
reserve
Capital
Total
Total
Balance as at 1 April 2021 20,491.33 329.61 - - (2.31) (22,737.55) (1,918.92) - (1,918.92)
Profit for the year - - - - - 5,538.64 5,538.64 - 5,538.64
Other comprehensive loss (net - - - - - (1.46) (1.46) - (1.46)
of tax)
Other changes in equity [refer (16,698.50) 0.02 - - 2.34 17,301.32 605.18 - 605.18
note 42(i)]
Balance as at 31 March 2022 3,792.83 329.63 - - 0.03 100.95 4,223.44 - 4,223.44
Acquisition of subsidiary 0.05 - - - - - 0.05 89.81 89.86
companies [refer note 39]
Amount transferred on account - - - - (0.03) 0.03 - - -
of options not exercised/ lapsed
Loss for the year - - - - - (2,845.66) (2,845.66) (15.34) (2,861.00)
Transfer to foreign currency - - - (0.18) - 0.18 - - -
translation reserve (refer note 19)
Other comprehensive income - - - - - 2.74 2.74 0.09 2.83
(net of tax)
Treasury shares acquired by REL- - - (48.99) - - - (48.99) - (48.99)
Employee Welfare trust [refer
note 56(ii)]
Balance as at 31 March 2023 3,792.88 329.63 (48.99) (0.18) - (2,741.76) 1,331.58 74.56 1,406.14
This is the Consolidated Statement of Changes in Equity referred to in our report of even date.

Consolidated Cash Flow Statement

31 March 2023 31 March 2022
A CASH FLOWS FROM OPERATING ACTIVITIES
(Loss)/ profit before tax (2,733.45) 5,540.67
Adjustment for:
Interest income (31.86) (1.70)
Gain on sale of investment (99.69) (468.21)
Share of loss in associate 126.70 133.36
Finance costs 492.58 18.22
Fair value impact on revaluation of previously held interest in associate 137.13 (5,319.80)
Loss on equity shares investment measured at FVTPL(unrealised) 2,553.50 -
Depreciation expense 98.82 12.55
Provision for bad and doubtful debts/balances 15.35 -
Foreign exchange gain (0.73) -
Operating profit/(loss) before working capital changes 558.35 (84.91)
Movement in working capital:
(Increase) in Inventories (10,200.37) (383.68)
(Increase) in other assets (1,371.04) (78.05)
(Increase) in other financial assets (723.96) (69.15)
(Increase) in trade receivables (452.59) (16.75)
Increase in trade payables 5,809.74 450.33
Increase in other financial liabilities 146.29 42.49
(Decrease)/ Increase in other current liabilities (19.28) 6.44
Cash flow used in operating activities post working capital changes (6,252.86) (133.28)
Income tax (paid)/ refund (538.45) (1.86)
Net cash used in operating activities (A) (6,791.31) (135.14)
B CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible asset (including (88.36) (6.15)
intangible under development)
Movement in fixed deposits (net) (1,007.99) (1.20)
Interest received on deposits 12.45 1.37
Redemption/ (purchase) of mutual fund-(net) 1,645.95 (709.23)
(Purchase)/ Sale of Investment (0.01) 693.97
Payment towards acquisition of subsidiaries, net of cash acquired (769.99) (999.56)
Net cash used in investing activities (B) (207.95) (1,020.80)

Consolidated Cash Flow Statement (Contd.)
31 March 2023 31 March 2022
C CASH FLOWS FROM FINANCING ACTIVITIES
Payment of Lease liability (66.21) (13.43)
Inter-corporate loan received (net) 5,572.72 1,188.40
Treasury shares acquired by ESOP Trust [refer note 56 (ii)] (48.99) -
Proceeds from banks and financial institutions (net) 2,348.05 -
Repayment of borrowings (22.42) -
Finance costs (482.05) (1.39)
Net cash generated from financing activities (C) 7,301.10 1,173.58
D Increase in cash and cash equivalents (A+B+C) 301.84 17.64
Cash and cash equivalents at the beginning of the year 18.07 0.43
Cash acquired on subsidiary acquisition 1.49 -
E Cash and cash equivalents at the end of the year 321.40 18.07
Notes:
a) Cash and cash equivalent comprises of : (refer note 15)
Balances with banks
Deposit with original maturity of less than 3 months 2.50 -
321.40 18.07
b) Refer note 66 for reconciliation of liabilities arising from financing activities
c) The Statement of Consolidated Cash Flow has been prepared in accordance with ‘Indirect method’ as set out in the Ind AS - 7 on
‘Statement of Cash Flows’, as notified under Section 133 of the Companies Act, 2013, read with the relevant rules thereunder.
This is the Consolidated Cash Flow Statement referred to in our report of even date.

Significant accounting policies and notes to the consolidted financial statements

1. Corporate information the Group’s functional currency. All amounts

Overview disclosed in consolidated financial statements
RattanIndia Enterprises Limited (formerly RattanIndia and notes have been rounded off to the nearest
Infrastructure Limited) (“the Holding Company”) was million as per the requirement of Schedule III,
incorporated on 9 November 2010. unless otherwise indicated. The transaction
and balances with values below the rounding
The Holding Company is a public limited Company off norms adopted by the Company have been
incorporated and domiciled in India and has its reflected as “H0.00” in the relevant notes to these
registered office at 5th Floor, Tower B, Worldmark 1, consolidated financial statements (represents
Aerocity, New Delhi- 110037, India. The Company has amount less than H0.005 million due to rounding
its primary listings on the BSE Limited and National off).
Stock Exchange of India Limited.
3. Basis of consolidation
During the previous year ended 31 March 2021, The consolidated financial statements relate to the
in the Annual General Meeting (‘AGM’) of the Holding Company, its Subsidiaries and associate.
Holding Company held on 30 September 2020, the The consolidated financial statements have been
shareholders passed a resolution altering the Objects prepared on the following basis:
Clause of its Memorandum of Association so as to
• The financial statements of the Holding
remove the Power and other Infrastructure related
Company and its Subsidiaries are combined on
business activities therefrom and incorporating
a line-by-line basis by adding together like items
therein, a wide range of business activities
of assets, liabilities, equity, incomes, expenses
inter alia from software, legal, financial, human
and cash flows, after fully eliminating intra-
resources, consultancy, to supply of manpower
group balances and intragroup transactions.
(skilled, semiskilled and unskilled), software
designing and development, design development • Profits or losses resulting from intra-group
and implementation of payment systems and transactions are eliminated in full.
gateways, etc.
• The financial statements of Subsidiary
The consolidated financial statements for the year Companies are drawn upto the same reporting
ended 31 March 2023 were approved by the Board of date as that of the Holding Company i.e. 31
Directors on 29 May 2023. March 2023.
2.
General information and statement of • The financial statements of the associate
compliance with Ind AS Company used in the consolidation are drawn
(a) The consolidated financial statements of the upto the same reporting date as that of the
Group have been prepared in accordance Holding Company i.e. 31 March 2023.
with the Indian Accounting Standards as
• Investment in Associate is dealt with in
notified under section 133 of the Companies
accordance with Ind AS 28 ‘Investments in
Act 2013 (“Act”) read with the Companies
Associates and Joint Ventures’. Effect has been
(Indian Accounting Standards) Rules 2015
given to the carrying amount of investments
(by Ministry of Corporate Affairs (“MCA”)), as
in associates using the ‘Equity method’. The
amended, and other relevant provisions of
Holding Company’s share of the post-acquisition
the Act and guidelines issued by the Securities
profits or losses is included in the carrying cost
and Exchange Board of India (SEBI). The Group
of investments.
has uniformly applied the accounting policies
during the periods presented. • Non-controlling interests in the results and
equity of subsidiaries are shown separately in
(b) Functional and presentation currency
the consolidated statement of profit and loss,
These consolidated financial statements are consolidated statement of changes in equity
presented in Indian Rupees (H), which is also and balance sheet respectively.

• The excess of share of equity in the associate of an acquisition is measured as the aggregate
Company as on the date of investment in of the consideration transferred measured at
excess of cost of investments of the Group, is the acquisition date fair value. When the group
recognized as ‘Capital Reserve’ and shown acquires a business, it assess the financial assets
under the head ‘Reserves & Surplus’, in the and liabilities assumed
• Following entities have been considered
• Business Combination (other than those under in the preparation of the consolidated
common control) are accounted for using the financial statements:
acquisition method under Ind AS 103. The cost
Country of % of holding as % of holding as

Name of the entity Nature Nature of business
incorporation at 31 March 2023 at 31 March 2022
Cocoblu Retail Subsidiary India 100% 100% Engaged in retail trade
Limited of goods over online
ecommerce platform
Revolt Intellicorp Subsidiary* India 100% 33.84% Engaged in manufacturing
Private Limited of electric motor vehicles
Neosky India Limited Subsidiary India 100% 100% Engaged in Drone business.
Throttle Aerospace Step down India 60% - Engaged in Drone business.
System Private Subsidiary
Limited
Neotec Enterprises Subsidiary India 100% 100% Engaged in fintech business
Limited having partership with
bank/ financial institutions
for lending the customers
through digital lending
platform.
RattanIndia Subsidiary India 100% 100% Engaged in monetary
Investment Manager intermediation activities.
Private Limited
Neotec Insurance Subsidiary India 100% 100% Engaged in insurance
Brokers Limited broking business
Neorise Subsidiary India 100% - Engaged in management
Technologies FZCO consultancy and Project
Management services
Neobrands Limited Subsidiary India 100% - Engaged in re-branding of
retail trade of goods
*Associate upto 12 January 2023
4. Summary of significant accounting policies • Certain financial assets and liabilities which
Overall consideration are measured at fair value;
The Consolidated financial statements have been
• Defined benefit plans – liability of which is
prepared using the significant accounting policies
recognised as per actuarial valuation; and
and measurement bases summarised below. These
were used throughout all periods presented in the • Share based payments which are measured
financial statements. at fair value of the options
a) Basis of preparation b) Current and non-current classification

The consolidated financial statements have The Group presents assets and liabilities in
been prepared on going concern basis under the balance sheet based on current/non-
the historical cost basis except for the following: current classification.


An asset is classified as current when it satisfies c) Revenue recognition

any of the following criteria: Revenue is recognised when it is probable that
the economic benefits will flow to the Group,
• it is expected to be realized in, or is
and it can be reliably measured. Revenue is
intended for sale or consumption in, the
measured based on the consideration specified
Group’s normal operating cycle. - it is held
in a contract with customer and is net of rebates.
primarily for the purpose of being traded;
The Group applies the revenue recognition
• it is expected to be realized within 12 criteria to each separately identifiable
months after the reporting date; or component of the sales transaction as set
out below.
• it is cash or cash equivalent unless it is
restricted from being exchanged or used Sale of traded goods through e-commerce
to settle a liability for at least 12 months marketplace platform
after the reporting date. Revenue from sale of goods including scrap sales
is recognised at the point in time when control
A liability is classified as current when it satisfies of the asset is transferred to the customer. The
any of the following criteria: Group transfers the control as and when it
• it is expected to be settled in the Group’s dispatches the goods to customers.
normal operating cycle; In determining the transaction price for the
• it is held primarily for the purpose of sale of goods, the Group considers the effects
being traded; of variable consideration, the rights of return
by the customers. Further, the Group collects
• it is due to be settled within 12 months Goods and Services tax (GST) on behalf of
after the reporting date; or the government and, therefore, these are not
economic benefits flowing to the Group. Hence,
• the Group does not have an unconditional it is excluded from revenue.
right to defer settlement of the liability for
at least 12 months after the reporting date. Shipping and gift wrapping services
Terms of a liability that could, at the option The Group is not the primary obligor in respect
of the counterparty, result in its settlement of shipping and gift wrapping services and
by the issue of equity instruments do not accordingly recognizes revenue at net amount
affect its classification. of consideration that the Group retains after
paying shipping and gift wrapping charges to
Current assets/liabilities include current
the service provider.
portion of noncurrent financial assets/liabilities
respectively. All other assets/ liabilities are Sale of bikes and drones
classified as non-current. Deferred tax assets
Revenue is measured based on the consideration
and liabilities (if any) are classified as noncurrent
specified in a contract with a customer and
assets and liabilities.
excludes amounts collected on behalf of third
Operating cycle parties including Goods and Service Tax and
any other government subsidies. The Group
Based on the nature of the operations and
recognises revenue when it transfers control
the time between the acquisition of assets
over a product / service to a customer which
for processing and their realization in cash or
coincides with the delivery of the vehicle/
cash equivalents, the Group has ascertained
drones/ rendering of service. The Group also
its operating cycle as twelve months for the
provides certain services to its customers, as an
purpose of current/ non-current classification
additional feature to the main product, the price
of assets and liabilities.
of which is included in the total consideration

payable by the customer. The Group carves at the former carrying amount of the inventory,
out the price of the service and recognises it less any expected costs to recover the goods,
as a separate line of revenue over the period including any potential decreases in the value
of service rendered. Till such time, the amount of the returned goods. The Group updates the
of consideration received attributable to this measurement of the asset recorded for any
service is treated as deferred income. revisions to its expected level of returns, as well
as any additional decreases in the value of the
Revenue from subscription and other technical returned goods.
services is recognised over the period of
service rendered. Refund liabilities
A refund liability is the obligation to refund
The Group receives advance payments from
some or all of the consideration received
customers for the sale of electric motorcycles.
(or receivable) from the customer and is
The Group applies the practical expedient for
measured at the amount the Group ultimately
short-term advances received from customers,
expects it will have to return to the customer.
that is, the promised amount of consideration
The Group updates its estimates of refund
is not adjusted for the effects of a significant
liabilities (and the corresponding change in the
financing component if the period between the
transaction price) at the end of each reporting
transfer of the promised good or service and the
period. Refer to above accounting policy on
payment is one year or less.
variable consideration.
Variable Consideration
Income from promotional services
Rights of return, volume discounts, or any other
The Group derives income from participating
form of variable consideration is estimated using
in promotional schemes issued by a service
either the sum of probability weighted amounts
provider from time to time. Revenue is
in a range of possible consideration amounts
recognised when all the conditions of
(expected value), or the single most likely
promotional schemes are completed by the
amount in a range of possible consideration
Group and it is disclosed on a gross basis if it is
amounts (most likely amount), depending on
received for a distinct service rendered to the
which method better predicts the amount
service provider. Further, the Group collects
of consideration realizable. Transaction price
Goods and Services tax (GST) on behalf of
includes variable consideration only to the
the government and, therefore, these are not
extent it is probable that a significant reversal
economic benefits flowing to the Group.
of revenues recognized will not occur when
the uncertainty associated with the variable Service income
consideration is resolved. Our estimates of
Revenue from services rendered is recognised
variable consideration and determination of
when services are rendered as per the terms of
whether to include estimated amounts in the
contract agreed with the customer.
transaction price may involve judgment and
are based largely on an assessment of our Interest income
anticipated performance and all information
Interest income is recorded on accrual basis
that is reasonably available to us.
using the effective interest rate (EIR) method.
Assets and liabilities arising from rights of
Dividend income
return:
Dividend income is recognised at the time when
Right of return assets
right to receive the payment is established,
Right of return asset represents the Group’s which is generally when the shareholders
right to recover the goods expected to be approve the dividend.
returned by customers. The asset is measured


Contract asset the tenure of the loan. Borrowing costs, allocated

A contract asset is the right to consideration to and utilised for qualifying assets, pertaining
in exchange for goods or services transferred to the period from commencement of activities
to the customer. If the Group performs by relating to construction/ development of the
transferring goods or services to a customer qualifying asset up to the date of capitalisation
before the customer pays consideration or of such asset are added to the cost of the
before payment is due, a contract asset is assets. Any income earned on the temporary
recognised for the earned consideration that deployment/ investment of those borrowings is
is conditional. deducted from the borrowing costs so incurred.
Capitalisation of borrowing costs is suspended
Revenue in excess of invoicing are classified as and charged to the Statement of Profit and
contract assets (which is referred to as unbilled Loss during extended periods when active
revenue). development activity on the qualifying assets
is interrupted. A qualifying asset is one that
Contract liability necessarily takes a substantial period of time to
A contract liability is the obligation to transfer get ready for its intended use.
goods or services to a customer for which
the Group has received consideration (or an e) Property, plant and equipment
amount of consideration is due) from the Recognition and initial measurement
customer. If a customer pays consideration Property, plant and equipment are stated at their
before the Group transfers goods or services to cost of acquisition. The cost comprises purchase
the customer, a contract liability is recognised price, borrowing cost if capitalisation criteria are
when the payment is made or the payment is met and directly attributable cost of bringing
due (whichever is earlier). Contract liabilities the asset to its working condition for the
are recognised as revenue when the Group intended use. Any trade discount and rebates
performs under the contract. Invoicing in excess are deducted in arriving at the purchase price.
of revenues are classified as contract liabilities Subsequent costs are included in the asset’s
(which is referred to as deferred revenues). carrying amount or recognised as a separate
asset, as appropriate, only when it is probable
Government grants
that future economic benefits associated
Government grants and subsidies are with the item will flow to the Group. All other
recognized when there is reasonable assurance repair and maintenance costs are recognised in
that the group will comply with the conditions statement of profit and loss as incurred.
attached to them and the grants/ subsidy will
received. When the grant or subsidy from the
Subsequent measurement (depreciation
Government relates to an expense item, it is and useful lives)
recognized as income on a systematic basis in Subsequent costs are included in the asset’s
the Statement of Profit and Loss over the period carrying amount or recognized as a separate
necessary to match them with the related costs, asset, as appropriate, only when it is probable
which they are intended to compensate. that future economic benefits associated with
the item will flow to the entity and the cost
d) Borrowing costs
can be measured reliably. Property, Plant and
Borrowing costs include interest and Equipment which are significant to the total cost
amortisation of ancillary costs incurred to the of that item of Property, Plant and Equipment
extent they are regarded as an adjustment to and having different useful life are accounted
the interest cost. Costs in connection with the separately. Other Indirect Expenses incurred
borrowing of funds to the extent not directly relating to project, net of income earned during
related to the acquisition of qualifying assets are the project development stage prior to its
charged to the Statement of Profit and Loss over intended use, are considered as pre-operative

expenses and disclosed under Capital Work- with indefinite useful lives that are acquired
in-Progress. Depreciation on property, plant separately are carried at cost less accumulated
and equipment is provided on the straight-line impairment losses.
method, computed on the basis of useful lives
prescribed in Schedule II to the Companies The cost of acquired software is amortised over
Act, 2013. a period in the range of 3-5 years from the date
of acquisition.
Useful life as per
Particulars
Schedule II of the Act Internally- generated Intangible Assets
Plant and machinery 4 to 15 years Expenditure on research activities is recognised
Plant and machinery- 5 to 15 years as an expense in the period in which it is incurred.
moulds
Electric equipment 10 years An internally generated intangible asset arising
Furniture and fixture 10 years from development (or from the development
phase of an internal project) is recognised if, and
Office equipment 5 years
only if, all the following have been demonstrated:
Vehicles 5 to 8 years
- the technical feasibility of completing the
Computers 3 years
intangible asset so that it will be available
The leasehold improvements are depreciated for use or sale;
over the lease period or useful life of the - the intention to complete the intangible
underlying asset whichever is lower. asset and use or sell it;
The residual values, useful lives and method of - the ability to use or sell the intangible asset;
depreciation are reviewed at each financial year - how the intangible asset will generate
end and adjusted prospectively, if appropriate. probable future economic benefits;
De-recognition - the availability of adequate technical,

financial and other resources to complete
An item of property, plant and equipment
the development and to use or sell the
and any significant part initially recognised
intangible asset; and
is derecognised upon disposal or when no
future economic benefits are expected from -
the ability to measure reliably the
its use or disposal. Any gain or loss arising on expenditure attributable to the intangible
de-recognition of the asset (calculated as the asset during its development.
difference between the net disposal proceeds The amount initially recognised for internally
and the carrying amount of the asset) is generated intangible assets is the sum of the
included in the income statement when the expenditure incurred from the date when the
asset is derecognised. intangible asset first meets the recognition
f) Intangible assets criteria listed above. Where no internally
generated intangible asset can be recognised,
Intangible Assets acquired separately
development expenditure is recognised in
Intangible assets with finite useful lives that Statement of Profit and Loss in the period in
are acquired separately are carried at cost less which it is incurred.
accumulated amortisation and accumulated
impairment losses. Amortisation is recognised Subsequent to initial recognition, internally
on a straight-line basis over their estimated generated intangible assets are reported at cost
useful lives. The estimated useful life and less accumulated amortisation and accumulated
amortisation method are reviewed at the impairment losses, on the same basis as
end of each reporting period, with the effect intangible assets that are acquired separately.
of any changes in estimate being accounted The useful life of internally generated intangible
for on a prospective basis. Intangible assets asset is estimated as 5 years.


Brands net disposal proceeds and the carrying amount

Brands acquired separately are measured on of the asset, are recognised in profit or loss when
initial recognition at the fair value of consideration the asset is derecognised.
paid. Following initial recognition, brands are
g) Impairment of non-financial assets
carried at cost less impairment losses, if any
The useful lives of brands are assessed to be At each reporting date, the Group assesses
either finite or indefinite. The assessment whether there is any indication based on
includes whether the brand name will continue internal/external factors, that an asset may be
to trade and the expected lifetime of the brand. impaired. If any such indication exists, the Group
Amortisation is charged on assets with finite estimates the recoverable amount of the asset.
lives on a straight-line basis over a period If such recoverable amount of the asset or the
appropriate to the asset’s useful life. The carrying recoverable amount of the cash generating
values of brands with finite and indefinite lives unit to which the asset belongs is less than its
are reviewed for impairment when events or carrying amount, the carrying amount is reduced
changes in circumstances indicate that the to its recoverable amount and the reduction is
carrying value may not be recoverable. treated as an impairment loss and is recognised
in the statement of profit and loss. All assets are
Brands with indefinite useful lives are also tested subsequently reassessed for indications that an
for impairment annually either individually or, impairment loss previously recognised may no
if the intangible asset does not generate cash longer exist. An impairment loss is reversed if
flows that are largely independent of those from the asset’s or cash-generating unit’s recoverable
other assets or groups of assets, as part of the amount exceeds its carrying amount.
cash-generating unit to which it belongs. Such
intangibles are not amortised. The useful life of a h) Financial instruments
brand with an indefinite life is reviewed annually Initial recognition and measurement
to determine whether indefinite life assessment Financial assets and financial liabilities are
continues to be supportable. If not, the change recognised when the Group becomes a party
in the useful life assessment from indefinite to to the contractual provisions of the financial
finite is made on a prospective basis. instrument and are measured initially at fair
value adjusted for transaction costs, unless
Intangible asset under development
the financial instrument is designated to be
The Group capitalises intangible asset under measured at fair value through profit or loss or
development for a project in accordance with fair value through other comprehensive income.
the accounting policy. Initial capitalisation of
costs is based on management’s judgement Financial assets
that technological and economic feasibility Subsequent measurement
is confirmed, usually when a product
Financial assets at amortised cost – The financial
development project has reached a defined
assets are measured at the amortised cost if
milestone according to an established
both the following conditions are met:
project management model. The amount
includes investment in development of new • The asset is held within a business model
product model. whose objective is to hold assets for
collecting contractual cash flows, and
Derecognition of intangible assets
An intangible asset is derecognised on disposal, • Contractual terms of the asset give rise on
or when no future economic benefits are specified dates to cash flows that are solely
expected from use or disposal. Gain or loss payments of principal and interest (SPPI)
arising from derecognition of an intangible on the principal amount outstanding.
asset, measured as the difference between the

After initial measurement, such financial assets hierarchy, described as follows, based on the
are subsequently measured at amortised cost lowest level input that is significant to the fair
using the effective interest rate (EIR) method. value measurement as a whole:
All other debt instruments are measured at Fair • Level 1 — Quoted (unadjusted) market
Value through other comprehensive income prices in active markets for identical assets
or Fair value through profit and loss based or liabilities
on Group’s business model. All investments
• Level 2 — Valuation techniques for which
in mutual funds in scope of Ind AS 109 are
the lowest level input that is significant to
measured at fair value through profit and loss
the fair value measurement is directly or
(FVTPL).
indirectly observable
De-recognition of financial assets •
Level 3 — Valuation techniques for
A financial asset is primarily de-recognised when which the lowest level input that is
the rights to receive cash flows from the asset significant to the fair value measurement
have expired or the Group has transferred its is unobservable
rights to receive cash flows from the asset.
i) Impairment of financial assets
Financial liabilities In accordance with Ind AS 109, the Group
Subsequent measurement applies expected credit loss (ECL) model for
measurement and recognition of impairment
Subsequent to initial recognition, these
loss for financial assets carried at amortised cost.
liabilities are measured at amortised cost using
the effective interest method. These liabilities ECL is the difference between all contractual
include borrowings and deposits. cash flows that are due to the Group in
accordance with the contract and all the cash
De-recognition of financial liabilities
flows that the Group expects to receive. When
A financial liability is de-recognised when the estimating the cash flows, the Group considers:
obligation under the liability is discharged or
cancelled or expires. When an existing financial • All contractual terms of the financial assets
liability is replaced by another from the same (including prepayment and extension)
lender on substantially different terms or the over the expected life of the assets.
terms of an existing liability are substantially
modified, such an exchange or modification • Cash flows from the sale of collateral held
is treated as the de-recognition of the original or other credit enhancements that are
liability and the recognition of a new liability. integral to the contractual terms.
The difference in the respective carrying
Other financial assets
amounts is recognised in the statement of profit
and loss. For recognition of impairment loss on other
financial assets and risk exposure, the Group
Offsetting of financial instruments determines whether there has been a significant
Financial assets and financial liabilities are offset increase in the credit risk since initial recognition
and the net amount is reported in the balance and if credit risk has increased significantly, life
sheet if there is a currently enforceable legal right time impairment loss is provided otherwise
to offset the recognised amounts and there is an provides for 12 month expected credit losses.
intention to settle on a net basis, to realise the
j) Inventories
assets and settle the liabilities simultaneously.
Inventories are valued at the lower of cost
All assets and liabilities for which fair value derived on weighted average basis and the net
is measured or disclosed in the financial realisable value after providing for obsolescence
statements are categorised within the fair value and other losses, where considered necessary.


Cost includes all charges in bringing the k) Income taxes

goods to the point of consumption, including Tax expense recognised in statement of
taxes and other levies, transit insurance and profit and loss comprises the sum of deferred
receiving charges. tax and current tax not recognised in Other
Comprehensive Income (“OCI”) or directly
Net realisable value is the estimated selling price
in equity.
in the ordinary course of business less estimated
costs of completion and estimated necessary Current income tax is measured at the amount
costs to make the sale. expected to be paid to the tax authorities in
accordance with the Income-tax Act, 1961.
An inventory provision is recognised for cases
Current income tax relating to items recognised
where the net realisable value is estimated to
outside statement of profit and loss is
be lower than the inventory carrying value. The
recognised outside statement of profit and loss
Group estimates the net realisable values of
in OCI or equity depending upon the treatment
inventories, taking into account the most reliable
of underlying item.
evidence available at each reporting date.
The Group offsets current tax assets and current
The future realisation of these inventories may
tax liabilities, where it has a legally enforceable
be affected by fast-changing market where
right to set off the recognised amounts and
there is a risk of inventory falling out of trend
where it intends either to settle on a net basis, or
that may reduce future selling prices.
to realise the asset and liability simultaneously.
In case of E-Bikes
Deferred income taxes are calculated using
(i) Inventories are valued at the lower of cost the balance sheet approach. Deferred tax
and net realizable value liabilities are generally recognised in full for all
taxable temporary differences. Deferred tax
(ii) Cost of raw materials, components, stores
assets are recognised to the extent that it is
and spares are ascertained on a moving
probable that the underlying tax loss, unused
average basis
tax credits or deductible temporary difference
(iii) Cost of finished products and work-in- will be utilised against future taxable income.
progress comprise of direct materials, This is assessed based on the Group’s forecast
direct labour and an appropriate of future operating results, adjusted for
proportion of variable and fixed overhead, significant non-taxable income and expenses
the latter being allocated on the basis of and specific limits on the use of any unused tax
normal operating capacity. Costs are loss or credit. Unrecognised deferred tax assets
assigned to individual terms of inventory are re-assessed at each reporting date and are
recognised to the extent that it has become
(iv) Net realisable value is the estimated selling probable that future taxable profits will allow
price in the ordinary course of business the deferred tax asset to be recovered.
less the estimated costs of completion
and the estimated costs necessary to Deferred tax assets and liabilities are measured
make the sale. Materials and supplies held at the tax rates that are expected to apply in the
for use in production of inventories are year when the asset is realised or the liability is
not written down if the finished products settled, based on tax rates (and tax laws) that
in which they will be used are expected to have been enacted or substantively enacted
be sold at or above cost. Slow and non- at the reporting date. Deferred tax relating to
moving material, obsolescence, defective items recognised outside statement of profit
inventories are duly provided for. and loss is recognised outside statement of
profit and loss in OCI or equity depending upon
the treatment of underlying item.

l) Cash and cash equivalents Other long-term employee benefits

Cash and cash equivalents comprise cash on Liability in respect of compensated absences
hand, demand deposits with banks/corporations becoming due or expected to be availed
and short-term highly liquid investments within one year from the balance sheet date
(original maturity less than 3 months) that are is recognised on the basis of undiscounted
readily convertible into known amount of cash value of estimated amount required to be paid
and are subject to an insignificant risk of change or estimated value of benefit expected to be
in value. availed by the employees. Liability in respect
of compensated absences becoming due or
m)
Post-employment, long term and short expected to be availed more than one year
term employee benefits after the balance sheet date is estimated on the
Defined contribution plans basis of an actuarial valuation performed by an
The Group makes contribution to the statutory independent actuary using the projected unit
provident fund in accordance with the credit method.
Employees Provident Fund and Miscellaneous
Actuarial gains and losses arising from
Provisions Act, 1952 which is a defined
past experience and changes in actuarial
contribution plan and contribution paid or
assumptions are charged to statement of profit
payable is recognised as an expense in the
and loss in the year in which such gains or losses
period in which the services are rendered.
are determined.
Defined benefit plans
Short-term employee benefits
Gratuity is post-employment benefit and is
Expense in respect of other short-term benefits
in the nature of a defined benefit plan. The
is recognised on the basis of the amount paid or
liability recognised in the financial statements
payable for the period during which services are
in respect of gratuity is the present value of the
rendered by the employee.
defined benefit obligation at the reporting date
together with adjustments for unrecognized n)
Provisions, contingent assets and
actuarial gains or losses and past service costs. contingent liabilities
The defined benefit obligation is calculated at
Provisions are recognized only when there is
or near the reporting date by an independent
a present obligation, as a result of past events,
actuary using the projected unit credit
and when a reliable estimate of the amount of
actuarial method.
obligation can be made at the reporting date.
Actuarial gains and losses arising from These estimates are reviewed at each reporting
past experience and changes in actuarial date and adjusted to reflect the current best
assumptions are credited or charged to the estimates. Provisions are discounted to their
statement of OCI in the year in which such gains present values, where the time value of money
or losses are determined. is material.
Management’s estimate of the Defined Benefit Contingent liability is disclosed for:

Obligation (DBO) is based on a number of critical •
Possible obligations which will be
underlying assumptions such as standard rates confirmed only by future events not
of inflation, medical cost trends, mortality, wholly within the control of the Group or
discount rate and anticipation of future salary
increases. Variation in these assumptions may • Present obligations arising from past
significantly impact the DBO amount and the events where it is not probable that an
annual defined benefit expenses. outflow of resources will be required to
settle the obligation or a reliable estimate
of the amount of the obligation cannot
be made.


Warranty provisions Recognition and initial measurement

The Group offers warranty for its products, At lease commencement date, the Group
undertaking to repair or replace the items recognises a right-of-use asset and a lease
that fail to perform satisfactorily during liability on the balance sheet. The right-of-use
the warranty period. Such assurance-type asset is measured at cost, which is made up of
warranties are accounted for under Ind AS the initial measurement of the lease liability,
37 ‘Provisions, Contingent Liabilities and any initial direct costs incurred by the Group, an
Contingent Assets’. Provision for warranty estimate of any costs to dismantle and remove
related costs are recognised when the bike the asset at the end of the lease (if any), and any
is sold to the customer. Initial recognition is lease payments made in advance of the lease
based on historical experience of the nature, commencement date (net of any incentives
frequency and average cost of warranty claims received).
and management estimates regarding possible
future incidence based on corrective actions on Subsequent measurement
product failures. The initial estimate of warranty The Group depreciates the right-of-use
related costs is revised periodically. assets on a straight-line basis from the lease
Contingent assets are not recognised. However, commencement date to the earlier of the end
when inflow of economic benefit is probable, of the useful life of the right-of-use asset or the
related asset is disclosed. end of the lease term. The Group also assesses
the right-of-use asset for impairment when such
o) Earnings per share indicators exist.
Basic earnings per share is calculated by dividing
the net profit or loss for the period attributable At lease commencement date, the Group
to equity shareholders (after deducting measures the lease liability at the present value
attributable taxes) by the weighted average of the lease payments unpaid at that date,
number of equity shares outstanding during discounted using the interest rate implicit in
the period. The weighted average number of the lease if that rate is readily available or the
equity shares outstanding during the period is Group’s incremental borrowing rate. Lease
adjusted for events including a bonus issue. payments included in the measurement of the
lease liability are made up of fixed payments
For the purpose of calculating diluted earnings (including in substance fixed payments) and
per share, the net profit or loss for the period variable payments based on an index or rate.
attributable to equity shareholders and the Subsequent to initial measurement, the liability
weighted average number of shares outstanding will be reduced for payments made and
during the period are adjusted for the effects of increased for interest. It is re-measured to reflect
all dilutive potential equity shares. any reassessment or modification, or if there
are changes in in-substance fixed payments.
p) Leases
When the lease liability is re-measured, the
A lease is defined as ‘a contract, or part of a
corresponding adjustment is reflected in the
contract, that conveys the right to use an asset
right-of-use asset.
(the underlying asset) for a period of time in
exchange for consideration’. The Group has elected to account for short-
term leases using the practical expedients.
Classification of leases
Instead of recognising a right-of-use asset and
The Group enters into leasing arrangements
lease liability, the payments in relation to these
for various assets. The assessment of the lease
are recognised as an expense in statement of
is based on several factors, including, but not
profit and loss on a straight-line basis over the
limited to, transfer of ownership of leased asset
lease term.
at end of lease term, lessee’s option to extend/
purchase etc.

Group as a lessor been identified as the CODM, to allocate

resources to the segments and assess
Leases for which the Group is a lessor is classified
their performance.
as a finance or operating lease. Whenever the
terms of the lease transfer substantially all the r) Share based payments
risks and rewards of ownership to the lessee, the
The Holding Company has created an
contract is classified as a finance lease. All other
Employee Welfare Trust (EWT) for providing
leases are classified as operating leases. When
share-based payment to its employees. The
the Group is an intermediate lessor, it accounts
Holding Company uses EWT as a vehicle for
for its interests in the head lease and the
distributing shares to employees under the
sublease separately. The sublease is classified as
REL- Employee Stock Option Plan 2022 (“”REL-
a finance or operating lease by reference to the
ESOP 2022””). The EWT buys shares of the
right-of-use asset arising from the head lease.
Holding Company from the market, for giving
Finance leases shares to employees. The Holding Company
treats EWT as its extension and shares held
Leases which effectively transfer to the lessee
by EWT are related treated as treasury shares.
substantially all the risks and benefits incidental
Own equity instruments that are reacquired
to ownership of the leased item are classified
(treasury shares) are recognised at cost and
and accounted for as finance lease. Lease rental
deducted from other equity. No gain or loss is
receipts are apportioned between the finance
recognised in profit or loss on the purchase,
income and capital repayment based on the
sale, issue or cancellation of the Company’s own
implicit rate of return. Contingent rents are
equity instruments. Treasury shares are reduced
recognised as revenue in the period in which
while computing basic and diluted earnings
they are earned.
per share.
Operating leases
The Group transfers the excess of exercise price
Leases in which the Group does not transfer over the cost of acquisition of treasury shares,
substantially all the risks and rewards of net of tax, by EWT to General Reserve.
ownership of an asset are classified as operating
leases. The respective leased assets are included s) Foreign currency translations
in the balance sheet based on their nature. Rental In preparing the financial statements of the
income is recognized on straightline basis over Group, transactions in currencies other than
the lease term except where scheduled increase the entity’s functional currency are recognised
in rent compensates the Group with expected at the rate of exchange prevailing at the date of
inflationary costs. the transactions. At the end of each reporting
period, monetary items denominated in
Such lease is classified as operating lease, and
foreign currencies are retranslated at the rates
as such the revenue is recognized on straight
prevailing at that date. Non-monetary items
line basis. Considering that the capacity charges
that are measured in terms of historical cost in a
per unit is higher in the initial years, there is a
foreign currency are not retranslated. Exchange
negative charge to Statement of Profit and loss
differences on monetary items are recognised in
account of straightlining.
profit and loss in the period in which they arise.
q) Segment reporting
t) Business combinations and goodwill
Operating segments are reported in a manner
The acquisition method of accounting is used to
consistent with the internal reporting provided
account for all business combinations, regardless
to the chief operating decision maker (CODM).
of whether equity instruments or other assets
All operating segments’ results are reviewed are acquired. The consideration transferred for
regularly by the Board of Directors, who have acquisition of Subsidiary comprises of:


a. Fair value of the assets transferred. the acquisition date. Any gains or losses arising
from such remeasurement are recognised in
b. Liabilities incurred to the former owners of profit or loss or other comprehensive income,
the acquired business. as appropriate.
c. Equity interest issued by the group and Goodwill is initially measured at cost, being the
excess of the aggregate of the consideration
d.
Fair value of any asset or liability
transferred over the net identifiable assets
r e su l t i n g from a co nt i n g e nt
acquired and liabilities assumed. If the fair
consideration arrangement
value of the net assets acquired is in excess of
Identifiable assets acquired and liabilities and the aggregate consideration transferred, the
contingent liabilities assumed in as business Group re-assesses whether it has correctly
combination are, within limited exceptions, identified all of the assets acquired and all of the
measured at fair value at the acquisition date. liabilities assumed and reviews the procedures
The group recognises any non-controlling used to measure the amounts to be recognised
interest in the acquired entity on an acquisition- at the acquisition date. If the reassessment still
by -acquisition basis either at fair value or at the results in an excess of the fair value of net assets
non-controlling interest proportionate share of acquired over the aggregate consideration
the acquired entity’s net identifiable assets. transferred, then the gain is recognised in profit
or loss.
Acquisition related costs are expensed as
incurred. The excess of the After initial recognition, goodwill is measured
at cost less any accumulated impairment losses.
a. consideration transferred; For the purpose of impairment testing, goodwill
acquired in a business combination is, from
b. amount of any non-controlling interest in
the acquisition date, allocated to each of the
the acquired entity; and
Group’s cash-generating units that are expected
c. acquisition date fair value of any previous to benefit from the combination, irrespective of
equity interest in the acquired entity whether other assets or liabilities of the acquiree
over the fair value of the net identifiable are assigned to those units.
assets acquired is recorded as goodwill.
Where goodwill has been allocated to a cash
If those amounts are less than the fair
generating unit (CGU) and part of the operation
value of business acquired, the difference
within that unit is disposed of, the goodwill
is recognised in other comprehensive
associated with the disposed operation is
income and accumulated equity as capital
included in the carrying amount of the operation
reserve provided there is clear evidence
when determining the gain or loss on disposal.
of the underlying reasons for classifying
Goodwill disposed in these circumstances is
the business combination as a bargain
measured based on the relative values of the
purchase is recognised directly in equity
disposed operation and the portion of the cash-
as capital reserve.
generating unit retained.
Contingent consideration is classified either
u)
Significant management judgment in
as equity or a financial liability. Amounts
applying accounting policies and estimation
classified as a financial liability are subsequently
uncertainty
remeasured to fair value with changes
in fair value recognised in profit or loss. Estimates and underlying assumptions are
If the business combination is achieved in reviewed on an ongoing basis. Revisions to
stages, the acquisition date carrying value of accounting estimates are recognized in the
the acquirer’s previously held equity interest period in which the estimates are revised and
in the acquiree is remeasured to fair value at in any future periods affected. In particular,

information about significant areas of (iii) Ind AS 37 Provisions, Contingent Liabilities and
estimation uncertainty and critical judgments in Contingent Assets (amendments related to
applying accounting policies that have the most onerous contracts)
significant effect on the amounts recognized
in the financial statements is included in the The amendments were applied to annual period
following notes: beginning 1 April 2022. These amendments
have no material impact on the consolidated
Recognition and estimation of tax expense
financial statements.
including deferred tax – Note 4(k), Note 9
Estimated impairment of financial assets and B. Standards issued but not yet effective
non-financial assets – Note 4(i) and Note 4(g) Ministry of Corporate Affairs (“MCA”) notifies new
Assessment of useful life of property, plant and standards or amendments to the existing standards
equipment – Note 4(e), Note 4A and Note 4B under Companies (Indian Accounting Standards)
Estimation of assets and obligations relating to Rules as issued from time to time. On March 31, 2023,
employee benefits – Note 4(m) and Note 35 MCA amended the Companies (Indian Accounting
Standards) Amendment Rules, 2023, as below:
Valuation of inventories – Note 4(j) and Note 12
Leases – Note 4(p) and Note 37 a) Ind AS 1 - Presentation of Financial Statements -
Fair value measurement – Note 4(h) and Note 58 This amendment requires the entities to disclose
their material accounting policies rather than
Expected credit loss – Note 4(i) and Note 14 and
their significant accounting policies and include
Note 59
corresponding amendments to Ind AS 107 and
Warranty provision - Note 4(n) and Note 21 Ind AS 34. The effective date for adoption of this
Customer refunds – Note 4(c) and Note 25 amendment is annual periods beginning on or
Variable consideration - Note 4(c) and Note 26 after 1 April 2023.
v)
Certain prior year amounts have been b)
Ind AS 8 - Accounting Policies, Changes
reclassified for consistency with the current in Accounting Estimates and Errors - This
year presentation. Such reclassification does amendment has introduced a definition
not have any impact on the current year of ‘accounting estimates’ and included
consolidated financial statements. amendments to Ind AS 8 to help entities
distinguish changes in accounting policies from
w) Recent accounting pronouncements: changes in accounting estimates. The effective
date for adoption of this amendment is annual
A. New and amended accounting standards periods beginning on or after 1 April 2023.
The Ministry of Corporate Affairs (‘MCA’) vide
Notification dated 23 March 2022 had issued c) Ind AS 12 - Income Taxes - This amendment
Companies (Indian Accounting Standards) has narrowed the scope of the initial
Amendment Rules, 2022 which introduced recognition exemption so that it does not
amendments in certain Indian Accounting Standards apply to transactions that give rise to equal and
that are effective from 1 April 2022: offsetting temporary differences. Also there is
corresponding amendment to Ind AS 101. The
(i) Ind AS 109 Financial Instruments (amendment effective date for adoption of this amendment
in Appendix B) is annual periods beginning on or after 1
April 2023.
(ii) Ind AS 16 Property, Plant and Equipment
(amendment related to excess net sales The Group has evaluated the above amendments and
proceeds over cost of testing) the impact thereof is not expected to be material on
these consolidated financial statements.

4A Property, plant and equipment
Furniture Plant and Plant and Tools and
Freehold Leasehold Electric Office Motor
Particulars and Computers equip- equipment Equip- Total
land (i) Improvement Equipment equipment Vehicles
fixtures ment -Moulds ment
Balance as on 1 April 2021 0.48 - - 0.19 0.02 0.27 - - - - 0.96
Additions - - - - 2.23 3.92 - - - - 6.15
Disposals/ adjustments - - - - - - - - - - -
Balance as on 31 March 2022 0.48 - - 0.19 2.25 4.19 - - - - 7.11
Addition on account of acquisition - 15.48 7.20 2.70 2.17 9.91 23.23 88.42 3.43 - 152.54
(Refer Note 39)
Conversion from inventory to Asset* 0.07 - - - - - - - - - 0.07
Additions - 2.20 0.55 1.61 1.05 17.99 5.15 0.18 - 0.06 28.79
Balance as on 31 March 2023 0.55 17.68 7.75 4.50 5.47 32.09 28.38 88.60 3.43 0.06 188.51
Balance as on 1 April 2021 - - - 0.18 0.02 0.27 - - - - 0.47
Depreciation for the year - - - 0.01 0.11 0.08 - - - - 0.20
OVERVIEW
CORPORATE
Balance as on 31 March 2022 - - - 0.19 0.13 0.35 - - - - 0.67
Addition on account of acquisition - 14.21 2.26 0.79 1.03 5.38 4.43 11.49 0.55 - 40.14
(Refer Note 39)
Depreciation for the year - 1.49 0.19 0.20 0.60 5.46 0.62 3.66 0.17 - 12.39
REPORTS
STATUTORY
Balance as on 31 March 2023 - 15.70 2.45 1.18 1.76 11.19 5.05 15.15 0.72 - 53.20
Net carrying amount
Balance as on 31 March 2022 0.48 - - - 2.12 3.84 - - - - 6.44
Balance as on 31 March 2023 0.55 1.98 5.30 3.32 3.71 20.90 23.33 73.45 2.71 0.06 135.31
* Pursuant to change in object clause of the Subsidiary Company, RattanIndia Investment Manager Private Limited, land held under inventory relating to erstwhile mining business has
FINANCIAL
been converted into capital asset during the year as per the applicable provisions of the Income Tax Act, 1961
STATEMENTS
(i) The Title deed of the immovable properties are in the name of the Group.
(ii) Current borrowings of Subsidiary Companies, Revolt Intellicorp Private Limited and Cocoblu Retail Limited are secured by first mortgage and exclusive charge on entire existing

and future property, plant and equipment (refer note 23). Also, refer note 57 for pledge of property, plant and equipment.
(iii) The Group has not capitalised any borrowing costs during the year ended 31 March 2023 and 31 March 2022.
(iv) For capital commitments, refer note 62.
191
Significant accounting policies and notes to the consolidated financial statements
4B Right-of-use assets (refer note 37)

Particulars Right of use Total
Balance as at 1 April 2021 - -
Additions 406.78 406.78
Adjustments 2.39 2.39
Balance as at 31 March 2022 409.17 409.17
Addition on account of acquisition (Refer Note 39) 12.17 12.17
Additions - -
Net carrying amount
5 Intangible assets
Brand Product Non
Particulars Database Software Goodwill Total
Valuation Development Compete
Balance as at 1 April 2021 - - - - - - -
Additions - - - - - - -
Balance as at 31 March 2022 - - - - - - -
Addition on account of acquisition - 594.37 35.72 100.41 8.44 1,535.90 2,274.84
(Refer Note 39)
Additions 2.00 - 2.05 - - - 4.05
Balance as at 31 March 2023 2.00 594.37 37.77 100.41 8.44 1,535.90 2,278.89
Accumulated amortisation
Balance as at 1 April 2021 - - - - - - -
Amortisation for the year - - - - - - -
Addition on account of acquisition - - 6.65 35.84 - - 42.49
(Refer Note 39)
Amortisation for the year 0.31 8.59 6.20 7.99 2.40 - 25.49
Balance as at 31 March 2023 0.31 8.59 12.85 43.83 2.40 - 67.98
Net carrying amount
Balance as at 31 March 2023 1.69 585.78 24.92 56.58 6.04 1,535.90 2,210.91
(i) Current borrowings of Revolt Intellicorp Private Limited and Cocoblu Retail Limited are secured by first mortgage and
exclusive charge on entire existing and future intangible assets (refer note 23). Also, refer note 57 for pledge of of intangible
assets.
(ii) There were no borrowing costs that were capitalised during the year ended 31 March 2023 and 31 March 2022.


6 Intangible assets under development

Intangible assets
Particulars Total
under development
Additions - -
Balance as at 31 March 2022
Additions 54.87 54.87
Intangible assets under development ageing schedule :-

Particulars Less than 1 year 1-2 years 2-3 years More than 3 years Total
31 March 2022 - - - - -
31 March 2023 58.95 - - - 58.95
(i) Intangible assets under development, whose completion is overdue or exceeded its cost compared to its original plan: H Nil
(31 March 2022: H Nil).
(ii) Intangible assets under development includes development cost, Softwares & Licenses, Design Development and related
costs of Subsidiary Companies.
(iii) There were no borrowing costs that were capitalised during the year ended 31 March 2023 and 31 March 2022.
7 Non-current investments
No. of shares Amount No. of shares Amount
Investment in fully paid equity instruments
a) Unquoted, fully paid equity instruments of
associate Company (at cost)
Revolt Intellicorp Private Limited (Face value of H10 - - 623,712 994.18
each) [refer note 39 (b)]
Less: Share of loss - (133.36)
b) Investments in Share Warrant, unquoted (at cost)
Revolt Intellicorp Private Limited - - 5.82
[refer note 39(b) and refer footnote (i)]
c) Quoted, fully paid equity instruments of other
company (at FVTPL)
RattanIndia Power Limited (refer note 42) 1,063,960,011 3,138.68 1,063,960,011 5,692.19
d) Investment in Trust
Neo Opportunity Fund Trust [refer footnote (ii)] 0.01 -
3,138.69 6,558.83
Aggregate amount of quoted investments at market value 3,138.68 5,692.19
Aggregate amount of quoted investments at cost 5,319.80 5,319.80
Aggregate amount of quoted investments 3,138.68 5,692.19
Aggregate amount of impairment in the value of - -
investments
(i) A share warrant is a financial instrument which gives holder the right to acquire equity shares.
During the previous year, Revolt Intellicorp Private Limited (‘Revolt’), the then associate Company had issued and allotted
317,328 share warrants to the holding Company.
(ii) During the previous year ended 31 March 2022 the Holding Company had set up a trust where the Holding Company is a
Settlor.

8 Other financial assets

Non-current Current
FAME II incentive recoverable (includes - - 667.41 -
doubtful balance of H166.85 million) (refer
note 48)
State incentive (Maharashtra) recoverable - - 35.05 -
(refer note 48)
GST refund receivables - - 126.21 -
Security Deposits - Premises and Others 30.58 23.61 3.20 0.04
Bank deposits with remaining maturity of 2.28 - - -
more than 12 months(i)
Margin Money Deposit(ii) - - 571.39 -
Other receivables - - 81.57 32.88
Earnest money deposit(iii) - - 0.50 -
32.86 23.61 1,485.33 32.92
Less: Provision for doubtful balances - - (166.85) -
32.86 23.61 1,318.48 32.92
(i) Includes deposits under lien/ pledged H1.03 million with IRDAI, H1.10 million against Corporate credit card, H0.15 million
against bank guarantees by respective subsidiaries. (refer note 45 related to ‘Revolt’)
(ii) Margin Money deposit are encumbered against the borrowing facilities of Subsidiary Company, Cocoblu Retail Limited.
(iii) During the year ended 31 March 2023, the Holding Company has entered into an arrangement with RattanIndia Power
Limited (RPL) for exploring for commercial development on surplus land admeasuring 421 acres, situated at Thermal Power
Plant of RPL at Amravati, which was approved by the shareholders in Annual General Meeting of the Holding Company. The
arrangement is subject to approvals by Maharashtra Industrial Development Corporation (‘MIDC’) and the lenders.
As at As at
9 Deferred tax assets (net) 31 March 2023 31 March 2022
Deferred tax assets/ liabilities (net)
Provision for doubtful debts, advances and contingencies 4.31 -

Property, plant and equipment & intangible assets: depreciation difference 1.37 1.32
Provisions for employee benefits and warranties allowable on payment basis 4.78 0.57
Lease Liability (net of right of use asset) including security deposits 2.95 (1.84)
Others 6.74 -
Financial assets carried at fair value 53.31 2.65
Business losses & unabsorbed depreciation 122.73 49.53
Impact of business combination (37.54) -
Deferred tax assets not recognised* (179.14) (52.23)
Deferred tax liabilities (net) (20.49) -
Disclosure in Consolidated Balance Sheet is based on entity wise

recognition, as follows:
9A Deferred tax assets 18.80 -
9B Deferred tax liabilities (39.29) -
Deferred tax liabilities (net) (20.49) -


Movement in deferred tax

Not rec-
As at Not rec- Recognised
Impact of ognised in Recognised As at
Particulars 31 ognised in other com-
business other com- in profit or 31 March
(2022-23) March in profit prehensive
combination prehensive loss 2023
2022 or loss income
income
deferred tax assets / (liabilities)
Provision for doubtful debts, - 0.84 - - 3.47 - 4.31
advances and contingencies
Property, plant and equipment 1.32 1.20 - - (1.15) - 1.37
& intangible assets: depreciation
difference
Provisions for employee benefits 0.57 0.21 - 0.16 3.85 (0.01) 4.78
and warranties allowable on
payment basis
Lease Liability (net of right of use (1.84) 0.57 - - 4.22 - 2.95
asset) including security deposits
Others - 2.13 - - 4.61 - 6.74
Financial assets carried at fair 2.65 48.60 - - 2.06 - 53.31
value
Business losses & unabsorbed 49.53 73.20 - - - - 122.73
depreciation
Impact of business combination - - (42.57) - 5.03 - (37.54)
52.23 126.75 (42.57) 0.16 22.09 (0.01) 158.65
Deferred tax assets not (52.23) (126.75) - (0.16) - - (179.14)
recognised*
- - (42.57) - 22.09 (0.01) (20.49)
Not rec-
Not rec- Recognised
As at Impact of ognised in Recognised As at
Particulars ognised in other com-
1 April business other com- in profit or 31 March
(2021-22) in profit prehensive
2021 combination prehensive loss 2022
or loss income
income
deferred tax assets / (liabilities)
Property, plant and equipment 0.02 1.30 - - - - 1.32
& intangible assets: depreciation
difference
Provisions for employee benefits 0.22 0.53 (0.18) - - - 0.57
and warranties allowable on
payment basis
Lease Liability (net of right of use - (1.84) - - - - (1.84)
asset) including security deposits
Financial assets carried at fair (2.19) 4.84 - - - - 2.65
value
Tax credit (minimum alternative 2.03 - - (2.03) - - -
tax)
Business losses & unabsorbed 25.04 24.49 - - - - 49.53
depreciation
25.12 29.32 (0.18) (2.03) - - 52.23
Deferred tax assets not (23.09) (29.32) 0.18 - - - (52.23)
recognised*
2.03 - - (2.03) - - -
*In the absence of reasonable certainty of availability of surplus taxable profits/ gains, the Holding Company and certain subsidiary
Companies have not recognized/ restricted the recognition of deferred tax asset on unabsorbed depreciation and brought forward
business losses, to the extent of the corresponding deferred tax liability.

10 Tax assets (net)

Non-current
Advance income tax (net of provision) 396.12 7.30
396.12 7.30
11 Other assets (unsecured, considered good)

Non-current Current
Capital advances
Unsecured, considered good 0.16 - - -
Considered doubtful 35.74 - - -
Less: Provision for doubtful balances (35.74) - - -
0.16 - - -
Balances with statutory authorities 59.08 - 1,343.45 69.60
Advances to suppliers - - 62.06 -
Right to return assets - - 149.64 -
Advance recoverable - - 6.30 6.03
Employee advances - - 0.03 -
Advance for duty scripts - - 0.25 -
Prepaid expenses 0.32 - 33.01 2.16
Others - - 3.09 -
Considered doubtful
Advances to suppliers - - 6.07 -
Less: Provision for doubtful balances - - (6.07) -
59.56 - 1,597.83 77.79
12 Inventories (Valued at lower of cost and net realisable value, unless otherwise stated)
Land(i) - 0.08
Traded goods(ii) (iv) 10,158.86 383.68
Spares and accessories 20.39 -
Raw material and components(iv) 90.56 -
Finished Goods 446.65 -
Work in Progress 0.12 -
10,716.58 383.76
(i) Pursuant to change in object clause of the Subsidiary Company, land held under inventory relating to erstwhile mining
business has been converted into capital asset during the year as per the applicable provision of The Income Tax Act, 1961
(ii) Cocoblu Retail Limited (a wholly owned Subsidiary Company) operates as a seller on the online ecommerce marketplace
platform. In accordance with the terms of the Services Business Solution Agreement, such online marketplace platform
provides storage services once the receipt of delivery of goods is confirmed and accordingly, the Subsidiary Company’s
inventory is stored in various fulfilment centers run by such online marketplace platform. The management relies on the
inventory records produced by the online marketplace platform’s IT application. The Subsidiary Company is not exposed to
inventory risk due to any damage or loss as the online marketplace platform entity is responsible for making good the loss
(if any) to the inventory in its custody.
Considering the nature of operations, the Subsidiary Company’s management themselves cannot perform physical
verification of inventory but relies upon the confirmation of the inventory held, as obtained from the online marketplace
platform at regular intervals. As per such confirmation, no material discrepancies were noticed during the current year.
(iii) Inventories are hypothecated with the Financial Institution/Bank against borrowing facilities. (refer note 23)
(iv) Value of inventories stated above is after provisions of H878.50 million (31 March 2022: H5.17 million) towards write-downs to
net realisable value and provisions for slow-moving items.


13 Current investments (Unquoted, non-trade, FVTPL)

Investments in mutual funds
10,367.84 (31 March 2022 :4,483,764.49) units in ICICI Overnight Fund- 12.52 513.87
Direct Plan Growth
3,013.15 (31 March 2022 :19,125.26) units in ICICI Liquid Prudential Fund- 1.00 6.03
Direct Plan Growth
Nil (31 March 2022: 1,600,168.78 units) in Aditya Birla Sun Life Asset - 549.06
Management-Liquid Fund-Direct Plan Growth
Nil (31 March 2022: 200,093.23 units) in BNP Paribas-Liquid Fund-Direct - 490.82
Plan Growth
13.52 1,559.78
Aggregate amount of book value and market value of quoted - -
investments
Aggregate amount of unquoted investments 13.52 1,559.78
Aggregate amount of impairment in the value of investments - -
- -
14 Trade receivables (Unsecured unless otherwise stated, at amortised cost)

Related to sale of goods/service
(i) Considered good - Secured - -
(ii) Considered good - Unsecured 483.97 18.30
(iii) Receivables having significant increase in credit risk 19.81 -
(iv) Credit impaired - -
Less: Provision for doubtful balances (19.81) -
483.97 18.30
Note - Trade receivables are hypothecated with the financial institution/Bank against borrowing facility. (refer note 23)
a. A receivable represents the Group’s right to an amount of consideration that is unconditional i.e. only the passage of time is
required before payment of consideration is due and the amount is billable.
b. Trade receivables are usually on trade terms based on credit worthiness of customers as per the terms of contract with
customers.
c. Neither trade nor other receivables are due from directors or other officers of the Holding Company either severally or jointly
with any other person, nor any trade or other receivables are due from firms or private companies respectively in which any
director is a partner, a director or a member.
Trade receivable ageing schedule :-
Particulars Not Less than 6 months 1-2 2-3 More than
Year Unbilled Total
due 6 months to 1 year years years 3 years
Undisputed Trade receivable- 2022-23 55.56 - 422.05 5.69 0.67 - - 483.97
considered good 2021-22 - - 18.30 - - - - 18.30
Undisputed Trade receivable- 2022-23 - - - 5.69 8.44 5.43 0.25 19.81
Considered doubtful 2021-22 - - - - - - - -
considered good 2021-22 - - - - - - - -
credit impaired 2021-22 - - - - - - - -
Total Gross 2022-23 55.56 - 422.05 11.38 9.11 5.43 0.25 503.78
2021-22 - - 18.30 - - - - 18.30
Less : Allowance for credit 2022-23 - - - (5.69) (8.44) (5.43) (0.25) (19.81)
loss 2021-22 - - - - - - - -
Net receivables 2022-23 55.56 - 422.05 5.69 0.67 - - 483.97
2021-22 - - 18.30 - - - - 18.30

15 Cash and cash equivalents

Balances with banks
Deposit with original maturity of less than 3 months 2.50 -
321.40 18.07
16 Bank balances other than cash and cash equivalents

Fixed deposit with original maturity of more than 3 months but less than 12 1,024.78 1.22
months
1,024.78 1.22
(i) Deposits aggregating H425.00 million (31 March 2022: Nil) are under lien as margin money against loan availed from financial
institutions aggregating to H1,500.00 million (31 March 2022: Nil)
(ii) Deposits aggregating H434.03 million (31 March 2022: Nil) pledged as margin against bank guarantees of H498.48 million (31
March 2022: Nil). [refer not 45 related to ‘Revolt’]
(iii) Deposits aggregating H2.88 million are under lien as margin against corporate credit card facility.
17 Loans (unsecured, considered good)

Loans to:
Director 4.32 -
Relative of director 0.21 -
Employees 1.00 -
5.53 -
18 Equity share capital

Authorised capital
2,000,000,000 (31 March 2022: 2,000,000,000) equity shares of H2 each 4,000.00 4,000.00
4,000.00 4,000.00
Issued, subscribed and fully paid up capital
1,382,269,592 (31 March 2022: 1,382,269,592) equity shares of H2 each fully 2,764.54 2,764.54
paid up
2,764.54 2,764.54
a) Reconciliation of equity shares outstanding at the beginning and at the end of the year
No of shares Amount No of shares Amount
Equity shares at the beginning of the year 1,382,269,592 2,764.54 1,382,269,592 2,764.54
Add : Change during the year - - - -
Equity shares at the end of the year 1,382,269,592 2,764.54 1,382,269,592 2,764.54


b) Rights/ restrictions attached to equity shares

The Holding Company has only one class of equity shares with voting rights, having a par value of H2 per share. Each
shareholder of equity shares is entitled to one vote per share held. Each share is entitled to dividend, if declared, in
Indian Rupees. The dividend, if any, proposed by Board of Directors is subject to the approval of the shareholders in
the ensuing Annual General Meeting, except in the case of interim dividend. In the event of liquidation of the Holding
Company, the holders of equity shares will be entitled to receive remaining assets of the Holding Company, after
distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held
by the shareholders.
c) Details of shareholders holding more than 5% equity shares
No of shares % Holding No of shares % Holding
Equity shares of D2 each fully paid up
Laurel Energetics Private Limited* 543,338,386 39.31% 543,338,386 39.31%
Arbutus Consultancy LLP 384,112,902 27.79% 384,112,902 27.79%
Yantra Energetics Private Limited 104,765,484 7.58% 104,765,484 7.58%
* (i) 6.88% equity shares of the Holding Company, held by one of the Promoter Company were pledged to secure a loan availed
by other promoter Company to provide working capital to Cocoblu Retail Limited, the wholly owned Subsidiary. Of the
aforesaid equity shares, pledge on 3.07% equity shares has been released on 24 May 2023.
(ii) 4.64% equity shares of the Holding Company, held by one of the Promoter Company were pledged to avail/ fulfil the
additional margin requirement for working capital facility and to secure invoice discounting facility by Cocoblu Retail
Limited, the wholly owned Subsidiary.
The above information has been furnished as per the shareholders’ register as at the year end.
d) Details of shareholding held by promoters# as at 31 March 2023

No of % of % change
Promoter Name Year
Rajiv Rattan 31 March 2023 1,770,000 0.13% -
31 March 2022 1,770,000 0.13% -
Laurel Energetics Private Limited 31 March 2023 543,338,386 39.31% -
31 March 2022 543,338,386 39.31% -
Arbutus Consultancy LLP 31 March 2023 384,112,902 27.79% -
31 March 2022 384,112,902 27.79% -
Yantra Energetics Private Limited 31 March 2023 104,765,484 7.58% -
31 March 2022 104,765,484 7.58% -
#
Promoters here means ‘promoter’ as defined under Companies Act, 2013.
e) No bonus shares or shares were issued for consideration other than cash or no shares have been bought back over
the last five years immediately preceeding the reporting date.
19 Other equity
Capital reserve 3,792.88 3,792.83
Treasury shares [refer note 56(ii)] (48.99) -
Securities premium 329.63 329.63
Employee stock option outstanding - 0.03
Foreign currency translation reserve (0.18) -
Retained earnings (2,667.20) 100.95
1,406.14 4,223.44

Nature and purpose of other reserves

Capital reserve
Capital reserve was created in earlier years in relation to specific transactions. Capital reserve is not available for
distribution to the shareholders.
Securities premium
Securities premium represents premium received on issue of shares. The reserve is utilised in accordance with the
provisions of the Companies Act, 2013.
Employee’s stock options reserve
The reserve account is used to recognise the grant date value of options issued to employees under Employee stock
option plan.
Retained earnings
Retained earnings are created from the profit of the Group, as adjusted for distribution to owners, transfer to other
reserve, remeasurement of defined benefit plan, etc.
Treasury shares
This reserve represents own equity shares held by RattanIndia Enterprises Employee Welfare Trust.
Foreign currency translation reserve
Exchange differences arising on translation of the foreign operations are recognised in other comprehensive income
as described in accounting policy and accumulated in a separate reserve within equity. The cumulative amount shall
be reclassified to profit or loss when the net investment will be disposed-off.
20 Lease liabilities
Non-current Current
Lease liability (refer note 37) 303.06 345.02 51.80 43.31
303.06 345.02 51.80 43.31
21 Provisions
Non-current Current
Provision for employee benefits (refer note 35)
Provision for compensated absences 13.28 0.76 1.23 0.03
Provision for gratuity 17.66 0.84 0.91 0.59
Provision for bonus - - 0.07 -
Provision for warranty (i) 51.72 - 33.23 -
82.66 1.60 35.44 0.62
(i) Movement in provision for warranties

Particulars
31 March 2023 31 March 2022
Opening balance as on date of acquisition 92.13 -
Addition during the year 35.50 -
Amount utilised during the year 42.68 -
Closing balance 84.95 -


The provision for warranty claims represents the present value of estimate of the future economic outflows that will be
required under the Subsidiary Company, Revolt’s obligations for warranties. The estimate is made on the basis of historical
experience and/or technical assessment and may vary as a result of new materials or other events affecting product quality.
22 Other liabilities
Non-current Current
Deferred income (refer note 26) 33.89 - 24.66 -
Statutory dues - - 69.03 8.20
Advance from customers (refer note 26) - - 133.57 -
Other payables - - 18.27 1.00
33.89 - 245.53 9.20
23 Borrowings (Unsecured)
Current
Secured
Working capital loan from bank A(i) 840.00 -
Invoice financing facility A(ii) 1,581.41 -
Cash credit and other facilities A(iii) 190.31 -
Loan from related party (Unsecured)
Inter corporates deposit A(iv) 6,758.80 1,200.86
9,370.52 1,200.86
A. Security and other terms

(i)
H840.00 million (March 31, 2022 : Nil) Working Capital loan from RBL Bank is secured by first Pari Passu
charge by way of hypothecation over entire current assets of the Subsidiary Company, Cocoblu Retail
Limited and over entire moveable fixed assets of the Subsidiary Company, both present and future, and
carries interest @ 3 Month MCLR plus 1.20% i.e. 10.60% p.a. as at year end. It is payable on demand.
(ii)
H1,581.41 million (31 March 2022 : Nil) Invoice financing facility, secured by first Pari Passu charge by way
of hypothecation over entire current assets of the Subsidiary Company, Cocoblu Retail Limited and carries
interest rate ranging between 12% to 15.75% p.a. as at year end. Loan is payable in maximum period of
120 days.
(iii) The Subsidiary Company, ‘Revolt’ has availed Purchase Invoice Financing/Discounting/Cash Credit aggregating
to D250.00 million. The Tenor of the Purchase Invoice Financing/Discounting arrangement is 90 days. The
facility has been secured by way of exclusive charge on entire existing and future Current Assets and Fixed
Assets of the Subsidiary Company. Also, the Corporate Guarantee by JDS Agencies Private Limited, Camellian
Energetics Private Limited and RattanIndia Enterprises Limited has been given. The Subsidiary Company
has entered into agreement with HDFC Bank to avail letter of credit facility amounting to D130.00 million
secured by way of above mentioned security. LC dues are repayable during 6 months period as per the terms
of the LC issued. Fixed deposit of 30% as margin of limit amount has been kept as lien in favour of HDFC Bank.
It also includes interest accrued amounting to D2.33 million.

(iv) a) Terms of interest rate have been amended with effective from 1 April 2022 , Inter corporate deposits
(ICD) carry effective rate of interest at 6.50% per annum over the tenure of loan 4 to 5 years but are
repayable on demand.
b) During the year, Subsidiary Company, Cocoblu Retail Limited received inter corporate deposits
amounting to H1,900 million from related party at an interest rate of 13% p.a. and are repayable on
demand.[refer note 34 (B)]
B. Above loans carry certain financial covenants and the Subsidiary Companies have satisfied all covenants as per
the terms of respective banks/financial institutions.
C. Reconciliation of statements submitted to banks during the year:
Cocoblu Retail Limited
Amount
Amount as
Name of Reported in the Reason for material
Quarter Particular per Books Variance
the Bank quarterly Return discrepancies
of Account
/ Statement
Quarter ended 31 RBL Bank Inventory 11,821.89 11,824.10 (2.21) The Subsidiary Company
December 2022 Trade 715.27 715.27 - submitted the returns to the
Receivable banks based on provisional
books of accounts within
Quarter ended 31 RBL Bank Inventory 10,731.09 10,735.20 (4.11) the due date resulting in
March 2023* Trade 424.81 804.70 (379.89) variances vis-à-vis books of
Receivable accounts finalised by the
management subsequently.
*For quarter ended 31 March 2023, the Subsidiary Company is in process of submitting revised statement with bank post
balance sheet date.
Revolt Intellicorp Private Limited

Amount
Amount as
Reported in the Reason for material
Quarter Current asset type per Books Variance
quarterly Return discrepancies
of Account
/ Statement
Quarter 1 Inventory 93.57 126.19 (32.62) The Subsidiary Company submitted
Other current assets 614.70 615.00 (0.30) the returns to the banks based on
provisional books of accounts within
Quarter 2 Inventory 167.95 137.01 30.94 the due date resulting in variances
Other current assets 674.01 672.41 1.60 vis-à-vis books of accounts finalised
by the management subsequently.
Quarter 3 Inventory 131.95 131.95 -
Other current assets 711.00 712.18 (1.18)
Quarter 4 Inventory 552.33 107.21 445.12
Other current assets 726.00 1,189.52 (463.52)
The Subsidiary Company has a working capital limit in excess of H250.00 million sanctioned by HDFC Bank based on the
security of current assets (Mortgage of Immoveable property of Promoter, stocks and other current assets). The quarterly
returns/statements, in respect of the working capital limits have been filed by the Subsidiary Company with such banks and
such statements are in agreement with the books of account of the Subsidiary Company for the respective periods, except
for the above:
24 Trade Payables
Total outstanding dues of micro enterprises and small enterprises (refer note 50) 963.30 -
Total outstanding dues of creditors other than micro enterprises and small 5,728.75 479.11
enterprises
6,692.05 479.11


Trade payables ageing schedule :-

Outstanding for following periods from due date of payment*
Particulars Less than 1-2 2-3 More than
Year Not due Total
1 year years years 3 years
(i) MSME 2022-23 - 963.19 0.11 - - 963.30
2021-22 - - - - - -
(ii) Others 2022-23 67.18 5,658.30 3.24 - 0.03 5,728.75
2021-22 4.12 474.99 - - - 479.11
(iii) Disputed dues to MSME 2022-23 - - - - - -
2021-22 - - - - - -
(iv) Disputed dues to others 2022-23 - - - - - -
2021-22 - - - - - -
Total 2022-23 67.18 6,621.49 3.35 - 0.03 6,692.05
2021-22 4.12 474.99 - - - 479.11
* For the purpose of presentation of ageing schedule, the invoice date has been considered as the due date by the Group.
25 Other financial liabilities

Current
Other liability- customer refund (i) 182.25 2.12
Booking advance refundable to customers 35.07 -
Security and earnest money deposits from dealers 83.40 -
Other contingent liability [refer note 39 b(ii)] 500.00 -
Other financial liabilities 52.77 14.40
Payables on purchase of fixed assets 0.07 0.49
853.56 17.01
(i) A refund liability is the obligation to refund some or all of the consideration received (or receivable) from the customer and is
measured at the amount the Group ultimately expects it will have to return to the customer. The Group updates its estimates
of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period.
26 Revenue from operations

Particulars
31 March 2023 31 March 2022
Operating revenue
Sale of products
Sale of goods through ecommerce marketplace platform [refer 40,014.33 107.48
note 12(ii)]
Sale of bikes/drones 487.84 -
Sale of traded goods/ spare parts 23.13 -
Sale- others 2.25 -
40,527.55 107.48
Sale of services
Commission income 49.37 5.16
Technical services 5.57 -
Others 0.97 0.62
67.91 31.78


Particulars
31 March 2023 31 March 2022
Other operating revenue
Sales incentive 611.90 -
Sale- others 30.54 0.67
642.44 0.67
Subtotal 41,237.90 139.93
Details of operating revenue by geographical locations
In India 40,595.46 139.26
Outside India - -
Total 40,595.46 139.26
Revenue from contract with customers

Indian Accounting Standard 115 Revenue from Contracts with Customers (“Ind AS 115”), establishes a framework for
determining whether, how much and when revenue is recognised and requires disclosures about the nature, amount,
timing and uncertainty of revenues and cash flows arising from customer contracts. Under Ind AS 115, revenue is
recognised through a 5-step approach:
(i) Identify the contract(s) with customer;
(ii) Identify separate performance obligations in the contract;
(iii) Determine the transaction price;
(iv) Allocate the transaction price to the performance obligations; and
(v) Recognise revenue when a performance obligation is satisfied.
Assets and Liabilities related to contracts with customers

Particulars
Non-current Current Non-current Current
Contract liabilities related to sale of goods
Advance from customers - 133.57 - -
Contract receivables related to sale of goods
Trade receivables - 483.97 - 18.30
Right to return assets and refund liabilities

Particulars
Non-current Current Non-current Current
Right to return asset - 149.64 - -
Refund liabilities arising from rights of return - 182.25 - 2.12
Significant changes to contract assets and contract liabilities

There has been no significant changes in contract assests/contract liabilities during the year.

Reconciliation of revenue with contract price
31 March 2023 31 March 2022
Contract price 52,445.15 139.26
Less: Rebate and Discount (459.13) -
Less: Sales return (11,390.56) -
Revenue from contract with customers 40,595.46 139.26


Transaction price - remaining performance obligation

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to
be recognized as at the end of the reporting period and an explanation as to when the Group expects to recognize
these amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Group has not disclosed the
remaining performance obligation related disclosures for contracts as the revenue recognised corresponds directly
with the value to the customer of the entity’s performance completed till the reporting period.

Timing of Revenue Recognition
31 March 2023 31 March 2022
Revenue recognised at point in time 40,589.89 139.26
Revenue recognised over time 5.57 -
Revenue from contract with customers 40,595.46 139.26
Disaggregation of revenue
Set out below is the disaggregation of the Group’s revenue from contracts with customers:
Particulars
31 March 2023 31 March 2022
Based on nature of goods/services
(a) Sale of Products
Sale of goods through ecommerce marketplace platform 40,014.33 107.48
Sale of bikes/drones 487.84 -
Sale of traded goods/ spare parts 23.13 -
Sale- others 2.25 -
(b) Sale of Services 67.91 31.78
(c) Other operating revenue 642.44 0.67
41,237.90 139.93
The following table provides information about receivables:

Particulars
31 March 2023 31 March 2022
Receivables
Trade receivables (gross) 448.22 18.30
Unbilled revenue for passage of time 55.56 -
Less : Allowances for doubtful debts (19.81) -
Net receivables (a) 483.97 18.30
The Group’s contracts with customers for the sale of goods through ecommerce marketplace platform generally include one
performance obligation. The Group has concluded that revenue from sale of goods should be recognised at the point in time
when goods are dispatched to the customer as per agreed terms. In case of sale of other goods (bikes, drones) and services, the
Group’s primary obligation under contract with customers is satisfied as the goods are delivered/ control is transferred to the
customers and services are rendered.
Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract liability is
the group’s obligation to transfer goods or services to a customer for which the group has received consideration from the
customer in advance. Contract assets are transferred to receivables when the rights become unconditional and contract liabilities
are recognized as and when the performance obligation is satisfied.

27 Other income
Particulars
31 March 2023 31 March 2022
Interest on
Bank deposits at amortised cost 30.30 1.39
Income tax refund 0.04 0.09
Security deposits 1.56 0.31
31.90 1.79
Other income
Capital gain on mutual fund and investment - realised 99.69 92.56
Gain on derecognition of equity method for associate [refer note 42(i)] - 5,319.80
Profit from fair value of investment/mutual fund - unrealised (at FVTPL) 0.01 375.65
Foreign exchange fluctuation gain (net) 1.19 -
Miscellaneous income 11.42 0.15
112.31 5,788.16
144.21 5,789.95
28 Cost of material consumed

Particulars
31 March 2023 31 March 2022
(a) Opening stock of raw materials - -
Add: Purchases 880.88 -
Add: Direct expenses 43.06 -
Acquisition through business combination [refer note 39] 108.61 -
Less : Closing stock of raw materials (90.56) -
941.99 -
(b) Purchase of stock-in-trade 43,667.82 474.39
29 Change in inventory
Particulars
31 March 2023 31 March 2022
Work in progress
Inventories at the end of the year (0.12) -
Inventories at the beginning of the year - -
Net decrease/ (increase) - -
(a) Finished and traded goods/ Spares and accessories

Inventories at the end of the year (10,625.90) (383.68)
Inventories at the beginning of the year 383.68 -
Net increase (10,218.50) (383.68)
TOTAL (increase)/decrease (10,218.50) (383.68)
30 Employee benefits expense

Particulars
31 March 2023 31 March 2022
Salaries, wages and bonus 697.46 59.78
Contribution to provident and other funds 10.75 0.39
Gratuity and compensated absences (refer note 35) 17.54 1.80
Recruitment and training expenses 1.23 2.11
Staff welfare expenses 11.62 0.31
738.60 64.39


31 Finance costs
Particulars
31 March 2023 31 March 2022
Interest on
Working capital loan from bank 22.99 -
Invoice financing facility 90.41 -
Lease liability 22.99 4.38
Term loans and bills of exchanges 4.68 -
Interest on MSME dues 10.18 -
Loan prepayment charges 0.26 -
Others 0.24 -
Other income
Processing fees 17.76 -
Bank guarantee charges 3.83 -
Other finance charges 1.81 -
492.58 18.22
32 Depreciation and amortisation expense

Particulars
31 March 2023 31 March 2022
Depreciation
Property, plant and equipment 12.39 0.20
Right-of-use assets 60.94 12.48
Amortisation on
Intangible assets 25.49 -
98.82 12.68
33 Other expense
Particulars
31 March 2023 31 March 2022
Platform selling fees (net) 4,816.86 17.23
Loss on equity shares investment measured at FVTPL(unrealised) [refer 2,553.50 -
note 42(ii)]
Advertisement & business promotion 274.31 5.46
Rent (refer note 37) 7.73 0.84
Rates and taxes 10.31 7.44
Technical support expenses 52.29 1.76
Electricity expenses 0.41 0.04
Freight 12.27 -
Insurance expenses 2.60 -
Legal and professional charges* 284.12 29.14
Loss on revaluation of previously held interest in associate [refer note 137.13 -
39(b)(ii)]
Loss on disposal of tangible assets (net) 0.01 0.02
Loss on foreign currency transaction and translation (net) 0.46 0.11
Repair and maintenance:


Particulars
31 March 2023 31 March 2022
Office 17.31 2.74
Vehicles 0.17 -
Others 10.82 3.04
Postage and telegram 1.07 0.03
Printing and stationery 0.65 0.09
Provision for bad and doubtful balances 15.34 -
Travelling and conveyance 20.71 1.27
Warranty expenses (refer note 21) 35.50 -
Miscellaneous expenses 13.98 0.65
8,267.55 69.86
*Includes remuneration to auditors (excluding applicable taxes)
Statutory audit and limited reviews 7.44 2.77
Certifications 0.14 -
7.58 2.77
34 Related party disclosures

As per Ind AS-24 “Related Party Disclosure”, the related parties, identified by the Management, where control exists
or where significant influence exists and with whom transactions have taken place are as below:
Related parties where control exists:
I. Holding Company RattanIndia Enterprises Limited
II. Entities having substantial Laurel Energetics Private Limited
interest Arbutus Consultancy LLP
Yantra Energetics Private Limited
III. Associates Revolt Intellicorp Private Limited (up to 12 January 2023)

RattanIndia Power Limited (up to 29 March 2022)
IV. Subsidiary companies Neotec Enterprises Limited (Neotec) (w.e.f. 17 March 2021)
including step down RattanIndia Investment Manger Private Limited (RIMPL) (w.e.f. 19 June 2021)
subsidiaries Neosky India Limited (Neosky) (w.e.f. 20 September 2021)
Cocoblu Retail Limited (Cocoblu) (w.e.f. 03 November 2021)
Neotec Insurance Brokers Limited (NIBL) (w.e.f. 15 November 2021)
Revolt Intellicorp Private Limited (Revolt) (w.e.f 13 January 2023)
Neobrands Limited (Neobrands) (w.e.f 10 November 2022)
Throttle Aerospace System Private Limited (TAS) (w.e.f 25 May 2022)*
Neorise Technologies–FZCO (Neorise) (w.e.f. 27 December 2021)
* Step down subsidiary of the Holding Company
V. Other related parties:
a) Enterprise over which Key Management Personnel have significant influence –
Priapus Developers Private Limited
Hamlin Trust
Antheia Engineers Private Limited
Nettle Constructions Private Limited
Sinnar Power Transmission Company Limited
Tupelo Properties Private Limited


b) Enterprises over which KMPs of Step down Subsidiary have significant influence-
Pinkin Consultancy Private Limited
c) Key Management Personnel

Name Designation
Rajiv Rattan Non-Executive Director and Chairman (Executive upto 29 October 2022)
Director of Revolt (w.e.f. 28 April 2021 to 27 February 2023)
Anjali Nashier Non-Executive Non-Independent Director
Jeevagan Narayana Swami Nadar Non-Executive Independent Director
Additional director of Cocoblu (w.e.f. 30 September 2022)
Rajesh Kumar Executive Whole Time Director (Non-Executive upto 31 March 2023)
Sanjiv Chhikara Non-Executive Independent Director
Neha Poonia Non-Executive Independent Woman Director (upto 10 November 2022)
Amit Jain (PAN:- AFKPJ7410C) Chief Financial Officer (from 02 April 2022 to 19 May 2023)(1)
Director of TAS (w.e.f. 26 May 2022)
Director of Cocoblu
Director of Revolt (w.e.f. 14 January 2023)
Amit Jain (PAN:- AEUPJ9311H) Chief Financial Officer (from 11 October 2021 to 02 April 2022)(1)
Director of NIBL
Director of Cocoblu
Director of Neotec (w.e.f. 17 March 2021)
Director of Neobrands
Director of Neosky
Vinu Balwant Saini Chief Financial Officer (w.e.f. 20 May 2023)
Vikas Kumar Adukia Chief Financial Officer (upto 29 April 2021)
Rajesh Arora Company Secretary (w.e.f. 14 October 2021)
Director of Neorise
Ram Kumar Agarwal Company Secretary (upto 13 October 2021)
Pritika Poonia Non-Executive Independent Woman Director (w.e.f. 10 November 2022)
Sudeep Kumar Director of Cocoblu (w.e.f. 21 October 2021 upto 20 April 2022)
Director of Neotec (from 17 March 2021 to 25 June 2022)
Director of Neosky (upto 06 July 2022)
Director of NIBL
Rahul Gochhwal Director of Cocoblu(w.e.f. 25 March 2022)
Director of RIMPL
Surinder Kumar Aery Director of Cocoblu (w.e.f. 21 October 2021)
Director of Neotec (w.e.f. 17 March 2021)
Director of TAS (w.e.f. 26 May 2022)
Director of NIBL
Director of Neosky
Soumik Bhusan Director of Cocoblu (w.e.f. 30 June 2022)
Chief financial officer of Cocoblu (w.e.f. 3 March 2022)
Chandramouli Venkataraman Chief executive officer of Cocoblu (w.e.f. 16 February 2022)
Riddhi Doshi Company secretary of Cocoblu (w.e.f. 30 May 2022 upto 07 April 2023)
Mayanka Srivastava Company secretary of Cocoblu (w.e.f. 07 April 2023)
Vikas Nanda Director of Revolt (w.e.f. 14 October 2021 to 8 February 2023)

Name Designation
Vaibhav Poonia Director of Revolt (w.e.f. 9 February 2023)
Sandeep Kumar Director of Revolt (w.e.f. 14 January 2023)
Rahul Mutreja Company Secretary of Revolt (w.e.f. 9 February 2023)
Manoj Kumar Director of Neotec (w.e.f. 25 June 2022)
Amitav Panigrahi Chief Executive Officer of Neotec (from 16 February 2022 to 02 September 2022)
Ankur Mitra Director of RIMPL (w.e.f. 1 December 2021)
Sarath Chandra Gudlavalleti Director of TAS (w.e.f. 26 May 2022)
Director of Neosky (w.e.f. 26 May 2022)
CEO of the Neosky (w.e.f. 26 May 2022)
Nagendran Kandasamy Director of TAS
Girish GM Reddy CFO of TAS (w.e.f. 26 May 2022)
Nischitha Madhu Relative of Director TAS
Ajay Kumar Director of NIBL (w.e.f. 6 July 2022)
Peeyush Kumar CEO of Neosky ( w.e.f. 16 February 2022 upto 25 May 2022)
1. Subsequent to the year ended 31 March 2023, Mr. Amit Jain ceased to be Chief Financial Officer with effect from
closure of business hours on 19 May 2023, in place of whom the Holding Company has appointed Mr. Vinu Balwant
Saini as Chief Financial Officer with effect from 20 May 2023.
V. Relative of key management personnel Ram Kumar
VI. Interest in Trust - RattanIndia Employee Welfare Trust

Neo Opportunities Fund Trust
A. Summary of transactions with related parties:

Enterprises over Relative of
Key Man-
which Key Manage- Key Man- Interest
ment Personnel have agement in Trust
Personnel
Inter-corporate deposits
Inter corporate deposit taken (net) 31 March 2023 5,348.95 - - - 5,348.95
31 March 2022 1,188.40 - - - 1,188.40
Expense
Lease and other expenses 31 March 2023 29.17 - 0.18 - 29.35
31 March 2022 8.07 - - - 8.07
Interest expense on ICD taken 31 March 2023 317.52 - - - 317.52
31 March 2022 12.45 - - - 12.45
Employee benefits 31 March 2023 - 77.50 - - 77.50
31 March 2022 - 11.83 - - 11.83
Income
Rendering of services 31 March 2023 12.96 - - - 12.96
31 March 2022 26.00 - - - 26.00
Others
Reimbursement of expenses 31 March 2023 - - - 0.24 0.24
31 March 2022 - - - - -


Enterprises over Relative of

Key Man-
which Key Manage- Key Man- Interest
ment Personnel have agement in Trust
Personnel
Corporate Guarantee received 31 March 2023 1,515.90 - - - 1,515.90
31 March 2022 - - - - -
Earnest Money Deposit 31 March 2023 0.50 - - - 0.50
31 March 2022 - - - - -
Loan taken from entity related to KMPs of 31 March 2023 4.19 - - - 4.19
step down Subsidiary
31 March 2022 - - - - -
Loan taken from KMP of step down 31 March 2023 - 12.56 - - 12.56
Subsidiary
31 March 2022 - - - -
Loan given to KMP by step down Subsidiary 31 March 2023 - 4.53 - - 4.53
31 March 2022 - - - - -
Margin Money Given 31 March 2023 500.00 - - - 500.00
31 March 2022 - - - - -
Security deposit given 31 March 2023 - - - - -
31 March 2022 14.32 - - - 14.32
Purchase of Equity 31 March 2023 0.10 - - - 0.10
31 March 2022 - - - - -
Corpus fund in Trust 31 March 2023 - - - 0.01 0.01
31 March 2022 - - - - -
Summary of outstanding balances:

Enterprises over which Key
Nature of transactions Year ended Management Personnel Total
have significant influence
Inter corporate deposit taken 31 March 2023 6,549.81 6,549.81
31 March 2022 1,188.40 1,188.40
Security deposit receivable 31 March 2023 14.32 14.32
31 March 2022 14.32 14.32
Lease and other expenses payable 31 March 2023 - -
31 March 2022 2.87 2.87
Interest expense on ICD payable 31 March 2023 209.00 209.00
31 March 2022 12.45 12.45
Receivables 31 March 2023 2.32 2.32
31 March 2022 4.64 4.64
Margin Money Receivable 31 March 2023 500.00 500.00
31 March 2022 - -
Corporate Guarantee Received 31 March 2023 1,515.90 1,515.90
31 March 2022 - -
Corporate Guarantee given 31 March 2023 1,515.90 1,515.90
31 March 2022 - -
Earnest Money Deposit Receivable 31 March 2023 0.50 0.50
31 March 2022 - -

Notes to the consolidated financial statements
212
B. Statement of material transactions:
Name Year
Inter -corporate
deposit taken
Inter -corporate
deposit repaid/
adjustment
Interest expenses
on Inter -corporate
deposit
Rendering of services
and other expenses
Security deposit
Reimbursement of
expenses
Equity Purchase
Corpus fund in Trust
Corporate Guarantee
Received
Earnest Money
Deposit
Margin Money Given
Loan taken from entity
related to KMPs of
step down Subsidiary
Interest in Trust

Neoopportunity Fund Trust 31 March 2023 - - - - - - 0.24 - 0.01 - - - -
31 March 2022 - - - - - - - - - - - - -
Tupelo Properties Private Limited 31 March 2023 1,900.00 - 106.91 - - - - - - - - 500.00 -
31 March 2022 - - - - - - - - - - - - -
Hamlin Trust 31 March 2023 - - - - - - - 0.10 - - - - -
31 March 2022 - - - - - - - - - - - - -
RattanIndia Power Limited 31 March 2023 - - - 12.96 29.17 - - - - - 0.50 - -
31 March 2022 - - - 3.00 8.07 14.32 - - - - - - -
Priapus Developers Private Limited 31 March 2023 3,456.93 7.98 210.61 - - - - - - - - - -
31 March 2022 2,040.20 851.80 12.45 - - - - - - - - - -
Antheia Engineers Private Limited 31 March 2023 - - - - - - - - - - - - -
31 March 2022 - - - 23.00 - - - - - - - - -
Nettle Constructions Private Limited 31 March 2023 - - - - - - - - - 1,515.90 - - -
31 March 2022 - - - - - - - - - - - - -
Enterprises over which KMPs of Step down Subsidiary have significant influence
Pinkin Consultancy Private Limited 31 March 2023 - - - - - - - - - - - - 4.19
31 March 2022 - - - - - - - - - - - - -
Relative of Key Management Personnel
Ram Kumar 31 March 2023 - - - - 0.18 - - - - - - - -
31 March 2022 - - - - - - - - - - - - -
Total 31 March 2023 5,356.93 7.98 317.52 12.96 29.35 - 0.24 0.10 0.01 1,515.90 0.50 500.00 4.19
31 March 2022 2,040.20 851.80 12.45 26.00 8.07 14.32 - - - - - - -
C. Details of outstanding balances:
Inter Interest
Lease rent Corporate Earnest Margin
-corporate on Inter Rendering Security Corporate
Name Year (receivable)/ Guarantee Money Money
deposit -corporate of services deposit Guarantee given
payable Received Deposit Given
taken payable
Tupelo Properties Private Limited 31 March 2023 1,900.00 - - - - - - - 500.00
31 March 2022 - - - - - - - - -
RattanIndia Power Limited 31 March 2023 - - 2.32 - 14.32 - - 0.50 -
31 March 2022 - - 1.16 2.87 14.32 - - - -
Priapus Developers Private Limited 31 March 2023 4,649.81 209.00 - - - - - - -
31 March 2022 1,188.40 12.45 - - - - - - -
Antheia Engineers Private Limited 31 March 2023 - - - - - - - - -
31 March 2022 - - 3.48 - - - - - -
Nettle Constructions Private Limited 31 March 2023 - - - - - - 1,515.90 - -
31 March 2022 - - - - - - - - -
Sinnar Power Transmission Company 31 March 2023 - - - - - 1,515.90 - - -
OVERVIEW
CORPORATE
Limited 31 March 2022 - - - - - - - - -

Total 31 March 2023 6,549.81 209.00 2.32 - 14.32 1,515.90 1,515.90 0.50 500.00
31 March 2022 1,188.40 12.45 4.64 2.87 14.32 - - - -
REPORTS
STATUTORY
FINANCIAL
STATEMENTS

213
D. Key management personnel

Loan taken from Loan given to
Employment
Name Year KMP of step down KMP by step down
Benefits
Subsidiary Subsidiary
Rajesh Kumar Arora 31 March 2023 7.96 - -
31 March 2022 3.72 - -
Ram Kumar Agarwal 31 March 2023 - - -
31 March 2022 3.00 - -
Soumik Bhusan 31 March 2023 11.96 - -
31 March 2022 0.82 - -
Chandramouli Venkataraman 31 March 2023 24.49 - -
31 March 2022 2.51 - -
Amit Jain 31 March 2023 9.95 - -
31 March 2022 - - -
Sarath Chandra Gudlavalleti (CEO) 31 March 2023 10.33 - -
31 March 2022 - - -
Nagendran Kandasamy (CEO) 31 March 2023 2.87 4.58 4.32
31 March 2022 - - -
Gunjur Muninanjappa Girish Reddy 31 March 2023 2.17 7.93 -
(CFO) 31 March 2022 - - -
Nischitha Madhu 31 March 2023 2.17 0.05 0.21
31 March 2022 - - -
Amitav Panigrahi (CEO) 31 March 2023 4.06 - -
31 March 2022 1.78 - -
Riddhi Doshi (Company Secretary) 31 March 2023 1.54 - -
31 March 2022 - - -
Total 31 March 2023 77.50 12.56 4.53
31 March 2022 11.83 - -
(i) There are no non cash transactions entered with promoters or directors.
(ii) Related party transactions were conducted on the terms equivalent to those prevailing in an arm’s length transaction.
(iii) The Group’s principal related parties consist of RattanIndia Enterprise Limited and key managerial personnel. The Group’s material
related party transactions and outstanding balances are with the related parties with whom the Company routinely enters into
transaction in ordinary course of business.
(iv) Key managerial personnel are entitled to post-employment benefits and other long term employee benefits recognised as per
Ind AS 19 - ‘Employee benefits’ in the financial statements. As the employees benefits are lump sum amounts provided on the
basis of actuarial valuation, the same is not included above.
35 Employee benefits
Defined contribution:
Contributions are made to the Government Provident Fund and Family Pension Fund which cover all regular employees
eligible under applicable Acts. Both the eligible employees and the Group make pre-determined contributions to the
Provident Fund. The contributions are normally based upon a proportion of the employee’s salary. The Group has
recognized in the Statement of Profit and Loss an amount of H10.75 million (31 March 2022: H0.39 million) towards
employer’s contribution towards provident fund.
Defined benefits:
Gratuity scheme - This is an unfunded defined benefit plan and it entitles an employee, who has rendered at least 5 years
of continuous service, to receive one-half month’s salary for each year of completed service at the time of retirement/exit.


i) On normal retirement / early retirement / withdrawal / resignation: As per the provisions of the Payment of Gratuity
Act, 1972 with vesting period of 5 years of service.
ii) On death in service: As per the provisions of the Payment of Gratuity Act, 1972 without any vesting period. Gratuity
payable to employee in case (i) and (ii), as mentioned above, is computed as per the Payment of Gratuity Act, 1972
except the Group does not have any limit on gratuity amount.
Based on the actuarial valuation obtained in this respect, the following table sets out the status of Gratuity and the
amounts recognised in the financial statements for the year ended 31 March 2023:
Gratuity (Unfunded)
Particulars
31 March 2023 31 March 2022
Liability recognised in the balance sheet:
Present value of obligation as at the beginning of the year 1.43 0.76
Addition due to acquisition of business 11.04 -
Current service cost 8.75 0.50
Past service cost - 0.63
Interest cost 0.70 0.10
Benefits paid (0.25) (1.60)
Actuarial losses (3.10) 1.04
Present value of obligation at the end of the year 18.57 1.43
Expenses during the year
Current service cost 8.75 0.50
Past service cost - 0.21
Interest cost 0.70 0.10
Actuarial losses - -
Component of defined benefit cost charged to statement of profit and loss 9.45 0.81
Remeasurement of post-employment benefit obligations:
Actuarial losses (3.10) 1.04
Component of defined benefit cost recognized in other comprehensive income (3.10) 1.04
Gratuity (Unfunded)
Particulars
31 March 2023 31 March 2022
Actuarial (gains)/ losses on obligation
Actuarial (gain)/ loss arising from change in demographic assumptions (0.01) -
Actuarial (gain)/ loss arising from change in financial assumptions 1.20 (0.05)
Actuarial (gain)/ loss arising from change in experience adjustments (4.29) 1.09
The actuarial valuation in respect of commitments and expenses relating to unfunded gratuity and compensated absences are based
on the following assumptions which if changed, would affect the commitment’s size, funding requirements and expenses;

(a) Economic assumptions

Discount rate 7.36% - 7.53% 7.18%
Expected rate of salary increase 7% - 10% 5% - 7%
(b) Demographic assumptions

Retirement age 60 years 60 years
Mortality table 100% IALM (2012-14) 100% IALM (2012-14)
Ages Withdrawal rate (%) Withdrawal rate (%)
Upto 30 years 3.00 - 15.00 3.00
From 31 to 44 years 2.00 - 6.25 2.00
Above 44 years 1.00 - 12.50 1.00
The employer’s best estimate of contributions expected to be paid during the annual period beginning after the balance
sheet date, towards gratuity is H18.71 million (31 March 2022 : H1.12 million).
(c) Sensitivity analysis of defined benefit obligation

a) Impact of the change in discount rate
i) Impact due to increase of 0.50% (31 March 2022: 0.50%) (1.49) (0.10)
ii) Impact due to decrease of 0.50% (31 March 2022: 0.50%) 1.68 0.11
b) Impact of the change in salary increase
i) Impact due to increase of 0.50% (31 March 2022: 0.50%) 1.58 0.11
ii) Impact due to decrease of 0.50% (31 March 2022: 0.50%) (1.44) (0.10)
a. The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined
benefit obligation as a result of reasonable changes in an assumptions occurring at the end of the reporting period
while holding all other assumption constraint. In practice it is unlikely to occur and change in some of the assumption
may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial
assumptions the same method (present value of the defined benefit obligation calculated with the projected unit
credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability
recognised in the balance sheet.
b. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the
prior period.
c. Sensitivities due to mortality & withdrawals are not material & hence impact of change not calculated.
d. Sensitivities as to rate of inflation, rate of increase of pensions in payment, rate of increase of pensions before
retirement & life expectancy are not applicable being a lump sum benefit on retirement.
(d) Maturity profile of defined benefit obligation

Less than 1 year 0.91 0.02
Year 1 to 5 1.39 0.08
More than 5 years 16.27 1.33


36 Earnings/ (loss) per equity share (EPS):

Particulars
31 March 2023 31 March 2022
(Loss)/ profit for the year (2,861.00) 5,538.64
Weighted average number of equity shares outstanding 1,382,269,592 1,382,269,592
Weighted average number of Treasury shares held by Trust* 28,581 -
Weighted average number of equity shares used in computing basic & 1,382,241,011 1,382,269,592
diluted earnings per equity share
Face value per equity share (`) 2.00 2.00
Basic earnings/ (loss) per equity share (`) (2.07) 4.01
Diluted earnings per equity share (`) (2.07) 4.01
Note:
*Treasury shares have been excluded while computing basic and diluted earnings per share [also refer note 56(ii)].
37 Leases disclosure:
The Group has entered into sublicence Agreement for the use of licensed premises for carrying business which has
been considered as finance lease as per Ind AS 116.
a) The table below describes the nature of the Group’s leasing activities by type of right-of-use asset recognised on
balance sheet:
No of leases
No of No of No of
No of right- Range of Average with variable
Right of use leases with leases with leases with
of use assets remaining remaining payments
assets extension purchase termination
leased term lease term linked to an
options options options
index
Office Premises 3 22 months- 46 months 1 - - 3
94 months
b) Additional information on the right-of-use assets by class of assets is as follows:

Office Premises 391.91 12.17 63.67 - 340.41

Office Premises - 406.78 12.48 2.39 391.91
c) Lease liabilities are presented in the statement of financial position as follows:

Current 51.80 43.31
Non-current 303.06 345.02
Total 354.86 388.33
d) The undiscounted maturity analysis of lease liabilities at 31 March 2023 is as follows:

Lease payments 69.64 218.09 157.43 445.16

The undiscounted maturity analysis of lease liabilities at 31 March 2022 is as follows:

Lease payments 66.30 275.98 157.43 499.71
e) The Group had total cash outflows for leases of H66.21 million during 31 March 2023 (31 March 2022: H13.41 million).
The following are the amounts recognised in profit or loss:
Depreciation expense of right-of-use assets 60.94 12.48
Interest expense on lease liabilities 22.99 4.38
Expense relating to short-term leases (included in other expenses) 7.73 0.84
Total 91.66 17.70
f) Operating Lease
The Subsidiary Company has taken on lease certain assets under operating lease arrangements. The contractual
future minimum lease payment obligation in respect of these leases are as under:
Office premises
Minimum lease obligations:
- Within one year 0.35 -
- Later than one year but not later than five years 0.01 -
- Later than five years - -
Total 0.36 -
At 31 March 2023, the Group had not committed to leases which had not commenced.
The Group has elected not to recognise a lease liability for short term leases (leases of expected term of 12 months
or less) or for leases of low value assets, Payments made under such leases are expensed on a straight-line basis. In
addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed
as incurred.
38 The Holding Company has not declared or paid any dividend during the year ended 31 March 2023 and 31 March 2022.
39 a) NeoSky India Limited, a wholly- owned Subsidiary of the Holding Company, acquired 60% equity stake in
Throttle Aerospace Systems Private Limited (‘TAS’) on 24 May 2022 for a cash consideration of H200 million. The
entire purchase consideration has been settled by way of cash.
TAS is a drone hardware & software maker based out of Bangalore, India and leads in enterprise, defence and
delivery drones.
The Group has undertaken Purchase Price Allocation (PPA), based on management’s estimates and fair valuation,
as per Ind AS 103- Business Combinations and has recognized the Group’s share in the carrying value of assets
and liabilities, including identifiable intangible assets (refer details below), of the acquired Company and Non-
Controlling interest.


The assets and liabilities recognized as a result of PPA based on management’s estimates and fair valuation are
as follows:
Particulars Amount (D million)
Intangible assets
Brand Valuation 30.25
Softwares 19.96
Non - compete 8.44
Cash and bank balances 120.00
Other Net assets / (liabilities) 47.63
Deferred tax liability (16.51)
Non-controlling interest (89.81)
Goodwill 80.04
Total Purchase consideration 200.00
The excess of the purchase consideration paid over the fair value of net assets acquired has been attributed
to goodwill and same shall not be amortized. The primary items that generated this goodwill comprise of the
value of the estimated synergies and Group’s foray into drone business, neither of which qualify as an intangible
asset. Goodwill is not tax-deductible.
From the date of acquisition, TAS has contributed revenue of H44.43 million and loss after tax of H38.35 million
to the group. If the business combination had taken place at the beginning of the year, revenue would have
been H44.50 million and loss after tax would have been H44.20 million.
b(i) During the previous year ended 31 March 2022, the Company had acquired 623,712 equity shares constituting
33.84 % of the paid-up share capital of Revolt Intellicorp Private Limited (Revolt) and paid application money for
subscription to 317,328 share warrants for an aggregate amount of H1,000 million. Pursuant to the investment
made, ‘Revolt’ had become an associate of the Company.
b(ii) During the current year, the Holding Company entered into an agreement with Revolt and its promoters to
acquire balance 66.16% of equity share capital of Revolt, for a cash consideration of H770 million. The entire
purchase consideration has been settled by way of cash. The Holding Company fulfilled the prescribed
conditions under the agreement and consequently, Revolt became a wholly owned Subsidiary Company
effective 13 January 2023.
On Revolt becoming Subsidiary, the Group has undertaken Provisional Purchase Price Allocation (PPA) based on
management’s estimates and fair valuation of assets and liabilities, as per Ind AS 103. Consequently, the Group
has recognized intangibles (refer details below) and fair value impact of H137.13 million under the head “other
expenses’ on revaluing its previously held interest in Revolt as at the date of acquisition, as part of accounting
for such business combination in these consolidated financial statements.
The assets and liabilities recognized as a result of PPA based on management’s estimates and fair valuation are
as follows:
Particulars Amount (D million)

Intangible assets
Brand 564.11
Technical know how 46.40
Other Net assets / (liabilities) (171.49)
Contingent liability (at fair value)^ (500.00)
Deferred tax liability (27.80)
Existing investment value (597.00)
Goodwill 1,455.78
Total Purchase consideration 770.00

The excess of the purchase consideration paid over the fair value of net assets acquired has been attributed to
goodwill and same shall not be amortized. The primary items that generated this goodwill represents the value
of the estimated synergies and Group’s focus for deeper penetration into electric vehicles business neither of
which qualify as an intangible asset. Goodwill is not tax-deductible.
From the date of acquisition, Revolt has contributed revenue of H483.02 million and loss after tax of H108.41
million to the group. If the business combination had taken place at the beginning of the year, revenue would
have been higher by H1,943.75 million and loss after tax would have been higher by H374.93 million (excluding
the impact of share of loss in associate)
Initial recognition and measurement of the assets and liabilities as on acquisition date has been determined
on the basis of available facts and information, such provisional amounts are subject to change within the
measurement period as provided under Ind AS 103.
^In accordance with paragraph 23 of Ind AS 103, as assessed by the Group management
c) The Holding Company has acquired 100% stake of Neobrands Limited for H0.1 million, consequent to which it
has become a wholly owned Subsidiary of the Holding Company effective 10 November 2022.
d) The Holding Company has invested an amount of 1 million AED (equivalent H22.5 million), in wholly owned
foreign Subsidiary, Neorise Technologies- FZCO formed under Dubai Silicon Oasis Authority and registered in
Free Zone.
e) The Holding Company has acquired 100% stake of RattanIndia India Investment Manager Private Limited, for
consideration of D .03 million consequent to which it has become a wholly owned Subsidiary of the Holding
Company. The excess of the fair value of net assets acquired over purchase consideration paid has been
attributed to capital reserve.
40 a) No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or
any other sources or kind of funds) by the Holding Company to or in any person(s) or entity(ies), including
foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise, that
the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Holding Company (‘the Ultimate Beneficiaries’) or provide any
guarantee, security or the like on behalf the Ultimate Beneficiaries.
b) Other than as disclosed below, no funds have been received by the Holding Company from any person(s) or
entity(ies), including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing
or otherwise, that the Holding Company shall, whether directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
During the year, the Holding Company has received fund as inter corporate deposit (ICD) from one of the related
party Priapus Developers Private Limited (PDPL). Further, same was given in form of inter corporate deposit (ICD)
for business operations and investment in equity shares of below Subsidiary companies (100% Subsidiaries of
the Company).



Investment/ ICD given to
ICD received from ultimate beneficiary Details of Details of
funding parties funding parties ultimate beneficiary
ICD given Investment
Private Limited (CIN : Floor, Tower-B, Worldmark 1, Aerocity New
U70109DL2009PTC197234, Delhi- 110037, CIN : U52399DL2021PLC388574
A-103, Fifth Floor, N.H-8, Worldmark 1, Aerocity New Delhi 110037 CIN:
408.43 - Revolt Intellicorp Pvt. Ltd, House No. 27, Sector
110037)
31-32AUrban Estate Shivaji Nagar HR 122001
CIN:U34203HR2017PTC070517
103.90 - Neotec Enterprises Limited, 5th Floor, Tower-B,
CIN:U74999DL2021PLC378755
1.00 - RattanIndia Investment Manager Private Limited,
5th Floor, Tower-B, Worldmark 1, Aerocity New
Delhi 110037 CIN: U65100DL2009PTC197243
5.00 - Neobrands Limited, 5th Floor, Tower-B,
CIN:U51909DL2021PLC389349
- 22.56 Neorise Technologies FZCO, Registered office
- DSO-IFZA, Dubai Digital Park, Dubai Silicon
Oasis, Building A2, Dubai, United Arab Emirates
2,689.89 2,667.33 22.56

Details of Details of
from funding ultimate beneficiary
A-103, Fifth Floor, N.H-8, Worldmark 1, Aerocity New Delhi 110037,CIN:
20.02 - Extension, New Delhi- Neotec Enterprises Limited, 5th Floor, Tower-B,
110037) Worldmark 1, Aerocity New Delhi 110037, CIN:
U74999DL2021PLC378755
1,625.62 1,625.62 -
The Holding Company was required to lend and invest in above Subsidiary companies (100% Subsidiaries of the
Company) as per their respective business requirement for furtherance of Company’s interest. One of the related
party PDPL supported the Company by providing ICD for the same.
41 During the year ended 31 March 2023, Neotec Insurance Brokers Limited (“Neotec”), a wholly owned Subsidiary has
received Certificate of Registration to act as Direct Insurance Broker (Life & General) from IRDAI.
42 (i) During the previous year ended 31 March 2022, REL had sold 121,039,989 equity shares of RattanIndia Power
Limited (RPL), resulting in decrease in shareholding from 22.07 % to 19.81%, accordingly, RPL had ceased to be
associate of REL. Consequently, Holding Company had discontinued the use of equity method for investment
in RPL and corresponding losses of H5,319.80 million were reversed in the consolidated financial statements of
the Group. Further Holding Company had recognised a realised gain of H88.77 million and unrealised gain of
H372.39 million on classification of investment in RPL, as financial asset.
(ii) During the year ended 31 March 2023, in accordance with Ind AS-109, the Holding Company has recognised
unrealised loss of H2,553.50 million, forming part of ‘Other Expenses’, on investment in equity shares of
RattanIndia Power Limited, on account of movement in market/ quoted price.

(iii) Out of total holding, 1,040,506,638 (31 March 2022: 1,040,506,638), equity shares of RPL are pledged in favour
of the lenders of RPL.
43 The Holding Company’s Board of Directors at their meeting held on 10 May 2023, had approved raising of fund
through issue of securities, by way of Qualified Institutions Placement (“QIP”) or any other permissible mode in
compliance with applicable laws, subject to shareholders and other applicable regulatory approvals, for an amount
upto H10,000 million or its equivalent in any other currencies.
The Holding Company’s Board of Directors at their meeting held on 18 May 2023, agreed to enter into a Business
Transfer Agreement with RattanIndia Technologies Private Limited, a related entity, to purchase business activities
pertaining to its Technology Business, as a going concern, on slump sale basis, for a lump sum consideration of H1
million, without values being assigned to individual assets and liabilities. The objective of such acquisition is to enable
the Holding Company to develop new capabilities, create valuable knowledge-based resources and improve strategic
flexibility to reduce cost and development time.
44 Guarantees excluding financial guarantees

(a) Particulars^ As at 31 March 2023 As at 31 March 2022
(i) Corporate guarantees given on behalf of Subsidiary companies to 3,375.00 -
vendors, Financial Institutions
(ii) Corporate guarantees given on behalf of Subsidiary of related 1,515.90 -
party*
Total 4,890.90 -
*related party disclosure (refer note 34)
^The Group is not expecting any outflows in respect of above guarantees
b) The Holding Company has executed a Deed of Guarantee dated 31 December 2019 as a Sponsor of RattanIndia
Power Limited (RPL) in favour of Vistra ITCL (India) Limited (Security Trustee). As per the terms of Deed of
Guarantee REL (Sponsor) has guaranteed the Backstopped Liabilities; liabilities of the borrower and claims made
by the existing lenders against the borrower in relation to the existing lenders Redeemable preference shares,
including but not limited to the payment of any dividend or the redemption of the existing lenders redeemable
preference shares.
45 Details of contingent liabilities, pending litigations and other matters:

(i) Claims not acknowledged as debt
Stamp duty demand, that Subsidiary Company, ‘Revolt’ is currently 3.34 -
contesting before the regulatory authorities
(ii) Claims by customers (alongwith interest) in the normal course of business may be payable as and when the
outcome of the related matters are finally determined. Management based on the legal inputs and historic
trends, believes that no material liability will devolve on the Subsidiary Company, ‘Revolt’ in respect of
such matters.
(iii) Others
Bank guarantees provided to suppliers aggregating to H98.48 million which are secured by pledge on its fixed
deposits of H33.31 million as margin for issuance of such bank guarantees by Subsidiary Company, ‘Revolt’.
46 Foreign exchange disclosures:

Value of imports calculated on C.I.F basis by the Group during the financial year in respect of :
Particulars
31 March 2023 31 March 2022
Components/raw materials 12.65 -


Expenditure in foreign currency

Particulars
31 March 2023 31 March 2022
Rates & taxes 0.18 -
Software Licences 7.16 -
Online subscription 0.16 -
47 A sum of H1,528.74 million (31 March 2022: H69.60 million) has been presented as ‘balances with statutory authorities’
under ‘Other non-current assets’ and ‘Other current assets’, as at 31 March 2023, that the management is confident of
recovery through utilisation against the future sales and service orders, based on management approved projections
and refund claims filed/ in the process of being filed, in accordance with applicable GST regulations.
48 A sum of H535.60 million (net of provision of H166.85 million) has been presented as ‘Government Incentives
recoverable [Faster Adoption and Manufacturing of Hybrid and Electric Vehicles - Phase II (FAME-II)] scheme’- H500.56
million and State Incentive – MAH- H35.05 million under ‘Other financial assets’ as at 31 March 2023, and represents
Subsidiary Company’s entitlement under the said schemes in relation to electric bikes sold upto 31 March 2023, for
which the Subsidiary Company’s management has already completed the procedural formalities.
Subsequent to the balance sheet date, IFCI Limited, the project manager for FAME II scheme, on behalf of The Ministry
of Heavy Industries (MHI), in its show cause notice dated 3 April 2023 (‘SCN) has proposed to challenge Subsidiary
Company’s eligibility under the FAME II scheme, alleging non- compliance of prescribed criteria and the Phased
Manufacturing Programme (PMP) Guidelines. The management is currently in the process of responding to the queries
raised in the SCN. The Subsidiary Company’s management basis continuous assessment and inputs is confident that it
has complied with all the prescribed conditions under the FAME II scheme, including the achievement of localisation,
that has also been certified by Automotive Research Association of India (‘ARAI’). The management is currently
following up with MHI for processing and disbursement of the pending claims and believes that the aforesaid claims
are fully recoverable, and that no further adjustment is required in these consolidated financial statements.
49 In respect of amounts as mentioned under Section 125 of the Act, there is no amount required to be transferred to
the Investor Education and Protection Fund as at 31 March 2023 and as at 31 March 2022.
50 Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006:
Particulars As at 31 March 2023 As at 31 March 2022
(i) Principal amount remaining unpaid to any supplier as at the end of 952.76 Nil
the accounting year;
(ii) Interest due thereon remaining unpaid to any supplier as at the end 10.54 Nil
of the accounting year;
(iii) The amount of interest paid by the buyer in terms of section 16 of the Nil Nil
Micro, Small and Medium Enterprises Development Act, 2006, along
with the amount of the payment made to the supplier beyond the
appointed day;
(iv) The amount of interest due and payable for the period of delay in Nil Nil
making payment (which have been paid but beyond the appointed
day during the year) but without adding the interest specified under
the Micro, Small and Medium Enterprises Development Act, 2006;
(v) The amount of interest accrued and remaining unpaid at the end of 10.53 Nil
the accounting year;
(vi) The amount of further interest remaining due and payable even in 10.18 Nil
the succeeding years, until such date when interest dues above are
actually paid to the small enterprise, for the purpose of disallowance
of a deductible expenditure under section 23 of Micro, Small and
Medium Enterprises Development Act, 2006.

The above information and that given in Note 24 - ‘Trade Payable’ regarding Micro, Small and Medium Enterprises has
been determined to the extent such parties have been identified on the basis of information available with the Group.
51 The Group has not entered into any derivative instruments during the year. The Group does not have any foreign
currency exposures towards receivables, payables or any other derivative instrument as at 31 March 2023 and 31
March 2022.
52 The disclosure as per Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
related to loans and advances in the nature of loans given to subsidiaries, associates and others and investments in
shares of the Group by such parties is covered in the related party disclosures (refer note 34).
53 The Group is covered under Section 135 of the Act and accordingly has constituted a Corporate Social Responsibility
Committee of the Board. However, as the Group did not have average net profits based on the immediately preceding
three financial years, the Group is not required to spend amounts towards Corporate Social Responsibility in terms
of the Act.
54 The Group considers its investment in associates as strategic and long term in nature and accordingly, in the view of
the Management, there is no impairment loss that needs to be recorded for such investments.
55 Effective tax reconciliation

Particulars
31 March 2023 31 March 2022
Tax expense comprise of:
Current tax expense 149.64 -
Deferred tax expense (22.09) 2.03
Income tax expense reported in the statement of profit and loss 127.55 2.03
The major components of income tax expense and the reconciliation of expected tax expense and the reported tax expense in
profit of loss are as follows:
Particulars
31 March 2023 31 March 2022
Profit / (loss) before tax (2,733.45) 5,540.67
Domestic tax rate 25.17% 25.17%
Expected tax expense (687.95) 1,394.48
Difference in depreciation charged as per Income Tax Act, 1961 vis-a-vis 0.05 1.30
depreciation as per books of accounts
Employee benefits 4.22 0.35
Provision for doubtful debts, advances and contingencies 4.31 -
Other items disallowed/ (allowed) under Income Tax Act, 1961 73.14 (1,307.34)
Fair value adjustments on financial assets carried at fair value 50.66 4.84
Lease Liability (net of right of use asset) including security deposits 4.79 (1.84)
Impact of business combination (37.54) -
Adjustment for tax rate on gain/ (loss) related to fair valuation / sale of 642.67 (116.28)
investment
Reversal of MAT credit under new tax regime - 2.03
Deferred tax not recognised on current year losses and unabsorbed 73.20 24.49
depreciation
Income Tax expense 127.55 2.03


56 Employees Stock Options Schemes

(i) Stock Option Schemes of RattanIndia Enterprises Limited (formerly RattanIndia Infrastructure Limited)
(“RIL ESOP 2019”):
Pursuant to a decision taken by the Board of Directors of the Holding Company (Board) in its meeting held on
30 May 2022, the Employee Stock Option Plan- 2019 covering 2,00,00,000 stock options, earlier instituted by
the Board, stands cancelled from the said date. No stock options were outstanding under the said scheme, on
the date of its cancellation.
(ii) Stock Option Schemes of RattanIndia Enterprises Limited (“REL ESOP 2022”):
RattanIndia Enterprises Limited Employee Stock Option Plan 2022 (“REL ESOP 2022) has been formulated by
the Board of Directors pursuant to the authority vested by the shareholders through the resolution passed
through postal ballot, the result whereof was declared on 3 August 2022, that such plan shall be administered
through REL Employee Welfare Trust (hereinafter “Trust”). The Trust shall make secondary market acquisition
for the purpose of the Scheme in accordance with the SEBI (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021. The pool options proposed to be offered under the Scheme shall be up to a maximum of 5%
of the paid-up capital of the Company.
During the year ended 31 March 2023, the Trust has acquired 1,381,988 equity shares (including 226,859 shares
settled subsequently) of the Holding Company from the open market at an average price of H35.77 per share
against the loan given by the Holding Company amounting to H50 million to the ESOP Trust which is repayable
on demand. As of 31 March 2023, the Trust holds 1,381,988 equity shares (Face value of H2 each) of the Holding
Company. The financial statements of the Trust have been included in the consolidated financial statements of
the Group in accordance with the requirements of Ind AS and cost of such treasury shares has been presented
as a deduction in “Other Equity”. Such number of equity shares (held by the Trust) have been excluded while
computing basic and diluted earnings per share.
57 Details of assets pledged

The carrying amounts of assets pledged as security for current and non-current borrowings are:
Current
Inventories 10,704.06 -
Other current assets (includes trade receivables and advances to suppliers) 4,841.28 -
Non-current
Property, plant and equipment 116.82 -
Other intangibles assets 20.63 -
58 Financial instruments
i) Fair values hierarchy
Financial assets and financial liabilities are measured at fair value in the statement of financial position are
grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of
significant inputs to the measurement, as follows:
Level 1: Quoted prices (unadjusted) in active markets for financial instruments.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using
valuation techniques which maximise the use of observable market data rely as little as possible on entity
specific estimates.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is
included in level 3.

Valuation technique used to determine fair value

The fair value of a financial instrument on initial recognition is normally the transaction price (fair value of the
consideration given or received). Subsequent to initial recognition, the Group determines the fair value of
financial instruments that are quoted in active markets using the quoted bid prices (financial assets held) or
quoted ask prices (Financial liabilities held) and using valuation techniques for other instruments. Valuation
techniques include discounted cash flow method, market comparable method, recent transactions happened
in the group and other valuation models. The Group uses valuation techniques that are appropriate in the
circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant
observable inputs and minimising the use of unobservable inputs.
Financial assets and liabilities measured at fair value - recurring fair value measurements:

Financial assets

Financial assets
Investment in mutual funds (at FVTPL) - 1,559.78 - 1,559.78
There are no liabilities measured at fair value as at 31 March 2023 and 31 March 2022.
ii) Fair value of financial assets and liabilities measured at amortised cost.
The management assessed that cash and cash equivalents, trade receivables, trade payables, other current
financial assets and other current financial liabilities approximate their carrying amounts largely due to the
short-term maturities of these instruments. Where such items are non-current in nature, the same has been
classified as Level 3 and fair value determined using discounted cash flow basis. Similarly, unquoted equity
instruments where most recent information to measure fair value is insufficient, or if there is a wide range of
possible fair value measurements, cost has been considered as best estimate of fair value. [refer note 59(i)]
59 Financial risk management

i) Financial instruments by category
31 March 2023 31 March 2022
Particulars Amortised Amortised
FVTPL FVOCI FVTPL FVOCI
cost cost
Financial assets
Investments 3,152.20 - 0.01 7,251.97 - -
Trade receivables - - 483.97 - - 18.30
Cash and cash equivalents - - 321.40 - - 18.07
Bank balances other than cash - - 1,024.78 - - 1.22
and cash equivalents
Loan - - 5.53 - - -
Other financial assets - - 1,351.34 - - 56.53
Total 3,152.20 - 3,187.03 7,251.97 - 94.12
Financial liabilities
Borrowings - - 9,370.52 - - 1,200.86
Lease liabilities - - 354.86 - - 388.33
Trade payables - - 6,692.05 - - 479.11
Other financial liabilities - - 853.56 - - 17.01
Total - - 17,270.99 - - 2,085.31
Investment in associate are measured at cost as per Ind AS 27, ‘Separate Financial Statements’ and hence, not presented here.


ii) Risk management

The Group is exposed to various risks in relation to financial instruments. The main types of risks are credit risk
and liquidity risk. The most significant financial risks to which the Group is exposed are described below:
The Group’s risk management is carried out by a central finance department (of the Group) under direction of
the Board of Directors. The Board of Directors provides principles for overall risk management, and covering
specific areas, such as foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.
Credit risk
Credit risk is the risk that a counter party fails to discharge an obligation to the Group Credit risk arises from
investments, cash and cash equivalents and loans. The Group’s maximum exposure to credit risk is limited to
the carrying amount of financial assets recognised at 31 March 2023 and 31 March 2022, as summarised below:

Investment 3,152.20 7,251.97
Trade receivables (i) 483.97 18.30
Cash and cash equivalents (ii) 316.73 18.01
Bank balances other than cash and cash equivalents (ii) 1,024.78 1.22
Loan 5.53 -
Other financial assets (iii) 1,351.34 56.53
The Group’s management considers that all of the above financial assets are not impaired and/ or past due for
each of the above assets reporting dates under review are of good credit quality.
(i) The Group’s management considers assets other than trade receivables, which are 30 days past due
and analyses facts and circumstances surrounding each such defaults separately. If the facts indicate a
probability of loss of value, the asset’s then expected cash flows are plotted in an present value based
impairment model to determine the amount of impairment loss.
(ii) The credit risk for cash and cash equivalents and other bank balances is considered negligible, since the
counterparties are reputable banks with high quality external credit ratings.
(iii) Other financial assets include incentive receivables, GST refund receivables and other receivables
including security deposits. Credit risk related to incentives is managed by continuous monitoring of
changes in regulatory environment including changes in regulations and government policies under
which such incentives are receivable and making necessary adjustments in the financial statements in
case the management assesses that credit risk has increased significantly. For other financial assets, the
management monitors the recoverability of such assets on continuous basis and makes adjustments
wherever deemed necessary.
The Holding Company’s management considers that all of the above financial assets that are not impaired and/
or past due for each of the above assets reporting dates under review are of good credit quality.

Credit risk exposure

As at 31 March 2023:
Estimated gross carrying Expected Carrying amount
Particulars
amount at default credit loss (net of provision)
Trade receivables 503.78 (19.81) 483.97
Cash and cash equivalents 321.40 - 321.40
Other bank balances 1,024.78 - 1,024.78
Other financial assets 1,518.19 (166.85) 1,351.34
As at 31 March 2022:
Estimated gross carrying Expected Carrying amount
Particulars
amount at default credit loss (net of provision)
Trade receivables 18.30 - 18.30
Cash and cash equivalents 18.07 - 18.07
Other bank balances 1.22 - 1.22
Other financial assets 56.53 - 56.53
The movement in the allowance for expected credit loss in respect of trade receivables and other
financial assets is as follows:
As at As at
Particulars
31 March 2023 31 March 2022
Balance at the beginning of the year - -
Additions 19.81 -
Addition on account of acquisition (Refer Note 39) 166.85 -
Balance at the end of the year 186.66 -
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when
due. Due to the nature of the business, the Group maintains flexibility in funding by maintaining availability
under committed facilities.
Management monitors rolling forecasts of the group’s liquidity position and cash and cash equivalents
on the basis of expected cash flows. The Group takes into account the liquidity of the market in which the
entity operates.
Maturities of financial liabilities

The tables below analyse the Group’s financial liabilities into relevant maturity groupings based on their
contractual maturities for all non-derivative financial liabilities.
The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months
equal their carrying balances as the impact of discounting is not significant.
Less than More than

1 year 5 years
Non-derivatives
Borrowings* 9,370.52 - - 9,370.52
Trade payable 6,692.05 - - 6,692.05


Less than More than

1 year 5 years
Non-derivatives
Borrowings* 1,200.86 - - 1,200.86
Trade payable 479.11 - - 479.11
*Borrowings excludes finance lease obligations, refer note 37 for disclosure of maturity profile of finance lease obligations.
Market Risk
(a) Foreign currency risk
The Group is exposed to foreign exchange risk arising from foreign currency transaction, primarily with
respect to amount payable in US dollar Foreign exchange risk arising from recognised assets and liabilities
denominated in a currency that is not the Group’s functional currency.
Foreign currency risk exposure:

The Group’s exposure to foreign currency risk at the end of the reporting years are as under:-
31 March 2023 31 March 2022
Particulars Amount Amount

Amount Amount
in Foreign in Foreign
(D in million) (D in million)
Currency (USD) Currency (USD)
Creditors 0.27 21.44 - -
Sensitivity
The sensitivity of profit or loss and equity to change in the exchange rates arises mainly from foreign
currency denominated financial instruments and the sensitivity risk at the end of the reporting years are
as under:-
Interest rates – increase by 100 basis points (31 March 2022: 0.21 -
100 basis points)
Interest rates – decrease by 100 basis points (31 March 2022: (0.21) -
100 basis points)
(b) Interest rate risk exposure

(i) Liabilities
The Group’s policy is to minimise interest rate cash flow risk exposures on long-term financing. At
31 March 2023, the Group is exposed to changes in market interest rates through bank borrowings
at variable interest rates. The Group’s fixed deposits are carried at amortised cost and are fixed rate
deposits. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the
carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.
Interest rate risk exposure

Below is the overall exposure of the Group to interest rate risk:


Variable rate:
Borrowing 1,030.31 -
Total variable rate exposure 1,030.31 -
Fixed rate:
Borrowing 8,340.21 1,200.86
Total fixed rate exposure 8,340.21 1,200.86
Sensitivity
Below is the sensitivity of profit or loss and equity due to changes in interest rates, assuming no change
in other variables:
Interest rates – increase by 100 basis points (31 March 2022: 103.03 -
100 basis points)
Interest rates – decrease by 100 basis points (31 March 2022: (103.03) -
100 basis points)
Price risk
Exposure
The Group is exposed to price risk in respect of its investment in mutual funds (unquoted) and quoted
equity shares (refer note 7(c) & 13).
Sensitivity
Below is the sensitivity of profit or loss and equity changes in fair value of investments, assuming no change
in other variables:

Price sensitivity
Price increase by 1000 basis points (31 March 2022: 1000 basis 315.22 725.20
points)
Price decrease by 1000 basis points (31 March 2022: 1000 (315.22) (725.20)
basis points)
60 Capital management
The Group’s capital management objectives are
- to ensure the Group’s ability to continue as a going concern
- to provide an adequate return to shareholders
The Group’s monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented
on the face of balance sheet.
Management assesses the Group’s capital requirements in order to maintain an efficient overall financing structure
while avoiding excessive leverage. This takes into account the subordination levels of the Group’s various classes
of debt. The Group manages the capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure,
the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares,
or sell assets to reduce debt.


The amounts managed as capital by the Group for the reporting periods under review are summarised as follows:

Short-term borrowings 9,370.52 1,200.86
Total borrowings 9,370.52 1,200.86
Cash and cash equivalents 321.40 18.07
Bank balances other than cash and cash equivalents 1,024.78 1.22
Investment of excess fund in mutual funds 13.52 1,559.78
Net debts 8,010.82 (378.21)
Total equity (i) 4,096.12 6,987.98
Net debt to equity ratio 1.96 (0.05)
Note: (i) Equity includes capital and all reserves of the Group that are managed as capital.
61 During the year ended 31 March 2023, the Subsidiary Company in the normal course of business had received
certain queries from Goods and Service tax department, in relation to reconciliation of output tax liability, pattern
of input tax credit availment etc., for which management has already submitted its responses. No subsequent
communication/ demand has been received by the Subsidiary Company, requiring any adjustment in these
62 Subsidiary Company, ‘Revolt’ has estimated amount of contract remaining to be executed on capital and other
commitments not provided for (net of advances) is H2443.31 million. Apart from above mentioned amount, certain
purchase orders issued to suppliers are for open quantities.
63 Financial Ratios:
Following are analytical ratios for the year ended 31 March 2023 and 31 March 2022
31 March 31 March
Particulars Numerator/ Denominator Variance Reason for Variance
2023 2022
Current ratio Current assets/ Current 0.90 1.20 (25)% Increase due to Borrowing
liabilities in current year.
Debt - equity ratio Total debt*/ Shareholder’s 2.29 0.17 1231% Increased due to ICD taken
equity
Debt service coverage Earning available for debt (4.19) 6.40 (165)% Decrease in EBIDTA during
ratio service/ Debt service the year.
Return on equity (ROE) Net profits/ (loss) after taxes/ (51.62)% 141.41% (193)% Current year loss from fair
Average shareholder's equity valuation of Investment-
Unrealized in RPL.
Trade receivables Revenue/ Average trade 164.21 8.36 1864% Increase in average trade
turnover ratio receivables receivables in current year.
Trade payable turnover Purchase of services and other 12.47 1.02 1122% Increase in average trade
ratio expenses/ Average trade payables in current year.
payables
Net capital turnover ratio Revenue/ (23.34) 0.41 (5800)% Increase in revenue and
Working capital decrease working capital in
the current year.
Net Profit ratio Net profit/ (loss)/ Revenue (6.94)% 3958.15% (3965)% Decrease in profits during
the year although revenue
has been increased
Return on capital Earning before interest and (15.57)% 67.88% (83)% Decrease in EBIT during
employed (ROCE) tax/ Capital employed the year.
* Total debts excluding lease liabilities

In view of the above and considering that the Subsidiary Company- Cocoblu Retail Limited commenced full
commercial operations during the current financial year, the figures of current quarter/ year and previous quarter of
consolidated audited financial results are not comparable with the figures of corresponding previous periods/year.
64 In respect of amounts as mentioned under Section 125 of the Companies Act, 2013, there were no dues required to
be credited to the Investor Education and Protection Fund as at 31 March 2023.
65 The Code on Social Security, 2020 (‘Code’) has been notified in the Official Gazette of India on 29 September 2020,
which could impact the contributions of the Group towards certain employment benefits. Effective date from which
changes are applicable is yet to be notified and the rules are yet be framed. Impact, if any, of change will be assessed
and accounted for in the period of notification of relevant provisions.
66 Reconciliation of liabilities arising from financing activities

Short-term
Particulars Lease liabilities Total
borrowings
As at 01 April 2021 - - -
Cash flows:
Payment of lease rentals - (13.43) (13.43)
Non-Cash :
Lease liabilities - 397.68 397.68
Interest accrued 12.46 - 12.46
Fair value adjustment - 4.08 4.08
As at 31 March 2022 1,200.86 388.33 1,589.19
Cash flows:
Payment of lease rentals - (66.21) (66.21)
Non-Cash :
Acquisition of business combination 261.34 10.27 271.61
Interest accrued 458.58 - 458.58
Conversion of accrued interest in to ICD (12.46) - (12.46)
Fair value adjustment - 22.47 22.47
As at 31 March 2023 9,370.52 354.86 9,725.38

67 Additional information as required by paragraph 2 of the general instructions for preparation of consolidated financial statements to Schedule III to the Act: -
31 March 2023 31 March 2022
Net assets (total assets Net assets (total assets
Share of profit or (loss) Share of profit or (loss)
minus total liabilities minus total liabilities
Name of entity As % of As % of As % of Total As % of As % of As % of Total
consoli- consolidat- Profit or consolidated compre- consoli- consolidat- Profit or consolidated compre-
Amounts Amounts
dated net ed profit or (loss) comprehen- hensive dated net ed profit or (loss) comprehen- hensive
assets loss sive income income assets loss sive income income
Holding Company
Rattan India Enterprises 104.28% 4,349.27 97.88% (2,800.31) 97.98% (2,800.49) 103.02% 7,198.75 7.75% 429.21 7.73% 428.12
Limited
Subsidiaries/Step down
Subsidiaries
Cocoblu Retail Limited 94.01% 3,920.68 (16.42)% 469.70 (16.43)% 469.65 22.20% 1,551.02 (0.89)% (49.08) (0.89)% (49.08)
Revolt Intellicorp Private (6.49)% (270.64) 3.79% (108.41) 3.67% (104.96) - - - - - -
Limited*
Throttle Aerospace System 3.53% 147.19 1.34% (38.35) 1.33% (38.12) - - - - - -
OVERVIEW
Private Limited
CORPORATE
Neosky India Limited 4.15% 173.09 0.80% (22.81) 0.80% (23.00) (0.06)% (3.91) (0.08)% (4.41) (0.08)% (4.41)
Neotec Enterprises Limited (2.46)% (102.80) 2.76% (78.99) 2.77% (79.24) (0.34)% (23.56) (0.42)% (23.28) (0.43)% (23.65)
RattanIndia Investment 0.00% 0.05 0.00% 0.10 0.00% 0.10 0.00% (0.04) 0.00% (0.05) 0.00% (0.05)
REPORTS
Neotec Insurance Brokers 0.20% 8.17 0.06% (1.64) 0.06% (1.64) 0.14% 9.81 0.00% (0.19) 0.00% (0.19)
STATUTORY
Limited
Neobrands Limited (0.03)% (1.09) 0.04% (1.13) 0.04% (1.13) - - - - - -
Neorise Technologies 0.53% 22.03 0.01% (0.35) 0.02% (0.53) - - - - - -
Total eliminations/ (97.71)% (4,075.27) 5.31% (151.93) 5.32% (152.11) (37.36)% (2,610.73) 96.06% 5,320.66 96.07% 5,319.80
consolidation adjustment
Associates
FINANCIAL
STATEMENTS
Revolt Intellicorp Private - - 4.43% (126.88) 4.43% (126.70) 12.40% 866.64 (2.42)% (134.22) (2.41)% (133.36)
Limited*

Total 100.00% 4,170.68 100.00% (2,861.00) 100.00% (2,858.17) 100.00% 6,987.98 100.00% 5,538.64 100.00% 5,537.18
* Associate upto 12 January 2023
233
68 Consolidated segment wise revenue, results, assets and liabilities: -

a. S. Particulars
31 March 2023 31 March 2022
no.
(i) Segment Income
(a) Retail- E-commerce business 40,656.77 108.15
(b) Others 609.55 31.78
Sub-Total 41,266.32 139.93
Less: Inter segment revenue 28.42 -
Total 41,237.90 139.93
(ii) Segment Results
(a) Retail- E-commerce business 794.94 (45.70)
(b) Others (527.70) (172.68)
Sub-Total 267.24 (218.38)
Less: Finance cost 492.58 18.22
Less: Depreciation exp. 98.82 12.68
Less: Other expenses (unrealised loss on fair value of investment) 2,553.50 -
Add: Other income 144.21 5,789.95
Profit before tax (2,733.45) 5,540.67
(iii) Segment Assets
(a) Retail- E-commerce business 14,205.57 2,361.53
(b) Others 9,187.11 8,497.72
Unallocated 2,600.01 7.30
Sub-Total 25,992.69 10,866.55
Less: inter segment eliminations 4,114.21 1,781.84
Total Assets 21,878.48 9,084.71
(iv) Segment Liabilities
(a) Retail- E-commerce business 10,681.19 811.96
(b) Others 7,026.26 1,322.52
Unallocated 39.29 -
Sub-Total 17,746.74 2,134.48
Less: inter segment eliminations 38.94 37.75
Total Liabilities 17,707.80 2,096.73
31 March 2023 31 March 2022

Non-cash Non-cash
Particulars Depreciation Depreciation
Capital Expenditure Capital Expenditure
& &
Expenditure other than Expenditure other than
Amortization Amortization
depreciation depreciation
(a) Retail- E-commerce 13.95 - 41.36 5.53 - 6.03
business
(b) Others 74.41 152.48 34.69 0.62 - 0.17
Segment Total 88.36 152.48 76.05 6.15 - 6.20
Unallocated - 2,553.50 22.77 - 133.36 6.35
Total 88.36 2,705.98 98.82 6.15 133.36 12.55


b. Revenue from major customers

There is no single customer that accounts for more than 10% of the Group’s revenue for the year ended 31 March
2023 and 31 March 2022.
69 Other statutory information

(i) The Group does not have any Benami property and no proceedings have been initiated or pending against the
Holding Company and its Indian subsidiaries for holding any Benami property, under the Benami Transactions
(Prohibitions) Act, 1988 (45 of 1988) and the rules made thereunder.
(ii) The Group did not have transactions during the current and previous year with struck off companies under
section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
(iii) The Group did not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.
(iv) The Group has not traded or invested in Crypto currency or Virtual Currency during the year.
(v) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Funding Party (Ultimate Beneficiaries) or
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
(vi) The Group has not entered into any such transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
(such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.
(vii) The Group has not been declared as a ‘Wilful Defaulter’ by any bank or financial institution (as defined under
the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued
by the Reserve Bank of India
(viii) The Group has complied with the number of layers prescribed under clause (87) of section 2 of the act read with
the Companies (Restriction on Number of Layers) Rules 2017.
70 The Subsidiary Company- Cocoblu Retail Limited was incorporated on 21 October 2021 and had commenced its
operations thereafter. Further, in view of business combination transactions undertaken by the Group, as enumerated
in note 39, the previous year figures are not strictly comparable to those of the current year.

CIN: L74110DL2010PLC210263
Registered Office: 5th Floor, Tower-B
Worldmark-1, Aerocity, New Delhi-110037
Website: www.rattanindia.com
Phone: 011-46611666

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September 07, 2023

Scrip Code- 534597 RTNINDIA

This is for your information and records.

RattanIndia Enterprises Limited

By Order of the Board of Directors

02 RattanIndia Enterprises Limited

Details on Step 1 are mentioned below:

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Login type Helpdesk details

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Performance Cost to Sd/-

Leave Travel Concession: Reimbursement of to and for Place: New Delhi

Chairman & Business Chairperson’s Message 2

India is pacing forward

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Anjali Rattan Nashier

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peaks I am very confident that under the

At REL, we have carefully chosen The journey has been enjoyable so

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Growth drivers • The emergence of new-age Opportunities: Being the third-

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Our competitive advantages on unit economics, it plans

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India’ initiative. sales in FY23 grew by 188% 0.83

compared to the previous year. The

vehicle sales in FY23. This can be

set by Government of India at FY23 which can be attributed to the 0.10

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0.01% 0.13% 0.15% 0.30%

28,005 26,827 44,782

FY18 FY19 FY20 FY21 FY22 FY23

Electric Two-Wheeler E2W Penetration in total EV sales

Source: Center for Energy Finance, CareEdge Research

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Considering the abundant

• Expansion of product portfolio

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US$ 2.8 bn US$ 4.8 bn

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M ATE R IAL CHANG E AN D FI NAN CIAL (a)

2. Details of fines/penalties/punishment/award/compounding fees/settlement amount paid in proceedings