Annual Report 2022 23

CHEER TOGETHER.
WIN TOGETHER.
ANNUAL REPORT 2022-23
REGISTERED OFFICE
Allied Blenders and Distillers Ltd. (CIN: U1551MH2008PTC187368)
394/C, Ground Floor, Lamington Chambers, Lamington Road,
Mumbai - 400 004, India.
Tel: +91 22-6777 9777 Fax: +91 22 6777 9725
CORPORATE OFFICE
Allied Blenders and Distillers Ltd.
Ashford Centre, 3rd and 4th Floor, Shankarrao Naram Marg,
Lower Parel (West) Mumbai - 400 013, India.
Tel: +91 22 4300 1111 Fax: +91 22 4300 1116
Email: [email protected]
Visit us at www.abdindia.com
OUR
VISION To be the
most admired
Spirits Company
in the world

OUR VALUES CONTENTS
Team Work
We blend our efforts to forge our path to success. Our achievements
CHAIRMAN’S MESSAGE - TOGETHER IS POWERFUL
stem from the collective intelligence of personnel across functions,
which enables cohesive decision making.
Constantly Innovating THE PATRONS - BOARD OF DIRECTORS

AND EXECUTIVE TEAM
We strive to brew new and beneficial thoughts daily. We encourage
an inventive work environment for constant innovation at every level.
Excellence in Execution
At ABD, we are collectively responsible for steering success with NEW SPIRIT - OUR BRANDS
excellence. We thus inculcate a superior work culture that is
founded on quality and finesse.
Professional and Personal Integrity DIRECTORS’ REPORT

We strongly perpetuate both personal and professional integrity.
Every employee at ABD is encouraged to be both, a custodian as
well as a role-model of honesty and reliability.
INDEPENDENT AUDITOR’S REPORT &

STANDALONE FINANCIAL STATEMENT
Proud of What We Do
We reflect our pride through our work, which we do with great
passion, repeated excellence, and positivity.
INDEPENDENT AUDITOR’S REPORT &

CONSOLIDATED FINANCIAL STATEMENT

CHAIRMAN’S MESSAGE
As part of our journey towards becoming a listed organisation, and in order to strengthen our
corporate governance framework we welcomed a set of very eminent professionals, having
expertise across sectors into our board of directors. Their expertise and strategic vision will
undoubtedly enhance our decision-making processes, strengthen corporate governance, and drive
the company towards new heights of success. Their valuable insights will play a crucial role in
shaping our future trajectory.
Corporate success must go hand in hand with environmental stewardship and social responsibility.
To this end, we have undertaken several initiatives which include adoption of bio-fuels in our distillery,
increasing our proportion of reused glass bottles and transitioning to adoption of solar power in our
own bottling units among others.
India is undergoing a social and economic transformation. It recently became the 5th largest economy
in the world with sights now set on achieving the US$5 trillion GDP mark. We are confident that our
strong fundamentals, market leadership, and customer-centric approach will enable us to capitalize
KISHORE R. CHHABRIA on the emerging opportunities and drive sustainable growth in the years to come
CHAIRMAN
In conclusion, I would like to express my gratitude to our dedicated employees, valued customers,
REIMAGINE EXCELLENCE suppliers and banking partners, for their unwavering trust and confidence in our company.
TRANSFORM FROM WITHIN. Together, we will continue to create value, redefine industry standards, and create sustained value for
TRANSFORM TO WIN. all our stakeholders.
Dear Members,
Warm Regards,
We entered the Financial year 22-23 on the backdrop of a global geopolitical crisis which disrupted the
supply chain, and exposed the alcobev industry to an unprecedented inflationary environment. However,
Kishore R. Chhabria
despite these headwinds, I am pleased to inform you that our company has navigated through these
Chairman-Allied Blenders and Distillers Limited
challenges with resilience and determination, ensuring the sustained growth of our operations. We
achieved sale of 32.2 Mn cases, registering a healthy volume growth of 12.4%, and a net revenue growth
of 17.6% over last year.
In the later part of the year we launched a slew of new brands across various price ladders and
augmented our premium product portfolio. These innovative offerings have been meticulously crafted,
leveraging the vast experience of our R & D team and with an unwavering commitment to quality that
caters to the evolving tastes and lifestyle choices of our esteemed customers. The initial market
response towards these offerings has been extremely encouraging, and we are certain of creating new
milestones in the industry with these products
ANNUAL REPORT 2022-23 02

EXECUTIVE TEAM
SHEKHAR RAMAMURTHY ARUN BARIK RAMAKRISHNAN RAMASWAMY BIKRAM BASU

EXECUTIVE DEPUTY CHAIRMAN EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER VICE PRESIDENT - MARKETING, STRATEGY
& BUSINESS DEVELOPMENT
GOPI NAMBIAR RALIN CUNHA GOMES RITESH SHAH ARVIND PADHI

CHIEF HUMAN RELATIONS OFFICER CHIEF HUMAN RELATIONS OFFICER COMPANY SECRETARY & CHIEF COMMERCIAL OFFICER
CHIEF LEGAL OFFICER

OFFICER’S CHOICE WHISKY
Officer's Choice Whisky, the renowned flagship brand of Allied

Blenders and Distillers, has garnered immense appreciation
from both Indian and global consumers. It holds a leading
position in the mass-premium whisky segment and ranks as the
third-largest whisky globally in terms of sales.*
Continuing to set new standards of excellence, the brand has

been delighting whisky enthusiasts with its revitalized identity
and commitment to delivering exceptional experiences.
The launch of Officer’s Choice Whisky with Scotch is one such
initiative that was rolled out in FY 23. The brand has experienced
impressive volume growth reaching 18.8 million cases.
One notable achievement was the initiation of transition from

glass to PET packaging in key states. The brand has also
maintained its focus on the "Jo Smooth Wahi Officer" brand
proposition, effectively capturing the vibrant energy of new-age
professionals. To reach its target markets in key states brand
assets were amplified on popular multi-lingual channels across
genres. Additionally, the brand has established a presence in
cricket through the series. To enhance its visibility in targeted
markets, extensive retail visibility, including GSBs and ISBs, as
well as wall paintings, has been implemented.
These milestones reflect the brand's commitment to delivering

exceptional experiences and engaging with consumers across
various platforms. Officer's Choice Whisky continues to be the
leading choice for whisky enthusiasts worldwide.
*Source – Millionaire’s Club 2023 Report

OFFICER’S CHOICE BLUE
Officer's Choice Blue brings together a fine

blend of Scotch malts and select Indian grain
spirits. This whisky embodies its signature
smooth taste, complemented by woody
flavours and a subtle touch of peaty finesse.
In terms of packaging, Officer's Choice Blue

reintroduced its iconic identity in 2022,
prominently featuring the epaulette as a
symbol of strength and pride. This shift in
positioning reflects a deeper understanding
of the aspirations and desires of the
contemporary young adult, who seeks joy
and enjoyment in their drinking experiences.
To engage consumers, the brand launched a

campaign titled "Taste The Thrill" during
April and May, specifically targeting regional
channels in important markets.
The campaign line "Taste The Thrill"
effectively captures the essence of breaking
free from the monotony of everyday life into
a realm of excitement and adventure.
Launched during the 2022 IPL season, the
campaign effortlessly weaves this narrative,
promising a thrilling experience while
ensuring #NoHangover.
The brand also introduced a captivating new
limited-edition pack, inspired by the
campaign, called "Thrill Pack" in key
markets to extend the campaign across
multiple touchpoints.
The brand achieved a notable sales volume

of 5.6 million cases.
Officer's Choice Blue also proudly served as

the title sponsor of the Shillong Premier
League, a prominent state league in
Meghalaya. Additionally, the brand activated
the World Cup Football Season through its
participation in the Soccer Rocker event in West Bengal, creating an exciting and engaging experience for
football enthusiasts

STERLING RESERVE
Since its introduction in 2017, Sterling Reserve has consistently achieved

remarkable success. In the fiscal year 2022-2023, the entire range of
Sterling Reserve whiskies experienced exceptional growth, with sales
reaching 5.3 million cases, reflecting a remarkable growth rate of 41%.
Crafted with a combination of Scotch malts from diverse barrel origins and
carefully selected Indian grain spirits, Sterling Reserve Blend 7 offers a
luxurious texture and boasts 7 distinctive tasting notes.
Sterling Reserve Blend 10 showcases a flawless blend of imported Scotch

malts sourced from various barrel origins, including bespoke bourbon oak
casks, combined with the finest Indian grain spirits. This premium blend,
meticulously chill-filtered, offers a remarkably smooth finish. Its
exceptional quality was acknowledged with a 'Remarkable Product' rating
at the Superior Taste Awards 2021, hosted by the International Taste
Institute in Brussels.
Through captivating and consistent consumer activities, Sterling Reserve

has not only enhanced its visibility and market presence but has also
earned a strong reputation, resulting in continued growth within the
industry. The brand's impact extends across social and digital platforms, as
well as through prominent engagements related to cricket on national
screens. The campaign line, "Come Alive," exhibits a powerful and dynamic
essence, while the brand's communication effectively delivers its message
with edgy and youthful content, deeply resonating with its target audience.
The brand has been recognized and honoured with several prestigious
domestic and international awards, highlighting our ground-breaking
achievements. Some notable awards include the Gold Award for the Best
Content Marketing Campaign "Sterling Reserve Projects" at the Adgully
Digixx Awards 2021, the Gold Award for the Marketing Campaign "Chase the
Next" in the Food and Beverage Category at the DMA Asia CreateEffect
ECHO Awards 2022, and the Gold Award for the Best Integrated Campaign
"Sterling Reserve B7 Gaming Pack" at the Exchange4Media Indian Digital
Marketing Awards '21. Additionally, we received the Gold Awards for the
Sterling Reserve B10 Earth Edition and the Sterling Reserve B7 Gaming
Pack at the Design and Packaging Masters 2021 by The Spirits Business.
The brand has also been recognized as the Brand Champion: Indian Whisky
by The Spirits Business for four consecutive years, further highlighting our
commitment to excellence.

KYRON
Kyron offers an exceptional blend that captures the essence of its

French heritage, presenting a distinguished level of quality in the
premium brandy segment. This exquisite beverage combines
premium grape spirits sourced from the renowned Cognac region of
France with carefully selected exotic ingredients, resulting in an
impeccable drink of unparalleled sophistication. The bottle itself
boasts a captivating contemporary form and aesthetically pleasing
designs, adding to its allure.
Kyron's commitment to excellence and superior blend quality has

been recognized with the prestigious Gold Quality Award from the
esteemed Monde Selection International Quality Institute, further
solidifying its position as a brand of unmatched superiority.
The brand has made significant strides in the key brandy drinking
markets of Andhra Pradesh, Kerala, and Telangana, capturing the
hearts of discerning consumers in these regions. With its irresistible
appeal and exceptional taste, Kyron has achieved a commendable
sales volume, reaching a notable 1.4 lakh cases for the year.
CLASS 21
Class 21, an exceptional grain vodka, is meticulously crafted to evoke a

timeless sense of youthfulness. Renowned for its delicate, pristine and
invigorating blend, it captures the essence of the free spirit and vigour,
prompting the exclamation, 'Thank God for 21'.

JOLLY ROGER
In 2022, Jolly Roger Rum underwent a transformative brand

repositioning, marking its introduction in the vibrant markets of Uttar
Pradesh and Rajasthan, while also unveiling its new avatar in Odisha.
This brand overhaul encompassed significant changes in both
packaging and communication strategies,
resulting in a fresh and captivating brand image.
Jolly Roger Rum takes pride in offering an extraordinary rum
experience, characterized by the presence of meticulously matured
special spirits. The communication approach of Jolly Roger Rum aptly
reflects the unparalleled taste and quality of its offerings, appealing to
a young and discerning audience who appreciate the company of good
friends and superb rum.
OFFICER’S CHOICE STAR
Officer's Choice Star was launched in July '18 in Karnataka and select
parts of Maharashtra. It is a contemporary blend, appreciated for its
rich and smooth taste. The brand caters to the value-conscious
consumer seeking a quality drink.
Officer's Choice Star Whisky, a value variant of Officer's Choice,

accelerated its progress in Karnataka achieving sales of 4.27 L Cases.
In Karnataka, the brand executed a Display Contest for retailers and

launched the 1-litre SKU to fill out its portfolio. Brand visibility
in-market was further enhanced with the help of striking in-store
branding and non-lit boards.
2020 also saw Officer's Choice Star’s successful launch in Africa,

where it was widely appreciated in its market segment.

OFFICER’S CHOICE BRANDY
Officer's Choice Brandy offers a truly delightful and smooth flavour experience. This
exquisite blend is meticulously created using carefully matured grape spirits and
handpicked natural ingredients, ensuring that every sip of Officer's Choice Brandy
delivers a burst of opulent taste and genuine character.
In line with previous years, Officer's Choice Brandy has continued to garner significant
volume, reaching an impressive 4.2 lakh cases (in 9 litres). This remarkable
achievement reflects the unwavering trust and loyalty of consumers who appreciate
the exceptional quality and unparalleled craftsmanship found in every bottle.
Available in 1L, 750ml, 375ml, 180ml and 90ml
OFFICER’S CHOICE RUM
Officer's Choice Rum is remarkable and offers a truly captivating experience, as it

harmoniously combines a delightful array of sweet, robust, and woody flavours,
resulting in a rich and full-bodied blend that is truly a pleasure to savour.
Building upon its previous success, Officer's Choice Rum has achieved an impressive
volume growth of 27.8% compared to the previous year, amounting to an outstanding
1.04 lakh cases (in 9 litres).
This remarkable accomplishment is a testament to the brand's continued

commitment to delivering exceptional quality and an unforgettable drinking
experience to its valued consumers.
Available in 1L, 750ml, 500ml, 375ml, 180ml and 90ml

ICONiQ WHITE
ICONiQ White is an exceptional whisky that stands out with its remarkable blend, sophisticated
packaging, and strategic positioning. This whisky is crafted to resonate with the taste of young
adults, catering specifically to the deluxe whisky segment, which currently holds the largest
consumer base.
ICONiQ White was launched in the markets of Assam, West Bengal, Uttar Pradesh, Punjab,
Arunachal Pradesh, Jharkhand, and Tripura in September 2022 onwards. To generate widespread
awareness and establish a strong market presence the launch was accompanied by amplification of
offline and online brand assets with targeted messaging. Additionally, a range of below-the-line
initiatives was implemented to drive trial generation and create a prominent on-ground presence,
ensuring premium visibility for the brand.
In its inaugural year, FY'23, ICONiQ White achieved remarkable sales of 3.2 lakh cases, a testament
to its growing popularity and undeniable success.

SRISHTI
Launched in 2022, Srishti Premium Whisky is a disruptive innovation in the whisky category. This
extraordinary whisky is a fusion of rare Scotch Malts and carefully selected Indian grain spirits, and
its distinctive character is enhanced with the addition of Curcumin. Notably, the infusion of
Curcumin has been achieved without altering the whisky's taste, aroma, or colour, resulting in a
truly seamless integration.
The name Srishti, creatively expressed as 'Made of Good,' adds an intriguing element of interest for
consumers. It signifies the brand's commitment to using natural ingredients that contribute to a
positive experience.
To ensure a successful launch, Srishti adopted a robust two-pronged strategy, leveraging offline
and online channels in targeted regions such as Haryana, West Bengal, and Tripura. With this
strategic approach, Srishti aims to capture the attention and admiration of whisky
enthusiasts in these markets.

X&O BARREL
X&O Barrel is a distinctive combination of premium Scotch malts aged in American bourbon barrels
and the finest Indian grain spirits. Each sip promises a uniquely harmonized flavour and a
velvety-smooth aftertaste. The brand X&O draws its inspiration from the contemporary language
used by millennials to express affection, where X represents Kisses, and the circular shape of O
symbolizes a Hug. The brand proposition ‘Get Closer’ urges people to build meaningful connections
in their lives.
The brand was introduced in the markets of Assam and Haryana during the financial year
2022-2023, accompanied with an extensive marketing campaign encompassing online and offline
touch points in addition to visibility in both off-trade and on-trade channels along with exclusive X&O
events held at prestigious locations in Guwahati and Gurgaon.

STERLING RESERVE BX HIPPY
With the spirited nature of today's youth in mind, we have meticulously designed and
developed Hippy as a practical and stylish packaging solution, enabling young
consumers to indulge in their preferred blend while on the go. Inspired by the
timeless design of the hip flask, Hippy is meticulously crafted to cater to young
consumers constantly on the move. Its sleek and compact shape easily fits in the
pocket and ensures that enjoyment is always within the consumer’s reach.
STERLING RESERVE B7 WHISKY COLA MIX
We introduced an exciting innovation known as Sterling Reserve B7 Whisky Cola Mix,

tailored specifically for young adults who enjoy the addition of flavour to their whisky.
This creation revolutionizes the way we celebrate and come alive by infusing the
delightful taste of cola into the whisky. What truly sets it apart is its unique
appearance, as the rich colour of the whisky remains vibrant even when mixed with
water or soda. Notably, this distinctive whisky cola possesses a strength of 42.8% v/v.
This extraordinary product combines the exquisite flavours of cola with a blend of
carefully selected Scotch malts and the finest Indian grain spirits. It debuted in
September 2022, in the markets of Assam, Haryana, West Bengal, and Maharashtra.
STERLING RESERVE PREMIUM CELLAR BRANDY
Sterling Reserve Premium Cellar Brandy is an exclusive product tailored specifically

for discerning consumers. This exquisite brandy is crafted using imported French
grape spirits sourced from the coveted grapes grown in the scenic foothills of France.
These grapes are carefully selected and undergo a meticulous maturation process in
oak barrels, resulting in a truly exceptional and refined product.

DIRECTORS’ REPORT DIRECTORS’ REPORT
DIRECTORS’ REPORT TO MEMBERS Kyron Premium Brandy remained a fan-favourite in key Southern brandy-consuming markets of Kerala, Andhra
Your Directors have pleasure in presenting their 15th Annual Report on the business performance and operations of the Pradesh, and Telangana with sales of ~140,000 cases, 29% growth over the previous year.
Company and Audited Financial Statements of the Company for the financial year ended 31st March 2023 (‘the Year’ or Officer's Choice Brandy touched sales of ~750,000 cases in FY 2022-2023 with a stellar growth of 75%, while Officer's
‘FY 2023) Choice Rum surpassed expectations growing by nearly three times to achieve volumes of ~290,000 cases.
1. FINANCIAL SUMMARY AND PERFORMANCE HIGHLIGHTS: Officer's Choice Star Whisky, a value variant of Officer's Choice, accelerated its progress in Karnataka achieving sales
The Audited Financial Statements for the Financial Year ended 31st March, 2023, forming part of this Annual Report, of ~440,000 cases, showcasing an impressive 87% growth over the previous year.
have been prepared in accordance with the Indian Accounting Standard (hereinafter referred to as “Ind AS”)
Jolly Roger Rum continued its growth trajectory and achieved an impressive 53% growth on the back of new
prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to
packaging and communication, selling over ~320,000 cases in the year. Class 21 Vodka achieved twice the sales
the extent applicable. The Company’s performance during the financial year under review as compared to the
objectives with some opportunities presenting in export markets to achieve ~150,000 cases.
previous financial year is summarized below:
Amount in ` Lakhs Your Company’s brands worked on all aspects of the marketing mix covering the media spectrum and multiple
screens of television, digital, out-of-home in the past year. The Company simultaneously deployed brand
Standalone Consolidated
communication, visibility, and consumer promotion initiatives on-ground as per plan and brand priority of markets
PARTICULARS 31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022 across the country. Sponsorship initiatives drove impact in a few markets.
Revenue from
A key element of our recent strategy has been to broaden our portfolio, by launching new brands to penetrate the
Operations 7,10,568.02 7,19,692.16 710,568.02 7,19,692.16
deluxe or prestige plus segments, which have a higher margin to business. In FY 2022-23, your company set an
Other Income 1,208.80 1,222.71 1,106.90 1,124.52
unprecedented course of launching several new whisky products as part of a detailed strategic objective across
Total Expenses 6,91,974.63 699,946.48 6,92,068.96 7,00,060.27 price segments, which included innovations in blends and packaging.
Profit Before Tax 927.27 829.89 594.53 383.26 ICONiQ White is a delightful blend of imported Scotch malts aged in bourbon oak casks, blended with select
Less : Tax Expenses / (credit) 433.66 236.65 434.53 234.50 matured malt and finest Indian grain spirits. The brand was launched in the Deluxe whisky segment meeting with
Profit after Tax 493.61 593.24 160.00 148.76 immediate success in its early stage. It shows the potential to be a winner.
Add : Other Comprehensive Srishti Premium Whisky, an innovative product marrying the goodness of curcumin with a classic Scotch and Indian
Income for the year 40.06 55.72 40.06 55.72 grain spirit blend has similarly met with success in key states of initial launch.
Total Comprehensive Income 533.67 648.96 200.06 204.48 X&O Barrel Premium Whisky has been launched in some markets and is made from the best Scotch malts matured
Reserve and Surplus in American bourbon barrels and finest Indian grain spirits.
at the Beginning of the year 11,129.23 10,480.27 9,637.37 9,432.89
Sterling Reserve B7 Whisky Cola Mix is an innovative, award-winning product. It was launched to build a bridge to
Surplus carried forward to
acquire young adult consumers to the mature taste of whisky. It offers a sweeter whisky with cola drinking
Balance Sheet 11,662.90 11,129.23 9,837.44 9,637.37
experience.
2. DIVIDEND: Sterling Reserve BX Hippy has been introduced in a refreshing young and new format of packaging to appeal the
The Board of Directors of your company, after considering the relevant circumstances and with a view to conserve consumers. The initial market response towards the new launches is quite positive.
the resources for future operations, has decided that it would be prudent, not to recommend any dividend on equity The Company is proposing to undertake an initial public offer (“IPO”) of the equity shares of face value of ` 2/- each
shares for the financial year under review. (“Equity Shares”) which comprises a fresh issue and an offer for sale of Equity Shares by certain existing shareholders
3. TRANSFERS TO RESERVE: of the Company (“Selling Shareholders”) (“Offer for Sale” or the “Offer”), and to list the Equity Shares on one or more
of the recognised stock exchanges in India in this reference the Company has filed the draft red herring prospectus
During the year under review, no amount was transferred to General Reserve of the Company.
(DRHP) dated June 27, 2022 with the Securities and Exchange Board of India (SEBI), National Stock Exchange of
4. STATUS OF COMPANY India Limited (NSE) and BSE Limited (BSE). The Company has received in-principle approvals from National Stock
During the year under review, your Company was converted from a ‘Private Limited’ to a ‘Public Limited’ with effect Exchange of India Limited (“NSE”) and BSE Limited (“BSE”) for listing the Equity Shares pursuant to their letters, both
from June 8, 2022. dated October 13, 2022, further the Company received a final observation letter on December 16, 2022, from SEBI
regarding its DRHP and currently the Company is waiting for a favorable time to launch its IPO.
5. STATE OF COMPANY’S AFFAIRS AND REVIEW OF OPERATIONS:
Your Company has achieved sales of 32.2 million cases in FY 2022-23, growing at 15.1%, ahead of the industry growth 6. FINANCIAL HIGHLIGHTS AND CHANGE IN NATURE OF BUSINESS:
of 12.2%. The Company is engaged in the business of manufacturing and marketing of IMFL products. There has been no
change in the business of the Company during the financial year ended 31st March, 2023.
Officer’s Choice Whisky, your Company’s flagship brand, achieved sales figures of 18.82 million cases, with a growth
of 6% and continues to be the market leader in the mass-premium whisky segment with a market share of 35.4%. During the year under review, your Company has recorded revenue of ` 710,568.02 lakhs as compared to ` 719,692.16
Officer's Choice Blue clocked sales of 5.5 million cases, despite route-to-market challenges in one of its traditionally lakhs during the previous year. The total expenses during the year were ` 691,974.63 lakhs as compared to
stronghold State for business. ` 699,946.48 lakhs during the previous year.
Sterling Reserve Premium Whiskies clocked sales of 5.3 million cases, with Sterling Reserve B7 crossing the 5 million Consequently, your Company’s profit before tax for the year under review was ` 927.27 lakhs as compared to the
cases landmark, growing at 39% against the segment growth of 23.2%. It’s share of segment touched 9.7%, but previous year’s profit before tax of ` 829.89 lakhs. After providing for income tax, profit after tax for the year under
encouragingly its share of incremental segment volume stood at 14%. Today, it is the third-largest brand in the review was ` 493.61 lakhs as compared to ` 593.24 lakhs during the previous year.
segment nationally, and by far the fastest to 5 million cases in the spirits industry of any launch in the past decade
or more. Sterling Reserve B10, priced higher, achieved a 62% with a volume topping 200,000 cases.
ANNUAL REPORT 2022-23 29 29 ANNUAL REPORT 2022-23 30 30

7. SHARE CAPITAL: Mr. Arun Barik was appointed as an Additional Director (Non-Independent, Executive) of the Company with effect
During the year under review: from June 2, 2022. Mr. Vivek Sett, Ms. Rukhshana Jina Mistry and Mr. Paul Henry Skipworth were appointed as
Independent Directors of the Company with effect from June 2, 2022. They were appointed as Non-Independent
(i) Conversion of Compulsorily Convertible Debentures
director / Independent directors at the Extra-Ordinary General Meeting of the Company held on June 4, 2022.
The Company has converted 85,47,000 “8.5% Compulsorily Convertible Debentures” of ` 117/- each into Equity
Shares and allotted 85,47,000 Equity Shares of ` 2/- each fully paid-up at a premium of ` 115/- per share to Later, Mr. Arun Barik voluntarily agreed to step down from the Board of Directors with effect from June 20, 2022 to
Oriental Radios Private Limited vide Board and shareholders’ approval in their meetings held on June 13, 2022, enable the Company to complete the filing of the Draft Red Herring Prospectus (DRHP) with Securities and
and June 14, 2022 respectively. The details of increase in the paid-up capital of the Company is as under: Exchange Board of India (SEBI) within the requisite timeline.
Mr. Vinaykant R Tanna and Mr. Arun Barik were appointed as Additional Director (Non-executive, Independent) and
Sr. No. Pre-conversion Paid-up Capital Post-conversion Paid-up Capital
Additional Director (Non-Independent, Executive) respectively of the Company with effect from August 9, 2022 by
1. ` 47,11,33,330/- divided into 23,55,66,665 ` 48,82,27,330/- divided into 24,41,13,665
the Board. At the 14th Annual General Meeting of the Company held on September 30, 2022, they were appointed
Equity shares of ` 2/- each Equity Shares of ` 2/- each
as Non-Independent director/ Independent directors of the Company.
(ii) The number of shareholders were increased to seven to comply with the requirement applicable to a public
company. Mr. Nasser M Munjee, Independent director, resigned from the Board of the Company with effect from October 6, 2022.
Mr. Narayanan Sadanandan was appointed as an Additional Director (Non-executive, Independent) of the Company
8. JOINT VENTURE, SUBSIDIARY AND ASSOCIATE COMPANIES: with effect from October 16, 2022 vide circular resolution passed by the Board. The Members approved his
The following are wholly owned subsidiaries of your Company: appointment as a Non-executive, Independent director of the Company at the Extraordinary General Meeting held
on December 23, 2022.
Sr. No. Name of the Company Status
The Company has received the declarations from all the Directors as required pursuant to Section 164(2) and Section
1. ABD Dwellings Private Limited Subsidiary
(CIN: U45400MH2013PTC247452) 184 (1) of the Companies Act 2013 and the rules made thereunder and the Independent Directors have furnished
respective declaration stating that they meet the criteria of independence as laid down in Section 149(6) of the
2. Chitwan Blenders & Bottlers Private Limited Subsidiary
(CIN: U15512BR1990PTC004097) Companies Act, 2013 (“Act”).
3. Deccan Star Distilleries India Private Limited Subsidiary None of the Directors of the Company have incurred any disqualification under Section 164 (1) & (2) of the Act read
(CIN: U15492TG2013PTC090743) with Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014.
4. Madanlal Estates Private Limited Subsidiary None of the independent directors are aware of any circumstance or situation, which exist or may be reasonably
(CIN: U70200MH2017PTC301917) anticipated, that could impair or impact their ability to discharge their duties with an objective independent
5. NV Distilleries & Breweries (AP) Private Limited Subsidiary judgment and without any external influence. The Independent Directors have complied with the Code for
(CIN: U15549MH2007PTC335436) Independent Directors prescribed in Schedule IV to the Act.
6. Sarthak Blenders & Bottlers Private Limited Subsidiary
The composition of the Board as on 31st March, 2023 is as follows:
(CIN: U15311MH2011PTC337649)
7. ABD Foundation Subsidiary Sr. No. Name of Director Designation
(CIN: U85300MH2020NPL345281) 1) Mr. Kishore R Chhabria Chairman, Promoter
8. Allied Blenders and Distillers (UK) Limited Foreign Subsidiary 2) Mrs. Bina K Chhabria Co-Chairperson, Promoter
(Company number SC749565)
3) Mr. Shekhar Ramamurthy Executive Deputy Chairman
9. Allied Blenders and Distillers Maharashtra LLP Subsidiary [ABDL is
(ABB-3791) holding 85% share of 4) Mrs. Resham Chhabria J Hemdev Executive Vice-Chairperson, Promoter
Capital and of Profits] 5) Mr. Balaji V Swaminathan Independent Director
The highlights of performance of subsidiaries and their contribution to the overall performance of the Company are 6) Mr. Vivek A Sett Independent Director
covered in Annexure ‘A’ as Form AOC-1 and forms integral part of this Report. 7) Mr. Paul H Skipworth Independent Director
During the year under review, there were no Companies which had become/ceased to be a Subsidiary 8) Ms. Rukhshana J Mistry Independent Director
9) Mr. Vinaykant Tanna Independent Director
The Company does not have any Joint Venture or Associate Company.
10) Mr. Narayanan Sadanandan Independent Director
9. CHANGE IN DIRECTORS
11) Mr. Maneck N Mulla Non-Executive Director
The composition of Board of Directors of the Company is duly constituted with proper balance of Executive Directors,
Non-Executive Non-Independent Director and Non-Executive Independent Directors including Women Director in 12) Mr. Arun Barik Executive Director
accordance with the provisions of the Companies Act, 2013 and Regulation 17 of SEBI (Listing Obligations and Disclosure
Except Mr. Kishore Rajaram Chhabria, Mrs. Bina Kishore Chhabria and Mrs. Resham Chhabria Jeetendra Hemdev,
Requirements) Regulations, 2015 (“Listing Regulations”). All the Directors including the independent directors have rich
who are related to each other, none of the other directors are inter-se related to each other.
experience and specialized knowledge in sectors covering law, finance, accountancy and other relevant areas.
During the year under review:

Mr. Deepak Roy resigned from the Board of the Company with effect from April 26, 2022.
ANNUAL REPORT 2022-23 31 ANNUAL REPORT 2022-23 32

10. KEY MANAGERIAL PERSONNEL 14. COST AUDITORS

As on March 31, 2023, the following persons are Key Managerial Personnel (“KMP”) of the Company pursuant to the The Company is not required to maintain cost records in terms of the requirements of Section 148 of the Act and
provisions of Sections 2(51) and 203 of the Act read with the Companies (Appointment and Remuneration of rules framed thereunder, hence such accounts and records are not required to be maintained by the Company.
Managerial Personnel) Rules, 2014:
15. INTERNAL AUDITORS
Sr. No. Name of Director Designation Your Company has appointed Mr. P Kulothungan as an Internal Auditor of the Company with effect from May 01,
2022, further the appointment of the Internal Auditor has been ratified by the Board of Directors in their meeting
1 Mr. Ramakrishnan Ramaswamy Chief Financial Officer
held on May 25, 2023 pursuant to provisions of Section 138 of the Act.
2 Mr. Bikram Basu Vice President – Marketing & Strategy
*Chief Operating Officer – Marketing, Sales and Strategy 16. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND
*Current designation since April 01, 2023 OUTGO AND RESEARCH & DEVELOPMENT:
3 Mr. Ritesh Shah Company Secretary & Chief Legal Officer A. Conservation of Energy, Technology Absorption
The statement pursuant to Section 134 (3) (m) of the Companies Act, 2013 (Act) read with Rule 8 of the
11. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS: Companies (Accounts) Rules, 2014 is given in the Annexure `B’ and forms an integral part of this Report.
The Company has an internal control system and an all India integral audit team, commensurate with the size, scale
B. Foreign Exchange Earnings and Outgo
and complexity of its operations. The Company has in place adequate internal financial controls with reference to
Earnings: ` 12,996.60 Lakhs
financial statements. During the year under review, such controls were tested and no reportable material weakness
Outgo: ` 810.84 Lakhs
in the design or operation was observed. The Company’s internal control systems are commensurate with the
nature of its business and the size and complexity of its operations. C. Research & Development:
Capita Recurring : ` 115.13 Lakhs
12. STATUTORY AUDITORS AND AUDITORS’ REPORT:
Total Research & Development expenditure : 0.02%
M/s. Walker Chandiok & Co LLP., Chartered Accountants, Mumbai (Firm Registration Number: 001076N / N500013), (as per percentage of total turnover)
were appointed as the Statutory Auditors of the Company for a period of five years till the conclusion of the 15th
Annual General Meeting for the year ended 31st March 2023. The existing Auditors are eligible for re-appointment for 17. PARTICULARS OF EMPLOYEES:
the second term of 5(Five) years. In accordance with the provisions of Section 139 read with the Companies (Audit The information required pursuant to Section 197(12) read with Rule 5 of the Companies (Appointment and
and Auditors) Rules, 2014, the Audit Committee and the Board of Directors recommends to the Members the Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon
re-appointment of M/s. Walker Chandiok & Co LLP., Chartered Accountants, Mumbai (Firm Registration Number: request. In terms of Section 136 of the Act, the reports and accounts are being sent to the members excluding the
001076N / N500013) as Statutory Auditors of the Company pursuant to Section 139 of the Companies Act, 2013, at the information on employees’ particulars which is available for inspection by the members at the Registered office of
ensuing 15th Annual General Meeting for a term of 5(Five) years from the conclusion of the 15th Annual General the Company during business hours on working days of the Company up to the date of ensuing Annual General
Meeting for FY 2022-23 till the conclusion of the 20th Annual General Meeting of the Company for FY 2027-28. Meeting. Any member interested in inspecting / seeking such details may write to the Company Secretary at
[email protected]
The Audit Committee and the Board considered various parameters like the capability to serve the complex
business structure covering owned, tie-up, and leased units, audit experience, market standing of the firm, clientele 18. RELATED PARTY TRANSACTIONS:
served, technical knowledge etc. and found M/s. Walker Chandiok & Co LLP., Chartered Accountants to be best All transactions with related parties were reviewed and approved by the Audit Committee and are in accordance
suited to handle the scale, diversity, and complexity associated with the Audit of the financial statements of the with the Policy on dealing with and materiality of Related Party Transactions and the Related Party Framework,
Company and have considered and recommended their re-appointment as Statutory Auditors of the Company at a formulated and adopted by the Company. An omnibus approval from the Audit Committee is obtained for the
remuneration to be decided by the Board for conducting the Statutory Audit of the Company. related party transactions which are unforeseen in nature.
The Statutory Auditors fulfill the eligibility and qualification norms as prescribed under the Act, the Chartered All contracts/arrangements/transactions entered into by the Company during the year under review with Related
Accountants Act, 1949 and rules and regulations issued thereunder. In addition, the auditors hold a valid certificate Parties were in the ordinary course of business and on arm’s length. During the year, the Company has not entered
issued by the Peer Review Board of the Institute of Chartered Accountants of India (ICAI), a prerequisite for issuing into any transaction with related parties which could be considered material in accordance with the policy of the
Limited Review reports or Audit Reports. Company on materiality of related party transactions.
No frauds have been reported by the Statutory Auditors during the financial year 2022-23 pursuant to the provisions No transactions were carried out during the year which requires reporting in Form AOC - 2 pursuant to Section 134
of Section 143(12) of the Companies Act, 2013. With reference to the Statutory Auditors’ qualified opinion, matter of (3) (h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014.
emphasis and observations in the Auditors’ Report there are no qualifications or adverse remarks which required
19. DEPOSITS:
the explanation/comments of the Board in accordance with the provisions of Section 134(3)(f) of the Companies Act,
2013. There were no outstanding deposits at the end of the previous financial year within the meaning of Sections 73 of
the Act read with the Companies (Acceptance of Deposits) Rules, 2014. The Company has not invited any deposits
13. SECRETARIAL AUDIT during the year.
Pursuant to Section 204 of the Act and Rule 9 of the Companies (Appointment and Remuneration of Managerial
20. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
Personnel) Rules, 2014, the Company had appointed Mr. B K Pradhan & Associates, Practicing Company Secretary,
IMPACTING THE GOING CONCERN STATUS OF THE COMPANY:
to undertake the Secretarial Audit of the Company for the financial Year 2022-23. The Secretarial Audit Report forms
part of this Report and is annexed as Annexure - D. There are no significant and / or material orders passed by the regulators or courts or tribunals impacting the going
concern status of the Company.
There are no qualifications or adverse remarks in the Secretarial Audit Report.

21. NUMBER OF BOARD MEETINGS: Nomination and Remuneration Committee (‘NRC’):

The Board meets at regular intervals to discuss and decide on business strategies/policies and review the The NRC met once during the financial year under review on 19th August, 2022:
Company’s financial performance. During the year under review, the Board of Directors of the Company met 6 (Six)
During Financial Year 2022-23
times on June 02, 2022, June 13, 2022, June 23, 2022, August 24, 2022, December 21, 2022 and January 27, 2023. The
gap between two Board Meeting did not exceed 120 days. Name of Members No. of meetings eligible to attend No. of meetings attended
Mr. Paul Henry Skipworth
– Chairman 1 1
Name of Directors No. of meetings eligible to attend No. of meetings attended
Ms. Rukhshana Jina Mistry 1 1
Mr. Kishore R Chhabria 6 3
Mr. Maneck Navel Mulla 1 0
Mrs. Bina K Chhabria 6 1
Mr. Shekhar Ramamurthy 6 6 Corporate Social Responsibility Committee (‘CSR Committee’):
Mrs. Resham Chhabria J Hemdev 6 5 The Corporate Social Responsibility Committee was re-constituted on June 2, 2022 comprising of Mrs. Resham
Chhabria Jeetendra Hemdev, Mr. Vivek Anilchand Sett, Mr. Maneck Navel Mulla as members. Mrs. Resham Chhabria
Mr. Balaji V Swaminathan 6 6
Jeetendra Hemdev is the Chairperson of the Committee.
Mr. Vivek A Sett 5 5
Stakeholder Relationship Committee (‘SR Committee’):
Mr. Paul H Skipworth 5 5
The Stakeholders Relationship Committee was constituted on June 2, 2022 and re-constituted on October 17, 2022.
Ms. Rukhshana J Mistry 5 4 Mr. Vinaykant G Tanna, Mr. Balaji Viswanathan Swaminathan and Mr. Maneck Navel Mulla are members of the
Mr. Vinaykant Tanna 3 3 Committee. Mr. Vinaykant G Tanna is the Chairman of the Committee.
Mr. Narayanan Sadanandan 2 2 Risk Management Committee (‘RM Committee’):
Mr. Maneck N Mulla 6 5 The Risk Management Committee was constituted on June 02, 2022. Mr. Shekhar Ramamurthy and Mr. Vivek A Sett,
Mr. Arun Barik 4 4 Mr. Maneck Navel Mulla and *Mr. Vinaykant G Tanna (*with effect from May 25, 2023) are members of the Committee.
Mr. Shekhar Ramamurthy is the Chairman of the Committee.
22. COMMITTEES OF BOARD Initial Public Offering Committee (‘IPO Committee’):
The constitution of the Board Committees is in acquiescence of provisions of the Act and the relevant rules made The Initial Public Offering Committee was constituted on June 02, 2022 and re-constituted on June 20, 2022
thereunder and the Articles of Association of the Company
The IPO Committee met once during the financial year under review on 27th June, 2022:
As on March 31, 2023, the Board had six committees viz.,
(i) Audit Committee
(ii) Nomination and Remuneration Committee Name of Members No. of meetings eligible to attend No. of meetings attended
(iii) Corporate Social Responsibility Committee Mr. Shekhar Ramamurthy 1 1
(iv) Stakeholder Relationship Committee
Mrs. Resham Chhabria J Hemdev 1 1
(v) Risk Management Committee
(vi) IPO Committee Mr. Balaji Viswanathan Swaminathan 1 1
Procedure at Committee Meetings:
The Company’s guidelines relating to the Board meetings are applicable to the Committee Meetings. Minutes of the There has been no instance where the Board has not accepted any of the recommendations of the above
proceedings of Committee meetings are circulated to the respective committee members and placed before the Committees.
Board Meetings for noting. The composition and terms of reference of all the Committees are in compliance with
23. EXTRACT OF ANNUAL RETURN:
the Companies Act, 2013 as applicable. The composition of all the Board Committees is as under:
As per Section 92 (3), Every company shall place a copy of the annual return on the website of the Company, if any,
Audit Committee: and the web-link of such annual return shall be disclosed in the Board's report. The weblink for the same is
The Audit Committee was re-constituted on June 02, 2022 and June 20, 2022. Three Meetings of the Audit www.abdindia.com
Committee were held during the year under review on 13th June, 2022, 23rd August, 2022 and 27th January, 2023:
24. MATERIAL CHANGES AND COMMITMENTS:
Current composition of the committee and attendance is mentioned below: In terms of Section 134 (3) (1) of Companies Act, 2013, there are no material changes and commitments which could
affect the Company’s financial position that have occurred between the end of the financial year and the date of this
report.
Name of Members No. of meetings eligible to attend No. of meetings attended
25. LOANS, GUARANTEES AND INVESTMENTS:
Mr. Balaji Viswanathan Swaminathan
– Chairman 3 3 Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act,
2013 are given in the notes to the Financial Statements.
Ms. Rukhshana Jina Mistry 3 2
*Mr. Arun Barik 1 1
*Mr. Arun Barik resigned from the Committee on 20th June 2022.

26. RISK MANAGEMENT: The Whistle Blower Policy of the Company provides for adequate safeguards against victimisation of persons who
Risk Management is the process of identification, assessment and prioritization of risks followed by coordinated use such vigil mechanism and makes provision for direct access to the chairman of the Audit Company. The Audit
efforts to minimize, monitor and mitigate/control the probability and/or impact of unfortunate events or to Committee oversees the functioning of the same. Further, no personnel have been denied access to the Audit
maximize the realization of opportunities. The Company understands that risk evaluation and risk mitigation is an Committee during the Financial Year under review.
ongoing process within the organization and is fully committed to identify and mitigate the risks in the business. There was no instance of such reporting during the financial year ended 31st March, 2023.
The major risks have been identified by the Company and its mitigation process/measures have been formulated in
the areas such as business, project execution, event, financial, human, environmental and statutory compliance. 31. PERSONNEL:
Your Directors wish to place on record their appreciation of all employees of the Company for their sustained efforts
27. POLICY ON NOMINATION, REMUNERATION AND BOARD DIVERSITY:
and valuable contribution to the high level of performance and growth during the year. Industrial relations
The Board of Directors has framed a Policy that lays down a framework in relation to the remuneration of Directors, remained cordial throughout the year. The Company continues to enjoy cordial relations with employees at all
Key Managerial Personnel and Senior Management of the Company. This Policy also lays down criteria for the levels.
selection and appointment of Board Members as well as the diversity of the Board. The Company has a mix of
Executive and Non-Executive Director including Woman Directors. The Policy aims to attract, retain and motivate 32. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
qualified people at the board and senior management levels and ensure that the interests of Board members & PROHIBITION & REDRESSAL) ACT, 2013:
senior executives are aligned with the Company’s vision and mission statements and are in the long-term interests As per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act,
of the Company. 2013 (POSH Act) and Rules made thereunder, the Company has constituted Internal Committees (IC) and has
appointed members who are employees of the Company and an external independent member who has prior
28. EVALUATION OF BOARD
experience in the areas of women empowerment and prevention of sexual harassment. The Company has zero
Consequent upon the conversion of your Company from Private Limited to Public Limited with effect from June 8, tolerance for sexual harassment is committed to providing a healthy environment to all its employees at the
2022, the Board has approved the appointment of Independent Directors including constitution of various Board workplace and has adopted a policy detailing the governance mechanism for prevention, prohibition and redressal
Committees in compliance with the Companies Act, 2013 and SEBI Regulations in preparation of the filing of Draft of sexual harassment at the workplace relating to employees across genders. During the year under review, one
Red Herring Prospectus with SEBI for the purpose of the Company’s proposed Initial Public Offer (IPO) of equity complaint with allegations of sexual harassment was received by the Company and was investigated and resolved
shares. Accordingly, the Company is committed to conducting the annual performance evaluation of the Board, its as per the provisions of the POSH Act.
Committees and Individual Directors with effect from April 1, 2023.
33. GENERAL:
29. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:
Your Directors state that no disclosure or reporting is required in respect of the following items as there were no
The Company believes that as a responsible corporate citizen, it has a duty towards the society, the environment, transactions / events on these items during the year under review:
and the Country where it operates. The Company’s sense of responsibility (which goes beyond just complying with
operational and business statutes) towards the community and environment, both ecological and social, in which it 1. Issue of equity shares with differential rights as to dividend, voting or otherwise.
operates is known as corporate social responsibility. 2. Issue of Shares (including Sweat Equity Shares) to employees of the Company under any Scheme and Buyback
In compliance with the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate of shares.
Social Responsibility Policy) Rules, 2014, the Company has constituted a Corporate Social Responsibility (CSR) 3. Voting rights which are not directly exercised by the employees in respect of shares for the subscription /
Committee. It is committed to ensuring the social well-being of the communities through its CSR initiatives, in purchase of which loan was given by the Company (as there is no scheme pursuant to which such persons can
alignment with the Company’s key priorities. The current composition of the CSR Committee comprises of Mrs. beneficially hold shares as envisaged under Section 67(3)(c) of the Companies Act, 2013).
Resham Chhabria J Hemdev, Mr. Vivek Sett and Mr. Maneck N Mulla as members of the Committee.
4. No proceedings are made or pending under the Insolvency and Bankruptcy Code, 2016 and there is no
During the year under review, the Company was required to incur CSR expenditure amounting to ` 33.58 lakhs. As a instance of one-time settlement with any Bank or Financial Institution.
part of its CSR activities, the Company has spent a sum of ` 30.00 lakhs as eligible CSR spend. The company was
having accumulated excess spending amounting to ` 123.30 lakhs from the previous year and after allowing the 34. SECRETARIAL STANDARDS:
set-off of the short spend of ` 3.58 lakhs for the current year the available amount of ` 119.72 lakhs were carried During the year under review, your Company has complied with the Secretarial Standards 1 and 2 on meetings of
forward for utilizing it in subsequent years. the Board of Directors and on General Meetings, respectively, issued by the Institute of Company Secretaries of India
and notified by the Ministry of Corporate Affairs, in terms of Section 118(10) of the Act.
The annual report on CSR activities is annexed herewith marked as Annexure-C.
35. DIRECTOR’S RESPONSIBILITY STATEMENT:
30. VIGIL MECHANISM:
To the best of their knowledge and belief and according to the information and explanations obtained by them,
As required under Section 177 of the Companies Act, 2013, the Company has established the vigil mechanism for
your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:
Directors and employees to report genuine concerns through the Whistle Blower Policy of the Company. Pursuant
to the Policy, the Whistle Blower can raise concerns relating to Reportable Matters such as unethical behavior, a) that in the preparation of the annual financial statements for the financial year ended March 31, 2023, the
breach of Code of Conduct, actual or suspected fraud, any other malpractice, impropriety or wrongdoings, illegality, applicable accounting standards have been followed along with proper explanation and that there are no
non-compliance of legal and regulatory requirements, retaliation against the Directors & Employees and instances material departures;
of leakage of/suspected leakage of Unpublished Price Sensitive Information of the Company etc.

b) that such accounting policies as mentioned in the Notes to the Financial Statements have been selected and
` 101.621 per
applied consistently and judgments and estimates have been made that are reasonable and prudent so as to
November
& Distillers
Blenders
GBP and
give a true and fair view of the state of affairs of the Company as on March 31, 2023 and of the profit of the
07, 2022
Limited
Allied
Company for that financial year ended on that date;
GBP
(UK)
N.A.
c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in
accordance with the provisions of Companies Act, 2013 for safeguarding the assets of the Company and for
Maharashtra
Statement containing salient features of the financial statement of subsidiaries or associate companies or joint ventures
Blenders &
preventing and detecting fraud and other irregularities;
Distillers
15, 2022
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
d) that the annual financial statements have been prepared on a going concern basis; and
Allied
June
N.A.
N.A.
LLP
e) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate
and operating effectively.
Foundation
ANNEXURE-A TO DIRECTORS REPORT FOR THE YEAR ENDED MARCH 31, 2023
September
36. APPRECIATION:
04, 2020
The Directors acknowledge with gratitude the co-operation, understanding, support and assistance extended by its
ABD
N.A.
N.A.
Customers, Dealers, Vendors, Bankers and all other Business Associates. Your Directors also take this opportunity to
thank the various departments and agencies of the Central and State Governments for the co-operation, guidance
and continued support provided throughout the year.
Blenders &
Bottlers
Sarthak
Limited
26, 2017
Private
For, Allied Blenders and Distillers Limited
May
N.A.
N.A.
(Formerly known as Allied Blenders and Distillers Private Limited)
Distilleries &
(AP) Private
Breweries
Shekhar Ramamurthy Arun Barik
Limited
Part - A Subsidiaries
17,2014
Executive Deputy Chairman Executive Director
June
DIN: 00504801 DIN: 07130542
N.A.
N.A.
NV
Form AOC-1
London, UK Mumbai, India
Date: June 21, 2023 Date: June 21, 2023
Madanlal
Limited
Estates
15, 2021
Private
July
N.A.
N.A.
India Private
Deccan Star
November
Distilleries
06, 2014
Limited
N.A.
N.A.
Blenders &
Chitwan
Bottlers
Limited
15, 2016
Private
March
N.A.
N.A.
Dwellings
Limited
15, 2021
Private
: ABD
: July
N.A.
N.A.
:
:
subsidiary was
Exchange rate
The date since
different from
period for the
Currency and
financial year
in the case of
as on the last
concerned, if
Name of the
subsidiaries
the holding
date of the
company’s
subsidiary
subsidiary
Reporting
4 Reporting
reporting
acquired
relevant
foreign
period.
when
2
3
1

Authorised Authorised Authorised Authorised Authorised Authorised Authorised Allied Allied
Share Share Share Share Share Share Share Blenders & Blenders
Capital: Capital: Capital: Capital: Capital: Capital: Capital: Distillers & Distillers
Maharashtra (UK)
` 1,00,000/- ` 25,00,000/- ` 1,00,000/- ` 1,00,000/- ` 1,00,000/- ` 1,30,00,000 NA – Section
LLP Limited
divided divided divided into divided into divided into /- divided 8 Company
DIRECTORS’ REPORT
into 10,000 into 20,000 10,000 10,000 10,000 into Limited by Capital 100 Ordinary
Equity Equity Equity Equity Equity 13,00,000 Guarantee Contributio Shares of 1
shares of shares of shares of shares of shares of Equity n account GBP
` 10/- each ` 100/- each ` 10/- each ` 10/- each ` 10/- each shares of
and 5000, ` 10/- each
12.5% ` 85,000/-
Cumulative (Rupees
Redeemable Eighty-Five
Preference Thousand
Share of Only)
` 100/- each
5 Share capital :
Issued & Issued & Issued & Issued & Issued &
Issued & Issued &
Paid-up Paid-up Paid-up Paid-up Paid-up
Paid-up Paid-up
Share Share Share Share Share
Share Share
Capital: Capital: Capital: Capital: Capital:
Capital: Capital:
` 1,00,000/- ` 1,00,000/- ` 1,00,000/- ` 52,21,000/- NA – Section
` 1,00,000/- ` 24,98,000/-
divided divided divided divided 8 Company
divided divided into
into 10,000 into 10,000 into 10,000 into 5,22,100 Limited by
into 10,000 19,980 Equity
Equity Equity Equity Equity Guarantee
Equity shares of
` 100/- each shares of shares of shares of shares of
shares of
and 5000, ` 10/- each ` 10/- each ` 10/- each ` 10/- each
` 10/- each
12.5%
Cumulative
Redeemable
Preference
Share of
` 100/- each
41
6 Reserves and : ` 3,803.30 L ` (419.77) L ` (3.44) L ` 3,799.18 L ` (546.75) L ` (877.41) L ` (0.56) L 0 0
surplus
7 Total assets : ` 4,260.29 L ` 20.07 L 0 ` 3,804.35 L ` 1428.71 L ` 850.30 L ` 0.20 L `1 L ` 0.10 L

DIRECTORS’ REPORT
8 Total Liabilities : ` 455.99 L ` 419.86 L ` 2.44 L ` 4.17 L ` 1,974.46 L ` 1,675.51 L ` 0.76 L 0 0
9 Investments : ` 4,186.85L 0 0 ` 3,804.10 L 0 0 0 0 0
10 Turnover : 0 0 0 0 0 ` 19.74 L 0 0 0
11 Profit/ (Loss) : ` (133.91) L ` (2.15) L ` (0.85) L ` (66.67) L ` (112.01) L ` (96.89) L ` (0.07) L 0 0

before taxation
12 Provision for : ` 0.03 L 0 0 0 0 ` (0.90) L 0 0 0

taxation
13 Profit/ (Loss) : ` (133.88) L ` (2.15) L ` (0.85) L ` (66.67) L ` (112.01) L ` (97.80) L ` (0.07) L 0 0

after taxation
14 Proposed : 0 0 0 0 0 0 0 0 0
Dividend
15 Extent of : 100 100 100 100 100 100 100 85 100

shareholding
(in percentage)
1. Names of subsidiaries which are yet to commence operations: Allied Blenders and Distillers Maharashtra LLP and
Allied Blenders and Distillers (UK) Limited
2. Names of subsidiaries which have been liquidated or sold during the year: None
42
Part - B Associates and Joint Ventures ANNEXURE-B TO DIRECTORS REPORT FOR THE YEAR ENDED MARCH 31, 2023
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures POWER AND FUEL CONSUMPTION CURRENT PREVIOUS
YEAR YEAR
Name of Associates or Joint Ventures 31 March 2023 31 March 2022
1. Latest audited Balance Sheet Date ELECTRICITY

2. Date on which the Associate or Joint Venture was A. Purchased Unit
associated or acquired Total Amount (Including rents of Meter & Others charges) 3,98,15,809 3,42,58,350
3. Shares of Associate or Joint Ventures held by the Rate Per Unit in (` ) 11.59 10.31
company on the year end
B. Own Generation
No. of Shares I) Through Diesel Generator Unit 3,91,060 2,54,999
Amount of Investment in Associates or Joint Venture Cost per unit (` ) 33.63 33.02
Extent of Holding (in percentage) II) Through Stream Turbine Generator Unit 2,63,15,942 2,60,47,576
Cost per unit (` ) 26.23 20.67
4. Description of how there is significant influence
5. Reason why the associate/ joint venture is not Coal (Indonesian/Indian coal used in Distillery
consolidated Specify quality & where used)
6. Networth attributable to shareholding as per Quantity(MT) 55,403 63,322
latest audited Balance Sheet Total Cost 64,34,02,853 52,56,37,820
7. Profit or Loss for the year Average Cost 11,613.11 8,301.03
Furnace Oil N.A. N.A.
i. Considered in Consolidation
ii. Not Considered in Consolidation Other/ Inter Generation (Briquettes/ Husk / Wood Chips)
Quantity (MT) 9,307 3,759
01. Names of associates or joint ventures which are yet to commence operations – Not Applicable Total Cost 4,69,27,482 1,43,08,179
02. Names of associates or joint ventures which have been liquidated or sold during the year – Not Applicable Average Cost 5,042.18 3,806.18
Total Cost (Own Generation) 70,34,82,992 54,68,77,950
Average Cost per unit 26.34 20.79
For, Allied Blenders and Distillers Limited Other/Inter Generation (Please give details) N.A. N.A.
(Formerly known as Allied Blenders and Distillers Private Limited) Quantity N.A N.A
Total Cost 74,32,98,801 58,11,36,299

Rate Per Unit 24.66 19.62
Executive Deputy Chairman Executive Director
DIN: 00504801 DIN: 07130542
Consumption per unit of Production Current year Previous Year
2022-23 2021-2022
Indian Made Foreign Liquor (IMFL)
Electricity (in ` per case) 3.14 2.56
Extra Neutral Alcohol (ENA)

Electricity per bulk litre (` ) 13.17 10.15
Furnace Oil N.A. N.A.
Coal (Specify quantity In MT) 55,403 63,322
Other (Specify) N.A. N.A.

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO ABSORPTION. ANNEXURE-C TO DIRECTORS REPORT FOR THE YEAR ENDED MARCH 31, 2023
 RESEARCH AND DEVELOPMENT (R & D) THE ANNUAL REPORT ON CSR ACTIVITIES
1. Specific areas in which R & D  Our R & D activities primarily revolves around the product and process. 1. Brief outline on CSR Policy of the Company:
carried out by the company. Developmental works in product development such as Whisky, Brandy,
Your Company’s vision is to drive ‘holistic empowerment’ of the community through implementation of sustainable
Rum, Gin, Vodka and Ready Mix have been on going. It allows us to keep
ourselves ready for market opportunities. initiative which will have maximum societal impact by identifying the critical needs and gaps.
 Similarly, we have been constantly working on our process to improve The Company proposes to carry out any one or more of the CSR activities, notified under the section 135 of the
product consistencies and efficiencies. Companies Act 2013 (‘The Act’) and rules made there under and as amended from time to time, inter-alia the
following:
 Another area which is supported by R & D is the Packaging
Development, Alternative Product, Value Engineering etc. i. To fight against hunger, poverty and malnutrition
 Process improvement has delivered dividend in our Distillery Operation ii. To promote health care including rehabilitation health
and Conservation.
iii. To promoter education and enhance vocational skills especially among children, women and differently-abled
 Cost reengineering has shield us against the inflation.
persons
2. Benefits derived as a result of the We have prepared ourselves fully to go to market with multiple new
above R&D products as per the schedule of 22-23. Also we are preparing for the 23-24 iv. To facilitate rural development and slum area development.
with an innovation pipeline.
In accordance with the Companies Act, 2013, your Company has committed 2% (Profit before Tax) annually towards
3. Future plan of action The future plan is big and very exciting with a new Malt Distillery coming. CSR initiatives. The CSR Policy of your Company outlines the approach and direction given by the Board, taking into
ABD has plans to enter into maturation which require a lot of R & D work in account the recommendations of its CSR Committee, and includes guiding principles for selection, implementation
Wood Science for high end and niche category products.
and monitoring of CSR activities as well as formulation of the annual CSR action plan.
We are also embarking on a very elaborate schedule of Sustainability
related initiatives. 2. Composition of CSR Committee:
4. Expenditure on R & D: Sr. No. Name of Director Designation / Nature of Directorship
a) Capital 115.13 Lakhs 1. Mrs. Resham Chhabria J Hemdev Executive Vice Chairperson
b) Recurring 2. Mr. Vivek Sett Independent Director
c) Total 0.02% 3. Mr. Maneck Mulla Non-Executive Director
d) Total R & D expenditure as a
percentage of total turnover (Net) 3. Provide the web-link(s) where Composition of CSR Committee, CSR Policy and CSR Projects approved by the board
are disclosed on the website of the company. www.abdindia.com
 TECHNOLOGY, ABSORPTION, ADAPTATION AND INNOVATION
4. Provide the executive summary along with web-link(s) of Impact Assessment of CSR Projects carried out in
1. Efforts, in brief, made towards technology Work in process on multiple fronts, accelerated maturation, pursuance of sub-rule (3) of rule 8, if applicable. – Not Applicable
absorption, adaptation and innovation. Ultra Filtration of Vodka, substitution of imported inputs.
5. (a) Average net profit of the company as per sub-section (5) of section 135. ` 1679.02 Lakhs
2. Benefits derived as a result of the above efforts, e.g., The potential of all these initiatives are certainly going to
product improvement, cost reduction, product deliver quantifiable results both in tangible and intangibles. (b) Two percent of average net profit of the company as per sub-section (5) of section 135. ` 33.58 Lakhs
development, import substitution, etc. (c) Surplus arising out of the CSR Projects or programmes or
3. In case of imported technology (imported during activities of the previous financial years. NIL
the last 5 years reckoned from the beginning of the (d) Amount required to be set-off for the financial year, if any. ` (123.30) Lakhs
financial year), following information may be
(e) Total CSR obligation for the financial year [(b)+(c)-(d)]. ` (89.72) Lakhs
furnished:
a. Technology imported.
b. Year of import. 6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project). ` 30.00 lakhs
c. Has technology been fully absorbed? (b) Amount spent in Administrative Overheads. NIL
d. If not fully absorbed, areas where this has not (c) Amount spent on Impact Assessment, if applicable. NIL
taken place, reasons therefor and
e. future plans of action (d) Total amount spent for the Financial Year [(a)+(b)+(c)]. ` 30.00 lakhs
(e) CSR amount spent or unspent for the Financial Year: Refer below table
(Formerly known as Allied Blenders and Distillers Private Limited) Amount Unspent (in ` in Lakhs)
Total Amount Total Amount transferred to Amount transferred to any fund specified under
Spent for the Unspent CSR Account as per Schedule VII as per second proviso to sub-section
Shekhar Ramamurthy Arun Barik Financial Year subsection (6) of section 135 (5) of section 135
Executive Deputy Chairman Executive Director (` in Lakhs)
Amount Date of transfer Name of the Fund Amount Date of transfer
DIN: 00504801 DIN: 07130542
30.00 NIL NA NA NIL NA

(f) Excess amount for set-off, if any: ANNEXURE-D TO DIRECTORS REPORT FOR THE YEAR ENDED 31ST MARCH 2023
Sl. No. Particular Amount (in ` ) FORM NO. MR-3
i. Two percent of average net profit of the company as per sub-section (5) of section 135 ` 33.58 Lakhs
SECRETARIAL AUDIT REPORT
ii. Total amount spent for the Financial Year ` 30.00 lakhs
iii. Excess amount spent for the Financial Year [(ii)-(i)] ` (3.58) Lakhs FOR THE FINANCIAL YEAR ENDED 31STMARCH, 2023
iv. Surplus arising out of the CSR projects or programmes or [Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment
activities of the previous Financial Years, if any NIL and Remuneration Personnel) Rules, 2014]
v. Amount available for set off in succeeding Financial Years [(iii)-(iv)] NIL To,
7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years: The Members,
Sr. Preceding Amount Balance Amount Amount transferred to a Amount Deficiency Allied Blenders and Distillers Limited
No Financial transferred to Amount in spent in fund specified under remaining to , if any
Year (s) Unspent CSR Unspent CSR the Schedule VII as per second be spent in 394-C Lamington Chambers, Lamington Road,
Account under Account under Financial proviso to subsection (5) of succeeding
Mumbai-400004.
subsection (6) subsection (6) Year (` in section 135, if any financial
of section 135 of section 135 lakhs) Amount Date of years (` in I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
(in ` ) (in ` ) (` in lakhs) transfer lakhs) corporate practices by *Allied Blenders And Distillers Limited(Formerlyknown as “Allied Blenders And Distillers
1. 2019-2020 NA NA 23.21 NA Nil NA Private Limited”) (‘the Company’) having CIN:U15511MH2008PLC187368 (Formerly having CIN:U15511MH2008PTC187368)
(hereinafter called the Company). Secretarial Audit was conducted in a manner that provided me a reasonable basis for
2. 2020-2021 NA NA 183.63 NA (136.75) NA
evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.
3. 2021-2022 NA NA 34.87 NA (123.30) NA
Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records
Total - 241.71 - - - maintained by the Company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in
audit period covering the financial year ended on 31stMarch, 2023 complied with the statutory provisions listed
the Financial Year:
hereunder 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:
Yes
 No
I have examined the books, papers, minute books, forms and returns filed and other records maintained by “the
If Yes, enter the number of Capital assets created/ acquired NA
Company” for the financial year ended on 31st March, 2023 according to the provisions of:
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount (i) The Companies Act, 2013 (‘the Act’) and Rules made there under;
spent in the Financial Year:
(ii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
Sl. Short particulars of Pincode of Date of Amount of CSR Details of entity/ Authority/
No. the property or asset(s) the property creation amount spent beneficiary of the (iii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
[including complete or asset(s) registered owner (iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of
address and location
Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
of the property]
(1) (2) (3) (4) (5) (6) (v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,
1992 (‘SEBI Act’) were not applicable to the Company during the Audit Period:
CSR Name Registered
Registration address a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
Number, if 2011;
Applicable
* The Company has been converted to the Public Limited Company with effect from 08th June 2022.
Not Applicable
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(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) c) 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;
9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per subsection (5)
of section 135. - Not Applicable d) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018;
(Formerly known as Allied Blenders and Distillers Private Limited) e) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
f) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;
Executive Deputy Chairman Executive Director g) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
DIN: 00504801 DIN: 07130542
London, UK Mumbai, India h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018;

(vi) I, based on the representation made by the Company and its officers for systems and mechanism framed by the To,
Company for compliances under other applicable Acts, Laws and Regulations to the Company, further report
The Members,
that, the Company has complied with the following laws applicable specifically to the Company;
Allied Blenders and Distillers Limited
a) The Trade Marks Act, 1999;
394-C Lamington Chambers, Lamington Road,
b) Food Safety and Standards Act, 2006;
Mumbai-400004.
c) The Indian Boiler Act, 1923;
Our report of even date is to be read along with this letter.
d) Legal Metrology Act, 2009;
1) Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility
e) Various State Excise Laws to the extent applicable to brewing/alcohol industry;
is to express an opinion on these secretarial records based on our audit.
f) All other Labour, Employee and Industrial or factory and environmental Laws to the extent of necessary
2) We have followed the audit practices and process as were appropriate to obtain reasonable assurance about
permissions, licenses, compliance mechanisms, controls and any violations noted by the respective
the correctness of the Secretarial records. The verification was done on test check basis to ensure that correct
authorities as applicable to the Company;
facts are reflected in Secretarial records. We believe that the process and practices, we followed provide a
I have also examined compliance with the applicable clauses of the Secretarial Standards issued by the Institute of reasonable basis of our opinion.
Company Secretaries of India.
3) We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Company.
Standards etc. mentioned above except to the extent as mentioned below:
4) Where ever required, we have obtained the Management representation about the Compliance of laws, rules
1. Where as in terms of the provisions of Section 138(1) of the Companies Act, 2013, the company is required to and regulations and happening of events etc.
appoint an Internal Auditor. As per Management Representation, the Company was converted from Private
5) The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
Limited to Public Limited with effect from June 08, 2022, and had appointed Mr. P Kulothungan as an Internal
responsibility of management. Our examination was limited to the verification of procedure on test check basis.
Auditor of the Company with effect from May 01, 2022, further the appointment of the Internal Auditor has been
ratified by the Board of Directors in their meeting held on May 25, 2023. 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.
I further report that:
The Board of Directors of the Company is duly constituted and the changes in the composition of the Board of Directors
that took place during the period under review were carried out in compliance the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were FOR B. K. PRADHAN & ASSOCIATES
sent in due course of time, and a system exists for seeking and obtaining further information and clarifications on the Company Secretaries
agenda items before the meeting and for meaningful participation at the meeting.
Majority of the decision being carried through were captured and recorded as part of the minutes.
Balkrishan Pradhan
There are adequate systems and processes in the Company commensurate with the size and operations of the (Proprietor)
Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. M. No. F8879
C. P. No. 10179
The compliance by the Company of applicable Financial Laws, like Direct and Indirect Tax Laws, and maintenance of
financial records and books of accounts have not been reviewed in this Audit, since the same is subject to review by
designated professional/s during the course of statutory financial audit.
Firm Unique Identification No. - S2012MH172500
Peer Review Certificate No:- 2022/ 2022
FOR B. K. PRADHAN & ASSOCIATES
Company Secretaries
Place: Mumbai
Balkrishan Pradhan Date: 30th May, 2023
(Proprietor)
M. No. F8879
C. P. No. 10179
Firm Unique Identification No. - S2012MH172500

Peer Review Certificate No:- 2022/ 2022
UDIN: F008879E000431807
Place: Mumbai
Date : May 30, 2023
Note: This Report is to read with our letter of even date which is annexed and forms an integral part of this report.

INDEPENDENT AUDITOR’S REPORT INDEPENDENT AUDITOR’S REPORT
To the Members of Allied Blenders and Distillers Limited (Formerly known as Allied Blenders and 6. In preparing the financial statements, the Board of Directors are responsible for assessing the Company’s ability to
Distillers Private Limited) continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Board of Directors either intend to liquidate the Company or to cease
Report on the Audit of the Standalone Financial Statements
operations, or has no realistic alternative but to do so.
Opinion
7. Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
1. We have audited the accompanying standalone financial statements of Allied Blenders and Distillers Limited
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
(Formerly known as Allied Blenders and Distillers Private Limited) (‘the Company’), which comprise the Standalone
Balance Sheet as at 31 March 2023, the Standalone Statement of Profit and Loss (including Other Comprehensive 8. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
Income), the Standalone Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
and notes to the standalone financial statements, including a summary of the significant accounting policies and Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
other explanatory information with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
influence the economic decisions of users taken on the basis of these financial statements.
standalone financial statements (‘the financial statements’) give the information required by the Companies Act,
2013 (‘the Act’) in the manner so required and give a true and fair view in conformity with the Indian Accounting 9. As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act we exercise
Standards (‘Ind AS’) specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) professional judgment and maintain professional skepticism throughout the audit. We also:
Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at
 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
31 March 2023, and its profit (including other comprehensive income), its cash flows and the changes in equity for
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
the year ended on that date.
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
Basis for Opinion fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control;
3. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act.
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
Standalone Financial Statements section of our report. We are independent of the Company in accordance with the appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our
Code of Ethics issued by the Institute of Chartered Accountants of India (‘ICAI’) together with the ethical opinion on whether the Company has adequate internal financial controls with reference to financial statements
requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules in place and the operating effectiveness of such controls;
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
related disclosures made by management;
for our opinion.
 Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accounting and, based
Information other than the Financial Statements and Auditor’s Report thereon
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
4. The Company’s Board of Directors are responsible for the other information. The other information comprises the cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
information included in the Directors report, but does not include the standalone financial statements and our uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
auditor’s report thereon. financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
Our opinion on the standalone financial statements does not cover the other information and we do not express any
cause the Company to cease to continue as a going concern;
form of assurance conclusion thereon.
 Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
In connection with our audit of the standalone financial statements, our responsibility is to read the other
and whether the financial statements represent the underlying transactions and events in a manner that
information and, in doing so, consider whether the other information is materially inconsistent with the standalone
achieves fair presentation;
financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that there is a material misstatement of this other information, 10. We communicate with those charged with governance regarding, among other matters, the planned scope and
we are required to report that fact. We have nothing to report in this regard. timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
Report on Other Legal and Regulatory Requirements
5. The accompanying standalone financial statements have been approved by the Company’s Board of Directors. The
Company’s Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the 11. As required by section 197(16) of the Act based on our audit, we report that the Company has paid remuneration to
preparation and presentation of these standalone financial statements that give a true and fair view of the financial its directors during the year in accordance with the provisions of and limits laid down under Section 197 read with
position, financial performance including other comprehensive income, changes in equity and cash flows of the Schedule V to the Act.
Company in accordance with the Ind AS specified under section 133 of the Act and other accounting principles
12. As required by the Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the Central Government of India
generally accepted in India. This responsibility also includes maintenance of adequate accounting records in
in terms of section 143(11) of the Act we give in the Annexure A a statement on the matters specified in paragraphs
accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and
3 and 4 of the Order, to the extent applicable.
detecting frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of 13. Further to our comments in Annexure A, as required by section 143(3) of the Act based on our audit we report, to the
adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of extent applicable, that:
the accounting records, relevant to the preparation and presentation of the financial statements that give a true a) We have sought and obtained all the information and explanations which to the best of our knowledge and
and fair view and are free from material misstatement, whether due to fraud or error. belief were necessary for the purpose of our audit of the accompanying standalone financial statements;
b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books;

c) The standalone financial statements dealt with by this report are in agreement with the books of account; Annexure A referred to in Paragraph 12 of the Independent Auditor’s Report of even date to the members of Allied
Blenders and Distillers Limited (Formerly known as Allied Blenders and Distillers Private Limited) on the stand-
d) in our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of
alone financial statements for the year ended 31 March 2023
the Act;
In terms of the information and explanations sought by us and given by the Company and the books of account and
e) On the basis of the written representations received from the directors and taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2023 from being appointed as a director in terms records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:
of section 164(2) of the Act; (i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and
f) With respect to the adequacy of the internal financial controls with reference to the standalone financial situation of its property, plant and equipment and right of use assets.
statements of the Company as on 31 March 2023 and the operating effectiveness of such controls, refer to our
(B) The Company has maintained proper records showing full particulars of intangible assets.
separate Report in Annexure B wherein we have expressed an unmodified opinion; and
(b) The property, plant and equipment and right of use assets have been physically verified by the management
g) With respect to the other matters to be included in the Auditor’s Report in accordance with rule 11 of the
during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency
Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information
and according to the explanations given to us: of physical verification programme adopted by the Company, is reasonable having regard to the size of the
Company and the nature of its assets.
i. the Company has disclosed the impact of pending litigations on its financial position as at 31 March 2023;
(c) The title deeds of all the immovable properties held by the Company (other than properties where the
ii. the Company did not have any long-term contracts including derivative contracts for which there were any
Company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in note 5
material foreseeable losses as at 31 March 2023;
to the standalone financial statements are held in the name of the Company.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection
(d) The Company has not revalued its Property, Plant and Equipment and Right of Use assets or intangible assets
Fund by the Company during the year ended 31 March 2023;
during the year.
iv. a. The management has represented that, to the best of its knowledge and belief, as disclosed in note 66
to the standalone financial statements, no funds have been advanced or loaned or invested (either from (e) No proceedings have been initiated or are pending against the Company for holding any benami property
borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any under the Prohibition of Benami Property Transactions Act, 1988 (as amended) and rules made thereunder.
person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the understanding, whether
(ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year,
recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest
except for goods in transit. In our opinion, the coverage and procedure of such verification by the management
in other persons or entities identified in any manner whatsoever by or on behalf of the Company (‘the
is appropriate and no discrepancies of 10% or more in the aggregate for each class of inventory were noticed as
Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries; compared to book records
b. The management has represented that, to the best of its knowledge and belief, as disclosed in note 66 to (b) As disclosed in note 61 to the standalone financial statements, the Company has been sanctioned working
the standalone financial statements, no funds have been received by the Company from any person(s) or capital limits in excess of Rs 5 crore by banks and financial institutions based on the security of current assets. The
entity(ies), including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in quarterly returns/statements, in respect of the working capital limits have been filed by the Company with such
writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other banks and/or financial institutions and such returns/statements are in agreement with the books of account of
persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate the Company for the respective periods (which were not subjected to audit/review), except for the following:
Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c. Based on such audit procedures performed as considered reasonable and appropriate in the Name of the Bank / Aggregate Nature of Quarter Information Information Difference*
financial institution Working assets ended disclosed as per (` in lakhs)
circumstances, nothing has come to our notice that has caused us to believe that the management
capital limits offered as as per books of (B – A)
representations under sub-clauses (a) and (b) above contain any material misstatement. sanctioned security return accounts
v. The Company has not declared or paid any dividend during the year ended 31 March 2023. (` in lakhs) (` in lakhs) (` in lakhs)
(A) (B)
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 requires all companies which use accounting
Axis Bank, State Bank of India, Yes 27,036 Current 30 June 136,782.00 135,340.00 (1,442.00)
software for maintaining their books of account, to use such an accounting software which has a feature of
Bank, South Indian Bank, CSB Bank, Assets 2023
audit trail, with effect from the financial year beginning on 1 April 2023 and accordingly, reporting under Saraswat Cooperative Bank, IDFC,
Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 (as amended) is not applicable for the current IndusInd Bank
financial year.
Axis Bank, State Bank of India, Yes 27,036 Current 30 148,760.00 153,657.00 4,897.00
Bank, South Indian Bank, CSB Bank, Assets September
For Walker Chandiok & Co LLP Saraswat Cooperative Bank, IDFC, 2022
Chartered Accountants IndusInd Bank
Firm’s Registration No.: 001076N/N500013
Axis Bank, State Bank of India, Yes 32,036 Current 31 157,557.00 157,287.00 (270.00)
Adi P. Sethna Bank, South Indian Bank, CSB Bank, Assets December
Partner Saraswat Cooperative Bank, IDFC, 2022
Membership No.: 108840 IndusInd Bank
Axis Bank, State Bank of India, Yes 31,036 Current 31 March 163,503.00 165,875.00 2,372.00
UDIN: 23108840BGYAWO3988 Bank, South Indian Bank, CSB Bank, Assets 2023
Saraswat Cooperative Bank, IDFC,
Place: Mumbai IndusInd Bank
Date: 21 June 2023

*Trade receivables are considered gross of provision and Inventories are considered gross of provision but net (b) According to the information and explanations given to us, there are no statutory dues referred in sub-clause (a)
of excise duty in the quarterly returns filed by the Company. Also, figures are updated for book closure entries which have not been deposited with the appropriate authorities on account of any dispute except for the following:
recorded post submission of returns/statements to banks/financial institutions.
Statement of Disputed Dues
(iii) (a) The Company has made investments in and provided loans to two Subsidiaries during the year. The details of
Loans are given below: (` in lakhs) Name of the Nature of dues Amount Amount Amount Period to Forum where
statute (Including (` in lakhs) paid/ unpaid which the dispute is
Particulars Loans interest and adjusted (` in amount pending
Aggregate amount provided/ granted during the year: penalty, as the under lakhs) relates
- Subsidiaries 11.07 case may be) protest
(` in lakhs)
Balance outstanding as at balance sheet date in respect of above cases:
Income Tax Income Tax 333.11 333.11 - AY 2014-2015 Commissioner of
- Subsidiaries 1,545.62
Act, 1961 Income Tax (Appeals)
The Company did not provide any guarantee or security on behalf of any party during the year
Income Tax Income Tax 17.34 - 17.34 AY 2016-2017 Commissioner of
(b) The Company has not provided any guarantee or given any security on behalf of any party during the year. Act, 1961 Income Tax (Appeals)
However, the Company has made investment in 3 entities amounting to ` 840.95 lakhs (year-end balance Finance Service Tax 538.08 20.11 517.97 April 2011 to Customs, Excise and
` 4,261.45 lakhs) and has granted loans to 2 subsidiaries amounting to ` 11.07 lakhs (year end balance ` 1,545.62 Act, 1994 March 2015 Service Tax Appellate
lakhs) and in our opinion, and according to the information and explanations given to us, such investments Tribunal (CESTAT)
made and loans provided are, prima facie, not prejudicial to the interest of the Company.
Central Excise Excise Duty 286.02 71.50 214.52 2016-2017 High Court of Madhya
(c) In respect of loans granted by the Company to companies, the schedule of repayment of principal and interest Act, 1944 Pradesh, Jabalpur
has been stipulated wherein these amounts are repayable on demand and the repayments have been regular.
MVAT Act, MVAT 3,248.90 9.87 3,239.03 2011-2012 Maharashtra Sales Tax
Further, to the extent such repayments have not been demanded, in our opinion, repayment of the principal
2002 Appellate Tribunal
and interest amounts are also considered to be regular.
Bombay Excise Duty- 32.80 32.80 - FY 2007-2008 High Court of
(d) In view of our comments in (c) above, there is no amount which is overdue for more than 90 days in respect of Prohibition License Fee Judicature of Bombay,
the principal and interest amount of the loan(s) granted or advances in the nature of loans. Act, 1949 Aurangabad Bench
(e) The Company has not granted any loan or advance in the nature of loan which has fallen due during the year. Central Sales CST 14.02 7.24 6.78 FY 2015-2016 Joint Commissioner of
Further, no fresh loans were granted to any party to settle the overdue loans/advances in nature of loan that Tax Act, 1956 State Tax
existed as at the beginning of the year.
MVAT VAT 614.03 0.49 613.54 FY 2015-2016 Joint Commissioner of
(f) The Company has granted loans which are repayable on demand, as per details below: Act, 2002 State Tax
Particulars All Parties Promoters Related Parties MVAT VAT 582.58 - 582.58 FY 2016-2017 Joint Commissioner of
Act, 2002 State Tax
Aggregate of loans ` 1,545.62 lakhs - ` 1,545.62 lakhs
- Repayable on demand Central Sales CST 2.41 - 2.41 FY 2016-2017 Joint Commissioner of
Percentage of loans 99.50% - 99.50% Tax Act, 1956 State Tax
Karnataka Excise Duty – 2.98 2.98 - FY 2016-2017 to Superintendent
Stamp Act, 1957 Stamp Duty FY 2018-2019 of Excise
(iv) In our opinion, and according to the information and explanations given to us, the Company has complied with the
provisions of sections 185 and 186 of the Act in respect of loans and investments made and there are no guarantees MVAT Act, VAT 290.31 - - FY 2012-2013 Maharashtra sales
given or securities provided by it, as applicable. 2002 tax department
(v) In our opinion, and according to the information and explanations given to us, the Company has not accepted any MVAT Act, VAT 356.85 - - FY 2013-2014 Maharashtra sales
deposits or there are no amounts which have been deemed to be deposits within the meaning of sections 73 to 76 2002 tax department
of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, reporting under Central Sales CST 22.39 12.16 10.23 FY 2017-2018 Joint Commissioner
clause 3(v) of the Order is not applicable to the Company. Tax Act, 1956 of State Tax
(vi) The Central Government has not specified maintenance of cost records under sub-section (1) of section 148 of the MVAT Act, VAT 198.70 - - FY 2017-2018 Joint Commissioner
Act, in respect of Company’s products/ business activity. Accordingly, reporting under clause 3(vi) of the Order is not 2002 of State Tax
applicable. GST Act 2017 GST 726.19 - - July 2017 to Telangana
(vii) (a) In our opinion, and according to the information and explanations given to us, undisputed statutory dues July 2020 High Court
including goods and services tax, provident fund, income-tax, sales-tax, service tax, duty of customs, cess and other
material statutory dues, as applicable, have generally been regularly deposited with the appropriate authorities,
though value added tax and duty of excise have not generally been regularly deposited with the appropriate
authorities and there have been significant delays in a large number of cases. Further, no undisputed amounts
payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they
became payable.

(viii) According to the information and explanations given to us, no transactions were surrendered or disclosed as (b) We have considered the reports issued by the Internal Auditors of the Company till date for the period under
income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961) which have not been audit.
previously recorded in the books of accounts.
(xv) According to the information and explanation given to us, the Company has not entered into any non-cash
(ix) (a) According to the information and explanations given to us, the Company has not defaulted in repayment of transactions with its directors or persons connected with its directors and accordingly, reporting under clause
loans or other borrowings to any lender or in the payment of interest thereon 3(xv) of the Order with respect to compliance with the provisions of section 192 of the Act are not applicable to the
Company.
(b) According to the information and explanations given to us including representation received from the
management of the Company, and on the basis of our audit procedures, we report that the Company has not (xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
been declared a willful defaulter by any bank or financial institution or government or any government Accordingly, reporting under clauses 3(xvi)(a),(b) and (c) of the Order are not applicable to the Company.
authority. (xvii) The Company has not incurred any cash losses in the current financial year as well as the immediately preceding
(c) In our opinion and according to the information and explanations given to us, money raised by way of term financial year.
loans availed during the year or in case loans availed in earlier year/s were unutilized were applied for the (xviii) There has been no resignation of the statutory auditors during the year. Accordingly, reporting under clause
purposes for which these were obtained. 3(xviii) of the Order is not applicable to the Company.
(d) In our opinion and according to the information and explanations given to us, and on an overall examination of (xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and
the financial statements of the Company, funds raised by the Company on short term basis have, prima facie, expected dates of realisation of financial assets and payment of financial liabilities, other information
not been utilised for long term purposes. accompanying the standalone financial statements, our knowledge of the plans of the Board of Directors and
management and based on our examination of the evidence supporting the assumptions , nothing has come to
(e) According to the information and explanations given to us and on an overall examination of the financial
our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report
statements of the Company, the Company has not taken any funds from any entity or person on account of or
indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when
to meet the obligations of its subsidiaries.
they fall due within a period of one year from the balance sheet date. We, however, state that this is not an
(f) According to the information and explanations given to us, the Company has not raised any loans during the assurance as to the future viability of the company. We further state that our reporting is based on the facts up to
year on the pledge of securities held in its subsidiaries. the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due
within a period of one year from the balance sheet date, will get discharged by the company as and when they fall
(x) (a) The Company has not raised any money by way of initial public offer or further public offer (including debt
due.
instruments), during the year. Accordingly, reporting under clause 3(x)(a) of the Order is not applicable to the
Company. (xx) According to the information and explanations given to us, the Company does not have any unspent amounts
towards Corporate Social Responsibility in respect of any ongoing or other than ongoing project as at the end of
(b) According to the information and explanations given to us and on the basis of our examination of the records
the financial year. Accordingly, reporting under clause 3(xx) of the Order is not applicable to the Company.
of the Company, the Company has not made any preferential allotment or private placement of shares or (fully,
partially or optionally) convertible debentures during the year. Accordingly, reporting under clause 3(x)(b) of (xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial
the Order is not applicable to the Company. statements of the Company. Accordingly, no comment has been included in respect of said clause under this
report.
(xi) (a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the
Company or no material fraud on the Company has been noticed or reported during the period covered by our
audit. For Walker Chandiok & Co LLP
(b) According to the information and explanations given to us including the representation made to us by the Chartered Accountants
management of the Company, no report under sub-section 12 of section 143 of the Act has been filed by the
auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014, with the
Adi P. Sethna
Central Government for the period covered by our audit. Partner
(c) The whistle blower complaints received by the Company during the year, as shared with us by the Membership No.: 108840
management have been considered by us while determining the nature, timing and extent of audit
procedures. UDIN: 23108840BGYAWO3988
(xii) The Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. Accordingly, reporting Place: Mumbai
under clause 3(xii) of the Order is not applicable to the Company. Date: 21 June 2023
(xiii) In our opinion and according to the information and explanations given to us, all transactions entered into by the
Company with the related parties are in compliance with sections 177 and 188 of the Act, where applicable. Further,
the details of such related party transactions have been disclosed in the standalone financial statements, as
required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified in Companies (Indian
Accounting Standards) Rules 2015 as prescribed under section 133 of the Act.
(xiv) (a) In our opinion and according to the information and explanations given to us, the Company has an internal
audit system as per the provisions of section 138 of the Act which is commensurate with the size and nature of
its business.

Annexure B Inherent Limitations of Internal Financial Controls with Reference to Standalone Financial Statements
Independent Auditor’s Report on the internal financial controls with reference to the standalone financial 7. Because of the inherent limitations of internal financial controls with reference to standalone financial statements,
statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (‘the Act’) including the possibility of collusion or improper management override of controls, material misstatements due to
error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls
1. In conjunction with our audit of the standalone financial statements of Allied Blenders and Distillers Limited
with reference to standalone financial statements to future periods are subject to the risk that the internal financial
(Formerly known as Allied Blenders and Distillers Private Limited) (‘the Company’) as at and for the year ended 31
controls with reference to standalone financial statements may become inadequate because of changes in
March 2023, we have audited the internal financial controls with reference to standalone financial statements of the
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Company as at that date.
Opinion
Responsibilities of Management and Those Charged with Governance for Internal Financial Controls
8. In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to the
2. The Company’s Board of Directors is responsible for establishing and maintaining internal financial controls based
standalone financial statements and such controls were operating effectively as at 31 March 2023, based on the
on the internal financial controls with reference to standalone financial statements (‘the financial statements’)
internal financial controls with reference to standalone financial statements criteria established by the Company
criteria established by the Company considering the essential components of internal control stated in the
considering the essential components of internal control stated in the Guidance Note issued by the ICAI.
Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered
Accountants of India. These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of the
For Walker Chandiok & Co LLP
Company’s business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention
Chartered Accountants
and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely Firm’s Registration No.: 001076N/N500013
preparation of reliable financial information, as required under the Act.
Adi P. Sethna
Auditor’s Responsibility for the Audit of the Internal Financial Controls with Reference to Financial Statements
Partner
3. Our responsibility is to express an opinion on the Company's internal financial controls with reference to standalone Membership No.: 108840
financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India (‘ICAI’) prescribed under Section 143(10) of the Act, to the UDIN: 23108840BGYAWO3988
extent applicable to an audit of internal financial controls with reference to financial statements, and the Guidance
Place: Mumbai
Note on Audit of Internal Financial Controls Over Financial Reporting (‘the Guidance Note’) issued by the ICAI. Those
Date: 21 June 2023
Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate internal financial controls with reference to
standalone financial statements were established and maintained and if such controls operated effectively in all
material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls with reference to standalone financial statements and their operating effectiveness. Our audit of internal
financial controls with reference to standalone financial statements includes obtaining an understanding of such
internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the
auditor’s judgement, including the assessment of the risks of material misstatement of the standalone financial
statements, whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Company’s internal financial controls with reference to standalone financial statements.
Meaning of Internal Financial Controls with Reference to Standalone Financial Statements
6. A company's internal financial controls with reference to standalone financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone
financial statements for external purposes in accordance with generally accepted accounting principles. A
company's internal financial controls with reference to standalone financial statements include those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorisations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could
have a material effect on the financial statements.

STANDALONE STATEMENT
STANDALONE BALANCE SHEET OF PROFIT AND LOSS
(` in lakhs, except for share data &, if otherwise stated)
Standalone balance sheet as at 31 March 2023 Standalone statement of profit and loss for the year ended 31 March 2023
As at As at Year ended Year ended
Particulars Notes 31 March 2023 31 March 2022 Particulars Notes 31 March 2023 31 March 2022
ASSETS
I. Non-current assets Revenue
Property, plant and equipment 5 36,531.03 39,805.15 Revenue from operations 33 7,10,568.02 7,19,692.16
Capital work-in-progress 5A 969.29 1,051.79 Other income 34 1,208.80 1,222.71
Right of use assets 6 12,971.19 13,044.20
Total Income 7,11,776.82 7,20,914.87
Goodwill 7 366.31 366.31
Other intangible assets 7 6,325.15 6,176.57
Financial assets Expenses
(i) Investments in subsidiaries 8A 262.44 7,652.15 Cost of materials consumed 35 1,99,568.67 1,63,497.23
(ii) Investments 8C 0.39 0.39 Purchases of stock-in-trade 36 562.70 485.63
(iii) Loans 9 1,545.62 1,452.47
Changes in inventories of finished goods,
(iv) Other financial assets 10 5,313.22 3,977.77
Deferred tax assets (net) 11 1,204.58 1,541.91 stock-in-trade and work-in-progress 37 (2,727.03) (1,112.81)
Non-current tax assets (net) 12 1,677.11 1,394.06 Excise duty 3,95,905.14 4,51,126.82
Other non-current assets 13 1,720.20 1,516.44 Employee benefit expense 38 18,529.79 19,290.35
Total non-current assets 68,886.53 77,979.21
Other expenses 41 80,135.36 66,659.26
II Current assets
Inventories 14 55,918.33 35,249.47 Total expenses (excluding finance cost and depreciation/amortisation) 6,91,974.63 6,99,946.48
Financial assets Profit before finance costs, depreciation and amortisation expenses and tax 19,802.19 20,968.39
(i) Trade receivables 15 95,761.36 95,403.19
(ii) Cash and cash equivalents 16 2,702.41 1,841.56 Finance costs 39 13,436.20 14,419.94
(iii) Bank balances other than cash and cash equivalents above 17 2,547.60 3,499.59 Depreciation and amortisation expenses 40 5,438.72 5,718.56
(iv) Loans 18 7.74 411.11 Profit before tax 927.27 829.89
(v) Other financial assets 19 2,602.77 1,929.49
Other current assets 20 13,009.78 8,341.07
Assets classified as held for sale 8B 8,242.50 - Tax expense/ (credit), net
Total current assets 1,80,792.49 1,46,675.48 (i) Current tax 42 123.84 133.74
TOTAL ASSETS 2,49,679.02 2,24,654.69
(ii) Deferred tax expense 42 315.76 280.91
EQUITY AND LIABILITIES
III Equity (iii) Tax adjustments in respect of earlier years 42 (5.97) (178.00)
Equity share capital 21 4,882.27 4,711.33 433.63 236.65
Other equity 22 37,553.53 37,190.77
Total equity 42,435.80 41,902.10 Profit after tax 493.64 593.24
Liabilities
IV Non-current liabilities Other comprehensive income
Financial liabilities Items that will not be reclassified to profit or loss
(i) Borrowings 23 13,866.37 18,273.89 Remeasurement of the defined benefit plans gain 41B 61.63 85.65
(ii) Lease liabilities 24 1,334.12 1,382.62
Income tax relating to these items 41B (21.57) (29.93)
Provisions 25 1,315.23 1,236.34
Total non-current liabilities 16,515.72 20,892.85 Other comprehensive income, net of tax 40.06 55.72
V Current liabilities
Financial liabilities Total comprehensive income 533.70 648.96
(i) Borrowings 26 63,378.48 64,811.62
(ii) Lease liabilities 27 306.01 206.73 Earnings per equity share: 50
(iii) Trade payables 28
Dues of micro and small enterprises 16,312.88 16,328.55 Basic (in `) 0.20 0.25
Dues of creditors other than micro and small enterprises 40,484.89 37,455.31 Diluted (in `) 0.20 0.25
(iv) Other financial liabilities 29 19,241.37 16,082.51 Face value per share (in `) 2.00 2.00
Other current liabilities 30 49,647.26 25,499.18
Provisions 31 1,249.14 1,368.37
Current tax liabilities (net) 32 107.47 107.47 Summary of significant accounting policies and other explanatory information 2
Total current liabilities 1,90,727.50 1,61,859.74 The accompanying notes form an integral part of the standalone financial statements
TOTAL LIABILITIES 2,07,243.22 1,82,752.59 This is the standalone statement of profit and loss referred to in our report of even date
TOTAL EQUITY AND LIABILITIES 2,49,679.02 2,24,654.69
Summary of significant accounting policies and other explanatory information 2

The accompanying notes form an integral part of the standalone financial statements For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of Allied Blenders and
This is the standalone balance sheet referred to in our report of even date Chartered Accountants Distillers Limited (formerly known as Allied Blenders and
Firm Registration No: 001076N / N500013 Distillers Private Limited)
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of Allied Blenders and Adi P. Sethna Shekhar Ramamurthy Arun Barik
Chartered Accountants Distillers Limited (formerly known as Allied Blenders and Partner Executive Deputy Chairman Executive Director
Firm Registration No: 001076N / N500013 Distillers Private Limited) Membership No. 108840 DIN: 00504801 DIN: 07130542
Place: Mumbai Place: Mumbai Place: Mumbai
Adi P. Sethna Shekhar Ramamurthy Arun Barik
Partner Executive Deputy Chairman Executive Director Date: 21 June 2023 Date: 21 June 2023 Date: 21 June 2023
Membership No. 108840 DIN: 00504801 DIN: 07130542 Ramakrishnan Ramaswamy Ritesh Shah
Chief Financial Officer Company Secretary and Chief Legal Officer
Date: 21 June 2023 Date: 21 June 2023 Date: 21 June 2023
A14037
Ramakrishnan Ramaswamy Ritesh Shah Place: Mumbai Place: Mumbai
Chief Financial Officer Company Secretary and Chief Legal Officer Date: 21 June 2023 Date: 21 June 2023
A14037
Place: Mumbai Place: Mumbai
Date: 21 June 2023 Date: 21 June 2023

STANDALONE STATEMENT
STANDALONE CASH FLOW STATEMENT OF CHANGES IN EQUITY
Standalone statement of cash flow for the year ended 31 March 2023 Standalone statement of changes in equity for the year ended 31 March 2023
Year ended Year ended a) Equity share capital
Notes 31 March 2023 31 March 2022 (Refer note 21)
A. CASH FLOW FROM OPERATING ACTIVITIES Particulars Number of shares Amount
Profit before tax 927.27 829.89 Issued, subscribed and paid-up:
Adjustments for :
Depreciation/amortisation 5,438.72 5,718.56
As at 1 April 2021 23,55,66,665 4,711.33
Provision for doubtful debts 329.50 743.69 Issue of shares - -
Provision for doubtful Advances 22.04 - As at 31 March 2022 23,55,66,665 4,711.33
Bad debts and advances written-off (net of provisions written back) - 916.04 Issue of shares on conversion of CCD (Refer note 62) 85,47,000 170.94
Provision for inventory 622.17 199.81 As at 31 March 2023 24,41,13,665 4,882.27
Unrealised foreign loss 25.80 20.42
Finance costs 13,436.20 14,419.94 b) Equity component of non-cumulative convertible preference shares
(Profit)/Loss on sale of property, plant and equipment 4.04 (80.17) (Refer note 21)
Liabilities no longer required written back (123.38) (80.14)
Gain on lease cancellation - (27.24) Particulars Number of shares Amount
Provision for earlier year written back (152.06) (105.67) Issued, subscribed and paid-up:
Interest income from investing activities (317.53) (360.78) As at 1 April 2021 68,18,180 681.82
Operating profit before working capital changes 20,212.77 22,194.35
Less: Shares redeemed (68,18,180) (681.82)
Adjustments for working capital:
Decrease/(Increase) in inventories (21,291.03) (868.17) As at 31 March 2022 - -
Decrease/(Increase) in trade receivables (580.72) (10,304.25) Add: Shares issued - -
Decrease/(Increase) in financial assets and other assets (5,391.72) 3,316.36 As at 31 March 2023 - -
(Decrease)/Increase in liabilities and provisions 30,462.13 4,731.27
Cash generated from operating activities 23,411.43 19,069.56 c) Other equity
Direct taxes paid (net) (400.91) (553.31) (Refer note 22)
Net cash generated from operating activities (A) 23,010.52 18,516.25
Particulars Reserve and Surplus Total
B. CASH FLOW FROM INVESTING ACTIVITIES
Sale/(Purchase) of investments - (2.00) Capital Securities General Capital Equity Balance
Investment in compulsorily convertible debentures (840.00) (5,190.06) reserve premium reserve redemption component surplus
Purchase of property, plant and equipment (Refer note (ii) below) (2,019.48) (2,393.63) reserve of in the
Sale of property, plant and equipment 66.36 403.77 compound statement
Loans given to subsidiaries (11.07) (23.66)
financial of profit
Refund of capital advance - 11,100.00
Investment in bank deposits (1,585.12) (860.34) instrument and loss
Maturity of bank deposits 1,482.65 1,129.69 (Retained
Interest received 212.65 245.70 Earnings)
Net cash generated from/(used in) investing activities (B) (2,694.01) 4,409.47
Balance as at 1 April 2021 0.80 17,845.98 5,504.76 - - 10,480.27 33,831.81
C. CASH FLOW FROM FINANCING ACTIVITIES
Profit for the year - - - - - 593.24 593.24
Proceeds from long term borrowings - 6,010.00
Repayment of long term borrowings (7,446.38) (9,169.06) Other comprehensive
Repayment of short term borrowings (net) 1,876.87 (9,001.09) income for the year - - - - - 55.72 55.72
Deposits with bank towards margin money against borrowings (net) - (581.03) Transfer to capital redemption reserve - - (681.82) - - - (681.82)
Finance costs paid (13,452.45) (14,756.56) Transfer from General reserve - - - 681.82 - - 681.82
Repayment of lease obligations (433.70) (392.35)
Created during the year on issue of CCD 9,528.18 - 9,528.18
Issue of compulsory convertible debentures - 10,000.00
Redemption of preference shares - (7,500.00) Redemption of non-cumulative
Net cash used in financing activities (C) (19,455.66) (25,390.09) convertible preference shares - (6,818.18) - - - - (6,818.18)
Net decrease in cash and cash equivalents (A+B+C) 860.85 (2,464.37) Balance as at 31 March 2022 0.80 11,027.80 4,822.94 681.82 9,528.18 11,129.23 37,190.77
Opening balance of cash and cash equivalents 1,841.56 4,305.93 Profit for the year - - - - - 493.64 493.64
Closing balance of cash and cash equivalents 2,702.41 1,841.56
Other comprehensive
Components of cash and cash equivalents:
income for the year - - - - - 40.06 40.06
Cash on hand 96.19 98.87
Issue of equity shares on
Balances with banks in current accounts 1,272.96 1,742.69
Cheques, drafts on hand 1,333.26 conversion of CCD (Refer note 62) - 9,357.24 - - (9,528.18) - (170.94)
Cash and cash equivalents 16 2,702.41 1,841.56 Balance as at 31 March 2023 0.80 20,385.04 4,822.94 681.82 - 11,662.93 37,553.53
Note: (i) The statement of cash flows has been prepared under the indirect method as set out in Indian Accounting Standard (Ind AS 7) statement Summary of significant accounting policies and other explanatory information (Refer note 2)
of cash flows. (ii) Includes capital work in progress, right of use assets and intangible assets (iii) Refer note 62 for significant non cash transaction The accompanying notes form an integral part of the standalone financial statements
Summary of significant accounting policies and other explanatory information 2 This is the standalone statement of changes in equity referred to in our report of even date.
The accompanying notes form an integral part of the standalone financial statements For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of Allied Blenders and
This is the standalone cash flow statement referred to in our report of even date Chartered Accountants Distillers Limited (formerly known as Allied Blenders and
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of Allied Blenders and Firm Registration No: 001076N / N500013 Distillers Private Limited)
Chartered Accountants Distillers Limited (formerly known as Allied Blenders and
Firm Registration No: 001076N / N500013 Distillers Private Limited) Adi P. Sethna Shekhar Ramamurthy Arun Barik
Adi P. Sethna Shekhar Ramamurthy Arun Barik Partner Executive Deputy Chairman Executive Director
Partner Executive Deputy Chairman Executive Director Membership No. 108840 DIN: 00504801 DIN: 07130542
Membership No. 108840 DIN: 00504801 DIN: 07130542 Place: Mumbai Place: Mumbai Place: Mumbai
Place: Mumbai Place: Mumbai Place: Mumbai Date: 21 June 2023 Date: 21 June 2023 Date: 21 June 2023
Ramakrishnan Ramaswamy Ritesh Shah
Chief Financial Officer Company Secretary and Chief Legal Officer Chief Financial Officer Company Secretary and Chief Legal Officer
A14037 A14037
Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai
Date: 21 June 2023 Date: 21 June 2023 Date: 21 June 2023 Date: 21 June 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
AND OTHER EXPLANATORY INFORMATION AND OTHER EXPLANATORY INFORMATION
TO THE STANDALONE FINANCIAL STATEMENTS TO THE STANDALONE FINANCIAL STATEMENTS
1. Company information For performance obligations where none of the above conditions are met, revenue is recognised at the point in
time at which the performance obligation is satisfied.
Allied Blenders and Distillers Limited (“the Company”) is a public limited company domiciled and headquartered in
Mumbai, Maharashtra, India. It is incorporated under the Companies Act, 1956, as a private limited company. The Revenue from sale of products are recognised by the Company at a point in time on which the performance
Company is engaged in the business of manufacture, purchase and sale of Alcoholic Beverages/ liquids. The obligation is satisfied.
Company changed its status from private limited company to public limited company w.e.f 8 June 2022.
Revenue from sale of products
The Standalone financial statements (‘the financial statements’) of the Company for the year ended 31 March 2023 Revenue is recognised on transfer of control, being on dispatch of goods or upon delivery to customer, in
were authorised for issue in accordance with the resolution of Board of Directors on 21 June 2023. accordance with the terms of sale.
2. Significant accounting policies Revenue from manufacture and sale of products from tie-up manufacturing arrangements:
a. Basis of Preparation The Company has entered into arrangements with Tie-up Manufacturing Units (TMUs), where-in TMUs
manufacture and sell on behalf of the Company. Under such arrangements, the Company has exposure to
The financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified
significant risks and rewards associated with the sale of products i.e., it has the primary responsibility for
under Section 133 of the Companies Act, 2013 (the ‘Act’) and Companies (Indian Accounting Standards) Rules,
providing goods to the customer, has pricing latitude and is also exposed to inventory and credit risks.
2015, as amended and other relevant provisions of the Act.
Accordingly, the transactions of the TMUs under such arrangements have been recorded as gross revenue,
The accounting policies are applied consistently to all the periods presented in the financial statements, except excise duty and expenses as if they were transactions of the Company. The Company also presents inventory
for amendments applicable from a specified date. lying with TMU’s under such arrangements as its own inventory.
The financial statements have been prepared on a historical cost convention and accrual basis, except for the The net receivables from/payable to TMUs are recognised under other ¬financial assets/other ¬financial
certain financial assets and liabilities that are measured at fair value. liabilities as due from tie up units or due to tie up units respectively.
All assets and liabilities have been classified as current or non-current as per the Company’s normal operating
Interest
cycle (which is a period not exceeding twelve months) and other criteria set out in Schedule III to Companies
Act, 2013. Interest income for all debt instruments is recognised using the effective interest rate method. The effective
interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the
b. Investment in subsidiaries financial asset to the gross carrying amount of the financial asset. When calculating the effective interest rate,
Investments in subsidiaries are accounted at cost less impairment in accordance with Ind AS 27 - Separate the Company estimates the expected cash flows by considering all the contractual terms of the financial
financial statements. instrument (for example, prepayment, extension, call and similar options) but does not consider the expected
credit losses.
Where an indication of impairment exists, the carrying amount of the investment is assessed and written down
immediately to its recoverable amount. The recoverable amount is the higher of an asset’s fair value less e. Income tax
costs of disposal and value in use. On disposal of investments the difference between net disposal proceeds and
Income tax expense comprises current tax expenses and net change in the deferred tax assets or liabilities
the carrying amounts are recognised in the Statement of profit and loss.
during the period. Current and deferred taxes are recognised in the Statement of profit and loss, except when
c. Foreign Currency Transactions they relate to item that are recognised in Other comprehensive income or directly in Equity, in which case, the
current and deferred tax are also recognised in Other comprehensive income or directly in Equity respectively.
The functional currency of the Company is Indian rupee.
The income tax expense or credit for the period is the tax payable on the current period’s taxable income based
Transactions in foreign currency are recorded at exchange rate prevailing on the date of transaction. Foreign
on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to
currency denominated monetary assets and liabilities are translated at the exchange rate prevailing on the
temporary differences and to unused tax losses.
Balance sheet date and exchange gain or loss arising on their settlement and restatement are recognized in
the Statement of Profit and Loss. The current income tax charge is calculated on the basis of the tax laws enacted in relation to the reporting
period.
Non-monetary assets and liabilities that are recorded in terms of historical cost are not retranslated.
Deferred income tax is recognised using Balance sheet approach. Deferred income tax assets and liabilities are
d. Revenue Recognition recognised for deductible and taxable temporary differences arising between the tax base of assets and
liabilities and their carrying amount, except when the deferred income tax arises from the initial recognition of
Revenue is recognized on satisfaction of performance obligation upon transfer of control of promised products
an asset or liability in a transaction that is not a business combination and affects neither accounting nor
or services to customers, at an amount that reflects the consideration expected to be received by the Company
taxable profit or loss at the time of recognition.
in exchange for those products or services.
Deferred tax asset is recognised to the extent that sufficient taxable profit will be available against which the
The Company satisfies a performance obligation and recognises revenue over time, if one of the following
deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be
criteria is met:
utilised. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively
i. The customer simultaneously receives and consumes the benefits provided by the Company’s performance as enacted by the end of the reporting period and are expected to apply when the related deferred income tax
the Company performs; or asset is realised or the deferred income tax liability is settled. The carrying amount of deferred tax assets are
ii. The Company’s performance creates or enhances an asset that the customer controls as the asset is created or reviewed at each reporting date and reduced when it is no longer probable that sufficient taxable profit will be
enhanced; or available to allow the full or part of deferred income tax assets to be utilised. At each reporting date, the
Company re-assesses unrecognized deferred tax assets. It recognizes unrecognized deferred tax asset to the
iii. The Company’s performance does not create an asset with an alternative use to the Company and an entity has
extent that it has become reasonably certain, as the case may be, that sufficient future taxable income will be
an enforceable right to payment for performance completed to date.
available against which such deferred tax assets can be realized.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets g. Impairment of non-financial assets
and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and The carrying amount of the non-financial assets are reviewed at each Balance Sheet date to confirm if there is
tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a any indication of impairment based on internal /external factors. An impairment loss is recognised whenever
net basis, or to realise the asset and settle the liability simultaneously. the carrying amount of an asset or a cash generating unit exceeds its recoverable amount. The recoverable
Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance with the tax laws in India which amount of the assets (or where applicable, that of the cash generating unit to which the asset belongs) is
is likely to give future economic benefit in the form of availability of setoff against future income tax liability. estimated as the higher of its net selling price and its value in use. Impairment loss is recognised in the
Accordingly, MAT is recognised as deferred tax assets in the Balance sheet when the assets can be measured statement of profit and loss.
reliably and it is probable that the future economic benefit associated with the asset will be realised. After impairment, depreciation/ amortisation is provided on the revised carrying amount of the asset over its
While determining the tax provisions, the Company assesses whether each uncertain tax position is to be remaining useful life.
considered separately or together with one or more uncertain tax positions depending upon the nature and A previously recognised impairment loss is increased or reversed depending on changes in circumstances.
circumstances of each uncertain tax position. However, the carrying value after reversal is not increased beyond the carrying value that would have prevailed
by charging usual depreciation / amortisation if there were no impairment.
f. Leases
As a lessee h. Inventories
The Company applies a single recognition and measurement approach for all leases, except for short-term Raw materials, work-in-progress, finished goods and packing materials are carried at the lower of cost and net
leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and realisable value. Damaged, non-moving / obsolete stocks are suitably written down/provided for.
right-of-use assets representing the right to use the underlying assets. In determining cost of raw materials, packing materials, work-in-progress and finished goods weighted
average cost method is used. Cost of inventory comprises all costs of purchase, non-refundable duties and
i. Right of use assets
taxes and all other costs incurred in bringing the inventory to their present location and condition.
The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the
Cost of work-in-progress and finished goods includes the cost of raw materials, packing materials, an
underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated
appropriate share of fixed and variable production overheads, excise duty as applicable and other costs
depreciation and impairment losses (if any), and adjusted for any re-measurement of lease liabilities. The cost of
incurred in bringing the inventories to their present location and condition.
right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Right-of-use assets are i. Financial Instruments
depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
The right-of-use assets are also subject to impairment. Refer to the accounting policies note g for impairment equity instrument of another entity.
of non-financial assets.
a) Financial Assets
ii. Lease liabilities (i) Initial Recognition
At the commencement date of the lease, the Company recognises lease liabilities measured at the present In the case of financial assets excluding trade receivables that do not consist of significant financial
value of lease payments to be made over the lease term. The lease payments include fixed payments (including component, not recorded at fair value through profit or loss (FVPL), financial assets are recognised initially at
in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Purchases
index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also or sales of financial assets that require delivery of assets within a time frame established by regulation or
include the exercise price of a purchase option reasonably certain to be exercised by the Company and convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the
payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to Company commits to purchase or sell the asset.
terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless
they are incurred to produce Property plant and equipment) in the period in which the event or condition that (ii) Subsequent Measurement
triggers the payment occurs. For purposes of subsequent measurement, financial assets are classified in following categories
In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the  Financial Assets at Amortised Cost
lease commencement date because the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and Financial assets are subsequently measured at amortised cost if these financial assets are held within a
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there business model with an objective to hold these assets in order to collect contractual cash flows and the
is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
resulting from a change in an index or rate used to determine such lease payments) or a change in the principal and interest on the principal amount outstanding. Interest income from these financial assets is
assessment of an option to purchase the underlying asset. included in finance income using the effective interest rate (“EIR”) method. Impairment gains or losses arising
on these assets are recognised in the Statement of Profit and Loss.
The Company’s lease liabilities are included in financial liability
 Financial Assets Measured at Fair Value
iii. Short-term leases and leases of low-value assets Financial assets are measured at fair value through Other Comprehensive Income (‘OCI’) if these financial
The Company applies the short-term lease recognition exemption to its short-term leases of machinery and assets are held within a business model with an objective to hold these assets in order to collect contractual
equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do cash flows or to sell these financial assets and the contractual terms of the financial asset give rise on specified
not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
laptops, lease-lines and office furniture and equipment that are considered to be low value. Lease payments on Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or
short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the losses, interest revenue and foreign exchange gains and losses which are recognised in the Statement of Profit
lease term. and Loss.

Financial asset not measured at amortised cost or at fair value through OCI is carried at FVPL. In respect of Financial liabilities at FVPL:
equity investments (other than for investment in subsidiaries) which are not held for trading, the Company has Financial liabilities at FVPL include financial liabilities held for trading and financial liabilities designated upon
made an irrevocable election to present subsequent changes in the fair value of such instruments in Statement initial recognition as at FVPL. Financial liabilities are classified as held for trading if they are incurred for the
of Profit and Loss. Such an election is made by the Company on an instrument by instrument basis at the time purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the
of transition for existing equity instruments/ initial recognition for new equity instruments Statement of Profit and Loss.
(iii) Equity investments Financial liabilities at amortised cost
All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments included within the After initial recognition, interest-bearing borrowings and other payables are subsequently measured at
FVTPL category are measured at fair value with all changes recognized in the statement of profit and loss. amortised cost using the EIR method. Gains and losses are recognised in statement of profit and loss when the
liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by
(iv) Impairment of Financial Assets
taking into account any discount or premium on acquisition and fees or costs that are an integral part of the
In accordance with Ind AS 109, the Company applies the expected credit loss (“ECL”) model for measurement EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
and recognition of impairment loss on financial assets and credit risk exposures.
 De-recognition of Financial Liabilities
For recognition of impairment loss on other financial assets and risk exposure, the Company determines that
Financial liabilities are de-recognised when the obligation specified in the contract is discharged, cancelled or
whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not
expired. When an existing financial liability is replaced by another from the same lender on substantially
increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has
different terms, or the terms of an existing liability are substantially modified, such an exchange or modification
increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves
is treated as de-recognition of the original liability and recognition of a new liability. The difference in the
such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts
respective carrying amounts is recognised in the Statement of Profit and Loss.
to recognising impairment loss allowance based on 12-month ECL.
 Offsetting Financial Instruments
ECL is the difference between all contractual cash flows that are due to the Company in accordance with the
contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there
original EIR. Lifetime ECL are the expected credit losses resulting from all possible default events over the is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a
expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from net basis to realize the assets and settle the liabilities simultaneously.
default events that are possible within 12 months after the reporting date.
c) Cash and cash equivalents
ECL impairment loss allowance (or reversal) recognised during the period is recognised as income/ expense in
the Statement of Profit and Loss. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on
hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original
(v) De-recognition of Financial Assets maturities of three months or less that are readily convertible to known amounts of cash and which are subject
to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings
The Company de-recognises a financial asset only when the contractual rights to the cash flows from the asset
in current liabilities in the balance sheet.
expire, or it transfers the financial asset and substantially all risks and rewards of ownership of the asset to
another entity. d) Trade receivable
If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course
to control the transferred asset, the Company recognizes its retained interest in the assets and an associated of business and reflects company's unconditional right to consideration (that is, payment is due only on the
liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of passage of time). Trade receivables are recognised initially at the transaction price as they do not contain
ownership of a transferred financial asset, the Company continues to recognise the financial asset and also significant financing components. The company holds the trade receivables with the objective of collecting
recognises a collateralised borrowing for the proceeds received. the contractual cash flows and therefore measures them initially at contracted price and subsequently at
amortised cost using the effective interest method, less loss allowance.
b) Equity Instruments and Financial Liabilities
Financial liabilities and equity instruments issued by the Company are classified according to the substance of e) Trade payable
the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. A payable is classified as a ‘trade payable’ if it is in respect of the amount due on account of goods purchased
Equity Instruments or services received in the normal course of business. These amounts represent liabilities for goods and services
An equity instrument is any contract that evidences a residual interest in the assets of the Company after provided to the Company prior to the end of the financial year which are unpaid. These amounts are unsecured
deducting all of its liabilities. Equity instruments which are issued for cash are recorded at the proceeds and are usually settled as per the payment terms stated in the contract. Trade and other payables are
received, net of direct issue costs. Equity instruments which are issued for consideration other than cash are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are
recorded at fair value of the equity instrument. recognised initially at their fair value and subsequently measured at amortised cost using the EIR method.
Financial Liabilities j. Property plant and equipment (including Capital Work-in-Progress)

 Initial Recognition Freehold land is carried at historical cost less impairment loss, if any. All other items of property, plant and
Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, loans and borrowings and equipment are stated at historical cost less accumulated depreciation / amortisation and impairment loss, if
payables as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and any. Historical cost includes expenditure that is attributable to the acquisition/ construction and all other costs
borrowings and payables, net of directly attributable transaction costs. (including borrowing related to qualifying assets), that are not refundable and are necessary to bring the asset
to its working condition of use as intended.
 Subsequent Measurement
The measurement of financial liabilities depends on their classification, as described below

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, Manufacturing License is considered as an asset with indefinite useful life, since there is no foreseeable limit to
only when it is possible that future economic benefits associated with the item will flow to the Company and the period over which the asset is expected to generate net cash inflows for the entity. The acquisition cost of
the cost of the item can be measured reliably. The carrying amount of any component accounted for as a such asset is carried at deemed cost and is tested for impairment annually.
separate asset is derecognised when replaced. All other repairs and maintenance are charged to statement of Patent, trademarks and design, and license (other than manufacturing license) acquisition cost are amortised
profit and loss during the reporting period in which they are incurred. over a period of 10 years from the month of acquisition
The cost of property, plant and equipment which are incurred before the date they are ready for their intended Goodwill represents the cost of acquired business as established at the date of acquisition of the business in
use, are disclosed as capital work-in-progress before such date. excess of the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities
Gains or losses arising from derecognition of property, plant and equipment are measured as the difference less accumulated impairment losses, if any. Goodwill is tested for impairment annually or when events or
between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement circumstances indicate that the implied fair value of goodwill is less than its carrying amount.
of profit and loss when the asset is derecognised. Digital Content is amortised over a period of 18 months to 24 months from the month of capitalisation.
Depreciation / Amortisation: Gains or losses arising from derecognition of an intangible asset are measured as the difference between the
net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit and
Depreciation is charged on written down value method on the basis of useful life of assets (mentioned below)
loss when the asset is derecognised.
keeping a residual value of assets at 5% of the original cost, except in case of computers and data processing
units where residual value is estimated at 1% of the original cost. The assets residual values and useful lives are On transition to Ind AS, the Company has elected to continue with the carrying value of all of its intangible
reviewed, and adjusted if appropriate, at the end of each reporting period. Depreciation is calculated pro-rata assets recognised as at 1 April 2017 measured as per the previous GAAP and use that carrying value as the
from the date of addition or upto the date of disposal, as the case may be. The Company depreciates its deemed cost of the intangible assets.
property, plant and equipment (PPE) over useful life in manner prescribed in Schedule II to the Act, except as
mentioned below, wherein based on technical evaluation, useful life has been estimated to be different from l. Borrowings
that prescribed in Schedule II of the Act. Borrowings are initially recognised at fair value (net of transaction costs incurred). Any difference between the
proceeds (net of transaction costs) and the redemption amount is recognized in Statement of profit and loss
Useful life considered for calculation of depreciation for various assets class are as follows- over the period of the borrowings using the effective interest method. Subsequently all borrowings are
Class of Assets Useful Life (Years) measured at amortised cost using the effective interest rate method.
Plant and machinery 10-40 Borrowings are derecognized from the balance sheet when the obligation specified in the contract is
discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has
Building 19-60
been extinguished or transferred to another party and the consideration paid, including any non-cash assets
Leasehold Improvements 5 transferred or liabilities assumed, is recognised in statement of profit and loss. The gain / loss is recognised in
Vehicles 6-10 other equity in case of transaction with shareholders.
Server and network 6 m. Borrowing Costs

Electrical installation 10 General and specific borrowing costs directly attributable to the acquisition, construction or production of
Office equipment 5 qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their
Computer and accessories 3-6 intended use, are added to the cost of those assets, until such time the assets are substantially ready for their
intended use. All other borrowing costs are recognised as an expense in statement of Profit and Loss in the
Laboratory equipment 5-10 period in which they are incurred.
Furniture and fixtures 8-10
n. Provisions, Contingent Liabilities and contingent assets
Road 3-10
A provision is recognised when the Company has a present obligation as a result of past events and it is
Mould 15
probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable
Capital costs in respect of upgradation of leased premises has been amortized over the initial lease period or its estimate can be made. Provisions are measured at the present value of management's best estimate of the
useful lives whichever is lower. expenditure required to settle the present obligation at the end of the reporting period. The discount rate used
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant to determine the present value is a pre-tax rate that reflects the current market assessments of time value of
and equipment recognised as at 1 April 2017 measured as per the previous GAAP and use that carrying value as money and the risks specific to the liability. The increase in the provision due to passage of time is recognised
the deemed cost of the property, plant and equipment. as interest expense. The provisions are reviewed at each Balance Sheet date and adjusted to reflect the current
management estimates.
k. Intangible Assets and amortisation Contingent liabilities are disclosed in respect of possible obligations that arise from past events, whose
Intangible assets with a finite useful life are carried at cost less accumulated amortisation and accumulated existence would be confirmed by the occurrence or non-occurrence of one or more uncertain future events not
impairment losses, if any. Cost includes expenditure that is attributable to the acquisition/ development of the wholly within the control of the Company, or a present obligation where outflow of resources is not probable or
intangible assets including cost necessary to bring the asset to its intended use or sale. where outflow is probable but reliable estimate of the amount cannot be made.
Identifiable intangible assets are recognised when it is probable that future economic benefits attributed to Contingent assets are not recognised in the financial statements. However, they are disclosed only when an
the asset will flow to the Company and the cost of the asset can be reliably measured. inflow of economic benefits is probable.
Software and related implementation costs are capitalized where it is expected to provide enduring economic
benefits and are amortized over a period of 5 years starting from the month of addition.

o. Employee Benefits 3. Critical estimates and judgements

A) Short term employee benefits: All employee benefits which are due within twelve months of rendering the The preparation of financial statements in conformity with Ind AS requires estimates and assumptions to be made
services are classified as short term employee benefits. Benefits such as salaries, wages, compensated by the Management of the Company that affect the reported amounts of assets and liabilities and amounts
absences, etc. and the expected cost of bonus, ex-gratia are recognised in the period in which the employee disclosed as contingent liabilities on the date of the financial statements and the reported amounts of revenues and
renders the related service. expenses during the reporting period. Differences between actual results and estimates are recognised in the
B) Post-employment benefits period in which the results are known.
i. Defined Contribution Plans: Company’s contribution to the state governed provident fund scheme, The Management believes that these estimates are prudent and reasonable and are based upon the management’s
superannuation scheme, Employees State Insurance corporation (ESIC) etc. are recognised during the period best knowledge of current events and actions. Actual results could differ from these estimates and differences
in which the related service is rendered. between actual results and estimates are recognised in the periods in which the results are known or materialised.
ii. Gratuity: The Company has computed its liability towards future payments of gratuity to employees, on
actuarial valuation basis which is determined based on project unit credit method and the charge for current This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items
period is debited to the Statement of Profit and Loss. The present value of the defined benefit obligation, which are more likely to be materially adjusted due to originally assessed estimates and assumptions turning out to
which is unfunded at present, is determined by discounting the estimated future cash outflows by reference to be different than the actual results.
market yields at the end of the reporting period on government bonds that have terms approximating the
Examples of such estimates include the useful life of property, plant and equipment, provision for doubtful debts/
terms of the related obligation. Actuarial gains and losses arising on the measurement of defined benefit
advances, future obligation in respect of retirement benefit plans, impairment of investments/ assets, etc.
obligation is charged/ credited to other comprehensive income.
iii. Compensated absences: Accumulated compensated absences, which are expected to be availed or encashed i) Property, plant and equipment and Intangible Assets: (Refer note 5 and 7)
within 12 months from the end of the period are treated as short term employee benefits. The obligation
Management reviews the estimated useful lives and residual values of the assets annually in order to determine
towards the same is measured at the expected cost of accumulating compensated absences as the additional
the amount of depreciation/amortisation to be recorded during any reporting period. The useful lives and
amount expected to be paid as a result of the unused entitlement as at the period end.
residual values as per schedule II to the Companies Act, 2013 or otherwise are based on the Company’s historical
Accumulated compensated absences, which are expected to be availed or encashed beyond 12 months from experience with similar assets and taking into account anticipated technological changes, whichever is more
the end of the period are treated as other long term employee benefits. The Company’s liability is actuarially appropriate.
determined (using the Projected Unit Credit method) at the end of each period. Actuarial losses/gains are
ii) Income Tax: (Refer note 42)
recognised in the Standalone Statement of Profit and Loss in the period in which they arise.
The Company reviews at each balance sheet date the carrying amount of deferred tax assets. The factors used
C) Termination Benefits: These are recognised as an expense in the Statement of Profit and Loss of the period in
in estimates may differ from actual outcome which could lead to an adjustment to the amounts reported in the
which they are incurred, i.e. when employment is terminated or when an employee accepts voluntary
standalone financial statements.
redundancy in exchange for these benefits.
iii) Contingencies: (Refer note 48)
p. Earnings per share Management has estimated the possible outflow of resources, if any at the end of each annual reporting
Basic earnings per share are calculated by dividing the net profit or loss (excluding other comprehensive financial period, if any, in respect of contingencies/claim/litigations against the Company as it is not possible to
income) for the period attributable to equity shareholders by the weighted average number of equity shares predict the outcome of pending matters with accuracy.
outstanding during the period. The weighted average number of equity shares outstanding during the period iv) Impairment of financial assets: (Refer note 44)
is adjusted for events such as bonus issue, bonus element in a right issue, shares split (sub-division) and reverse
The impairment provisions for financial assets are based on assumptions about risk of default and expected
share splits (consolidation of shares) that have changed the number of equity shares outstanding, without a
cash loss. The Company uses judgement in making these assumptions and selecting the inputs to the
corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit or
impairment calculation, based on Company’s past history, existing market conditions as well as forward looking
loss (excluding other comprehensive income) for the period attributable to equity shareholders and the
estimates at the end of each reporting period.
weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive
potential equity shares. v) Loss Allowance (Refer note 15)
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate
q. Exceptional items
allowances for estimated irrecoverable amounts. Under Ind AS, impairment allowance has been determined
When an item of income or expense within Statement of pro¬fit and loss from ordinary activity is of such size, based on Expected Credit Loss (ECL) model. Estimated irrecoverable amounts are based on the ageing of the
nature or incidence that its disclosure is relevant to explain more meaningfully the performance of the receivable balance and historical experience. Individual trade receivables are written off if the same are not
Company for the period, the nature and amount of such items is disclosed as exceptional items. collectible.
vi) Impairment of non-financial assets: (Refer note 5 and 7)
r. Segmental information
The carrying amounts of assets are reviewed at each Balance Sheet date to assess whether there is any
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
indication that an individual asset / group of assets (constituting a Cash Generating Unit) may be impaired. If
operating decision maker. Executive committee, which has been identified as the chief operating decision
there is any indication of impairment based on internal / external factors i.e. when the carrying amount of the
maker, assesses the financial performance and position of the Company and makes strategic decisions. The
assets exceed the recoverable amount, an impairment loss is charged to the Statement of Profit and Loss in the
executive committee consists of the Chief Financial Officer & Chief Executive Officer and other departmental
period in which an asset is identified as impaired. An impairment loss recognised in prior accounting periods is
heads. See note 51 for segment information presented.
reversed or reduced if there has been a favorable change in the estimate of the recoverable amount. However,
the carrying value after reversal is not increased beyond the carrying value that would have prevailed by
charging usual depreciation if there was no impairment.

TO THE STANDALONE FINANCIAL STATEMENTS
TO THE STANDALONE FINANCIAL STATEMENTS
vii) Defined benefit obligation (Refer note 47)
80,594.19
81,389.21
82,734.40
37,232.06
41,584.06
46,203.37
39,805.15
36,531.03
1,912.80
1,117.78
1,473.78
128.59
5,146.18
794.18
4,677.50
58.19
Total
The cost of post-employment benefits is determined using actuarial valuations. The actuarial valuation involves
making assumptions about discount rates, future salary increases and mortality rates. Due to the long term
nature of these plans such estimates are subject to significant uncertainty. The assumptions used are disclosed
Moulds
23.03
23.03
23.03
16.74
17.88
18.81
5.15
4.22
1.14
0.93
-
-
-
-
-
in the notes to the financial statements.
viii) Fair value measurements (Refer note 43)
network equipments
Management applies valuation techniques to determine the fair value of financial instruments (where active
processing
184.47
180.72
184.02
139.42
147.46
155.84
33.26
28.18
0.50
4.25
3.30
11.79
3.75
8.38
-
-
market quotes are not available). This involves developing estimates and assumptions consistent with how
Lab
*Leasehold improvement includes additions at property taken on lease and used as Company's training center cum guest house.
market participants would price the instrument.
4. Standards issued but not yet effective
291.40
291.25
291.25
272.70
279.66
282.88
11.59
8.37
0.15
7.11
0.15
3.22
Computers Server
-
-
-
and
The Ministry of Corporate Affairs (MCA), through a notification dated 31 March 2023, issued the Companies (Indian
Accounting Standards) Amendment Rules, 2023 to notify certain amendments to Ind AS effective from 1 April 2023,
as below:
583.81
660.44
720.31
496.99
598.86
664.78
61.58
55.53
106.71
30.08
61.25
1.38
131.65
29.78
67.29
1.37
a) Ind AS 1, Presentation of Financial Statements- The amendment now requires to disclose material accounting
policies instead of significant accounting policies. It states that information may be material because of the
installation Improvements** equipment

nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not
1,479.00
1,577.13
1,615.80
1,249.92
1,380.26
1,474.90
196.87
140.90
110.63
12.50
38.67
142.00
11.66
94.64
-
-
Office
all accounting policy information relating to material transactions, other events or conditions is itself material.
b) Ind AS 8, Accounting policies, Change in Accounting Estimates and Errors: The definition of ‘change in account
2,835.89
3,491.95
4,089.94
472.65
1,197.28
2,110.75
2,294.67
1,979.19
656.06
597.99
724.63
913.47
-
-
Leasehold
estimate’ has been replaced by the definition of an ‘accounting estimate’. As per the amendment, accounting
estimates are monetary amounts in the financial statements that are subject to measurement uncertainty.
c) Ind AS 12, Income Taxes: The amendment specifies that deferred tax liability or asset is not required to be
recognised at the time of transactions that does not give rise to equal taxable and deductible temporary
differences.
2,104.67
2,089.74
2,093.07
1,625.93
1,781.96
1,912.01
307.78
181.06
0.02
14.95
3.33
169.93
13.90
130.05
Factory Plant and Furniture Vehicles Electrical
-
d) Other Consequential amendments: On account of the amendment to Ind AS 1 consequential amendment
have been made in Ind AS 107, Financial Instrument Disclosures and Ind AS 34, Interim Financial Reporting. On
account of the amendment to Ind AS 12, consequential amendments have been made in Ind AS 101, First-time
3,744.44
3,472.40
3,472.40
2,809.33
2,858.64
3,043.76
613.76
428.64
39.73
311.77
267.57
218.26
185.12
-
-
-
Adoption of Indian Accounting Standards.
These amendments are not expected to have any material impact on the Company in the current or future
reporting periods and on foreseeable future transactions.
1,425.77
1,467.74
1,526.41
1,259.17
1,289.89
1,376.86
177.85
149.55
58.25
16.28
58.67
44.66
13.94
86.97
fixtures
-
and
Refer note 23 and note 26 for assets pledged as security.

road machinery
31,547.16
31,207.23
31,693.48
17,495.59
19,297.12
21,167.49
11,910.11
10,525.99
387.87
727.80
607.58
121.33
2,304.27
502.74
1,925.27
54.90
485.00
563.28
563.28
346.12
447.27
500.56
116.01
62.72
78.28
101.15
53.29
-
-
-
-
Property, plant and equipment
8,661.11 27,228.44
8,661.78 27,702.52
8,661.78 27,799.63
11,047.50
12,287.78
13,494.73
Balance as at 31 March 2022 8,661.78 15,414.74

Balance as at 31 March 2023 8,661.78 14,304.90
474.08
102.99
5.88
1,240.28
1,208.87
1.92
Freehold Building
-
0.67
-
-
-
-
-
-
-
-
land
Accumulated depreciation
Gross carrying value
As at 31 March 2022
As at 31 March 2023
As at 31 March 2022
As at 31 March 2023
Charge for the year
Charge for the year
Net carrying value

As at 1 April 2021
As at 1 April 2021
Particulars
Additions
Additions
Disposals
Disposals
Disposals
Disposals
5.

(` in lakhs, except for share data &, if otherwise stated) (` in lakhs, except for share data &, if otherwise stated)
5A Capital work-in-progress 7. Intangible assets
Balance As at 1 April 2021 1,259.91 Particulars Software License fees* Patent, trademark Digital Total Goodwill
and design Content
Additions 897.51
Capitalised during the year (1,105.63)
Balance As at 1 April 2021 2,054.67 5,982.86 51.51 - 8,089.04 864.75
Balance As at 31 March 2022 1,051.79 Additions 85.00 6.02 - 109.74 200.76 -
Additions 817.63 Disposals - - - -
Capitalised during the year (900.13) Balance As at 31 March 2022 2,139.67 5,988.88 51.51 109.74 8,289.80 864.75
Balance As at 31 March 2023 969.29 Additions - - - 526.11 526.11 -
Disposals - - - - -
Please refer note 55 for ageing.
Balance As at 31 March 2023 2,139.67 5,988.88 51.51 635.85 8,815.91 864.75
6. Right of use assets Accumulated amortisation

Balance As at 1 April 2021 1,644.15 282.87 19.30 - 1,946.32 498.44
Particulars Right of use Right of use Right of use Total
Charge for the year 134.46 6.42 5.02 21.01 166.91 -
assets- land assets- building assets- machinery
Disposals - - - - -
Gross carrying value Balance As at 31 March 2022 1,778.61 289.29 24.32 21.01 2,113.23 498.44
As at 1 April 2021 11,903.86 667.64 1,811.49 14,382.99 Charge for the year 115.83 6.53 5.01 250.16 377.53 -
Additions - 145.21 112.39 257.60 Disposals - - - - -
Balance As at 31 March 2023 1,894.44 295.82 29.33 271.17 2,490.76 498.44
Disposals - 643.53 127.78 771.31
As at 31 March 2022 11,903.86 169.32 1,796.10 13,869.28 Net carrying value

Balance As at 31 March 2022 361.06 5,699.59 27.19 88.73 6,176.57 366.31
Additions - 8.38 329.00 337.38
Balance As at 31 March 2023 245.23 5,693.06 22.18 364.68 6,325.15 366.31
Disposals - 33.38 - 33.38
*Based on management estimate and conditions stipulated in the licence document issued by the statutory
As at 31 March 2023 11,903.86 144.32 2,125.10 14,173.28 authorities the useful life of manufacturing licence of ` 5,675.15 Lakhs (31 March 2022: ` 5,675.15 lakhs) has been
assessed to be indefinite.
Accumulated amortisation
As at 1 April 2021 178.85 112.80 470.95 762.60
Charge for the year 89.40 114.97 201.10 405.47
Disposals - 215.21 127.78 342.99
As at 31 March 2022 268.25 12.56 544.27 825.08
Charge for the year 89.39 40.06 254.24 383.69
Disposals - 6.68 - 6.68
As at 31 March 2023 357.64 45.94 798.51 1,202.09
Net carrying value
Balance As at 31 March 2022 11,635.61 156.76 1,251.83 13,044.20
Balance As at 31 March 2023 11,546.22 98.38 1,326.59 12,971.19

8. Investments
Particulars As at As at Particulars As at As at
31 March 2023 31 March 2022 31 March 2023 31 March 2022
A) Non Current Investment in subsidiaries - measured at cost C) Investment Others
Investment in equity instruments (unquoted at cost, fully paid-up) Investment in equity shares measured at
Subsidiaries fair value through profit and loss account
NV Distilleries & Breweries (AP) Private Limited Un-quoted, fully paid-up
31 March 2023 - 10,000 (31 March 2022- 10,000) equity shares of ` 10 each fully paid up 1.00 1.00
Sarthak Blenders & Bottlers Private Limited Sanguine New Media & Advisory Private Limited
31 March 2023 - 522,100 (31 March 2022- 522,100) equity shares of ` 10 each fully paid up 167.70 167.70 31 March 2023 - 2,941 (31 March 2022- 2,941)
Chitwan Blenders & Bottlers Private Limited equity shares of ` 10 each fully paid up 20.00 20.00
31 March 2023 - 19,980 (31 March 2022- 19,980) equity shares of ` 100 each fully paid up 73.93 73.93 Less : Provision for diminution in the value of investment (20.00) (20.00)
Less : Provision for diminution in the value of investment (73.93) (73.93)
Deccan Star Distilleries India Private Limited
Shamrao Vithal Co-operative Bank Ltd
31 March 2023 - 10,000 (31 March 2022- 10,000) equity shares of ` 10 each fully paid up 1.00 1.00 31 March 2023 - 100 (31 March 2022- 100) equity shares of ` 25 each fully paid up 0.03 0.03
Allied Blenders and Distillers (UK) Limited Saraswat Co-Operative Bank Limited
31 March 2023 - 100 (31 March 2022- Nil) equity shares of GBP 1 each fully paid up 0.10 - 31 March 2023 - 2,500 (31 March 2022- 2,500)
Sub-total (i) 169.80 169.70 equity shares of ` 10 each fully paid up 0.25 0.25
Investment in partnership firms (Refer note 4 below) Jankalyan Sahkari Bank Limited (#)
Fixed Capital in Allied Blenders and Distillers Maharashtra LLP 0.85 - 31 March 2023 - 10 (31 March 2022- 10) equity shares of ` 10 each fully paid up 0.00 0.00
Sub-total (ii) 0.85 -
Sub-total (i) 0.28 0.28
Equity component of investment in inter-corporate deposit in subsidiary
(deemed cost) (Refer note 3 below) Investment in government securities measured at amortized cost, unquoted
NV Distilleries & Breweries (AP) Private Limited 91.79 79.95 National savings certificates 0.11 0.11
Sub-total (iii) 91.79 79.95 Sub-total (ii) 0.11 0.11
Investment in preference shares, unquoted
Total (C) (i+ii) 0.39 0.39
Chitwan Blenders & Bottlers Private Limited
31 March 2023 - 5,000 (31 March 2022- 5,000) preference shares of ` 100 each fully paid up 8.93 8.93 Aggregate value of unquoted investments (net of impairment) 0.39 0.39
Less : Provision for diminution in the value of investment (8.93) (8.93) Aggregate amount of impairment in value of investments 20.00 20.00
Sub-total (iv) - -
Investment in equity instruments (unquoted at cost, fully paid-up) Note 1: The Company had entered into a share purchase agreement (SPA) dated 15 July 2021 to acquire the entire
(Refer note 1 below) shareholding of ABD Dwellings Private Limited and Madanlal Estates Private Limited, at their respective face value
ABD Dwellings Private Limited (Refer note 46) - 1.00 of ` 10 each for a consideration of ` 1 and ` 1, respectively. Consequent to the said purchase, both these entities have
31 March 2023 - Nil (31 March 2022- 10,000) equity shares of ` 10 each fully paid up become wholly owned subsidiaries w.e.f. 15 July 2021.
Madanlal Estates Private Limited (Refer note 46) - 1.00
31 March 2023 - Nil (31 March 2022- 10,000) equity shares of ` 10 each fully paid up The Company has entrered into agreement for sale dated 15 June 2022, with Bina K Chhabria, Neesha Chhabria and
Sub-total (v) - 2.00 Resham Chhabria Jeetendra Hemdev for sale of equity shares and compulsory convertible debentures at their face
value which is representative of fair value as at agreement date of ABD Dwellings Private Limited and Mandanlal
Deemed equity in compulsorily convertible debentures (CCD) Estate Private Limited, on such terms and conditions as mutually decided between the parties, as stipulated within
(unquoted at cost, fully paid up) (Refer note 1 and 2 below)
the respective agreements. The sale will take place on or before the expiry of three months from the date of the
ABD Dwellings Private Limited (Refer note 46) - 3,420.50
31 March 2023 - Nil (31 March 2022- 34,205,000) CCD of ` 10 each fully paid up listing of the equity shares of the Company on the stock exchanges which is expected to take place before the close
Madanlal Estates Private Limited (Refer note 46) - 3,980.00 of the next financial year.
31 March 2023 - Nil (31 March 2022 - 39,800,000) CCD of ` 10 each fully paid up Note 2: Terms of 0% Compulsorily Convertible Debentures (CCD):
Sub-total (vi) - 7,400.50 (a) The CCD shall be unsecured.
(b) The CCD shall have tenure of not exceeding 10 years.
Total (A) (i+ii+iii+iv+v+vi) 262.44 7,652.15
(c) Each CCD shall be convertible into such number of fully paid up equity shares of ` 10 each solely at the option of the
Aggregate value of unquoted investments (net of impairment) 262.44 7,652.15
Board of Directors of ABD Dwellings Private Limited and Madanlal Estates Private Limited. The holders of CCD shall
Aggregate amount of impairment in value of investments 82.86 82.86
not have any right to opt for conversion at any time during the period of maturity.
B) Assets classified as held for sale (d) The CCD do not themselves give to the holder thereof any rights of shareholders of the Company.
(Current Investment in subsidiaries - measured at cost) (e) The new equity shares issued on conversion of CCD shall be in dematerialised or physical form and subject to the
Investment in equity instruments (unquoted at cost, fully paid-up) Memorandum and Articles of Association of the Company and shall rank pari-pasu in all respects with the existing
(Refer note 1 below)
issued and subscribed equity shares of the Company including rights towards dividend.
ABD Dwellings Private Limited (Refer note 46) 1.00 -
31 March 2023 - 10,000 (31 March 2022- Nil) equity shares of ` 10 each fully paid up Note 3: Loan give to subsidiary is accounted at fair value and the difference between the fair value and transaction
Madanlal Estates Private Limited (Refer note 46) 1.00 - price is recognised as deemed investment as per Ind AS 109. Such investments will be derecognised on disposal of
31 March 2023 - 10,000 (31 March 2022- Nil) equity shares of ` 10 each fully paid up control in the subsidiary.
Sub-total (i) 2.00 -
Note 4: In compliance with Limited Liability Partnership Agreement dated 6 July 2022, the company became a 85% stake
Deemed equity in compulsorily convertible debentures (CCD) partner in Allied Blenders and Distillers Maharashtra LLP on 15 June 2022 by contributing a fixed capital of ` 0.85 lakhs.
(unquoted at cost, fully paid up) (Refer note 1 and 2 below)
ABD Dwellings Private Limited (Refer note 46) 4,260.50 - Sr no. Name of Designated Partner Fixed Capital Contribution Percentage of profit share
31 March 2023 - 42,605,000 (31 March 2022- Nil) CCD of ` 10 each fully paid up 1 M/s. Allied Blenders and Distillers Limited 85,000 85%
Madanlal Estates Private Limited (Refer note 46) 3,980.00 - 2 Mr. Rajesh Ankushrao Tope 10,000 10%
31 March 2023 - 39,800,000 (31 March 2022 - Nil) CCD of ` 10 each fully paid up 3 M/s. Oscorp Trade Services Private Limited 5,000 5%
Sub-total (ii) 8,240.50 - 4 Mr. Ramakrishnan Ramaswamy 1 0%
Total (B) (i+ii) 8,242.50 - 5 Mr. Shekhar Ramamurthy 1 0%
Aggregate value of unquoted investments 8,242.50 - #Amount less than ` 500

9. Loans (non-current) 11. Deferred tax assets (net)

Deferred tax liabilities arising on account of:
Unsecured (unless otherwise stated)
Property, Plant and equipment, Goodwill and Other intangible assets 1,023.36 953.07
Loans and advances to related parties (Refer note 46) : Financial assets and financial liabilities at amortised cost 90.52 174.84
Considered good# Others 53.10 63.47
NV Distilleries & Breweries (AP) Private Limited 1,544.33 1,451.29 Total deferred tax liabilities (A) 1,166.98 1,191.38
Deccan Star Distilleries India Private Limited 1.29 1.18
Loans and advances to others Deferred tax asset arising on account of :
Considered good - - MAT credit entitlement - 362.51
Credit impaired 94.27 94.27 Employee benefits 927.12 962.90
Less : Provision for expected credit loss (94.27) (94.27) Provision for expected credit loss 1,275.25 1,221.30
Difference in book values and tax base values of ROU assets and lease liabilities 70.00 58.54
Total 1,545.62 1,452.47
Compound financial instrument - 68.61
#Disclosure as per Section 186 of the Companies Act, 2013 Others 99.19 59.43
Balance as at the year end 1,545.62 1,452.47 Total deferred tax assets (B) 2,371.56 2,733.29
For working capital purpose 1,545.62 1,452.47 Deferred tax assets (net) (B-A) 1,204.58 1,541.91
Break up of security details :
Loans receivables considered good - secured - - 12. Non-current tax assets (net)
Loans receivables considered good - unsecured 1,545.62 1,452.47 Particulars As at As at
Loans receivables which have significant increase in credit risk - - 31 March 2023 31 March 2022
Loans receivables - credit impaired 94.27 94.27 Advance income tax
9.1 Disclosure under Section 186(4) of the Companies Act, 2013 (Net of provision for tax of ` 5,775.99 lakhs, 31 March 2022: ` 5,651.75 lakhs) 1,677.11 1,394.06
Total 1,677.11 1,394.06
Particulars As at As at
31 March 2023 31 March 2022 13. Other non-current assets
Loan given to subsidiaries during the year: Particulars As at As at
NV Distilleries & Breweries (AP) Private Limited 1,544.33 1,451.29 31 March 2023 31 March 2022
Deccan Star Distilleries India Private Limited 1.29 1.18
Unsecured
Loan given to others during the year (credit impaired) 94.27 94.27
Capital advances
There are no loans receivable from Directors or other officers of the company or any of them either severally or jointly - Others good 150.08 104.94
with any other person or loans receivables from firms or private companies respectively in which any director is a - Others credit impaired 20.00 20.00
partner or a director or a member other than those disclosed in note 46. Less : Provision for doubtful advances (20.00) (20.00)
Prepayments 294.00 140.00
10. Other non-current financial assets Balance with statutory authorities 1,276.12 1,271.50
Particulars As at As at Total 1,720.20 1,516.44
31 March 2023 31 March 2022
Unsecured considered good (unless otherwise stated) 14. Inventories
Security deposits Particulars As at As at
- Related party (Refer note 46) - 21.00 31 March 2023 31 March 2022
- Others 938.29 650.75 Raw materials
- Credit impaired 53.67 53.67 Goods in transit 4,849.73 1,119.09
Less : Provision for expected credit loss (53.67) (53.67) Others 17,785.53 6,026.53
Packing materials 7,896.91 6,213.76
Due from tie-up units 2,453.72 2,439.27
Provision for reduction in value of raw materials and
Bank deposits with more than 12 months maturity* 1,924.21 869.75
packing materials (net of write offs) (1,209.33) (617.67)
Less : Provision for doubtful deposits (3.00) (3.00)
Finished goods
1,921.21 866.75 Goods in transit 1,693.79 3,522.40
Total 5,313.22 3,977.77 Others 21,329.06 15,862.45
*Bank deposits shown above are kept under lien with various statutory authorities of ` 804.72 lakhs (31 March Work-in-progress 2,553.54 2,568.19
2022: ` 795.03 lakhs) and short term borrowings availed from banks of ` 1,119.49 lakhs (31 March 2022: ` 74.72 lakhs) Stock-in-trade 27.92 32.47
Stores, spares and consumables 991.18 522.25
Security deposits considered good - secured - - Total 55,918.33 35,249.47
Security deposits considered good - unsecured 938.29 671.75 Allowance for obsolete inventories for the year amounted to ` 622.17 lakhs(31 March 2022: ` 199.81 lakhs) has been recognised
Security deposits which have significant increase in credit risk - - as an expense during the year and is included in cost of materials consumed in the statement of profit and loss.
Security deposits - credit impaired 53.67 53.67

15. Trade receivables (current) 19. Other current financial assets

Unsecured Unsecured, considered good unless otherwise stated
Trade receivables Security deposits 131.55 153.37
- Related party (Refer note 46)* - 8.95 Due from tie-up units 856.40 710.13
Export entitlements receivables 1,172.74 890.53
- Others good 95,761.36 95,394.24
Others 442.08 175.46
- Others credit impaired 2,692.80 2,517.85
Total 2,602.77 1,929.49
Less: Provision for expected credit loss (2,692.80) (2,517.85)
Total 95,761.36 95,403.19 20. Other current assets
*Private Company in which Director of the Company is a Director till 31 March 2022. Particulars As at As at
Refer note number 56 for ageing of trade receivables. 31 March 2023 31 March 2022
There are no debts due by Directors or other officers of the company or any of them either severally or jointly with Advance to suppliers
any other person or debts due by firms or private companies respectively in which any director is a partner or a - Related party (Refer note 46)* 1,414.07 1,382.82
director or a member other than those disclosed in note 46. - Others good 1,820.16 1,839.56
Trade receivables are non-interest bearing and the payment terms are 45 to 60 days - Others credit impaired 776.87 851.10
Trade receivables considered good - secured - - Less: Provision for doubtful advances (776.87) (851.10)
Trade receivables considered good - unsecured 95,761.36 95,403.19 Balance with statutory authorities 1,577.56 249.59
Trade receivables which have significant increase in credit risk - - Prepayments 4,931.28 4,455.07
Trade receivables - credit impaired 2,692.80 2,517.85 Share issue expenses # 2,721.48 93.09
Other current assets
16. Cash and cash equivalents Considered good 545.23 320.94
Particulars As at As at Credit impaired 8.80 8.80
31 March 2023 31 March 2022 Less : Provision for expected credit loss (8.80) (8.80)
Total 13,009.78 8,341.07
*Private Company in which Director of the Company is a Director.
Cheques, drafts on hand 1,333.26 -
#Represents expenses incurred by the Holding Company in connection with proposed public offer of equity shares. In
Balances with banks accordance with the Act and also as per the offer agreement entered between the Holding Company and the selling
in current accounts 1,272.96 1,742.69 shareholders, the selling shareholders shall reimburse the share issue expenses in proportion to the respective shares
Total 2,702.41 1,841.56 offered for sale. Accordingly, the Holding Company will partly recover the expenses incurred in connection with the issue
on completion of Initial Public Offer (IPO). The Holding Company's share of expenses shall be adjusted against securities
Note : There are no repatriation restrictions with respect to cash and bank balances held by the Company. premium to the extent possible under Section 52 of the Act on successful completion of IPO. The entire amount has
been carried forward and disclosed under 'Other current assets' and the amount which is receivable from the selling
17. Bank balances other than cash and cash equivalents above shareholders is not disclosed separately as the amount is not determinable at this stage pending completion of the IPO.
31 March 2023 31 March 2022
21. Equity share capital
In bank deposits (original maturity period more than 3 months 31 March 2023 31 March 2022
but less than 12 months)* 1,031.39 2,316.64
Authorised share capital
In bank deposits (original maturity period more than 12 months, Equity shares
but less than 12 months from reporting date)* 1,516.21 1,182.95 362,150,000 (31 March 2022 - 362,150,000) equity shares of ` 2 each 7,243.00 7,243.00
Issued, subscribed and fully paid-up
Total 2,547.60 3,499.59
Equity shares
*Bank deposits shown above are kept under lien with various statutory authorities of ` 744.73 lakhs (31 March 2022: 244,113,665 (31 March 2022 - 235,566,665) equity shares of ` 2 each 4,882.27 4,711.33
` 762.45 lakhs) and short term borrowings availed from banks of ` 1,802.87 lakhs (31 March 2022: ` 2,737.14 lakhs) Total 4,882.27 4,711.33
18. Current Loans (a) Reconciliation of shares outstanding at the beginning and at the end of the year:
Particulars As at As at Particulars As at 31 March 2023 As at 31 March 2022
31 March 2023 31 March 2022
No. of shares (` in lakhs) No. of shares (` in lakhs)
Loans to employees 7.74 4.91 (i) Equity shares
Loan and advances to director employees (Related parties) (Refer note 46 and 58) - 406.20 Balance as at the beginning of the year 23,55,66,665 4,711.33 23,55,66,665 4,711.33
Add: Shares issued on conversion of CCD 85,47,000 170.94 - -
Total 7.74 411.11
Balance outstanding at the end of the year 24,41,13,665 4,882.27 23,55,66,665 4,711.33
There are no loans receivable from Directors or other officers of the company or any of them either severally or
jointly with any other person or loans receivables from firms or private companies respectively in which any
Particulars As at 31 March 2023 As at 31 March 2022
director is a partner or a director or a member other than those disclosed in note 46.
No. of shares (` in lakhs) No. of shares (` in lakhs)
Loans receivables considered good - secured - - (ii) Non-cumulative convertible preference
Loans receivables considered good - unsecured 7.74 411.11 shares (NCCPS)
Loans receivables which have significant increase in credit risk - - Balance as at the beginning of the year - - 68,18,180 681.82
Loans receivables - credit impaired - - Add: Shares redeemed (Refer note 63 and 21(j)) - - (68,18,180) (681.82)
Balance outstanding at the end of the year - - - -

(b) Shareholders holding more than 5% of the shares in the Company (d) Details of preference shares held by promoters
Particulars As at 31 March 2023 As at 31 March 2022 As at 31 March 2023
No. of shares % of No. of shares % of Particulars Promoter Name No. of shares at Change No. of shares % of Total % change
(of ` 2 each) holding (of ` 2 each) holding the beginning during at the end Shares during
Equity shares of the year the year of the year the year
Bina K Chhabria 12,74,28,650 52.20% 11,74,28,650 49.85%
0.01% Non-cumulative
Resham Chhabria Jeetendra Hemdev 5,87,14,320 24.05% 5,87,14,320 24.92%
convertible
Neesha Chhabria 4,87,14,320 19.96% 5,87,14,320 24.92%
preference shares
Total 23,48,57,290 96.21% 23,48,57,290 99.69%
(NCCPS) of ` 10 each - - - - - -
As per records of the Company, including its register of shareholders/members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares. Total - - - - - -
(c) Details of equity shares held by promoters As at 31 March 2022

As at 31 March 2023 Particulars Promoter Name No. of shares at Change No. of shares % of Total % change
Particulars Promoter Name No. of shares at Change No. of shares % of Total % change the beginning during at the end Shares during
the beginning during at the end Shares during of the year the year of the year the year
of the year the year of the year the year
0.01% Non-cumulative Ashoka Liquors
Equity shares of ` 2 Mrs. Bina K convertible Private Limited
each fully paid Chhabria 11,74,28,650 1,00,00,000 12,74,28,650 52.20% 8.52% preference shares
Equity shares of ` 2 Mrs. Resham Chhabria (NCCPS) of ` 10 each 68,18,180 (68,18,180) - - (100%)
each fully paid Jeetendra Hemdev 5,87,14,320 - 5,87,14,320 24.05% -
Total 68,18,180 - - - 100%
Equity shares of ` 2 Mrs. Neesha K
each fully paid Chhabria 5,87,14,320 (1,00,00,000) 4,87,14,320 19.96% -17.03% (e) Rights, preferences and restrictions attached to each class of shares: The Company has only one class of equity
Equity shares of ` 2 Bina Chhabria shares having a par value of ` 2 per share. Each holder of equity shares is entitled to one vote per share. The dividend
each fully paid Enterprises proposed, if any, by the Board of directors is subject to the approval of the shareholders at the ensuing Annual
Private Limited 1,41,095 (1) 1,41,094 0.06% 0.00% General Meeting, except in the case of interim dividend.
Equity shares of ` 2 Oriental Radios In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
each fully paid Private Limited 5,66,665 85,47,000 91,13,665 3.73% 1508.30% of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of
Equity shares of ` 2 Officer's Choice Spirits fully paid-up equity shares held by the shareholders.
eachfully paid Private Limited 1,615 - 1,615 0.00% - (f) The Company has not issued any equity shares as fully paid-up for consideration other than cash during the period
Equity shares of ` 2 BKC Enterprises of five years immediately preceding the reporting date (31 March 2023).
eachfully paid Private Limited - 1 1 0.00% 100.00% (g) There are no shares reserved for issue under options and contracts/ commitments for the sale of shares/
Total 23,55,66,665 85,47,000 24,41,13,665 100% 3.63% disinvestments.
#change during the year is less than 0.005% (h) During the year ended March 2019, equity shares of face value ` 10 each were sub divided into 5 shares of ` 2 each.
*Change during the year is determined based on number of shares acquired / sold during the year. The % of (i) There are no bonus shares issued, or shares bought back during the period of five years immediately preceding the
holding has undergone change mainly due to additional shares issued during the year. reporting date i.e. 31 March 2023
As at 31 March 2022 (j) Terms of NCCPS of ` 10 each fully paid-up : In June 2019, the Company received ` 7500 lakhs towards allotment of
share capital against which, the Company issued 6,818,180 0.01% non-cumulative, convertible preference shares
Particulars Promoter Name No. of shares at Change No. of shares % of Total % change (NCCPS) of ` 10 each fully paid-up at a premium of ` 100 per share on 4 July 2019.
the beginning during at the end Shares during
of the year the year of the year the year The preferential dividend shall be non-cumulative, and accordingly, if and to the extent that the profits available for
distribution are not sufficient to pay the full amount (or any part thereof) of the preferential dividend due for
Equity shares of ` 2 Mrs. Bina K payment in any financial year, then the investor(s) shall not have the right to receive the unpaid preferential dividend
each fully paid Chhabria 11,74,28,650 - 11,74,28,650 49.85% - in the future financial years.
Equity shares of ` 2 Mrs. Resham Chhabria NCCPS shall be entitled to receive dividend (if any declared by the Company) or repayment of capital in priority to
each fully paid Jeetendra Hemdev 5,87,14,320 - 5,87,14,320 24.92% - any payment of dividend or repayment of capital to the holders of any other class of shares.
Equity shares of ` 2 Mrs. Neesha
Each NCCPS will be convertible into one fully paid-up equity shares of ` 2 each in the paid-up share capital of the
each fully paid K Chhabria 5,87,14,320 - 5,87,14,320 24.92% -
Company solely at the option of the Board of Directors of the Company. The holders of NCCPS shall not have any
Equity shares of ` 2 Bina Chhabria right to opt for conversion at any time during the period of maturity.
each fully paid # Enterprises
If the NCCPS are not converted into equity shares, each NCCPS will be redeemed at such price and at the option of
Private Limited 1,41,095 - 1,41,095 0.06% -
the Company after the expiry of 20 years from the date of allotment.
Equity shares of ` 2 Oriental Radios
each fully paid Private Limited 5,66,665 - 5,66,665 0.24% - Terms and conditions of NCCPS may be varied by the Company subject to the mutual agreement of both parties and
as per applicable laws
Equity shares of ` 2 Officer's Choice Spirits
each fully paid Private Limited 1,615 - 1,615 0.00% - NCCPS shall be redeemed only out of the profits of the Company which would otherwise be available for dividends
or out of proceeds of fresh issue of preference shares made for the purpose of redemption.
Total 23,55,66,665 - 23,55,66,665 100% -
The Company in its preference shareholder meeting dated 7 July 2021 has changed the terms of NCCPS. Thereafter
the NCCPS has been redeemed on 8 July 2021.

22. Other equity Change in balance of equity component of compound financial instrument
Capital reserve 0.80 0.80 Balance at the beginning of the year 9,528.18 -
Securities premium 20,385.04 11,027.80 Created during the year on issue of CCD 9,528.18
General reserve 4,822.94 4,822.94 Issue of equity shares on conversion of CCD (9,528.18)
Capital redemption reserve 681.82 681.82 Balance at the end of the year - 9,528.18
Equity component of compound financial instrument - 9,528.18
Surplus in the statement of profit and loss (retained earnings) 11,662.93 11,129.23 Surplus in the statement of profit and loss
Total 37,553.53 37,190.77 Particulars As at As at
31 March 2023 31 March 2022
Nature and purpose of reserves
Balance at the beginning of the year (profit and loss) 11,129.23 10,480.27
(i) Capital reserve Add: Profit for the year 493.64 593.24
Capital reserve represents capital surplus. The reserve is not for any specific purpose but the utilisation will be in Actuarial gains on defined benefit obligations (net of tax) 40.06 55.72
accordance with provisions of Companies Act 2013.
Balance at the end of the year 11,662.93 11,129.23
(ii) Securities premium
Securities premium represents the premium received on the issue of shares. The reserve is to be utilised in 23 Borrowings (non-current)
accordance with the provisions of Companies Act, 2013. Particulars As at As at
(iii) General reserve 31 March 2023 31 March 2022
General reserve is created by way of transfer of profits from retained earnings for appropriation purpose. This reserve Term loans, Secured
is a distributable reserve. Vehicle loans from banks (Refer note a) - 8.16
(iv) Capital redemption reserzve Indian rupee term loans from banks (Refer note b.i) 7,698.18 10,604.63
The reserve is created by way of transfer of profits from general reserve on account of redemption of non-cumulative Indian rupee term loans from financial institutions (Refer note b.ii) 6,168.19 7,395.07
convertible preference shares. This reserve will be utilised as per the provision of Companies Act, 2013. Foreign currency term loans from banks (Refer note b.iii) - 266.03
(v) Equity component of compound financial instrument Total 13,866.37 18,273.89

This respresents the equity portion of compulsory convetible debentures issued to Oriental Radios Private Limited Nature of securities and terms of repayment
(vi) Surplus in the statement of profit and loss a) The vehicle loans from banks are secured against specific vehicles. The loans are repayable in monthly instalments
Surplus in the statement of profit and loss pertain to the accumulated earnings made by the Company over the years. ranging from ` 1.67 lakhs to ` 3.06 lakhs (31 March 2022 - ` 1.67 lakhs to ` 9.55 lakhs), the last instalment being due in
August 2023. The rate of interest on these loans varies between 8.79% to 9.00% p.a. (31 March 2022 - 8.39% to 9.17% p.a.).
Change in balance of capital reserve
b) Details of repayment, rate of interest and security for loans from bank and financial institutions including current
31 March 2023 31 March 2022
maturities :
Balance at the beginning of the year 0.80 0.80
Name of the Lender/ Nature of securities Rate of Interest Terms of As at As at
Balance at the end of the year 0.80 0.80
Repayment 31 March 2023 31 March 2022
Change in balance of securities premium
(i) Indian rupee term loans from banks
31 March 2023 31 March 2022 Lakshmi Vilas Bank Limited : 1.45% above base Repaid in - 1,710.52
(1) First pari-passu charge on the entire rate Effective rate August 2022
Balance at the beginning of the year 11,027.80 17,845.98
Utilised for redemption of preference shares - (6,818.18) movable and immovable fixed assets of of interest
Issue of equity shares on conversion of CCD 9,357.24 - the Company (both present and future) on 31 March 2023 - N.A.
pari-passu basis other than those exclusively (31 March 2022:
charged along with existing lenders. 11.45% p.a.)
Change in balance of general reserve (2) Second pari-passu charge on the entire
Particulars As at As at current assets of the Company including
31 March 2023 31 March 2022 stock and book debts.
Transfer to capital redemption reserve - (681.82)
Change in balance of capital redemption reserve

31 March 2023 31 March 2022
Balance at the beginning of the year 681.82 -
Transfer from General reserve - 681.82

b) Details of repayment, rate of interest and security for loans from bank and financial institutions including current b) Details of repayment, rate of interest and security for loans from bank and financial institutions including current
maturities : maturities :
Name of the Lender/ Nature of securities Rate of Interest Terms of As at As at Name of the Lender/ Nature of securities Rate of Interest Terms of As at As at
Repayment 31 March 2023 31 March 2022 Repayment 31 March 2023 31 March 2022
(i) Indian rupee term loans from banks (i) Indian rupee term loans from banks
South Indian Bank Limited : 2.80% spread over 5 quarterly 1,035.48 1,862.64 Karur Vysya Bank Ltd (KVB) : 0.75% over and 104 monthly 2,719.33 2,912.73
Primary Securities: and above 12 month instalments Exclusive charge on commercial above the MCL rate instalments of
(1) First pari passu charge on the entire MCLR - as on of ` 207.29 property located at Ashford Centre, of the bank effective ` 38 lakhs and
movable and immovable fixed assets of 31 March 2023: lakhs Floor No. 3,4,7 Senapati rate 9.25% p.a. as on 105th monthly
the Company (both present and future) 12.20% p.a. till April Bapat Marg, Lower Parel 31 March 2023 ( 31 instalments of
other than exclusively charged along (31 March 2022: 2024 March 2022: 9% p.a.) ` 34.96 lakhs
with existing lenders; 10.95% p.a.) ending in
(2) First pari passu charge on property in November 2031
the name of M/s Tracstar Distillers Private (ii) Indian rupee term loans from financial institutions
Limited (Refer note 46);
Aditya Birla Finance Limited (ABFL) : Long Term 35 equal 3,447.21 4,315.76
(3) Second pari-passu charge on entire
Exclusive charge on commercial Reference Rate of monthly
current assets of the Company; and property located at Ashford Centre, ABFL(LTRR) instalments of
(4) Corporate guarantee of M/s Tracstar Floor No. 1st and 2nd, Senapati + Spread. LTRR at ` 107.90 lakhs
Distillers Private Limited. (Refer note 46) Bapat Marg, Lower Parel present is 17.85% till 15 Februa
IndusInd Bank Limited : 1.00% spread Repaid in - 133.31 Spread at present 2026 and 2
is - 6.45%. additional
(1) First pari passu charge on over and above May 2022
Effective rate of monthly
the entire movable and immovable 1 year MCLR
interest instalments of
fixed assets of the Company 31 March 2023: NA
31 March 2023 313.86 in
(both present and future) (31 March 2022:
11.40% p.a. aggregate
other than exclusively 8.9% p.a.)
(31 March 2022: lakhs till 15
charged along with 1.00% spread 1 quarterly 343.98 2,049.81
9.25% p.a.) April 2026
existing lenders; and; over and above instalment of
1 year MCLR ` 345.79 lakhs Aditya Birla Finance Limited (ABFL) : Long Term Reference 88 equated 4,104.39 4,441.29
(2) Second pari-passu charge
on entire current assets 31 March 2023: 9.85% in June 2023 Exclusive charge at Industrial Property Rate of ABFL(LTRR) monthly
of the Company. (31 March 2022: spread across land area of 6.73 acres + Spread LTRR at instalments of
8.9% p.a.) owned by Ashoka Liquors Private Limited. present is 17.85%. ` 68.31 lakhs
(Refer note 46) Spread at till 15 July 2030
1.00% spread over 15 instalments 2,218.49 2,798.72 present is - 6.45% and1 additional
and above 1 year of ` 150.00 Effective rate of monthly
MCLR 31 March lakhs to be interest as on 31 installments
2023: 10.45% p.a. paid every March 2023: 11.40% of ` 159.07
(31 March 2022: quarter till Sep p.a. (31 March 2022: lakhs in
8.9% p.a.) -tember 2026 9.25% p.a.) aggregate till
SVC Co-operative Bank Ltd. : -8.30% spread 53 monthly 4,382.68 4,949.97 15 August 2030
(1) First pari passu charge on the movable over PLR. instalments of (iii) Foreign currency term loans from banks
and immovable fixed assets of the company Effective Rate of ` 83.33 lakhs
Axis Bank Limited : LIBOR+4.75% 2 quarterly 291.43 803.02
(except vehicles), present and future with Interest till August
(1) First pari passu charge on the entire 9.90% p.a. as instalments of
other term lenders (other than Aditya Birla 31 March 2023 2027
movable and immovable fixed assets (both on 31 March 2023 USD 1.79 lakhs
Finance Limited). Fair value of immovable is 12.15% p.a.,
present and future) other than exclusively (31 March 2022: (` 146.69 lakhs)
and movable fixed assets should not be (31 March 2022: charged along with existing lenders; 5.09% p.a.) to be paid
less than ` 435.42 crores. 9.75% p.a.) (2) Second pari-passu charge on every quarter
(2) Second pari passu charge with existing entire current assets of the Company; and till September
term lenders on current assets. (First (3) Personal guarantee of 2023
charge on current assets is with working Mr. Kishore Chhabria
capital bankers. 2nd charge would be (Refer note 46)
ceded on reciprocal basis, in line with Total 18,542.99 25,977.77
the existing security structure.)
Note : First charge on current assets is with working capital bankers. Second charge would be ceded on reciprocal
basis, in line with the existing security structure.

(c) Reconciliation of liabilities arising from financing activities 25. Provisions (non-current)
Cash and cash equivalents 2,702.41 1,841.56 Provision for employee benefits
Lease liabilities 1,640.13 1,589.35 Gratuity (Refer note 47) 976.45 922.35
Non-current borrowings (including current maturities) 18,551.29 26,077.30 Superannuation (Refer note 47) 338.78 313.99
Current borrowings 58,693.56 57,008.21 Total 1,315.23 1,236.34
26. Current borrowings

Particulars Cash Lease Non-current Current Liability Others# Total
and liabilities borrowings borrowings component 31 March 2023 31 March 2022
cash (including of compound
Secured
equivalents current financial
Cash credit/working capital demand loan from banks
maturities) instrument (repayable on demand) (Refer note (a)(i)) 26,724.80 25,504.57
Balance as at 1st April 2021 4,305.93 1,980.06 29,276.16 65,817.78 - - 1,01,379.93 Bill discounting (repayable on demand) (Refer note (a)(ii)) 29,918.31 24,515.40
Current maturities of long-term debts 4,676.62 7,712.04
Cash flows (net) (2,464.37) - - - - - (2,464.37) Current maturities of vehicle loans from banks 8.30 91.37
Unrealised gain - - (39.42) - - - (39.42)
Proceeds/repayment of Unsecured
borrowings (net) - - (3,159.06) (9,001.09) - - (12,160.15) Cash credit/working capital demand loan from banks (repayable on demand) 1,797.14 5,033.84
Deletion of lease liabilities - (455.56) - - - - (455.56) From related party (Director) (repayable on demand) (Refer note 46) 250.00 1,756.73
From related party (Refer note 46)
Addition of lease liabilities - 257.60 - - - - 257.60
Liability component of compound financial instrument (Refer note 46 and 62) - 191.52
Repayment of lease liabilities - (392.35) - - - - (392.35)
Others corporate (Refer note 46) 3.31 6.15
Liability component of
Total 63,378.48 64,811.62
compound financial
instrument - - - - 727.36 - 727.36
Reclassification - - - 191.52 (191.52) - - a) Details of security for loans :
Finance costs - 199.60 3,175.72 7,549.23 48.89 3,446.50 14,419.94 Name of the Bank Nature of securities As at As at
Finance costs paid - - (3,176.10) (7,549.23) (584.73) (3,446.50) (14,756.56) 31 March 2023 31 March 2022
Balance as at 1 April 2022 1,841.56 1,589.35 26,077.30 57,008.21 - - 86,516.42 (i) Cash credit/working capital demand loan from banks (repayable on demand)
Cash flows (net) 860.85 - - - - - 860.85 Axis Bank Limited Primary - First pari passu hypothecation charge 4,623.44 4,228.09
Unrealised gain - - (79.64) - - - (79.64) on entire current assets.
Proceeds/repayment of Collateral - (i) First pari passu charge on property in
borrowings (net) - - (7,446.38) 1,876.87 - - (5,569.51) the name of M/s Tracstar Distillers Private Limited;
Addition of lease liabilities - 337.38 - - - - 337.38 (ii) Second pari passu charge on all movable and
Termination of lease liabilities (28.17) (28.17) immovable fixed assets of the Company present and
Repayment of lease liabilities - (433.70) - - - - (433.70) future except assets which are exclusively charged
Finance costs - 175.27 2,619.90 6,595.53 - 4,045.50 13,436.20 to term loan lenders;
Finance costs paid - - (2,619.90) (6,787.05) - (4,045.50) (13,452.45)
Corporate guarantee - M/s Tracstar Distillers
Balance as at 31 March 2023 2,702.41 1,640.13 18,551.29 58,693.56 - - 81,587.39 Private Limited (Refer note 46).
# Represents liabilities other than borrowings / leases for which the Company has incurred finance costs. State Bank of India Primary - First pari passu hypothecation charge on 7,750.02 6,423.28
entire current assets. other than exclusively charged
24. Lease liabilities (non-current) to other lenders.
Particulars As at As at Collateral - (i) First pari passu charge on property in
31 March 2023 31 March 2022 the name of M/s Tracstar Distillers Private Limited;
(ii) Second pari passu charge on fixed assets or
Lease obligation (Refer note 54) 1,640.13 1,589.35
mortgaged properties of the Company present and
Less: Current maturities of lease obligation (306.01) (206.73)
future except building / vehicle which are exclusively
Total 1,334.12 1,382.62 charged to other lenders. Corporate guarantee -
M/s Tracstar Distillers Private Limited (Refer note 46).

a) Details of security for loans : a) Details of security for loans :

Name of the Bank Nature of securities As at As at Name of the Bank Nature of securities As at As at
Yes Bank Limited (i) First pari passu hypothecation charge on entire 2,429.33 3,325.31 CSB - Catholic Primary - First pari passu hypothecation charge on 3,499.00 -
current assets, other than exclusively charged to Syrian Bank entire current assets, other than exclusively charged
other lenders. to other lenders.
(ii) Second pari passu charge on all movable fixed Collateral - (i) First pari passu charge on property in
assets of the Company present and future except assets the name of M/s Tracstar Distillers Private Limited;
which are exclusively charged to term loan lenders. (ii) Second pari passu charge on all immovable fixed
(iii) Extension of second pari passu charge by way of asset of the Company excluding exclusively charged
equitable mortgage over the factory, land and to other lenders. Corporate guarantee - M/s Tracstar
building and other immovable assets of Distillers Private Limited (Refer note 46).
the company located at plot no. 5,6,7 and 7A, MIDC,
Sub-total 26,724.80 25,504.57
Industrial Area, Aurangabad.
(iv) Extension of first pari passu charge by way of (ii) Bill discounting (repayable on demand)
equitable mortgage over the factory, land and
IDFC First Bank Primary - Exclusive charge over Telangana State 23,299.08 17,977.15
building and other immovable assets belonging to
Beverage Corporation Ltd. (TSBCL) cash flows.
M/s Tracstar Distillers Private Limited.
Collateral - Second pari passu charge on immovable
(v) Corporate guarantee of M/s Tracstar Distillers
assets excluding exclusively charged to other lenders
Private Limited (Refer note 46).
of the Company. Corporate guarantee - M/s Tracstar
South Indian Primary - First pari passu hypothecation charge 4,387.26 4,492.10 Distillers Private Limited (Refer note 46).
Bank Limited on entire current assets.
IndusInd Book debts: Sales Invoice Discount Receivables 6,619.23 6,538.25
other than exclusively charged to other lenders.
Bank Limited Exclusive Charge over receivable of Andhra Pradesh
Collateral - (i) First pari passu charge on property in
Beverages Corporation Limited andRajasthan State
the name of M/s Tracstar Distillers Private Limited;
Benverages Corporation Limited to the extent of 1.1x
(ii) Second pari passu charge on all immovable fixed
asset of the Company excluding exclusively charged Sub-total 29,918.31 24,515.40
to other lenders. Corporate guarantee - M/s Tracstar Note : First charge on current assets is with working capital bankers. Second charge would be ceded on reciprocal
Distillers Private Limited (Refer note 46). basis, in line with the existing security structure.
Rabo Bank (i) First pari passu charge by way of hypothecation - 1,972.75
of all present and future current assets; other than 27. Current lease liabilities
exclusively charged to other lenders;
31 March 2023 31 March 2022
assets, present and future of the Company, excluding
exclusively charged to other lenders. Lease obligation (Refer note 54) 306.01 206.73
Total 306.01 206.73
Saraswat Primary - First pari passu charge on entire current 3,946.96 3,995.98
Co-operative assets of the Company. other than exclusively charged
Bank Ltd. to other lenders. Collateral - (i) Second hypothecation 28. Trade payables
charge on pari passu basis on all movable and Particulars As at As at
immovable assets of the Company (except vehicle, 31 March 2023 31 March 2022
freehold land of Ambala and office premises); Trade payables (including Acceptances)*
(ii) Second Pari passu charge on factory land and
Dues of micro and small enterprises 16,312.88 16,328.55
building of M/s Tracstar Distilleries Private Limited.
Dues of creditors other than micro and small enterprises
Corporate guarantee - M/s Tracstar Distillers Private
- Related party (Refer note 46) 246.74 700.40
Limited (Refer note 46).
- Others 40,238.15 36,754.91
SVC Co-operative Secured against fixed deposit 88.79 67.06
Bank Ltd. Sub-total 40,484.89 37,455.31
Total 56,797.77 53,783.86
IndusInd Primary- First pari passu hypothecation charge - 1,000.00
Bank Limited on entire current assets. other than exclusively *Acceptances amounting to ` 10,044.54 lakhs (31 March 2022: ` 5,072.92 lakhs)
charged to other lenders. Collateral- (i) First pari passu Refer note number 57 for ageing of trade payables
charge on property in the name of M/s Tracstar
Distillers Private Limited; (ii) Second pari passu
charge on all immovable fixed asset of the Company
excluding exclusively charged to other lenders.

Note - The dues to micro and small enterprises as required under Micro, Small and Medium Enterprise Development 33. Revenue from operations
Act, 2006 (MSMED) to the extent information available with the Company is given below :
Particulars Year ended Year ended
Particulars As at As at 31 March 2023 31 March 2022
31 March 2023 31 March 2022
Revenue from contracts with customer
(a) Principal amount and Interest due thereon remaining unpaid to any
Sale of goods
supplier covered under MSMED Act, 2006 :
Indian made foreign liquor (IMFL) 6,96,099.05 7,05,362.80
Principal amount due to micro and small enterprises 16,071.94 16,238.55
Interest due on above 240.94 90.00 Extra neutral spirit (ENA) 5,284.04 4,133.92
(b) The amount of interest paid by the buyer in terms of section 16 By-products 6,516.54 7,490.93
of the MSMED Act, 2006, along with the amounts of the payment made to Revenue from contracts with customer 7,07,899.63 7,16,987.65
the supplier beyond the appointed day during each accounting year - - Other operating revenue
(c) The amount of interest due and payable for the period of delay in making Royalty 43.95 43.55
payment (which have been paid but beyond the appointed day during Export entitlements 1,180.71 1,370.45
the year) but without adding the interest specified under MSMED Act, 2006. - - Scrap and other sales 1,443.73 1,290.51
(d) The amount of interest accrued and remaining unpaid at the end of
Other operating revenue 2,668.39 2,704.51
each accounting year; and 240.94 90.00
Total 7,10,568.02 7,19,692.16
(e) The amount of further interest remaining due and payable even in
the succeeding years, until such date when the interest dues as above are
34. Other income
actually paid to the small enterprise for the purpose of disallowance as
a deductible expenditure under section 23 of the MSMED Act, 2006. - -
31 March 2023 31 March 2022
29. Other current financial liabilities Interest income on financial assets measured at amortised cost
Particulars As at As at Interest on deposits with bank 207.89 214.32
31 March 2023 31 March 2022 Interest on loans to related party (Refer note 46) 91.19 131.21
Employees related liabilities 1,311.35 1,579.57 Interest on deposits and advances 6.61 3.70
Due to tie-up units 12,313.56 9,137.39 Deemed interest on inter-corporate deposit to subsidiary 11.84 11.55
Trade and other deposits 5,213.46 2,896.57 Liabilities no longer required written back 123.38 80.14
Payable towards capital expenses 25.22 82.17 Profit on sale of property, plant and equipment - 80.17
Other financial liabilities 377.78 2,386.81 Provision no longer required written back 152.06 105.67
Total 19,241.37 16,082.51 Refund of excess statutory dues paid 9.32 168.33
Recovery on account of loss of goods 395.63 -
30. Other current liabilities Foreign exchange gain - (net) - 187.30
Particulars As at As at Miscellaneous income 210.88 240.32
31 March 2023 31 March 2022 Total 1,208.80 1,222.71
Statutory dues 47,439.91 24,186.59
Advances from customers 35. Cost of materials consumed
- Others 2,207.35 1,312.59
Total 49,647.26 25,499.18 31 March 2023 31 March 2022
Raw materials consumed 1,11,622.17 86,440.97
31. Current Provisions
Packing materials consumed 87,946.50 77,056.26
Total 1,99,568.67 1,63,497.23
31 March 2023 31 March 2022
Provision for employee benefits
36. Purchases of stock-in-trade
Gratuity (Refer note 47) 202.36 255.38
Compensated absences (Refer note 47) 1,046.78 1,112.99
31 March 2023 31 March 2022
Total 1,249.14 1,368.37
Purchase of Indian made foreign liquor (IMFL) 562.70 485.63
32. Current tax liabilities Total 562.70 485.63
31 March 2023 31 March 2022
Provision for tax
(Net of advance tax of ` 1,081.22 lakhs (31 March 2022: ` 1,081.22 lakhs)) 107.47 107.47
Total 107.47 107.47

37. Changes in inventories of finished goods, stock-in-trade and work-in-progress 41. Other expenses
Particulars Year ended Year ended Particulars Year ended Year ended
Consumption of stores and spare parts 2,227.14 2,112.80
Opening stock
Power and fuel 7,351.07 5,674.26
Finished goods 19,384.85 17,949.86 Rent 794.09 620.09
Work-in-progress 2,568.19 2,179.19 Contract labour charges 6,952.46 6,269.41
Stock-in-trade 32.47 32.47 Repairs to building 55.74 44.91
21,985.51 20,161.52 Repairs to machinery 790.12 844.67
Repairs others 1,287.77 1,377.93
Less:
Insurance 751.67 674.70
Closing stock Security charges 556.45 533.77
Finished goods 23,022.85 19,384.85 Rates and taxes 4,848.01 4,289.09
Work-in-progress 2,553.54 2,568.19 Excise levies and escort charges 12,415.54 9,969.88
Import fee 44.53 28.10
Stock-in-trade 27.92 32.47
Bottling charges 6,911.83 4,552.89
25,604.31 21,985.51 Water charges 196.76 159.90
(Decrease) in inventories (3,618.80) (1,823.99) Travelling expenses 2,613.48 1,388.66
Increase in excise duty on finished goods 891.77 711.18 Legal and professional fees 2,928.24 2,855.79
Auditors' remuneration (Refer note 41(A)) 73.04 83.81
Total (2,727.03) (1,112.81)
Selling and distribution expenses 11,524.75 10,012.74
Sales and business promotion 13,040.16 9,385.61
38. Employee benefit expense Sitting fees to directors 24.78 -
Commission 2,890.92 2,991.83
Particulars Year ended Year ended Conference and seminar 21.77 17.05
31 March 2023 31 March 2022 Provision for doubtful debts 329.50 743.69
Salaries, wages and bonus 17,097.53 18,003.25 Provision for doubtful advances 22.04 -
Bad debts written off
Contribution to provident and other funds (Refer note 47) 1,106.89 1,048.89
(net of provision reversal ` 33.50 lakhs) (March 2022: ` 300.48 lakhs) - 916.04
Staff welfare expenses 325.37 238.21 Loss on sale of property, plant and equipment 4.04 -
Total 18,529.79 19,290.35 Donations 18.26 0.79
Corporate social responsibilities (Refer note 52) 30.00 34.88
Bank charges 83.57 115.06
39. Finance costs
Foreign exchange loss - (net) 369.73 -
Particulars Year ended Year ended Miscellaneous expenses 977.90 960.91
On financial liabilities measured at amortised cost
41A Auditors’ remuneration (including taxes)
Term loans 2,619.90 3,175.72
On working capital facility from bank 6,506.36 7,375.43
31 March 2023 31 March 2022
On lease liabilities 175.27 199.60
Statutory audit 70.80 82.60
Interest on delay in payment of statutory dues 3,332.96 2,124.25
Out of pocket expenses 2.24 1.21
Reimbursement to tie-up units for interest on delayed payments 457.69 594.96
(A) Sub total (debited to statement of profit and loss) 73.04 83.81
Interest on loan from related party (Refer note 46) 89.17 222.69
Other services (In connection with the proposed IPO) (Refer note below):-
Interest others 254.85 727.29
- Special purpose audit of restated financial statements 51.33 -
Total 13,436.20 14,419.94 - Special purpose audit of stub period financial statements 220.66 -
- Certification for Draft Red Herring Prospectus 32.45 -
40. Depreciation and amortisation expenses - Out of pocket expenses 8.13 -
(B) Sub total 312.57 -
31 March 2023 31 March 2022 Total (A+B) 385.61 83.81
Amount of ` 312.57 lakhs (March 2022: Nil) has been paid towards assurance services in connection with the Initial
Depreciation of property, plant and equipment 4,677.50 5,146.18
Public Offering of equity shares of the Holding Company and disclosed as ‘Share issue expenses’ in note 20
Depreciation of right to use assets 383.69 405.47
Amortisation of intangible assets 377.53 166.91 41B Other comprehensive income
Total 5,438.72 5,718.56 Particulars Year ended Year ended
31 March 2023 31 March 2022
Items that will not be reclassified to profit or loss
Actuarial gains on defined benefit obligations 61.63 85.65
Income taxes on above (21.57) (29.93)
Total 40.06 55.72

42. Tax expense/ (credit) 42.2 Deferred tax related to the following:
Particulars Year ended Year ended Particulars Expense/ (credit)
31 March 2023 31 March 2022 As at As at
1 April Adjusted to Recognised Recognised 31 March
Current tax
2021 retained in Profit in OCI 2022
Current tax for the year 123.84 133.74
earnings* and Loss
Tax adjustments in respect of earlier years (5.97) (178.00)
Total current tax expense 117.87 (44.26) Deferred tax liabilities on account of:
Property, Plant and equipment, Goodwill
Deferred taxes
and Other intangible assets 931.73 - 21.34 - 953.07
Change in deferred tax assets (Other than adjustments in OCI and Equity) 340.16 307.99
Financial assets and financial liabilities
Change in deferred tax liabilities (24.40) (27.08)
at amortised cost 224.13 - (49.29) - 174.84
Net deferred tax expense 315.76 280.91
Others 62.60 - 0.87 - 63.47
Total income tax expense 433.63 236.65
Total deferred tax liabilities (A) 1,218.46 - (27.08) - 1,191.38
42.1 The reconciliation of estimated income tax expense at tax rate to income tax expense reported in
Deferred tax assets on account of:
the statement of profit and loss is as follows:
MAT credit entitlement (742.19) - 379.68 - (362.51)
Particulars Year ended Year ended Employee benefits (984.45) - (8.38) 29.93 (962.90)
31 March 2023 31 March 2022
Provision for expected credit loss (855.42) - (365.88) - (1,221.30)
Profit before income tax expense 927.27 829.89 Difference in book values and tax base
Income tax expense at statutory tax rate i.e. 34.94% 324.03 290.00 values of ROU assets and lease liabilities (37.66) - (20.88) - (58.54)
Tax effect of amounts which are not Compound Financial Instrument - (255.90) 187.29 - (68.61)
deductible / (taxable) in calculating taxable income Others (195.59) - 136.16 - (59.43)
Permanent difference on account of fair valuation asset acquired 259.49 309.17
Total deferred tax assets (B) (2,815.31) (255.90) 307.99 29.93 (2,733.29)
Permanent differences on account of expenses disallowed 16.92 12.46
Deferred tax assets (net) (B + A) (1,596.85) (255.90) 280.91 29.93 (1,541.91)
Others (160.84) (196.98)
Income tax expense 433.63 236.65 43. Fair value measurements
Fair value intsruments by category and heirarchy
42.2 Deferred tax related to the following: The fair values of financial assets and liabilities are included at the amount at which the intrsument could be
Particulars Expense/ (credit) exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
As at As at The following methods and assumptions were used to estimate the fair values:
1 April Adjusted to Recognised Recognised 31 March
retained in Profit in OCI 1. Fair value of cash and term deposits, trade and other short term receivables, trade payables, other current
2022 2023
earnings* and Loss liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely
due to short term maturities of these instruments. The fair value of lease liability is not required to be disclosed.
Deferred tax liabilities on account of:
2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters
Property, Plant and equipment, Goodwill
such as interest rates and individual credit worthines of the counter party. Based on this evaluation, allowances are
and Other intangible assets 953.07 - 70.29 - 1,023.36
taken to acount for expected losses of these receivables. Accordingly, fair value of such instruments is not materially
Financial assets and financial liabilities at different from their carrying amounts.
amortised cost 174.84 - (84.32) - 90.52 The fair values for loans and security deposits were calculated based on cash flows discounted using a curent
lending rate. They are classified as level 3 fair values in fair value heirarchy due to the inclusion of unobservable
Others 63.47 - (10.37) - 53.10
inputs including counter party credit risk.
Total deferred tax liabilities (A) 1,191.38 - (24.40) - 1,166.98 The fair values of non-current borrowings are based on discounted cashflows using a current borrowing rate. They
are classified as level 3 fair values in the fair value heirarchy due to the use of unobsevable inputs, including own
credit risk.
MAT credit entitlement (362.51) - 362.51 - - For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to fair value.
Employee benefits (962.90) - 14.21 21.57 (927.12) The Company uses the following heirarchy for determining and disclosing the fair value of financial instruments by
Provision for expected credit loss (1,221.30) - (53.95) - (1,275.25) valuation technique:
Difference in book values and tax base Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. For example, listed equity
values of ROU assets and lease liabilities (58.54) - (11.46) - (70.00) instruments that have quoted market price.
Compound Financial Instrument (68.61) - 68.61 - - Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds,
Others (59.43) - (39.76) - (99.19) over-the- counter derivatives) is determined using valuation techniques which maximise the use of observable
market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an
Total deferred tax assets (B) (2,733.29) - 340.16 21.57 (2,371.56) instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included
Deferred tax assets (net) (B + A) (1,541.91) - 315.76 21.57 (1,204.58)
in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included
in level 3.

Fair value of non current financial assets and non current financial liabilities measured at amortised cost-
Total
Total
0.11
1,553.36
7,915.99
95,761.36
2,702.41
2,547.60
77,244.85 77,244.85
1,640.13
56,797.77 56,797.77
19,241.37
0.11
1,863.58
5,907.26
95,403.19
1,841.56
3,499.59
83,085.51
1,589.34
53,783.86
16,082.51
Carried at amortised cost

Carrying Fair value Carrying Fair value
amount amount
Level 3
Level 3
0.11
1,553.36
7,915.99
95,761.36
2,702.41
2,547.60
1,640.13
19,241.37
0.11
1,863.58
5,907.26
95,403.19
1,841.56
3,499.59
83,085.51
1,589.34
53,783.86
16,082.51
Financial assets
Investment others 0.11 0.11 0.11 0.11
Loans 1,545.62 1,545.62 1,452.47 1,452.47
Level 2
Level 2
Other financial assets 5,313.22 5,313.22 3,977.77 3,977.77
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Financial Liabilities
Borrowings 13,866.37 13,866.37 18,273.89 18,273.89
Level 1
Level 1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The carying amounts of trade receivables, cash and cash equivalents, bank balances other than cash and cash
equivalents, loans, other current financial assets, current borrowings, trade payables and other current financial
liabilities are considered to be approximately equal to the fair value.
Total
Total
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
44. Financial risk management
The Company is exposed primarily to fluctuations in foreign exchange, interest rate, credit quality and liquidity
Routed through OCI
Routed through OCI

Level 3
Level 3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
management which may adversely impact the fair value of its financial assets and liabilities. The Company has a risk
management policy which covers the risk associated with its financial assets and liabilities. The risk management
policy is approved by the Board of Directors. The focus is to assess the unpredictability of the financial environment
Level 2
Level 2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
and to mitigate potential adverse effect on the financial performance of the Company.
The Company's principal financial liabilities comprises of borrowings, lease liabilities, trade payables and other
financial liabilities. The Company’s principal financial assets include loans, trade receivables, cash and bank balances
Level 1
Level 1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
and other bank balances, other financial assets that derive directly from its operations.
A Credit risk
Total
Total
0.28
0.28
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Routed through profit and loss
contract, leading to a financial loss. The company is exposed to credit risk from its operating activities (primarily trade
receivables) and from its financing activities, financial assets. Management has a credit policy in place and the
Level 3
Level 3
0.28
0.28
exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
"All amounts are net of provision for impairment if any. Excludes investments in subsidiaries
All amounts are net of provision for impairment if any. Excludes investments in subsidiaries
credit over a certain amount.
a Trade receivables (net of loss allowance)
Level 2
Level 2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Trade receivables are unsecured and are derived from revenue earned from two main classes of trade receivables i.e.
receivables from sales to government corporations and receivables from sales to private parties. A substantial portion
of the Company's trade receivables are from government corporation customers having strong credit worthiness.
Level 1
Level 1
Further, Company's historical experience of collecting receivables is that redit risk is low. Hence trade receivables are
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
considered to be a single class of financial assets. The Company measured the expected credit loss of trade
receivables from individual customers based on historical trend, industry practices and the business environment in
Total
Total
0.39
1,553.36
2,602.77 7,915.99
95,761.36 95,761.36
2,702.41 2,702.41
2,547.60 2,547.60
63,378.48 77,244.85
1,640.13
56,797.77 56,797.77
19,241.37 19,241.37
0.39
411.11 1,863.58
1,929.49 5,907.26
95,403.19 95,403.19
1,841.56
3,499.59 3,499.59
64,811.62 83,085.51
206.73 1,589.34
53,783.86 53,783.86
16,082.51 16,082.51
which the entity operates. Loss rates are based on actual loss experience and past trends. Based on historical data,
loss on collection of receivable is not material hence no additional provision considered.
Current
Current
Total amount
Total amount
7.74
306.01
1,841.56
The table below provide details regarding past dues receivables as at each reporting date:
-

Rs in lakhs % Rs in lakhs %
at 31 March 2023 Non-current
Trade receivables
0.39
1,545.62
5,313.22
13,866.37
1,334.12
0.39
1,452.47
3,977.77
18,273.89
1,382.62
-
-
-
-
-
-
-
-
from government corporation 55,328.44 58% 59,306.69 62%

from private parties 40,432.92 42% 36,096.50 38%
Total trade receivables (Refer note 15) 95,761.36 100% 95,403.19 100%
Trade receivables
Trade receivables
and liabilities as
and liabilities as
Financial assets
Financial assets
Trade payables
Trade payables
Lease liabilities
Lease liabilities
Other financial
Other financial
Other financial
Other financial
in subsidiaries)
bank balances
bank balances
Cash and cash
Cash and cash

investment in
subsidiaries)
Borrowings
Borrowings
equivalents
equivalents
Investment
Investment
investment
(excluding
(excluding
Liabilities
Liabilities
liabilities
liabilities
Assets
Assets
assets
assets
Loans
Loans
Other
Other

The movement of the allowance for lifetime expected credit loss is stated below: As at 31 March 2022
Particulars As at As at Particulars Upto 1 year Between 1 and Beyond Total
31 March 2023 31 March 2022 5 years 5 years
Balance at the beginning of the year 2,517.85 2180.31
Non-derivatives
Impairment allowance 329.50 743.69
Borrowings (including current maturities) 64,811.62 14,634.17 3,639.72 83,085.51
Written back during the year (121.05) (105.67)
Lease liabilities 206.73 979.51 403.11 1,589.35
Written off during the year (33.50) (300.48)
Trade payables 53,783.86 - - 53,783.86
Balance at the end of the year (refer note 15) 2,692.80 2,517.85 Other financial liabilities 16,082.51 - - 16,082.51
b Other financial assets Total 1,34,884.72 15,613.68 4,042.83 1,54,541.23

Cash balances are maintained with banks having high credit rating. Loans given to related parties and employees
C Market risk
are fully recoverable and loans given to others are fully provided. Majority of other security deposits are placed
majorly with government agencies. The credit loss recognised is for a specific scenario and is not expected in the Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
future. changes in market prices. Market risk comprises three types of risk: Foreign currency risk, interest rate risk and price
risk. The Company's exposure to market risk is primarily on account of foreign currency exchange rate risk and
B Liquidity risk interest rate risk.
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral
(i) Foreign currency risk
obligations without incurring unacceptable losses. The Company’s objective is to maintain optimum levels of
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
liquidity and to ensure that funds are available for use as per requirement.
changes in foreign exchange rates. The risk primarily relates to fluctuations in receivables, trade payables,
The liquidity risk principally arises from obligations on account of financial liabilities viz. borrowings, lease liabilities, borrowings and other payables denominated in USD, GBP, SGD and AED against the functional currency INR of the
trade payables and other financial liabilities. Company.
The finance department of the Company is responsible for liquidity and funding as well as settlement management. The Company’s risk management policy is to assess the Company’s net exposures which is mainly represented by
In addition, processes and policies related to such risks are overseen by senior management. Management monitors receivable and payable towards exports and imports respectively, and partly represented by the loans availed in
the Company’s net liquidity position through trade receivables or through short term borrowings on need basis. foreign currencies. The Company can hedge its net exposures with a view on forex outlook.
(i) Financing arrangements : Derivative instruments and unhedged foreign currency exposure
The Company had access to the following undrawn borrowing facilities at the end of reporting period:
(a) Derivative contracts outstanding (Amount in lakhs)
31 March 2023 31 March 2022 Particulars 31 March 2023 31 March 2022
Floating rate Forward contracts to sell USD 18.50 USD 35.00

Expiring within one year 2,110.00 13,391.53 Forward contracts to buy GBP - GBP 2.50
(Cash credit/ working capital demand loan, term loan)
(ii) Maturities of financial liabilities :

The table below summarises the maturity profile of the Company’s financial liabilities based on contractual
discounted payments at each reporting date. Amounts disclosed under note 23 are carrying values based on
amortised cost:
As at 31 March 2023
Particulars Upto 1 year Between 1 and Beyond Total

5 years 5 years
Non-derivatives
Borrowings (including current maturities) 63,378.48 10,607.59 3258.78 77,244.85
Lease liabilities 306.01 1,195.01 139.11 1,640.13
Trade payables 56,797.77 - - 56,797.77
Other financial liabilities 19,241.37 - - 19,241.37
Total 1,39,723.63 11,802.60 3,397.89 1,54,924.12

(b) The Company's exposure to unhedged foreign currency risk at the end of reporting period are as under: 45. Capital management
(Amount in lakhs)
The company’s objectives when managing capital are to -
Particulars 31 March 2023 31 March 2022 ● safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders
USD GBP AED SGD USD GBP AED SGD and benefits for other stakeholders, and
Financial assets
● maintain an optimal capital structure to reduce the cost of capital.
Trade receivables 17.38 - - - 21.54 - - -
In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to
Exposure to foreign currency risk (assets) 17.38 - - - 21.54 - - -
shareholders.
Financial liabilities
The Company monitors its capital by using gearing ratio, which is net debt divided by total equity. Net debt includes
Trade payables - 24.28 - 0.05 - 5.35 - - non-current borrowings (including current maturities) and short term borrowings net of cash and cash equivalents
Borrowings 3.57 - - - 10.71 - - - and equity comprises of equity share capital and other equity.
Employees related liabilities - - 0.30 - - - 0.95 -
A. The amount managed as capital by the company is summarised as follows:
Exposure to foreign currency risk (liabilities) 3.57 24.28 0.30 0.05 10.71 5.35 0.95 -
31 March 2023 31 March 2022
Particulars USD GBP AED SGD
Debt 77,244.85 83,085.51
Closing rate of foreign currency as on 31 March 2023 (in `) 82.16 101.62 22.37 61.81 Less: Cash and cash equivalents (2,702.41) (1,841.56)
Closing rate of foreign currency as on 31 March 2022 (in `) 75.59 99.27 20.58 NA Net Debt 74,542.44 81,243.95
Total Equity 42,435.80 41,902.10
Sensitivity to foreign currency risk
The following table demonstrates the sensitivity in foreign currency with all other variables held constant. The below Capital gearing ratio 1.76 1.94
impact on the Company's profit before tax and equity is based on changes in the fair value of foreign currency Bank loans availed by the Company contain certain debt covenants which are required to be complied with. The
monetary assets and liabilities at balance sheet date: Limitation of indebtedness covenant gets suspended once the Company meets the certain prescribed criteria. As of
the reporting date, the Company is not in compliance with certain performance linked financial covenants. The
Currencies 31 March 2023 31 March 2022 Company is trying to ensure compliance with the covenants as soon as possible. The banks have not levied any
Increase by 2% Decrease by 2% Increase by 2% Decrease by 2% material interest/penalty nor have they communicated any intention to recall the loans or make them repayable
USD 22.70 (22.70) 16.37 (16.37) immediately, in view of the above matter.
GBP (49.35) 49.35 (10.63) 10.63 B. Dividends
AED (0.14) 0.14 (0.39) 0.39 The Company has not paid any dividend to its shareholders for year ended 31 March 2023 and 31 March 2022.
SGD (0.07) 0.07 NA NA
46. Related party disclosures, as per Ind AS 24

(ii) Cash flow and fair value interest rate risk
In accordance with the requirement of Indian Accounting Standard (Ind AS) 24 "Related Party Disclosures", name of
This refers to risk to company’s cash flow and profits on account of movement in market interest rates. The
the related party and related party relationships, are disclosed where transactions have taken place during the
company's interest rate risk is mainly due to the borrowings acquired at floating interest rate.
reporting period.
The Company's borrowings (non-current and current) structure at the end of reporting period are as follows:
(a) List of related parties
31 March 2023 31 March 2022 Subsidiaries NV Distilleries & Breweries (AP) Private Limited
Deccan Star Distilleries India Private Limited
Variable rate borrowings 47,064.93 56,449.12
Fixed rate borrowings 30,176.61 26,630.24 ABD Dwellings Private Limited (wholly owned subsidiary w.e.f 15 July 2021)
Interest free rate borrowings 3.31 6.15 Madanlal Estates Private Limited (wholly owned subsidiary w.e.f 15 July 2021)
Total 77,244.85 83,085.51 Sarthak Blenders & Bottlers Private Limited
Chitwan Blenders & Bottlers Private Limited
Sensitivity analysis Allied Blenders and Distillers (UK) Limited (wholly owned
Impact on profit before tax and equity subsidiary w.e.f 07 November 2022)
Particulars Year ended Year ended Allied Blenders and Distillers Maharashtra LLP (subsidiary w.e.f 15 June 2022)
31 March 2023 31 March 2022 ABD Foundation
Increase by 50 bps (235.32) (282.25)
Decrease by 50 bps 235.32 282.25

Enterprises where key Oriental Radios Private Limited (b) Transactions during the year with related parties :
management personnel or Rayonyarns Import Company Private Limited Particulars Subsidiaries Enterprises where Key management
their relatives have Starvoice Properties Private Limited key management personnel
significant influence Pitambari Properties Private Limited personnel have
Lalita Properties Private Limited significant influence
Bhuneshwari Properties Private Limited 31 March 31 March 31 March 31 March 31 March 31 March
Ashoka Liquors Private Limited 2023 2022 2023 2022 2023 2022
Tracstar Investments Private Limited Expenses paid on behalf of the subsidiary
Tracstar Distillers Private Limited Sarthak Blenders & Bottlers Private Limited 9.27 54.14 - - - -
Surji Consultant (India) Private Limited (till 31 March 2022)
Spiritus Private Limited (till 31 March 2022) Interest on unsecured loan
Marketing Incorporated Private Limited (till 31 March 2022) Oriental Radios Private Limited - - - 173.93 - -
Bina K Chhabria - - - - 83.65 7.48
Woodpecker Investments Private Limited
Surji Agro Foods Private Limited (till 31 March 2022) Rent Expenses
Iconiq Brands India Private Limited Starvoice Properties Private Limited - - 6.00 6.00 - -
Pitambari Properties Private Limited - - 7.20 7.20 - -
Key management personnel:
Lalita Properties Private Limited - - 9.00 9.00 - -
Executive Directors
Woodpecker Investments Private Limited - - 1.20 1.20 - -
Key management Kishore Chhabria
Bhuneshwari Properties Private Limited - - 9.00 9.00 - -
personnel and their relatives Shekhar Ramamurthy (w.e.f 1 July 2021)
Utpal Kumar Ganguli (till 31 March 2022) Sub-total - - 32.40 32.40 - -
Ramakrishnan Ramaswamy (Director till 31 March 2022 and
Unsecured loan / advances granted
Chief Financial Officer w.e.f. 1 April 2022)
NV Distilleries & Breweries (AP) Private limited 11.06 23.55 - - - -
Resham Chhabria Jeetendra Hemdev Deccan Star Distilleries India Private Limited 0.01 0.11 - - - -
Arun Barik (w.e.f. 2 June 2022 till 20 June 2022 and w.e.f. 9 August 2022) Sarthak Blenders & Bottlers Private Limited 29.28 5.46 - - - -
Nicholas Blazquez (till 19 July 2021) Starvoice Properties Private Limited - - - 22.50 - -
Chirag Pittie (w.e.f. 14 June 2021 till 31 March 2022) Utpal Kumar Ganguli - - - - - 130.00
Deepak Roy (till 25 April 2022) Chitwan Blenders & Bottlers Private Limited 42.80 - - - - -
Non Executive Director Sub-total 83.15 29.12 - 22.50 - 130.00
Bina K Chhabria
Maneck Navel Mulla (w.e.f. 3 February 2022) Investment in compulsorily
Independent Directors convertible debentures (CCD)
Balaji Viswanathan Swaminathan (w.e.f. 3 February 2022) ABD Dwellings Private Limited 840.00 1,340.06 - - - -
Madanlal Estates Private Limited - 3,850.00 - - - -
Paul Henry Skipworth (w.e.f. 2 June 2022)
Rukhshana Jina Mistry (w.e.f. 2 June 2022) Sub-total 840.00 5,190.06 - - - -
Nasser Mukhtar Munjee (till 6 October 2022)
Refund of Advance given for purchase of land
Vinaykant Gordhandas Tanna (w.e.f. 9 August 2022)
Ashoka Liquors Private Limited - - - 7,500.00 - -
Vivek Anilchand Sett (w.e.f. 2 June 2022)
Power Brand Enterprises India Private Limited - - - 3,600.00 - -
Narayanan Sadanandan (w.e.f. 16 October 2022)
Sub-total - - - 11,100.00 - -
Relatives of key management personnel
Neesha Chhabria Redemption of Preference shares
Ashoka Liquors Private Limited - - - 7,500.00 - -
(b) Transactions during the year with related parties :
Refund of customer advance
Particulars Subsidiaries Enterprises where Key management Power Brand Enterprises India Private Limited - - - 74.96 - -
key management personnel
personnel have Business advance received back
significant influence Power Brand Enterprises India Private Limited - - - 1,097.57 - -
31 March 31 March 31 March 31 March 31 March 31 March

2023 2022 2023 2022 2023 2022
Payment to vendors on behalf of subsidiary
Sarthak Blenders & Bottlers Private Limited 76.40 98.78 - - - -
Interest income
NV Distilleries & Breweries (AP) Private limited 91.09 88.87 - - - -
Deccan Star Distilleries India Private Limited 0.10 0.07 - - - -
Kishore Chhabria - - - - - 9.99
Utpal Kumar Ganguli - - - - - 32.28
Sub-total 91.19 88.94 - - - 42.27

(b) Transactions during the year with related parties : (b) Transactions during the year with related parties :
Particulars Subsidiaries Enterprises where Key management Particulars Subsidiaries Enterprises where Key management
key management personnel key management personnel
personnel have personnel have
significant influence significant influence
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Unsecured borrowing /CCD availed Deemed interest on inter-corporate
Bina K Chhabria - - - - - 1,750.00 deposit to subsidiary
Kishore Chhabria - - - - - 50.00 NV Distilleries & Breweries (AP) Private Limited 11.84 11.55 - - - -
Oriental Radios Private Limited - - - 3,000.00 - -
Bottling Charges
Sub-total - - - 3,000.00 - 1,800.00
Sarthak Blenders & Bottlers Private Limited 22.92 49.76 - - - -
Repayment of unsecured borrowing Reversal of rent expenses
and interest thereon
Oriental Radios Private Limited - - - 15.00 - -
Bina K Chhabria - - - - 1,590.39 -
Rayonyarns Import Company
Kishore Chhabria - - - - - 50.00
Private Limited - - - 1.20 - -
Oriental Radios Private Limited - - 0.40 3,173.93 - -
Sub-total - - - 16.20 - -
Tracstar Investments Private Limited - - 2.84 11.98 - -
Sub-total - - 3.24 3,185.91 1,590.39 50.00 Royalty expenses
Repayment of Unsecured Iconiq Brands India Private Limited - - 3.28 - - -

loan / advances granted Legal and professional fees
Kishore Chhabria - - - - - 563.29 Surji Consultant India Private Limited. - - - 200.00 - -
Utpal Kumar Ganguli - - - - - 46.40
Managerial remuneration/Short term
Sub-total - - - - - 609.69
employee benefits *
Receipt and Refund of advance Kishore Chhabria - - - - 4,322.95 4,300.78
towards Debentures Shekhar Ramamurthy - - - - 1,000.00 750.00
Oriental Radios Private Limited - - - 10,000.00 - - Ramakrishnan Ramaswamy - - - - 228.77 226.61
Resham Chhabria Jeetendra Hemdev - - - - 369.60 369.60
Liability component of compound
Neesha Chhabria - - - - 59.49 57.33
financial instrument issued
Arun Barik - - - - 181.32 -
Oriental Radios Private Limited - - - 727.72 - -
Nicholas Blazquez - - - - - 269.37
Interest of liability component of Deepak Roy - - - - - 710.67
compound financial instrument issued Utpal Kumar Ganguli - - - - - 286.99
Oriental Radios Private Limited - - 5.52 41.28 - - Chirag Pittie - - - - - 396.00
Repayment of liability component of Sub-total - - - - 6,162.13 7,367.35
compound financial instrument issued
and interest thereon Independent Directors' sitting fees
Oriental Radios Private Limited - - 197.04 577.53 - - Balaji Viswanathan Swaminathan - - - - 4.50 -
Equity component of compound financial Maneck Navel Mulla - - - - 3.50 -
instrument issued Paul Henry Skipworth - - - - 3.00 -
Oriental Radios Private Limited - - - 9,528.18 - - Rukhshana Jina Mistry - - - - 3.50 -
Nasser Mukhtar Munjee (till 6 October 2022) - - - - 1.50 -
Investment in equity shares
Vinaykant Gordhandas Tanna - - - - 1.50 -
Allied Blenders and Distillers (UK) Limited 0.10 - - - - -
Vivek Anilchand Sett - - - - 2.50 -
Allied Blenders and Distillers Maharashtra LLP 0.85 - - - - -
Narayanan Sadanandan - - - - 1.00 -
Sub-total 0.95 - - - - -
Sub-total - - - - 21.00 -
Issue of equity shares on conversion * Excludes compensated absences and gratuity benefits provided on the basis of actuarial valuation on an overall
of CCD (Refer note 62) Company basis.
Oriental Radios Private Limited - - 9,528.18 - - - All expenses are excluding goods and service tax
Sub-total - - 9,528.18 - - -

(c) Balances at the year end : (c) Balances at the year end :
Particulars Subsidiaries Enterprises where Key management Particulars Subsidiaries Enterprises where Key management
key management personnel key management personnel
personnel have personnel have
significant influence significant influence
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Loan & Advances receivables Interest accrued but not due
Utpal Kumar Ganguli - - - - - 406.20 Oriental Radios Private Limited - - - 0.40 - -
NV Distillers & Breweries (AP) Private limited 1,544.33 1,451.29 - - - -
Liability component of compound
Deccan Star Distilleries India Private Limited 1.29 1.18 - - - -
financial instrument (Refer note 62)
Sub-total 1,545.62 1,452.47 - - - 406.20 Oriental Radios Private Limited - - - 191.52 - -
Investment in compulsorily Equity component of compound

convertible debentures (CCD) financial instrument (Refer note 62)
Madanlal Estates Private Limited 3,980.00 3,980.00 - - - - Oriental Radios Private Limited - - - 9,528.18 - -
ABD Dwellings Private Limited 4,260.50 3,420.50 - - - - Trade receivables
Sub-total 8,240.50 7,400.50 - - - - Surji Agro Foods Private Limited* - - - 8.95 - -
Security deposits
Advance to supplier
Spiritus Private Limited* - - - 10.50 - -
Surji Agro Foods Private Limited - - - 126.50 - -
Marketing Incorporated Private Limited* - - - 10.50 - -
Sarthak Blenders & Bottlers Private Limited 1,347.95 1,233.00 - - - -
Chitwan Blenders & Bottlers Private Limited 42.80 - - - - - Sub-total - - - 21.00 - -
Starvoice Properties Private Limited - - 22.50 22.50 - -
Rayonyarns Import Company Outstanding expenses
Private Limited - - 0.82 0.82 - - Starvoice Properties Private Limited - - 6.00 12.00 - -
Pitambari Properties Private Limited - - 7.20 14.40 - -
Sub-total 1,390.75 1,233.00 23.32 149.82 - - Lalita Properties Private Limited - - 9.00 18.00 - -
Woodpecker Investments Private Limited - - 1.20 2.40 - -
Trade payables
Bhuneshwari Properties Private Limited - - 9.00 18.00 - -
Starvoice Properties Private Limited - - 0.82 0.82 - -
Iconiq Brands India Private Limited - - 2.96 - - - Sub-total - - 32.40 64.80 - -
Sarthak Blenders & Bottlers Private Limited 210.56 187.64 - - - - Reference is also invited to footnote to note 23 and note 26 for guarantee provided and assets pledged of Tracstar
Chitwan Blenders & Bottlers Private Limited - 447.14 - - - - Distillers Private Limited towards loans availed by the Company.
Reference is also invited to footnote to note 23 for guarantee provided by Mr. Kishore Chhabria towards loan availed
Sub-total 210.56 634.78 3.78 0.82 - -
by the Company.
Reference is also invited to footnote to note 23 for assets pledged of Ashoka Liquors Private Limited towards loan
Current borrowings
availed by the Company.
Tracstar Investments Private Limited - - 3.31 6.15 - -
*Loans and other receivable has been received in full during the current financial year. However, the same is not
Bina K Chhabria - - - - 250.00 1,756.73 disclosed under "Transactions during the year with related parties" since he ceased to be KMP on 31 March 2022.
Sub-total - - 3.31 6.15 250.00 1,756.73 Equity (or equity like) investments by the Company and equity (or equity like) infusion into the Company are not
considered for disclosure under balances as these are not considered "outstanding" exposures. Refer note 8 and 21
for the same.
The transactions with related parties are made on terms equivalent to those that prevail in arm’s length
transactions. Outstanding balances at the year-end are unsecured and interest free. The settlement for these
balances occurs through payment. There have been no guarantees provided or received for any related party
receivables or payables. For the year ended March 31, 2023, the Company has not recorded any impairment of
receivables relating to amounts owed by related parties (March 31, 2022: Nil). This assessment is undertaken each
financial year through examining the financial position of the related party and the market in which the related
party operates.
Reference is also invited to Note 20 for 'Share issue expenses' which will be reimbursed by the selling shareholders
in proportion to their respective shares offered for sale as a part of the IPO, amount for which will be determined on
completion of the IPO.
Reference is also invited to Note 8 for agreement for sale of securities held in subsidiaries referred therein, to be
transferred on or before expiry of 3 months from the date of listing of the equity shares of the Company.
Reference is also invited to Note 8 for the acquisition of shares in the two subsidiaries referred therein, during the
earlier year.

47. As per Indian Accounting Standard-19, ‘Employee Benefits’, the disclosure of employee benefits as Year ended Year ended
defined in the standard are given below: 31 March 2023 31 March 2022
(a) Contribution to defined contribution plan, recognised as expense for the year are as under: Amount recognised in the balance sheet
Present value of obligation at the end of the year 1,178.81 1,177.73
Particulars Year ended Year ended Fair value of plan assets at the end of the year - -
31 March 2023 31 March 2022 Net liability recognised at the end of the year 1,178.81 1,177.73
Employers’ contribution to provident fund 895.71 861.50
Non-current provisions 976.45 922.35
Employers’ contribution to superannuation fund 24.79 12.67
Current provisions 202.36 255.38
Employers’ contribution to employees’ state insurance 2.31 1.42
Employers’ contribution to employees’ pension scheme 1995 115.65 112.68
Year ended Year ended
Employers’ contribution to national pension scheme 18.75 12.86
31 March 2023 31 March 2022
Employers’ contribution to labour welfare fund 0.25 0.32
Expenses recognised in the statement of profit and loss
Employees deposit linked insurance 7.29 6.84
Current service cost 124.48 143.30
Employees provident fund administration charges 42.14 40.60
Past service cost - 1.93
Total 1,106.89 1,048.89
Net interest cost 64.09 74.15
(b) Defined benefit plan Total expenses recognised in the statement of profit and loss 188.57 219.38
Defined benefit obligations - Gratuity (unfunded)
Characteristics of defined benefit plan (Paragraph 139 (a) of Indian Accounting Standard (Ind AS) 19) Re-measurement (or actuarial) (gain)
The gratuity plan is governed by the Payment of Gratuity Act, 1972 under which an employee who has completed arising from change in assumptions (61.63) (85.65)
five years of service is entitled to specific benefits. The level of benefits provided depends on the member’s length
of service and salary at retirement age. The entity has a defined benefit gratuity plan in India (unfunded). The entity’s Year ended Year ended
defined benefit gratuity plan is a final salary plan for employees. Gratuity is paid from entity as and when it becomes 31 March 2023 31 March 2022
due and is paid as per entity scheme for Gratuity. Maturity profile of defined benefit obligation
Expected cash flows over the next (valued on undiscounted basis) :
Gratuity 31 March 2023 31 March 2022 1st following year 202.36 255.38
Mortality table Indian Assured Lives Indian Assured Lives 2nd following year 172.52 139.57
Mortality 2012-14 (Urban) Mortality 2012-14 (Urban)
3rd following year 165.60 144.50
Discount rate 4.40% to 7.3% 3.10% to 6.90%
4th following year 157.13 124.67
Salary growth rate 1.50% to 7% p.a. 1.50% p.a. to 10%
Attrition rate 15.00% 5% to 15%
Sum of years 6 to 10 501.96 516.54
Sum of years 11 and above 297.08 283.36
31 March 2023 31 March 2022
Changes in the present value of obligation
Present value of obligation at the beginning of the year 1,177.73 1,223.63
Current service cost 124.48 143.30
Past service cost - 1.93
Interest expenses 64.09 74.15
Benefits paid (125.86) (179.63)
Actuarial (gains)/losses on obligations -
due to change in demographic assumptions - (3.65)
due to change in financial assumptions (78.10) (95.16)
Actuarial (gains)/losses on obligations - due to experience 16.48 13.16

Sensitivity analysis: 48. Contingent liabilities and commitments

Significant actuarial assumptions for the determination of the defined benefit obligation (DBO) are discount rate (A) Contingent liabilities not provided for:
and expected salary increase. The sensitivity analysis below have been determined based on reasonably possible
changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions
31 March 2023 31 March 2022
constant. The results of the sensitivity analysis on the DBO is given below:
(i) Provident Fund matter (Refer note a below) Not Not
ascertainable ascertainable
31 March 2023 31 March 2022
(ii) Transport pass fees claimed by excise authorities (Refer note b below) 873.01 873.01
Particulars
Delta effect of +1% change in rate of discounting (43.34) (44.63) (iii) Water Charges claim by MIDC, Aurangabad (Refer note c below) 185.98 176.51
Delta effect of -1% change in rate of discounting 47.11 48.79 (iv) Additional license fees on account of restructuring of the Company, levied by,
Delta effect of +1% change in rate of salary increase 39.82 43.13 the Maharashtra State Excise Department, Aurangabad (Refer note d below) 32.80 32.80
Delta effect of -1% change in rate of salary increase (37.89) (40.60) (v) Differential Octroi Duty on Extra Neutral Alcohol / Rectified Spirit by
Aurangabad Municipal Corporation (Refer note e below) 157.97 157.97
Delta effect of +1% change in rate of employee turnover (0.56) (5.86)
Delta effect of -1% change in rate of employee turnover 0.41 6.14 (vi) Demand notice from the Commissioner of Central Excise, Customs and
Service Tax, Aurangabad, towards service tax on reverse charge basis on
expenditure incurred in foreign currency on sales promotion, travelling
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
and other expenditure (Refer note f below) 538.08 538.08
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be correlated. There is no change in the method of valuation from the prior period. (vii) Income tax matters (Refer note g below) 333.11 333.11
Sensitivity due to mortality and withdrawls are not material and hence impact of change not calculated. (viii) Rajasthan VAT department has demanded sales Tax along with interest and
penalty from a contract bottling unit on ENA produced by them to be used
(c) Compensated absences as intermediary product for the manufacture of IMFL (Refer note h below) 107.55 107.55
The leave obligations cover the Company's liability for sick and privilege leaves. The amount of provision with
(ix) Excise demand relating to excess transit wastages for ENA supplied by
respect to leave obligation is ` 1,046.78 lakhs (31 March 2022 : ` 1,112.99 lakhs) is presented as current, since the
Contract Bottling unit (Refer note i below) 286.02 286.02
Company does not have an unconditional right to defer settlement for any of these obligations. However, based on
past experience, the Company does not expect all employees to take the full amount of accrued leave or require (x) Show cause notice from Canteen Stores Department (CSD) on account of
payment within the next 12 months. differential trade rate relating to the period from October 2014 to
December 2020 (Refer note j below) 857.69 857.69
Particulars For the year For the year
(xi) Demand notice by the Government of Andhra Pradesh (Refer note k below) 2,725.00 2,725.00
ended ended
31 March 2023 31 March 2022 (xii) VAT / GST on ENA procured by the Company in Uttar Pradesh
Opening Balance 1,112.99 1,114.26 (Refer note l below) 1,629.01 1,428.70
Add: Addition during the year 45.17 168.17 (xiii) A contract bottling unit had been issued notice of demand under
Less: Payment during the year (111.38) (169.44) the Assam Entry Tax Act by the Government of Assam (Refer note m below) 131.17 131.17
Closing balance 1,046.78 1,112.99
(xiv) The Company was receiving taxable invoices from its CBUs at the rate of
18% on the bottling charges on manufacturing of IMFL for the Company
(d) Superannuation
(brand owner). However, based on the notification dated 13 October 2017,
Particulars For the year For the year no .31/2017 - Central Tax (rate), the Company has asked its bottlers to
ended ended charge GST on bottling charge at 5% (Refer note n below) 600.40 194.72
31 March 2023 31 March 2022
(xv) Company has received summon notice dated 11 August 2020 from
Opening Balance 313.99 398.70 the Director General of GST Intelligence, Hyderabad on applicability of GST
Add: Addition during the year 24.79 12.68 on Distillery Wet Grain Soluble (DWGS) and Distillery Dry Grain
Less: Payment during the year - (97.39) Soluble (DDGS). On 20 June 2022, the Company has received Show Cause
Closing balance 338.78 313.99 Notice on the subject matter from Directorate General of Goods and
Services Tax Intelligence (DGGI), Telangana. (Refer note o below) 726.19 726.19
(xvi) Income Tax matter (Refer note p below) 17.34 17.34
(xvii) GST on supply of ENA in the state of Uttar Pradesh and Kerala.
(Refer note q below) 420.78 60.38
(xviii) Short payment of wages and levy to the Mathadi Workers (Refer note r below) 252.95 -
(xix) Excise demand relating to low strength of ENA (Refer note s below) 27.10 27.10

(A) Contingent liabilities not provided for: The Municipal Corporation has filed an appeal against this order, which has been disposed off by the Division Bench of
the Bombay High Court, Aurangabad bench vide their order dated 12 February 2007 granting the stay of execution of
Particulars As at As at decree passed by Trial Court subject to deposit of ` 220 lakhs in 11 instalments commencing from April 2007. Further,
31 March 2023 31 March 2022 the appeal came up for hearing on 29 August 2007 before the High Court at Bombay Bench at Aurangabad and an
(xx) Intimation received under Section 73(5) (Form GST DRC-01A) alleging to order was passed allowing the Company to withdraw the aforesaid amount and so far the Company has received ` 220
lakhs up to 31 March 2009. The appeal filed by AMC is pending before the Bombay High Court, Aurangabad Bench
pay GST on ENA. (Refer note t below) 294.94 -
f) In an earlier year, the Company had received demand notice from the Commissioner of Central Excise, Customs and
(xxi) VAT liability on amount of Business Surplus received by the Company from Service Tax, Aurangabad for the F.Y. 2011-12 to 2014-15 towards service tax on reverse charge basis on expenditure
tie-up unit arrangements with third parties. (Refer note u below) 5,302.44 4,655.28 incurred in foreign currency on sales promotion, travelling and other expenditure. Total demand raised is ` 538.08
lakhs (31 March 2022 ` 538.08 lakhs) (including penalty of ` 268.28 lakhs, late fees of ` 1.60 lakhs excluding interest).
a) Contingent liability relating to determination of provident fund liability, based on a recent Supreme Court The Company has paid ` 20.11 lakhs (31 March 2022 ` 20.11 lakhs) under protest against the said demand towards
judgement, is not determinable at present, due to uncertainty on the period of impact of the judgement in absence mandatory deposit for admission of appeals, which is shown under balance with statutory authorities (non-current).
of further clarification relating to applicability. The Company will continue to assess any further developments in this The Company has filed an appeal before Central Excise and Sales Tax Appellate Tribunal (CESTAT), Mumbai.
matter for their implications on the Company financial statements, if any, which, based on the number of employees, g) Income tax matter is in dispute before CIT-Appeal relating to A.Y. 2014-15 ` 333.11 lakhs, (31 March 2022 ` 333.11 lakhs).
is not expected to be significant. Against the above said demand, the Company has deposited under protest ` 55.12 lakhs (31 March 2022 ` 55.12 lakhs)
b) Transport pass fee claimed by excise authorities @ ` 3 per bulk litre (BL) from 12 July 1999 up to 25 August 2009 and which is disclosed under Income tax (current-tax) assets (net). The balance demand is adjusted by the department
@ ` 1.50 per BL from 26 August 2009 till 18 May 2011 on Extra Neutral Spirit (ENA) purchased aggregating ` 821.97 lakhs with refundable balance of AY 2011-2012 as per intimation dated 20 April 2017.
(31 March 2022 ` 821.97 lakhs) and transport pass fee claimed by excise authorities @ ` 1 per BL from 01 April 2010 to 18 h) One of the Company’s Contract Bottling Unit (CBU) at Rajasthan had received notice of demand for the A.Y. 2007-08
May 2011 on rectified spirits purchased aggregating ` 48.88 lakhs (31 March 2022 ` 48.88 lakhs), transport pass fee to 2009-10 amounting to ` 91.80 lakhs (31 March 2022 ` 91.80 Lakhs) of VAT and interest thereon for ` 15.75 lakhs (31
claimed by excise authorities @ ` 3 per BL from 01 June 2009 to 18 May 2011 on Malt purchased aggregating ` 2.16 March 2022 ` 15.75 lakhs) aggregating ` 107.55 lakhs (31 March 2022 ` 107.55 lakhs) from Commercial Tax Officer,
lakhs (31 March 2022 ` 2.16 lakhs) including for one of the Contract Bottling Unit. Government of Rajasthan on alleged VAT payable on captive consumption of ENA for the manufacturing of the
The Company has paid ` 303.71 lakhs (31 March 2022 ` 303.71 lakhs) under protest which is shown under balance with Company’s brands and deemed sale of ENA to the brand owner. The said demand was upheld by the Hon’ble
statutory authorities (non-current). Rajasthan High Court vide their order dated 20 July 2017. Against the said demand, the CBU has filed a Special Leave
Petition before the Hon’ble Supreme Court. Vide order dated 28 August 2017, the Hon’ble Supreme Court has
The Hon’ble High Court of Judicature at Mumbai has, vide its order dated 06 May 2011, upheld Company’s appeal and granted stay in the matter in respect of recovery of any demand or interest. In the event, if the matter is decided
allowed the Company’s petition with the direction that the amount paid be refunded along with the interest @ 9% against the CBU, the Company is liable to compensate the CBU for the tax demand including interest.
per annum within 10 weeks from the date of receipt of application for refund. As directed, the Company has filed an
i) In an earlier year, the Company has received excise demand of ` 286.02 lakhs (31 March 2022 ` 286.02 lakhs) relating
application for claim of refund before the customs and excise authorities. The Company has also claimed ` 163.71
to excess transit wastages for ENA supplied by Contract Bottling unit (CBU). Writ petition was filed with the Hon’ble
lakhs (including interest of ` 29.94 lakhs) on account of transport pass fees charged by suppliers.
High Court by CBU and is pending for disposal. Amount deposited under protest of ` 71.50 lakhs (31 March 2022
The Customs and excise department of Maharashtra has filed a Special leave petition (SLP) before the Hon’ble ` 71.50 lakhs) is shown under balance with statutory authorities (non-current).
Supreme Court against the above order. The Supreme Court has directed the registrar to issue notice to all
Madhya Pradesh High Court ordered that, on furnishing an adequate surety to the satisfaction of Excise
concerned and affected parties pending admission of petition.
Commissioner, the recovery of penalty shall remain stayed until next date of hearing. The matter has not come up
Subsequently, the registrar has issued notice to all the concerned and affected parties for admission of petition and for hearing yet and the same is under progress.
accordingly, the Company has filed its response to this notice. The matter has not come up for hearing.
j) The Company had received a show cause notice dated 22 March 2021 from its customer – Canteen Stores
c) Increased water charges (including delayed payment charges billed by MIDC from time to time for the period Department (CSD) for ` 857.69 lakhs (31 March 2022 ` 857.69 lakhs) on account of differential trade rate relating to the
November 2001 to March 2023, disputed by the Company aggregating ` 185.98 lakhs (31 March 2022 ` 176.51 lakhs). period from October 2014 to December 2020, which has been disclosed as contingent liability. The Company has
submitted the explanation and necessary documents demanded by CSD in response to the show cause notice. The
In the above said matter, High Court of Judicature of Bombay, Aurangabad Bench did not allow the stay petition filed
Company is awaiting further communication from the CSD.
by the Company. However, the Hon’ble High Court of Aurangabad Bench has agreed to allow for payment of only
principal amount to MIDC towards outstanding water charges and granted stay on levy of interest and penalty till the k) A letter of Intent (LOI) was granted to the Company along with a demand notice by the Government of Andhra
disposal of final appeal. Pradesh on 9 March 2017 based on an application made on 3 December 2014 along with stipulated payment of ` 275.00
lakhs (31 March 2022 ` 275.00 lakhs). The Company had immediately requested for a waiver of the demand notice.
Based on the above, the Company has paid till 31 March 2023 ` 151.98 lakhs (31 March 2022 ` 142.51 lakhs) under protest Further, vide letter dated 17 May 2017, the Company had requested for a three-year moratorium for payment of license
which is shown under balance with statutory authorities (non-current). fees. The request was disallowed vide their letter dated 31 May 2017 which was served on the Company on 12 June 2017.
Few of the IMFL manufacturers have filed Special Leave Petition before the Supreme Court challenging the order of The Company then requested the Commissioner of Prohibition of Excise for surrendering the LOI and requested for
the Aurangabad Bench of Bombay High Court. Since the cause of action and reliefs claimed are identical, the refund of the advance paid ` 275.00 lakhs vide letter dated 14 June 2017. However, the Company received a demand
outcome of this case will hold good for the Company as well. notice dated 9 February 2018 from the Government of Andhra Pradesh and Commissioner of Prohibition & Excise for
d) The Maharashtra State Excise Department, Aurangabad has raised a demand of ` 32.80 lakhs (31 March 2022 ` 32.80 payment of the license fees of ` 2,725.00 lakhs in 11 quarterly instalments with first instalment being due on 26
lakhs) towards additional license fee on the Company as a consequence of the change of name arising due to January 2017 which remains unpaid.
restructuring of the Company. The Company has challenged the said demand and filed Writ Petition before High Company filed a writ petition under Article 226 of the Constitution of India against the State of Andhra Pradesh
Court of Judicature of Bombay, Aurangabad Bench. The said matter has not come up for hearing yet. The demand of represented by the Principal Secretary to Government Revenue (Excise Department) as well as against the
` 32.80 lakhs (31 March 2022 ` 32.80 lakhs), which is paid by the Company under protest, is shown under balance with Commissioner, Prohibition and Excise, Government of Andhra Pradesh in the High Court of Andhra Pradesh seeking
statutory authorities (non-current). a declaration that the said demand as well as refusal of the Respondents to refund amounts paid by the Company
e) The Aurangabad Municipal Corporation (AMC) had recovered differential Octroi Duty on Extra Neutral Alcohol / of ` 87.48 lakhs and ` 275.00 lakhs along with applications made on 22 November 2010 and 03 December 2014 as bad
Rectified Spirit for the period from December 1991 to June 1997 on the basis of High Court judgment on similar facts and illegal in law; and a direction to the Respondents to cease making demands for payment of instalments and to
in another liquor Company case. This judgment had been reversed by the Hon’ble Supreme Court of India in another refund the above amounts paid by the Company along with interest @ 18% p.a. from 17 December 2012 and 31 May
case in which interest @ 6 % p. a. was allowed. The Company has entered into an agreement with AMC on 12 March 2017 respectively.
1993 by which both the parties had agreed that judgment passed shall be binding on both the parties. In the said Writ Petition, the Hon’ble High Court was pleased to pass an interim order directing the Respondents not
The Company had filed a suit for recovery in the Hon’ble Court of Civil Judge, (Senior Division) at Aurangabad. As per to take any coercive action against Company pursuant to the letter dated 6 February 2019 of the 2nd Respondent.
the order dated 16 October 2006 of the Court, the Company is entitled to get an amount of ` 157.97 lakhs (31 March The Company filed a writ petition against the said order and obtained an interim stay on the same. The matter is still
2022 ` 157.97 lakhs), with interest thereon @ 6% p.a. from the date of suit till the date of payment. pending in Andhra Pradesh High Court.

The writ petition filed by the Company against the State of Andhra Pradesh represented by Principal Secretary to o) Company has received summon notice dated 11 August 2020 from the Director General of GST Intelligence,
Government, Revenue (Excise Department) and the Commissioner Prohibition and Excise is pending before the Hyderabad on applicability of GST on Distillery Wet Grain Soluble (DWGS) and Distillery Dry Grain Soluble (DDGS). On
High Court of Andhra Pradesh. The matter was last listed on 19 March 2019 when the order was passed. Thereafter the 20 June 2022, the Company has received Show Cause Notice on the subject matter from Directorate General of
matter has not been listed. The order subsists even as on today. The Order also stated that no coercive steps can be Goods and Services Tax Intelligence (DGGI), Telangana for an amount of ` 726.19 lakhs (31 March 2022 ` 726.19 lakhs).
taken against the petitioner. Aggrieved by the earlier orders, the Company has filed an appeal before High Court of Telangana at Hyderabad on 3
December 2022. The company has filed the rejoinders in the hearing scheduled on 12 June 2023. The hearing of the
l) The Company is operating its business in the State of Uttar Pradesh by entering into a Lease Agreement with
matter is scheduled on 18 July 2023. The Company is discharging GST on DDGS and DWGS at 5% from 12 August
Simbhaoli Sugars Limited (“Simbhaoli”) since October 2017. As per UP VAT Act, during pre-GST period i.e., before 30
2020. However, the Company has been advised by senior counsel, that the GST demand for the period prior to the
June 2017, ENA in Uttar Pradesh was charged at Paisa 0.80 per litre for intra state purchase of ENA and Inter-state
purchase was taxed at 2% CST. After introduction of GST, ENA falls under VAT and there was no clarity on Vat to be issuance of the clarificatory Circular dated 06 October 2021 is not payable.
charged on ENA. In respect of ENA purchases made by the Company from Simbhaoli since October 2017, no VAT / p) During the year ended 31 March 2019, Company has received Income Tax assessment order from Income Tax
GST has been recovered or paid by Simbhaoli in line with the request made by the Company. The Company has Department for A.Y. 2016-17 raising demand of ` 17.34 lakhs (31 March 2022 ` 17.34 lakhs). The said demand has arisen
issued an indemnity to safeguard Simbhaoli from any liability on account of VAT / GST on ENA procurement from due to non-granting of claim of TDS and TCS in respect of Wales Distillers Private Limited, which was merged with
them. Department has issued notice to Simbhaoli to deposit arrears of Tax for F.Y 2017-18, 2018-19 and 2019-20. Neither the Company with the appointed date of 01 April 2015.
Simbhaoli nor the Company has paid any tax for the period 1 October 2017– 8 December 2019. On 17 December 2019,
Uttar Pradesh VAT Authority has notified 5% rate of VAT on ENA, effective from 9 December 2019. 9 December 2019 The Company has made required representation before the Assessing Officer for rectification of demand. The
onwards, the Company has been paying 5% VAT on ENA purchase. The liability amounts to ` 1,428.70 lakhs (31 March Company is confident of getting a favourable rectification order and accordingly, no provision has been made in the
2022 ` 1,428.70 lakhs). The Company has been granted stay for 90% of the demand on issuance of surety. Balance 10% books of account.
of the demand has been paid by the Company amounting to ` 142.87 lakhs (31 March 2022 ` 142.87 lakhs) for FY q) In the State of Uttar Pradesh, one of the ENA supplier has received order u/s. 74 of the GST Act for the period April
2017-18, FY 2018-19 and FY 2019-20, which is shown under balance with statutory authorities (non-current). The
2022 to August 2022 from the Joint Commissioner, Saharanpur, Uttar Pradesh, raising demand of ` 360.40 lakhs
Company has received intimation of tax u/s 74(5) of the CGST Act, 2017 for the period October to November 2022,
(including interest and penalty) (31 March 2022 Nil) in respect of supply of ENA to the Company without charging
amounting to ` 200.31 lakhs including interest and penalty (31 March 2022 Nil) on alleged GST on ENA. The Company
GST. The Company has filed the appeal before the Appellate authority, for the period April to July 2022. For the
is in the process of filing the appropriate response.
month of August 2022, the company is in the process of filing the appeal.
m) A contract bottling unit had been issued notice of demand of ` 131.17 lakhs (31 March 2022 ` 131.17 lakhs) on 2 July 2010
The question of chargeability of appropriate Tax (whether UPVAT or GST) is subjudice before Apex Court of India as
under the Assam Entry Tax Act by the Government of Assam. Amount deposited under protest of ` 75.79 lakhs (31
UPVAT Authority, CIABC and International Spirits and Wines Association of India (ISWAI) has filed Special Leave
March 2022 ` 75.79 lakhs) is shown under other financial assets (non-current).
Petition before Apex Court, challenging Order of Allahabad High Court which has ruled that appropriate tax is not
n) In earlier years, the Company was receiving taxable invoices from its CBUs at the rate of 18% on the bottling charges UPVAT. The matter was scheduled for hearing on 10 April 2023, however the hearing got postponed. Next date of
on manufacturing of IMFL for the Company (brand owner). However, based on the notification dated 13 October 2017, hearing is yet to be announced.
No. 31/2017 - Central Tax (rate), the Company has asked its bottlers to charge GST on bottling charge at 5%.
Further, notice has been received in our Kerala unit from State Goods and Service Tax Department, Kerala raising
Vide Notification No. CBIC (TRU) Circular no 164/20/2021 a separate new entry was introduced with effect from 01 demand of ` 60.38 lakhs (31 March 2022 ` 60.38 lakhs) on alleged non-payment of GST on procurement of ENA during
October 2021, accordingly all the CBUs are charging 18% on job work changes. the tax period 2017-18. The Company has responded to such notice. No further communication has been received
from State GST Department.
However, there remains to be lack of clarity in respect of charging the 18% rate from 01 October 2017 to 30 September
2021. Confederation of Indian Alcoholic Beverage Companies (CIABC) has submitted a representation vide letter r) By its order dated 18 October 2022, the Aurangabad Mathadi and Unsecured Workers Board, Aurangabad has
dated 9 October 2019 to Hon’ble Finance Minister and other Senior Member of the GST Council. However, final directed the Company to make the payment of ` 252.95 lakhs (31 March 2022 Nil) towards short payment of wages
disposal of the above representation made has not been received. The Company is of the view that the effective date and levy to the Mathadi Workers working at its unit situated at Plot No. 06, MIDC Area, Chikalthana, Aurangabad
of applicability of 18% GST should be from 01 October 2021 only and accordingly no provision has been made in the during February 2010 to July 2017 (loading), August 2014 to December 2019 (Unloading) and September 2020 to June
books of account. 2022 (shifting/Carriage/Store) from the rates fixed by the Board for the period 2013-16, 2016-19, 2019-22. Challenging
Andhra Pradesh High Court vide order dated 20 October 2022, in case of another company in the industry, ruled that the order of the Board, Company has filed a writ petition before Bombay High Court, Aurangabad Bench seeking
the services by way of job work in relation to manufacture of alcoholic liquor for human consumption should be liable suspension of operation of the order dated 18 October 2022 passed by the Board. While granting a conditional stay
to 18% GST retrospectively. A special leave petition has been filed by that company with Hon’ble Supreme Court of the order, the Court has directed the Company to deposit a sum of ` 50.00 lakhs (31 March 2022 Nil) along with an
against such ruling of Andhra Pradesh High Court and is yet to be concluded. The Company has also been advised by undertaking to deposit balance amount on final conclusion. As per the Court directives, Company has deposited a
senior counsel that the GST at 18% would not be payable with retrospective effect which is in line with special leave sum of ` 50.00 lakhs (31 March 2022 Nil) reflected under balance with statutory authorities (non-current) along with
petition filed by aforesaid company. an undertaking. The matter is pending for filing the reply by the Mathadi Board.
Some of the State GST departments have raised demand for the differential GST amount as mentioned below for s) The Company received excise demand of ` 27.10 Lakhs (31 March 2022 ` 27.10 Lakhs) relating to low strength of ENA.
which Company has filed its reply with the department that the Company through its Member Association CIABC The Company had challenged the same with appropriate authority and has paid the amount under protest, which
has made various representation for clarification to the GST council and is awaiting response on this. is disclosed under due from tie-up units (non-current). Rajasthan High Court had left it exclusively for the Excise
Commissioner to take a decision, after examining all aspects of the matter. The Group had filed a writ petition in
State Unit name Period of Demand Demand (` lakhs) March 2020. The Rajasthan High Court, vide its order dated 15 November 2021 has quashed the orders of the Excise
Maharashtra Radico NV Distilleries by allowing the writ petition with a direction to pay ` 0.10 Lakhs as compounding fee. An appeal has been filed by the
July 2017 to July 2019 ` 63.06 (31 March 2022 ` 63.06) State Excise challenging the order before Principal Bench, Jodhpur bench of Rajasthan High Court.
Maharashtra Ltd
Odisha Hi Tech Bottling Limited July 2017 to November 2020 ` 81.12 (31 March 2022 ` 81.12) t) The Company was operating its business in the State of Uttar Pradesh by entering into an arrangement with
Odisha Shakti Maltare & Dhampur Sugar Mills Limited (Dhampur). As per UP VAT Act, during pre-GST period i.e., before 30 June 2017, ENA in
July 2017 to November 2019 ` 50.54 (31 March 2022 ` 50.54) Uttar Pradesh was charged at Paisa 0.80 per litre for intra state purchase of ENA and Inter-state purchase was taxed
Lemonade Pvt Ltd
at 2% CST. Dhampur has received intimation of tax ascertained as being payable under Section 73(5) (Form GST
Meghalaya C M J Breweries Pvt Ltd July 2017 to March 2019 ` 38.89 (31 March 2022 ` Nil)
DRC-01A) from Office of Joint Commissioner, Moradabad, Uttar Pradesh for the FY 2019-20, 2020-21 and 2021-22 vide
Andhra Pradesh Sentini Bio Products Pvt Ltd July 2018 to March 2020 ` 163.32 (31 March 2022 ` Nil) letter dated 12 April 2023 alleging to pay GST on ENA for the following tax period for sale of ENA to the Company.
Andhra Pradesh Sentini Beverages Pvt Ltd July 2017 to June 2018 ` 35.97 (31 March 2022 ` Nil)
West Bengal Cosmos Beverages Pvt Ltd July 2017 to December 2022 ` 87.70 (31 March 2022 ` Nil)
Rajasthan Solkit Distillery and
October 2017 to September 2021 ` 79.80 (31 March 2022 ` Nil)
Brewery Pvt Ltd

Financial Year Amount (` lakhs) (B) Commitments:

2019-20 473.31 Capital commitments (net of advances) ` 1,560.06 lakhs (31 March 2022 ` 708.56 lakhs).
2020-21 458.98
2021-22 138.81 49. Revenue from contracts with customers
Total 1071.10 The Company determines revenue recognition through the following steps:
Out of total liability raised on ENA supplier, our Company’s liability is restricted to ₹ 294.94 lakhs (Including Interest,
excluding penalty) (31 March 2022 Nil). Dhampur has filed appropriate response against the said intimation and is 1. Identification of the contract, or contracts, with a customer.
awaiting response on the same 2. Identification of the performance obligations in the contract.
u) VAT liability on account of Business Surplus received by the Company from tie-up unit arrangements with third 3. Determination of the transaction price.
parties.
4. Allocation of the transaction price to the performance obligations in the contract.
Financial Particulars Demand as at Demand as at
5. Recognition of revenue when, or as, a performance obligation is satisfied."
Year 31 March 2023 31 March 2022
2011-12 The Company has received an order from the Joint Commissioner of 3,248.90 3,248.90 In all cases, the total transaction price for a contract is allocated amongst the various performance obligations
Sales Tax (Appeals) granting a stay on recovery of said demand based on their relative stand-alone selling prices. The transaction price for a contract excludes any amounts
pending decision by the Hon’ble High Court of Bombay in the case of collected on behalf of third parties.
M/s Diageo India Pvt Ltd v/s State of Maharashtra. At contract inception, the Company assesses the goods and services promised in the contracts with customers
In view of above, no further provision is considered necessary and identifies a performance obligation for each promise to transfer to the customer a good or service (or bundle
in the books at present. of goods or services) that is distinct. To identify the performance obligations, the Company considers all of the
goods and services promised in the contract regardless of whether they are explicitly stated or are implied by
The Company has filed appeal with Maharashtra Sales Tax Tribunal customary business practices.
and paid ` 9.87 lakhs (31 March 2022 ` 9.87 lakhs) under protest
The majority of customer contracts that the Company enters into consist of a single performance obligation for
the said demand, which is shown under balance with statutory
the delivery of Indian made foreign liquor. The Company recognizes revenue from product sales when control of
authorities (non-current).
the product transfers, generally upon shipment or delivery to the customer, i.e., at a point in time. The Company
2012-2013 The Company is in the process of filling an appeal with Maharashtra 290.31 - records product sales net of estimated incentives/discounts, returns, and other related charges. These are
Sales Tax Tribunal generally accounted for as variable consideration estimated in the same period the related sales occur. The
methodology and assumptions used to estimate rebates and returns are monitored and adjusted regularly in
2013-2014 The Company is in the process of filling an appeal with Maharashtra 356.85 -
the light of contractual and legal obligations, historical trends, past experience and projected market conditions.
Sales Tax Tribunal
The payment terms are generally less than a year.
2015-2016 The Company has received an assessment order from Deputy 602.71 602.71
Commissioner of Sales Tax, in March 2020 against which, Company
has filed copy of appeal to Joint commissioner of State Tax dated
20 July 2020 and paid 0.49 lakhs, under protest, which is shown
under balance with statutory authorities (non-current).
The Commissioner has granted a stay on recovery of demand
pending decision by the Hon’ble High Court of Bombay in a similar
case of M/s Diageo India Pvt Ltd v/s State of Maharashtra.
2016-2017 The Company has received an assessment order from Deputy 582.58 582.58
Commissioner of Sales Tax, Mazgaon dated 23 February 2021.
The Commissioner has granted a stay on recovery of said demand
pending decision by the Hon’ble High Court of Bombay in the case
of M/s Diageo India Pvt Ltd v/s State of Maharashtra
2017-2018 The Company has received a Rectification order u/s. 24 of the MVAT 221.09 221.09
dated 06 December 2021 for the FY 2017-18 arising total demand
of ` 198.70 lakhs (31 March 2022 ` 198.70 lakhs).
For the similar period Company has received Rectification Order

u/s. 9(2) of the CST Act Maharashtra raising a total demand of
` 22.39 lakhs (31 March 2022 ` 22.39 lakhs) of which the Company has
already paid ` 12.16 lakhs (31 March 2022 ` 12.16 lakhs) and same is
shown under other financial assets. The demand has arisen mainly
due to the non-receipt of C Forms and F Forms, and the Company
has filed an appeal and the matter is pending to be heard.

a) Disaggregation of revenue : 51. Segment reporting

Particulars 31 March 2023 31 March 2022 (a) Business segment
(i) Based on geographical markets The Company is engaged in the business of manufacture, purchase and sale of alcoholic beverages. Operating segment
Within India 6,94,903.03 6,99,908.37 are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker
Outside India 12,996.60 17,079.28 (CODM). The CODM regularly monitors and reviews the operating result of the whole Company as one segment of
"Alcoholic beverages/liquids". Thus, as defined in Ind AS 108 “Operating Segments”, the Company’s entire business falls
Revenue from contracts with customer 7,07,899.63 7,16,987.65
under this one operational segment. The Company has not presented any other significant information to the CODM.
(ii) Based on type of customer
Government Corporation 3,21,934.33 3,91,133.69 (b) Entity wide disclosures
Private parties 3,85,965.30 3,25,853.96 Revenue of ` 113,104.91 lakhs (previous year ` 252,818,19 lakhs) is derived from the external customer, that individually
Revenue from contracts with customer 7,07,899.63 7,16,987.65 accounted for more than 10% of the total revenue.
b) Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price 52. CSR Expenditure during the year:
Particulars 31 March 2023 31 March 2022 As per the Section 135 of the Companies Act, 2013 every year the Company is required to spend at least 2% of its
average net profit made during the immediately 3 preceding financial years on the Corporate Social Responsibility
Revenue as per contracted price 7,31,674.94 7,41,660.28
(CSR) activities. Following is the information regarding projects undertaken and expenses incurred on CSR activities.
Adjustments (includes provisions estimated and adjustments there against) Particulars Year ended Year ended
Sales incentive (21,740.73) (23,423.10) 31 March 2023 31 March 2022
Discount (2,034.58) (1,249.53)
(A) Gross amount required to be spent by the Company during the year 33.58 48.33
Revenue from contract with customers 7,07,899.63 7,16,987.65
(B) Amount spent during the year on CSR activities
(a) For construction / acquisition of any assets - -
50. Earnings per share
(b) For purposes other than (a) above 30.00 34.88
31 March 2023 31 March 2022 30.00 34.88
Net profit attributable to equity share holders 493.64 593.24 Shortfall during the year (A) 3.58 13.45
Weighted average number of equity shares outstanding during Unutilised excess CSR spend as at the beginning of the year (B) 123.30 136.75
the year for Basic EPS 24,41,13,665 24,13,50,525 Unutilised excess CSR spend as at the end of the year (B-A) 119.72 123.30
Weighted average number of equity shares outstanding during Nature of CSR Activities - Promoting healthcare, education facilities, COVID 19 relief, and betterment of communities
the year for Diluted EPS 24,41,13,665 24,13,50,525 around the Company's manufacturing sites. There are no related party transactions. There are no ongoing projects
on which CSR expenditure is made.
Earnings per share:
Basic EPS (in ` ) 0.20 0.25 53. The Government of Bihar by its notification dated 5 April 2016 imposed a ban on trade and consumption of Indian
Made Foreign Liquor and foreign liquor in the state of Bihar. The Company had received a letter dated 16 August 2017
Diluted EPS (in ` ) 0.20 0.25 from the Government of Bihar, stating that it is not liable to refund the aforesaid statutory duties under the Bihar
Face value per share (in ` ) 2.00 2.00 Prohibition and Excise Act, 2016.
Thereafter, on 17 October 2017, the Company filed a writ petition before the Hon'ble High Court of Patna seeking refund
Calculation of weighted average number of equity shares outstanding of the aforesaid statutory duties, paid by the Company to the Government of Bihar. The Company had sought from the
during the year for Basic EPS: Government of Bihar refund of statutory duties i.e., VAT, excise duty, license fee, bottling fee etc. paid aggregating
Weighted average number of Equity shares for basic EPS (A) 24,41,13,665 23,55,66,665 ` 3,124 lakhs (including statutory duties paid by the Company's tie-up manufacturers) under the applicable law at that
time, in respect of billed stocks destroyed/ returned by Bihar State Beverages Corporation Limited ("BSBCL").
Effect of dilution number of equity shares on conversion of CCD (B) # - 57,83,860
Meanwhile, the Hon'ble High Court of Patna directed the respondent i.e. Government of Bihar to quantify the refund
Weighted average number of equity shares outstanding during 24,41,13,665 24,13,50,525
payable to the petitioners and the date of hearing was set as 31 October 2018. Out of the above VAT and Excise
the year for Basic EPS (A+B) department has processed ` 1,062 lakhs till 31 March 2019.
# Weighted average number of equity shares = Amount received on issue of CCD / Rate per CCD * Number of Subsequent to the above, Patna High Court vide order dated 30 April 2019 directed the Principal Secretary cum
days from date of issue / 365. Refer note 62 for terms of CCD. Commissioner, Commercial Taxes and the Commissioner, Excise vide preceding under writ applications in CWJC
Nos.15316 of 2017 and 13165 of 2018 to consider and dispose of the claims by a speaking order after opportunity of
hearing within 3 months of receipt/production of a copy of this order.
In consequence, the Order of the Deputy Commissioner Excise dated 16 August 2017 is set aside.
During the year ended 31 March 2022, the Company has received ` 239.26 lakhs out of the recoverable balance of
` 2,334.56 lakhs as on 31 March 2021. There was no receipt during 1 April 2022 to 31 March 2023.
The Balance recoverable of ` 2,095.30 lakhs as at 31 March 2023 is considered good and receivable based on the
favourable Order issued by the Hon'ble High Court of Patna dated 18 May 2017 and dated 30 April 2019. The same is
disclosed under Note 10 "Due from tie-up units".

Subsequently, the aforesaid referred writ petition was heard on 9th July 2020 through virtual court proceedings. 55. CWIP ageing schedule
Notices have been issued upon the respondent State of Bihar and its functionaries and they have been directed to file
The ageing schedule for CWIP is as below:
counter affidavit within four weeks, which is not yet filed. Later, writ application was heard on 12 October 2020 and 12
November 2020 by the Hon'ble High Court through virtual court proceedings and the Hon'ble Court on the request of Amount in CWIP for a period of Total
the State Counsel had granted two weeks further time to file counter affidavit. The Company was directed to file a Projects in Progress Less than 1 year 1-2 years 2-3 years More than 3 years
rejoinder within a week thereafter. It was indicated in the order that no further adjournments shall be granted to file As at 31 March 2023 816.96 22.64 25.28 104.41 969.29
the counter affidavit. The Hon'ble Court had directed that no coercive action against the Company shall be taken in As at 31 March 2022 898.44 37.83 40.01 75.51 1,051.79
the meantime. The aforesaid mentioned writ application for refund of excise levies and for quashing of the BSBCL Projects temporarily suspended - - - - -
demand was heard on 1 February 2021 and adjourned to 12 April 2021 for completion of pleadings. No hearing was held
There are no projects in progress whose completion is overdue or has exceeded its cost compared to its original plan
thereafter. The Company has a no coercive order in their favour.
54. Leases 56. Trade receivables ageing schedule

Company as lessee
31 March 2023
The Company’s leased assets primarily consist of leases for land, building and machinery. Leases of land, building and
machinery generally have lease term between 10 years to 95 years, 2 to 5 years and 2 to 10 years respectively. The leases Particulars Outstanding for following periods
from due date of payment Total
includes non-cancellable periods and renewable option at the discretion of lessee which has been taken into
consideration for determination of lease term. Less than 6 months More than
6 months - 1 year 1 - 2 years 2 - 3 years 3 years
i) Set out below are the carrying amounts of right of use assets and the movements during the year :
(i) Undisputed Trade receivables - 90,270.79 1,282.09 3,537.73 227.53 119.44 95,437.58
Particulars 31 March 2023 31 March 2022 considered good
Opening right of use assets 13,044.20 13,620.39 (ii) Undisputed Trade Receivables - 13.75 71.46 223.54 320.60 988.96 1,618.31
Additions 337.38 257.60 credit impaired
Deletions (26.70) (428.32) (iii) Undisputed Trade Receivables - - - - - - -
Charge for the year (383.69) (405.47) which have significant increase
in credit risk
Closing right of use assets 12,971.19 13,044.20
(iv) Disputed Trade Receivables - 4.71 1.72 - 222.32 95.03 323.78
considered good
ii) Set out below are the carrying amounts of lease liabilities and the movements during the year :
(v) Disputed Trade Receivables - 2.51 - - 62.69 1,009.29 1,074.49
Particulars 31 March 2023 31 March 2022 credit impaired
Opening lease liability 1,589.35 1,980.06 (vi) Disputed Trade receivables - - - - - - -
Additions 337.38 257.60 which have significant increase
Termination (28.17) (455.56) in credit risk
Accretion of interest 175.27 199.60 Total 90,291.76 1,355.27 3,761.27 833.14 2,212.72 98,454.16
Payment of interest (175.27) (199.60)
Payment of principle (258.43) (192.75) 31 March 2022
Closing lease liability 1,640.13 1,589.35 Particulars Outstanding for following periods
The weighted average rate applied is in the range of 11.30% to 11.50% from due date of payment Total
Less than 6 months More than
iii) The following are the amounts recognised in the statement of profit and loss: 6 months - 1 year 1 - 2 years 2 - 3 years 3 years
Particulars 31 March 2023 31 March 2022
(i) Undisputed Trade receivables - 89,644.41 3,047.48 1,136.93 1,349.62 224.75 95,403.19
Depreciation expense of right-of-use assets 383.69 405.47 considered good
Interest expense on lease liabilities 175.27 199.60 (ii) Undisputed Trade Receivables - 14.27 9.26 285.58 49.06 1,200.80 1,558.97
credit impaired
Expense relating to short-term and cancellable leases (included in other expenses) 794.09 620.09
(iii) Undisputed Trade Receivables - - - - - - -
Total amount recognised in the statement of profit and loss 1,353.05 1,225.16 which have significant increase
in credit risk
iv) The undiscounted maturity analysis of lease liabilities is as follows: (iv) Disputed Trade Receivables - - - - - - -
Particulars within 1 year 2-5 years 5-10 years 10 years and above Total considered good
31 March 2023 (v) Disputed Trade Receivables - - 1.08 118.37 41.47 797.96 958.88
Lease payments 476.87 1,503.40 138.24 16.99 2,135.50 credit impaired
Finance charge 170.86 308.39 12.17 3.95 495.37 (vi) Disputed Trade receivables - - - - - - -
which have significant increase
31 March 2022 in credit risk
Lease payments 369.46 1,382.91 429.23 20.36 2,201.96
Total 89,658.68 3,057.82 1,540.88 1,440.15 2,223.51 97,921.04
Finance charge 162.73 403.40 40.98 5.50 612.61

57. Trade payables ageing schedule 59. Details of transactions and balances with struck off companies
31 March 2023 Sr Name of the Entities Nature of Transactions Transactions during the year Balance As at
Particulars Outstanding for following periods from due date of payment Total No FY 22-23 FY 21-22 31-Mar-23 31-Mar-22
Unbilled Not due Less than More than 1. Green Park Hotels & Payable 0.43 - - -
1 year 1-2 years 2-3 years 3 years Resorts Limited
(i) Total outstanding dues - 8,728.62 7,391.90 168.52 8.32 15.52 16,312.88 2. The Greens Limited Receivable - 10.60 - 7.36
of micro enterprises and
small enterprises Total 0.43 10.60 - 7.36
(ii) Total outstanding dues of 7,396.81 20,893.66 11,249.18 621.37 131.51 192.36 40,484.89
creditors other than micro 60. Ratios
enterprises and
small enterprises Following are the ratios computed for the year:
(iii) Disputed dues of micro - - - - - - - Ratios Unit Basis Year Year Variance Reasons
enterprises and ended ended %
small enterprises 31 March 31 March
2023 2022
(iv) Disputed dues of creditors - - - - - - -
other than micro enterprises Current Ratio Times Current Assets 0.95 0.91 4.60 NA
and small enterprises Current Liabilities
Total 7,396.81 29,622.28 18,641.08 789.89 139.83 207.88 56,797.77 Debt-Equity Ratio Times Total Debt 1.82 1.98 (8.20) NA
Total Shareholders Equity
31 March 2022 Debt Service Times Earnings for debt service 1.02 0.77 32.56 Due to
Particulars Outstanding for following periods from due date of payment Total Coverage Ratio* Debt service lower net
repayment
Unbilled Not due Less than More than
of debt as
1 year 1-2 years 2-3 years 3 years
compared
(i) Total outstanding dues to last year
of micro enterprises and
small enterprises - 1,378.63 14,929.25 14.83 - 5.84 16,328.55 Return on Equity Ratio/ Profit After Tax 1.17% 1.46% (19.96) NA
Return on investment Percentage Average Shareholders Equity
(ii) Total outstanding dues of
creditors other than Inventory Days Cost of Goods Sold 49.14 46.96 4.66 NA
micro enterprises and Turnover Ratio** Avg. Inventory
small enterprises 11,522.11 4,259.08 21,222.68 253.90 97.25 100.29 37,455.31
Trade Receivables Days Revenue from operations 49.10 46.18 6.33 NA
(iii) Disputed dues of turnover ratio Average Trade Receivables
micro enterprises and
small enterprises - - - - - - - Trade Payables Days Credit Purchases 95.62 115.98 (17.55) NA
turnover ratio# Average Trade Payables
(iv) Disputed dues of creditors
other than micro enterprises Net Capital Times Revenue from Operations 16.74 17.18 (2.51) NA
and small enterprises - - - - - - - turnover ratio Total Equity
Total 11,522.11 5,637.71 36,151.93 268.73 97.25 106.13 53,783.86 Net profit ratio ## Percentage Net Profit After Tax 0.16% 0.22% (28.98) Due to
Net sales change in
excise duty
58. Loans and Advances to promoters, directors, KMPs and the related parties rules in
Sr Name of the Entities Relationship At at % to total As at % to total west bengal
No 31 March 2023 loans and 31 March 2022 loans and market
advances^ advances^ Return on Capital Percentage Earnings before Interest & Tax 12.71% 12.88% (1.26) NA
1 NV Distillers & Breweries (AP) Subsidiary 1,544.33 99.42% 1,451.29 77.88% Employed $ Capital Employed
Private limited# *Earnings for debt service = Net profit after taxes + depreciation and amortisation, Debt service = Interest & Lease
Payments + Principal Repayments
2 Deccan Star Distilleries India Subsidiary 1.29 0.08% 1.18 0.06%
Private Limited# **Cost of Goods Sold = Cost of Materials Consumed + Purchases of Stock-in-Trade + Changes in Inventories; Average
Inventory = (Opening Inventory + Closing Inventory)/2
3 Utpal Kumar Ganguli Key management NA NA 406.20 21.80%
personnel #Credit Purchases = Purchase of Raw Materials on credit included in Cost of Materials Consumed + Purchase of
Stock-in-Trade + Other Purchases; Average Trade Payables = (Opening Trade Payables + Closing Trade Payables)/2
(till 31 March 2022)
## Net Sales = Total sales - sales return- Excise Duty
Total 1,545.62 99.50% 1,858.67 99.74%
$Capital Employed = Tangible Net Worth + Total Debt + Deferred Tax Liability, Tangible Net worth = Total assets -Total
^Represents percentage to the total loans and advances in the nature of loans
liabilities - Other intangible assets- Goodwill
#Loans or advances in the nature of loans which are repayable on demand.

61. The Company has a working capital limit in excess of ` 500 lakhs sanctioned by banks and financial institutions 63. On 8 July 2021, the Company decided to recall its advance provided to Ashoka Liquors Private Limited (a related
based on the security of current assets. The quarterly returns/statements, in respect of the working capital limits party) amounting ` 7,500 lakhs, which has been received on 8 July 2021. Consequently, the Company and Ashoka
have been filed by the Company with such banks and/or financial institutions and such returns/statements are in Liquors Private Limited have mutually decided to redeem the NCCPS issued by the Company and NCCPS has been
agreement with the books of account of the Company for the respective periods which were not subjected to redeemed on 8 July 2021.
audit/review, except for the following: 64. ABD Foundation was incorporated on 4 September 2020 as a Section 8 private company limited by guarantee. The
company was subscriber to the memorandum of association of ABD Foundation which was wholly guaranteed by
Sr Name of the Bank Financial Aggregate Nature Period Nature of Amount Amount Difference*
the Company. ABD Foundation was formed to carry out CSR activities on behalf of the Company such as eradicate
No institution working of assets items disclosed as per
hunger, poverty and malnutrition, promoting preventive health care and sanitation and making available safe
capital offered as per books of
drinking water, promoting education, including special education and employment enhancing vocational skills, etc.
limits as per return accounts
As per Ind AS 110, ABD Foundation is controlled by the company and hence the activities/ transactions of ABD
sanctioned security
Foundation has been considered/ included in the Standalone Financial Statements of the company. During the
1. Axis Bank, State Bank of India, 27,036.00 Current 3 months Net Sales 64,387.00 64,387.00 - period, the company has given amount of ` 0.10 lakhs (31 March 2022 ` 0.01 lakhs) and total outstanding as at the
Yes Bank, South Indian Assets period Current 1,36,782.00 1,35,340.00 (1,442.00) balance sheet date is ` 0.52 lakhs (31 March 2022 ` 0.42 lakhs)
Bank, CSB Bank, Saraswat ended Assets 65. The figures of the previous years have been regrouped / rearranged wherever necessary. Equity component of
Cooperative Bank, IDFC, 30 June Current 1,32,918.00 1,41,918.00 9,000.00 compound financial instrument Nil (31 March 2022 :₹ 9,529.18 lakhs) was presented as a separate line item within
IndusInd Bank 2022 Liabilities equity during 31 March 2022 which is reclassified as part of Other Equity to comply with guidance note on Schedule
III Companies Act 2013.
2. Axis Bank, State Bank of India, 27,036.00 Current 6 months Net Sales 1,50,308.00 1,48,950.33 (1,357.67)
Yes Bank, South Indian Bank, Assets period Current 1,48,760.00 1,53,657.00 4,897.00 66. Other Statutory Information
CSB Bank, Saraswat Cooperative ended 30 Assets a The title deeds of all the immovable properties held by the Company (other than properties where the Company is the
Bank, IDFC, IndusInd Bank September Current 1,58,819.00 1,61,511.00 2,692.00 lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.
2022 Liabilities b The Company has not revalued its Property, Plant and Equipment or intangible assets during the year.
c The Company do not have any Benami property, where any proceeding has been initiated or pending against the
3. Axis Bank, State Bank of India, 32,036.00 Current 9 months Net Sales 2,37,430.00 2,37,570.56 140.56 company for holding any Benami property.
Yes Bank, South Indian Bank, Assets period Current 1,57,557.00 1,57,287.00 (270.00) d The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period
CSB Bank, Saraswat Cooperative ended 31 Assets e The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
Bank, IDFC, IndusInd Bank December Current 1,67,663.00 1,70,609.00 2,946.00 f The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
2022 Liabilities entities (Intermediaries) with the understanding that the Intermediary shall:
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
4. Axis Bank, State Bank of India, 31,036.00 Current Year Net Sales 3,13,544.00 3,14,662.88 1,118.88 of the company (Ultimate Beneficiaries) or
Yes Bank, South Indian Bank, Assets ended Current 1,63,503.00 1,65,875.00 2,372.00 (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
CSB Bank, Saraswat Cooperative 31 March Assets g The Company have 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:
Bank, IDFC, IndusInd Bank 2023 Current 1,58,180.00 1,60,351.00 2,171.00
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
Liabilities of the Funding Party (Ultimate Beneficiaries) or
*Trade receivables are considered gross of provision and Inventories are considered gross of provision but net of (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
excise duty in the quarterly returns filed by the Company. Also, figures are updated for book closure entries h The Company have not 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,
recorded post submission of returns/statements to banks/financial institutions.
search or survey or any other relevant provisions of the Income Tax Act, 1961.
i The title deeds of all the immovable properties (which are included under the head ‘Property, plant and equipment’)
62. Compulsory Convertible Debentures are held in the name of the company.
The Company received the sum of ` 10,000 lakhs from Oriental Radios Private Limited, a promoter entity and related j The Company has complied with the provision related to number of layers as prescribed under section 2(87) of the
party as application money towards allotment of 8.5% Compulsorily Convertible Debentures (convertible securities) Companies Act read with Companies (Restriction on number of Layers) Rules, 2017.
on 14 June 2021. However, the application money was subsequently refunded to the party within the prescribed k The Company has not entered into any scheme of arrangement which has an accounting impact on the current or
time. On 8 July 2021, the Company has again received ` 10,000 lakhs towards allotment of convertible securities and previous financial year.
l Company is not a declared willful defaulter by any bank or financial Institution or other lender.
the allotment was completed within statutory timelines.
The accompanying notes form an integral part of the standalone financial statements
On 27th July 2021, the Company has issued 8,547,000 compulsory convertible debentures (CCD) to Oriental Radios This is a summary of significant accounting policies and other explanatory information referred to in our report of even date.
Private Limited. Coupon on CCD is 8.5% which is to be paid in quarterly instalments. The holder shall have the right
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of Allied Blenders and
to exercise the conversion option of all or part of the CCDs at anytime after the expiry of 60 months after the date of Chartered Accountants Distillers Limited (formerly known as Allied Blenders and
allotment of CCDs at a conversion ratio of 1:1. In the event, the Company proposes a listing at anytime after the date Firm Registration No: 001076N / N500013 Distillers Private Limited)
of CCD subscription, then subject to the Company having obtained prior consent of the holder, immediately prior to
filing of a draft red herring prospectus (‘DRHP’) with the Securities Exchange Board of India (SEBI) / Concerned Partner Executive Deputy Chairman Executive Director
authority in connection with such listing, or such later date as may be permitted by SEBI / concerned authority in Membership No. 108840 DIN: 00504801 DIN: 07130542
accordance with the applicable law, all CCDs that have not been converted into equity shares shall convert into Place: Mumbai Place: Mumbai Place : Mumbai
equity shares without any further Act by or on behalf of the holder of CCDs. Date: 21 June 2023 Date: 21 June 2023 Date: 21 June 2023
Since the company has filed Draft Red Herring Prospectus on 28 June 2022, Oriental Radios Private Limited has Ramakrishnan Ramaswamy Ritesh Shah
Chief Financial Officer Company Secretary and Chief Legal Officer
been allotted the Equity Shares pursuant to the conversion of 8,547,000 CCDs of face value of ` 117 each, into
A14037
8,547,000 Equity Shares of the Company at a premium of ` 115 per Equity Share on 20 June 2022.

To the Members of Allied Blenders and Distillers Limited (Formerly known as Allied Blenders and with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and
Distillers Private Limited) other irregularities; selection and application of appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
Report on the Audit of the Consolidated Financial Statements
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
Opinion relevant to the preparation and presentation of the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of
1. We have audited the accompanying consolidated financial statements of Allied Blenders and Distillers Limited
the consolidated financial statements by the Board of Directors of the Holding Company, as aforesaid.
(Formerly known as Allied Blenders and Distillers Private Limited) (‘the Holding Company’) and its subsidiaries (the
Holding Company and its subsidiaries together referred to as ‘the Group’), as listed in Annexure 1, which comprise 6. In preparing the consolidated financial statements, the respective Board of Directors of the companies included in
the Consolidated Balance Sheet as at 31 March 2023, the Consolidated Statement of Profit and Loss (including Other the Group are responsible for assessing the ability of the entities included in the Group to continue as a going
Comprehensive Income), the Consolidated statement of Cash Flow and the Consolidated Statement of Changes in concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
Equity for the year then ended, and notes to the consolidated financial statements, including a summary of the accounting unless the respective Board of Directors either intend to liquidate the companies included in the Group
significant accounting policies and other explanatory information. or to cease operations, or has no realistic alternative but to do so.
2. In our opinion and to the best of our information and according to the explanations given to us and based on the 7. Those respective Board of Directors are also responsible for overseeing the financial reporting process of the
consideration of the reports of the other auditors on separate financial statements of the subsidiaries, the aforesaid companies included in the Group
consolidated financial statements (“the financial statements”) give the information required by the Companies Act,
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
2013 (‘the Act’) in the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards (‘Ind AS’) specified under section 133 of the Act, read with the Companies (Indian Accounting Standards) 8. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
Rules, 2015, and other accounting principles generally accepted in India of the consolidated state of affairs of the are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
Group, as at 31 March 2023, and their consolidated profit (including other comprehensive income), consolidated opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
cash flows and the consolidated changes in equity for the year ended on that date. accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
Basis for Opinion
expecteo influence the economic decisions of users taken on the basis of these consolidated financial statements.
3. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act.
9. As part of an audit in accordance with Standards on Auditing specified under section 143(10) of the Act we exercise
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
professional judgment and maintain professional skepticism throughout the audit. We also:
Consolidated Financial Statements section of our report. We are independent of the Group, in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India (‘ICAI’) together with the ethical  Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to
requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
requirements and the Code of Ethics. We believe that the audit evidence we have obtained together with the audit resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
evidence obtained by the other auditors in terms of their reports referred to in paragraph 11 of the Other Matter intentional omissions, misrepresentations, or the override of internal control;
section below, is sufficient and appropriate to provide a basis for our opinion.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
Information other than the Consolidated Financial Statements and Auditor’s Report thereon appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our
opinion on whether the Holding Company has adequate internal financial controls with reference to financial
4. The Holding Company’s Board of Directors are responsible for the other information. The other information
statements in place and the operating effectiveness of such controls;
comprises the information included in the Directors Report but does not include the consolidated financial
statements and our auditor’s report thereon.  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management;
Our opinion on the consolidated financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.  Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material
information and, in doing so, consider whether the other information is materially inconsistent with the
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
information, we are required to report that fact. We have nothing to report in this regard.
cause the Group to cease to continue as a going concern; and
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial
Statements
5. The accompanying consolidated financial statements have been approved by the Holding Company’s Board of
Directors. The Holding Company’s Board of Directors are responsible for the matters stated in section 134(5) of the
Act with respect to the preparation and presentation of these consolidated financial statements that give a true
and fair view of the consolidated financial position, consolidated financial performance including other
comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance
with the Ind AS specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,
2015, and other accounting principles generally accepted in India. The respective Board of Directors of the
companies included in the Group are responsible for maintenance of adequate accounting records in accordance

 Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, Following are the qualifications/adverse remarks reported by us and the other auditors in the Order reports of the
and whether the financial statements represent the underlying transactions and events in a manner that companies included in the consolidated financial statements for the year ended 31 March 2023 for which such Order
achieves fair presentation. reports have been issued till date and made available to us:
 Obtain sufficient appropriate audit evidence regarding the financial information/ financial statements of the S No Name CIN Holding Company Clause number of the CARO report
entities or business activities within the Group to express an opinion on the consolidated financial statements. / subsidiary which is qualified or adverse
We are responsible for the direction, supervision and performance of the audit of financial statements of such
1 Allied Blenders and U15511MH2008PLC187368 Holding Company ii(b)
entities included in the financial statements, of which we are the independent auditors. For the other entities
Distillers Limited
included in the financial statements, which have been audited by the other auditors, such other auditors remain
2 Madanlal Estates U70200MH2017PTC301917 Subsidiary Company Xix
responsible for the direction, supervision and performance of the audits carried out by them. We remain solely
Private Limited
responsible for our audit opinion.
3 ABD Dwellings U45400MH2013PTC247452 Subsidiary Company Xix
10. We communicate with those charged with governance regarding, among other matters, the planned scope and Private Limited
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
4. Deccan Star
identify during our audit.
Distilleries India
Other Matter Private Limited U15492TG2013PTC090743 Subsidiary Company Xix
11. We did not audit the financial statements of 6 subsidiaries, whose financial statements reflect total assets of
` 10,363.72 lakhs and net assets of ` 5,831.30 lakhs as at 31 March 2023, total revenues of ` 19.74 lakhs and net cash 15. As required by section 143(3) of the Act, based on our audit and on the consideration of the report s of the other
inflows amounting to ` 0.25 lakhs for the year ended on that date, as considered in the consolidated financial auditors on separate financial statements and other financial information of the subsidiaries, incorporated in India
statements. These financial statements have been audited by other auditors whose reports have been furnished to whose financial statements have been audited under the Act, we report, to the extent applicable, that:
us by the management and our opinion on the consolidated financial statements, in so far as it relates to the
amounts and disclosures included in respect of these subsidiaries, and our report in terms of sub-section (3) of section a) We have sought and obtained all the information and explanations which to the best of our knowledge and
143 of the Act, in so far as it relates to the aforesaid subsidiaries, are based solely on the reports of the other auditors. belief were necessary for the purpose of our audit of the aforesaid consolidated financial statements;
Our opinion above on the consolidated financial statements, and our report on other legal and regulatory b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated
requirements below, are not modified in respect of the above matters with respect to our reliance on the work done financial statements have been kept so far as it appears from our examination of those books and the reports of
by and the reports of the other auditors. the other auditors;
12. We did not audit the financial information of 2 subsidiaries, whose financial information reflect total assets of ` 1.10 c) The consolidated financial statements dealt with by this report are in agreement with the relevant books of
lakhs and net assets of ` 1.10 lakhs as at 31 March 2023, total revenues and net cash inflows/outflows amounting to NIL account maintained for the purpose of preparation of the consolidated financial statements;
for the year ended on that date, as considered in the consolidated financial statements. This financial information is
unaudited and have been furnished to us by the management and our opinion on the consolidated financial d) In our opinion, the aforesaid consolidated financial statements comply with Ind AS specified under section 133
statements, in so far as it relates to the amounts and disclosures included in respect of the aforesaid subsidiaries, is of the Act read with the Companies (Indian Accounting Standards) Rules, 2015;
based solely on such unaudited financial information. In our opinion and according to the information and e) On the basis of the written representations received from the directors of the Holding Company, and taken on
explanations given to us by the management, this financial information are not material to the Group. record by the Board of Directors of the Holding Company, and the reports of the statutory auditors of its
Our opinion above on the consolidated financial statements, and our report on other legal and regulatory subsidiary companies, covered under the Act, none of the directors of the Group companies, are disqualified as
requirements below, are not modified in respect of the above matter with respect to our reliance on the financial on 31 March 2023 from being appointed as a director in terms of section 164(2) of the Act;
information certified by the management.
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the
Report on Other Legal and Regulatory Requirements Holding Company and its subsidiary companies covered under the Act, and the operating effectiveness of such
controls, refer to our separate report in ‘Annexure A’ wherein we have expressed an unmodified opinion; and
13. As required by section 197(16) of the Act based on our audit and on the consideration of the report(s) of the other
auditor(s), referred to in paragraph 11, on separate financial statements of the subsidiaries, we report that the Holding g) With respect to the other matters to be included in the Auditor’s Report in accordance with rule 11 of the
Company whose financial statements have been audited under the Act, have paid remuneration to their respective Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and
directors during the year in accordance with the provisions of and limits laid down under section 197 read with according to the explanations given to us and based on the consideration of the report of the other auditors on
Schedule V to the Act. Further, we report that 6 subsidiary companies incorporated in India whose financial separate financial statements and other financial information of the subsidiaries:
statements have been audited under the Act, have not paid or provided for any managerial remuneration during the
year. Accordingly, reporting under section 197(16) of the Act, is not applicable in respect of such subsidiary companies. i. The consolidated financial statements disclose the impact of pending litigations on the consolidated
financial position of the Group, in the consolidated financial statements;
14. As required by clause (xxi) of paragraph 3 of Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the
Central Government of India in terms of section 143(11) of the Act based on the consideration of the Order reports ii. The Holding Company and its subsidiary companies, did not have any long-term contracts including
issued till date by us and by the respective other auditors as mentioned in paragraph 11 above (to the extent derivative contracts for which there were any material foreseeable losses as at 31 March 2023;
applicable), of companies included in the consolidated financial statements for the year ended 31 March 2023 and
iii. There were no amounts which were required to be transferred to the Investor Education and Protection
covered under the Act we report that:
Fund by the Holding Company, and its subsidiary companies, associate companies and joint venture
companies covered under the Act, during the year ended 31 March 2023;

iv. a. The respective managements of the Holding Company and its subsidiary companies, incorporated in Annexure 1
India whose financial statements have been audited under the Act have represented to us and the other List of entities included in the consolidation financial statements
auditors of such subsidiaries, respectively that, to the best of their knowledge and belief , no funds have
been advanced or loaned or invested (either from borrowed funds or securities premium or any other Allied Blenders and Distillers Limited (Holding Company)
sources or kind of funds) by the Holding Company or its subsidiary companies, to or in any person(s) or Subsidiaries:-
entity(ies), including foreign entities (‘the intermediaries’), with the understanding, whether recorded in 1. NV Distillers & Breweries (AP) Private Limited
writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other
2. Deccan Star Distilleries India Private Limited
persons or entities identified in any manner whatsoever by or on behalf of the Holding Company, or any
such subsidiary companies, (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like 3. Sarthak Blenders And Bottlers Private Limited
on behalf the Ultimate Beneficiaries; 4. Chitwan Blenders & Bottelers Private Limited
b. The respective managements of the Holding Company and its subsidiary companies, incorporated in 5. Madanlal Estates Private Limited (with effect from 15 July 2021)
India whose financial statements have been audited under the Act have represented to us and the other
6. ABD Dwellings Private Limited (with effect from 15 July 2021)
auditors of such subsidiaries, respectively that, to the best of their knowledge and belief, no funds have
been received by the Holding Company or its subsidiary companies, from any person(s) or entity(ies), 7. Allied Blenders and Distillers (UK) Limited (with effect from 7 November 2022)
including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or 8. Allied Blenders and Distillers Maharashtra LLP (with effect from 15 June 2022)
otherwise, that the Holding Company, or any such subsidiary companies, 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; and
c. Based on such audit procedures performed by us and that performed by the auditors of the subsidiaries,
as considered reasonable and appropriate in the circumstances, nothing has come to our or other
auditors’ notice that has caused us or the other auditors to believe that the management
representations under sub-clauses (a) and (b) above contain any material misstatement.
v. The Holding Company and its subsidiary companies have not declared or paid any dividend during the year
ended 31 March 2023.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 requires all companies which use accounting
software for maintaining their books of account, to use such an accounting software which has a feature of
audit trail, with effect from the financial year beginning on 1 April 2023 and accordingly, reporting under Rule
11(g) of Companies (Audit and Auditors) Rules, 2014 (as amended) is not applicable for the current financial
year.

Adi P. Sethna
Partner
Membership No.: 108840
UDIN: 23108840BGYAWN7544
Place: Mumbai
Date: 21 June 2023

Annexure A Meaning of Internal Financial Controls with Reference to Consolidated Financial Statements
Independent Auditor’s Report of even date to the members of Allied Blenders and Distillers Limited (Formerly 6. A company's internal financial controls with reference to financial statements is a process designed to provide
known as Allied Blenders and Distillers Private Limited) on the internal financial controls with reference to the reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
consolidated financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (‘the external purposes in accordance with generally accepted accounting principles. A company's internal financial
Act’) controls with reference to financial statements include those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of
1. In conjunction with our audit of the consolidated financial statements of Allied Blenders and Distillers Limited
the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
(Formerly known as Allied Blenders and Distillers Private Limited) (‘the Holding Company’) and its subsidiaries (the
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts
Holding Company and its subsidiaries together referred to as ‘the Group’), as at and for the year ended 31 March
and expenditures of the company are being made only in accordance with authorisations of management and
2023, we have audited the internal financial controls with reference to consolidated financial statements of the
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of
Holding Company and its subsidiary companies which are companies covered under the Act, as at that date.
unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the
Responsibilities of Management and Those Charged with Governance for Internal Financial Controls financial statements.
2. The respective Board of Directors of the Holding Company, its subsidiary companies, which are companies covered Inherent Limitations of Internal Financial Controls with Reference to Consolidated Financial Statements
under the Act, are responsible for establishing and maintaining internal financial controls based on the internal
7. Because of the inherent limitations of internal financial controls with reference to financial statements, including
financial controls with reference to consolidated financial statements (‘the financial statements’) criteria
the possibility of collusion or improper management override of controls, material misstatements due to error or
established by the respective Company considering the essential components of internal control stated in the
fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with
Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered
reference to financial statements to future periods are subject to the risk that the internal financial controls with
Accountants of India. These responsibilities include the design, implementation and maintenance of adequate
reference to financial statements may become inadequate because of changes in conditions, or that the degree of
internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of the
compliance with the policies or procedures may deteriorate.
Company’s business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely Opinion
preparation of reliable financial information, as required under the Act.
8. In our opinion and based on the consideration of the reports of the other auditors on internal financial controls with
Auditor’s Responsibility for the Audit of the Internal Financial Controls with Reference to consolidated reference to financial statements of the subsidiary companies, the Holding Company and its subsidiary companies,
Financial Statements which are companies covered under the Act, have in all material respects, adequate internal financial controls with
reference to the consolidated financial statements and such controls were operating effectively as at 31 March 2023,
3. Our responsibility is to express an opinion on the internal financial controls with reference to financial statements of
based on the internal financial controls with reference to the consolidated financial statements criteria established
the Holding Company, its subsidiary companies, as aforesaid, based on our audit. We conducted our audit in
by the Holding Company and its subsidiaries companies, which are companies covered under the Act, as aforesaid,
accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India (‘ICAI’)
considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial
prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with
Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
reference to consolidated financial statements, and the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (‘the Guidance Note’) issued by the ICAI. Those Standards and the Guidance Note require that Other Matter
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
9. We did not audit the internal financial controls with reference to financial statements in so far as it relates to 6
whether adequate internal financial controls with reference to consolidated financial statements were established
subsidiary companies, which are companies covered under the Act, whose financial statements reflect total assets
and maintained and if such controls operated effectively in all material respects.
of ₹10,363.72 lakhs and net assets of ₹5,831.30 lakhs as at 31 March 2023 , total revenues of ₹19.74 lakhs and net cash
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial inflows amounting to ₹0.25 lakhs for the year ended on that date, as considered in the consolidated financial
controls with reference to consolidated financial statements and their operating effectiveness. Our audit of internal statements. The internal financial controls with reference to financial statements in so far as it relates to such
financial controls with reference to consolidated financial statements includes obtaining an understanding of such subsidiary companies, have been audited by other auditors whose reports have been furnished to us by the
internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design management and our report on the adequacy and operating effectiveness of the internal financial controls with
and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the reference to the consolidated financial statements of the Holding Company and its subsidiary companies, as
auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, aforesaid, under Section 143(3)(i) of the Act in so far as it relates to such subsidiary companies, is based solely on the
whether due to fraud or error. reports of the auditors of such companies. Our opinion is not modified in respect of this matter with respect to our
reliance on the work done by and on the reports of the other auditors.
5. We believe that the audit evidence we have obtained, and the audit evidence obtained by the other auditors in
terms of their reports referred to in the Other Matter paragraph below, is sufficient and appropriate to provide a
basis for our audit opinion on the internal financial controls with reference to financial statements of the Holding
Company and its subsidiary companies, as aforesaid.
Adi P. Sethna
Partner
Membership No.: 108840
UDIN: 23108840BGYAWN7544
Place: Mumbai
Date: 21 June 2023

CONSOLIDATED STATEMENT
CONSOLIDATED BALANCE SHEET OF PROFIT AND LOSS
Consolidated balance sheet as at 31 March 2023 Consolidated statement of profit and loss for the year ended 31 March 2023
As at As at Year ended Year ended
Particulars Notes 31 March 2023 31 March 2022 Particulars Notes 31 March 2023 31 March 2022
ASSETS
Revenue
I. Non-current assets
Property, plant and equipment 5 37,758.63 49,428.27 Revenue from operations 33 7,10,568.02 7,19,692.16
Capital work-in-progress 5A 1,402.73 1,485.23 Other income 34 1,106.90 1,124.52
Right of use assets 6 12,971.19 13,044.20 Total Income 7,11,674.92 7,20,816.68
Goodwill 7 385.24 385.24
Other intangible assets 7 6,428.92 6,305.34 Expenses
Financial assets Cost of materials consumed 35 1,99,568.67 1,63,497.23
(i) Investments 8 0.39 0.39 Purchases of stock-in-trade 36 562.70 485.63
(ii) Loans 9 - - Changes in inventories of finished goods, stock-in-trade and work-in-progress 37 (2,727.03) (1,112.81)
(iii) Other financial assets 10 5,313.22 3,977.77 Excise duty 3,95,905.14 4,51,126.82
Deferred tax assets (net) 11 1,213.17 1,549.69 Employee benefit expense 38 18,566.80 19,347.04
Non-current tax assets (net) 12 1,677.96 1,398.61
Other expenses 41 80,192.67 66,716.36
Other non-current assets 13 1,720.20 1,516.44
Total non-current assets 68,871.65 79,091.18 Total expenses (excluding finance cost and depreciation / amortisation) 6,92,068.95 7,00,060.27
II Current assets
Inventories 14 55,918.33 35,249.47 Profit before finance costs, depreciation and amortisation expenses and tax 19,605.97 20,756.41
Financial assets Finance costs 39 13,497.07 14,509.52
(i) Trade receivables 15 95,761.36 95,403.19 Depreciation and amortisation expenses 40 5,514.36 5,863.63
(ii) Cash and cash equivalents 16 2,754.50 1,966.93 Profit before tax 594.54 383.26
(iii) Bank balances other than cash and cash equivalents above 17 2,547.60 3,499.59
Tax expense/(credit), net
(iv) Loans 18 7.74 411.11
(v) Other financial assets 19 2,602.80 1,929.49 (i) Current tax 42 123.81 133.83
Other current assets 20 11,887.28 7,283.05 (ii) Deferred tax expense 42 314.95 280.55
Assets classified as held for sale 20A 8,418.72 - (iii) Tax adjustments in respect of earlier years 42 (4.23) (179.88)
Total current assets 1,79,898.33 1,45,742.83
TOTAL ASSETS 2,48,769.98 2,24,834.01 434.53 234.50
EQUITY AND LIABILITIES Profit after tax 160.01 148.76
III Equity Other comprehensive income
Equity share capital 21 4,882.27 4,711.33
Other equity 22 35,728.04 35,698.91 Items that will not be reclassified to profit or loss
Total equity 40,610.31 40,410.24 Remeasurement of the defined benefit plans (gain) 41A 61.63 85.65
Liabilities
Income tax relating to these items 41A (21.57) (29.93)
IV Non-current liabilities
Financial liabilities Other comprehensive income, net of tax 40.06 55.72
(i) Borrowings 23 13,866.37 18,838.37
(ii) Lease liabilities 24 1,334.12 1,382.62 Total comprehensive income 200.07 204.48
Provisions 25 1,315.23 1,236.34
Total non-current liabilities 16,515.72 21,457.33 Earnings per equity share: 50
V Current liabilities
Financial liabilities Basic (in `) 0.07 0.06
(i) Borrowings 26 63,758.38 65,852.85 Diluted (in `) 0.07 0.06
(ii) Lease liabilities 27 306.01 206.73 Face value per share (in `) 2.00 2.00
(iii) Trade payables 28
Dues of creditors other than micro and small enterprises 40,275.52 37,308.98
(iv) Other financial liabilities 29 19,193.54 15,793.91 Summary of significant accounting policies and other explanatory information 2
Other current liabilities 30 49,980.86 25,999.54 The accompanying notes form an integral part of the consolidated financial statements
Liabilities classified as held for sale 20A 460.15 - This is the consolidated statement of profit and loss referred to in our report of even date
Provisions 31 1,249.14 1,368.37
Current tax liabilities (net) 32 107.47 107.47
Total current liabilities 1,91,643.95 1,62,966.44
TOTAL LIABILITIES 2,08,159.67 1,84,423.77 For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of Allied Blenders and
TOTAL EQUITY AND LIABILITIES 2,48,769.98 2,24,834.01 Chartered Accountants Distillers Limited (formerly known as Allied Blenders and
Summary of significant accounting policies and other explanatory information 2 Firm Registration No: 001076N / N500013 Distillers Private Limited)
The accompanying notes form an integral part of the consolidated financial statements
This is the consolidated balance sheet referred to in our report of even date Adi P. Sethna Shekhar Ramamurthy Arun Barik
Partner Executive Deputy Chairman Executive Director
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of Allied Blenders and Membership No. 108840 DIN: 00504801 DIN: 07130542
Chartered Accountants Distillers Limited (formerly known as Allied Blenders and
Partner Executive Deputy Chairman Executive Director Ramakrishnan Ramaswamy Ritesh Shah
Membership No. 108840 DIN: 00504801 DIN: 07130542 Chief Financial Officer Company Secretary & Chief Legal Officer
Place: Mumbai Place: Mumbai Place: Mumbai A14037
Date: 21 June 2023 Date: 21 June 2023 Date: 21 June 2023 Place: Mumbai Place: Mumbai
Chief Financial Officer Company Secretary & Chief Legal Officer
A14037

CONSOLIDATED STATEMENT
CONSOLIDATED CASH FLOW STATEMENT OF CHANGES IN EQUITY
Consolidated statement of cash flow for the year ended 31 March 2023 Consolidated statement of changes in equity for the year ended 31 March 2023
Year ended Year ended a) Equity share capital
Notes 31 March 2023 31 March 2022 (Refer note 21)
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 594.54 383.26 Particulars Number of shares Amount
Adjustments for : Issued, subscribed and paid-up:
Depreciation/amortisation 5,514.36 5,863.63
Provision for doubtful debts 329.50 743.69
Balance as at 1 April 2021 23,55,66,665 4,711.33
Provision for doubtful advances 22.04 - Issue of shares - -
Bad debts written-off (net of provisions written back) - 916.04 Balance as at 31 March 2022 23,55,66,665 4,711.33
Provision for inventory 622.17 199.81 Issue of shares on conversion of CCD (Refer note 63) 85,47,000 170.94
Unrealised foreign loss 25.80 20.42
Finance costs 13,497.07 14,509.52 Balance as at 31 March 2023 24,41,13,665 4,882.27
(Profit)/Loss on sale of property, plant and equipment 4.04 (80.17)
Liabilities no longer required written back (123.38) (80.14) b) Equity component of non-cumulative convertible preference shares
Gain on lease cancellation - (27.24) (Refer note 21) (` in lakhs)
Provision no longer required written back (152.06) (105.67) Particulars Number of shares Amount
Interest income from investing activities (215.39) (262.27)
Operating profit before working capital changes 20,118.69 22,080.88 Issued, subscribed and paid-up:
Adjustments for working capital: Balance as at 1 April 2021 68,18,180 681.82
Decrease/(Increase) in inventories (21,291.03) (868.19) Less: Shares redeemed (68,18,180) (681.82)
Decrease/(Increase) in trade receivables (580.71) (10,304.27)
Decrease/(Increase) in financial assets and other assets (5,335.84) 3,388.77
Balance as at 31 March 2022 - -
(Decrease)/Increase in liabilities and provisions 30,474.06 4,134.77 Add: Shares issued - -
Cash generated from operating activities 23,385.17 18,431.96 Balance as at 31 March 2023 - -
Direct taxes paid (net) (398.94) (553.68)
Net cash generated from operating activities (A) 22,986.23 17,878.28 c) Other equity
B. CASH FLOW FROM INVESTING ACTIVITIES (Refer note 22)
Sale/(Purchase) of investments - (2.00)
Investment in compulsorily convertible debentures - (2,410.06) Particulars Reserve and Surplus
Purchase of property, plant and equipment (Refer note (ii) below) (2,019.63) (5,832.45) Capital Securities General Capital Equity Balance
Sale of property, plant and equipment 66.36 404.80 reserve premium reserve redemption component surplus
Refund of capital advance - 11,100.00
Investment in bank deposits (1,585.12) (860.34) reserve of in the
Maturity of bank deposits 1,482.65 548.66 compound statement
Interest received 215.39 262.27 financial of profit Total
Net cash (used in) investing activities (B) (1,840.35) 3,210.88 instrument and loss
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from long term borrowings - 6,010.00
(Retained
Repayment of long term borrowings (8,207.99) (9,853.83) Earnings)
Repayment of short term borrowings (net) 1,870.26 (8,994.48) Balance as at 1 April 2021 0.80 17,845.98 5,504.76 - - 9,432.89 32,784.43
Finance costs paid (13,513.32) (14,846.15) Profit for the year - - - - - 148.76 148.76
Repayment of lease obligations (433.70) (392.35)
Issue of compulsory convertible debentures - 10,000.00 Other comprehensive income for the year - - - - - 55.72 55.72
Redemption of preference shares - (7,500.00) Transfer to capital redemption reserve - - (681.82) - - - (681.82)
Net cash used in financing activities (C) (20,284.75) (25,576.81) Transfer from General reserve - - - 681.82 - - 681.82
Net increase/(decrease) in cash and cash equivalents (A+B+C) 861.13 (4,487.65) Created during the year on issue of CCD 9,528.18 9,528.18
Opening balance of cash and cash equivalents 1,966.93 4,348.88
Add: Cash acquired on acquisition of subsidiary - 2,105.70
Redemption of non-cumulative conver-
Less: Cash and cash equivalents included in assets held for sale (Refer note 20A) (73.56) - tible preference shares (Refer note 64) - (6,818.18) - - - - (6,818.18)
Closing balance of cash and cash equivalents 2,754.50 1,966.93 Balance as at 31 March 2022 0.80 11,027.80 4,822.94 681.82 9,528.18 9,637.37 35,698.91
Components of cash and cash equivalents:
Cash on hand 96.32 99.00 Profit for the year - - - - 160.01 160.01
Balances with banks in current accounts 1,297.25 1,835.07 Other comprehensive income for the year - - - - 40.06 40.06
In bank deposits (original maturity period less than 3 months) 27.67 32.86 Issue of equity shares on
Cheques, drafts on hand 1,333.26 - conversion of CCD (Refer note 63) - 9,357.24 - - (9,528.18) - (170.94)
Cash and cash equivalents 16 2,754.50 1,966.93
Balance as at 31 March 2023 0.80 20,385.04 4,822.94 681.82 - 9,837.44 35,728.04
Note: (i) The statement of cash flows has been prepared under the indirect method as set out in Indian Accounting Standard (Ind AS 7)
statement of cash flows.
Summary of significant accounting policies and other explanatory information (Refer note 2)
(ii) Includes capital work in progress and intangible assets The accompanying notes form an integral part of the consolidated financial statements
(iii) Refer note 63 for significant non cash transaction This is the consolidated statement of changes in equity referred to in our report of even date.
Summary of significant accounting policies and other explanatory information 2 For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of Allied Blenders and
The accompanying notes form an integral part of the consolidated financial statements Chartered Accountants Distillers Limited (formerly known as Allied Blenders and
This is the consolidated cash flow statement referred to in our report of even date
Chartered Accountants Distillers Limited (formerly known as Allied Blenders and Adi P. Sethna Shekhar Ramamurthy Arun Barik
Firm Registration No: 001076N / N500013 Distillers Private Limited) Partner Executive Deputy Chairman Executive Director
Adi P. Sethna Shekhar Ramamurthy Arun Barik Membership No. 108840 DIN: 00504801 DIN: 07130542
Partner Executive Deputy Chairman Executive Director Place: Mumbai Place: Mumbai Place: Mumbai
Membership No. 108840 DIN: 00504801 DIN: 07130542 Date: 21 June 2023 Date: 21 June 2023 Date: 21 June 2023
Ramakrishnan Ramaswamy Ritesh Shah Chief Financial Officer Company Secretary & Chief Legal Officer
Chief Financial Officer Company Secretary & Chief Legal Officer
A14037
A14037
Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai
Date: 21 June 2023 Date: 21 June 2023 Date: 21 June 2023 Date: 21 June 2023

TO THE CONSOLIDATED FINANCIAL STATEMENTS TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Group information Changes in ownership interests

Allied Blenders and Distillers Limited (“the Company”) and its subsidiaries (collectively referred to as the ‘Group’) are When the Group ceases to consolidate for an investment because of a loss of control, any retained interest in
engaged in the business of manufacture, purchase and sale of Alcoholic Beverages/ liquids. The Company is a public the entity is re-measured to its fair value with the change in carrying amount recognized in profit or loss. This
limited company domiciled and headquartered in Mumbai, Maharashtra, India. It is incorporated under the fair value becomes the initial carrying amount for the purposes of subsequent accounting for the retained
Companies Act, 1956, as a private limited company. The Company changed its status from private limited company interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other
to public limited company w.e.f 8 June 2022. comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the
related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income
The Consolidated financial statements (‘the financial statements’) of the Company for the year ended 31 March 2023 are reclassified to profit or loss.
were authorised for issue in accordance with the resolution of Board of Directors on 21 June 2023.
c. Foreign Currency Transactions
2. Significant accounting policies
The functional currency of the Company and its subsidiaries is Indian rupee.
a. Basis of Preparation
Transactions in foreign currency are recorded at exchange rate prevailing on the date of transaction. Foreign
The consolidated financial statements comply in all material aspects with Indian Accounting Standards (Ind currency denominated monetary assets and liabilities are translated at the exchange rate prevailing on the
AS) notified under Section 133 of the Companies Act, 2013 (the ‘Act’) and Companies (Indian Accounting Balance sheet date and exchange gain or loss arising on their settlement and restatement are recognized in
Standards) Rules, 2015, as amended and other relevant provisions of the Act. the Statement of Profit and Loss.
The accounting policies are applied consistently to all the periods presented in the financial statements, except Non-monetary assets and liabilities that are recorded in terms of historical cost are not retranslated.
for amendments applicable from a specified date.
d. Revenue Recognition
The consolidated financial statements have been prepared on a historical cost convention and accrual basis,
except for the certain financial assets and liabilities that are measured at fair value. Revenue is recognized on satisfaction of performance obligation upon transfer of control of promised products
or services to customers, at an amount that reflects the consideration expected to be received by the group in
All assets and liabilities have been classified as current or non-current as per the group’s normal operating cycle
exchange for those products or services.
(which is a period not exceeding twelve months) and other criteria set out in Schedule III to Companies Act, 2013.
The group satisfies a performance obligation and recognises revenue over time, if one of the following criteria
b. Principles of consolidation and equity accounting is met:
Subsidiaries i. The customer simultaneously receives and consumes the benefits provided by the group’s performance as the
Subsidiaries are all entities over which the group has control. The group controls an entity when the group is group performs; or
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those ii. The group’s performance creates or enhances an asset that the customer controls as the asset is created or
returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the enhanced; or
date on which control is transferred to the group. They are deconsolidated from the date that control ceases.
iii. The group’s performance does not create an asset with an alternative use to the group and an entity has an
The group combines the financial statements of the Parent Company and its subsidiaries line by line, adding enforceable right to payment for performance completed to date.
together like items of assets, liabilities, income and expenses. Inter-Company transactions, balances and
For performance obligations where none of the above conditions are met, revenue is recognised at the point in
unrealised gains on transactions between group companies are eliminated. Accounting policies of subsidiaries
time at which the performance obligation is satisfied.
have been changed where necessary to ensure consistency with the policies adopted by the Parent Company.
Non-controlling interests, if any in the results and equity of subsidiaries are shown separately in the Revenue from sale of products are recognised by the group at a point in time on which the performance
Consolidated Statement of Profit and Loss, Consolidated Statement of Changes in Equity and Consolidated obligation is satisfied.
Balance Sheet respectively.
Revenue from sale of products
Business combinations Revenue is recognised on transfer of control, being on dispatch of goods or upon delivery to customer, in
A common control business combination, involving entities or businesses in which all the combining entities accordance with the terms of sale.
or businesses are ultimately controlled by the same party or parties both before and after the business
Revenue from manufacture and sale of products from tie-up manufacturing arrangements:
combination and where the control is not transitory, is accounted for in accordance with Appendix C to Ind AS
103 'Business Combinations'. The group has entered into arrangements with Tie-up Manufacturing Units (TMUs), where-in TMUs
manufacture and sell on behalf of the group. Under such arrangements, the group has exposure to significant
Other business combinations, involving entities or businesses are accounted for using acquisition method.
risks and rewards associated with the sale of products i.e., it has the primary responsibility for providing goods
Consideration transferred in such business combinations is measured at fair value as on the acquisition date,
to the customer, has pricing latitude and is also exposed to inventory and credit risks. Accordingly, the
which comprises the following
transactions of the TMUs under such arrangements have been recorded as gross revenue, excise duty and
 Fair values of the assets transferred expenses as if they were transactions of the group. The group also presents inventory lying with TMU’s under
 Liabilities incurred to the former owners of the acquired business such arrangements as its own inventory.
 Equity interests issued by the Company The net receivables from/payable to TMUs are recognised under other financial assets/other financial liabilities
as due from tie up units or due to tie up units respectively.
Goodwill is recognised and is measured as the excess of the sum of the consideration transferred, the amount of
any non- controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest
in the acquiree, over the net consideration amounts i.e identifiable assets acquired and the liabilities assumed.

Interest i. Right of use assets

Interest income for all debt instruments is recognised using the effective interest rate method. The effective The group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying
interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and
financial asset to the gross carrying amount of the financial asset. When calculating the effective interest rate, impairment losses (if any), and adjusted for any re-measurement of lease liabilities. The cost of right-of-use
the group estimates the expected cash flows by considering all the contractual terms of the financial assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments
instrument (for example, prepayment, extension, call and similar options) but does not consider the expected made at or before the commencement date less any lease incentives received. Right-of-use assets are
credit losses. depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
assets.
e. Income tax
The right-of-use assets are also subject to impairment. Refer to the accounting policies note g for impairment
Income tax expense comprises current tax expenses and net change in the deferred tax assets or liabilities of non-financial assets.
during the period. Current and deferred taxes are recognised in the Statement of profit and loss, except when
they relate to item that are recognised in Other comprehensive income or directly in Equity, in which case, the ii. Lease liabilities
current and deferred tax are also recognised in Other comprehensive income or directly in Equity respectively. At the commencement date of the lease, the group recognises lease liabilities measured at the present value
The income tax expense or credit for the period is the tax payable on the current period’s taxable income based of lease payments to be made over the lease term. The lease payments include fixed payments (including
on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an
temporary differences and to unused tax losses. index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also
The current income tax charge is calculated on the basis of the tax laws enacted in relation to the reporting include the exercise price of a purchase option reasonably certain to be exercised by the group and payments
period. of penalties for terminating the lease, if the lease term reflects the group exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are
Deferred income tax is recognised using Balance sheet approach. Deferred income tax assets and liabilities are
incurred to produce Property plant and equipment) in the period in which the event or condition that triggers
recognised for deductible and taxable temporary differences arising between the tax base of assets and
the payment occurs.
liabilities and their carrying amount, except when the deferred income tax arises from the initial recognition of
an asset or liability in a transaction that is not a business combination and affects neither accounting nor In calculating the present value of lease payments, the group uses its incremental borrowing rate at the lease
taxable profit or loss at the time of recognition. commencement date because the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
Deferred tax asset is recognised to the extent that sufficient taxable profit will be available against which the
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there
deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be
is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments
utilised. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively
resulting from a change in an index or rate used to determine such lease payments) or a change in the
enacted by the end of the reporting period and are expected to apply when the related deferred income tax
assessment of an option to purchase the underlying asset.
asset is realised or the deferred income tax liability is settled. The carrying amount of deferred tax assets are
reviewed at each reporting date and reduced when it is no longer probable that sufficient taxable profit will be The group’s lease liabilities are included in financial liability
available to allow the full or part of deferred income tax assets to be utilised. At each reporting date, the group
iii. Short-term leases and leases of low-value assets
re-assesses unrecognized deferred tax assets. It recognizes unrecognized deferred tax asset to the extent that
it has become reasonably certain, as the case may be, that sufficient future taxable income will be available The group applies the short-term lease recognition exemption to its short-term leases of machinery and
against which such deferred tax assets can be realized. equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do
not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
laptops, lease-lines and office furniture and equipment that are considered to be low value. Lease payments on
and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and
short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the
tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on
lease term.
a net basis, or to realise the asset and settle the liability simultaneously.
Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance with the tax laws in India which g. Impairment of non-financial assets
is likely to give future economic benefit in the form of availability of setoff against future income tax liability. The carrying amount of the non-financial assets are reviewed at each Balance Sheet date to confirm if there is
Accordingly, MAT is recognised as deferred tax assets in the Balance sheet when the assets can be measured any indication of impairment based on internal /external factors. An impairment loss is recognised whenever
reliably and it is probable that the future economic benefit associated with the asset will be realised. the carrying amount of an asset or a cash generating unit exceeds its recoverable amount. The recoverable
While determining the tax provisions, the group assesses whether each uncertain tax position is to be amount of the assets (or where applicable, that of the cash generating unit to which the asset belongs) is
considered separately or together with one or more uncertain tax positions depending upon the nature and estimated as the higher of its net selling price and its value in use. Impairment loss is recognised in the
circumstances of each uncertain tax position. statement of profit and loss.
After impairment, depreciation / amortisation is provided on the revised carrying amount of the asset over its
f. Leases
remaining useful life.
As a lessee
A previously recognised impairment loss is increased or reversed depending on changes in circumstances.
The group applies a single recognition and measurement approach for all leases, except for short-term leases However, the carrying value after reversal is not increased beyond the carrying value that would have prevailed
and leases of low-value assets. The group recognises lease liabilities to make lease payments and right-of-use by charging usual depreciation / amortisation if there were no impairment.
assets representing the right to use the underlying assets.

h. Inventories (iv) Impairment of Financial Assets

Raw materials, work-in-progress, finished goods and packing materials are carried at the lower of cost and net In accordance with Ind AS 109, the group applies the expected credit loss (“ECL”) model for measurement and
realisable value. Damaged, non-moving / obsolete stocks are suitably written down/provided for. recognition of impairment loss on financial assets and credit risk exposures.
In determining cost of raw materials, packing materials, work-in-progress and finished goods weighted For recognition of impairment loss on other financial assets and risk exposure, the group determines that
average cost method is used. Cost of inventory comprises all costs of purchase, non-refundable duties and whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not
taxes and all other costs incurred in bringing the inventory to their present location and condition. increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has
Cost of work-in-progress and finished goods includes the cost of raw materials, packing materials, an increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves
appropriate share of fixed and variable production overheads, excise duty as applicable and other costs such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts
incurred in bringing the inventories to their present location and condition. to recognising impairment loss allowance based on 12-month ECL.
ECL is the difference between all contractual cash flows that are due to the group in accordance with the
i. Financial Instruments contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or original EIR. Lifetime ECL are the expected credit losses resulting from all possible default events over the
equity instrument of another entity. expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from
default events that are possible within 12 months after the reporting date.
a) Financial Assets
ECL impairment loss allowance (or reversal) recognised during the period is recognised as income/ expense in
(i) Initial Recognition
the Statement of Profit and Loss.
In the case of financial assets excluding trade receivables that do not consist of significant financial
component, not recorded at fair value through profit or loss (FVPL), financial assets excluding trade receivables (v) De-recognition of Financial Assets
are recognised initially at fair value plus transaction costs that are directly attributable to the acquisition of the
The group de-recognises a financial asset only when the contractual rights to the cash flows from the asset
financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame
expire, or it transfers the financial asset and substantially all risks and rewards of ownership of the asset to
established by regulation or convention in the market place (regular way trades) are recognised on the trade
another entity.
date, i.e., the date that the group commits to purchase or sell the asset.
If the group neither transfers nor retains substantially all the risks and rewards of ownership and continues to
(ii) Subsequent Measurement control the transferred asset, the group recognizes its retained interest in the assets and an associated liability
for amounts it may have to pay. If the group retains substantially all the risks and rewards of ownership of a
For purposes of subsequent measurement, financial assets are classified in following categories
transferred financial asset, the group continues to recognise the financial asset and also recognises a
 Financial Assets at Amortised Cost collateralised borrowing for the proceeds received.
Financial assets are subsequently measured at amortised cost if these financial assets are held within a
business model with an objective to hold these assets in order to collect contractual cash flows and the b) Equity Instruments and Financial Liabilities
contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of Financial liabilities and equity instruments issued by the group are classified according to the substance of the
principal and interest on the principal amount outstanding. Interest income from these financial assets is contractual arrangements entered into and the definitions of a financial liability and an equity instrument.
included in finance income using the effective interest rate (“EIR”) method. Impairment gains or losses arising Equity Instruments
on these assets are recognised in the Statement of Profit and Loss.
An equity instrument is any contract that evidences a residual interest in the assets of the Company after
 Financial Assets Measured at Fair Value deducting all of its liabilities. Equity instruments which are issued for cash are recorded at the proceeds
Financial assets are measured at fair value through Other Comprehensive Income (‘OCI’) if these financial received, net of direct issue costs. Equity instruments which are issued for consideration other than cash are
assets are held within a business model with an objective to hold these assets in order to collect contractual recorded at fair value of the equity instrument.
cash flows or to sell these financial assets and the contractual terms of the financial asset give rise on specified Financial Liabilities
dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
 Initial Recognition
Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or
losses, interest revenue and foreign exchange gains and losses which are recognised in the Statement of Profit Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, loans and borrowings and
and Loss. payables as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and
borrowings and payables, net of directly attributable transaction costs.
Financial asset not measured at amortised cost or at fair value through OCI is carried at FVPL. In respect of
equity investments (other than for investment in subsidiaries) which are not held for trading, the group has  Subsequent Measurement
made an irrevocable election to present subsequent changes in the fair value of such instruments in The measurement of financial liabilities depends on their classification, as described below
Statement of Profit and Loss. Such an election is made by the group on an instrument by instrument basis at
Financial liabilities at FVPL:
the time of transition for existing equity instruments/ initial recognition for new equity instruments
Financial liabilities at FVPL include financial liabilities held for trading and financial liabilities designated upon
(iii) Equity investments initial recognition as at FVPL. Financial liabilities are classified as held for trading if they are incurred for the
All equity investments in scope of Ind AS 109 are measured at fair value. purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the
Statement of Profit and Loss.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized
in the statement of profit and loss.

Financial liabilities at amortised cost The cost of property, plant and equipment which are incurred before the date they are ready for their intended
After initial recognition, interest-bearing borrowings and other payables are subsequently measured at use, are disclosed as capital work-in-progress before such date.
amortised cost using the EIR method. Gains and losses are recognised in statement of profit and loss when the Gains or losses arising from derecognition of property, plant and equipment are measured as the difference
liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement
taking into account any discount or premium on acquisition and fees or costs that are an integral part of the of profit and loss when the asset is derecognised.
EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
Depreciation / Amortisation:
 De-recognition of Financial Liabilities
Depreciation is charged on written down value method on the basis of useful life of assets (mentioned below)
Financial liabilities are de-recognised when the obligation specified in the contract is discharged, cancelled or
keeping a residual value of assets at 5% of the original cost, except in case of computers and data processing
expired. When an existing financial liability is replaced by another from the same lender on substantially
units where residual value is estimated at 1% of the original cost. The assets residual values and useful lives are
different terms, or the terms of an existing liability are substantially modified, such an exchange or
reviewed, and adjusted if appropriate, at the end of each reporting period. Depreciation is calculated pro-rata
modification is treated as de-recognition of the original liability and recognition of a new liability. The difference
from the date of addition or upto the date of disposal, as the case may be. The Company depreciates its
in the respective carrying amounts is recognised in the Statement of Profit and Loss.
property, plant and equipment (PPE) over useful life in manner prescribed in Schedule II to the Act, except as
 Offsetting Financial Instruments mentioned below, wherein based on technical evaluation, useful life has been estimated to be different from
Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there that prescribed in Schedule II of the Act.
is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a Useful life considered for calculation of depreciation for various assets class are as follows-
net basis to realise the assets and settle the liabilities simultaneously.
Class of Assets Useful Life (Years)
c) Cash and cash equivalents Plant and machinery 10-40
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on Building 19-60
hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original Leasehold Improvements 5
maturities of three months or less that are readily convertible to known amounts of cash and which are subject
Vehicles 6-10
to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings
in current liabilities in the balance sheet. Server and network 6
Electrical installation 10
d) Trade receivable
Office equipment 5
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course
Computer and accessories 3-6
of business and reflects group's unconditional right to consideration (that is, payment is due only on the
passage of time). Trade receivables are recognised initially at the transaction price as they do not contain Laboratory equipment 5-10
significant financing components. The group holds the trade receivables with the objective of collecting the Furniture and fixtures 8-10
contractual cash flows and therefore measures them initially at contracted price and subsequently at
Road 3-10
amortised cost using the effective interest method, less loss allowance.
Mould 15
e) Trade payable Capital costs in respect of upgradation of leased premises has been amortized over the initial lease period or its
A payable is classified as a ‘trade payable’ if it is in respect of the amount due on account of goods purchased useful lives whichever is lower.
or services received in the normal course of business. These amounts represent liabilities for goods and services On transition to Ind AS, the group has elected to continue with the carrying value of all of its property, plant and
provided to the group prior to the end of the financial year which are unpaid. These amounts are unsecured equipment recognised as at 1 April 2017 measured as per the previous GAAP and use that carrying value as the
and are usually settled as per the payment terms stated in the contract. Trade and other payables are deemed cost of the property, plant and equipment.
presented as current liabilities unless payment is not due within 12 months after the reporting period. They are
recognised initially at their fair value and subsequently measured at amortised cost using the EIR method. k. Intangible Assets and amortisation
Trade payables ageing has been presented based on the date of transaction.
Intangible assets with a finite useful life are carried at cost less accumulated amortisation and accumulated
impairment losses, if any. Cost includes expenditure that is attributable to the acquisition/ development of the
j. Property plant and equipment (including Capital Work-in-Progress)
intangible assets including cost necessary to bring the asset to its intended use or sale.
Freehold land is carried at historical cost less impairment loss, if any. All other items of property, plant and
Identifiable intangible assets are recognised when it is probable that future economic benefits attributed to
equipment are stated at historical cost less accumulated depreciation / amortisation and impairment loss, if
the asset will flow to the group and the cost of the asset can be reliably measured.
any. Historical cost includes expenditure that is attributable to the acquisition/ construction and all other costs
(including borrowing related to qualifying assets), that are not refundable and are necessary to bring the asset Software and related implementation costs are capitalized where it is expected to provide enduring economic
to its working condition of use as intended. benefits and are amortized over a period of 5 years starting from the month of addition.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, Manufacturing License is considered as an asset with indefinite useful life, since there is no foreseeable limit to
only when it is possible that future economic benefits associated with the item will flow to the group and the the period over which the asset is expected to generate net cash inflows for the entity. The acquisition cost of
cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate such asset is carried at deemed cost and is tested for impairment annually.
asset is derecognised when replaced. All other repairs and maintenance are charged to statement of profit and Patent, trademarks and design, and license (other than manufacturing license) acquisition cost are amortised
loss during the reporting period in which they are incurred. over a period of 10 years from the month of acquisition

Goodwill represents the cost of acquired business as established at the date of acquisition of the business in B) Post-employment benefits
excess of the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities i. Defined Contribution Plans: Group’s contribution to the state governed provident fund scheme,
less accumulated impairment losses, if any. Goodwill is tested for impairment annually or when events or superannuation scheme, Employees State Insurance corporation (ESIC) etc. are recognised during the period
circumstances indicate that the implied fair value of goodwill is less than its carrying amount. in which the related service is rendered.
Digital Content is amortised over a period of 18 months to 24 months from the month of capitalisation. ii. Gratuity: The group has computed its liability towards future payments of gratuity to employees, on actuarial
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the valuation basis which is determined based on project unit credit method and the charge for current period is
net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit and debited to the Statement of Profit and Loss. The present value of the defined benefit obligation, which is
loss when the asset is derecognised. unfunded at present, is determined by discounting the estimated future cash outflows by reference to market
On transition to Ind AS, the group has elected to continue with the carrying value of all of its intangible assets yields at the end of the reporting period on government bonds that have terms approximating the terms of the
recognised as at 1 April 2017 measured as per the previous GAAP and use that carrying value as the deemed related obligation. Actuarial gains and losses arising on the measurement of defined benefit obligation is
cost of the intangible assets. charged/ credited to other comprehensive income.
iii. Compensated absences: Accumulated compensated absences, which are expected to be availed or encashed
l. Borrowings within 12 months from the end of the period are treated as short term employee benefits. The obligation
Borrowings are initially recognised at fair value (net of transaction costs incurred). Any difference between the towards the same is measured at the expected cost of accumulating compensated absences as the additional
proceeds (net of transaction costs) and the redemption amount is recognized in Statement of profit and loss amount expected to be paid as a result of the unused entitlement as at the period end.
over the period of the borrowings using the effective interest method. Subsequently all borrowings are Accumulated compensated absences, which are expected to be availed or encashed beyond 12 months from
measured at amortised cost using the effective interest rate method. the end of the period are treated as other long term employee benefits. The group’s liability is actuarially
Borrowings are derecognized from the balance sheet when the obligation specified in the contract is determined (using the Projected Unit Credit method) at the end of each period. Actuarial losses/gains are
discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has recognised in the consolidated Statement of Profit and Loss in the period in which they arise.
been extinguished or transferred to another party and the consideration paid, including any non-cash assets C) Termination Benefits: These are recognised as an expense in the Statement of Profit and Loss of the period in
transferred or liabilities assumed, is recognised in statement of profit and loss. The gain / loss is recognised in which they are incurred, i.e. when employment is terminated or when an employee accepts voluntary
other equity in case of transaction with shareholders. redundancy in exchange for these benefits.
m. Borrowing Costs p. Earnings per share

General and specific borrowing costs directly attributable to the acquisition, construction or production of Basic earnings per share are calculated by dividing the net profit or loss (excluding other comprehensive
qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their income) for the period attributable to equity shareholders by the weighted average number of equity shares
intended use, are added to the cost of those assets, until such time the assets are substantially ready for their outstanding during the period. The weighted average number of equity shares outstanding during the period
intended use. All other borrowing costs are recognised as an expense in statement of Profit and Loss in the is adjusted for events such as bonus issue, bonus element in a right issue, shares split (sub-division) and reverse
period in which they are incurred. share splits (consolidation of shares) that have changed the number of equity shares outstanding, without a
corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit or
n. Provisions, Contingent Liabilities and contingent assets
loss (excluding other comprehensive income) for the period attributable to equity shareholders and the
A provision is recognised when the group has a present obligation as a result of past events and it is probable weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive
that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can potential equity shares.
be made. Provisions are measured at the present value of management's best estimate of the expenditure
required to settle the present obligation at the end of the reporting period. The discount rate used to q. Exceptional items
determine the present value is a pre-tax rate that reflects the current market assessments of time value of When an item of income or expense within Statement of profit and loss from ordinary activity is of such size,
money and the risks specific to the liability. The increase in the provision due to passage of time is recognised nature or incidence that its disclosure is relevant to explain more meaningfully the performance of the group
as interest expense. The provisions are reviewed at each Balance Sheet date and adjusted to reflect the current for the period, the nature and amount of such items is disclosed as exceptional items.
management estimates.
r. Segmental information
Contingent liabilities are disclosed in respect of possible obligations that arise from past events, whose
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
existence would be confirmed by the occurrence or non-occurrence of one or more uncertain future events
operating decision maker. Executive committee, which has been identified as the chief operating decision
not wholly within the control of the group, or a present obligation where outflow of resources is not probable
maker, assesses the financial performance and position of the group and makes strategic decisions. The
or where outflow is probable but reliable estimate of the amount cannot be made.
executive committee consists of the Chief Financial Officer & Chief Executive Officer and other departmental
Contingent assets are not recognised in the financial statements. However, they are disclosed only when an heads. See note 51 for segment information presented.
inflow of economic benefits is probable.
3. Critical estimates and judgements
o. Employee Benefits
The preparation of financial statements in conformity with Ind AS requires estimates and assumptions to be made
A) Short term employee benefits: All employee benefits which are due within twelve months of rendering the by the Management of the group that affect the reported amounts of assets and liabilities and amounts disclosed
services are classified as short term employee benefits. Benefits such as salaries, wages, compensated as contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses
absences, etc. and the expected cost of bonus, ex-gratia are recognised in the period in which the employee during the reporting period. Differences between actual results and estimates are recognised in the period in which
renders the related service. the results are known.

The Management believes that these estimates are prudent and reasonable and are based upon the management’s viii) Fair value measurements (Refer note 43)
best knowledge of current events and actions. Actual results could differ from these estimates and differences Management applies valuation techniques to determine the fair value of financial instruments (where active
between actual results and estimates are recognised in the periods in which the results are known or materialised. market quotes are not available). This involves developing estimates and assumptions consistent with how
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items market participants would price the instrument.
which are more likely to be materially adjusted due to originally assessed estimates and assumptions turning out to
be different than the actual results. 4. Standards issued but not yet effective
Examples of such estimates include the useful life of property, plant and equipment, provision for doubtful The Ministry of Corporate Affairs (MCA), through a notification dated 31 March 2023, issued the Companies (Indian
debts/advances, future obligation in respect of retirement benefit plans, impairment of investments/assets, etc. accounting Standards) Amendment Rules, 2023 to notify certain amendments to Ind AS effective from 1 April 2023,
as below:
i) Property, plant and equipment and Intangible Assets: (Refer note 5 and 7)
a) Ind AS 1, Presentation of Financial Statements- The amendment now requires to disclose material accounting
Management reviews the estimated useful lives and residual values of the assets annually in order to
policies instead of significant accounting policies. It states that information may be material because of the
determine the amount of depreciation/amortisation to be recorded during any reporting period. The useful
nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not
lives and residual values as per schedule II to the Companies Act, 2013 or otherwise are based on the group’s
all accounting policy information relating to material transactions, other events or conditions is itself material.
historical experience with similar assets and taking into account anticipated technological changes, whichever
is more appropriate. b) Ind AS 8, Accounting policies, Change in Accounting Estimates and Errors: The definition of ‘change in account
estimate’ has been replaced by the definition of an ‘accounting estimate’. As per the amendment, accounting
ii) Income Tax: (Refer note 42)
estimates are monetary amounts in the financial statements that are subject to measurement uncertainty.
The group reviews at each balance sheet date the carrying amount of deferred tax assets. The factors used in
c) Ind AS 12, Income Taxes: The amendment specifies that deferred tax liability or asset is not required to be
estimates may differ from actual outcome which could lead to an adjustment to the amounts reported in the
recognised at the time of transactions that does not give rise to equal taxable and deductible temporary
consolidated financial statements.
differences.
iii) Contingencies: (Refer note 48)
d) Other Consequential amendments: On account of the amendment to Ind AS 1 consequential amendment
Management has estimated the possible outflow of resources, if any at the end of each annual reporting have been made in Ind AS 107, Financial Instrument Disclosures and Ind AS 34, Interim Financial Reporting. On
financial period, if any, in respect of contingencies/claim/litigations against the group as it is not possible to account of the amendment to Ind AS 12, consequential amendments have been made in Ind AS 101, First-time
predict the outcome of pending matters with accuracy. Adoption of Indian Accounting Standards.
iv) Impairment of financial assets: (Refer note 44) These amendments are not expected to have any material impact on the Company in the current or future
The impairment provisions for financial assets are based on assumptions about risk of default and expected reporting periods and on foreseeable future transactions.
cash loss. The group uses judgement in making these assumptions and selecting the inputs to the impairment
calculation, based on group’s past history, existing market conditions as well as forward looking estimates at
the end of each reporting period.
v) Impairment of non-financial assets: (Refer note 5 and 7)
The carrying amounts of assets are reviewed at each Balance Sheet date to assess whether there is any
indication that an individual asset / group of assets (constituting a Cash Generating Unit) may be impaired. If
there is any indication of impairment based on internal / external factors i.e. when the carrying amount of the
assets exceed the recoverable amount, an impairment loss is charged to the Statement of Profit and Loss in
the period in which an asset is identified as impaired. An impairment loss recognised in prior accounting
periods is reversed or reduced if there has been a favorable change in the estimate of the recoverable amount.
However, the carrying value after reversal is not increased beyond the carrying value that would have prevailed
by charging usual depreciation if there was no impairment.
vi) Defined benefit obligation (Refer note 47)
The cost of post-employment benefits is determined using actuarial valuations. The actuarial valuation involves
making assumptions about discount rates, future salary increases and mortality rates. Due to the long term
nature of these plans such estimates are subject to significant uncertainty. The assumptions used are disclosed
in the notes to the financial statements.
vii) Loss Allowance (Refer note 15)
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate
allowances for estimated irrecoverable amounts. Under Ind AS, impairment allowance has been determined
based on Expected Credit Loss (ECL) model. Estimated irrecoverable amounts are based on the ageing of the
receivable balance and historical experience. Individual trade receivables are written off if the same are not
collectible.

5. Property, plant and equipment
Freehold Building Factory Plant and Furniture Vehicles Electrical Leasehold Office Computers Server Lab Moulds Total

Particulars land road machinery and installation Improvements* equipment and processing
fixtures network equipments
As at 1 April 2021 9,740.24 27,365.81 485.00 31,786.32 1,448.50 3,744.44 2,104.67 2,835.89 1,481.85 584.84 291.40 191.98 23.02 82,083.96
Acquisition of subsidiary
(refer note 66) - 8,468.48 - - - - - - - - - - - 8,468.48
Additions 0.67 474.08 78.28 395.44 59.08 39.73 0.02 656.06 110.63 105.71 - 0.82 - 1,920.52
Disposals - - - 727.80 16.28 311.77 14.95 - 12.50 30.08 0.15 4.25 - 1,117.78
As at 31 March 2022 9,740.91 36,308.37 563.28 31,453.96 1,491.30 3,472.40 2,089.74 3,491.95 1,579.98 660.47 291.25 188.55 23.02 91,355.18
Additions - 102.99 - 607.73 58.67 - 3.33 597.99 38.67 61.25 - 3.30 - 1,473.93
Disposals - 5.88 - 121.33 - - - - - 1.38 - - - 128.59
Assets reclassified
as held for sale - 8,468.48 - - - - - - - - - - - 8,468.48
As at 31 March 2023 9,740.91 27,937.00 563.28 31,940.36 1,549.97 3,472.40 2,093.07 4,089.94 1,618.65 720.34 291.25 191.85 23.02 84,232.04
Accumulated depreciation
AND OTHER EXPLANATORY INFORMATION
As at 1 April 2021 - 11,098.33 346.12 17,639.94 1,278.48 2,809.51 1,625.94 472.65 1,253.20 498.02 272.70 142.18 16.74 37,453.81
Charge for the year - 1,342.91 101.15 2,319.36 45.67 267.57 169.93 724.63 142.42 131.65 7.11 12.71 1.14 5,266.25
Disposals - - - 501.71 13.94 218.26 13.90 - 11.66 29.78 0.15 3.75 - 793.15
TO THE CONSOLIDATED FINANCIAL STATEMENTS
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
As at 31 March 2022 - 12,441.24 447.27 19,457.59 1,310.21 2,858.82 1,781.97 1,197.28 1,383.96 599.89 279.66 151.14 17.88 41,926.91
Charge for the year - 1,241.71 53.29 1,941.49 87.65 185.12 130.05 913.47 94.82 67.29 3.22 9.11 0.92 4,728.14
Disposals - 1.92 - 54.90 - - - - - 1.37 - - - 58.19
Assets reclassified
as held for sale - 123.45 - - - - - - - - - - - 123.45
As at 31 March 2023 - 13,557.58 500.56 21,344.18 1,397.86 3,043.94 1,912.02 2,110.75 1,478.78 665.81 282.88 160.25 18.80 46,473.41
Net carrying value
Balance as at 31 March 2022 9,740.91 23,867.13 116.01 11,996.37 181.09 613.58 307.77 2,294.67 196.02 60.58 11.59 37.41 5.14 49,428.27
Balance as at 31 March 2023 9,740.91 14,379.42 62.72 10,596.18 152.11 428.46 181.05 1,979.19 139.87 54.53 8.37 31.60 4.22 37,758.63
*Leasehold improvement includes additions at property taken on lease and used as Company's training center cum guest house.
Refer note 23 and note 26 for assets pledged as security.
155
Additions
Additions
Deletions
Deletions
Deletions
Deletions
Additions
Additions
Particulars

As at 1 April 2021
As at 1 April 2021
6. Right of use assets
Net carrying value

Charge for the year
Charge for the year
As at 31 March 2023
As at 31 March 2022
As at 31 March 2023
As at 31 March 2022
5A Capital work-in-progress
Balance as at 1 April 2021
Capitalised during the year

Capitalised during the year
Please refer note 56 for ageing.
Balance as at 31 March 2023

AND OTHER EXPLANATORY INFORMATION
-
-
-
-
-
-
assets-land
Right of use
89.39
89.40
11,546.22
11,635.61
357.64
268.25
178.85
11,903.86
11,903.86
11,903.86
TO THE CONSOLIDATED FINANCIAL STATEMENTS
817.63
897.51
1,402.73
1,485.23
1,693.35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(900.13)
(1,105.63)
Right of use
6.68
40.06
215.21
114.97
33.38
8.38
643.53
145.21
98.38
156.76
45.94
12.56
112.80
144.32
169.32
667.64
assets-building
Right of use
-
-
254.24
127.78
201.10
329.00
127.78
112.39
1,326.59
1,251.83
798.51
544.27
470.95
2,125.10
1,796.10
1,811.49
assets- machinery
Total
1,202.09
12,971.19
13,044.20
6.68
383.69
825.08
342.99
405.47
762.60
14,173.28
33.38
337.38
13,869.28
771.31
257.60
14,382.99
156
7. Intangible assets 9. Loans (non-current)

Particulars Software License fees* Patent, trademark Digital Total Goodwill Particulars As at As at
and design Content 31 March 2023 31 March 2022
Gross carrying value Unsecured (unless otherwise stated)
Balance as at 1 April 2021 2,054.67 6,232.86 51.51 - 8,339.04 883.68 Considered good - -
Additions 85.00 6.02 - 109.74 200.76 - Credit impaired 94.27 94.27
Disposals - - - - - - Less : Provision for expected credit loss (94.27) (94.27)
Balance as at 31 March 2022 2,139.67 6,238.88 51.51 109.74 8,539.80 883.68 Total - -
Additions - - - 526.11 526.11 - There are no loans receivable from Directors or other officers of the company or any of them either severally or
Disposals - - - - - - jointly with any other person or loans receivables from firms or private companies respectively in which any director
Balance as at 31 March 2023 2,139.67 6,238.88 51.51 635.85 9,065.91 883.68 is a partner or a director or a member other than those disclosed in note 46.
Note 9.1 Break up of loans and advances details :
Balance as at 1 April 2021 1,644.15 379.10 19.30 - 2,042.55 498.44 Loans receivables considered good - secured - -
Charge for the year 134.46 31.42 5.02 21.01 191.91 - Loans receivables considered good - unsecured - -
Disposals - - - - - - Loans receivables which have significant increase in credit risk - -
Loans receivables - credit impaired 94.27 94.27
Balance as at 31 March 2022 1,778.61 410.52 24.32 21.01 2,234.46 498.44
Charge for the year 115.83 31.53 5.01 250.16 402.53 - Note 9.2 Disclosure under Section 186(4) of the Companies Act, 2013
Disposals - - - - - - Loan given to related parties during the year - -
Balance as at 31 March 2023 1,894.44 442.05 29.33 271.17 2,636.99 498.44 Loan given to others during the year (credit impaired) 94.27 94.27
Net carrying value 10. Other non-current financial assets

Balance as at 31 March 2022 361.06 5,828.36 27.19 88.73 6,305.34 385.24 Particulars As at As at
Balance as at 31 March 2023 245.23 5,796.83 22.18 364.68 6,428.92 385.24 31 March 2023 31 March 2022
*Based on management estimate and conditions stipulated in the licence document issued by the statutory Unsecured considered good (unless otherwise stated)
authorities the useful life of manufacturing licence of ` 5,675.15 Lakhs (31 March 2022: ` 5,675.15 lakhs) has been Security deposits
assessed to be indefinite. - Related party (Refer note 46) - 21.00
- Others 938.29 650.75
8. Investments (non-current) - Credit impaired 53.67 53.67
Particulars As at As at Less : Provision for expected credit loss (53.67) (53.67)
31 March 2023 31 March 2022
Due from tie-up units 2,453.72 2,439.27
Investment Bank deposits with more than 12 months maturity* 1,924.21 869.75
Investment in equity shares measured at fair value through Less : Provision for doubtful deposits (3.00) (3.00)
profit and loss account
1,921.21 866.75
Un-quoted, fully paid-up
Total 5,313.22 3,977.77
Sanguine New Media & Advisory Private Limited
31 March 2023-2,941 (31 March 2022- 2,941) equity shares of ` 10 each fully paid up 20.00 20.00 *Bank deposits shown above are kept under lien with various statutory authorities of ` 804.72 lakhs (31 March 2022:
Less : Provision for diminution in the value of investment (20.00) (20.00) ` 795.03 lakhs) and short term borrowings availed from banks of ` 1,119.49 lakhs (31 March 2022: ` 74.72 lakhs)
Shamrao Vithal Co-operative Bank Ltd
31 March 2023-100 (31 March 2022- 100) equity shares of ` 25 each fully paid up 0.03 0.03 Break up of security details :
Saraswat Co-Operative Bank Limited Security deposits considered good - secured - -
31 March 2023-2,500 (31 March 2022- 2,500) equity shares of ` 10 each fully paid up 0.25 0.25 Security deposits considered good - unsecured 938.29 671.75
Jankalyan Sahkari Bank Limited (#) Security deposits which have significant increase in credit risk - -
Security deposits - credit impaired 53.67 53.67
31 March 2023 - 10 (31 March 2022- 10) equity shares of ` 10 each fully paid up 0.00 0.00
Sub-total (i) 0.28 0.28
Investment in government securities measured at amortized cost, unquoted -
National savings certificates 0.11 0.11
Sub-total (ii) 0.11 0.11
Total (i+ii) 0.39 0.39
Aggregate value of unquoted investments (net of impairment) 0.39 0.39
Aggregate amount of impairment in value of investments 20.00 20.00
#Amount less than ` 500.

11. Deferred tax assets (net) 14. Inventories

Deferred tax liabilities arising on account of: Raw materials
Property, Plant and equipment, Goodwill and Other intangible assets 1,014.74 945.29 Goods in transit 4,849.73 1,119.09
Financial assets and financial liabilities at amortised cost 90.52 174.84 Others 17,785.53 6,026.53
Packing materials 7,896.91 6,213.76
Others 53.13 63.47
Provision for reduction in value of raw materials and
Total deferred tax liabilities (A) 1,158.39 1,183.60
packing materials (net of write offs) (1,209.33) (617.67)
Deferred tax asset arising on account of : Finished goods
MAT credit entitlement - 362.51 Goods in transit 1,693.79 3,522.40
Employee benefits 927.12 962.90 Others 21,329.06 15,862.45
Provision for expected credit loss 1,275.25 1,221.30 Work-in-progress 2,553.54 2,568.19
Difference in book values and tax base values of ROU assets and lease liabilities 70.00 58.54
Stores, spares and consumables 991.18 522.25
Compound financial instrument - 68.61
Total 55,918.33 35,249.47
Others 99.19 59.43
Total deferred tax assets (B) 2,371.56 2,733.29 Allowance for obsolete inventories for the year amounted to ` 622.17 lakhs(31 March 2022: ` 199.81 lakhs) has been
Deferred tax assets (net) (B-A) 1,213.17 1,549.69 recognised as an expense during the year and is included in cost of materials consumed in the statement of profit
and loss.
12. Non-current tax assets (net) 15. Trade receivables (current)

Advance income tax Unsecured
(Net of provision for tax of ` 5,775.99 lakhs, 31 March 2022: ` 5,651.75 lakhs) 1,677.96 1,398.61 Trade receivables
Total 1,677.96 1,398.61 - Related party (Refer note 46)* - 8.95
- Others good 95,761.36 95,394.24
13. Other non-current assets - Others credit impaired 2,692.80 2,517.85
Particulars As at As at Less: Provision for expected credit loss (2,692.80) (2,517.85)
Unsecured
*Private Company in which Director of the Company is a Director till 31 March 2022.
Capital advances Refer note number 56 for ageing of trade receivables.
- Related party (Refer note 46) - There are no debts due by Directors or other officers of the company or any of them either severally or jointly
- Others good 150.08 104.94 with any other person or debts due by firms or private companies respectively in which any director is a partner
- Others credit impaired 20.00 20.00 or a director or a member other than those disclosed in note 46.
Less : Provision for doubtful advances (20.00) (20.00) Trade receivables are non-interest bearing and are the payment terms are 45 to 60 days
Prepayments 294.00 140.00 Trade receivables considered good - secured - -
Balance with statutory authorities 1,276.12 1,271.50 Trade receivables considered good - unsecured 95,761.36 95,403.19
Total 1,720.20 1,516.44 Trade receivables which have significant increase in credit risk - -
Trade receivables - credit impaired 2,692.80 2,517.85
16. Cash and cash equivalents

31 March 2023 31 March 2022
Cheques, drafts on hand 1,333.26 -
Balances with banks
in current accounts 1,297.25 1,835.07
in bank deposits (original maturity period less than 3 months) 27.67 32.86
Total 2,754.50 1,966.93
Note : There are no repatriation restrictions with respect to cash and bank balances held by the Company.

17. Bank balances other than cash and cash equivalents #Represents expenses incurred by the Holding Company in connection with proposed public offer of equity shares.
In accordance with the Act and also as per the offer agreement entered between the Holding Company and the
selling shareholders, the selling shareholders shall reimburse the share issue expenses in proportion to the
31 March 2023 31 March 2022
respective shares offered for sale. Accordingly, the Holding Company will partly recover the expenses incurred in
In bank deposits (original maturity period connection with the issue on completion of Initial Public Offer (IPO). The Holding Company's share of expenses shall
more than 3 months but less than 12 months)* 1,031.39 2,316.64 be adjusted against securities premium to the extent possible under Section 52 of the Act on successful completion
of IPO. The entire amount has been carried forward and disclosed under 'Other current assets' and the amount
In bank deposits (original maturity period
which is receivable from the selling shareholders is not disclosed separately as the amount is not determinable at
more than 12 months, but less than 12 months from reporting date)* 1,516.21 1,182.95
this stage pending completion of the IPO.
Total 2,547.60 3,499.59
*Bank deposits shown above are kept under lien with various statutory authorities of ` 744.73 lakhs (31 March 2022:
20A Assets and Liabilities classified as held for sale*
` 762.45 lakhs) and short term borrowings availed from banks of ` 1,802.87 lakhs (31 March 2022: ` 2,737.14 lakhs) Particulars As at As at
31 March 2023 31 March 2022
18. Current Loans Assets classified as held for sale
Particulars As at As at Cash and Cash Equivalents - Bank Balances 73.56 -
31 March 2023 31 March 2022 Property, plant & equipment - Building 8,345.03 -
Others 0.13 -
Loans to employees 7.74 4.91
Total 8,418.72 -
Loan and advances to director employees (Related parties) (Refer note 46 and 58) - 406.20
Liabilities classified as held for sale
Total 7.74 411.11 Indian rupee term loans from banks (Refer note 23.b.i) 447.99 -
Loan from director (Refer note 46) 9.60 -
Note 18.1 Break up of security details :
Others 2.56 -
Loans receivables considered good - secured - -
Loans receivables considered good - unsecured 7.74 411.11 Total 460.15 -
Loans receivables which have significant increase in credit risk - - *The Company has entrered into agreement for sale dated 15 June 2022, with Bina K Chhabria, Neesha Chhabria and
Loans receivables - credit impaired - - Resham Chhabria Jeetendra Hemdev for sale of equity shares and compulsory convertible debentures at their face
value which is representative of fair value as at agreement date of ABD Dwellings Private Limited and Mandanlal Estate
Note 18.2 Disclosure under Section 186(4) of the Companies Act, 2013 Private Limited, on such terms and conditions as mutually stipulated within parties under the respective agreements.
Loan given to director during the year - 406.20 The sale will take place on or before the expiry of three months from the date of the listing of the equity shares of the
Loan given to others during the year 7.74 4.91 Company on the stock exchanges which is expected to take place before the close of the next financial year.
19. Other current financial assets 21. Equity share capital

Unsecured, considered good unless otherwise stated Authorised share capital
Security deposits 131.55 153.37 Equity shares
Due from tie-up units 856.40 710.13 362,150,000 (31 March 2022 - 362,150,000) equity shares of ` 2 each 7,243.00 7,243.00
Export entitlements receivables 1,172.77 890.53 Issued, subscribed and fully paid-up
Others 442.08 175.46
Equity shares
Total 2,602.80 1,929.49 244,113,665 (31 March 2022 - 235,566,665) equity shares of ` 2 each 4,882.27 4,711.33
Total 4,882.27 4,711.33
20. Other current assets
Particulars As at As at (a) Reconciliation of shares outstanding at the beginning and at the end of the year:
31 March 2023 31 March 2022 Particulars As at 31 March 2023 As at 31 March 2022
Advance to suppliers No. of shares Amount No. of shares Amount
- Related party (Refer note 46)* 23.32 149.82 (i) Equity shares
- Others good 1,830.28 1,850.05 Balance as at the beginning of the year 23,55,66,665 4,711.33 23,55,66,665 4,711.33
- Others credit impaired 776.87 851.10 Add: Shares issued on conversion of CCD (Refer note 63) 85,47,000 170.94 - -
Less: Provision for doubtful advances (776.87) (851.10)
Balance outstanding at the end of the year 24,41,13,665 4,882.27 23,55,66,665 4,711.33
Balance with statutory authorities 1,803.36 387.89
Prepayments 4,961.81 4,481.25
Share issue expenses# 2,721.48 - Particulars As at 31 March 2023 As at 31 March 2022
Other current assets
Considered good 547.03 414.04 No. of shares Amount No. of shares Amount
Credit impaired 8.80 8.80 (ii) Non-cumulative convertible preference
Less : Provision for expected credit loss (8.80) (8.80) shares (NCCPS)
Balance as at the beginning of the year - - 68,18,180 681.82
Total 11,887.28 7,283.05 Add: Shares redeemed (Refer note 64 and 21(j)) - - (68,18,180) (681.82)
*Private Company in which Director of the Company is a Director. Balance outstanding at the end of the year - - - -

(b) Shareholders holding more than 5% of the shares in the Company (d) Details of preference shares held by promoters
As at 31 March 2023
Particulars Promoter Name No. of shares at Change No. of shares % of Total % change
No. of shares % of No. of shares % of
the beginning during at the end Shares during
(of ` 2 each) holding (of ` 2 each) holding
of the year the year of the year the year
(i) Equity shares
Bina K Chhabria 12,74,28,650 52.20% 11,74,28,650 49.85% 0.01% Non-cumulative
Resham Chhabria Jeetendra Hemdev 5,87,14,320 24.05% 5,87,14,320 24.92% convertible - - - - - -
Neesha Chhabria 4,87,14,320 19.96% 5,87,14,320 24.92% preference shares
(NCCPS) of ` 10 each
Total 23,48,57,290 96.21% 23,48,57,290 99.69%
As per records of the Company, including its register of shareholders/members and other declarations received from Total - - - - - -
shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership
As at 31 March 2022
of shares.
Particulars Promoter Name No. of shares at Change No. of shares % of Total % change
(c) Details of equity shares held by promoters the beginning during at the end Shares during
As at 31 March 2023 of the year the year of the year the year
Particulars Promoter Name No. of shares at Change No. of shares % of Total % change 0.01% Non-cumulative Ashoka Liquors
the beginning during at the end Shares during convertible Private Limited 68,18,180 (68,18,180) - - (100%)
of the year the year of the year the year preference shares
Equity shares of ` 2 Mrs. Bina K (NCCPS) of ` 10 each
each fully paid Chhabria 11,74,28,650 1,00,00,000 12,74,28,650 52.20% 8.52%
Total 68,18,180 - - - 100%
Equity shares of ` 2 Mrs. Resham Chhabria
(e) Rights, preferences and restrictions attached to each class of shares:
Equity shares of ` 2 Mrs. Neesha The Company has only one class of equity shares having a par value of ` 2 per share. Each holder of equity shares is
each fully paid K Chhabria 5,87,14,320 (1,00,00,000) 4,87,14,320 19.96% -17.03% entitled to one vote per share. The dividend proposed, if any, by the Board of directors is subject to the approval of
Equity shares of ` 2 Bina Chhabria the shareholders at the ensuing Annual General Meeting, except in the case of interim dividend.
each fully paid # Enterprises
Private Limited 1,41,095 (1) 1,41,094 0.06% (0.00) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
Equity shares of ` 2 Oriental Radios of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of
fully paid-up equity shares held by the shareholders.
each fully paid Private Limited 5,66,665 85,47,000 91,13,665 3.73% 1508.30%
Equity shares of ` 2 Officer's Choice Spirits (f) The Company has not issued any equity shares as fully paid-up for consideration other than cash during the period
each fully paid Private Limited 1,615 - 1,615 0.00% - of five years immediately preceding the reporting date (31 March 2023).
Equity shares of ` 2 BKC Enterprises (g) There are no shares reserved for issue under options and contracts/ commitments for the sale of shares/ disinvestments.
each fully paid Private Limited - 1 1 0.00% 100.00%
(h) During the year ended March 2019, equity shares of face value Rs. 10 each were sub divided into 5 shares of ` 2 each.
Total 23,55,66,665 85,47,000 24,41,13,665 100% 3.63%
(i) There are no bonus shares issued, or shares bought back during the period of five years immediately preceding the
#change during the year is less than 0.005% reporting date i.e. 31 March 2023
*Change during the year is determined based on number of shares acquired / sold during the year. The % of holding (j) Terms of NCCPS of ` 10 each fully paid-up :
has undergone change mainly due to additional shares issued during the year. In June 2019, the Company received ` 7,500 lakhs towards allotment of share capital against which, the Company
issued 6,818,180 0.01% non-cumulative, convertible preference shares (NCCPS) of ` 10 each fully paid-up at a premium
As at 31 March 2022 of ` 100 per share on 4 July 2019.
Particulars Promoter Name No. of shares at Change No. of shares % of Total % change The preferential dividend shall be non-cumulative, and accordingly, if and to the extent that the profits available for
the beginning during at the end Shares during distribution are not sufficient to pay the full amount (or any part thereof) of the preferential dividend due for
of the year the year of the year the year payment in any financial year, then the investor(s) shall not have the right to receive the unpaid preferential dividend
Equity shares of ` 2 Mrs. Bina K in the future financial years.
each fully paid Chhabria 11,74,28,650 - 11,74,28,650 49.85% - NCCPS shall be entitled to receive dividend (if any declared by the Company) or repayment of capital in priority to
Equity shares of ` 2 Mrs. Resham Chhabria any payment of dividend or repayment of capital to the holders of any other class of shares.
Each NCCPS will be convertible into one fully paid-up equity shares of ` 2 each in the paid-up share capital of the
Equity shares of ` 2 Mrs. Neesha
Company solely at the option of the Board of Directors of the Company. The holders of NCCPS shall not have any
each fully paid K Chhabria 5,87,14,320 - 5,87,14,320 24.92% -
right to opt for conversion at any time during the period of maturity.
Equity shares of ` 2 Bina Chhabria
each fully paid # Enterprises If the NCCPS are not converted into equity shares, each NCCPS will be redeemed at such price and at the option of
Private Limited 1,41,095 - 1,41,095 0.06% - the Company after the expiry of 20 years from the date of allotment.
Equity shares of ` 2 Oriental Radios Terms and conditions of NCCPS may be varied by the Company subject to the mutual agreement of both parties and
each fully paid Private Limited 5,66,665 - 5,66,665 0.24% - as per applicable laws
Equity shares of ` 2 Officer's Choice Spirits NCCPS shall be redeemed only out of the profits of the Company which would otherwise be available for dividends
each fully paid Private Limited 1,615 - 1,615 0.00% - or out of proceeds of fresh issue of preference shares made for the purpose of redemption.
Total 23,55,66,665 - 23,55,66,665 100% - The Company in its preference shareholder meeting dated 7 July 2021 has changed the terms of NCCPS. Thereafter
the NCCPS has been redeemed on 8 July 2021.

22. Other equity Change in balance of equity component of compound financial instrument
Capital reserve 0.80 0.80 Balance at the beginning of the year 9,528.18 -
Securities premium 20,385.04 11,027.80 Created during the year on issue of CCD - 9,528.18
General reserve 4,822.94 4,822.94 Issue of equity shares on conversion of CCD (Refer note 63) (9,528.18) -
Capital redemption reserve 681.82 681.82 Balance at the end of the year - 9,528.18
Equity component of compound financial instrument (Refer note 46) - 9,528.18
Surplus in the statement of profit and loss (retained earnings) 9,837.44 9,637.37 Surplus in the statement of profit and loss
Total 35,728.04 35,698.91 Particulars As at As at
31 March 2023 31 March 2022
Nature and purpose of reserves
Balance at the beginning of the year (profit and loss) 9,637.37 9,432.89
(i) Capital reserve Add: Profit for the year 160.01 148.76
Capital reserve represents capital surplus. The reserve is not for any specific purpose but the utilisation will be in Actuarial gains on defined benefit obligations (net of tax) 40.06 55.72
accordance with provisions of Companies Act 2013. Balance at the end of the year 9,837.44 9,637.37
(ii) Securities premium
Securities premium represents the premium received on the issue of shares. The reserve is to be utilised in 23. Borrowings (non-current)
accordance with the provisions of Companies Act, 2013. Particulars As at As at
(iii) General reserve 31 March 2023 31 March 2022
General reserve is created by way of transfer of profits from retained earnings for appropriation purpose. This reserve Term loans, Secured
is a distributable reserve. Vehicle loans from banks (Refer note a) - 8.16
Indian rupee term loans from banks (Refer note b.i) 7,698.18 11,169.11
(iv) Capital redemption reserve
The reserve is created by way of transfer of profits from general reserve on account of redemption of non-cumulative Indian rupee term loans from financial institutions (Refer note b.ii) 6,168.19 7,395.07
convertible preference shares. This reserve will be utilised as per the provision of Companies Act, 2013. Foreign currency term loans from banks (Refer note b.iii) - 266.03
Total 13,866.37 18,838.37
(v) Equity component of compound financial instrument
This respresents the equity portion of compulsory convetible debentures issued to Oriental Radios Private Limited Nature of securities and terms of repayment
(vi) Surplus in the statement of profit and loss a) The vehicle loans from banks are secured against specific vehicles. The loans are repayable in monthly instalments
Surplus in the statement of profit and loss pertain to the accumulated earnings made by the Group over the years. ranging from ` 1.67 lakhs to ` 3.06 lakhs (31 March 2022 - ` 1.67 lakhs to ` 9.55 lakhs), the last instalment being due in
Change in balance of capital reserve August 2023. The rate of interest on these loans varies between 8.79% to 9.00% p.a. (31 March 2022 - 8.39% to 9.17% p.a.).
Particulars As at As at b) Details of repayment, rate of interest and security for loans from bank and financial institutions including current
31 March 2023 31 March 2022 maturities :
Balance at the beginning of the year 0.80 0.80 Name of the Lender/ Nature of securities Rate of Interest Terms of As at As at
Balance at the end of the year 0.80 0.80 Repayment 31 March 2023 31 March 2022
Change in balance of securities premium (i) Indian rupee term loans from banks
Particulars As at As at Lakshmi Vilas Bank Limited : 1.45% above base Repaid in - 1,710.52
31 March 2023 31 March 2022 (1) First pari-passu charge on the entire rate Effective rate August 2022
movable and immovable fixed assets of of interest
the Company (both present and future) 31 March 2023: NA
Utilised for redemption of preference shares - (6,818.18) on pari-passu basis other than those (31 March 2022:
Conversion of CCD into equity shares 9,357.24 - exclusively charged along with existing 11.45% p.a.)
Balance at the end of the year 20,385.04 11,027.80 lenders.
(2) Second pari-passu charge on the entire
Change in balance of general reserve current assets of the Company including
Particulars As at As at stock and book debts.
31 March 2023 31 March 2022
South Indian Bank Limited : 2.80% spread over 5 quarterly 1,035.48 1,862.64
Balance at the beginning of the year 4,822.94 5,504.76 Primary Securities: and above 12 month instalments
Transfer to capital redemption reserve - (681.82) (1) First pari passu charge on the entire MCLR. 31 March of ` 207.29
Balance at the end of the year 4,822.94 4,822.94 movable and immovable fixed assets of 2023 12.20% lakhs till
the Company (both present and future) (31 March 2022: April 2024
Change in balance of capital redemption reserve other than exclusively charged along 10.95% p.a.)
Particulars As at As at with existing lenders;
31 March 2023 31 March 2022 (2) First pari passu charge on property in
Balance at the beginning of the year 681.82 - the name of M/s Tracstar Distillers Private
Transfer from General reserve - 681.82 Limited (Refer note 46);

b) Details of repayment, rate of interest and security for loans from bank and financial institutions including current b) Details of repayment, rate of interest and security for loans from bank and financial institutions including current
maturities : maturities :
Name of the Lender/ Nature of securities Rate of Interest Terms of As at As at Name of the Lender/ Nature of securities Rate of Interest Terms of As at As at
Repayment 31 March 2023 31 March 2022 Repayment 31 March 2023 31 March 2022
(i) Indian rupee term loans from banks (i) Indian rupee term loans from banks
(3) Second pari-passu charge on entire Standard Chartered Bank: Rate of interest Repayable in 447.99 1,219.20
current assets of the Company; and Equitable mortgage of company's 31 March 2023 9.15% equated
(4) Corporate guarantee of M/s Tracstar premises owned by ABD Dwellings (31 March 2022 7%) monthly
Distillers Private Limited. (Refer note 46) Private Limited Instalments of
IndusInd Bank Limited : 1.00% spread Repaid in - 133.31 ` 69.90 Lakhs
(1) First pari passu charge on the entire over and above May 2022 within
movable and immovable fixed assets of 1 year MCLR. maximum
the Company (both present and future) 31 March 2023: NA tenure of
other than exclusively charged along with (31 March 2022: 20 year
existing lenders; and; 8.9% p.a.) (ii) Indian rupee term loans from financial institutions
1.00% spread over 1 quarterly
Aditya Birla Finance Limited (ABFL) : Long Term 35 equated 3,447.21 4,315.76
(2) Second pari-passu charge and above 1 year instalment of 343.98 2,049.81
Exclusive charge on commercial Reference Rate of monthly
on entire current assets MCLR. 31 March `345.79 lakhs
property located at Ashford Centre, ABFL(LTRR) instalments of
of the Company. 2023. 9.85% (31 in June 2023 Floor No. 1st and 2nd Senapati Bapat Marg, + Spread. LTRR at. ` 107.90 lakhs
March 2022:8.9% p.a) Lower Parel present is 17.85% till 15 February
1.00% spread over 15 instalments 2,218.49 2,798.72 Spread at present 2026 and 2
and above 1 year of `150.00 lakhs is -6.45%. additional
MCLR-31 March 2023: to be paid every Effective rate of monthly
10.45% (31 March quarterly till interest 31 March installments of
2022: 8.9% p.a.) Sept 2026 2023: 11.40% ` 313.86 lakhs
p.a. (31 March in aggregate
SVC Co-operative Bank Ltd. : 2022: 9.25% p.a.) till 15 April 2026
(1) First pari passu charge on the entire -8.30% spread 53 monthly 4,382.68 4,949.97 Aditya Birla Finance Limited (ABFL) : Long Term 88 equated 4,104.39 4,441.29
movable (except vehicles) and immovable over PLR. Effective instalments of Exclusive charge at Industrial Property Reference Rate monthly
fixed assets (both present and future) other Rate of Interest ` 83.33 lakhs spread across land area of 6.73 acres of ABFL(LTRR) instalments of
than exclusively charged along with existing 31 March 2023 is till 2027 owned by Ashoka Liquors Private Limited. + Spread. LTRR at ` 68.31 lakhs
lenders. Fair value of immovable and 12.15% p.a., (31 March (Refer note 46) present is 17.85%. till 15 July 2030
movable fixed assets should not be less 2023: 9.75% p.a.) Spread at present and 1 additional
than `435.42 crores. is - 6.45%. Effective monthly
rate of interest as installments of
(2) Second parri passu charge with existing
on 31 March 2023: ` 159.07 lakhs
term lenders on current assets. (First
11.40% p.a. (31 March in aggregate till
charge on current assets is with working 2022: 9.25% p.a.) 15 August 2030
capital bankers. 2nd charge would be
ceded on reciprocal basis, in line with (iii) Foreign currency term loans from banks
the existing security structure.) Axis Bank Limited : LIBOR+4.75% 2 quarterly 291.43 803.02
(1) First pari passu charge on the entire 9.90% p.a. as instalments of
Karur Vysya Bank Ltd (KVB) : 0.75% over and 104 equated 2,719.33 2,912.73
movable and immovable fixed assets (both on 31 March 2023 USD 1.79 lakhs
Exclusive charge on commercial above the MCL rate monthly
present and future) other than exclusively (31 March 2022: (` 146.69 lakhs)
property located at Ashford Centre, of the bank effective instalments of charged along with existing lenders; 5.09% p.a.) to be paid
Floor No. 3,4,7 Senapati rate 9.25% p.a as on ` 38 lakhs and (2) Second pari-passu charge on every quarter
Bapat Marg, Lower Parel 31 March 2023 (31 105th monthly entire current assets of the Company; and till
March 2022: 9% p.a.) instalments (3) Personal guarantee of September
` 34.96 lakhs Mr. Kishore Chhabria 2023
ending in (Refer note 46)
November 2031 Total 18,990.98 27,196.97

c) Reconciliation of liabilities arising from financing activities 25. Provisions (non-current)

Cash and cash equivalents 2,754.50 1,966.93 Provision for employee benefits
Lease liabilities 1,640.13 1,589.35 Gratuity (Refer note 47) 976.45 922.35
Non-current borrowings (including current maturities) 19,008.88 27,296.50 Superannuation (Refer note 47) 338.78 313.99
Current borrowings 59,073.46 57,394.72 Total 1,315.23 1,236.34
26. Current borrowings

Particulars Cash Lease Non-current Current Liability Others# Total Particulars As at As at
and liabilities borrowings borrowings component 31 March 2023 31 March 2022
cash (including of compound Secured
equivalents current financial Cash credit/working capital demand loan from banks
maturities) instrument (repayable on demand) (Refer note (a)(i)) 26,724.80 25,504.58
Balance as at 1st April 2021 4,348.88 1,980.06 29,276.17 66,197.68 - - 93,105.03 Bill discounting (repayable on demand) (Refer note (a)(ii)) 29,918.31 24,515.40
Current maturities of long-term debts 4,676.62 8,366.76
Cash flows (net) (4,487.65) - - - - - 4,487.65
Current maturities of vehicle loans from banks 8.30 91.37
On account of acquisition
of subsidiary 2,105.70 1,903.97 (201.73) Unsecured
Unrealised gain - - (39.42) - - - (39.42) From other corporates 379.90 379.90
Proceeds/repayment of Cash credit/working capital demand loan from banks (repayable on demand) 1,797.14 5,033.84
borrowings (net) - - (3,843.83) (8,994.48) - - (12,838.31) From related party (Director) (repayable on demand) (Refer note 46) 250.00 1,763.33
Deletion of lease liabilities - (455.56) - - - - (455.56) From related party (Refer note 46)
Addition of lease liabilities - 257.60 - - - - 257.60 Liability component of compound financial instrument (Refer note 46 and 63) - 191.52
Repayment of lease liabilities - (392.35) - - - - (392.35) Others corporate (Refer note 46) 3.31 6.15
Liability component of Total 63,758.38 65,852.85
compound financial
instrument - - - - 727.36 - 727.36 a) Details of security for loans :
Reclassification - - - 191.52 (191.52) - -
Finance costs - 199.60 3,263.74 7,549.23 48.89 3,448.06 14,509.52 Name of the Bank Nature of securities As at As at
Finance costs paid - - (3,264.13) (7,549.23) (584.73) (3,448.06) (14,846.15) 31 March 2023 31 March 2022
Balance as at 31 March 2022 1,966.93 1,589.35 27,296.50 57,394.72 - - 84,313.64 (i) Cash credit/ working capital demand loan from banks (repayable on demand)
Cash flows (net) 861.13 - - - - - (861.13) Axis Bank Limited Primary - First pari passu hypothecation charge 4,623.44 4,228.09
Cash and cash equivalent on entire current assets. other than exclusively
classified as held for sale (73.56) - - - - - 73.56 charged to other lenders. Collateral -
Unrealised gain - - (79.63) - - - (79.63) (i) First pari passu charge on property in the name of
Proceeds/repayment of M/s Tracstar Distillers Private Limited;
borrowings (net) - - (8,207.99) 1,870.26 - - (6,337.73) (ii) Second pari passu charge on all movable and
Deletion of lease liabilities (28.17) (28.17) immovable fixed assets of the Company present and
Addition of lease liabilities - 337.38 - - - - 337.38 future except assets which are exclusively charged
Repayment of lease liabilities (433.70) (433.70) to term loan lenders; Corporate guarantee -
Finance costs - 175.27 2,680.69 6,595.53 - 4,045.58 13,497.07 M/s Tracstar Distillers Private Limited (Refer note 46).
Finance costs paid - - (2,680.69) (6,787.05) - (4,045.58) (13,513.32)
State Bank of India Primary - First pari passu hypothecation charge on 7,750.02 6,423.28
Balance as at 31 March 2023 2,754.50 1,640.13 19,008.88 59,073.46 - - 76,967.97 entire current assets. other than exclusively charged
#Represents liabilities other than borrowings / leases for which the Company has incurred finance costs. to other lenders. Collateral -
(i) First pari passu charge on property in the name of
24. Lease liabilities (non-current) M/s Tracstar Distillers Private Limited;
(ii) Second pari passu charge on fixed assets or
31 March 2023 31 March 2022 mortgaged properties of the Company present and
future except building/ vehicle which are exclusively
Lease obligation (Refer note 54) 1,640.13 1,589.35
charged to other lenders. Corporate guarantee -
Less: Current maturities of lease obligation (306.01) (206.73)
Total 1,334.12 1,382.62

a) Details of security for loans : a) Details of security for loans :
Name of the Bank Nature of securities As at As at Name of the Bank Nature of securities As at As at
Yes Bank Limited (i) First pari passu hypothecation charge on entire current 2,429.33 3,325.31 CSB - Catholic Primary - First pari passu hypothecation charge on 3,499.00 -
assets, other than exclusively charged to other lenders. Syrian Bank entire current assets, other than exclusively charged
(ii) Second pari passu charge on all movable fixed to other lenders. Collateral -
assets of the Company present and future (i) First pari passu charge on property in the name of
except assets which are exclusively charged to term M/s Tracstar Distillers Private Limited;
loan lenders. (ii) Second pari passu charge on all immovable fixed
(iii) Extension of second pari passu charge by way of asset of the Company excluding exclusively charged
equitable mortgage over the factory, land and to other lenders. Corporate guarantee - M/s Tracstar
building and other immovable assets of the company Distillers Private Limited (Refer note 46).
located at plot no. 5,6,7 and 7A, MIDC, Industrial Area, Sub-total 26,724.80 25,504.58
Aurangabad.
(iv) Extension of first pari passu charge by way of (ii) Bill discounting (repayable on demand)
equitable mortgage over the factory, land and IDFC First Bank Primary - Exclusive charge over Telangana 23,299.08 17,977.15
building and other immovable assets belonging to State Beverage Corporation Ltd. (TSBCL) cash flows.
M/s Tracstar Distillers Private Limited. Collateral - Second pari passu charge on immovable
(v) Corporate guarantee of M/s Tracstar Distillers
assets excluding exclusively charged to other lenders
Private Limited (Refer note 46).
of the Company. Corporate guarantee - M/s Tracstar
South Indian Primary - First pari passu hypothecation charge on 4,387.26 4,492.10 Distillers Private Limited (Refer note 46).
Bank Limited entire current assets, other than exclusively charged
IndusInd Book debts: Sales Invoice Discount Receivables 6,619.23 6,538.25
to other lenders. Collateral -
(i) First pari passu charge on property in the name of Bank Limited Exclusive Charge over receivable of Andhra Pradesh
M/s Tracstar Distillers Private Limited; Beverages Corporation Limited andRajasthan State
(ii) Second pari passu charge on all immovable fixed Benverages Corporation Limited to the extent of 1.1x
asset of the Company excluding exclusively charged Sub-total 29,918.31 24,515.40
to other lenders. Corporate guarantee -
Rabo Bank (i) First pari passu charge by way of hypothecation - 1,972.75
of all present and future current assets, other than
27. Current lease liabilities
exclusively charged to other lenders.
(ii) Second pari passu charge on all immovable fixed Particulars As at As at
assets present and future of the Company. 31 March 2023 31 March 2022
excluding exclusively charged to other lenders. Lease obligation (Refer note 54) 306.01 206.73
Saraswat Primary - First pari passu charge on entire current 3,946.96 3,995.98 Total 306.01 206.73
Co-operative assets of the Company, other than exclusively
Bank Ltd. charged to other lenders. Collateral -
(i) Second hypothecation charge on pari passu basis 28. Trade payables
on all movable and immovable assets of the Company Particulars As at As at
(except vehicle, freehold land of Ambala and 31 March 2023 31 March 2022
office premises);
Trade payables (including Acceptances)*
(ii) Second Pari passu charge on factory land and
building of M/s Tracstar Distilleries Private Limited.
Corporate guarantee - M/s Tracstar Distillers Private Dues of creditors other than micro and small enterprises
Limited (Refer note 46). - Related party (Refer note 46) 36.18 65.62
- Others 40,239.34 37,243.36
SVC Co-operative Secured against fixed deposit 88.79 67.07
Bank Ltd. Sub-total 40,275.52 37,308.98
IndusInd Primary- First pari passu hypothecation charge - 1,000.00 Total 56,588.40 53,637.57
Bank Limited on entire current assets, other than exclusively *Acceptances amounting to ` 10,044.54 lakhs (31 March 2022: ` 5,072.92 lakhs)
charged to other lenders. Collateral - Refer note number 58 for ageing of trade payables
(i) First pari passu charge on property in the name of
M/s Tracstar Distillers Private Limited;
asset of the Company excluding exclusively charged
to other lenders.

Note-The dues to micro and small enterprises as required under Micro, Small and Medium Enterprise Development 33. Revenue from operations
Act, 2006 (MSMED) to the extent information available with the Company is given below :
Particulars As at As at 31 March 2023 31 March 2022
31 March 2023 31 March 2022
Revenue from contracts with customer
(a) Principal amount and Interest due thereon remaining unpaid to any Sale of goods
supplier covered under MSMED Act, 2006 : Indian made foreign liquor (IMFL) 6,96,099.05 7,05,362.80
Principal amount due to micro and small enterprises 16,071.94 16,238.59 Extra neutral spirit (ENA) 5,284.04 4,133.92
Interest due on above 240.94 90.00 By-products 6,516.54 7,490.93
(b) The amount of interest paid by the buyer in terms of section 16 of Revenue from contracts with customer 7,07,899.63 7,16,987.65
the MSMED Act, 2006, along with the amounts of the payment made
to the supplier beyond the appointed day during each accounting year - - Other operating revenue
Royalty 43.95 43.55
(c) 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 Export entitlements 1,180.71 1,370.45
the year) but without adding the interest specified under MSMED Act, 2006. - - Scrap and other sales 1,443.73 1,290.51
(d) The amount of interest accrued and remaining unpaid at the end of each Other operating revenue 2,668.39 2,704.51
accounting year; and 240.94 90.00 Total 7,10,568.02 7,19,692.16
(e) The amount of further interest remaining due and payable even in
the succeeding years, until such date when the interest dues as above 34. Other income
are actually paid to the small enterprise for the purpose of disallowance
as a deductible expenditure under section 23 of the MSMED Act, 2006. - -
31 March 2023 31 March 2022
29. Other current financial liabilities Interest income on financial assets measured at amortised cost
Particulars As at As at Interest on deposits with bank 208.78 214.32

31 March 2023 31 March 2022 Interest on loans to related party (Refer note 46) - 42.27
Employees related liabilities 1,311.35 1,579.60 Interest on deposits and advances 6.61 5.67
Due to tie-up units 12,215.24 8,781.24 Liabilities no longer required written back 123.38 80.14
Trade and other deposits 5,213.46 2,896.57 Profit on sale of property, plant and equipment - 80.17
Payable towards capital expenses 25.22 82.17 Provision no longer required written back 152.06 105.67
Other financial liabilities 428.27 2,454.33 Refund of excess statutory dues paid 9.32 168.33
Total 19,193.54 15,793.91 Recovery on account of loss of goods 395.63 -
Foreign exchange gain - (net) - 187.30
30. Other current liabilities Miscellaneous income 211.12 240.65
Total 1,106.90 1,124.52
31 March 2023 31 March 2022
Statutory dues 47,773.51 24,686.95 35. Cost of materials consumed
Advances from customers
- Others 2,207.35 1,312.59 Particulars Year ended Year ended
31 March 2023 31 March 2022
Total 49,980.86 25,999.54
Raw materials consumed 1,11,622.17 86,440.97
31. Current Provisions Packing materials consumed 87,946.50 77,056.26
Particulars As at As at Total 1,99,568.67 1,63,497.23
31 March 2023 31 March 2022
Provision for employee benefits 36. Purchases of stock-in-trade
Gratuity (Refer note 47) 202.36 255.38 Particulars Year ended Year ended
Compensated absences (Refer note 47) 1,046.78 1,112.99 31 March 2023 31 March 2022
Total 1,249.14 1,368.37 Purchase of Indian made foreign liquor (IMFL) 562.70 485.63
Total 562.70 485.63
32. Current tax liabilities
31 March 2023 31 March 2022
Provision for tax 107.47 107.47
(Net of advance tax of ` 1,081.22 lakhs (31 March 2022: ` 1,081.22 lakhs))
Total 107.47 107.47

37. Changes in inventories of finished goods, stock-in-trade and work-in-progress 41. Other expenses
Particulars Year ended Year ended Particulars Year ended Year ended
Opening stock Consumption of stores and spare parts 2,227.14 2,112.80
Finished goods 19,384.85 17,949.86 Power and fuel 7,354.33 5,678.20
Work-in-progress 2,568.19 2,179.19 Rent 794.09 620.09
Stock-in-trade 32.47 32.47 Contract labour charges 6,952.46 6,269.41
21,985.51 20,161.52 Repairs to building 55.74 44.91
Repairs to machinery 790.12 844.67
Less:
Repairs others 1,291.12 1,383.89
Closing stock
Insurance 751.67 674.70
Finished goods 23,022.85 19,384.85
Security charges 581.93 559.51
Work-in-progress 2,553.54 2,568.19
Rates and taxes 4,875.55 4,335.36
Excise levies and escort charges 12,415.54 9,969.88
25,604.31 21,985.51 Import fee 44.53 28.10
(Decrease) in inventories (3,618.80) (1,823.99) Bottling charges 6,892.09 4,507.87
Increase in excise duty on finished goods 891.77 711.18 Water charges 196.76 159.90
Total (2,727.03) (1,112.81) Travelling expenses 2,614.53 1,390.86
Legal and professional fees 3,009.33 2,945.86
38. Employee benefit expense Selling and distribution expenses 11,524.87 10,017.84
Sales and business promotion 13,040.16 9,385.61
Sitting fees to directors 24.78 -
31 March 2023 31 March 2022
Commission 2,890.92 2,991.83
Salaries, wages and bonus 17,133.93 18,059.22 Conference and seminar 21.77 17.05
Contribution to provident and other funds (Refer note 47) 1,106.89 1,048.89 Provision for doubtful debts 329.50 743.69
Staff welfare expenses 325.98 238.93 Provision for doubtful advances 22.04 -
Total 18,566.80 19,347.04 Bad debts written off (net of provision reversal ` 33.50 lakhs)
(March 2022: ` 300.48 lakhs) - 916.04
39. Finance costs Loss on sale of property, plant and equipment 4.04 -
Donations 18.26 0.79
Corporate social responsibilities (Refer note 52) 30.00 34.88
31 March 2023 31 March 2022
Bank charges 83.57 115.31
On financial liabilities measured at amortised cost Foreign exchange loss - (net) 369.73 -
Term loans 2,680.69 3,263.74 Miscellaneous expenses 986.10 967.31
On working capital facility from bank 6,506.36 7,375.43
Total 80,192.67 66,716.36
On lease liabilities 175.27 199.60
Interest on delay in payment of statutory dues 3,333.04 2,125.81
41A Other comprehensive income
Reimbursement to tie-up units for interest on delayed payments 457.69 594.92
Interest on loan from related party (Refer note 46) 89.17 222.69 Particulars Year ended Year ended
Interest others 254.85 727.33 31 March 2023 31 March 2022
Total 13,497.07 14,509.52 Items that will not be reclassified to profit or loss
Actuarial gains on defined benefit obligations 61.63 85.65
40. Depreciation and amortisation expenses Income taxes on above (21.57) (29.93)
Particulars Year ended Year ended Total 40.06 55.72
31 March 2023 31 March 2022
Depreciation of property, plant and equipment 4,728.14 5,266.25
Depreciation of right to use assets 383.69 405.47
Amortisation of intangible assets 402.53 191.91
Total 5,514.36 5,863.63

42. Tax expense/ (credit) 42.2 Deferred tax related to the following:
Particulars Year ended Year ended Expense/ (credit)
31 March 2023 31 March 2022 Particulars As at Adjusted to Recognised Recognised As at
Current tax 1 April retained in Profit in OCI 31 March
Current tax for the year 123.81 133.83 2021 earnings* and Loss 2022
Tax adjustments in respect of earlier years (4.23) (179.88) Deferred tax liabilities on account of:
Total current tax expense 119.58 (46.05) Property, Plant and equipment, Goodwill
Deferred taxes and Other intangible assets 924.31 - 20.98 - 945.29
Change in deferred tax assets (Other than adjustments in OCI and Equity) 340.16 307.99 Financial assets and financial liabilities
Change in deferred tax liabilities (25.21) (27.44) at amortised cost 224.13 - (49.29) - 174.84
Net deferred tax expense 314.95 280.55 Others 62.60 - 0.87 - 63.47
Total income tax expense 434.53 234.50 Total deferred tax liabilities (A) 1,211.04 - (27.44) - 1,183.60
42.1 The reconciliation of estimated income tax expense at tax rate to income tax expense reported in MAT credit entitlement (742.19) - 379.68 - (362.51)
the statement of profit and loss is as follows: Employee benefits (984.45) - (8.38) 29.93 (962.90)
Particulars Year ended Year ended Provision for expected credit loss (855.42) - (365.88) - (1,221.30)
31 March 2023 31 March 2022 Difference in book values and tax base
Profit before income tax expense 594.54 383.26 values of ROU assets and lease liabilities (37.66) - (20.88) - (58.54)
Income tax expense at statutory tax rate i.e. 34.94% 207.76 133.93 Compound Financial Instrument - (255.90) 187.29 - (68.61)
Tax effect of amounts which are not deductible / (taxable) in Others (195.59) - 136.16 - (59.43)
calculating taxable income Total deferred tax assets (B) (2,815.31) (255.90) 307.99 29.93 (2,733.29)
Permanent difference on account of fair valuation asset acquired 259.49 309.17
Permanent differences on account of expenses disallowed 16.92 12.46 Deferred tax assets (net) (B - A) (1,604.27) (255.90) 280.55 29.93 (1,549.69)
Others (45.41) (41.18) 43. Fair value measurements
Income tax expense 234.50 1,023.78
Fair value intsruments by category and heirarchy
The fair values of financial assets and liabilities are included at the amount at which the intrsument could be
42.2 Deferred tax related to the following: exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
Expense/ (credit) The following methods and assumptions were used to estimate the fair values:
Particulars As at Adjusted to Recognised Recognised As at
1. Fair value of cash and term deposits, trade and other short term receivables, trade payables, other current liabilities,
1 April retained in Profit in OCI 31 March short term loans from banks and other financial institutions approximate their carrying amounts largely due to short
2022 earnings* and Loss 2023 term maturities of these instruments. The fair value of lease liability is not required to be disclosed.
Deferred tax liabilities on account of: 2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such
Property, Plant and equipment, Goodwill as interest rates and individual credit worthines of the counter party. Based on this evaluation, allowances are taken
and Other intangible assets 945.29 - 69.45 - 1,014.74 to acount for expected losses of these receivables. Accordingly, fair value of such instruments is not materially
Financial assets and financial liabilities different from their carrying amounts.
at amortised cost 174.84 - (84.32) - 90.52 The fair values for loans and security deposits were calculated based on cash flows discounted using a curent lending
Others 63.47 - (10.34) - 53.13 rate. They are classified as level 3 fair values in fair value heirarchy due to the inclusion of unobservable inputs
including counter party credit risk.
Total deferred tax liabilities (A) 1,183.60 - (25.21) - 1,158.39
The fair values of non-current borrowings are based on discounted cashflows using a current borrowing rate. They are
Deferred tax assets on account of: classified as level 3 fair values in the fair value heirarchy due to the use of unobsevable inputs, including own credit risk.
MAT credit entitlement (362.51) - 362.51 - -
For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to fair value.
Employee benefits (962.90) - 14.21 21.57 (927.12)
Provision for expected credit loss (1,221.30) - (53.95) - (1,275.25) The Group uses the following heirarchy for determining and disclosing the fair value of financial instruments by
Difference in book values and tax base valuation technique:
values of ROU assets and lease liabilities (58.54) - (11.46) - (70.00) Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. For example, listed equity
Compound Financial Instrument (68.61) - 68.61 - - instruments that have quoted market price.
Others (59.43) - (39.76) - (99.19) Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds,
Total deferred tax assets (B) (2,733.29) - 340.16 21.57 (2,371.56) over-the- counter derivatives) is determined using valuation techniques which maximise the use of observable
market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an
instrument are observable, the instrument is included in level 2.
Deferred tax assets (net) (B - A) (1,549.69) - 314.95 21.57 (1,213.17)
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.

Total Fair value of non current financial assets and non current financial liabilities measured at amortised cost-
0.11
7.74
7,916.02
95,761.36
2,828.06
2,547.60
78,082.34 78,082.34
1,640.13
56,588.40 56,588.40
19,193.54
Total
0.11
-
-
-
-
-
-
-

Carrying Fair value Carrying Fair value
amount amount
Level 3
0.11
7.74
7,916.02
95,761.36
2,828.06
2,547.60
1,640.13
19,193.54
Level 3
Financial assets
0.11
-
-
-
-
-
-
-
Investment others 0.11 0.11 0.11 0.11
Other financial assets 5,313.22 5,313.22 3,977.77 3,977.77
Financial Liabilities
Level 2
Level 2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Borrowings 13,866.37 13,866.37 18,838.37 18,838.37
The carying amounts of trade receivables, cash and cash equivalents, bank balances other than cash and cash
equivalents, loans, other current financial assets, current borrowings, trade payables and other current financial
Level 1
Level 1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
liabilities are considered to be approximately equal to the fair value.
44. Financial risk management

Total
Total
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The group is exposed primarily to fluctuations in foreign exchange, interest rate, credit quality and liquidity
management which may adversely impact the fair value of its financial assets and liabilities. The group has a risk
Routed through OCI
Routed through OCI management policy which covers the risk associated with its financial assets and liabilities. The risk management
Level 3
Level 3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
policy is approved by the Board of Directors. The focus is to assess the unpredictability of the financial environment
and to mitigate potential adverse effect on the financial performance of the group.
The group's principal financial liabilities comprises of borrowings, lease liabilities, trade payables and other financial
Level 2
Level 2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
liabilities. The group’s principal financial assets include loans, trade receivables, cash and bank balances and other
bank balances, other financial assets that derive directly from its operations.
Level 1
Level 1
A Credit risk
-
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Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The group is exposed to credit risk from its operating activities (primarily trade
Total
Total
0.28
0.28
receivables) and from its financing activities, financial assets. Management has a credit policy in place and the
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exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring
credit over a certain amount.
Level 3
Level 3
0.28
0.28
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a Trade receivables (net of loss allowance)
Trade receivables are unsecured and are derived from revenue earned from two main classes of trade receivables i.e.
receivables from sales to government corporations and receivables from sales to private parties. A substantial portion
Level 2
Level 2
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of the Company's trade receivables are from government corporation customers having strong credit worthiness.
Further, Company's historical experience of collecting receivables is that redit risk is low. Hence trade receivables are
considered to be a single class of financial assets.
Level 1
Level 1
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The table below provide details regarding past dues receivables as at each reporting date:
Total
0.39
7.74
7,916.02
95,761.36 95,761.36
2,828.06 2,828.06
2,547.60 2,547.60
13,866.37 64,215.97 78,082.34

1,640.13
56,588.40 56,588.40
19,193.54
Total
0.39
411.11
1,929.49 5,907.26
95,403.19 95,403.19
1,966.93 1,966.93
3,499.59 3,499.59
65,852.85 84,691.22
206.73 1,589.34
53,637.57 53,637.57
15,793.91
Rs in lakhs % Rs in lakhs %
Trade receivables
All amounts are net of provision for impairment if any.
All amounts are net of provision for impairment if any.
from government corporation 55,328.44 58% 59,306.69 62%

Current
Current
Total amount
Total amount
from private parties 40,432.92 42% 36,096.50 38%

7.74
2,602.80
306.01
19,193.54
411.11
15,793.91
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Total trade receivables (Refer note 15) 95,761.36 100% 95,403.19 100%
The movement of the allowance for lifetime expected credit loss is stated below:

0.39
5,313.22
1,334.12
0.39
3,977.77
18,838.37
1,382.62
-
31 March 2023 31 March 2022
Balance at the beginning of the year 2,517.85 2180.31
Impairment allowance 329.50 743.69
Trade receivables
Trade receivables
and liabilities as
and liabilities as
Written back during the year (121.05) (105.67)

Financial assets
Financial assets
Trade payables
Trade payables
Lease liabilities
Lease liabilities
Other financial
Other financial
Other financial
Other financial
Cash and cash
Cash and cash
Written off during the year (33.50) (300.48)

Borrowings
Borrowings
equivalents
equivalents
Investment
Investment
Other bank
Other bank
Liabilities
Liabilities
Balance at the end of the year (refer note 15) 2,692.80 2,517.85
balances
balances
liabilities
liabilities
Assets
Assets
assets
assets
Loans
Loans

b Other financial assets Derivative instruments and unhedged foreign currency exposure
Cash balances are maintained with banks having high credit rating. Loans given to related parties and employees are (a) Derivative contracts outstanding (Amount in lakhs)
fully recoverable and loans given to others are fully provided. Majority of other security deposits are placed majorly
with government agencies. The credit loss recognised is for a specific scenario and is not expected in the future.
Forward contracts to sell USD 18.50 USD 35.00
B Liquidity risk
Forward contracts to buy GBP - GBP 2.50
Liquidity risk is the risk that the group may not be able to meet its present and future cash and collateral obligations
without incurring unacceptable losses. The group's objective is to maintain optimum levels of liquidity and to ensure
that funds are available for use as per requirement. (b) The Company's exposure to unhedged foreign currency risk at the end of reporting period are as under:
The liquidity risk principally arises from obligations on account of financial liabilities viz. borrowings, lease liabilities, (Amount in lakhs)
trade payables and other financial liabilities. Particulars 31 March 2023 31 March 2022
The finance department of the group is responsible for liquidity and funding as well as settlement management. In USD GBP AED SGD USD GBP AED SGD
addition, processes and policies related to such risks are overseen by senior management. Management monitors Financial assets
the group's net liquidity position through trade receivables or through short term borrowings on need basis. Trade receivables 17.38 - - - 21.54 - - -
Others -
(i) Financing arrangements :
Exposure to foreign currency risk (assets) 17.38 - - - 21.54 - - -
The Group had access to the following undrawn borrowing facilities at the end of reporting period:
Particulars As at As at Financial liabilities
31 March 2023 31 March 2022 Trade payables - 24.28 - 0.05 - 5.35 - -
Borrowings 3.57 - - - 10.71 - - -
Expiring within one year 13,391.53 3,659.87
Employees related liabilities - - 0.30 - - - 0.95 -
(Cash credit/ working capital demand loan, term loan)
Exposure to foreign currency risk (liabilities) 3.57 24.28 0.30 0.05 10.71 5.35 0.95 -
(ii) Maturities of financial liabilities :
The table below summarises the maturity profile of the group’s financial liabilities based on contractual discounted Particulars USD GBP AED SGD
payments at each reporting date. Amounts disclosed under note 23 are carrying values based on amortised cost: Closing rate of foreign currency as on 31 March 2023 (in `) 82.16 101.62 22.37 61.81
As at 31 March 2023 Closing rate of foreign currency as on 31 March 2022 (in `) 75.59 99.27 20.58 NA
Particulars Upto 1 year Between 1 and Beyond Total
5 years 5 years Sensitivity to foreign currency risk
Non-derivatives The following table demonstrates the sensitivity in foreign currency with all other variables held constant. The
Borrowings (including current maturities) 64,215.97 10,607.59 3,258.78 78,082.34 below impact on the group's profit before tax and equity is based on changes in the fair value of foreign currency
Lease liabilities 306.01 1,195.01 139.11 1,640.13 monetary assets and liabilities at balance sheet date:
Trade payables 56,588.40 - - 56,588.40 Currencies 31 March 2023 31 March 2022
Other financial liabilities 19,196.10 - - 19,196.10 Increase by 2% Decrease by 2% Increase by 2% Decrease by 2%
Total 1,40,306.48 11,802.60 3,397.89 1,55,506.97 USD 22.70 (22.70) 16.37 (16.37)
GBP (49.35) 49.35 (10.63) 10.63
As at 31 March 2022 AED (0.14) 0.14 (0.39) 0.39
Particulars Upto 1 year Between 1 and Beyond Total SGD (0.07) 0.07 NA NA
5 years 5 years
(ii) Cash flow and fair value interest rate risk
Non-derivatives
Borrowings (including current maturities) 65,852.85 15,198.65 3,639.72 84,691.22 This refers to risk to group’s cash flow and profits on account of movement in market interest rates. The group's
interest rate risk is mainly due to the borrowings acquired at floating interest rate.
Lease liabilities 206.73 979.51 403.11 1,589.35
Trade payables 53,637.57 - - 53,637.57 The group's borrowings (non-current and current) structure at the end of reporting period are as follows:
Other financial liabilities 15,793.91 - - 15,793.91 Particulars As at As at
Total 1,35,491.06 16,178.16 4,042.83 1,55,712.05 31 March 2023 31 March 2022
Variable rate borrowings 47,512.92 57,020.54
C Market risk Fixed rate borrowings 30,556.51 27,664.53
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes Interest free rate borrowings 12.91 6.15
in market prices. Market risk comprises three types of risk: Foreign currency risk, interest rate risk and price risk. The
Total 78,082.34 84,691.22
group's exposure to market risk is primarily on account of foreign currency exchange rate risk and interest rate risk.
(i) Foreign currency risk Sensitivity analysis

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of Impact on profit before tax
changes in foreign exchange rates. The risk primarily relates to fluctuations in receivables, trade payables, borrowings and equity
and other payables denominated in USD, GBP, SGD and AED against the functional currency INR of the group. Particulars Year ended Year ended
31 March 2023 31 March 2022
The group’s risk management policy is to assess the group’s net exposures which is mainly represented by
receivable and payable towards exports and imports respectively, and partly represented by the loans availed in Increase by 50 bps (237.56) (285.10)
foreign currencies. The group can hedge its net exposures with a view on forex outlook. Decrease by 50 bps 237.56 285.10

45. Capital management Key management Key management personnel:

The group’s objectives when managing capital are to - personnel and Executive Directors
 safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders their relatives Kishore Chhabria
and benefits for other stakeholders, and Shekhar Ramamurthy (w.e.f 1 July 2021)
 maintain an optimal capital structure to reduce the cost of capital. Utpal Kumar Ganguli (till 31 March 2022)
Ramakrishnan Ramaswamy (Director till 31 March 2022
In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to
and Chief Financial Officer w.e.f. 1 April 2022)
shareholders.
Resham Chhabria Jeetendra Hemdev
The group monitors its capital by using gearing ratio, which is net debt divided by total equity. Net debt includes Arun Barik (w.e.f. 2 June 2022 till 20 June 2022 and
non-current borrowings (including current maturities) and short term borrowings net of cash and cash equivalents w.e.f. 9 August 2022)
and equity comprises of equity share capital and other equity. Nicholas Blazquez (till 19 July 2021)
A. The amount managed as capital by the company are summarised as follows: Chirag Pittie (w.e.f. 14 June 2021 till 31 March 2022)
Deepak Roy (till 25 April 2022)
Non Executive Director
31 March 2023 31 March 2022
Bina K Chhabria
Debt 78,082.34 84,691.22
Maneck Navel Mulla (w.e.f. 3 February 2022)
Less: Cash and cash equivalents (2,754.50) (1,966.93)
Independent Directors
Net Debt 75,327.84 82,724.29
Balaji Viswanathan Swaminathan (w.e.f. 3 February 2022)
Total Equity 40,610.31 40,410.24
Paul Henry Skipworth (w.e.f. 2 June 2022)
Capital gearing ratio 1.85 2.05 Rukhshana Jina Mistry (w.e.f. 2 June 2022)
Nasser Mukhtar Munjee (till 6 October 2022)
Bank loans availed by the group contain certain debt covenants which are required to be complied with. The Vinaykant Gordhandas Tanna (w.e.f. 9 August 2022)
Limitation of indebtedness covenant gets suspended once the group meets the certain prescribed criteria. As of the Vivek Anilchand Sett (w.e.f. 2 June 2022)
reporting date, the group is not in compliance with certain performance linked financial covenants. The group is Narayanan Sadanandan (w.e.f. 16 October 2022)
trying to ensure compliance with the covenants as soon as possible. The banks have not levied any material Relatives of key management personnel
interest/penalty nor have they communicated any intention to recall the loans or make them repayable Neesha Chhabria
immediately, in view of the above matter.
B. Dividends (b) Transactions during the year with related parties :

The group has not paid any dividend to its shareholders for year ended 31 March 2023 and 31 March 2022. Particulars Enterprises where key Key management
management personnel personnel
46. Related party disclosures, as per Ind AS 24
have significant influence
In accordance with the requirement of Indian Accounting Standard (Ind AS) 24 "Related Party Disclosures", name of
the related party and related party relationships, are disclosed where transactions have taken place during the 31 March 2023 31 March 2022 31 March 2023 31 March 2022
reporting period, and for all parties in the case of relationship of control. Interest income
Kishore Chhabria - - - 9.99
(a) List of related parties
Utpal Kumar Ganguli - - - 32.28
Enterprises where key Oriental Radios Private Limited Sub-total - - - 42.27
management personnel Rayonyarns Import Company Private Limited
or their relatives have Starvoice Properties Private Limited Interest on unsecured loan
significant influence Pitambari Properties Private Limited Oriental Radios Private Limited - 173.93 - -
Lalita Properties Private Limited Bina K Chhabria - - 83.65 7.48
Bhuneshwari Properties Private Limited
Rent Expenses
Ashoka Liquors Private Limited
Starvoice Properties Private Limited 6.00 6.00 - -
Tracstar Investments Private Limited
Pitambari Properties Private Limited 7.20 7.20 - -
Tracstar Distillers Private Limited
Lalita Properties Private Limited 9.00 9.00 - -
Surji Consultant (India) Private Limited (till 31 March 2022)
Woodpecker Investments Private Limited 1.20 1.20 - -
Spiritus Private Limited (till 31 March 2022)
Bhuneshwari Properties Private Limited 9.00 9.00 - -
Marketing Incorporated Private Limited (till 31 March 2022)
Sub-total 32.40 32.40 - -
Woodpecker Investments Private Limited
Surji Agro Foods Private Limited (till 31 March 2022) Unsecured loan / advances granted
Iconiq Brands India Private Limited Starvoice Properties Private Limited - 22.50 - -
Sub-total - 22.50 - 130.00

(b) Transactions during the year with related parties : (b) Transactions during the year with related parties :
Particulars Enterprises where key Key management Particulars Enterprises where key Key management
management personnel personnel management personnel personnel
have significant influence have significant influence
31 March 2023 31 March 2022 31 March 2023 31 March 2022 31 March 2023 31 March 2022 31 March 2023 31 March 2022
Refund of advance given for purchase of land Issue of equity shares on conversion of CCD
Ashoka Liquors Private Limited - 7,500.00 - - (Refer note 63)
Power Brand Enterprises India Private Limited - 3,600.00 - - Oriental Radios Private Limited - 9,528.18 - -
Issue of equity shares on conversion of CCD

Sub-total - 11,100.00 - -
Oriental Radios Private Limited 9,528.18 - - -
Redemption of Preference shares
Reversal of rent expenses
Ashoka Liquors Private Limited - 7,500.00 - -
Oriental Radios Private Limited - 15.00 - -
Refund of customer advance Rayonyarns Import Company Private Limited - 1.20 - -
Power Brand Enterprises India Private Limited - 74.96 - -
Sub-total - 16.20 - -
Business advance received back
Power Brand Enterprises India Private Limited - 1,097.57 - - Royalty expenses
Iconiq Brands India Private Limited 3.28 - - -
Unsecured borrowing /CCD availed
Bina K Chhabria - - 1.00 1,755.75 Legal and professional fees
Resham Chhabria Jeetendra Hemdev 2.00 - Surji Consultant India Private Limited. - 200.00 - -
Kishore Chhabria - - - 50.00 Managerial remuneration/Short term
Oriental Radios Private Limited - 3,000.00 - - employee benefits*
Kishore Chhabria - - 4,322.95 4,300.78
Sub-total - 3,000.00 3.00 1,805.75 Shekhar Ramamurthy - - 1,000.00 750.00
Repayment of unsecured borrowing Ramakrishnan Ramaswamy - - 228.77 226.61
and interest thereon Resham Chhabria Jeetendra Hemdev - - 369.60 369.60
Bina K Chhabria - - 1,590.39 - Neesha Chhabria - - 59.49 57.33
Kishore Chhabria - - - 50.00 Arun Barik - - 181.32 -
Oriental Radios Private Limited - 3,173.93 - - Nicholas Blazquez - - - 269.37
Tracstar Investments Private Limited 2.84 11.98 - - Deepak Roy - - - 710.67
Sub-total 2.84 3,185.91 1,590.39 50.00 Chirag Pittie - - - 396.00
Repayment of Unsecured Sub-total - - 6,162.13 7,367.35

loan / advances granted
Kishore Chhabria - - - 563.29 Independent Directors' sitting fees
Utpal Kumar Ganguli - - - 46.40 Balaji Viswanathan Swaminathan - - 4.50 -
Maneck Navel Mulla - - 3.50 -
Sub-total - - - 609.69 Paul Henry Skipworth - - 3.00 -
Rukhshana Jina Mistry - - 3.50 -
Receipt and Refund of advance Nasser Mukhtar Munjee (till 6 October 2022) - - 1.50 -
towards Debentures Vinaykant Gordhandas Tanna - - 1.50 -
Oriental Radios Private Limited - 10,000.00 - - Vivek Anilchand Sett - - 2.50 -
Liability component of compound Narayanan Sadanandan - - 1.00 -
financial instrument issued Sub-total - - 21.00 -
Oriental Radios Private Limited - 727.72 - -
*Excludes compensated absences and gratuity benefits provided on the basis of actuarial valuation on an overall
Interest of liability component of compound Company basis.
financial instrument issued
All expenses are excluding goods and service tax
Oriental Radios Private Limited 5.52 41.28 - -
Repayment of liability component of

compound financial instrument issued
and interest thereon
Oriental Radios Private Limited 197.04 577.53 - -

(c) Balances at the year end : Reference is also invited to footnote to note 23 and note 26 for guarantee provided and assets pledged of Tracstar
Distillers Private Limited towards loans availed by the Group.
Particulars Enterprises where key Key management
Reference is also invited to footnote to note 23 for guarantee provided by Mr. Kishore Chhabria towards loan availed by
management personnel personnel
the Group.
have significant influence
31 March 2023 31 March 2022 31 March 2023 31 March 2022 Reference is also invited to footnote to note 23 for assets pledged of Ashoka Liquors Private Limited towards loan availed
by the Group.
Loan & Advances receivables
*Loans and other receivable has been received in full during the current financial year. However, the same is not
Utpal Kumar Ganguli* - - - 406.20
disclosed under "Transactions during the year with related parties" since he ceased to be KMP on 31 March 2022.
Advance to supplier
Equity (or equity like) investments by the Company and equity (or equity like) infusion into the Company are not
Surji Agro Foods Private Limited* - 126.50 - - considered for disclosure under balances as these are not considered "outstanding" exposures. Refer note 8 and 21 for
Starvoice Properties Private Limited 22.50 22.50 - - the same.
Rayonyarns Import Company Private Limited 0.82 0.82 - -
The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions.
Outstanding balances at the year-end are unsecured and interest free. The settlement for these balances occurs
Sub-total 23.32 149.82 - -
through payment. There have been no guarantees provided or received for any related party receivables or payables.
Trade payables For the year ended March 31, 2023, the Group has not recorded any impairment of receivables relating to amounts owed
Starvoice Properties Private Limited 0.82 0.82 - - by related parties (March 31, 2022: Nil). This assessment is undertaken each financial year through examining the
financial position of the related party and the market in which the related party operates.
Iconiq Brands India Private Limited 2.96 - - -
"Reference is also invited to Note 20 for 'Share issue expenses' which will be reimbursed by the selling shareholders
Sub-total 3.78 0.82 - - in proportion to their respective shares offered for sale as a part of the IPO, amount for which will be determined on
completion of the IPO.
Current borrowings
Reference is also invited to Note 20A for agreement for sale of securities held in subsidiaries referred therein, to be
Tracstar Investments Private Limited 3.31 6.15 - -
transferred on or before expiry of 3 months from the date of listing of the equity shares of the Company.
Resham Chhabria Jeetendra Hemdev - - 2.85 0.85
Bina K Chhabria - - 256.75 1,762.48 Reference is also invited to Note 66 for the acquisition of shares in the two subsidiaries referred therein, during the
earlier year.
Sub-total 3.31 6.15 259.60 1,763.33
Interest accrued but not due 47. As per Indian Accounting Standard-19, ‘Employee Benefits’, the disclosure of employee benefits as
Oriental Radios Private Limited - 0.40 - - defined in the standard are given below:
(a) Contribution to defined contribution plan, recognised as expense for the year are as under:
Liability component of compound financial
instrument (Refer note 63) Particulars Year ended Year ended
Oriental Radios Private Limited - 191.52 - - 31 March 2023 31 March 2022
Employers’ contribution to provident fund 895.71 861.50
Equity component of compound financial
Employers’ contribution to superannuation fund 24.79 12.67
instrument (Refer note 63)
Employers’ contribution to employees’ state insurance 2.31 1.42
Oriental Radios Private Limited - 9,528.18 - -
Employers’ contribution to employees’ pension scheme 1995 115.65 112.68
Trade receivables Employers’ contribution to national pension scheme 18.75 12.86
Surji Agro Foods Private Limited* - 8.95 - - Employers’ contribution to labour welfare fund 0.25 0.32
Employees deposit linked insurance 7.29 6.84
Security deposits
Employees provident fund administration charges 42.14 40.60
Spiritus Private Limited* - 10.50 - -
Marketing Incorporated Private Limited* - 10.50 - - Total 1,106.89 1,048.89
Sub-total - 21.00 - - (b) Disclosure relating to employee benefits as per Ind AS 19 'Employee Benefits'
Outstanding expenses Defined benefit obligations - Gratuity (unfunded)
Starvoice Properties Private Limited 6.00 12.00 - -
Characteristics of defined benefit plan (Paragraph 139 (a) of Indian Accounting Standard (Ind AS) 19)
Pitambari Properties Private Limited 7.20 14.40 - -
The entity has a defined benefit gratuity plan in India (unfunded). The entity’s defined benefit gratuity plan is a final
Lalita Properties Private Limited 9.00 18.00 - -
salary plan for employees.Gratuity is paid from entity as and when it becomes due and is paid as per entity scheme
Woodpecker Investments Private Limited 1.20 2.40 - -
for Gratuity.
Bhuneshwari Properties Private Limited 9.00 18.00 - -
Sub-total 32.40 64.80 - -

Gratuity 31 March 2023 31 March 2022 Year ended Year ended

Mortality table Indian Assured Lives Indian Assured Lives 31 March 2023 31 March 2022
Mortality Mortality Maturity profile of defined benefit obligation
2012-14 (Urban) 2012-14 (Urban) Expected cash flows over the next (valued on undiscounted basis) :
Discount rate 4.40% to 7.3% 3.10% to 6.90% 1st following year 202.36 255.38
Salary growth rate 1.50% to 7% p.a. 1.50% p.a. to 10% 2nd following year 172.52 139.57
3rd following year 165.60 144.50
Attrition rate 15.00% 5% to 15%
Year ended Year ended 5th following year 148.04 132.43
31 March 2023 31 March 2022 Sum of years 6 to 10 501.96 516.54
Changes in the present value of obligation
Sum of years 11 and above 297.08 283.36
Present value of obligation at the beginning of the year 1,177.73 1,223.63
Current service cost 124.48 143.30 Sensitivity analysis:
Past service cost - 1.93 Significant actuarial assumptions for the determination of the defined benefit obligation (DBO) are discount rate
Interest expenses 64.09 74.15 and expected salary increase. The sensitivity analysis below have been determined based on reasonably possible
Benefits paid (125.86) (179.63) changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions
Actuarial (gains)/losses on obligations - constant. The results of the sensitivity analysis on the DBO is given below:
due to change in demographic assumptions - (3.65)
Actuarial (gains)/losses on obligations - 31 March 2023 31 March 2022
due to change in financial assumptions (78.10) (95.16) Delta effect of +1% change in rate of discounting (43.34) (44.63)
Delta effect of -1% change in rate of discounting 47.11 48.79
due to experience 16.47 13.16
Delta effect of +1% change in rate of salary increase 39.82 43.13
Delta effect of -1% change in rate of salary increase (37.89) (40.60)
Delta effect of +1% change in rate of employee turnover (0.56) (5.86)
As at As at
Delta effect of -1% change in rate of employee turnover 0.41 6.14
31 March 2023 31 March 2022
Amount recognised in the balance sheet The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
Present value of obligation at the end of the year 1,178.81 1,177.73 obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
Fair value of plan assets at the end of the year - - assumptions may be correlated. There is no change in the method of valuation from the prior period.
Net liability recognised at the end of the year 1,178.81 1,177.73 Sensitivity due to mortality and withdrawls are not material and hence impact of change not calculated.
Non-current provisions 976.45 922.35
(c) Compensated absences
Current provisions 202.36 255.38
The leave obligations cover the group's liability for sick and privilege leaves. The amount of provision with respect to
leave obligation is ` 1,046.78 lakhs (31 March 2022 : ` 1,112.99 lakhs) is presented as current, since the group does not have
an unconditional right to defer settlement for any of these obligations. However, based on past experience, the group
31 March 2023 31 March 2022
does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months.
Expenses recognised in the statement of profit and loss
Current service cost 124.48 143.30 Particulars For the year ended For the year ended
Past service cost - 1.93 31 March 2023 31 March 2022
Net interest cost 64.09 74.15 Opening Balance 1,112.99 1,114.26
Total expenses recognised in the statement of profit and loss 188.57 219.38 Add: Addition during the year 45.17 168.17
Re-measurement (or actuarial) (gain) arising Less: Payment during the year (111.38) (169.44)
from change in assumptions (61.63) (85.65)
Closing balance 1,046.78 1,112.99
(d) Superannuation
Particulars For the year ended For the year ended
31 March 2023 31 March 2022
Opening Balance 313.99 398.70
Add: Addition during the year 24.79 12.68
Less: Payment during the year - (97.39)
Closing balance 338.78 313.99

48. Contingent liabilities and commitments a) Contingent liability relating to determination of provident fund liability, based on a recent Supreme Court
(A) Contingent liabilities not provided for: judgement, is not determinable at present, due to uncertainty on the period of impact of the judgement in absence
Particulars As at As at of further clarification relating to applicability. The Group will continue to assess any further developments in this
31 March 2023 31 March 2022 matter for their implications on the Group financial statements, if any, which, based on the number of employees, is
(i) Provident fund matter (Refer note a below) Not Not not expected to be significant.
ascertainable ascertainable b) Transport pass fee claimed by excise authorities @ ` 3 per bulk litre (BL) from 12 July 1999 up to 25 August 2009 and
(ii) Transport pass fees claimed by excise authorities (Refer note b below) 873.01 873.01 @ ` 1.50 per BL from 26 August 2009 till 18 May 2011 on Extra Neutral Spirit (ENA) purchased aggregating ` 821.97 lakhs
(iii) Water Charges claim by MIDC, Aurangabad (Refer note c below) 185.98 176.51 (31 March 2022 ` 821.97 lakhs) and transport pass fee claimed by excise authorities @ ` 1 per BL from 01 April 2010 to 18
May 2011 on rectified spirits purchased aggregating ` 48.88 lakhs (31 March 2022 ` 48.88 lakhs), transport pass fee
(iv) Additional license fees on account of restructuring of the Group, levied by,
claimed by excise authorities @ ` 3 per BL from 01 June 2009 to 18 May 2011 on Malt purchased aggregating ` 2.16
the Maharashtra State Excise Department, Aurangabad (Refer note d below) 32.80 32.80
lakhs (31 March 2022 ` 2.16 lakhs) including for one of the Contract Bottling Unit.
(v) Differential Octroi Duty on Extra Neutral Alcohol / Rectified Spirit by
Aurangabad Municipal Corporation (Refer note e below) 157.97 157.97 The Group has paid ` 303.71 lakhs (31 March 2022 ` 303.71 lakhs) under protest which is shown under balance with
(vi) Demand notice from the Commissioner of Central Excise, Customs and statutory authorities (non-current).
Service Tax, Aurangabad, towards service tax on reverse charge basis on The Hon’ble High Court of Judicature at Mumbai has, vide its order dated 06 May 2011, upheld Group’s appeal and
expenditure incurred in foreign currency on sales promotion, travelling
allowed the Group’s petition with the direction that the amount paid be refunded along with the interest @ 9% per
and other expenditure (Refer note f below) 538.08 538.08
annum within 10 weeks from the date of receipt of application for refund. As directed, the Group has filed an
(vii) Income tax matters (Refer note g below) 333.11 333.11 application for claim of refund before the customs and excise authorities. The Group has also claimed ` 163.71 lakhs
(viii) Rajasthan VAT department has demanded sales Tax along with interest and (including interest of ` 29.94 lakhs) on account of transport pass fees charged by suppliers.
penalty from a contract bottling unit on ENA produced by them to be used
as intermediary product for the manufacture of IMFL (Refer note h below) 107.55 107.55 The Customs and excise department of Maharashtra has filed a Special leave petition (SLP) before the Hon’ble
Supreme Court against the above order. The Supreme Court has directed the registrar to issue notice to all
(ix) Excise demand relating to excess transit wastages for ENA supplied by
Contract Bottling unit (Refer note i below) 286.02 286.02 concerned and affected parties pending admission of petition.
(x) Show cause notice from Canteen Stores Department (CSD) on account of Subsequently, the registrar has issued notice to all the concerned and affected parties for admission of petition and
differential trade rate relating to the period from October 2014 to accordingly, the Group has filed its response to this notice. The matter has not come up for hearing.
December 2020 (Refer note j below) 857.69 857.69
c) Increased water charges (including delayed payment charges billed by MIDC from time to time for the period
(xi) Demand notice by the Government of Andhra Pradesh (Refer note k below) 2,725.00 2,725.00
November 2001 to March 2023, disputed by the Group aggregating ` 185.98 lakhs (31 March 2022 ` 176.51 lakhs).
(xii) VAT / GST on ENA procured by the Group in Uttar Pradesh
(Refer note l below) 1,629.01 1,428.70 In the above said matter, High Court of Judicature of Bombay, Aurangabad Bench did not allow the stay petition filed
by the Group. However, the Hon’ble High Court of Aurangabad Bench has agreed to allow for payment of only
(xiii) A contract bottling unit had been issued notice of demand under the Assam
principal amount to MIDC towards outstanding water charges and granted stay on levy of interest and penalty till the
Entry Tax Act by the Government of Assam (Refer note m below) 131.17 131.17
disposal of final appeal.
(xiv) The Group was receiving taxable invoices from its CBUs at the rate of 18% on
the bottling charges on manufacturing of IMFL for the Group (brand owner). Based on the above, the Group has paid till 31 March 2023 ` 151.98 lakhs (31 March 2022 ` 142.51 lakhs) under protest
However, based on the notification dated 13 October 2017, no .31/2017-Central which is shown under balance with statutory authorities (non-current).
Tax (rate), the Group has asked its bottlers to charge GST on bottling charge
at 5% (Refer note n below) 600.40 194.72 Few of the IMFL manufacturers have filed Special Leave Petition before the Supreme Court challenging the order of
the Aurangabad Bench of Bombay High Court. Since the cause of action and reliefs claimed are identical, the
(xv) Group has received summon notice dated 11 August 2020 from the Director
General of GST Intelligence, Hyderabad on applicability of GST on Distillery outcome of this case will hold good for the Group as well.
Wet Grain Soluble (DWGS) and Distillery Dry Grain Soluble (DDGS). On d) The Maharashtra State Excise Department, Aurangabad has raised a demand of ` 32.80 lakhs (31 March 2022 ` 32.80
20 June 2022, group has received Show Cause Notice on the subject matter
lakhs) towards additional license fee on the Group as a consequence of the change of name arising due to
from Directorate General of Goods and Services Tax Intelligence (DGGI),
Telangana. (Refer note o below) 726.19 726.19 restructuring of the Group. The Group has challenged the said demand and filed Writ Petition before High Court of
Judicature of Bombay, Aurangabad Bench. The said matter has not come up for hearing yet. The demand of ` 32.80
(xvi) Income Tax matter (Refer note p below) 17.34 17.34
lakhs (31 March 2022 ` 32.80 lakhs), which is paid by the Group under protest, is shown under balance with statutory
(xvii) GST on supply of ENA in the state of Uttar Pradesh and Kerala. authorities (non-current).
(Refer note q below) 420.78 60.38
e) The Aurangabad Municipal Corporation (AMC) had recovered differential Octroi Duty on Extra Neutral Alcohol /
(xviii) Short payment of wages and levy to the Mathadi Workers (Refer note r below) 252.95 -
Rectified Spirit for the period from December 1991 to June 1997 on the basis of High Court judgment on similar facts
(xix) Excise demand relating to low strength of ENA (Refer note s below) 27.10 27.10 in another liquor Group case. This judgment had been reversed by the Hon’ble Supreme Court of India in another
(xx) Intimation received under Section 73(5) (Form GST DRC-01A) alleging to pay case in which interest @ 6 % p. a. was allowed. The Group has entered into an agreement with AMC on 12 March 1993
GST on ENA. (Refer note t below) 294.94 - by which both the parties had agreed that judgment passed shall be binding on both the parties.
(xxi) VAT liability on amount of Business Surplus received by the Group from
The Group had filed a suit for recovery in the Hon’ble Court of Civil Judge, (Senior Division) at Aurangabad. As per the
tie-up unit arrangements with third parties. (Refer note u below) 5,302.44 4,655.28
order dated 16 October 2006 of the Court, the Group is entitled to get an amount of ` 157.97 lakhs (31 March 2022
` 157.97 lakhs), with interest thereon @ 6% p.a. from the date of suit till the date of payment.

The Municipal Corporation has filed an appeal against this order, which has been disposed off by the Division Bench Group filed a writ petition under Article 226 of the Constitution of India against the State of Andhra Pradesh
of the Bombay High Court, Aurangabad bench vide their order dated 12 February 2007 granting the stay of represented by the Principal Secretary to Government Revenue (Excise Department) as well as against the
execution of decree passed by Trial Court subject to deposit of ` 220 lakhs in 11 instalments commencing from April Commissioner, Prohibition and Excise, Government of Andhra Pradesh in the High Court of Andhra Pradesh seeking
2007. Further, the appeal came up for hearing on 29 August 2007 before the High Court at Bombay Bench at a declaration that the said demand as well as refusal of the Respondents to refund amounts paid by the Group of
Aurangabad and an order was passed allowing the Group to withdraw the aforesaid amount and so far the Group ` 87.48 lakhs and ` 275.00 lakhs along with applications made on 22 November 2010 and 03 December 2014 as bad
has received ` 220 lakhs up to 31 March 2009. The appeal filed by AMC is pending before the Bombay High Court, and illegal in law; and a direction to the Respondents to cease making demands for payment of instalments and to
Aurangabad Bench refund the above amounts paid by the Group along with interest @ 18% p.a. from 17 December 2012 and 31 May 2017
respectively.
f) In an earlier year, the Group had received demand notice from the Commissioner of Central Excise, Customs and
Service Tax, Aurangabad for the F.Y. 2011-12 to 2014-15 towards service tax on reverse charge basis on expenditure In the said Writ Petition, the Hon’ble High Court was pleased to pass an interim order directing the Respondents not
incurred in foreign currency on sales promotion, travelling and other expenditure. Total demand raised is ` 538.08 to take any coercive action against Group pursuant to the letter dated 6 February 2019 of the 2nd Respondent. The
lakhs (31 March 2022 ` 538.08 lakhs) (including penalty of ` 268.28 lakhs, late fees of ` 1.60 lakhs excluding interest). Group filed a writ petition against the said order and obtained an interim stay on the same. The matter is still
The Group has paid ` 20.11 lakhs (31 March 2022 ` 20.11 lakhs) under protest against the said demand towards pending in Andhra Pradesh High Court.
mandatory deposit for admission of appeals, which is shown under balance with statutory authorities (non-current).
The writ petition filed by the Group against the State of Andhra Pradesh represented by Principal Secretary to
The Group has filed an appeal before Central Excise and Sales Tax Appellate Tribunal (CESTAT), Mumbai.
Government, Revenue (Excise Department) and the Commissioner Prohibition and Excise is pending before the
g) Income tax matter is in dispute before CIT-Appeal relating to A.Y. 2014-15 ` 333.11 lakhs, (31 March 2022 ` 333.11 lakhs). High Court of Andhra Pradesh. The matter was last listed on 19 March 2019 when the order was passed. Thereafter the
Against the above said demand, the Group has deposited under protest ` 55.12 lakhs (31 March 2022 ` 55.12 lakhs) matter has not been listed. The order subsists even as on today. The Order also stated that no coercive steps can be
which is disclosed under Income tax (current-tax) assets (net). The balance demand is adjusted by the department taken against the petitioner.
with refundable balance of AY 2011-2012 as per intimation dated 20 April 2017.
l) The Group is operating its business in the State of Uttar Pradesh by entering into a Lease Agreement with Simbhaoli
h) One of the Group’s Contract Bottling Unit (CBU) at Rajasthan had received notice of demand for the A.Y. 2007-08 to Sugars Limited (“Simbhaoli”) since October 2017. As per UP VAT Act, during pre-GST period i.e., before 30 June 2017,
2009-10 amounting to ` 91.80 lakhs (31 March 2022 ` 91.80 Lakhs) of VAT and interest thereon for ` 15.75 lakhs (31 ENA in Uttar Pradesh was charged at Paisa 0.80 per litre for intra state purchase of ENA and Inter-state purchase was
March 2022 ` 15.75 lakhs) aggregating ` 107.55 lakhs (31 March 2022 ` 107.55 lakhs) from Commercial Tax Officer, taxed at 2% CST. After introduction of GST, ENA falls under VAT and there was no clarity on Vat to be charged on ENA.
Government of Rajasthan on alleged VAT payable on captive consumption of ENA for the manufacturing of the In respect of ENA purchases made by the Group from Simbhaoli since October 2017, no VAT / GST has been recovered
Group’s brands and deemed sale of ENA to the brand owner. The said demand was upheld by the Hon’ble Rajasthan or paid by Simbhaoli in line with the request made by the Group. The Group has issued an indemnity to safeguard
High Court vide their order dated 20 July 2017. Against the said demand, the CBU has filed a Special Leave Petition Simbhaoli from any liability on account of VAT / GST on ENA procurement from them. Department has issued notice
before the Hon’ble Supreme Court. Vide order dated 28 August 2017, the Hon’ble Supreme Court has granted stay to Simbhaoli to deposit arrears of Tax for F.Y 2017-18, 2018-19 and 2019-20. Neither Simbhaoli nor the Group has paid
in the matter in respect of recovery of any demand or interest. In the event, if the matter is decided against the CBU, any tax for the period 1 October 2017– 8 December 2019. On 17 December 2019, Uttar Pradesh VAT Authority has
the Group is liable to compensate the CBU for the tax demand including interest. notified 5% rate of VAT on ENA, effective from 9 December 2019. 9 December 2019 onwards, the Group has been
paying 5% VAT on ENA purchase. The liability amounts to ` 1,428.70 lakhs (31 March 2022 ` 1,428.70 lakhs). The Group
i) In an earlier year, the Group has received excise demand of ` 286.02 lakhs (31 March 2022 ` 286.02 lakhs) relating to
has been granted stay for 90% of the demand on issuance of surety. Balance 10% of the demand has been paid by the
excess transit wastages for ENA supplied by Contract Bottling unit (CBU). Writ petition was filed with the Hon’ble
Group amounting to ` 142.87 lakhs (31 March 2022 ` 142.87 lakhs) for FY 2017-18, FY 2018-19 and FY 2019-20, which is
High Court by CBU and is pending for disposal. Amount deposited under protest of ` 71.50 lakhs (31 March 2022
shown under balance with statutory authorities (non-current). The Group has received intimation of tax u/s 74(5) of
` 71.50 lakhs) is shown under balance with statutory authorities (non-current).
the CGST Act, 2017 for the period October to November 2022, amounting to ` 200.31 lakhs including interest and
Madhya Pradesh High Court ordered that, on furnishing an adequate surety to the satisfaction of Excise penalty (31 March 2022 Nil) on alleged GST on ENA. The Group is in the process of filing the appropriate response.
Commissioner, the recovery of penalty shall remain stayed until next date of hearing. The matter has not come up
m) A contract bottling unit had been issued notice of demand of ` 131.17 lakhs (31 March 2022 ` 131.17 lakhs) on 2 July 2010
for hearing yet and the same is under progress.
under the Assam Entry Tax Act by the Government of Assam. Amount deposited under protest of ` 75.79 lakhs (31
j) The Group had received a show cause notice dated 22 March 2021 from its customer – Canteen Stores Department March 2022 ` 75.79 lakhs) is shown under other financial assets (non-current).
(CSD) for ` 857.69 lakhs (31 March 2022 ` 857.69 lakhs) on account of differential trade rate relating to the period from
n) In earlier years, the Group was receiving taxable invoices from its CBUs at the rate of 18% on the bottling charges on
October 2014 to December 2020, which has been disclosed as contingent liability. The Group has submitted the
manufacturing of IMFL for the Group (brand owner). However, based on the notification dated 13 October 2017, No.
explanation and necessary documents demanded by CSD in response to the show cause notice. The Group is
31/2017 - Central Tax (rate), the Group has asked its bottlers to charge GST on bottling charge at 5%.
awaiting further communication from the CSD.
Vide Notification No. CBIC (TRU) Circular no 164/20/2021 a separate new entry was introduced with effect from 01
k) A letter of Intent (LOI) was granted to the Group along with a demand notice by the Government of Andhra Pradesh
October 2021, accordingly all the CBUs are charging 18% on job work changes.
on 9 March 2017 based on an application made on 3 December 2014 along with stipulated payment of ` 275.00 lakhs
(31 March 2022 ` 275.00 lakhs). The Group had immediately requested for a waiver of the demand notice. Further, However, there remains to be lack of clarity in respect of charging the 18% rate from 01 October 2017 to 30 September
vide letter dated 17 May 2017, the Group had requested for a three-year moratorium for payment of license fees. The 2021. Confederation of Indian Alcoholic Beverage Companies (CIABC) has submitted a representation vide letter
request was disallowed vide their letter dated 31 May 2017 which was served on the Group on 12 June 2017. dated 9 October 2019 to Hon’ble Finance Minister and other Senior Member of the GST Council. However, final
disposal of the above representation made has not been received. The Group is of the view that the effective date of
The Group then requested the Commissioner of Prohibition of Excise for surrendering the LOI and requested for
applicability of 18% GST should be from 01 October 2021 only and accordingly no provision has been made in the
refund of the advance paid ` 275.00 lakhs vide letter dated 14 June 2017. However, the Group received a demand
books of account.
notice dated 9 February 2018 from the Government of Andhra Pradesh and Commissioner of Prohibition & Excise for
payment of the license fees of ` 2,725.00 lakhs in 11 quarterly instalments with first instalment being due on 26
January 2017 which remains unpaid.

Andhra Pradesh High Court vide order dated 20 October 2022, in case of another company in the industry, ruled that r) By its order dated 18 October 2022, the Aurangabad Mathadi and Unsecured Workers Board, Aurangabad has
the services by way of job work in relation to manufacture of alcoholic liquor for human consumption should be directed the Group to make the payment of ` 252.95 lakhs (31 March 2022 Nil) towards short payment of wages and
liable to 18% GST retrospectively. A special leave petition has been filed by that company with Hon’ble Supreme levy to the Mathadi Workers working at its unit situated at Plot No. 06, MIDC Area, Chikalthana, Aurangabad during
Court against such ruling of Andhra Pradesh High Court and is yet to be concluded. The Company has also been February 2010 to July 2017 (loading), August 2014 to December 2019 (Unloading) and September 2020 to June 2022
advised by senior counsel that the GST at 18% would not be payable with retrospective effect which is in line with (shifting/Carriage/Store) from the rates fixed by the Board for the period 2013-16, 2016-19, 2019-22. Challenging the
special leave petition filed by aforesaid company. order of the Board, Group has filed a writ petition before Bombay High Court, Aurangabad Bench seeking
suspension of operation of the order dated 18 October 2022 passed by the Board. While granting a conditional stay
Some of the State GST departments have raised demand for the differential GST amount as mentioned below for
of the order, the Court has directed the Company to deposit a sum of ` 50.00 lakhs (31 March 2022 Nil) along with an
which Group has filed its reply with the department that the Group through its Member Association CIABC has
undertaking to deposit balance amount on final conclusion. As per the Court directives, Company has deposited a
made various representation for clarification to the GST council and is awaiting response on this.
sum of ` 50.00 lakhs (31 March 2022 Nil) reflected under balance with statutory authorities (non-current) along with
State Unit name Period of Demand Demand (` lakhs) an undertaking. The matter is pending for filing the reply by the Mathadi Board.
Maharashtra Radico NV Distilleries
s) The Group received excise demand of ` 27.10 Lakhs (31 March 2022 ` 27.10 Lakhs) relating to low strength of ENA. The
Maharashtra Ltd July 2017 to July 2019 ` 63.06 (31 March 2022 ` 63.06)
Group had challenged the same with appropriate authority and has paid the amount under protest, which is
Odisha Hi Tech Bottling Limited July 2017 to November 2020 ` 81.12 (31 March 2022 ` 81.12)
disclosed under due from tie-up units (non-current). Rajasthan High Court had left it exclusively for the Excise
Odisha Shakti Maltare & Commissioner to take a decision, after examining all aspects of the matter. The Group had filed a writ petition in
Lemonade Pvt Ltd July 2017 to November 2019 ` 50.54 (31 March 2022 ` 50.54)
March 2020. The Rajasthan High Court, vide its order dated 15 November 2021 has quashed the orders of the Excise
Meghalaya C M J Breweries Pvt Ltd July 2017 to March 2019 ` 38.89 (31 March 2022 ` Nil) by allowing the writ petition with a direction to pay ` 0.10 Lakhs as compounding fee. An appeal has been filed by the
Andhra Pradesh Sentini Bio Products Pvt Ltd July 2018 to March 2020 ` 163.32 (31 March 2022 ` Nil) State Excise challenging the order before Principal Bench, Jodhpur bench of Rajasthan High Court.
Andhra Pradesh Sentini Beverages Pvt Ltd July 2017 to June 2018 ` 35.97 (31 March 2022 ` Nil) t) The Group was operating its business in the State of Uttar Pradesh by entering into an arrangement with Dhampur
West Bengal Cosmos Beverages Pvt Ltd July 2017 to December 2022 ` 87.70 (31 March 2022 ` Nil) Sugar Mills Limited (Dhampur). As per UP VAT Act, during pre-GST period i.e., before 30 June 2017, ENA in Uttar
Rajasthan Solkit Distillery and Pradesh was charged at Paisa 0.80 per litre for intra state purchase of ENA and Inter-state purchase was taxed at 2%
Brewery Pvt Ltd October 2017 to September 2021 ` 79.80 (31 March 2022 ` Nil) CST. Dhampur has received intimation of tax ascertained as being payable under Section 73(5) (Form GST DRC-01A)
from Office of Joint Commissioner, Moradabad, Uttar Pradesh for the FY 2019-20, 2020-21 and 2021-22 vide letter
o) Group has received summon notice dated 11 August 2020 from the Director General of GST Intelligence, Hyderabad dated 12 April 2023 alleging to pay GST on ENA for the following tax period for sale of ENA to the Group.
on applicability of GST on Distillery Wet Grain Soluble (DWGS) and Distillery Dry Grain Soluble (DDGS). On 20 June
2022, the Group has received Show Cause Notice on the subject matter from Directorate General of Goods and Financial Year Amount (` lakhs)
Services Tax Intelligence (DGGI), Telangana for an amount of ` 726.19 lakhs (31 March 2022 ` 726.19 lakhs). Aggrieved 2019-20 473.31
by the earlier orders, the Group has filed an appeal before High Court of Telangana at Hyderabad on 3 December 2020-21 458.98
2022. The company has filed the rejoinders in the hearing scheduled on 12 June 2023. The hearing of the matter is 2021-22 138.81
scheduled on 18 July 2023. The Company is discharging GST on DDGS and DWGS at 5% from 12 August 2020 . Total 1071.10
However, the Company has been advised by senior counsel, that the GST demand for the period prior to the issuance
Out of total liability raised on ENA supplier, our Group’s liability is restricted to ` 294.94 lakhs (Including Interest,
of the clarificatory Circular dated 06 October 2021 is not payable.
excluding penalty) (31 March 2022 Nil). Dhampur has filed appropriate response against the said intimation and is
p) During the year ended 31 March 2019, Group has received Income Tax assessment order from Income Tax awaiting response on the same
Department for A.Y. 2016-17 raising demand of ` 17.34 lakhs (31 March 2022 ` 17.34 lakhs). The said demand has arisen
due to non-granting of claim of TDS and TCS in respect of Wales Distillers Private Limited, which was merged with
the Group with the appointed date of 01 April 2015. The Group has made required representation before the
Assessing Officer for rectification of demand. The Group is confident of getting a favourable rectification order and
accordingly, no provision has been made in the books of account.
q) In the State of Uttar Pradesh, one of the ENA supplier has received order u/s. 74 of the GST Act for the period April
2022 to August 2022 from the Joint Commissioner, Saharanpur, Uttar Pradesh, raising demand of ` 360.40 lakhs
(including interest and penalty) (31 March 2022 Nil) in respect of supply of ENA to the Group without charging GST.
The Group has filed the appeal before the Appellate authority, for the period April to July 2022. For the month of
August 2022, the Group is in the process of filing the appeal.
The question of chargeability of appropriate Tax (whether UPVAT or GST) is subjudice before Apex Court of India as
UPVAT Authority, CIABC and International Spirits and Wines Association of India (ISWAI) has filed Special Leave
Petition before Apex Court, challenging Order of Allahabad High Court which has ruled that appropriate tax is not
UPVAT. The matter was scheduled for hearing on 10 April 2023, however the hearing got postponed. Next date of
hearing is yet to be announced.
Further, notice has been received in our Kerala unit from State Goods and Service Tax Department, Kerala raising
demand of ` 60.38 lakhs (31 March 2022 ` 60.38 lakhs) on alleged non-payment of GST on procurement of ENA during
the tax period 2017-18. The Group has responded to such notice. No further communication has been received from
State GST Department.

u) VAT liability on account of Business Surplus received by the Group from tie-up unit arrangements with third parties. 49. Revenue from contracts with customers
Financial Particulars Demand as at Demand as at The group determines revenue recognition through the following steps:
Year 31 March 2023 31 March 2022 1. Identification of the contract, or contracts, with a customer.
2011-12 The Group has received an order from the Joint Commissioner of 3,248.90 3,248.90
2. Identification of the performance obligations in the contract.
Sales Tax (Appeals) granting a stay on recovery of said demand
pending decision by the Hon’ble High Court of Bombay in the case 3. Determination of the transaction price.
of M/s Diageo India Pvt Ltd v/s State of Maharashtra.
4. Allocation of the transaction price to the performance obligations in the contract.
In view of above, no further provision is considered necessary in
5. Recognition of revenue when, or as, a performance obligation is satisfied."
the books at present.
In all cases, the total transaction price for a contract is allocated amongst the various performance obligations
The Group has filed appeal with Maharashtra Sales Tax Tribunal and
based on their relative stand-alone selling prices. The transaction price for a contract excludes any amounts
paid ` 9.87 lakhs (31 March 2022 ` 9.87 lakhs) under protest against
collected on behalf of third parties.
the said demand, which is shown under balance with statutory
authorities (non-current). At contract inception, the group assesses the goods and services promised in the contracts with customers and
identifies a performance obligation for each promise to transfer to the customer a good or service (or bundle of
2012-2013 The Group is in the process of filling an appeal with Maharashtra 290.31 - goods or services) that is distinct. To identify the performance obligations, the group considers all of the goods
Sales Tax Tribunal and services promised in the contract regardless of whether they are explicitly stated or are implied by
2013-2014 The Group is in the process of filling an appeal with Maharashtra 356.85 - customary business practices.
Sales Tax Tribunal The majority of customer contracts that the Group enters into consist of a single performance obligation for the
2015-2016 The Group has received an assessment order from Deputy 602.71 602.71 delivery of Indian made foreign liquor. The Group recognizes revenue from product sales when control of the
Commissioner of Sales Tax, in March 2020 against which, Group product transfers, generally upon shipment or delivery to the customer i.e. at a point in time. The Group records
has filed copy of appeal to Joint commissioner of State Tax dated product sales net of estimated incentives/ discounts, returns, and other related charges. These are generally
20 July 2020 and paid 0.49 lakhs, under protest, which is shown accounted for as variable consideration estimated in the same period the related sales occur. The methodology
under balance with statutory authorities (non-current). and assumptions used to estimate rebates and returns are monitored and adjusted regularly in the light of
The Commissioner has granted a stay on recovery of demand contractual and legal obligations, historical trends, past experience and projected market conditions. The
pending decision by the Hon’ble High Court of Bombay in a similar payment terms are generally less than a year.
case of M/s Diageo India Pvt Ltd v/s State of Maharashtra. a) Disaggregation of revenue :
2016-2017 The Group has received an assessment order from Deputy 582.58 582.58 Particulars 31 March 2023 31 March 2022
Commissioner of Sales Tax, Mazgaon dated 23 February 2021.
(i) Based on geographical markets
The Commissioner has granted a stay on recovery of said demand
pending decision by the Hon’ble High Court of Bombay in the case Within India 6,94,903.03 6,99,908.37
of M/s Diageo India Pvt Ltd v/s State of Maharashtra Outside India 12,996.60 17,079.28
Revenue from contracts with customer 7,07,899.63 7,16,987.65
2017-2018 The Group has received a Rectification order u/s. 24 of the MVAT 221.09 221.09
dated 06 December 2021 for the FY 2017-18 for a total demand of
(ii) Based on type of customer
` 198.70 lakhs (31 March 2022 ` 198.70 lakhs).
Government Corporation 3,21,934.33 3,91,133.69
For the similar period Group has received Rectification Order u/s. 9(2) Private parties 3,85,965.30 3,25,853.96
of the CST Act Maharashtra raising a total demand of ` 22.39 lakhs
(31 March 2022 ` 22.39 lakhs) of which the Group has already paid Revenue from contracts with customer 7,07,899.63 7,16,987.65
` 12.16 lakhs (31 March 2022 ` 12.16 lakhs) and same is shown under
balance with statutory authorities (non-current). The demand has b) Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price
arisen mainly due to the non-receipt of C Forms and F Forms, and
the Group has filed an appeal and the matter is pending to be heard. Particulars 31 March 2023 31 March 2022
Revenue as per contracted price 7,31,674.94 7,41,660.28
(B) Commitments:
Capital commitments (net of advances) ` 1,560.06 lakhs (31 March 2022 ` 708.56 lakhs). Adjustments (includes provisions estimated and adjustments there against)
Sales incentive (21,740.73) (23,423.10)
Discount (2,034.58) (1,249.53)
Revenue from contract with customers 7,07,899.63 7,16,987.65

50. Earnings per share 52. CSR Expenditure during the year:
Particulars Year ended Year ended As per the Section 135 of the Companies Act, 2013 every year the Company is required to spend at least 2% of its
31 March 2023 31 March 2022 average net profit made during the immediately 3 preceding financial years on the Corporate Social Responsibility
Net profit attributable to equity share holders 160.01 148.76 (CSR) activities. Following is the information regarding projects undertaken and expenses incurred on CSR activities.
Weighted average number of equity shares outstanding Particulars Year ended Year ended
during the year for Basic EPS 24,41,13,665 24,13,50,525 31 March 2023 31 March 2022
Weighted average number of equity shares outstanding (A) Gross amount required to be spent by the Company during the year 33.58 48.33
during the year for Diluted EPS 24,41,13,665 24,13,50,525 (B) Amount spent during the year on CSR activities]
Earnings per share: (a) For construction / acquisition of any assets - -
Basic EPS (in ` ) 0.07 0.06 (b) For purposes other than (a) above 30.00 34.88
Diluted EPS (in ` ) 0.07 0.06 30.00 34.88
Face value per share (in ` ) 2.00 2.00 Shortfall during the year (A) 3.58 13.45
Calculation of weighted average number of equity shares Unutilised excess CSR spend as at the beginning of the year (B) 123.30 136.75
outstanding during the year for Basic EPS:
Unutilised excess CSR spend as at the end of the year (B-A) 119.72 123.30
Weighted average number of Equity shares for basic EPS (A) 24,41,13,665 23,55,66,665
Effect of dilution number of equity shares on conversion of CCD (B) # - 57,83,860 Nature of CSR activities
Weighted average number of equity shares outstanding during Promoting healthcare, education facilities, COVID 19 relief, and betterment of communities around the group's
the year for Basic EPS (A+B) 24,41,13,665 24,13,50,525 manufacturing sites. There are no related party transactions. There are no ongoing projects on which CSR
expenditure is made.
#Weighted average number of equity shares = Amount received on issue of CCD / Rate per CCD * Number of days
from date of issue / 365. Refer note 63 for terms of CCD. 53. The Government of Bihar by its notification dated 5 April 2016 imposed a ban on trade and consumption of Indian
Made Foreign Liquor and foreign liquor in the state of Bihar. The Company had received a letter dated 16 August 2017
51. Segment reporting from the Government of Bihar, stating that it is not liable to refund the aforesaid statutory duties under the Bihar
(a) Business segment Prohibition and Excise Act, 2016.
The group is engaged in the business of manufacture, purchase and sale of alcoholic beverages. Operating segment
Thereafter, on 17 October 2017, the Company filed a writ petition before the Hon'ble High Court of Patna seeking
are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker
refund of the aforesaid statutory duties, paid by the Company to the Government of Bihar. The Company had sought
(CODM). The CODM regularly monitors and reviews the operating result of the whole group as one segment of
from the Government of Bihar refund of statutory duties i.e., VAT, excise duty, license fee, bottling fee etc. paid
"Alcoholic beverages/liquids". Thus, as defined in Ind AS 108 “Operating Segments”, the group’s entire business falls
aggregating ` 3,124 lakhs (including statutory duties paid by the Company's tie-up manufacturers) under the
under this one operational segment. The group has not presented any other significant information to the CODM.
applicable law at that time, in respect of billed stocks destroyed/ returned by Bihar State Beverages Corporation
Limited ("BSBCL").
(b) Entity wide disclosures
Revenue of ` 113,104.91 lakhs (previous year ` 252,818,19 lakhs) is derived from the external customer, that individually Meanwhile, the Hon'ble High Court of Patna directed the respondent i.e. Government of Bihar to quantify the refund
accounted for more than 10% of the total revenue. payable to the petitioners and the date of hearing was set as 31 October 2018. Out of the above VAT and Excise
department has processed ` 1,062 lakhs till 31 March 2019.
Subsequent to the above, Patna High Court vide order dated 30 April 2019 directed the Principal Secretary cum
Commissioner, Commercial Taxes and the Commissioner, Excise vide preceding under writ applications in CWJC
Nos.15316 of 2017 and 13165 of 2018 to consider and dispose of the claims by a speaking order after opportunity of
hearing within 3 months of receipt/production of a copy of this order.
In consequence, the Order of the Deputy Commissioner Excise dated 16 August 2017 is set aside.
During the year ended 31 March 2022, the Company has received ` 239.26 lakhs out of the recoverable balance of
` 2,334.56 lakhs as on 31 March 2021. There was no receipt during 1 April 2022 to 31 March 2023.
The Balance recoverable of ` 2,095.30 lakhs as at 31 March 2023 is considered good and receivable based on the
favourable Order issued by the Hon'ble High Court of Patna dated 18 May 2017 and dated 30 April 2019. The same is
disclosed under Note 10 "Due from tie-up units".
Subsequently, the aforesaid referred writ petition was heard on 9th July 2020 through virtual court proceedings.
Notices have been issued upon the respondent State of Bihar and its functionaries and they have been directed to
file counter affidavit within four weeks, which is not yet filed. Later, writ application was heard on 12 October 2020 and

The Company’s subsidiaries as at reporting date are set out below. Unless otherwise stated, they have share capital consisting solely of equity shares that
are held directly by the Company, and the proportion of ownership interests held equals the voting rights held by the Company. The country of incorporation
consolidated Amount
(133.88)
(139.43)
(66.67)
(44.99)
(112.01)
(110.86)
(0.85)
(0.16)
(97.80)
(115.61)
(2.15)
(7.19)
79.73
(26.24)
200.07
204.48
533.70
648.96
-
Share in total compre-
hensive income/ (loss)
12 November 2020 by the Hon'ble High Court through virtual court proceedings and the Hon'ble Court on the
request of the State Counsel had granted two weeks further time to file counter affidavit. The Company was directed
to file a rejoinder within a week thereafter. It was indicated in the order that no further adjournments shall be
total compreh-
ensive income
266.76%
317.37%
-66.92%
-68.19%
-33.32%
-22.00%
-55.99%
-54.22%
-0.42%
-0.08%
-48.88%
-56.54%
-1.07%
-3.52%
0.00%
0.00%
39.84%
-12.83%
100.00%
100.00%
% of
granted to file the counter affidavit. The Hon'ble Court had directed that no coercive action against the Company
shall be taken in the meantime. The aforesaid mentioned writ application for refund of excise levies and for quashing
of the BSBCL demand was heard on 1 February 2021 and adjourned to 12 April 2021 for completion of pleadings. No
hearing was held thereafter. The Company has a no coercive order in their favour.
54. Leases
consolidated Amount
40.06
55.72
40.06
55.72
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Share in other compre-
hensive income/ (loss)
Group as lessee
The group’s leased assets primarily consist of leases for land, building and machinery. Leases of land, building and
machinery generally have lease term between 10 years to 95 years, 2 to 5 years and 2 to 10 years respectively. The
100.00%
OCI
100.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
100.00%
% of
leases includes non-cancellable periods and renewable option at the discretion of lessee which has been taken into
consideration for determination of lease term.
i) Set out below are the carrying amounts of right of use assets and the movements during the year :
Amount
(133.88)
(139.43)
(66.67)
(44.99)
(112.01)
(110.86)
(0.85)
(0.16)
(97.80)
(115.61)
(2.15)
(7.19)
(26.24)
493.64
593.24
79.73
160.01
148.76
Opening right of use assets 13,044.20 13,620.39
-
Share in profit/ (loss)
Additions 337.38 257.60
Deletions (26.70) (428.32)
consolidated
profit
308.51%
398.79%
-83.67%
-93.73%
-41.67%
-30.24%
-70.00%
-74.52%
-0.53%
-0.11%
-61.12%
-77.72%
-1.34%
-4.83%
0.00%
0.00%
49.82%
-17.64%
100.00%
100.00%
% of
Charge for the year (383.69) (405.47)
Closing right of use assets 12,971.19 13,044.20
ii) Set out below are the carrying amounts of lease liabilities and the movements during the year :
Amount
(545.75)
(445.58)
(2.44)
(1.59)
(825.20)
(727.42)
(399.79)
(397.64)
(7,657.89)
(6,884.66)
42,435.80
41,902.10
3,804.30
3,098.18
3,800.18
3,866.85
0.10
1.00
40,610.31
40,410.24
Net Assets, i.e. total assets
Opening lease liability 1,589.35 1,980.06
minus total liabilities

Additions 337.38 257.60
Termination (28.17) (455.56)
consolidated
net assets
104.50%
103.69%
9.37%
7.67%
9.36%
9.57%
-1.34%
-1.10%
-0.01%
0.00%
-2.03%
-1.80%
-0.98%
-0.98%
0.00%
0.00%
-18.87%
-17.05%
100.00%
100.00%
% of
Accretion of interest 175.27 199.60
Payment of interest (175.27) (199.60)
Payment of principle (258.43) (192.75)
Closing lease liability 1,640.13 1,589.35
The weighted average rate applied is in the range of 11.30% to 11.50%
31 March 31 March
2022
N.A.
100%
100%
100%
100%
100%
100%
85%
100%
% of effective
holding as at
iii) The following are the amounts recognised in the statement of profit and loss:
2023
N.A.
100%
100%
100%
100%
100%
100%
85%
100%
31 March 2023 31 March 2022
Depreciation expense of right-of-use assets 383.69 405.47
55. Interest in other entities - subsidiaries

Interest expense on lease liabilities 175.27 199.60
is also their principal place of business.
India
Country of
incorporation
India
India
India
India
India
Expense relating to short-term and cancellable leases
India
India
Scotland
India
India
(included in other expenses) 794.09 620.09
Total amount recognised in the statement of profit and loss 1,353.05 1,225.16
iv) The undiscounted maturity analysis of lease liabilities is as follows:

Particulars within 1 year 2-5 years 5-10 years 10 years and above Total
and consolidation adjustments

Allied Blenders and Distillers
Allied Blenders and Distillers

31 March 2023
Sarthak Blenders & Bottlers

Limited (w.e.f. 15 July 2021)
Limited (w.e.f. 15 July 2021)

(Formerly known as Allied
NV Distilleries & Breweries
Intercompany elimination
Subsidiaries (Domestic):
Madanlal Estates Private

Lease payments 476.87 1,503.40 138.24 16.99 2,135.50
Bottlers Private Limited

Blenders and Distillers
Deccan Star Distilleries

ABD Dwellings Private
Subsidiaries (Foreign):
Name of the entities
India Private Limited

Finance charge 170.86 308.39 12.17 3.95 495.37
Allied Blenders and
(w.e.f. 15 June 2022)

Chitwan Blenders &
(AP) Private limited
07 November 2022)
(UK) Limited (w.e.f.
Distillers Limited
Maharashtra LLP
Private Limited)
31 March 2022
Private Limited
31 March 2022
31 March 2022
31 March 2023
31 March 2023
31 March 2022
31 March 2023
31 March 2022
31 March 2023
31 March 2022
31 March 2022
31 March 2023
31 March 2022
31 March 2023
31 March 2022
31 March 2023
31 March 2022
31 March 2023
31 March 2023
31 March 2023
31 March 2023
Lease payments 369.46 1,382.91 429.23 20.36 2,201.96
Finance charge 162.73 403.40 40.98 5.50 612.61
Parent:
Total
56 CWIP ageing schedule 58. Trade payables ageing schedule

31 March 2023
The ageing schedule for CWIP is as below:
Particulars Outstanding for following periods from due date of payment Total
Amount in CWIP for a period of Total
Projects in Progress Less than 1 year 1-2 years 2-3 years More than Unbilled Not due Less than More than
3 years 1 year 1-2 years 2-3 years 3 years
As at 31 March 2023 816.96 22.64 25.28 537.85 1,402.73 (i) Total outstanding
As at 31 March 2022 898.45 37.83 40.01 508.94 1,485.23 dues of micro
Projects temporarily suspended - - - - - enterprises and
small enterprises - 8,728.61 7,391.90 168.52 8.32 15.53 16,312.88
There are no projects in progress whose completion is overdue or has exceeded its cost compared to its original plan.
(ii) Total outstanding
dues of creditors
57. Trade receivables ageing schedule other than micro
31 March 2023 enterprises and
Particulars Outstanding for following periods small enterprises 7,396.81 20,893.66 11,217.52 574.16 83.66 109.71 40,275.52
from due date of payment Total (iii) Disputed dues of
micro enterprises
and small enterprises - - - - - - -
(iv) Disputed dues of
(i) Undisputed Trade receivables -
creditors other than
considered good 90,270.79 1,282.09 3,537.73 227.53 119.44 95,437.58
micro enterprises
(ii) Undisputed Trade Receivables -
credit impaired 13.75 71.46 223.54 320.60 988.96 1,618.31
(iii) Undisputed Trade Receivables - Total 7,396.81 29,622.27 18,609.42 742.68 91.98 125.24 56,588.40
in credit risk - - - - - - 31 March 2022
(iv) Disputed Trade Receivables -
Particulars Outstanding for following periods from due date of payment Total
considered good 4.71 1.72 - 222.32 95.03 323.78
(v) Disputed Trade Receivables - Unbilled Not due Less than More than
credit impaired 2.51 - - 62.69 1,009.29 1,074.49 1 year 1-2 years 2-3 years 3 years
(vi) Disputed Trade receivables - (i) Total outstanding
which have significant dues of micro
increase in credit risk - - - - - - enterprises and
Total 90,291.76 1,355.27 3,761.27 833.14 2,212.72 98,454.16 small enterprises - 1,378.63 14,929.27 14.84 - 5.85 16,328.59
(ii) Total outstanding
31 March 2022 dues of creditors
Particulars Outstanding for following periods other than micro
from due date of payment Total enterprises and
small enterprises 11,522.11 4,259.08 21,168.98 243.96 14.58 100.27 37,308.98
(iii) Disputed dues of
micro enterprises
(i) Undisputed Trade receivables -
considered good 89,644.41 3,047.48 1,136.93 1,349.62 224.75 95,403.19
(iv) Disputed dues of
(ii) Undisputed Trade Receivables - creditors other than
credit impaired 14.27 9.26 285.58 49.06 1,200.80 1,558.97 micro enterprises
(iii) Undisputed Trade Receivables - and small enterprises - - - - - - -
Total 11,522.11 5,637.71 36,098.25 258.80 14.58 106.12 53,637.57
in credit risk - - - - - -
(iv) Disputed Trade Receivables -
considered good - - - - - - 59 Loans and Advances to promoters, directors, KMPs and the related parties
(v) Disputed Trade Receivables - Sr Name of the Entities Relationship At at % to total As at % to total
No 31 March 2023 loans and 31 March 2022 loans and
credit impaired - 1.08 118.37 41.47 797.96 958.88
advances^ advances^
(vi) Disputed Trade receivables -
which have significant 1. Utpal Kumar Ganguli Key management personnel
increase in credit risk - - - - - - (till 31 March 2022) NA NA 406.20 98.81
Total - - 406.20 -
Total 89,658.68 3,057.82 1,540.88 1,440.15 2,223.51 97,921.04
^Represents percentage to the total loans and advances in the nature of loans

60 Details of transactions and balances with struck off companies 62. The Company has a working capital limit in excess of ` 500 lakhs sanctioned by banks and financial institutions
based on the security of current assets. The quarterly returns/statements, in respect of the working capital limits
Sr Name of the Entities Nature of Transactions Transactions during the year Balance As at have been filed by the Company with such banks and/or financial institutions and such returns/statements are in
No FY 22-23 FY 21-22 31-Mar-23 31-Mar-22 agreement with the books of account of the Company for the respective periods which were not subjected to
1. Green Park Hotels & audit/review, except for the following:
Resorts Limited Payable 0.43 - - -
Sr Name of the Bank Financial Aggregate Nature Period Nature of Amount Amount Difference
2. The Greens Limited Receivable - 10.60 - 7.36 No institution working of assets items disclosed as per
capital offered as per books of
Total 0.43 10.60 - 7.36 limits as per return accounts
sanctioned security
61. Ratios 1. Axis Bank, State Bank of India, 27,036.00 Current 3 months Net Sales 64,387.00 64,387.00 -
Following are the ratios computed for the year: Yes Bank, South Indian Assets period Current 1,36,782.00 1,35,340.00 (1,442.00)
Ratios Unit Basis Year Year Variance Reasons Bank, CSB Bank, Saraswat ended Asset
ended ended % Cooperative Bank, IDFC, 30 June Current 1,32,918.00 1,41,918.00 9,000.00
31 March 31 March IndusInd Bank 2022 Liabilities
2023 2022
2. Axis Bank, State Bank of India, 27,036.00 Current 6 months Net Sales 1,50,308.00 1,48,950.33 (1,357.67)
Current Ratio Times Current Assets 0.94 0.89 4.96 NA Yes Bank, South Indian Bank, Assets period Current 1,48,760.00 1,53,657.00 4,897.00
Current Liabilities
CSB Bank, Saraswat Cooperative ended 30 Assets
Debt-Equity Ratio Times Total Debt 1.92 2.10 (8.26) NA Bank, IDFC, IndusInd Bank September Current 1,58,819.00 1,61,511.00 2,692.00
Total Shareholders Equity 2022 Liabilities
Debt Service Times Earnings for debt service 0.97 0.74 30.74 Due to 3. Axis Bank, State Bank of India, 32,036.00 Current 9 months Net Sales 2,37,430.00 2,37,570.56 140.56
Coverage Ratio* Debt service lower net Yes Bank, South Indian Bank, Assets period Current 1,57,557.00 1,57,287.00 (270.00)
repayment
CSB Bank, Saraswat Cooperative ended 31 Assets
of debt as
Bank, IDFC, IndusInd Bank December Current 1,67,663.00 1,70,609.00 2,946.00
compared
to last year 2022 Liabilities
Return on Equity Ratio/ Profit After Tax 0.39% 0.38% 4.33 NA 4. Axis Bank, State Bank of India, 31,036.00 Current Year Net Sales 3,13,544.00 3,14,662.88 1,118.88
Return on investment Percentage Average Shareholders Equity Yes Bank, South Indian Bank, Assets ended Current 1,63,503.00 1,65,875.00 2,372.00
CSB Bank, Saraswat Cooperative 31 March Assets
Inventory Days Cost of Goods Sold 49.14 46.96 4.66 NA
Bank, IDFC, IndusInd Bank 2023 Current 1,58,180.00 1,60,351.00 2,171.00
Turnover Ratio** Avg. Inventory
Liabilities
Trade Receivables Days Revenue from operations 49.10 46.18 6.33 NA
turnover ratio Average Trade Receivables *Trade receivables are considered gross of provision and Inventories are considered gross of provision but net of excise
duty in the quarterly returns filed by the Company. Also, figures are updated for book closure entries recorded post
Trade Payables Days Credit Purchases 95.31 115.66 (17.59) NA submission of returns/statements to banks/financial institutions.
turnover ratio# Average Trade Payables
Net Capital Times Revenue from Operations 17.50 17.81 (1.75) NA
turnover ratio Total Equity
Net profit ratio ## Percentage Net Profit After Tax 5.09% 5.54% (8.19) NA
Net sales
Return on Capital Percentage Earnings before Interest & Tax 12.60% 12.58% 0.15 NA
Employed $ Capital Employed
*Earnings for debt service = Net profit after taxes + depreciation and amortisation, Debt service = Interest & Lease
Payments + Principal Repayments
**Cost of Goods Sold = Cost of Materials Consumed + Purchases of Stock-in-Trade + Changes in Inventories; Average
Inventory = (Opening Inventory + Closing Inventory)/2
#Credit Purchases = Purchase of Raw Materials on credit included in Cost of Materials Consumed + Purchase of
Stock-in-Trade + Other Purchases; Average Trade Payables = (Opening Trade Payables + Closing Trade Payables)/2
## Net Sales = Total sales - sales return- Excise Duty
$Capital Employed = Tangible Net Worth + Total Debt + Deferred Tax Liability, Tangible Net worth = Total assets -Total
liabilities - Other intangible assets- Goodwill

63. Compulsory Convertible Debentures 68. Other Statutory Information

The Company received the sum of ` 10,000 lakhs from Oriental Radios Private Limited, a promoter entity and related a The title deeds of all the immovable properties held by the group (other than properties where the group is the
party as application money towards allotment of 8.5% Compulsorily Convertible Debentures (convertible securities) lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the group.
on 14 June 2021. However, the application money was subsequently refunded to the party within the prescribed
time. On 8 July 2021, the Company has again received ` 10,000 lakhs towards allotment of convertible securities and b The group has not revalued its Property, Plant and Equipment or intangible assets during the year.
the allotment was completed within statutory timelines.
c The group do not have any Benami property, where any proceeding has been initiated or pending against the group
On 27th July 2021, the Company has issued 8,547,000 compulsory convertible debentures (CCD) to Oriental Radios for holding any Benami property.
Private Limited. Coupon on CCD is 8.5% which is to be paid in quarterly instalments. The holder shall have the right d The group do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period
to exercise the conversion option of all or part of the CCDs at anytime after the expiry of 60 months after the date of
e The group have not traded or invested in Crypto currency or Virtual Currency during the financial year.
allotment of CCDs at a conversion ratio of 1:1. In the event, the Company proposes a listing at anytime after the date
of CCD subscription, then subject to the Company having obtained prior consent of the holder, immediately prior to f The group have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
filing of a draft red herring prospectus (‘DRHP’) with the Securities Exchange Board of India (SEBI) / Concerned entities (Intermediaries) with the understanding that the Intermediary shall:
authority in connection with such listing, or such later date as may be permitted by SEBI / concerned authority in (i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
accordance with the applicable law, all CCDs that have not been converted into equity shares shall convert into behalf of the group (Ultimate Beneficiaries) or
equity shares without any further Act by or on behalf of the holder of CCDs.
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
Since the company has filed Draft Red Herring Prospectus on 28 June 2022, Oriental Radios Private Limited has g The group have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
been allotted the Equity Shares pursuant to the conversion of 8,547,000 CCDs of face value of ` 117 each, into with the understanding (whether recorded in writing or otherwise) that the group shall:
8,547,000 Equity Shares of the Company at a premium of ` 115 per Equity Share on 20 June 2022.
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
64. On 8 July 2021, the Company decided to recall its advance provided to Ashoka Liquors Private Limited (a related behalf of the Funding Party (Ultimate Beneficiaries) or
party) amounting ` 7,500 lakhs, which has been received on 8 July 2021. Consequently, the Company and Ashoka (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
Liquors Private Limited have mutually decided to redeem the NCCPS issued by the Company and NCCPS has been
h The group have not any such transaction which is not recorded in the books of accounts that has been surrendered
redeemed on 8 July 2021.
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or
65. ABD Foundation was incorporated on 4 September 2020 as a Section 8 private company limited by guarantee. The survey or any other relevant provisions of the Income Tax Act, 1961
company was subscriber to the memorandum of association of ABD Foundation which was wholly guaranteed by i The title deeds of all the immovable properties (which are included under the head ‘Property, plant and equipment’)
the Company. ABD Foundation was formed to carry out CSR activities on behalf of the Company such as eradicate are held in the name of the group.
hunger, poverty and malnutrition, promoting preventive health care and sanitation and making available safe
j The group has complied with the provision related to number of layers as prescribed under section 2(87) of the
drinking water, promoting education, including special education and employment enhancing vocational skills, etc.
Companies Act read with Companies (Restriction on number of Layers) Rules, 2017.
As per Ind AS 110, ABD Foundation is controlled by the company and hence the activities/ transactions of ABD
Foundation has been considered/ included in the Standalone Financial Statements of the company. During the k The group has not entered into any scheme of arrangement which has an accounting impact on the current or
previous financial year.
period, the company has given amount of ` 0.10 lakhs (31 March 2022 ` 0.01 lakhs) and total outstanding as at the
balance sheet date is ` 0.52 lakhs (31 March 2022 ` 0.42 lakhs) l Group is not a declared willful defaulter by any bank or financial Institution or other lender
66. The Company has entered into a share purchase agreement (SPA) dated 15 July 2021 to acquire the entire The accompanying notes form an integral part of the consolidated financial statements
shareholding of ABD Dwellings Private Limited and Madanlal Estates Private Limited, at their respective face value This is a summary of significant accounting policies and other explanatory information referred to in our report of
of ` 10 each for a consideration of ` 1 lakh and ` 1 lakh, respectively. Consequent to the said purchase, both these even date.
entities have become wholly owned subsidiaries w.e.f. 15 July 2021. The acquisition have been accounted as per asset
acquisition method. Details of the net assets and liabilities acquired as on the date of purchase are as follows:
Particulars ABD Dwellings Madanlal Estates Total Chartered Accountants Distillers Limited (formerly known as Allied Blenders and
Private Limited Private Limited Firm Registration No: 001076N / N500013 Distillers Private Limited)
Total Assets 1,918.50 3,784.10 5,702.60
Total Liabilities 2,101.40 3,852.30 5,953.70 Partner Executive Deputy Chairman Executive Director
Net Assets (182.90) (68.20) (251.10) Membership No. 108840 DIN: 00504801 DIN: 07130542
Less: Purchase Consideration 1.00 1.00 2.00 Place: Mumbai Place: Mumbai Place : Mumbai
Adjusted to Assets (183.90) (69.20) (253.10) Date: 21 June 2023 Date: 21 June 2023 Date: 21 June 2023

67. The figures of the previous years have been regrouped / rearranged wherever necessary. Equity component of Chief Financial Officer Company Secretary & Chief Legal Officer
compound financial instrument Nil (31 March 2022 : ` 9,529.18 lakhs) was presented as a separate line item within A14037
equity during 31 March 2022 which is reclassified as part of Other Equity to comply with guidance note on Schedule
III Companies Act 2013. Place: Mumbai Place: Mumbai

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CHEER TOGETHER.

ANNUAL REPORT 2022-23

Constantly Innovating THE PATRONS - BOARD OF DIRECTORS

Professional and Personal Integrity DIRECTORS’ REPORT

INDEPENDENT AUDITOR’S REPORT &

INDEPENDENT AUDITOR’S REPORT &

ANNUAL REPORT 2022-23

TRANSFORM TO WIN. all our stakeholders.

ANNUAL REPORT 2022-23 02

SHEKHAR RAMAMURTHY ARUN BARIK RAMAKRISHNAN RAMASWAMY BIKRAM BASU

GOPI NAMBIAR RALIN CUNHA GOMES RITESH SHAH ARVIND PADHI

ANNUAL REPORT 2022-23 04

Officer's Choice Whisky, the renowned flagship brand of Allied

Continuing to set new standards of excellence, the brand has

One notable achievement was the initiation of transition from

These milestones reflect the brand's commitment to delivering

*Source – Millionaire’s Club 2023 Report

ANNUAL REPORT 2022-23 06

Officer's Choice Blue brings together a fine

In terms of packaging, Officer's Choice Blue

To engage consumers, the brand launched a

The brand achieved a notable sales volume

Officer's Choice Blue also proudly served as

ANNUAL REPORT 2022-23 08

Since its introduction in 2017, Sterling Reserve has consistently achieved

Sterling Reserve Blend 10 showcases a flawless blend of imported Scotch

Through captivating and consistent consumer activities, Sterling Reserve

ANNUAL REPORT 2022-23 10

Kyron offers an exceptional blend that captures the essence of its

Kyron's commitment to excellence and superior blend quality has

Class 21, an exceptional grain vodka, is meticulously crafted to evoke a

ANNUAL REPORT 2022-23 12

In 2022, Jolly Roger Rum underwent a transformative brand

OFFICER’S CHOICE STAR

Officer's Choice Star Whisky, a value variant of Officer's Choice,

In Karnataka, the brand executed a Display Contest for retailers and

2020 also saw Officer's Choice Star’s successful launch in Africa,

ANNUAL REPORT 2022-23 14

Available in 1L, 750ml, 375ml, 180ml and 90ml

OFFICER’S CHOICE RUM

Officer's Choice Rum is remarkable and offers a truly captivating experience, as it

This remarkable accomplishment is a testament to the brand's continued

Available in 1L, 750ml, 500ml, 375ml, 180ml and 90ml

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STERLING RESERVE B7 WHISKY COLA MIX

We introduced an exciting innovation known as Sterling Reserve B7 Whisky Cola Mix,

STERLING RESERVE PREMIUM CELLAR BRANDY

Sterling Reserve Premium Cellar Brandy is an exclusive product tailored specifically

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During the year under review:

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10. KEY MANAGERIAL PERSONNEL 14. COST AUDITORS

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21. NUMBER OF BOARD MEETINGS: Nomination and Remuneration Committee (‘NRC’):

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