EPL LIMITED — Annual Report 2022

Sustainability Commitment at EPL
Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

EPL Limited, headquartered in Mumbai, India, is one of the world's leading speciality packaging companies.

Driven by our differentiating attributes of innovation, customer service, and value- leadership, we have been on an illustrious growth path since our inception in 1982

and have become the preferred packaging partner to the world's largest FMCG brands.

Our global manufacturing footprint comprises over 20 state-of-art facilities in nine countries - China, Colombia, Egypt, Germany, India, Mexico, the Philippines, Poland, and the United States.

Our diverse, strong and committed workforce of over 3,200 people (drawn from 21 different nationalities), has helped us in achieving the milestone of manufacturing and supplying over eight billion tubes annually.

"Leading the Pack Sustainably" reflects on our ambition as the global leader in the area of Sustainable Packaging

Planet

28% Reduction in total emission compared to FY21

25**%** Reduction in energy consumption compared to FY21

Million tubes made out of recyclable laminates 300**+**

	Performance
H million	FY22	FY21	Growth	Sales by region
Revenue	34,328	30,916	11.0%		16.8%
EBITDA	5,783	6,155	(6.0)%		EBITDA Margin
Net Profit	2,144	2,391	(10.3)%
EPS (H)	6.79	7.58	(10.4)%
ROCE (%)	15.0	19.7	(477)bps
Net Debt	4,645	3,127	48.5%	l AMESA: 34%l EAP: 24%	15.0%
Capex	2,755	1,760	56.5%	l America: 21%l Europe: 21%	Return on CapitalEmployed

Capital Efficient, Consistent Earnings Growth

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Greening Lives, Sustaining Communities

Commitment at EPL Sustainability-

CLIMATE change is a significant threat, and we can do a lot to mitigate it, whether it's by lowering emissions, reducing our carbon footprint, conserving energy, or collaborating with others to make a major difference. This is more than a goal; it is our pledge to make the world a better place. At EPL, we believe that we can make a significant contribution to environmental protection and resource optimisation for future generations. We have integrated sustainability into our company's strategy, procedures, and core operations, and are developing

a comprehensive sustainability roadmap that will define and lay out our objectives and action plans for transforming our operations in a more sustainable and profitable manner.

We plan to work with and encourage our value chain partners - suppliers and customers - to make ethical business decisions. ESG is a holistic priority area for us at EPL, encompassing Product, Process and People Sustainability.

EPL has joined the United Nations Global Compact (UNGC) in January 2022 to take responsible actions for achieving a better world. We are committed to integrating the UNGC's Ten Principles on Human Rights, Labour, Environment, and Anti Corruption as a part of our business strategy and company culture and support the UN's 17 Sustainable

Development Goals (SDGs).

EPL has become a signatory to the Global Commitment towards building a circular economy, an initiative led by the Ellen MacArthur Foundation in collaboration with the UN environment programme.

This commitment is a significant step towards accelerating our sustainability journey.

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Sustainability - Commitment at EPL

Greening Lives, Sustaining Communities

As plastics are gaining share in Packaging, we believe "Product Sustainability" is not a choice anymore. It is our very permission to operate, anywhere in the world.

Creating a circular economy, designed to simultaneously benefit businesses, society, and the environment is crucial. We need to reimagine entire value chain. Linear 'takemake-waste' models of the past are passé, and we need to design for regeneration, gradually decoupling growth from the consumption of finite resources. Hariharan K Nair, President, Creativity & Innovation

Platina and Platina Pro tubes with less than 5% barrier resin have Recognition from the association of Plastics Recyclers (APR), USA, as meeting or exceeding the most strict APR HDPE Critical Guidance criteria.

EPL's Etain tubes has won the European Tube Manufacturers Association's (ETMA) award in the "Sustainability" category

We are committed to developing sustainable products that customers want, and their end users expect. Therefore, we offer products that qualify under all the 3R of sustainability Recycle, Reduce and Reuse. Innovation coupled with the high quality-controlled process, operational excellence, and technology leadership provides us the all important competitive edge while reducing waste.

Research & innovation

A core value of EPL is 'Disciplined Creativity', which is a seemingly paradoxical approach to being agile and to having a hunger for more that unlocks unlimited opportunities Innovation (C&I)' function at EPL leads the research and development of innovative and sustainable products

for success. The 'Creativity and

and are the key drivers of our growth as a leading global player. The C&I team has successfully amalgamated its deep knowledge of polymer science, conversion process and engineering to focus on developing sustainable tubes. The innovation team leads the research in areas such as barrier science, product resistivity, product migration, scalability, and regulatory compliance. Furthermore, the product development teams build on this research and interact with customers to provide appropriate solutions like structure finalisation, colour, shoulder and cap type, and decoration possibilities. Based on approvals, we then develop mockup samples and undertake stability studies with ingredient materials. Every year at EPL, we spend around 2% of our total annual revenue towards investment in innovation.

As a responsible producer of laminates and tubes, we ensure that our products are not just safe to handle, but can be properly managed and disposed of even after use.

Over last two years, a sizeable amount has been spent on developing products that are recyclable, reusable and reducible.

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From the MD & CEO's desk

Product Sustainability

Greening Lives, Sustaining Communities

Auditors Reports - Standalone Financial Statements - Standalone Auditors Reports - Consolidated

With renewed energy at EPL, we have adopted three-pronged approach towards innovation.

Market-led innovation

Our customer needs define and form the core of our research activities. We get involved with our customers to conceptualise path-breaking and innovative ideas and execute them. We provide customized and novel product packaging solutions for various applications. These applications may broadly be categorized into Beauty & Cosmetics, Pharma & Health, Food & Home and Oral care segments.

Technology-driven innovation

For a sustainable future for all, EPL is developing its capabilities to partner with customers and abreast them on evolving customers behaviour, market and categories that are growing. For this, EPL is working towards providing newer and better functionality to the tubes such as soft touch, high clarity - UV barrier, authentic and holographic technologies etc.

Reduce

Using next generation polymers, design, and recipes to develop webs with enhanced functionality, that can help in reducing the thickness and

lead to source reduction.

Reuse EPL seeks raw materials that can protect the product and have lower environmental and social impact. With packaging innovation at the heart of our value chain for driving sustainability, we strive to include more post-consumer recycled (PCR) material having FDA NON. PCR materials have lower carbon footprint than virgin materials. By using PCR in the tube sleeves and shoulders thus enables the reuse of resins and reducing fresh demand. At present we offer tubes with up to 50% PCR content. From previous year our sales of PCR laminate has doubled for Etain tubes in quantity. EPL is also exploring the usage of Post Industrial Recycled Resins as an alternative to virgin resins. EPL aspires for the day, when every tube made by us will have a composition of PCR or PIR resins in it.

Recycle

We have focused on replacing traditional barrier materials like Aluminum foil and Ethylene Vinyl Alcohol (EVOH) with water based barrier coatings that are recycle friendly. This has effectively made 100% of the tube material recyclable into the PE stream. Our fully recyclable Platina tube and caps are certified as 100% recyclable by The Association of Plastic Recyclers (APR) and RecyClass European certification for 'Code 2' (recycling), making it the first specialty packaging tubes and caps to be recognised as 100 per cent recyclable, globally. This year, Platina laminate has been a highlight as its acceptance and demand has increased 10 times by quantity as compared to FY2019-20.

EPL has a clear 3-R approach for its product portfolio development thus contributing to a circular economy:

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Greening Lives, Sustaining Communities

Process Sustainability

EPL drives sustainability across its global operations and strives to reduce its environmental impact. Over three decades, we have been the customer's preferred choice for many reasons, but foremost being our mastery in technology.

We have always stayed at the forefront of technology to deliver better quality, at lower cost, and lesser time. Our movement towards greater digitisation, automation, and continuous process improvement is focused towards maintaining our lead in reducing the GHG emissions, improving energy management, and ensuring water security and waste reduction.

We have adopted a proactive approach to address environmental and social impact of our operations by integrating Harmonized Manufacturing Policy in our operations. Our Harmonised Manufacturing Policy (HMP) reaffirms our commitment to environmental performance and provides precise environmental management requirements that must be met in operations. HMP provides an Integrated Management system and adopts clauses of ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 15378: 2017, ISO 22716: 2007, ISO 50001:2018, and BRCGS packaging materials issue. Through this policy, we adhere to operate in compliance with applicable environmental laws and EPL global EHS standards. This helps us conserve resources, minimise waste and avoid emissions and discharges from our operations.

Furthermore, we have engaged external certification bodies to rate and certify the application of these policies in addition to periodic internal audits and reviews. Internal reviews of environmental performance and environmental issues are conducted on a regular basis. Our factories have also undertaken a thorough Environmental Due Diligence Assessment (EDDA) to identify and quantify potential environmental, health, and safety hazards associated with their operations.

The focus areas on process sustainability are: Emission reduction, Energy conservation, Water stewardship and Waste management.

Energy Conservation

We believe that energy is the most crucial part of nation building and a key component in the wheel driving towards a more sustainable future. Through better operational efficiency, conservation techniques, and expanded incorporation of renewable energy sources in the energy mix, we are developing an energy efficient culture. We are making significant efforts to regulate the energy consumption at our operational locations to contribute to the nationally determined emissions targets set under the Paris Agreement.

The energy-intensive nature of our business activities not only stimulates us to reduce our energy consumption, but also to increase the percentage

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Process Sustainability

Greening Lives, Sustaining Communities

Auditors Reports - Standalone Financial Statements - Standalone Auditors Reports - Consolidated

of clean energy in the energy mix. We analyse our energy performance at all our operating locations on a regular basis to achieve resource conservation. Our commitment to responsible consumption drives us to look for ways to save energy and adopt eco-friendly alternatives.

Direct energy consumption includes the usage of fuel such as diesel and natural gas for various purposes. Indirect energy consumption includes the electricity purchased from the grid and energy from renewable sources. Our energy consumption this year has been 77,270 MWh, which is a reduction of 25% from the previous year.

Water Stewardship

Water is necessary for a healthy society, economy and environment. Today, 2 billion people living in water stress nations - the difference

between water availability and use is a serious issue. We are committed to use water responsibly to enhance water efficiency. As water stewards, we are working to preserve and safeguard water resources via innovation and collective action, with the goal of ensuring that everyone has access to a secure and reliable water supply in the future. Our business operations are not water intensive. There is a minimal dependency of operational activities on water as it is utilized only for cooling purposes, and not involved in production-related activities. Whenever possible, we attempt to reduce the amount of fresh water used in our processes by using recycled water.

Constantly reducing water use and managing it in our operations is part of our worldwide sustainability commitment. Cent per cent of our operational sites are required to report water consumption as part of our ongoing "Sustainability goals". Schneider's Resource advisor platform has been used for the monitoring and reporting of the water data. Metrics for each site's performance toward sustainability targets are tracked in our global database. Site champions enter the water use data each time they receive a bill or via meter readings where relevant. Progress on water usage is reported quarterly to our Global Sustainability Steering committee. In FY 2021-22, we recycled 43.67 ML of water and reused the same in the operational locations.

Waste Management

Due to the growing population, increase in urbanisation, and rising consumption levels, waste generation has significantly increased. Better

Waste management is required to not only protect natural resources, biodiversity, and human life but also for a beneficial economic impact. Better recycling of waste materials will help the company economically as the amount spent on virgin raw materials will get reduced. We concentrate on reducing the waste generation at the source, waste segregation for better management, and disposing of waste responsibly. We are also working hard to apply the waste management hierarchy to all our trash. The aim is to reduce the amount of waste generated by our activities by employing strategies that reuse and recycle the garbage in an environmentally responsible manner. Schneider's Resource advisor platform has been used for the monitoring and reporting of the waste data.

Project Liberty

Project Liberty is a first of its kind, path breaking attempt to recycle multilayer laminates, which consist of aluminum in the structure.

EPL uses two basic structures to make laminated tubes: Plastic Barrier Laminates (PBL) tubes made of all Plastic layers and are easily recyclable, and Aluminum Barrier Laminate (ABL) tubes made with combination of polymers and has aluminum foil as the barrier layer.

ABL poses challenges in recycling and we are working relentlessly over the last five years, on developing a solution to separate the polymer and aluminum. With Project Liberty, the polymer fraction can be recovered from ABL tubes and the same can be recycled for various applications. The recovered aluminum metal also shall go as metal scrap for re-use, thereby making every single tube recyclable.

The main objective of launching Project Liberty is to establish a traceable and sustainable recycling process, which will not only fulfil the company's vision of "every single tube made by EPL is recyclable" but will also help all its partners across the value chain including the Brand Owners, in achieving their sustainability goals/commitments to their stakeholders. With Project Liberty, EPL has taken the leap ahead towards recycling all its tubes.

Currently EPL is executing this project in two phases beginning with phase 1 in India, where we have started recycling tubes and laminate scrap from 3 major factories.

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Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

We are fully aware that sustainability has a prominent role in the interests of our stakeholders. Customers, employees, suppliers, investors, partner organisations, and society expect us to act responsibly and sustainably to drive the creation of economic, social, and environmental value.

People Sustainability

Working with all our stakeholders is essential to furthering our sustainability commitments. For this reason, all our Human Capital policies and strategy are reviewed and revised based on the feedback received in various communication forums, industry benchmarks and best practices.

The strong commitment of

employees enables us to overcome challenging business and economic situations and emerge stronger.

At EPL, we aim to create a diverse, dynamic people environment that encourages learning and growth. We want our employees to feel appreciated and be comfortable bringing their authentic and whole selves to work. We have established strong systems of nurturing talent; backed by robust people development processes, mentoring, career development programmes and employee engagement initiatives. We strive to support each other and help our communities, where we operate.

In FY 2021-22, EPL had 3217

permanent employees across all our regions in addition to contractual

employees and 222 apprentices. We are consistently striving to improve gender diversity and maintain a balance proportion of age diversity at our all sites and offices.

Hiring and Retention

As with any other business, high demand for talent globally impacts employee turnover. We aim to address this by fostering an empowered organisation that is lean and professional. Our approach toward people development is the creation of a value-driven, empowered, productive, and safe workplace. We have established contemporary HR practices such as career planning, competitive remuneration, performance management system, performance linked pay, stock options and skills & competency

training across the company and its subsidiaries. Top talent is given the opportunity to move across functions and geographies. Employee engagement surveys are carried out annually and the findings are used to further improve employee satisfaction. A recent survey by Spencer-Stuart validated the strength of EPL's leadership culture, placing us among the top firms in their global database.

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From the MD & CEO's desk

People Sustainability

Greening Lives, Sustaining Communities

Corporate Governance Five-Year Summary Auditors Reports - Standalone

Financial Statements - Standalone Auditors Reports - Consolidated

Diversity and Equal Opportunity

We are privileged to have a varied workforce that hails from various corners of the globe. It is our diversity that has propelled us to our accomplishments, and it will continue to be our strength in the future. We ensure that no employee is discriminated against on the basis of race, colour, religion, caste, gender, age, marital status, disability, nationality, or any other factor in accordance with existing laws and current working practices. Recruitment, placement, promotion, transfer, salary, training, and other benefits are solely based on the individual's merit and competency, as well as the organisation's business needs.

Our global policy on 'Diversity & Inclusion, Non-Discrimination, and Harassment Prevention' reaffirms our commitment to provide a safe and harmonious working environment based on the principles of just and fair treatment, diversity & inclusion, and equal opportunities for all of our internal and external stakeholders. At EPL, our female employees have excelled in a variety of tough tasks, from the shop floor to the administrative offices to sales. There were zero incidents of discrimination reported during this financial year.

Employee Engagement

We operate through 20 state-ofthe-art facilities in nine countries, employing over 3200 permanent employees of various nationalities. Given the geographic dispersion and diversity of cultures and nations, it is critical that we have a comprehensive procedure in place to incorporate people's ideas and opinions on how they feel about working with EPL. What they appreciate about EPL, what inspires them, and what changes they would like to see to make EPL a better place to work are all

EP, Colombia Women constitute 45% of the permanent workforce

THE women in Colombia are committed, eager to learn and are proactive. Their capacity for teamwork and discipline in the execution of their tasks is well recognised. We are proud that in EPL Colombia, women and men are provided the same opportunities to perform and grow. We have a meritorious culture in EPL. All women and men can apply for jobs and demonstrate their skills to be hired.

EPHB, Hefei, China Women constitute 53% of the permanent workforce

BASED on our experience, women professionals are hardworking and meticulous. So during recruitment, women candidates are preferred for positions like packer and quality inspector as they are agile and have an eye for details. The team of EPHB is very LEAN. Women and men have equal opportunities for growth. 53% 45%

discussed. In this regard, we've been conducting Employee Engagement surveys with the help of an external agency since 2010. Since then, we have been providing a structured candid input on numerous people and business aspects that impact their engagement level through the Annual Employee Engagement

platform for employees to offer survey.

Organisational communication is done through a variety of forums, including town hall meetings, monthly communication meetings, and focus group discussions (FGDs). Focus Group Discussions are organised to gather employees' perspectives on a pre-determined

issue, and the forum focuses on developing solutions to the problem. Plans based on these conversations are implemented and shared with others in order to establish internal benchmarks.

Over time, we have reinforced fundamental HR systems and people practices by incorporating feedback from employees. Performance management, recognition, career and succession planning, organisational communication, and a cutting-edge human resource information system (SAP - Success Factors) are just a few

examples. The uniqueness of the engagement process at EPL is that the senior leaders and the managers believe in the power of the process. They take on responsibility for communication, process guidelines, action plan design, and effective implementation, all of which contribute to achieving a higher level of engagement consistently.

Learning and Development

Over the years, EPL has been an industry leader in terms of creating avenues for people to develop and grow. We have maintained our focus on strengthening our employees' technical and soft skills across

EP, Poland

Women constitute 43% of the permanent workforce

WE feel great that we have so many women working with our unit in Poland. Actually, it is rather a standard situation in Europe. For any position in EPL Poland, any interested candidate could apply unless it is limited due to safety reasons

or lifting heavy items.

EPTB, Tianjin, China Women constitute 55% of the permanent workforce

HERE we have the highest percentage of women employees in EPL. The culture in EPTB is positive and friendly. Our female employees are patient, caring and attentive. They are happy to share their skills and experience with others.

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From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

the locations. In 2021-22, we had 29,630 training hours in spite of challenges faced due to Covid-19 related disruptions. The total training participants was 9228 in FY 2021- 22. Over 1200 e-learning courses were completed. We currently run an average of 148 e-learning courses every month.

Highlights of the year:

l 89% completion of Career Development Plans for High Potentials
l 78% completion of Individual Development Plans

Globally, our units ensured that training for technical, skill and behavioural competency

development was completed. Our Human Capital team has successfully covered several programmes while ensuring social distancing and safety among people. Training methods included Internal Trainers, External Experts, E-Learning, Online Programmes and Virtual Instructor led Programmes. This year, we provided additional focus on capability building of Sales & Marketing Team through a customised Training Programme on 'Persuasive Salesperson & Negotiation Skills'. This has been completed for 3 out of the 4 Regions globally for sales teams at all units.

Employee Health and Safety

At EPL, we place a high emphasis on cultivating and enforcing a safety culture. We keep a pleasant working environment by implementing a variety of programmes to support workplace, safety, health, and security, all the while exceeding compliance requirements. All industrial plants have access to our complete Safety, Health, and Environment (SHE) Manual, which covers most of the aspects of our safety programme and procedures.

All EPL employees, including contractual staff, are subjected to a yearly health check-up. Every 15 days, or as needed, a doctor is accessible at

People Sustainability

the Unit for employee health issues. In addition to insurance coverage, all employees and their families are covered by Group Insurance and a 24 hour Personal Accident policy.

All staff receives safety training during their induction. All employees are given the personal protective equipment (PPE) they require for their job. Risk assessments and the identification of potential hazards have been completed and are incorporated in EPL's Safety Manual.

The EPL safety committee has people from all departments, including contract workers. It meets once a

month with a set agenda. All safetyrelated issues are discussed and resolved within the agreed-upon timelines. External safety audits are also performed every three years by a competent individual or team.

We have also developed a global safety portal, where any of our employees in any location globally can report any safety incident in his/ her work area, which immediately is sent to the factory safety officer and safety co-coordinator for review & corrective and preventive action. EPL Goa received award

Gomant Suraksha Puraskar at Green Triangle Society Safety Awards in 2020 for performance in occupational Health

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From the MD & CEO's desk

Greening Lives, Sustaining Communities

DIGITAL Transformation is a major driver of excellence and performance. At EPL, we continue to invest in new technologies for digitisation and remote process automation, enabling us to accelerate Digital Transformation (DX) initiatives & create an Intelligent Enterprise. EPL has taken large strides towards manufacturing excellence as it successfully migrated its SAP ERP to S4 HANA version across all its manufacturing units. S4 HANA, being a digital platform, will accelerate digitisation of processes. This is one of the first fully fledged SAP S/4HANA 2020 implementations in the packaging industry with all major modules including SAP's Satellite Modules such as APO, BI, PI /PO, Fiori tightly integrated with

multiple third party interfaces for a user base of 1500+ users. This is not just a technical upgrade; we are in process of implementing functionalities such as Work Flow based Credit Management, Supply Chain Management, MRP Live, Margin Analysis (A/C Based COPA), Embedded Analytics, Cost Centre Budgeting, Intercompany Reconciliation, New Asset Accounting, etc.

Keeping pace with Industry 4.0 solutions, we have successfully implemented the shop floor digitisation project codenamed ePAD (EPL's Process Automation and Digitization) in all the manufacturing locations within India, which enables seamless integration of machines and ERP.

initiatives in the current year Information technology

We continue to remain agile and scalable, aggressively adopting cloud technology by hosting many of our core application on public cloud platforms. We have developed customer and manufacturing centric analytics dashboards to get insights into customer service & operational efficiencies enabling the journey

towards machine learning and intelligent enterprise.

We have strengthened our financial processes by upgrading our financial

consolidation and reporting consolidation tool (FCCS).

Data security continues to be of paramount importance. At EPL, we continuously evaluate the latest cyber security trend keeping in mind the increased cyber-risk and governance aspects. In the last financial year, we upgraded our

complete endpoint protection (EPP) to endpoint detection & response (EDR) technology. We implemented Multi Factor Authentication to secure our perimeters. We continue to invest in state-of-the-art disaster recovery systems, redundant networking systems and processes that ensure business continuity in case of any unforeseen events.

A Steering Committee comprising the Corporate Leadership Team supervises the IT initiatives and IT effectiveness through regular reviews.

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IT Initiatives

Greening Lives, Sustaining Communities

EPL strongly believes in the philosophy of empowering communities through its various initiatives and programmes as a part of our Corporate Social Responsibility. We also aim at encouraging employee volunteering in this area and are working towards having a Global Strategy for Community Engagement.

EPL is committed to let its every action be a step further towards 'Greening Lives' by enabling its employees, customers, communities and all other stakeholders live sustainably. We believe that goodness is the only investment that never fails.

Our Corporate Social Responsibility programmes and initiatives are based on the Sustainable Development Goals developed and adopted by the United Nations, and are focused on three domains:

Plastic Waste Management

Plastic Waste Management is a critical area in the sustainability journey that has a great impact on the community and the planet as a whole. Developing awareness and

sensitivity amongst the communities for segregating and disposing of waste in an environment friendly manner is a very important step in Plastic Waste Management.

In this direction we have collaborated with an NGO called Project Mumbai, which has been working in this space for last four years. They are conducting awareness sessions among local communities in and around Vasind town and will start collecting the plastic waste and donate the furniture made out of recycled plastic to the local communities, as a reward for their efforts. EPL will provide initial funding for this project, till it becomes selfreliant.

Skill Development

EPL is committed to supporting our local communities develop technical skills by providing them practical training opportunities. We are providing technical training to around 300 students under the Apprenticeship programme across all units in India.

Greening Lives

Sustaining

Communities

CSR

We have also donated a library facility to a school providing free education to students from economically backward classes in Valsad.

Community Health & Wellness

Over and above the SDG aligned activities, EPL always comes forward to support and aid our community in situations of distress.

At EPL, we strive towards improving the quality of life and health of our community by continuous initiatives in different areas like free annual medical camps for the society, installed projects for drinking water and installed solar energy for schools in remote areas. EPL India has provided solar panels set up with solar lights to schools in interior areas and a medical centre near Vasind; donated water tanks at Piwali village, which help get water at the doorsteps instead of a 2 km walk to fetch water and organised medical camps at 31 locations around Wada and Vasind and conducted a free medical checkup of around 2000 villagers, amongst many others. is contributing towards rehabilitation around 80 Ukrainian employees and we have reached out to their families in need to help bring them safely to Poland. We are also helping the for government grants and residency permits. We have hired 16 Ukrainian women for packer jobs in EPL Poland. Similar interventions have been done in Italy and Germany. In the past, EPL Philippines have helped supply relief goods to the Super Typhoon and Taal volcano victims in 2020. EPL Russia has distributed free sanitizers and PPE kits in the Industrial park 'Uspenks' during

In the Ukraine-Russia war crisis, EPL measures for refugees. EPL Poland has refugees with documentation needed

the Covid-19 pandemic. Even in India, EPL was a part of the India Protectors' Alliance, launched by Samhita Social ventures in partnership with Hindustan Unilever Limited, the Bill & Melinda Gates Foundation, and 15 of India's leading companies. The objective was to strengthen the government's response to Covid-19 and build capabilities of 500,000 frontline healthcare and sanitation workers to respond safely and effectively to Covid-19. We contributed H50 lakh towards this initiative, which included providing PPE kits, and Covid-19 relief items to hospitals and other institutions.

OUR EPL Philippines team visited M/S Bahay Kalinga Orphanage and Halfway Home for Elderly to donate food and health supplements, and hygiene supplies. They also arranged lunch and team building activities followed by gift distribution for the kids and the elderly members at both the institutions.

EPL Mexico is also running a program in association with Conalep Technical School since 2019. We offer a oneyear internship to 8-10 students from this school. We hire them in Tubing, Maintenance, and Quality and Printing departments and offer them jobs post internship basis our vacancies. This has been a very successful program and EPL Mexico was recognized in 2021, and awarded a 'Diploma for Better Community Training Program'.

Contents

From the MD & CEO's desk

EPL at a Glance
Sustainability Commitment at EPL
Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives
Greening Lives, Sustaining Communities
Awards & Recognition
Key Performance Indicators
The Leadership Team
The Management Team
Board Report
MDA
Corporate Governance
Five-Year Summary
Auditors Reports Standalone Financial Statements - Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

CSR Greening Lives Sustaining Communities

Skill Development Project Water tank installed at Piwali village

Awareness Sessions - Plastic Waste Management

Constructed Classrooms for Primary School in Valsad

Developed Library at School in Valsad, Gujarat

Medical Assistance Drive in Wada, Maharashtra

Solar Energy Setup in a School in Vasind, Maharashtra

Gym and Sports Infra in Nalagarh, Himachal Pradesh

Skill Development Project - Yantrashala

Distribution of Family Happiness Kits

Drinking Water Project in village Madhhal, Vasind, Maharashtra

Health Care equipment provided to civil hospital, Nalagarh, Himachal Pradesh

Skill Development Project

Developed Common Facility Centre at Nalagarh, Himachal Pradesh

Medical Camp in Wada, Maharashtra

MD & COO visited school in District Valsad, Gujarat

Public Lavatory in Nalagarh, Himachal Pradesh

Solar Setup for school in remote area, Vasind, Maharashtra

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Greening Lives, Sustaining Communities

We are pleased to share that the Company has achieved the Award of "Best Governed Company" in the 21st edition of the ICSI National Award for Excellence in Corporate Governance. This prestigious award has been conferred on EPL for observing and implementing the best practices in Corporate Governance. EPL was adjudged the winner by the Jury, comprising distinguished experts from various fields, headed by the Hon'ble Justice Shri P. Sathasivam, Former Chief Justice of India.

EPL's European subsidiary has bagged the 'WorldStar Global Packaging Awards 2022' in the category of Health and Personal Care. After a rigorous process of selection, we got the award for our '100% recyclable PCR laminate tube'.

EPL has also been awarded 4 SIES SOP (School of Packaging) awards for innovation projects with 4 different customers; 3 of these 4 projects used 100% recyclable products and 1 other project developed an oval tube with a unique temper resistance cap. EPL has received a 'Silver Medal' in the ECOVADIS 2022 Sustainability assessment. We have received an overall score of 65 out of 100 and we stand in the 90th percentile position across all the companies in the different industries that were evaluated.

EPL was also recognised with the prestigious 'A' Rating on the CDP 2021 Supplier Engagement Leaderboard and with 'B' Rating in climate change and water security.

Our factory in Goa won the Gomant Suraksha Puraskar, Safety Award for the 6th time.

We have received strong global recognition for our sustainable product development efforts, starting with the ETMA Tubes of the Year award in Europe, and culminating in being qualified by APR as the world's first 100% recyclable tubes, including shoulder and caps.

The Platina Pro laminate tube was one of the first tubes in the world to receive the coveted RecyClass award. The independent certificate applies to Europe in the 'Code 2' HDPE material stream (recycling) sector and impressively confirms the sustainability of Platina tubes.

The ETMA-Award in the category "Sustainability" went to the completely recyclable tubes SuperCoco and SuperGreen from happybrush®. The laminate used for this is a result of the "Go Green" initiative of the company. The awardwinning products have a diameter of 35mm and are among the first commercial laminate tubes that are made out of Post-Consumer Recycled Plastics (PCR). Producing these tubes is very demanding and complex, because PCR tubes must fulfil all the necessary barrier properties over their entire life cycle and return to their original shape after each use.

With the happybrush® tube, Essel has taken an entirely new approach by opting for a PCR content of "just" 30%. This saves around 30% in weight compared to a classic PE tube. For the final product, this actually translates into an overall saving in resources of around 60%!

Best Governed Company ICSI National Award

Safety Award won by EPL Goa

The Silver ETMA Bear won by EPL Europe

WORLDSTAR Award won by EPL Europe

ETMA Award won by EPL Europe

EPL acheived Silver Rating in EcoVadis

Contents

From the MD & CEO's desk

Sustainability Commitment at EPL
Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

Awards & Recognition

Key performance indicators

(H mn)	Sales & other income				EBITDA(H mn)					(H mn)		Profit After Tax			(H mn)	Operations	Net Cash from
24,728	27,354	27,747	31,061	34,448	4,728	5,015	5,600	6,155	5,783	1,716	1,925	2,073	2,391	2,144	3,437	3,564	4,711
FY18	FY19	FY20	FY21	FY22	FY18	FY19	FY20	FY21	FY22	FY18	FY19	FY20	FY21	FY22	FY18	FY19	FY20

FY21

FY22

5,224

3,117

Contents
From the MD & CEO's desk
EPL at a Glance
Sustainability - Commitment at EPL
- Product Sustainability
- Process Sustainability
- People Sustainability
IT Initiatives
Greening Lives, SustainingCommunities
Awards & Recognition
Key Performance Indicators
The Leadership Team
The Management Team
Board Report
MDA
Corporate Governance
Five-Year Summary
Auditors Reports - Standalone
Financial Statements - Standalone
Auditors Reports - Consolidated
Financial Statements - Consolidated

Leadership team

Davinder Singh Brar Chairman & Independent Director

Uwe Rohrhoff Independent Director

Sharmila A Karve Independent Director

Anand Kripalu Managing Director &

Global CEO

Amit Dixit Director

Dhaval Buch Director

Animesh Agrawal

Director

Aniket Damle Director

Management team

Anand Kripalu Managing Director & Global CEO

Ram Ramasamy Chief Operating Officer

Amit Jain Chief Financial Officer

Dileep Joshi Global Chief Human Resources Officer

Alan Coner President - Europe Region

Kelvin Wang President - EAP Region

Mauro Catopodis President - Americas Region

Deepak Ganjoo President - AMESA Region

Prakash Dharmani President & Chief Information Officer

Suresh Savaliya Sr. Vice President - Legal & Company Secretary

Hariharan K Nair President - Creativity & Innovation

Rajesh Bhogavalli Sr. Vice President - Supply Chain (Global)

Shrihari Rao Sr. Vice President - Printing Technology & Sustainability

Rajiv Verma Sr. Vice President - Technology

Pramod Menon Sr.Vice President - Quality Assurance, Global

ANNUAL REPORT 2021-22 033

Contents

Sustainability Commitment at EPL
Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

The Leadership Team

The Management Team

BOARD OF DIRECTORS

Davinder Singh Brar	Independent Chairman
Sharmila A Karve	Independent Director
Uwe Rohrhoff	Independent Director
Anand Kripalu	Managing Director & Global CEO
Amit Dixit	Director
Dhaval Buch	Director
Animesh Agrawal	Director
Aniket Damle	Director

Amit Jain Chief Financial Officer Suresh Savaliya SVP – Legal & Company Secretary

AUDITORS

Walker Chandiok & Co LLP Chartered Accountant

BANKERS

Axis Bank Limited DBS Bank Limited Citi Bank, N.A. The Hongkong and Shanghai Banking Corporation Limited JP Morgan Chase Bank

DEBENTURE TRUSTEE

Axis Trustee Services Limited

REGISTRAR & SHARE TRANSFER AGENT

Bigshare Services Private Limited, Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, Tel No. 022-62638200, Fax: 022-62638299, [email protected]

REGISTERED OFFICE

EPL Limited, P.O. Vasind, Taluka: Shahapur, District: Thane, Maharashtra - 421 604, India. Tel: +91 9673333971/9882

CORPORATE OFFICE

Top Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai 400013, India. Tel: 022-24819000 Fax: 022-24963137 [email protected] https://www.eplglobal.com CIN: L74950MH1982PLC028947

UNITS - INDIA

Vasind and Wada (Maharashtra), Dhanoli (Gujarat), Nalagarh (Himachal Pradesh), Goa and Katenipara (Assam)

Corporate Information

To Members, EPL LIMITED

Your Directors are pleased to present their report on your Company's business operations along with the audited financial statements for the

financial year ended on 31 March 2022.

Board

Report

The highlights of the financial results are set out below.

CONSOLIDATED GLOBAL RESULTS

The summary results are set out below.

		(Rs. in Million)
Particulars	Year ended31.03.2022	Year ended31.03.2021
Total Income	34448	31061
Profit Before Depreciation, Finance Costand Tax (PBDIT) inclusive of other income	5881	6256
Finance Cost	403	(429)
Depreciation	2514	(2346)
Profit before share of Profit/ (Loss) fromAssociate and exceptional items	2964	3481
Share of Profit /(Loss) from Associate	(76)	(9)
Profit before exceptional items and tax	2888	3472
Exceptional items net (Loss)/Gain	--	(161)
Tax expense	675	868
Net Profit for the year attributable toowners of the parent	2144	2391

The Consolidated Total Income grew year over year by 10.9%, with the Sales and Operating income growing by 11.0%.

All regions except EUROPE registered healthy growth. AMESA, EAP and AMERICAS delivered double digit growth of 23.4%, 10.3% and 12.9% respectively. Strong growth in both categories - Oral Care grew by 10.2%, and Personal Care by 11.2%. However, unprecedented volatility in input material prices, shortage of input material, inflationary environment, supply chain disruption and wage inflation & absenteeism along with continued global Covid19 pandemic situation impacted the margin of the

Company.

INDIA STANDALONE RESULTS

The summary results are set out below.

		(Rs. in Million)
Particulars	Year ended31.03.2022	Year ended31.03.2021
Total Income	11043	9552
Profit Before Depreciation, Interest andTax (PBDIT) inclusive of other income	2858	2786
Finance Cost	(147)	(148)
Depreciation	(776)	(896)
Profit before tax	1935	1742
Tax Expense	(198)	(212)
Net Profit for the year	1737	1530

The Total income for the year has grown by 15.6% over the previous year. India standalone Net profit is higher by 13.5% at Rs. 1737 Mn, compared to Rs.1530 Mn in the previous year. The Company has received a Dividend amounting to Rs. 1135 Mn from foreign subsidiaries.

REVIEW OF MARKET, BUSINESS AND OPERATIONS

The consolidated operating profit margin declined by 280 bps to 9.5%. Despite higher investment in working capital and capital expenditure, Finance costs declined by 6.1%, aided by lower interest costs and better negotiation. Finance costs hence reduced by Rs. 26 Mn. The net profit attributable to the equity holders excluding exceptional items of Rs. 2144 mn for the year, declined by 16.0%. geographies led to a drop-in margins. During the year, the pandemic continued to disrupt the supply chain across a range of industries. Your Company took timely and proactive measures to ensure the safety of its employees, operations and uninterrupted services to its customers.

Your Company is the world leader in manufacturing of laminated plastic tubes. Its operations are spread across the globe, in 11 countries and 20 manufacturing units. Our wide range of laminates, coupled with innovative decoration, closures, dispensers and innovative features are in great demand across both FMCG and Pharma companies the world over.

FY 2022 was another challenging year and disrupted the business due to unprecedented volatility in input material prices, shortage of input material, inflationary environment, supply chain disruption and wage inflation & absenteeism along with continued global Covid19 pandemic situation.

Despite these challenges, Company delivered strong revenue growth, even as we continue to navigate the mitigation plans and prioritized service to customers over the cost to have long term benefits to the business. However, continued increase in raw material and freight costs and increase in personnel costs due to absenteeism in western

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

Board Report

Board Report

Focused efforts on growing the Personal Care category business continue to pay good dividends. Personal Care now accounts for 46.1% of tube revenue and this reflects an improvement of 22 basis points in the share of total tube revenue despite the impact of the pandemic on Beauty & Cosmetic category in EUROPE. We continue to sustain & strengthen our leadership position in Oral Care.

All regions continue to build a robust business pipeline across all key categories and specific segments within the categories such as Oral Care, Beauty & Cosmetics, Pharma & Health, Food & Nutrition and Home Care.

EPL has partnered with Colgate Palmolive India, one of the largest oral care brands to produce Recyclable Platina Toothpaste Tubes in India. This first set of recyclable tubes is the starting point for converting to hundred percent recyclable tubes for Colgate Palmolive. This innovation was enabled via EPL's Association of Plastic Recyclers, USA(APR) approved 100% recyclable and fully recyclable Platina Tubes to pack Colgate Active Salt and Colgate Vedshakti, with other brands in the portfolio to follow. EPL's Platina, an eco-friendly laminated tube, is designed to deliver source reduction and recyclability without the loss of any barrier properties. This allows for sustained product stability and durable shelf life of the packed content. Platina tube is especially suited for oral and beauty & cosmetics products. Platina tubes and caps are certified as 100 per cent recyclable by The Association of Plastic Recyclers (APR) and RecyClass.

During the year, Vicco laboratories and EPL have also jointly worked to convert the turmeric range of products to 100% recyclable packaging by adapting APR, USA approved Platina tubes.

India Standalone

India accounts for around 29% of your Company's Consolidated revenue. In this challenging and volatile environment, the revenue from operations grew by 16.7%. In addition to addressing and overcoming the challenges of the supply chain disruption, inflationary pressure and pandemic, your Company continues to build on the strong business development pipeline to secure the future.

Subsidiaries and Associate

Your Company operates out of 10 other countries, besides India, through direct and step-down subsidiaries and one associate. They are divided into 4 regions – AMESA, EAP, EUROPE and AMERICAS. Unprecedented volatility in input material prices, shortage of input material, inflationary environment, supply chain disruption and wage inflation & absenteeism along with continued global Covid19 pandemic situation impacted all regions and subsidiaries during the year. Despite this AMESA, EAP and AMERICAS delivered double digit growth of 23.4%, 10.3% and 12.9% respectively. Personal Care share for AMESA improved by 4.5% and EAP by 1.5%. Europe's personal care category is impacted by the Covid situation due to lower demand in Beauty & Cosmetics segment. Margins of regions are impacted due to volatility.

Business Development Pipeline across regions is very strong with a focus on sub-categories of personal care by applications.

The development at these entities and the markets they operate in are further discussed in the Management Discussion and Analysis (MDA) which forms a part of this report. The salient features of the financial statements of these subsidiaries and the associate in the prescribed format are attached as a part of the audited financial statements.

The Company is in process to incorporate a wholly owned subsidiary in Brazil. The objective of the formation of a subsidiary in Brazil is to set up a greenfield project for the packaging tube business, which will help to leverage the growth opportunities in the attractive, fast-growing market and will also help the Company to become more agile and customer

focused.

Details about the subsidiaries, associates etc are given in the MGT 7 / annual return which is available on the Company's website www. eplglobal.com.

CONSOLIDATED FINANCIAL STATEMENTS

In compliance with the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (the Listing Regulations), consolidated financial statements of the Company and all of its subsidiaries and associate, have been prepared for the year under report. The audited consolidated financial statements along with the auditors' report thereon forms part of this Annual report. The consolidated financial statements presented by the Company include the financial results of all its subsidiaries and associate. The audited standalone financial statements of these entities have been reviewed by the Audit Committee and the Board.

AWARDS AND RECOGNITIONS

We are pleased to share that the Company has achieved the Award of "Best Governed Company" in the 21st edition of the ICSI National Award for Excellence in Corporate Governance. This prestigious award has been conferred to EPL for observing and implementing the best practices in Corporate Governance. EPL was adjudged the winner by the Jury, comprising distinguished experts from various fields, headed by the Hon'ble Justice Shri P. Sathasivam, Former Chief Justice of India.

EPL has been awarded a rating of 'B' (Management Band) by CDP for its 2021 Climate Change and Water Security disclosures surpassing the average ratings for the Global and the Asia region which stands for 'B-' (climate change) and 'B'(water security). EPL Limited is proud to be recognized with the prestigious 'A' Rating on the CDP 2021 Supplier Engagement Leader board. This score demonstrates EPL's commitment towards mitigating GHG emissions throughout its operations and supply chain for achieving sustainability objectives.

One of the subsidiaries of the Company in Germany has received the Winner award at Worldstar 2022 organised by World Packaging Organisation. The award is received for a 100% recyclable PCR laminate tube for Health and Personal Care category.

EPL has also received 'Gomant Suraksha Puraskar 2020' – for its factory located in Goa for Safety measures and performance in the area of occupational health, safety and environment. The Safety Awards are organized annually by the Green Triangle Society and Inspectorate of Factories and Boilers, Government of Goa.

The Company also achieved the ETMA Award 2020 in the category "Sustainability" for its tubes SuperCoco and SuperGreen from happybrush®. The laminate used for this is a result of the "Go Green" initiative of the Company and tubes are made out of Post-Consumer Recycled Plastics (PCR). Producing these tubes is very demanding

AMALGAMATION OF CREATIVE STYLO PACKS PRIVATE LIMITED WITH THE COMPANY

The Company acquired 72.46% equity shares in Creative Stylo Packs Private Limited (CSPL) and accordingly CSPL became the subsidiary of your company wef 1 February 2021. Your Company has received no objection to the Scheme from National Stock Exchange of India Limited and BSE Limited pursuant to the provisions of Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Equity Shareholders of the Company have approved the Scheme, with the requisite majority in their meeting held on 05 January 2022, as per Directions of the National Company Law Tribunal, Mumbai Bench (NCLT). The Company has filed a Petition with NCLT in relation to the Merger, pursuant to applicable provisions of the Companies Act 2013. The Scheme is subject to requisite approvals of NCLT and regulatory authorities, as applicable. Post approval of the scheme, the Company will allot equity shares to the shareholders of Creative Stylo Packs Private Limited as per

the scheme of amalgamation.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis (MDA) report for the year under review, which analyzes the operations and state of the affairs of your company and all of its subsidiaries and associate, is given in a separate section of this Annual Report, and forms part of this Annual Report.

CORPORATE GOVERNANCE

and complex because PCR tubes must fulfill all the necessary barrier properties over their entire life cycle and return to their original shape after each use. With the happybrush® tube, EPL has taken an entirely new approach by opting for a PCR content of "just" 30 percent. This saves around 30 percent in weight compared to a classic PE tube. For the final product, this actually translates into an overall saving in resources of around 60 percent. the previous financial year total dividend declared was Rs. 4.10 per equity share of face of Rs. 2 each. The Dividend Distribution Policy is posted in the investors section on the Company's website or link, https://www.eplglobal.com/investors/ TRANSFER TO RESERVES

The Company is committed to maintain the highest standards of corporate governance aligned with the best practices. Pursuant to applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a detailed report on Corporate Governance forms a part of this Report. The Company is in compliance with the various requirements and disclosures that have to be made in this regard. A certificate from the Secretarial Auditor confirming compliance with the conditions of Corporate Governance as stipulated under the Listing Regulations forms a part of the Annual Report.

DIVIDEND

Your Company continues to be on the path of profitable growth. The Company's cash flows and financial position continue to be strong.

There is also no specific statutory requirement to transfer any sum to General reserve in relation to the payment of dividend. Your Directors therefore have not proposed any sum for transfer to Reserves during this year.

FINANCE AND ACCOUNTS

Despite higher investment in working capital due to supply chain disruption and also higher investment in capital expenditure to create future capabilities, interest costs reduced by Rs. 26 mn on account of better negotiation and lower interest rates. The average rate of interest declined by 16 bps due to appropriate mix of various forms of debt, market conditions and better negotiations.

Considering the business growth and debt servicing, the Board believes that appropriate a progressive dividend will best serve the interests of the Company and the shareholders. During the year under review, the Board of Directors of the Company in its meeting held on 10 November 2021 declared an interim dividend of Rs. 2.15 per equity share of face value of Rs. 2 each which is paid to the shareholders whose names appeared on the register of members as on 19 November 2021. self-explanatory and therefore do not call for any further comments or information. At the AGM held on 6 August 2020, M/s. Walker Chandiok & Co LLP, Chartered Accountants (Firm registration no. 001076N/N500013) was appointed as Statutory Auditor of the Company for a term of five years.

The consolidated net debt as at end of FY22 was Rs. 4645 Mn, which is higher by Rs. 1518 Mn compared to previous year end, representing a healthy debt to equity ratio of 0.36 (0.33 PY) and a DSCR of 4.64 (3.31 PY). The consolidated ROE and ROCE are at 12.2% and 15.0% respectively as compared to 15.8% and 19.7% in March 2021. Financial parameters such as Debt Service Coverage Ratio, Interest Coverage Ratio and Debt Equity Ratio are all at healthy levels both on Standalone and Consolidated basis.

In addition, your Directors recommend a final dividend of Rs. 2.15 per equity share of the face value of Rs. 2 each, for the financial year ending on 31 March 2022. If approved, the total dividend (Interim and Final) for the financial year will be Rs. 4.30 per equity share of face value of Rs. 2 each. The dividend payout ratio for Interim and Final Dividend is 215%. In Pursuant to the provisions of section 204 of the Companies Act, 2013 M/s. D M Zaveri & Co., Practicing Company Secretary (CP No. 4363), has been appointed to undertake the secretarial audit of the Company for the year ended on 31 March 2022. The secretarial audit report forms a part of this

Your Directors are pleased to inform that your Company continues to enjoy CARE AA rating for its NCDs and various long-term bank facilities and CARE A1+ rating for its short-term bank facilities. The Company is also rated by the rating agency India Ratings and Research (FITCH Group) which have upgraded the Company's long-term issuer rating from "IND AA" to "IND AA+" with a stable outlook. The rating agency India Ratings and Research reaffirmed the credit rating to its Commercial Paper at "IND A1+".

During the year, your Company continued to make successful issues of Commercial papers at competitive interest rates commensurate with its short-term top credit rating and also redeemed the Commercial Papers on the maturity date.

Prudent exchange risk management further helped contain exchange losses in the consolidated financial statement at Rs. 22 Mn.

STATUTORY AUDITORS

The observation made in the Auditors Report on the Company's financial statements for the financial year ended on 31 March 2022 are

SECRETARIAL AUDIT

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Report and is annexed as Annexure 1. The said report does not contain any qualification, adverse remarks or disclaimer.

The Company has complied with the Secretarial Standards as applicable to the Company pursuant to the provisions of the Companies Act 2013.

COST AUDITORS

Pursuant to section 148 and applicable provisions of the Companies Act, 2013 and the Companies (Cost Records and Audit) Rules 2014, the Company is required to appoint cost auditor for the audit of cost records maintained by the Company in respect of the financial year ending 31 March 2023. Your Directors have on the recommendation of the Audit committee, appointed Jitendrakumar & Associates, Cost and Management Accountants, as the Cost Auditor to audit the cost records for the financial year ending 31 March 2023. Remuneration payable to the Cost Auditor is subject to ratification by the members of the Company. Accordingly, a resolution seeking members' ratification for the remuneration payable to Jitendrakumar & Associates, Cost and Management Accountants, is included in the Notice convening the Annual General Meeting, along with relevant details, including the proposed remuneration. The Company has maintained cost accounts and records as per applicable provisions of section 148 of the Act.

DIRECTORS AND KMP

In accordance with the provisions of section 152(6) of the Companies Act and the Articles of Association of the Company, Mr. Animesh Agrawal, Non-executive Non-Independent Director is being retire by rotation at the ensuing Annual General Meeting (AGM), and being eligible, offers himself for re-appointment. The Board recommends his re-appointment. A detailed profile of Mr. Animesh Agrawal with additional information required under Regulation 36(3) of the Listing Regulations and Secretarial standards on General Meetings is provided in the Notice of AGM.

Mr. Anand Kripalu was appointed as an additional director effective from 18 August 2021. The members of the Company through the Postal Ballot Notice dated 18 August 2021, the result of which was declared on 1 October 2021 have approved the appointment of Mr. Anand Kripalu as a Director, Managing Director and CEO of the Company for period of five years with effect from 18 August 2021 and accordingly he is continuing as Key Managerial Personnel.

Mr. Sudhanshu Vats, has resigned from the post of Director, CEO and Managing Director of the Company with effect from 31 August 2021 due to personal reasons. The Board placed on record its appreciation for the valuable contributions and support made by Mr. Sudhanshu Vats.

All the Independent Directors have given the declaration that they meet the criteria of independence laid down under Section 149 of the Companies Act, 2013 and the Listing Regulations. Every Independent Director of the Company has affirmed that they have registered themselves under Independent Director Database and they have passed online proficiency test as may be required or exempted from such test considering their seniority and experience.

The Company has received the declaration from all the Independent Directors confirming that in terms of Regulation 25(8) of the Listing Regulations, they are not aware of any circumstances or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence. In terms of Regulation 25(9) of the Listing Regulations, the Board of Directors has ensured the veracity of the

disclosures made under Regulation 25(8) of the Listing Regulations by the Independent Directors of the Company.

Further details of Directors including remuneration, remuneration policy, criteria for qualification, independence, performance evaluation of the Board, Committees and Directors, meetings, committees and other details are given in the Corporate Governance Report, which is an integral part of this Annual and the Board's Report. Remuneration policy is posted in investors, corporate governance section on the Company's website or link, https://www.eplglobal.com/investors/ and salient features of the same are mentioned in the Corporate Governance Report.

Seven meetings of the Board of Directors were held during the year. For further details, please refer report on Corporate Governance included in this Annual Report.

Mr. Amit Jain, was appointed as a Chief Financial Officer of the Company with effect from 1 April 2022. Mr. Parag Shah, Chief Financial Officer and KMP has resigned wef 31 March 2022 due to personal reason.

Pursuant to the provisions of Section 203 of the Companies Act 2013, as on the date of this report, the Key Managerial Personnel of the Company, are Mr. Anand Kripalu, Managing Director and CEO, Mr. Amit Jain, Chief Financial Officer and Mr. Suresh Savaliya, SVP – Legal, Company Secretary and Compliance Officer.

DIRECTORS' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a) that in the preparation of the annual financial statements for the year ended 31 March 2022, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
b) that such accounting policies as mentioned in note 2 to the Financial Statements have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31 March 2022 and of the profit of the Company for the year ended on that date;
c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) that the annual financial statements have been prepared on a going concern basis;
e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;
f) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

AUDIT COMMITTEE

The Audit Committee of the Board has been constituted as per the Listing Regulations and section 177 of the Companies Act, 2013. Constitution, meetings, attendance and other details of the Audit Committee are given in the Corporate Governance Report which is part of this Report.

Evaluation of Performance of the Board, its committees, every Director and Chairperson, for the financial year 2021-22 has been done following the manner and process as per the policy which includes discussion, feedback, assessment and rating on questionnaires. The manner in which the evaluation has been carried out has also been explained in the Corporate Governance Report, which forms part of this Annual Report.

FAMILIARIZATION PROGRAMMES

The Company's policy on programmes and measures to familiarize Independent Directors about the Company, its business, updates and development includes various measures viz. issue of appointment letters containing terms, duties etc., management information reports, presentations and other programmes as may be appropriate from time to time. The Policy and programme aims to provide insights into the Company to enable independent directors to understand the business, functionaries, business model and others matters. The said Policy and details in this respect are displayed on the Company's website www.

eplglobal.com.

CORPORATE SOCIAL RESPONSIBILITY

PERFORMANCE EVALUATION Nomination and Remuneration Committee and the Board adopted a performance evaluation policy for Board, Committees and Directors with the intent to set out criteria, manners and process for the performance evaluation. The policy provides manners to evaluate the performance of the Board, committees, independent directors, non-independent directors and chairman. Criteria in this respect includes; Board composition, a mix of skill, experience, members' participation and role, attendance, suggestions for effective functioning, board process, policies and others. The evaluation process includes review, discussion and feedback from directors and rating on questionnaires through online software based system. dependents through NGO. The Company is successfully implementing skill development programme. The Company has initiated and completed Rural Development project in the vicinity area of its factories such as drinking water project, construction of school library, development of the common cultural area, renovation of primary health care centre, installation of the solar system, construction of school classrooms and distribution of health care equipments. LOANS, GUARANTEES AND INVESTMENTS The Company mainly gives guarantee for its subsidiaries to meet their business needs. Details of loans, guarantees and investments covered under applicable provisions of section 186 of the Act are given in the note 47 to the standalone financial statements.

The Company has framed a CSR Policy in compliance with the provisions of the Act and the same is placed on the Company's website https://www. eplglobal.com/ The CSR Policy lays down areas of activities, thrust areas, types of projects, programs, modes of undertaking projects/ programs, resources etc.

As a part of its Corporate Social Responsibility (CSR) initiative, the Company has undertaken CSR projects and programs. Thrust areas for CSR include care and empowerment of the underprivileged, education, drinking water project, rural area development and healthcare, preventive health care, community welfare, and skill development. These activities are in accordance with CSR activities as defined under the Act. The Company has a CSR Committee of Directors. Details about the Committee, CSR activities and the amount spent during the year, as required under section 135 of the Act and the related Rules and other details are given in the CSR Report as Annexure 2 forming part of this Report. eplglobal.com/investors/ HUMAN CAPITAL Relations with employees across all the offices and units continued to be cordial. HR policies of the Company are focused on developing the potential of each employee. With this premise, a comprehensive set of HR policies are in place, aimed at attracting, retaining and motivating employees at all levels. Your Company had 1114 permanent employees as on 31 March 2022.

RELATED PARTY TRANSACTIONS

Arrangements or transactions entered by the Company during the financial year with related parties were on an arm's length basis and in the ordinary course of business. All related party transactions are placed for approval before the Audit Committee and also before the Board wherever necessary in compliance with the provisions of the Act and Listing Regulations. During the year, the Company has not entered into any contracts/ arrangements/ transactions with related parties which could be considered material in accordance with the policy of the Company on material related party transactions or under section 188(1) of the Act. Accordingly, there are no particulars to report in Form AOC2.

Your Directors are pleased to report that the Company's subsidiaries overseas also give back to the society in their respective geographies through various initiatives on the health, education and other fronts. Other details in terms of Section 197(12) of the Companies Act, 2013 read along with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as Annexure 3(b) and forms part of this Report.

The Company has extended all possible support to the affected people during the Covid19 crisis. The Company has distributed around 1667 grocery kits during lockdown to needy individuals and families comprising of daily wage earners, homeless, migrant workers, unemployed and The Employee Stock Option Scheme 2020 (the Scheme or ESOS2020) was approved by the Board of Directors on 22 May 2020 and by the Shareholders by Postal Ballot on 1 July 2020 for the employees of the

Details of the related party transactions during the year as required under Listing Regulations and Indian accounting standards are given in note 49 to the standalone financial statements.

The policy on dealing with the Related Party Transactions including determining material subsidiaries is posted in investors/corporate governance section on the Company's website or link, https://www.

The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as Annexure 3(a) and forms part of this Report.

EMPLOYEE STOCK OPTIONS

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Company and its subsidiaries. There was no modification in the Scheme during the year. The Scheme is in compliance with applicable laws.

The Nomination and Remuneration Committee of the Board of Directors (NRC) of the Company, inter alia administers and monitors the Scheme of the Company in accordance with applicable SEBI regulations.

On 10 November 2021, the Nomination and Remuneration Committee of the Company has approved the grant of 15,26,718 Options to the eligible employees of the Company convertible into an equal number of equity shares of the face value of Rs. 2 each.

The disclosure relating to the Scheme and other relevant details are posted in the investors>corporate governance section on the Company's website or link: https://www.eplglobal.com/investors/

The Scheme shall not extend to any Promoter or those belonging to the Promoters Group or to any Director, who either by himself or through his relatives or through any body corporate, directly or indirectly holds more than 10% of the outstanding equity shares.

During the year, 305072 options were exercised and equal number of equity shares of face value of Rs. 2 each were allotted as fully paid up against payment of the stipulated exercise price as per the Scheme.

The relevant details on the options granted and the accounting of their costs are set out in the Notes to the Standalone accounts.

INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the IEPF Rules"), all unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF, established by the Government of India, after the completion of seven years. Further, according to the IEPF Rules, the shares on which dividend has not been paid or claimed by the shareholders for seven consecutive years or more shall also be transferred to the demat account of the IEPF Authority. During the year, the Company has transferred the unclaimed and unpaid dividends of Rs. 12,49,562/-. Further, 92,562 corresponding shares on which dividends were unclaimed for seven consecutive years were transferred as per the requirements of the IEPF Rules. Year-wise amounts of unpaid / unclaimed dividends lying in the unpaid account upto the year and the corresponding shares, which are liable to be transferred are provided in the Shareholder Information Section of Corporate Governance Report and are also available on our website, at https://www.eplglobal.com/

ENERGY, TECHNOLOGY & FOREIGN EXCHANGE

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is annexed herewith as Annexure 4 and forms part of this Report.

ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG)

EPL believes that ESG (Environment, Social & Governance) is extremely critical for building a resilient business. Therefore we have developed a holistic approach that focuses on Product, Process and People sustainability that seamlessly integrates into the Company's core business strategy. Our Sustainability framework is closely aligned with global Sustainable Development Goals and United Nations Global Compact (UNGC) principles. We are working meticulously to build a strong culture of sustainability within the Company and disclose our ESG performance transparently to all stakeholders. We participate in many programs like EcoVadis and CDP which assesses our actions and impacts on the environment and society. We also drive several customerspecific initiatives and impact measurement that are environmentally and socially significant. EPL has published its second Annual Sustainability Report 2021, wherein we have reported all our ESG initiatives, including performance and future plans. We intend to make our commitments public through widely accepted sustainability programs that are designed in line with the climate-change goals of the world.

EPL's integrated sustainability approach includes Product, Process and People Sustainability.

• On Product Sustainability, our Platina range of tubes contributes significantly towards the circular economy, we also focus on our responsibility as extended producers through various initiatives like PCR and PIR. EPL is the first Indian packaging company to become a signatory to New Plastics Economy Global commitment for creating a circular economy for plastics. We are also a founding member of the India Plastic Pact which aims to bring together civil society, public and private organisations to transform the linear plastic system to a circular plastic economy in India.

• On Process Sustainability, we committed to reducing GHG emissions by aligning the business to the Paris Climate agreement goal of limiting global temperature rise to 1.5 degrees Celsius. Our Harmonised Manufacturing Policy drives company-wide initiatives on improving energy management, ensuring water security and wastage reduction in order to achieve carbon-neutrality within defined goals and timelines. 88% of EPL's manufacturing factories across the globe have received Integrated Management System (IMS) certification for ISO standards 14001:2015 – Environment Management System, ISO 45001:2018 – Occupational Health and Safety (OH&S) and ISO 50001:2018 - Energy Management Systems by TUV Nord GmBH

• On People Sustainability, EPL focuses on creating a diverse, dynamic and safe ecosystem for employees that encourages learning and growth. We have devised people-practices on ethics, labour and human rights aligned with UNGC principles across our operations and supply chain. Our CSR initiative "Greening Lives" focuses on driving positive change for stakeholders around our factories, with initiatives around waste management and skill development. Our Supplier's Sustainability Code of Conduct ensures all our suppliers adhere to basic expectations of doing responsible business by ensuring compliance with environmental, social, governance and legal requirements.

Our Sustainability efforts are tracked and transparently disclosed through internationally accepted reporting frameworks like the GRI standard. EPL will continue to work with stakeholders across the spectrum and voluntarily disclose information on how it embeds sustainability into its operations and governance structure.

BUSINESS RESPONSIBILITY REPORTING

As per applicable provisions of the Listing Regulations, a business responsibility report is given herewith and forms part of this Report as

Annexure 5.

OTHER INFORMATION / DISCLOSURES

There are no significant material orders passed by the Regulator, Courts or Tribunal which would impact the going concern status of the Company

and its future operations.

There have been no material changes and commitments affecting the financial position of the Company, occurred between end of financial year

and date of this Report.

In accordance with section 134(3)(a) and section 92(3) of the Act, an annual return as at 31 March 2022 in Form MGT7 is posted on the website

of the Company.

Annual Return pursuant to applicable provisions of the Act is posted in section of investors, corporate governance on the Company's website or link https://www.eplglobal.com/investors/

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has a whistle blower policy laying down a vigil mechanism to deal with instances of unethical behaviour, fraud or mismanagement. The said policy has been explained in the corporate governance report and also displayed on the Company's website https://www.eplglobal. com. Contact details in relation to whistle blower policy are posted on the

Company's website.

INTERNAL FINANCIAL CONTROL

The Company has a proper and adequate Internal Financial Control System, to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition and the transactions are authorized, recorded and reported correctly.

The Internal Financial Control is exercised through documented policies, guidelines and procedures. It is supplemented by an extensive program of an internal audit conducted by in house trained personnel and external firms of Chartered Accountants appointed on recommendation of the Audit Committee and the Board. The audit observations and corrective action, if any, taken thereon are periodically reviewed by the Audit committee. Internal financial control is designed to ensure that the financial and other records are reliable for preparing financial statements and other data and for maintaining accountability of persons.

Wherever applicable, refer the Company's website https://www.eplglobal. com/ or relevant details will be provided to the members on written request to the Company Secretary. The Company has a policy against sexual harassment at work place and The Board through the Risk Management Committee reviews the risks and mitigation measures on a periodic basis. All aspects of risk such as strategic, regulatory and compliance, operational, financial and reputational risks, whether internal or external, are discussed in the Risk

has constituted an Internal Complaints Committee and complied with the provisions in this respect as applicable under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013. There was no complaint received from any employee during the year, nor any complaint remains outstanding for redressal as on 31 March 2022. There was no complaint pending to resolve as on 31 March 2021. Management Committee meeting. PUBLIC DEPOSITS Your Company has not accepted any deposits from the public and there are no outstanding deposits as on 31 March 2022. CAUTIONARY STATEMENT

During the year as part of the control assurance process, the financial controls were reviewed by an independent agency in line with the guidelines issued by ICAI on internal financial controls and reported satisfactory in design and operational effectiveness.

RISK MANAGEMENT

A risk is an event or condition whose occurrence has an adverse impact on the achievement of the Company's business objectives. Risk management is becoming even more relevant and important in today's world where uncertainties are increasing by the day.

At EPL, we have framed a robust Risk Management Policy to identify, assess, monitor and mitigate actual or potential risk exposures in order to minimize any adverse impact on our strategic business objectives, protecting the interest of our stakeholders and meeting the regulatory requirements. We have a well laid down mechanism where all business functions follow a common language of risk and work on monitoring risks on a regular basis wherein the nature/quantum of material risks are assessed along with the adequacy of the mitigation measures. We leverage on the risk management process to drive better business decisions, protect our assets and support a sustainable business.

Statements in this Report and the Management Discussion and Analysis may be forward looking within the meaning of the applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement. Certain factors that could affect the Company's operations include an increase in input raw materials price, availability of raw materials, changes in government regulations, tax laws, economic conditions and other factors including Covid-19.

APPRECIATION

Directors wish to place on record their sincere thanks and appreciation to all our customers, suppliers, banks, authorities, members and associates for their co-operation and support at all time and to all our employees for their unstinted contribution to the growth and profitability of your Company's business and look forward to continued support.

For and on behalf of the Board EPL Limited

10 May 2022 Mumbai

Anand Kripalu Managing Director & CEO Sharmila A Karve Director

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives

Greening Lives, Sustaining Communities

Your directors are pleased to present the Management Discussion and Analysis for the year ended 31 March 2022.

BUSINESS OVERVIEW

Business Review 2021-2022

The external environment continued to be extremely challenging in FY 2022, with unprecedented volatility in input material prices, shortage of key materials, supply chain disruptions, as well as absenteeism coupled with wage inflation. Covid 19 also continued to have an impact in many parts of the world.

Despite these challenges, your company delivered strong doubledigit revenue growth of 11%, even as we continued to navigate this dynamic environment. However, continued increases in raw material and freight costs, and increase in personnel costs, particularly in western geographies led to a 16% decline in PAT (excluding exceptional items). We are prioritizing service to customers over cost considerations to help consolidate our long-term relationships.

AMESA delivered a standout performance by relentlessly focusing on growth – be it acquiring new pharma customers, robust recovery in the Beauty & Cosmetics segment, securing wins over competitors, or a good control on costs – all of these helped the region deliver strong revenue growth of 23.4% and a good bottom line (PBIT) growth of 19.3%.

The market has opened up in the AMERICAS region and the demand is back to pre-Covid levels, resulting in strong revenue growth of 12.9%. However, commodity inflation, high freight costs combined with higher personnel costs due to absenteeism and overtime impacted bottom-line delivery. Consequently, the PBIT declined by 25.7%. AMERICAS is focusing on enlarging its customer base, while also expanding to new territories, like Brazil. This strategy is expected to deliver strong growth in the coming year.

The EAP region delivered revenue growth of 10.3% by relentlessly driving innovation, opening up new categories, and servicing emerging brands in China. However, the inflation in commodity and freight costs impacted EAP as well. The PBIT declined by 11.0%.

Last year, the EUROPE region decided to exit Russia and this has had an impact on growth. Europe delivered growth of 1%, adjusted for Russia. Revenue was mainly impacted due to the Covid situation, with a sharp drop in the Beauty & Cosmetics category. Commodity inflation, supply chain volatility, and absenteeism due to the continued Covid crisis impacted margins significantly. EUROPE PBIT declined by 59%.

Key Corporate Initiatives

Our vision is to be the most sustainable packaging company in the world. Sustainability is the #1 priority for us as a business. In FY21-22, we supplied more than 300 mn 100% recyclable Platina tubes and expect this to more than double next year.

We published our second Sustainability Report this year and have committed to contributing toward a circular economy by collaborating with the Ellen MacArthur Foundation. We have improved our CDP ratings to B in the Climate category and A in Supplier Engagement. We have also become a signatory to UN Global Compact and continue to work together with the India Plastics Pact as founding members.

We have been improving on our corporate governance year on year. This has been widely acknowledged and EPL has been honored with the coveted "Best Governed Company" at the ICSI award for excellence in Corporate Governance in 2021. The Honorable Home Minister, Mr. Amit Shah presented the award to Mr. Suresh Savaliya, SVP- Legal & Company Secretary.

Digital Transformation is the other big opportunity we have wholeheartedly embraced. We started with the overhaul of our SAP systems to S/4 HANA. This has been rolled out globally. We have also implemented a project named e-PAD - for automation and real-time data capture on the shop floor in India. With this in place, we are now poised to move on to the next phase of data analytics.

Inorganic growth is central to our strategy, and we will progressively look for M&A targets that complement our portfolio. We will, in particular, seek targets that help us penetrate new categories, new customers, new geographies, and new technologies while being accretive to our revenue and profitability.

We are committed to being a good corporate citizen through our Corporate Social Responsibility journey. We have embarked on several new programs focusing on sustainability, skill development, and community welfare.

LONG TERM STRATEGY

We have a 4 point strategy that aims to deliver industry-leading profitable growth

Accelerate growth in Beauty & Cosmetics and Pharma
Build wallet share in all key markets
Lead on sustainability and inspire customers to go sustainable
Drive multi-year projects to harness 'fuel for growth'

We have also identified the following enablers to help us achieve our

long-term strategy:

1. An ambition driven innovation program
1. Bold sales and marketing to hunt down new growth opportunities
1. Digital transformation to make EPL future-ready
1. Build a 'one EPL' culture to foster cross-fertilization of ideas and promote horizontal collaboration across regions

SUSTAINABILITY

Your Company has embarked on the journey of Sustainability since 1980. The climate crisis is a significant threat to our planet, and we believe we can and must do more - whether it's by lowering emissions, reducing our carbon footprint, conserving energy, or collaborating with others to make a major difference. Hence, we have made Sustainability our #1 priority. Your Company strongly believes that we can make a significant contribution to environmental protection and resource optimization for future generations. We are invested in the future; after all, that's where we

are going to live the rest of our lives.

Keeping sustainability at the heart of the business, we have taken an integrated approach to improve our Sustainability performance on three main pillars namely, Product, Process, and People. In order to align with global best practices for corporate sustainability, EPL has signed the United Nations Global Compact (UNGC). With this, we commit to UNGC's Ten Principles on the environment, labor, human and anti-corruption, and thereby contribute towards the UN Sustainable Development Goals.

In this fiscal, EPL has also committed to reduce its carbon footprint by 30% across all our manufacturing sites by 2030. To strengthen this commitment, we have become a signatory to the Science-Based Target initiative that helps companies set emission reduction targets in line with climate science and the Paris Agreement goals. Digitization plays a critical part in taking data-driven action for Sustainability. Hence, we have started measuring and monitoring our energy, emissions, water consumption, and waste on Resource Advisor - a cloud-based digital platform provided by Schneider Electric. This year, your company's total emissions have been 55,194 MT CO2 e with a reduction of 19% from the previous year. Our energy consumption this year has been 77,270 MWh which shows a reduction of 21% from the previous year.

We have continued the thrust on our sustainability journey by making over 300mn tubes from recyclable laminates, and introducing tubes with > 50% PCR (post-consumer recycled) content in Europe. Our Platina laminate portfolio is expanding fast with new extensions like Platina Pro, Platina Vision, Platina Shine, Platina ME, and Platina Bio Max. Some of these laminates are now in advanced storage trials with global customers, awaiting commercialization. We have received strong global recognition for these efforts like the 'World Star Global Packaging Awards 2022' in the category of Health and Personal Care. eplglobal.com/sustainability/ OPERATIONAL PERFORMANCE REVIEW Your company's operational performance in a volatile and pandemic affected year reflects its strong fundamentals and resilience. Consolidated revenue was Rs. 34,328 mn, a growth of 11% over the previous year. This growth was spearheaded by efforts to build robust sales pipelines across categories and drive share gains.

With continuous improvements in our GHG emission reduction program, we were awarded a management level 'B' rating in Climate Change and 'B' in Water Security by CDP (Carbon Disclosure Projects). This climate change rating also resulted in EPL being considered at an 'A' level rating in the Supplier Leadership Board of CDP.

This year, your Company has joined New Plastics Economy Global commitments that aim to create a circular economy for Plastics. This commitment is led by Ellen MacArthur Foundation and United Nations Environment Programme (UNEP). EPL has taken ambitious circular economy targets for 2025 to eliminate, reuse, reduce or recycle plastic packaging to contribute toward the vision of the New Plastics Economy. We have also joined as a founding member of India Plastic Pacts to strengthen the commitment of corporate India towards combating growing environmental concerns and plastic pollution. In this challenging environment, our EBIDTA at Rs. 5,783 mn declined by 6.0%, with a margin of 16.8%. Operating profit before interest and tax (EBIT) declined by 14.2% to Rs. 3,269 mn with the EBIT margin at 9.5% AMESA, EAP & AMERICAS delivered robust revenue growth of 23.4%, 10.3% and 12.9% respectively. Strong growth in both categories - Oral Care grew by 10.2%, and Personal Care (including Pharma) by 11.2%. The Business development pipeline across regions has been

88% of our manufacturing sites have been certified with Integrated Management System that encompasses ISO 14001 for Environment, ISO 45001 for Occupational Health & Safety, and ISO 50001 for Energy management systems. Our Goa factory has won the Gomant Suraksha Puraskar award for the 6th time in a row for best in class health & safety practices.

This year we have also published our 2nd Sustainability Report to showcase our journey and sustainability performance for FY'21. This report follows the global sustainability reporting framework GRI standard. You can view our sustainability report on our website here - https://www.

significantly strengthened.

Contents

From the MD & CEO's desk

Greening Lives, Sustaining Communities

MDA

Management Discussion and Analysis

Despite higher investments in working capital and capital expenditure, Finance costs declined by 6.0%, aided by lower interest costs and better negotiation. Finance costs were lower by Rs. 26 mn.

The operational performance has been analyzed by the business segments as below.

SEGMENT-WISE PERFORMANCE REVIEW

The business is managed as four geographical segments viz.

1. Americas (with operations in the USA, Mexico, and Colombia)
1. Europe (with operations in Germany and Poland)
1. AMESA Africa, Middle East & South Asia (with operations in Egypt and India)
1. EAP East Asia Pacific (with operations in China and the Philippines)

SEGMENT FINANCIAL HIGHLIGHTS

The table below sets out the segment financial highlights for the year:

			(Rs. Mn)
Particulars	FY ended 31March 2022	FY ended 31March 2021	Growth
Revenue:
AMESA	12,260	9,934	+23.4%
EAP	8,626	7,820	+10.3%
Americas	7,362	6,521	+12.9%
Europe	7,484	7,686	-2.6%
Profit Before Interest and Tax (PBIT)
AMESA	1,293	1,084	+19.3%
EAP	1,277	1,435	-11.0%
Americas	529	712	-25.7%
Europe	256	625	-59.0%

Developments in each of the regions are set out below:

AMERICAS

Your company has a strong market presence in both North and South America through its wholly-owned subsidiaries in USA, Mexico, and Colombia.

Demand during the year has improved compared to Covid levels and the region delivered 12.9% revenue growth. Oral Care grew by 11.3% and Personal Care by 11.6%. However, commodity inflation, high freight costs, and higher personnel costs due to absenteeism and overtime impacted bottom-line delivery. AMERICAS is focusing on the enlargement of the customer base and also expansion into new territories, like Brazil. This strategy is expected to deliver strong growth.

EUROPE

Your company has units in Poland and Germany, from where laminated tubes and extruded plastic tubes are manufactured and sold.

Europe revenue declined by 2.6 % (adjusted for Russia the growth was 1%) mainly impacted by lower Beauty & Cosmetics revenue given the

continued Covid challenges. The oral care category grew strongly at 14.9%. Commodity inflation, supply chain disruption, absenteeism due to the continued Covid crisis, and reverse operating leverage impacted margins significantly.

AMESA (Africa, Middle East and South Asia)

We service this region through our seven units across India, and our subsidiary in Egypt.

AMESA revenue grew strongly by 23.4%, mainly due to personal care category growth. Personal Care grew by 30.2% and Oral Care grew by 8.9%.

Despite input cost increases, supply chain disruption, etc., the EBIT grew by 19.3%.

EAP (East Asia Pacific)

Your company operates out of 5 units in China and 1 unit in the Philippines.

EAP revenue grew at 10.3%. Personal Care grew by 14.2% and Oral Care by 7.1%. The region is relentlessly driving innovation, opening up new categories, and servicing emerging brands in China. However, the inflation in commodity and freight costs impacted the region's bottom line.

CONSOLIDATED FINANCIAL PERFORMANCE OVERVIEW

Your company's strong fundamentals and resilience are reflected in revenue growth of 11%. This was despite the unprecedented volatility in material prices, shortage of input materials, supply chain disruption, coupled with wage inflation due to absenteeism, exacerbated by the continued global Covid19 pandemic. All this led to a 16% decline in PAT (excluding exceptional items).

			(Rs. Mn.)
Particulars	FY ended 31March 2022	FY ended 31March 2021	Increase/(Decrease)
Net Sales/Income fromoperations	34328	30916	+11.0%
Profit from Operationsbefore Other Income,Interest and Exceptionalitems	3269	3809	-14.2%
Finance Cost	403	429	-6.0%
Profit before tax andexceptional item	2888	3472	-16.8%
Net Profit for the year toequity holders	2144	2391	-10.3%
Net Profit for the yearto equity holders (excl.Exceptional Item)	2144	2552	-16.0%

CREATIVITY AND INNOVATION (C&I)

R&D (a.k.a. Creativity & Innovation within the Company) has been a key driver of your company's growth. The C&I team successfully blended its deep knowledge of polymer science, conversion processes and engineering to continuously advance our product leadership. We are leading global advances in Sustainability, a key driver of both growth and competitive advantage. This will remain a key focus for us.

Building on its innovation momentum, your company continued to make major breakthroughs in sustainable barrier tubes. We have developed products that qualify under all the three R's of sustainability, as well as laminated tubes that can closely match the oxygen barrier properties of aluminum-based laminates and tubes. This year, several major brands successfully launched our fully recyclable high barrier Platina tube solutions. We are proud to associate with such socially responsible brands and to help them in delivering on their sustainability commitments.

We also supply several unique dispensers and applicators along with our tubes; this helps drive adoption in high-end beauty and pharma

segments.

A sample of the latest innovations from your company is presented in the features section of the Annual Report. The R&D facility of your company has been recognized and certified by the Department of Scientific & Industrial Research, Government of India.

Your company continues to protect the enormous intellectual property that it creates. This year we have filed several new global patents focusing on the theme of sustainability. Your company now has an IP portfolio of 75 granted active patents and 54 filings pending grants. Your company's R&D efforts continue to win accolades at several forums, and across customers, and we continue to collaborate with customers and stakeholders to roll out new products. Needless to add, our structured C&I development process ensures a healthy innovation pipeline and fuels the sales and

profitability of the company.

TECHNOLOGY

Even at a time when many in the industry shied from making investments due to margin pressure, your company continued to invest in new printing machines, while upgrading the print shop floor with many tools – all to ensure that best-in-class quality is delivered.

With continued efforts in lean manufacturing, your company advanced to the next level in implementing a Zero Defect workflow for defect-free tubes for customers. All the regional hubs (major units) have progressed on implementing a 'Vision' system with added initiatives to reduce scrap. This helps your company in meeting sustainability goals while meeting

customer requirements.

Your company is strategically moving towards acquiring/upgrading the latest in printing technology. Currently, the majority is printed in

Letterpress.

Increasingly, Flexo is the preferred process for printing on lamitubes,

mainly due to:

ease of use, for value-adding decorations (like cold foil & rotary

higher print quality,
quick job changeovers,
screen),
higher production speeds

ability to easily convert PBL material, and

We are happy to share that your company has more locations where wider/ faster FLEXO printing machines are implemented. Poland, Guangzhou,

and Mexico are examples.

Embellishments:

While the ability to stand out and shout on the shelf is important, it's not the only consideration. Your company's success can also be measured in three areas:

in the aesthetics of the packaging and its added value properties (Carton Less Tube)
in its ability to impact the supply chain and help make efficiency savings (Reuse of LENS Foil roll up to 3 times)
in the continual improvement in recyclability

Your company has invested in add-on solutions for Lens Foil. This decoration helps EPL bring high-end decorations that are today done on cartons directly to tubes.

Digital Printing

We had mentioned in last year's report that your company raised the bar on personalization by installing digital printers across all regions.

Generally, the process of printing on packaging comes with many challenges. There is no single technology that fits all. Some of the considerations are based on the ability to manage the accuracy, color quality, and high labor costs. This offers the opportunity to innovate with digital printing, making it one of the top packaging industry trends. Unlike traditional offset or flexo printing techniques, it does not require separate plates for different prints. All the content is printed in a single pass, making it less laborious. Modern digital printing has a much smaller impact on the environment as it eliminates the need for pre-press procedures or additional labeling, thereby reducing waste and inventory. With less turnaround time and more flexibility, digital printing enables customized packaging to cater to different subgroups of consumers.

We are happy to share that your company has enhanced productivity (impressions/tubes) printed on digital in the last year and one of our plants (EPL-Assam) has the lowest printing Scrap (%) amongst all printing machines at EPL.

Plastic tube Printing

Your company has made an investment in a Flexo + Screen machine (13 stations) for Plastic tube printing at Wada. This will enhance the quality of Plastic printing and aid our ability to handle increased volumes.

High speed image making

Your Company continues to invest in energy efficient, high output tube making technologies, which are jointly developed with equipment suppliers. This year we have introduced New LT 300 lines in our Goa facility, that are faster than the current equipment. Similarly, we have commissioned state-of-the-art prestige lines for cosmetic production in three regions. All these lines come with full output PBL capability to produce sustainable laminated tubes.

FINANCE

Despite higher investment in working capital due to supply chain disruptions, and also higher investment in capital expenditure to create future capabilities, interest costs have been reduced by Rs. 26 mn through

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities
Awards & Recognition
Key Performance Indicators
The Leadership Team
The Management Team
Board Report
MDA
Corporate Governance
Five-Year Summary
Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

Management Discussion and Analysis

better negotiation and lower interest rates. The average rate of interest declined by 16 bps due to an appropriate mix of various forms of debt, market conditions, and better negotiations. Prudent risk management further helped contain exchange losses in the consolidated financial statement to Rs. 22 mn.

The consolidated net debt at end of FY22 was Rs. 4,645 mn, which is higher by Rs. 1,518 mn compared to the previous year, representing a healthy debt to equity ratio of 0.36 (0.33 PY) and a DSCR of 4.64 (3.31 PY). Your company continues to enjoy a CARE AA rating for its NCDs and other long term bank facilities, and a CARE A1+ rating for its short term bank facilities. India Rating (Fitch) has upgraded the Issuer Rating of the Company from IND AA to IND AA+ this year. The consolidated ROE and ROCE are at 12.2% and 15.0% respectively as compared to 15.8% and 19.7% in March 2021.

HUMAN CAPITAL

In this second year of the pandemic, your company continued its focus on employee safety and health across all units. There was no impact on operations and your employees attended in full strength across all units. The Corporate office in Mumbai transitioned to the hybrid model of working while adhering to local government norms. Your company also took concerted efforts to stop the spread of COVID-19 by holding vaccination drives at many units. As of March 31st, 2022, 99% of all staff have been fully vaccinated in India.

In the previous year, EPL's 'winning values' had been unveiled, that were aligned with the vision of Leading the Pack sustainably. This year, your company held Values workshops across all locations for employees to uniformly understand these values. The virtual sessions used the format of story-telling, which encouraged the sharing of insightful cases of initiatives for cross-unit learning.

The pandemic accelerated your company's resolve towards digital transformation, leading to Human Capital Services being more accessible to employees. One of the significant digital interventions has been the introduction of e-learning modules on the Learning Management System (LMS) platform, accessible to all employees globally. Employees have accessed over 1200 online training courses on the LMS during the year. Your company also launched a customized e-learning program for employees on the Data Protection Policy and Guidelines of EPL. Your company also conducted interactive global instructor led sessions on Code of Conduct, Whistleblower Policy, Anti-Corruption, Human Rights, Non-discrimination, and Diversity and Inclusion.

Your company continued to augment its efforts on leadership and talent pipeline development. 89% of development interventions were successfully completed for the identified high-potential talent of your company. Further, EPL ensured that, despite the constraints during the pandemic, 78% of all Individual Development Plans (IDPs) were completed successfully for all staff through training, action learning projects, on-thejob training, and e-learning.

The Competency Assessment Framework for performance evaluation of shop-floor employees in the critical areas of quality, cost, safety, process discipline, etc. continued to enable your company to infuse meritocracy right up to its operators for the third year running.

The Employee Engagement Survey conducted in the previous year provided insights on various aspects of EPL's Policies, employee concerns, and suggestions for improvements. Your company made concerted efforts to address these through Focus Group Discussions (FGDs), team gettogethers, policy enhancements, and celebrating successful contributions at regions and Units. Your company revised designation titles for employees in managerial grades to global benchmarks. Your company also conducted 3 Global Town halls as part of Internal Communication efforts for sharing business updates and recognizing the contributions of the team. As a result, the engagement scores have improved by 3% over the previous year and we have achieved 69% Employee Satisfaction in 2021-22.

Your company continued to take steps in the Environment, Social, and Governance (ESG) criteria as part of its Sustainability focus. EPL collaborated with the Citizens Association for Child Rights (CACR) for its "No Child Labour" resolve and conducted awareness sessions and defined global remediation plans. Your company is now a member of the United Nations Global Compact (UNGC), a body dedicated to ensuring adherence to the Ten Principles of Human Rights pertaining to the environment, labor, and anti-corruption. EPL also published its second consecutive Annual Sustainability Report aligned to the GRI standards. This year, your company provided jobs to an additional 180 deserving and financially needy youngsters under the "Apprentice program", to give them a better livelihood, enhance their employability and improve their earning potential.

INFORMATION TECHNOLOGY (IT)

Digital Transformation is a major driver of excellence and performance. We continue to invest in new technologies for digitization and remote process automation, enabling us to accelerate Digital Transformation (DX) initiatives & create an Intelligent Enterprise.

Your company has taken big strides towards manufacturing excellence as it successfully migrated its SAP ERP to S/4 HANA across all its manufacturing units. S/4 HANA, being a digital platform will accelerate the digitization of processes. Keeping pace with Industry 4.0 solutions, we have successfully implemented a shop floor digitization project code named ePAD (EPL's Process Automation and Digitization) in all the manufacturing locations within India, which enables seamless integration of machines and ERP.

Your company continues to remain agile and scalable, aggressively adopting cloud technology by hosting many of its core applications on public cloud platforms. Your company has developed customer and manufacturing centric analytics dashboards to get insights into customer service & operational efficiencies, enabling machine learning and to become an intelligent enterprise.

Your company has strengthened its financial consolidation and reporting processes by upgrading its financial consolidation tool (FCCS).

Data security continues to be of paramount importance, and your company continuously evaluates the latest cyber security solutions keeping in mind increased cyber risk. In the last financial year, we upgraded our complete endpoint protection (EPP) to endpoint detection & response (EDR) technology. We implemented Multi-Factor Authentication to secure our perimeters. We continue to invest in state-of-the-art disaster recovery systems, redundant networking systems, and processes that ensure business continuity in case of any unforeseen events.

A Steering Committee comprising the Corporate Leadership Team supervises IT initiatives and IT effectiveness through regular reviews.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Your company has put in place robust internal control systems and a structured internal audit process for financial controls of systems and processes. This ensures adequate internal controls over business & accounting processes, compliances with relevant laws, and also helps

safeguard the company's assets.

The Audit Committee discussed and approved the appointment of internal auditors, as well as the scope and coverage of internal audits. We conducted internal audits of systems and processes, as we do every year in all the units across the globe. We also conducted specific reviews of application controls across key processes. The Audit Committee, statutory auditors, and top management are apprised of internal audit findings, and updates of action taken on the internal audit observations are also given

to the Audit Committee every quarter.

The Audit Committee of the Board, comprising two non-executive independent directors reviews the quarterly, half yearly, and the annual financial statements of your company. A detailed note on the functioning of the Audit Committee and the other committees of the Board forms part of the section on Corporate Governance in the Annual Report.

Your Company has a process of monthly business reviews, separately for each of the regions, as key operational control. Your Company also has a capital expenditure control system for authorizing investments in new assets and projects. Accountability is established for meeting timelines and achieving deliverables promised with the investment.

Your company further deploys IT-supported workflows as a way to standardize the processes globally as well as to ensure control and safety of our data. We use IT extensively to analyze customized business information, which we use to facilitate analysis and take corrective action.

During the year, your company carried out a detailed review of internal financial controls to ensure the adequacy of internal controls over financial reporting in its India units. This review covered the testing of both the design and operating effectiveness of internal controls. Further, the Risk and Control Matrices (RCMs) were also reviewed and updated. The findings were satisfactory.

RISK MANAGEMENT

The Board of Directors and the Risk Management Committee of the Board review the business risks to which your company is exposed, along with mitigation measures, at periodic intervals. The senior management team led by CEO and Managing Director is responsible for managing risks proactively, and developing and implementing appropriate mitigation measures.

Key risks to which your Company is exposed include:

Escalation in raw material prices and impact on long term

contracts

Your company has incorporated raw material cost escalation pass-through clauses in its long-term customer contracts which enable product prices to be revised periodically to reflect any variation in material costs.

Where possible, your company continues to identify and establish alternate supply sources and alternative materials to effectively manage material costs as well as supply continuity.

Over dependence on Oral Care

Oral care remains a large part of our portfolio, although this dependence is reducing. This risk is further mitigated by its essential daily use nature, stable demand even during difficult times, and your company's relationship with all global majors. We are further diversifying our portfolio intentionally. Your company now has ~46% of its revenue coming from cosmetics, food, and pharma categories.
- Tube as a packaging format is being increasingly preferred for products in paste/gel/cream and even viscous liquid form for reasons of ease of dispensing, convenience, resource reduction, capability for branding, and decoration. Laminated tubes are being increasingly sought after by FMCG brands as compared to plastic and aluminum tubes.
- Scale, technology, integrated manufacturing process, innovation capability, and operational efficiencies are other factors that further strengthen your company's competitiveness, as well as its ability to work as a global partner to large MNCs and local brands in each geography.

Attracting and retaining talent

As with any other business, high demand for talent globally impacts employee turnover. Your company mitigates this by fostering an empowered organizational culture that is lean and professional. Contemporary HR practices such as career planning, competitive remuneration, performance management systems, performance linked pay, stock options, and skills & competency training are now well established across the company and its subsidiaries. Top talent is given the opportunity to move across functions and geographies. Employee engagement surveys are carried out annually and the findings are used to further improve employee satisfaction.

Currency volatility

The global nature of operations exposes the company to several currencies. Also, fluctuations in exchange rates could affect performance. Appropriate pass-through clauses have been built into long-term customer contracts to offset the impact on material costs due to exchange rate fluctuations. Prices get reviewed and revised in the event of significant currency movements. Your company also has the policy of systematically hedging its trade and capital exposures using forward contracts. Wherever possible, transactional currencies are aligned to the reporting currency to obviate exchange fluctuation impact.

Economic downturn

This could impact your Company's markets, suppliers, customers, and finances leading to business slow down, disruptions, etc. Proactive supplier and customer engagement are one of

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Greening Lives, Sustaining Communities

Management Discussion and Analysis

the ways that your company has adopted to minimize risk to business continuity. Since your company's products are related to the daily necessities of consumers, their demand is not much impacted by the downturn. Your company proactively monitors emerging trends in consumption and offers relevant solutions to its customers to stay ahead of the curve. There is also a strong business development pipeline to increase market share further. Your company is also focused on containing costs and improving efficiencies. The company is already working on a few margin

improvement initiatives to achieve this goal.

Competition

Your company focuses on superior quality, shorter lead time, and high service levels as a means to keep customer satisfaction high. It also invests in technology-driven innovation, and in particular, sustainable products/processes to sustain its competitive edge. Besides, its ability to support its customers across the globe and focus on efficiency and value management has helped to sustain its position as a world-class provider of packaging solutions.

Wage increases in developing markets

Your company is proactively using automation and asset productivity improvement to contain headcount and manage employee costs, particularly due to the increase in minimum

wages in many countries.

OUTLOOK

Your company is sharply focused on delivering market leading growth coupled with capital efficient, and consistent earnings improvement.

We have a 4 point strategy that aims to deliver industry leading

profitable growth

Accelerate growth in Beauty & Cosmetics and Pharma

Build wallet share in all key markets

Lead on sustainability and inspire customers to go sustainable

Drive multi-year projects to harness 'fuel for growth'

We have also identified the following enablers to help us achieve our long-term strategy:

1. An ambition driven innovation program
1. Bold sales and marketing to hunt down new growth opportunities
1. Digital transformation to make EPL future ready
1. Build a 'one EPL' culture to foster cross-fertilization of ideas and promote horizontal collaboration across regions

SIGNIFICANT CHANGE IN KEY FINANCIAL RATIOS:

There is no significant change in key financial ratios as compared to the previous financial year.

CHANGE IN RETURN ON NET WORTH

The return on Net worth for the financial year has gone down to 12.2% as compared to the preceding financial year's return of 15.8% on account of lower profitability during the year.

MEDIUM AND LONG-TERM STRATEGY

Our key strategies to deliver industry-leading profitable growth include:

Leading the market on sustainable offerings
Strengthen our Oral portfolio and accelerate Personal Care growth
Increase wallet share in major markets globally
Segmented approach for large and small customers
Drive multi-year projects to improve operational efficiencies and to drive fuel for growth

CAUTIONARY STATEMENT

Statements in this Annual report, particularly those which relate to management discussion and analysis, describing your company's objectives, projections, estimates, and expectations may constitute "forward-looking statements" within the meaning of applicable laws and regulations. Actual results may materially differ from those expressed or implied.

EPL's PHILOSOPHY ON CORPORATE GOVERNANCE

It aims to align interests of the Company with its shareholders and other stakeholders. The incentive for companies and those who own and manage them, to adopt global governance standards, is that these standards will help them to achieve a long-term partnership with its stakeholders and achieve its corporate objectives efficiently. The principal characteristics of corporate governance are transparency, independence, accountability, responsibility, fairness and social responsibility.

A good governance process provides transparency of corporate policies and the decision making process and also strengthens internal systems and helps in building good relationship with all stakeholders. We at EPL believe in being transparent and commit ourselves to adherence to good corporate governance practices at all times as we believe that good governance generates goodwill among business partners, customers and investors and helps the Company to grow.

Corporate Ethics

Corporate Governance pertains to the system, by which companies are directed and controlled ethically, keeping in mind the enhancement of long-term sustainable interests of stakeholders. It refers to blend of law, regulations, ethical and voluntary practices, which enable the Company to attract financial and human capital, perform efficiently and thereby perpetuate it into generating long-term economic value for its shareholders, while respecting and balancing the interests of other stakeholders and the society at large. The Company has adopted a Code of Conduct to regulate, monitor and report Trading by Designated Persons (PIT Code) pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015. The Code is applicable to all Directors and such Designated Persons, their immediate relatives and other persons as defined in the PIT Code. The detailed report on Corporate Governance for the year ended on 31 March 2022 along with the status of significant developments after the

The Company adheres to the highest standards of business ethics, compliance with statutory and legal requirements and commitment to

transparency in business dealings.

Code of Conduct for Board Members and Senior

Management

The Code of Conduct highlights Corporate Governance as the cornerstone for sustained management performance, serving all the stakeholders and

for instilling pride of association.

The Code is, inter alia, applicable to all directors and senior management executives. The Code impresses upon directors and senior management to uphold the interest of the Company and its stakeholders and to endeavor to fulfill all the fiduciary obligations. The Code is available on the Company's website https://www.eplglobal.com/

The Company has received a declaration of compliance with the Code of Conduct from Directors and Senior Management Personnel. The declaration by the Managing Director affirming compliance of the Board of Directors and Senior Management Personnel to the Code of Conduct is appended to this Report.

Code of Conduct for Prevention of Insider Trading

end of the financial year, under applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing Regulations) is set out below.

1 BOARD OF DIRECTORS

1.1 Directors' profile

The Board of Directors of the Company comprises highly renowned professionals drawn from diverse fields. They bring with them wide range of skills and experience to the Board which enhances the quality of the Board's decision-making process. The profile of the Directors is posted on the Company's website https://www. eplglobal.com/.

1.2 Board Procedure

With a view to follow transparency, the Board follows procedure of advance planning for the matters requiring discussion or decisions by the Board. The Board is given presentation covering finance, sales, major business area and operations of the Company and other matters as requested by members. Agenda papers for the Board and committee meetings are finalized in consultation with concerned functionaries. The minutes of proceedings of each board meeting are maintained in terms of statutory provisions. Meetings of various committees are held properly. The minutes of committee meetings are placed regularly before the Board.

The Agenda and notes to the agenda for the meetings of the Board and Committees, together with relevant details, resolutions and documents are circulated in advance of the meetings. The Company follows practice to schedule dates of meetings for coming year or such period as possible. Meetings are held in attendance of Chief Operating Officer, Chief Financial Officer and Company Secretary and other executives are also invited wherever necessary for discussion or inputs.

1.3 Composition of the Board, category, directorship etc.

The Board of the Company comprised of eight Directors as on 31 March 2022 with an optimum combination of executive and

Corporate Governance Report

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Corporate Governance

non-executive directors, of which three are Independent Directors, four are Non-executive Directors and one is Managing Director and Chief Executive Officer. The Chairperson of the Board is non-executive and Independent Director and not related to Managing Director or the Chief Executive Officer of the Company. Independent Directors are renowned professional with specialization in their respective fields, having varied skills and expertise and not related to promoters of the Company. The Company is in compliance of the Listing Regulations and the Companies Act 2013 (the Act). The composition of the Board and other details as on 31 March 2022 are as below. Details and development after end of the year but as on the date of this report is given wherever material or relevant.

Mr. Anand Kripalu was appointed as Director, Managing Director and Chief Executive Officer of the Company wef 18 August 2021. Mr. Sudhanshu Vats resigned from the post of Director, Managing Director and Chief Executive Officer of the Company wef 31 August 2021 due to his personal reasons.

Name of Directors	Category	No. of Directorship in	Position in outside Committees(2)
		other companies (1)	Chairperson	Member
Mr. Davinder Singh Brar	Independent Director – Chairperson	14	2	7
Mr. Uwe Ferdinand Roehrhoff	Independent Director	1	0	0
Mrs. Sharmila A Karve	Independent Director	5	3	4
Mr. Anand Kripalu#	Managing Director and CEO	1	0	0
Mr. Amit Dixit	Non-executive Director	8	0	1
Mr. Animesh Agrawal	Non-executive Director	1	0	0
Mr. Aniket Damle	Non-executive Director	1	0	0
Mr. Dhaval Buch	Non-executive Director	4	0	0

(1) Including private companies but excluding foreign companies, companies registered under section 8 of the Companies Act 2013, and alternate directorship.

(2) Represents Chairmanship / Membership of Audit Committees and Stakeholders Relationship Committees of other companies.

Mr. Anand Kripalu appointed as Director, Managing Director and Chief Executive Officer of the Company wef 18 August 2021.

Details of directorship in other listed Indian companies are as under.

Name of Directors	Name of other listed entities	Category of Directorship
Davinder Singh Brar	Wockhardt Limited	Independent Director
	Mphasis Limited	Independent Director
	Maruti Suzuki India Limited	Independent Director
Uwe Ferdinand Roehrhoff	Nil	N.A.
Sharmila A Karve	Syngene International Limited	Independent Director
	CSB Bank Limited	Independent Director
	Thomas Cook (India) Limited	Independent Director
Amit Dixit	Mphasis Limited	Non-Executive - Non Independent Director
	Sona BLW Precision Forgings Limited	Nominee Director
Animesh Agrawal	Nil	N.A.
Aniket Damle	Nil	N.A.
Anand Kripalu #	Nil	N.A.
Dhaval Buch	Nil	N.A.
#

Mr. Anand Kripalu appointed as Director, Managing Director and Chief Executive Officer of the Company wef 18 August 2021.

None of the other Directors on the Board are related to each other. None of the directors are holding any shares in the Company.

Directors of the Company do not hold any options or instruments convertible into equity shares of the Company, except Mr. Anand Kripalu, CEO & MD whose details given elsewhere in this Report.

The Board is of the opinion that the independent directors of the Company fulfill the conditions specified in the Listing Regulations and are independent of the management. Every Independent Director has confirmed and given declaration in this respect.

1.4 Board Meetings and attendance

During the year under review, the Board of Directors of the Company met seven times ie 19 April 2021, 20 May 2021, 02 July 2021, 29 July 2021, 10 November 2021, 9 February 2022 and 29 March 2022. The agenda papers along with notes and other supporting were circulated in advance of the Board Meeting with sufficient information.

Directors' attendance in Board Meetings held during the financial year and last Annual General Meeting are as under.

Name of Directors	No. of Board Meetings		Attendance at Last Annual General Meeting
	Held	Attended
Mr. Davinder Singh Brar	7	7	Yes
Mr. Uwe Ferdinand Rohrhoff	7	7	Yes
Mrs. Sharmila A Karve	7	7	Yes
Mr. Anand Kripalu#	7	3	NA
Mr. Sudhanshu Vats@	7	4	Yes
Mr. Amit Dixit	7	7	Yes
Mr. Animesh Agrawal	7	7	Yes
Mr. Aniket Damle	7	6	Yes
Mr. Dhaval Buch	7	7	Yes

Mr. Anand Kripalu appointed as Director, Managing Director and CEO of the Company wef 18 August 2021. He attended all the meetings held from the date of his appointment.

@Mr. Sudhanshu Vats resigned as Director, Managing Director and CEO of the Company wef 31 August 2021.

1.5 Matrix of expertise and skill of Directors

The Board of the Company comprises of Directors having different skills and expertise in their respective domain areas including Strategy, Business Management, Finance & Accounts, Governance & Compliance, Manufacturing, Quality, and Supply Chain.

Following is the skill matrix. Additionally, given in detail about qualifications, expertise and experience of the Directors. The Board is of the opinion that the skill or competence required for the Directors in relation to the present business of the Company includes finance, accounts, taxation, technology, legal, operation, business development and compliance.

Skill	Board Strength (%)
Strategy	17
Business Management	28
Finance & Accounts	17
Governance & Compliance	22
Manufacturing, Quality and Supply Chain	17

Contents

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Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives

Greening Lives, Sustaining Communities

Corporate GovernanceReport
--------------------------------	--

Director	Qualification	Skills/expertise/competence/experience
Mr. Anand Kripalu	MBA from IIM, Calcutta, BTechfrom IIT, Madras, AdvancedManagement Program fromWharton Business School	• A long-serving veteran in the consumer goods industry, with over 30years of experience in the fast-moving consumer goods Industry.• Having worked with United Spirits Limited (Diageo India, a leadingbeverage alcohol company) as MD & CEO for almost seven years.• Worked for almost eight years with Mondelez International (earlier,Cadbury), where he served as the President of India and South East Asia.• Worked with Unilever in various general management and sales andmarketing roles where he spent 22 years and left Unilever as the MD ofEast Africa, where he turned around a loss-making business to deliverdouble-digit growth.
Mr. Davinder Singh Brar	BE in electrical engineering fromThapar Institute of Engineeringand Technology, Patiala; and amaster's degree in managementfrom Faculty of ManagementStudies from the University ofDelhi (gold medalist – 1974)	• Expertise in Pharmaceutical Industry.• Member of the Advisory Board of the USA-India Chamber of Commerce(USAIC). Mr. Brar was also the Director of the Reserve Bank of India (RBI)during 2000-2007.• Having worked with Ranbaxy Laboratories Limited, where he rose to theposition of Chief Executive Officer (CEO) and Managing Director.
Mrs. Sharmila A Karve	Fellow member of Institute ofChartered Accountants of India	• Expertise in accounts, audit, finance, risk management and taxation.• Retired as an audit partner from PWC.• Has vast experience in Indian GAAP, Ind AS and IFRS.
Mr. Uwe FerdinandRohrhoff	Diploma in Business Studies fromUniversity of Cologne, Germany	• Experience in the Pharma and Healthcare Industry at global level.• Having worked in various capacities and consistently grown in statureand responsibility at Gerresheimer (German company) and worked withPerrigo Company, as President, CEO and Director.
Mr. Amit Dixit	MBA from Harvard BusinessSchool, MS in Engineering fromStanford University and B.Techfrom IIT Mumbai.	• Expertise in Technology, Finance and Management• Currently working with Blackstone, PE in India as Senior ManagingDirector and prior to joining Blackstone, he was a Principal at WarburgPincus.
Mr. Animesh Agrawal	BE from IIT Delhi and MBA fromStanford Graduate School ofBusiness	• Expertise in Finance, Investing and Technology.• Currently working with Blackstone, PE in India as Principal and prior tojoining Blackstone worked with McKinsey & Company.
Mr. Aniket Damle	BE from IIT Mumbai	• Expertise in Finance and Technology.• Currently working with Blackstone, PE in India at key role and prior tojoining Blackstone worked with McKinsey & Company.
Mr. Dhaval Buch	BTech in Mechanical Engineeringfrom IIT Delhi	• Expertise in Supply Chain and Management.• Currently works as Senior advisor to Blackstone and also consults severalIndian multinationals. Worked with Unilever for three decades in differentsupply chain roles and retired as Global Chief Procurement Officer.
Mr. Sudhanshu Vats	B.Tech in Mechanical Engineeringfrom NIT, Kurukshetra and MBAfrom IIM Ahmedabad	• Expertise in FMCG and Media Sector.• Key skills are in Business strategy, Marketing strategy, P&L Management,Business Development, Marketing and Product Management, CompetitiveAnalysis, Key Account Management, Supply Chain Management, Brandequity and Team management.• Having worked with Unilever for more than 20 years and last stint withViacom18 as Managing Director and CEO for 8 years.

Details of Mr. Sudhanshu Vats is given considering he was director during the year.

1.6 Familiarization Programme

of the Company, global business environment, business strategy and risk involved. The Policy and programme aim to provide insights into the Company to enable independent directors to understand the business, functionaries, business model and other matters. The Company's Policy and other details in this respect are posted in the investors section on the Company's website or link, https://www.eplglobal.com/

2 PERFORMANCE EVALUATION

During the year, the Board conducted annual evaluation for evaluating its performance as well as that of its Committees and individual Directors, including the Chairman of the Board meetings. The performance of the Committees was evaluated by the Board seeking inputs from the Committee members. The criteria to evaluate the performance of the Board, committees, independent directors and non-independent directors includes; Board Composition, size, the mix of skill, experience and role, participation, suggestions, development of strategy, board process, policies and others. The Company has implemented software based online system wherein Directors give their rating / feedback in secured manner. The system generated results and summary were circulated to the Directors and discussed for review and suggestions. The Directors were satisfied with the evaluation manner and results, which reflected the engagement of the Board and its Committees with the Company.

3 AUDIT COMMITTEE

Audit Committee of the Board has been constituted in terms of the Listing Regulations and Section 177 of the Act.

The Audit Committee comprises of three Directors. Two-thirds of the members of the Audit Committee are Independent Directors. The Committee met six (6) times during the year on 3 May 2021, 20 May 2021, 29 July 2021, 10 November 2021, 9 February 2022 and

15 March 2022.

Mrs. Sharmila A Karve, Chairperson

Name of the Member Category			No. of Meetings
		Held	Attended
Mrs. Sharmila A Karve,Chairperson	IndependentDirector	6	6
Mr. Davinder Singh Brar Independent	Director	6	6
Mr. Animesh Agrawal	Non-ExecutiveDirector	6	6

The Company Secretary of the Company acts as secretary to the

Audit Committee.

Audit Committee meetings are also attended by the chief financial officer, chief operating officer, representatives of the Statutory Auditor, Internal Auditors and other executives as and when required. The Committee also invites senior executives, where it considers appropriate, to attend meetings of the Audit Committee.

Terms of reference and the role of the audit committee include the matters specified under the Act and the Listing Regulations. Broad terms of reference includes; oversights of the financial reporting process, review financial results and related information, approval of related party transactions, review of internal financial controls and risk management, evaluation of the performance of statutory and internal auditors, audit process, relevant compliances, review compliance relating to insider trading regulations, appointment and payments to statutory auditors, reviewing the utilization of loans and/or advances from/investment by the holding company in the subsidiary.

4 NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee of the Board (NRC) has been constituted in terms of the Listing Regulations and Section 178 of the Act.

The NRC comprises of three Directors. There is an optimum combination of directors in compliance with applicable laws.

During the year under review, the Nomination & Remuneration Committee met five times ie on 20 May 2021, 2 July 2021, 29 July 2021, 10 November 2021 and 9 February 2022.

The Composition of the NRC and the attendance is as under.

Name of the Member Category			No. of Meetings
		Held	Attended
Mr. Uwe Roehrhoff,Chairman	IndependentDirector	5	5
Mr. Davinder Singh Brar Independent	Director	5	5
Mr. Amit Dixit	Non-ExecutiveDirector	5	4
Mr. Dhaval Buch@	Non-ExecutiveDirector	5	4

@Mr. Dhaval Buch ceased as a member of the NRC wef 30 November 2021.

Terms of reference of the NRC include the matters specified under the Act and the Listing Regulations. Broad terms of reference include; formulation of remuneration policy, set criteria for determining qualifications, positive attributes and independence of a director, formulation of criteria for evaluation of independent directors and the Board and criteria for appointment of directors and senior management and recommendation to the Board, all remuneration payable to senior management.

The Company's policy on the appointment of directors has provided, inter alia, relating to the criteria of qualification, experience and skills in relation to appointment for the position of director.

Contents

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4.1 Remuneration of Directors

Details of remuneration, perquisites etc. and sitting fees of Directors for the financial year ended on 31 March 2022 are as under.

Name of Director	Category			Rs. in lakhs
		Commission or annualremuneration	Sitting fees	Total
Mr. Davinder Singh Brar	Independent Director	30.25	4.75	35.00
Mr. Uwe Roehrhoff	Independent Director	21.75	3.25	25.00
Mrs. Sharmila A Karve	Independent Director	21.50	3.50	25.00
Mr. Amit Dixit	Non-executive Director	Nil	Nil	Nil
Mr. Animesh Agrawal	Non-executive Director	Nil	Nil	Nil
Mr. Aniket Damle	Non-executive Director	Nil	Nil	Nil
Mr. Dhaval Buch	Non-executive Director	Nil	Nil	Nil

Name of Director Category				Remuneration components Rs. in lakhs
		Salary	Allowance,perquisites	Cont. to PF	Performance bonus Total
Anand Kripalu#	Managing Director & CEO	111.77	154.25	13.41	161.60	441.03
Sudhanshu Vats@	Managing Director & CEO	66.25	64.93	7.95	Nil	139.13

Appointed wef 18 August 2021. @Resigned wef 31 August 2021.

15,26,718 Options were granted to Mr. Anand Kripalu under Employees Stock Options Scheme 2020 (ESOS2020) at grant price of Rs. 161 per option. Said Options will vest in phased manner over a period of five years and subject to the provisions of ESOS2020.

Mr. Sudhanshu Vats was Managing Director and CEO till 31 August 2021. He was paid as mentioned above. Additionally, the Company has paid him retirement benefits including leave encashment etc.

The term of appointment of Mr. Anand Kripalu as Managing Director and Chief Executive Officer is for five years wef 18 August 2021 and it can be terminated by either party giving three months' prior notice to the other.

Remuneration to Executive Directors of the Company comprises fixed pay, perquisites and variable pay as mentioned above. Performance bonus/variable pay is based on criteria including achievement of performance standards as per the remuneration policy or practice of the Company.

Performance bonus of Managing Director and Chief Executive Officer is recommended by the Nomination & Remuneration Committee based on criteria including achievement of performance standards as mutually set out from time to time and as per Remuneration policy of the Company and approved by the Board of Directors of the Company.

Commission and Performance bonus payable to Directors as mentioned above is provided for the financial year 2021-22 and will be paid subsequent to the approval of the financial statements. Figures relating to remuneration are given in lakhs with intent to provide exact details.

There were no pecuniary relationships or transactions of non-executive directors vis-à-vis the Company during the year under review, except payment of sitting fees and remuneration.

4.2 Remuneration policy

The Board on the recommendation of the Nomination and Remuneration Committee approved the Remuneration Policy for Directors, KMP and senior management employees.

The policy describes various aspects and guiding factors while determining the remuneration to Directors, KMP and senior managerial personnel of the Company with the intent to maintain level and composition of remuneration reasonable and sufficient to retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons and also create competitive advantage. Broad provisions of the Remuneration Policy are summarized hereunder.

a) Nomination and Remuneration Committee (NRC) has important role in monitoring the policy.

b) The Board, on the recommendation of NRC approves the remuneration payable to the Managing Director of the Company. The remuneration payable to the Managing Director shall be in accordance with the applicable provisions of the Act and the rules framed thereunder.

c) The Board, on the recommendation of the NRC approves the remuneration payable to the Key Managerial Personnel and Senior Management Personnel. The structure of remuneration payable to Key Managerial Personnel and Senior Management Personnel will be in accordance with the compensation framework adopted for employees generally by the Human Resource department of the

Company.

d) The commission to the Independent Directors is paid as per the provisions of the Act and the rules framed thereunder.

e) The Commission will be distributed among the independent directors as per criteria mentioned in this Report.

4.3 Criteria for payment to Non-executive / Independent Directors

Independent Directors are paid sitting fees of Rs. 25,000 for each meeting of the Board and its Committees. The Company also bears / reimburses expenses incurred by the Directors for attending the meetings. The remuneration by way of commission to the independent directors is decided, keeping in view the recommendations by NRC, based on number of factors including the number of meetings attended by the director during the year, contribution to the Board and its Committees and involvement in the decision making.

5 STAKEHOLDERS RELATIONSHIP COMMITTEE

The Stakeholders Relationship Committee of the Board has been constituted in terms of the Listing Regulations and Section 178 of the Act. There is an optimum combination of directors in compliance with applicable laws.

The Stakeholders Relationship Committee comprises of three Directors. The Chairperson of the committee is a non-executive director. During the year under review, the Stakeholders' Relationship Committee met on 29 July 2021.

The Composition of the above Committee and the attendance is as under.

Name of the Member Category			No. of Meetings
		Held	Attended
Mr. Animesh Agrawal,Chairman	Non-executiveDirector	1	1
Mrs. Sharmila A Karve	IndependentDirector	1	1
Mr. Aniket Damle	Non-executiveDirector	1	1

Mr. Aniket Damle was appointed as a member of the Committee wef 26 April 2021.

During the year, three investor complaints were received. No investors' complaints were pending as on 31 March 2022. There was no complaint pending at beginning of the year.

Terms of Reference and the role of the Stakeholders Relationship Committee includes the matters specified under the Act and the Listing Regulations. Broad terms of reference includes; to consider and resolve the grievances of security holders of the Company, including complaints related to transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/duplicate certificates, general meetings, review of measures taken for effective exercise of voting rights by shareholders, review of adherence to the service standards in respect of various services being rendered by the Registrar and Share Transfer Agent and review of the various measures and initiatives taken by the company for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants, annual reports, notices etc. by the shareholders of the Company.

Mr. Suresh Savaliya, SVP – Legal and Company Secretary has been appointed as compliance officer pursuant to the Listing Regulations. The designated e-mail for investor service and correspondence is [email protected]

6 RISK MANAGEMENT COMMITTEE

The Risk Management Committee of the Board (RMC) has been constituted in terms of the Listing Regulations. There is an optimum combination of directors in compliance with applicable laws.

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The Risk Management Committee comprises of five Directors and other executives. The Chairperson of the committee is a non-executive director. During the year, the Risk Management Committee met three times ie on 25 July 2021, 18 January 2022 and 21 February 2022. The Composition of the above Committee and the attendance is as under.

Name of the Member Category			No. of Meetings
			Held Attended
Mr. Dhaval Buch	Non-executiveDirector	3	2
Mr. Animesh Agrawal	Non-executiveDirector	3	3
Mr. Aniket Damle	Non-executiveDirector	3	3
Mr. Uwe Ferdinand^	IndependentDirector	3	1
Mr. Anand Kripalu#	ExecutiveDirector	3	1
Mr. Sudhanshu Vats@	ExecutiveDirector	3	1
Mr. Ramasamy	Chief OperatingOfficer	3	3
Mr. Prakash Dharmani Chief Information	Officer	3	3
Mr. Parag Shah$	Chief FinancialOfficer	3	3
Mr. Amit Jain*	Chief FinancialOfficer	3	0

^appointed wef 29 July 2021. @Resigned wef 31 August 2021. # Appointed wef 18 August 2021. $ Resigned wef 31 March 2022. * Appointed wef 1 April 2022.

The Board of Directors has defined the role and responsibility of the Risk Management Committee. The Risk Management Committee monitor and review the risk management plan and other functions such as internal control system, cyber security risk and other risks.

7 OTHER COMMITTEES

In addition to the above referred committees, the Board has constituted committees of Directors and executives to look into various business matters. These committee includes the corporate social responsibility committee and the security committee. Details relating to the corporate social responsibility committee are given in the Board's report. Presently Security Committee comprises of Mr. Animesh Agrawal, Chairman and Mr. Aniket Damle, Member. Security Committee met on 25 August 2021.

8 GENERAL BODY MEETINGS

Details of the last three Annual General Meetings (AGM) are given here below.

Year	Date	Time	Venue
	2018-19 26.06.2019		11.00 a.m. Registered office at P.O. Vasind,Taluka: Shahapur, District: Thane,Maharashtra - 421604, India
	2019-20 6.08.2020		11.30 a.m. Through Video Conferencing
	2020-21 4.08.2021		11.30 a.m. Through Video Conferencing

The following are the special resolutions passed at the last three AGM.

	Date of AGM Summary of special resolution passed
26.06.2019	To re-appoint Mr. Boman Moradian as an IndependentDirector
26.06.2019	To re-appoint Mr. Mukund Chitale as an IndependentDirector
26.06.2019	To re-appoint Ms. Radhika Pereira as an IndependentDirector
26.06.2019	To approve private placement of NCDs and / or DebtSecurities
6.08.2020	To approve private placement of NCDs and / or DebtSecurities
6.08.2020	To approve appointment of Mr. Sudhanshu Vats as aManaging Director and Chief Executive Officer
4.08.2021	To approve private placement of NCDs and / or DebtSecurities

Details of the National Company Law Tribunal (NCLT) convened meeting are given herein below:

Year	Date	Time	Venue
2021-22			05.01.2022 11.30 a.m. Through Video Conferencing

Resolution passed with specified majority in NCLT Convened Meeting: Approval of Scheme of Amalgamation of Creative Stylo Packs Private Limited with EPL Limited and their respective shareholders and creditors.

a) The National Company Law Tribunal through its direction dated 9 November 2021 appointed Ms. Tehseen F. Khatri, Practicing Company Secretary, as the scrutinizer for conducting the remote e-voting and e-voting at the meeting in a fair and transparent manner.
b) The Company had completed the dispatch / e-mailing of Notice of NCLT convened meeting through courier/ email on Thursday, 2 December 2021 to the members of the Company, whose names appeared on the register of Members/ List of beneficiaries and by emails to those members whose email IDs are registered either
with depositories or with the Company as on Friday, 26 November 2021.
c) The e-voting period was kept open from 9:00 a.m. on Monday, 6 December 2021 to 5:00 p.m. on Tuesday, 4 January 2022.
d) On 5 January 2022, the NCLT Convened Meeting held and the special resolution passed with requisite majority. Accordingly, the Scrutinizer's Report was declared and submitted to Stock Exchanges where equity shares of the Company are listed.
Resolutions passed through postal ballot: The Company has passed following resolutions through postal ballot during the financial year i.e. from 1 April 2021 to 31 March 2022 as detailed below.
Special Resolution: To approve appointment of Mr. Anand Kripalu as Managing Director and Chief Executive Officer; Ordinary Resolution: To appoint Mr. Anand Kripalu as a Director
a) The Board of Directors of the Company had appointed Ms. Kala Agarwal, Practicing Company Secretary, as the scrutinizer for conducting the postal ballot voting and e-voting process in a fair and transparent manner.
b) The Company had completed the dispatch / e-mailing of Notice of Postal Ballot along with the Postal Ballot forms and self-addressed pre-paid business reply envelopes through courier/ post on or around 30 August 2021 to the members of the Company, whose names appeared on the register of Members/ List of beneficiaries and by emails to those members whose email IDs are registered either with depositories or with the Company as on 27 August 2021.
c) The e-voting period under the postal ballot was kept open from 9:00 a.m. on Wednesday, 1 September 2021 to 5:00 p.m. on Thursday, 30 September 2021.
d) All postal ballot forms received on or before of close of working hours i.e. 5:00 p.m. on Thursday, 30 September 2021 the last date and time fixed by the Company for receipt of the forms, had been considered for scrutiny or voting purpose.

e) On 1 October 2021 the results of the postal ballot as per the Scrutinizer's Report was announced and declared that the above resolutions was passed with requisite majority

9 DISCLOSURES

a) During the year, there were no materially significant transactions with related parties that may have potential conflict with the interests of the Company at large. Related Party transactions have been disclosed in the notes to the financial statements and in Board's Report. Policy on dealing with related party transactions is posted on the website of the Company and can be accessed by following the link: https://www.eplglobal.com/

b) The Company has complied with all applicable provisions of the Listing Regulations and other SEBI Regulations wherever applicable. No penalties have been imposed or stricture issued by SEBI, Stock Exchanges or any statutory authorities on matters relating to capital markets during the last three years and before.
c) The Company has a Whistle-Blower Policy for establishing a vigil mechanism to report genuine concerns regarding unethical behavior and mismanagement, if any. No employee of the Company was denied access to the Audit Committee. Details relating to the vigil mechanism are also mentioned in the Board Report.
d) The Company has complied with the mandatory requirements of the Corporate Governance of the Listing Regulations and also followed non-mandatory requirements relating to financial statements with unmodified audit opinion / without qualification.
e) The Company is in compliance with the provisions in relation to material subsidiary wherever applicable. Policy for determining 'material' subsidiary is posted on the website and can be accessed by following the link: https:// www.eplglobal.com/
f) Disclosure of commodity price risks and commodity hedging activities: The Company has a price review mechanism to protect against material movement in price of raw materials.
g) The Company and its subsidiaries have not given 'loans and advances' to firms/companies in which directors are interested.
h) Certificate from practicing company secretary: The Company has obtained a certificate from practicing company secretary confirming that none of the Directors on the Board of the company have been debarred or disqualified from being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority.
i) Fees paid to the statutory auditor and network firm or entity: Details relating to fees paid to the statutory auditor are given in note 33 of the standalone financial statements. Fees paid / payable by the Company's subsidiaries to the network firms or entities of the statutory auditor are INR 9.94 million.
j) Disclosures relating to sexual harassment complaints: In relation to complaints under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013, during the financial year 2021-22, no complaint filed and no complaint pending at end of the year. There was no complaint filed during the previous financial year. Additional details in this respect are given in the Board's report.

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives

Greening Lives, Sustaining Communities

a) Newspapers: The quarterly, half-yearly and annual financial results of the Company are published in leading newspapers viz. Economics Times, and Maharashtra Times.
b) News Release and Presentation: The Company also regularly releases press release to enable the stakeholders to appreciate the important developments and updates about the Company. News releases, presentations made to media, analysts, institutional investors, transcripts of conference calls with investors/analysts etc. are displayed on the company's website www.eplglobal.com.
c) Website: The Company's website https://www.eplglobal. com/ contains a separate dedicated section "Investors" and "Press Release" where shareholders information is available. Quarterly and annual financial results, annual report are also available on the website. Press releases made by the Company from time to time are also displayed on the website.
d) Annual Report: Annual Report containing, inter alia, Board's report, auditors' report, audited financial statements and other important information is circulated to members and others entitled thereto. The Annual Report is also available on the website of the Company. A verbatim copy of financial statements, reports etc. are circulated in this Report and the same shall be deemed as signed copy.
e) Website of the Stock Exchanges: Disclosures and filing with the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) by the Company are also hosted on website of the said stock exchanges.
f) Disclosures: The Company also informs by way of intimation to the Stock Exchanges all price sensitive matters or such other matters which in its opinion are material and have relevance to the shareholders.

11 GENERAL SHAREHOLDERS' INFORMATION

a) Annual General Meeting is scheduled to be held on Thursday, 4 August 2022 at 11:00 am through video conferencing or as indicated in the AGM Notice.
b) Financial Year: The Company follows April to March as its financial year. The results for every quarter beginning from April are declared tentatively in the month following the quarter or within the time line as per the Listing Regulations.
c) Record Date: Record date for the purpose including payment of the dividend is given in Notes to Notice convening above mentioned Annual General Meeting.
d) Dividend Payment Date: As may be recommended, the dividend will be paid within the stipulated period, after its declaration by the members at the AGM.

Dividend on Equity Shares when declared will be made payable after the AGM to those Shareholders whose names stand in the Company's Register of Members on relevant dates of record date/book closure. In respect of shares held in electronic form/ demat, the dividend will be paid on the basis of beneficial ownership as per details furnished by the depositories for this purpose.

e) Listing on Stock Exchanges: The Company's equity shares are listed on the following Stock Exchanges.

National Stock Exchange of India Limited (NSE), Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051.

BSE Limited (BSE), P.J. Towers, Dalal Street, Fort, Mumbai 400001.

Stock Code/Symbol: BSE - 500135. NSE - EPL.

ISIN: INE255A01020

Debt Securities: Listed on Wholesale Debt Market (WDM) Segment of BSE.

Scrip Code (BSE)	Series	ISIN
960308	Series A	INE255A08AW1
960310	Series B	INE255A08AX9
960311	Series C	INE255A08AY7

Debenture Trustees: Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai 400 025. Tel: +91 22 43255231

f) Payment of Listing Fees: The Company has paid annual listing fee for the year 2022-23 to BSE and NSE within time, and paid annual fees to Depositories.
g) Market Price Data: The monthly high and low price of shares traded on the National Stock Exchange of India Limited (NSE) and the BSE Limited (BSE) are as follows:

Month & Year	BSE (In Rs.)		NSE (In Rs.)
	High	Low	High	Low
April 2021	243.65	202.05	243.85	202.00
May 2021	255.95	218.50	255.00	217.05
June 2021	291.70	234.05	291.95	234.05
July 2021	294.00	232.70	291.00	232.55
August 2021	257.65	220.50	257.90	220.25
September 2021	259.20	231.15	259.15	233.00
October 2021	246.20	211.55	246.30	212.05
November 2021	229.55	192.15	230.00	192.05
December 2021	210.55	193.05	210.05	192.95
January 2022	213.95	183.60	214.00	185.40
February 2022	198.80	155.00	198.90	155.00
March 2022	195.25	148.95	195.50	149.05

h) Performance of the Company's stock price vis-a-vis Sensex / Index

i) Share Transfer /Transmission System

Pursuant to the directives issued by the Securities and Exchange Board of India (SEBI) vide it's Circular dated 25 January 2022, the physical transfer of shares has been dispensed with and the Security holders / Claimants are required to fill up Form ISR-4 for processing of service requests related to transmission, transposition, consolidation/sub-division/endorsement of share certificate and issue of duplicate share certificate along with requisite documents. The Company or its RTA shall issue letter of confirmation after processing the service requests which shall be valid for a period of 120 days from the date of its issuance within which the security holders or claimants shall make a request to their Depository Participant for dematerialization of the said securities. The form ISR4 is available on the website of the company https://www.eplglobal.com/shareholder-information/

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

j) Distribution of Shareholding as on 31 March 2022

No. of equity shares	No. of share holders	% of share holders	No. of Shares Held	% of share Holding
1 to 500	54977	85.99	5971562	1.89
501 – 1000	4079	6.38	3136980	1.00
1001 – 5000	3919	6.13	8657622	2.74
5001 – 10000	474	0.74	3394828	1.07
10001 and above	486	0.76	294709687	93.30
Total	63935	100.00	315870679	100.00

k) Dematerialization of equity shares and liquidity

As on 31 March 2022, 99.51% of the Equity Shares have been dematerialized.

Equity Shares of the Company are under compulsory demat trading by all investors. Considering the advantages of scripless / demat trading, shareholders are requested to consider dematerialization of their shares so as to avoid inconvenience in future.

l) Commodity price risk or foreign exchange risk and hedging activities

Risks are associated with various forex exposures like translation, transaction, economic etc. the Company would have on risk on net import side. Import Exposure includes Acceptance, Trade Payables, Trade Buyer's Credit, Interest Payable, CAPEX Buyer's Credit etc. and export exposure includes trade receivables, royalty receivable etc.

There are various financial instruments for hedging available to mitigate these risks like Forward Cover, Options and Derivative etc. Based on the risks involved in the hedging instrument, the Company generally uses Forward Cover as measure for mitigating the Forex Volatility.

m) Plant Locations: The Company has plants/units at Vasind, Wada, Dhanoli (Vapi), Nalagarh (HP), Goa and Katenipara (Assam) as at the end of the financial year.

n) List of Credit rating obtained during the financial year

During the financial year, the company has been affirmed / assigned credit rating from below listed credit rating agencies:

Name of Credit Rating Agency	Instrument	Rating
India Rating & Research Private Limited (a Fitch GroupCompany)	Issue of Commercial Papers	IND A1+
India Rating & Research Private Limited (a Fitch GroupCompany)	Long-Term Issuer Rating	IND AA+;(upgraded rating from IND AA),Outlook: stable
Credit Analysis & Research Limited (CARE)	Long Term Bank facilities andShort Term Bank facilities	CARE AA+ /CARE A1 (reaffirmed and outlook is stable)
Credit Analysis & Research Limited (CARE)	Non-convertible debentures	CARE AA (reaffirmed and outlook is stable)

o) Registrar & Transfer Agent and Address for Communication

Registrar & Share Transfer Agent: Bigshare Services Private Limited, Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (E), Mumbai- 400093. Tel: 022 62638261, Fax: 022 62638299, [email protected]

Registered Office: P.O. Vasind, Taluka Shahapur, Thane 421604, Maharashtra, Tel: +91 9673333971/9882 CIN: L74950MH1982PLC028947

Corporate Office: Top Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai 400013. Tel: +91 22 2481 9000/9200. Fax: +91 22 24963137, [email protected], https://www.eplglobal.com/

Corporate and Investors contact: Mr. Suresh Savaliya, SVP – Legal, Company Secretary and Compliance Officer, at corporate office.

Nodal Officer contact (IEPF): communicate at as mentioned above. [email protected]. Mr. Suresh Savaliya is appointed as a Nodal Officer as per IEPF Rules.

In order to facilitate investor servicing, the Company has a designated email id: [email protected] or investor.grievance@ eplglobal.com for registering queries by investors.

p) Shares in the suspense account

The details of unclaimed equity shares and shareholders of the Company in unclaimed suspense account as on 31 March 2022 is mentioned below:

As on 1 April 2021		shares transferred in their favor	Shareholder who approached RTA &	Balance as on 31 March 2022
No. of Records	No. of Shares	No. of Records	No. of Shares	No. of Records	No. of Shares
1073	6314	0	0	1073	6314

The voting rights on the shares outstanding in the suspense account shall remain frozen till the rightful owner of such shares claims the shares or as per statutory provisions.

q) Unclaimed Dividend

Section 123 of the Companies Act. 2013, read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the Rules"), mandates that Companies transfer dividend that has remained unclaimed for a period of seven years from the unpaid dividend account to the Investor Education and Protection Fund (IEPF). Further, the Rules mandate that the shares on which dividend has not been paid or claimed for seven consecutive years or more be transferred to the IEPF.

The following table provides a list of years for which unclaimed dividends and their corresponding shares would become eligible to be transferred to the IEPF on the dates mentioned below.

Year	Type ofDividend	Dividend pershare (INR)	Date of Declaration	Due date for transfer	Amount, INR as on31.03.22
2014-15	Final	1.60	30 June 2015	30 July 2022	13,09,905.60
2015-16	Final	2.20	17 June 2016	17 July 2023	18,28,549.80
2016-17	Final	2.40	12 Jul 2017	11 Aug 2024	20,05,289.60
2017-18	Final	2.40	13 June 2018	13 July 2025	14,60,981.20
2018-19	Final	1.25	26 June 2019	26 July 2026	10,85,798.75
2019-20	Interim	1.25	8 Nov 2019	8 Dec 2026	10,08,457.50
2019-20	Final	2.05	6 Aug 2020	5 Sept 2027	14,68,784.15
2020-21	Interim	2.05	12 Nov 2020	11 Dec 2028	13,79,211.90
2020-21	Final	2.05	4 Aug 2021	3 Sept 2028	13,67,863.25
2021-22	Interim	2.15	10 Nov 2021	9 Dec 2028	12,12,644.15

The Company also sends regular reminders to shareholders to claim their unclaimed dividends / shares before it is transferred to IEPF. Shareholders may note that both the unclaimed dividends and corresponding shares transferred to IEPF, including all benefits accruing on such shares, if any can be claimed from IEPF following the procedure prescribed in the Rules. No claim shall lie in respect thereof with the Company.

Dividend remitted to IEPF during the last four years

Year (FY)	Type of Dividend	Dividend Declared on		Date of transfer to IEPF Amt transferred toIEPF (INR)
2013-2014	Final	9 July 2014	18 Aug 2021	12,49,562
2012-2013	Final	9 July 2013	20 Aug 2020	8,08,119
2011-2012	Final	27 Sept 2012	13 Nov 2019	7,10,329
2010-2011	Final	9 Sept 2011	29 Oct 2018	5,34,603

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives
Greening Lives, Sustaining Communities

Shares transferred to IEPF

During the year, the Company transferred 92,562 equity shares to IEPF authority vide eform IEPF4 dated 29 August 2021 due to nonencashment of dividends for seven consecutive years, in accordance with the applicable provision of the Companies Act 2013 and IEPF Rules. During the year, your Company received applications from shareholders for claiming shares from IEPF and processed the same.

r) Corporate benefits

Details of corporate benefits issued by the Company are given below.

Dividend

Year	%	Year	%	Year	%
1990-91	10%	2000-01	54%	2011-12	32.50%
1991-92	15%	2001	55%	2012-13	37.50%
1992-93	20%	2002	65%	2013-14	62.50%
1993-94	27%	2003 (Interim)	70%	2014-15	80.00%
1994-95	27%	2003 (Final)	10%	2015-16	110%
1995-96	32%	2004 (Interim)	80%	2016-17	120%
1996-97 (Interim)	15%	2004 (Final)	10%	2017-18	120%
1996-97 (Final)	30%	2005 (Interim)	100%	2018-19	62.50%
1997-98 (Interim)	20%	2005 (Special)	120%	2019-20(Interim)	62.50%
1997-98 (Final)	32%	2006 (Interim)*	100%	2019-20 Final)	102.50%
1998-99 (Interim)	20%	2007	60%	2020-21(Interim)	102.50%
1998-99 (Final)	34%	2008	15%	2020-21(Final)	102.50%
1999-00 (Special)	150%	2009-10	20%	2021-22(Interim)	107.50%
1999-00 (Interim)	54%	2010-11	30%

* The face value of equity shares was subdivided from Rs.10 to Rs.2 with effect from 15 June 2006.

Rights Shares (Price inclusive of premium)

Year	Face Value (Rs)	Ratio	Price (Rs)
1990	10	1:2	10
1992	10	1:4	50
1995	10	1:3	225

Bonus shares

Year	Face Value (Rs)	Ratio
1994	10	1:2
2000	10	3:5
2018	2	1:1

10 May 2022, Mumbai

Anand Kripalu Managing Director & CEO For and on behalf of the Board EPL Limited

Sharmila A Karve Director

DECLARATION IN RESPECT OF CODE OF CONDUCT

In accordance with the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, I hereby confirm and declare that, all the Directors and the Senior Management personnel of the Company have affirmed compliance with the Code of Conduct of the Company laid down for them for the financial year ended 31 March 2022.

For and on behalf of the Board EPL Limited

10 May 2022, Mumbai

Anand Kripalu Managing Director & CEO

CERTIFICATE UNDER REGULATION 34(3) OF SEBI LISTING REGULATIONS CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To, The Members of EPL Limited Lower Parel, Mumbai 400013

(formerly known as Essel Propack Limited) Top Floor, Times Tower, Kamala City, Senapati Bapat Marg,

I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of EPL Limited having CIN L74950MH1982PLC028947 and having registered office at P.O. Vasind, Taluka Shahapur, Dist. Thane 421 604, Maharashtra (hereinafter referred to as 'the Company'), produced before me by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In my opinion and to the best of my information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me by the Company and its officers, I hereby certify that none of the Directors on the Board of the Company as stated below for the financial year ending on 31st March 2022 have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other

Statutory Authority.

Sr.No.	Name of Directors	DIN	Date of appointment in the Company
1	Davinder Singh Brar	00068502	22nd August 2019
2	Amit Dixit	01798942	22nd August 2019
3	Sharmila Abhay Karve	05018751	22nd August 2019
4	Uwe Ferdinand Rohrhoff	05225437	22nd August 2019
5	Anand Thirumalachar Kripalu	00118324	18th August 2021
6	Aniket Damle	08538557	22nd August 2019
7	Animesh Agrawal	08538625	22nd August 2019
8	Dhaval Jitendra Buch	00106813	19th April 2021
		Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. Our

Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For D. M. Zaveri & Co. Company Secretaries

Dharmesh Zaveri (Proprietor) Place: Mumbai FCS. No.: 5418, CP No.: 4363 Date: 10th May 2022 ICSI UDIN: F005418D000271521

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

Certificate on Corporate Governance

To, The Members of EPL Limited (formerly known as Essel Propack Limited)

I have examined the compliance of conditions of Corporate Governance by EPL Limited ('the Company'), for the Financial Year ended 31st March 2022, as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C, D and E of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

Management's Responsibility

The Management is responsible for ensuring that the Company complies with the conditions of Corporate Governance. This responsibility also includes the design, implementation and maintenance of internal controls and procedures to ensure compliance with the conditions of the Corporate Governance stipulated in the Listing regulations.

Auditor's Responsibility

Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

We have examined the books of account and other relevant records and documents maintained by the Company for the purposes of providing reasonable assurance on the compliance with Corporate Governance requirements by the Company.

Opinion

In my opinion and to the best of my information and according to our examination of the relevant records and the explanations given to me and the representations made by the Management, I certify that the Company has complied with the conditions of Corporate Governance as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C, D and E of the Schedule V of the Listing Regulations during the year ended 31st March 2022.

I further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For D. M. Zaveri & Co. Company Secretaries

Dharmesh Zaveri

(Proprietor) Place: Mumbai FCS. No.: 5418, CP No.: 4363 Date: 10th May 2022 ICSI UDIN: F005418D000271574 Peer Review Cer. No.: 1187/2021

Secretarial Audit Report

To, The Members, EPL Limited

(formerly known as Essel Propack Limited)

I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by EPL Limited (hereinafter called 'the Company'). Secretarial audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.

Based on my verification of the EPL Limited's books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the Financial year ended on 31st March 2022 complied with the statutory provisions listed 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:

I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31st March 2022 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder;

rules made thereunder;

(ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the
(iii) The Depositories Act, 1996 and the Regulations and the Bye-laws

framed thereunder;

(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, and Overseas Direct Investment.

(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992('The SEBI'):-

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

(d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;
(e) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; (Not relevant / applicable, since there is no delisting of equity shares during the year)
(h) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018; (Not relevant / applicable, since there is no buyback of securities during the year)
(i) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(vi) The following laws are specifically applicable to the Company in addition to laws mentioned above;
- (a) Factories Act 1948
- (b) Contract Labour (Regulation and Abolition) Act, 1970

I have also examined compliance with the applicable clauses to the following:

(i) Secretarial Standards issued by The Institute of Company Secretaries of India and approved by the Government of India, as applicable under the Companies Act 2013;
(ii) The Listing Agreements entered into by the Company with BSE Limited and National Stock Exchange of India Limited in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Secretarial Standards, etc. mentioned above.

I further report that, the Board of Directors of the Company is duly constituted with proper balance of Executive, Non – Executive Directors and Independent Directors The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all the directors to schedule the Board meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meetings.

Annexure 1

Form No. MR-3 For the Financial year ended 31st March, 2022

[Pursuant to Section 204(1) of the Companies Act, 2013 and rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

Contents

From the MD & CEO's desk

Greening Lives, Sustaining Communities

Secretarial Audit Report

All decisions at Board Meetings and Committee Meetings are carried out unanimously as recorded in the minutes of the meetings of the Board of Directors or Committee of the Board, as the case may be.

I further report that there are adequate systems and processes in the company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. The management has installed IT enabled software called "Legatrix" to manage legal and regulatory compliance. The Legatrix system has been implemented by legal professional and expert service provider Legasis Services Private Limited. We have reviewed the functioning of said system implemented at all plants, registered and corporate office of the Company and the said systems inter alia checks, alters, provide reports, updates and overview compliance management of various laws including laws specifically applicable to the Company viz Factories Act 1948, the Contract Labour (Regulation and Abolition) Act, 1970.

I further report that during the period under review, there were following major actions which have been done in compliance with applicable statutory provisions;

Pursuant to Employee Stock Option Scheme 2020 (ESOS 2020) 3,05,072 Equity shares of face value of Rs. 2 each for cash at exercise price of Rs. 161 per share of the Company was allotted to the grantees who has exercised their vested options;

1. Pursuant to resolution passed through postal ballot on 30th September 2021, the consent of members was obtained for Appointment of Mr. Anand Kripalu Thirumalachar as a Managing Director and Chief Executive officer;
1. The Board of Directors of the Company in their meeting held on 10th November 2021 had declared Interim Dividend at Rs. 2.15 per equity share of face value of Rs. 2 each;
1. As per the National Company Law Tribunal (NCLT), Mumbai Bench direction dated 9 November 2021, the NCLT Convened Meeting of the Equity Shareholders of the Company was held on Wednesday, 5 January 2022 at 11:00 a.m. (IST) through video conferencing for the purpose of approving the scheme of amalgamation of Creative Stylo Packs Private Limited with EPL Limited and their respective shareholders and creditors.

For D. M. Zaveri & Co. Company Secretaries

Dharmesh Zaveri

(Proprietor) M. No.: 5418 CP. No.: 4363 Place: Mumbai ICSI UDIN: F005418D000271596 Date: 10th May 2022 Peer Review Certificate No.: 1187/2021

CSR Report

Annexure 2

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES

1 Brief outline on CSR Policy of the Company

EPL strives to be a socially responsible company and strongly believes in development which is beneficial for the society at large. As a Corporate Citizen receiving various benefits out of society, it is our coextensive responsibility to pay back in return to the society in terms of helping needy people by providing sustainable development, etc., keeping the environment clean and safe for the society by adhering to the best practices and technologies, and so on. It is the Company's intent to make a positive difference to society in which the Company lives and operate.

2 Composition of CSR Committee

Sr.	Name of Director	Designation / Nature ofDirectorship	Number of meetings of CSRCommittee held during theyear	Number of meetings of CSRCommittee attended duringthe year
1	Davinder Singh Brar	Chairman, Independent Director	1	1
2	Animesh Agrawal	Member, Non-Executive Director	1	1
3	Dhaval Buch$	Member, Non-Executive Director	1	1

Dhaval Buch appointed wef 19April 2021

3 Provide the web-link where:

a.	Composition of CSR committee	www.eplglobal.com/investors
b.	CSR Policy	https://www.eplglobal.com/wp-content/uploads/2021/04/Corporate-Social-Responsibility-Policy.pdf
c.	CSR projects approved by the board are disclosed on the website ofthe company	https://www.eplglobal.com/sustainability/

4 Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report): Not Applicable for Financial year 2021-22

5 Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any: Rs. 1,00,000/-

6 Average net profit of the company as per section 135(5).: Rs. 1,30,94,11,263/-

(a)	Two percent of average net profit of the company as per section 135(5)	Rs. 2,61,88,225/-
(b)	Surplus arising out of the CSR projects or programmes or activities of the previous financial years	-
(c)	Amount required to be set off for the financial year, if any	Rs. 1,00,000/-
(d)	Total CSR obligation for the financial year(7a+7b-7c).	Rs. 2,60,88,225/-

8 (a) CSR amount spent or unspent for the financial year:

Total Amount Spentfor the FinancialYear. (in Rs.)			Amount Unspent (in Rs.)
	Total Amount transferred to Unspent CSRAccount as per section 135(6).		Amount transferred to any fund specified under Schedule VII asper second proviso to section 135(5).
	Amount.	Date of transfer.	Name of the Fund	Amount.	Date of transfer.
2,62,78,812	NA	NA	Nil	Nil	Nil

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

CSR Report

(b) Details of CSR amount spent against ongoing projects for the financial year: Not Applicable

	(1) (2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)		(11)
Sl.No.	Nameof the	Item from thelist of activities	Local area(Yes/No)	Location of theproject.	Projectduration.	Amountallocated for	Amount spentin the current	Amount transferred toUnspent CSR Account	Mode ofImplementation		Mode of Implementation- Through Implementing Agency
	Project.	in Schedule VIIto the Act.		State District		the project (inRs.).	financial Year(in Rs.).	for the project as perSection 135(6) (in Rs.).	- Direct (Yes/No).	Name	CSR Registrationnumber.

(1)	(2)	(3)	(4)	(5)		(6)	(7)	(8)
Sl.No.	Name of the Project	Item fromthe list of	Local area(Yes/ No).			Location of the project. Amount spentfor the project	Mode ofimplementation -	Through implementing agency.	Mode of implementation -
		activities inschedule VII tothe Act.		State	District	(in Rs.).	Direct (Yes/No)	Name.	CSR registrationno.
	1 Community welfare (Units)(Construction of School classrooms, library, college class roomsdistribution of computers tocolleges, solar generating systemsand other infrastructure)	(ii)PromotingEducation	Yes	GujaratMaharashtraMaharashtra	ValsadPalgharThane	54,68,288	Yes	N.A	N.A
	2 Community welfare (Units)(Water Projects)	(x) RuralDevelopmentProjects	Yes	Maharashtra Thane		7,00,000	Yes	N.A	N.A
	3 Community welfare (Units)(Paver blocks)	(x) RuralDevelopmentProjects	Yes	Maharashtra Thane		3,75,000	Yes	N.A	N.A
	4 Community welfare (Units)(Renovation of Primary HealthCenter)	(x) RuralDevelopmentProjects	Yes	Maharashtra Thane		3,30,000	Yes	N.A.	N.A.
	5 Community welfare (Units)(Health care)	(i)PreventiveHealth Care	Yes	Maharashtra Thane		9,00,000	No	Sri ChaitanyaSeva Trust	CSR00001017
	6 Community welfare (Units)(Distribution of Health careEquipment's to Hospitals)	(i)PreventiveHealth Care	Yes	HimanchalPradesh	Solan	26,300	Yes	N.A.	N.A.
	7 Community welfare (Units)Contribution to TriumphFoundation (Electrical work atSchool)	(ii) PromotingEducation	Yes	Maharashtra Thane		5,32,424	No	TriumphFoundation	CSR00006095
	8 Skill Development	(ii)Skill Training	Yes	MaharashtraMaharashtraGujarat.HimanchalPradeshGoa,Assam	ThanePalgharValsadSolanNorth GoaKamrup	1,59,46,800	Yes	N.A	N.A
	9 Community WelfareContribution to Akshaya PatraFoundation	(i) Eradicatinghunger	Yes	MaharashtraMaharashtraGujaratAssam	ThanePalgharValsadKamrup	20,00,000	No	The AkshayaPatra Foundation	CSR00000286
		Total				2,62,78,812

(d) Amount spent in Administrative Overheads: Nil

(e) Amount spent on Impact Assessment, if applicable: Nil

(f) Total amount spent for the Financial Year (8b+8c+8d+8e): Rs. 2,62,78,812/-

(g) Excess amount for set off, if any: Rs. 90,587/-

Sl.No.	Particular	Amount (in Rs.)
(i)	Two percent of average net profit of the company as per section 135(5)	2,61,88,225
	(ii) Total amount spent for the Financial Year	2,62,78,812
	(iii) Excess amount spent for the financial year [(ii)-(i)]	90,587
	(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any	-
	(v) Amount available for set off in succeeding financial years [(iii)-(iv)]	90,587

Note: The Company has spent surplus of Rs.1,00,000 in FY21 and Rs. 90,587/- in FY22 against its CSR obligations for respective financial year. Therefore, Rs.1,90,587 is available for set off in succeeding financial years.

9 (a) Details of Unspent CSR amount for the preceding three financial years: Not Applicable

Sl. No.	PrecedingFinancial Year.	Amounttransferred toUnspent CSRAccount undersection 135 (6)(in Rs.)	Amountspent in thereportingFinancial Year(in Rs.).	Name of theFund	Amount transferred to any fund specified underSchedule VII as per section 135(6), if any.Amount (inRs).	Date oftransfer.	Amountremaining tobe spent insucceedingfinancial years.(in Rs.)
Nil	Nil	Nil	Nil	Nil	Nil	Nil	Nil

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Sr.	Project ID.	Name of theProject.	FinancialYear inwhich theproject wascommenced.	Projectduration	Total amountallocated forthe project(in Rs.).	Amountspent on theproject in thereportingFinancial Year(in Rs).	Cumulativeamount spentat the endof reportingFinancialYear. (in Rs.)	Status ofthe project -Completed /Ongoing.
1	FY31.03.2021_1 Community	Wastemanagement	2020-2021	36 Months	1,29,75,357	-	10,00,000	Ongoing

The Company had kicked off the Community Waste Management Project during previous year and initiated implementation. The Company is attempting to implement the Project widely and more effectively. During the year, the Company planned but could not spend due to constraints of manpower and volunteers on part of implementing agency. The Company is well planned and ready to spend for next year which is within project term of 3 years.

10 In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year: Not Applicable (a) Date of creation or acquisition of the capital asset(s).

(b) Amount of CSR spent for creation or acquisition of capital asset.

(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc.

(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset).

11 Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5): Not Applicable

10 May 2022, Mumbai

Davinder Singh Brar

Independent Director Chairman – CSR Committee Animesh Agrawal Non-Executive Director Member – CSR Committee

ANNUAL REPORT 2021-22 069

Contents

From the MD & CEO's desk

EPL at a Glance
Sustainability Commitment at EPL
Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives
Greening Lives, Sustaining Communities
Awards & Recognition
Key Performance Indicators
The Leadership Team
The Management Team
Board Report
MDA
Corporate Governance
Five-Year Summary
Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

Particulars of Employees

Annexure 3(a) Particulars of Employees as per Section 197(12) of the Companies Act 2013 read with the Rules relating thereto for the year ended on 31 March 2022

Top 10 employees in terms of remuneration drawn and employees in receipt of remuneration not less than Rs. 1.02 crores p.a.

	Sr. Name	DesignationNature of Duties	Qualification		Age Date of Joining Remuneration	Received (Rs.)	Experience(in years)	Particulars of lastemployment heldOrganisation &Designation
1		M R Ramasamy Chief OperatingOfficer	BE, Exe. MBA	64	09-03-1985	4,34,58,862	41	Venlon Polyster Ltd.,Project Engineer
2	Parag Shah	Chief FinancialOfficer(Resigned wef 31March 2022)	CA & B.com	53	25-11-2019	2,64,11,384	30	Group Chief FinancialOfficer, ACG Worldwide
3	Dileep Joshi	Global ChiefHuman ResourcesOfficer	Post-Graduationin Management(HR)	57	12-10-2009	1,90,01,570	34	Essar Shipping Ports &Logistics Ltd., Head HR -ESPL Business Group
4	PrakashDharmani	President & ChiefInformationOfficer	BE (Chemical),Executive MBA	51	24-09-2012	1,44,38,625	31	Essar Power Ltd., VP CIO
5		Deepak Ganjoo President-AMESARegion	Bachelor ofEngineering(B.E.), Exec. MBA	48	01-07-2005	1,06,19,176	28	TVS Motors Ltd. - UnitManager - TransmissionShop
6	Amit Jain	Sr. Vice President -Corporate Finance(CFO wef 1 April2022)	ACA	48	26-10-2012	1,03,48,939	28	Cadila PharmaceuticalsLtd. General Manager
7	Hariharan KNair	PresidentCreativity andInnovation	Master's Degreein Polymers,Master's Degreein Chemistry	48	27-03-2017	91,86,783	24	E I DuPont India Pvt.Ltd.- ApplicationDevelopment Manager
8	RajeshBhogavalli	Sr. Vice President- Supply Chain(Global)	M.Sc, MBA	47	28-07-2014	83,25,981	25	BASF-Head - SupplyChain (Coatings)
9	Shrihari K Rao	Sr. Vice President- PrintingTechnology	Diploma inElectronicsCommunicationPart Time coursein BusinessAdministration	51	04-04-2016	71,88,448	30	ESKO-Sales Director
	10 Kamlesh Jain	Sr. Vice President -IT Applications	CA	49	03-12-2013	71,71,102	24	PRISM InformaticsLimited-PrincipalStrategy Consultant/Solution Architect

Employees employed for part of year and in receipt of remuneration of not less than Rs. 8.50 lakhs p.m.

	Sr. Name	DesignationNature of Duties	Qualification	Age	Date ofJoining	RemunerationReceived (Rs.)	Experience (inyears)	Particulars oflast employmentheldOrganisation &Designation
1		Sudhanshu Vats Managing Director& CEO(Resigned wef 31August 2021)	MBA and B.Tech	54	16-04-2020	40353295	30	Managing Director& Group CEO –Viacom 18
2	Anand Kripalu	Managing Director& CEO	MBA and B.Tech	63	18-08-2021	27943548	30	Managing Director– United SpiritsLimited

Notes:

Remuneration consists of salary, variable pay, allowances and perquisites as computed under the Income Tax Act, 1961.
Above employees are in full time employment with the Company and the same can be terminable by notice on either side and are governed as per the terms of respective appointment and/or rules/policies of the Company.
None of the employees mentioned above is related to any Director of the Company.

10 May 2022, Mumbai

Anand Kripalu Managing Director & CEO For and on behalf of the Board EPL Limited

Sharmila A Karve Director

Contents

From the MD & CEO's desk

EPL at a Glance

Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives

Greening Lives, Sustaining Communities

Corporate Governance
Five-Year Summary
Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

Particulars of Employees

Annexure 3(b)

The information on remuneration and other matters as required by sub-section 12 of Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is set out in table below:

Sr.No.	Name of Director-KMP and Designation	% increase inremuneration in the FY2021-22	Ratio of remuneration ofeach Director to medianremuneration of employees
1.	Mr. Anand Kripalu – Managing Director & CEO	Nil	72.63
2	Mr. Davinder Singh Brar – Independent Director	Nil	9.10
3	Mrs. Sharmila Abhay Karve – Independent Director	Nil	6.50
4	Mr. Uwe Ferdinand – Independent Director	Nil	6.50
5	Mr. Amit Dixit – Non Executive Director	Nil	N.A.
6	Mr. Dhaval Buch – Non Executive Director	Nil	N.A.
7	Mr. Sudhanshu Vats – Managing Director & CEO (Resigned wef 31.08.2021)	Nil	104.88
8	Mr. Animesh Agrawal – Non Executive Director	Nil	N.A.
9	Mr. Aniket Damle – Non Executive Director	Nil	N.A.
10	Mr. Parag Shah – Chief Financial Officer (Resigned wef 31 March 2022)	3.6%	N.A.
11	Mr. Suresh Savaliya – SVP - Legal & Company Secretary	7.2%	N.A.

Sr.	Requirements	Disclosure
1.	The Percentage increase in the median remuneration of employees inthe financial year.	Increase in median remuneration in the financial year under review wasapprox. 8.72% as compared of the immediate preceding financial years.Median remuneration for the year under review is approx. Rs. 3.85 lakhs
2.	The Number of permanent employees on the rolls of the Company	1114 employees on payroll as on 31 March 2022.
3.	Average percentile increase already made in the salaries of employeesother than the managerial personnel in the last financial year andits comparison with the percentile increase in the managerialremuneration and justification thereof and point out if there are anyexceptional circumstances for increase in the managerial remuneration.	There was no exceptional circumstance in increase in managerialpersonnel in the last financial year. The average percentile increase andpolicy was same for managerial personnel and all the other employees.
4.	Affirmation that the remuneration is as per the remuneration policy ofthe Company.	Yes, the remuneration is as per the remuneration policy of the Company.
		For and on behalf of the BoardEPL Limited

10 May 2022, Mumbai

Anand Kripalu Managing Director & CEO

Sharmila A Karve Director

Annexure 4

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The Information under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, amended from time to time, for the year ended 31 March 2022 is given here below and

forms part of the Board's Report.

A. CONSERVATION OF ENERGY

(a) Steps taken or impact on conservation of energy:

Your Company is committed to reduce energy consumption at its various plants. Besides sustaining past initiatives, new measures were implemented during the year. Gist of initiatives taken in this

regard is as under.

• Reduction in consumption of KWH by replacing old generation hydraulic operated LSL machines with latest technology high-speed MINI 300 machines. Have uninstalled 3 no's of LSL machines, thus achieving savings of approx. 200000 KWH for FY 21-22.

Reduction in consumption of KWH for cooling tower by installing temperature controller for fan operation of cooling tower
Assam Unit all tubing machines running by compact 5 liters chillers for process water and save 36000 unit per year.
Optimization of compressor power consumption with new type energy efficient compressor with VFD & IE4 type motor, saving of 2.4 lac units
For cooling tower usage of rainwater & with some changes effective Utilization of well water after filtration Saving of 1.93 lac units.

• Optimization of chiller power consumption with changes in primary pumps, saving of 2.25 lac Units

• At Goa unit, optimization of Compressed Air by arresting leakages. Air audit was done on monthly basis & points were closed accordingly. At Nalagarh unit, optimization of compressed air consumption by arresting leakage which has resulted energy saving approx. 12900 kwh per month. Tubing lines Chiller interlock and auto packer vacuum blower interlock with Machine which ensure ancillary units will on as & when Machine approx. energy saving of 6500 kwh per month.

(b) The steps taken by the company for utilizing alternate sources

We are exploring the possibility of offsite solar power and wind

of energy: power energy.

(c) The capital investment on energy conservation equipment: Rs.

9.3 million

B. TECHNOLOGY ABSORPTION

(i) The efforts made towards technology absorption:

a) Worked with major global polymer manufacturers on the theme of source reduction and co-developed special transparent webs that are recyclable in Code 2 stream and helps in enabling thickness reduction and superior product aesthetics.
b) Worked with global major recycling machinery manufacturers and co-developed recycling machinery and process tuned for processing EPL scrap generated at Vasind. Based on the trials, order placed for recycling system that can help generate value out of the blown films and Plastic Barrier Laminates. The same methodology can be extended to other plants to generate value out of waste.
c) Collaboration with Indian Raw material suppliers to develop alternate equivalent grades currently imported, as there are no domestic equivalents.

(ii) The benefits derived like product improvement, cost reduction, product development or import substitution.

a) As sustainability is taking center stage globally, we have successfully commercialized Sustainable transparent Platina laminates with haze levels less than 30% as against > 50% of laminates made using conventional technology.
b) Successfully commercialized next generation sustainable tubes with In-house recycled resin content without compromising on any functionality or product properties.
c) Successfully commercialized imported PE resins with domestic equivalents in tubes, getting significant advantage in lead times and resin cost.
(iii) In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) – Nil
(iv) Details of expenditure on Research and Development during the year under review is as under:

(Rs. in million)

a)	Capital	161.94
b)	Recurring	8.89
c)	Total expenditure	170.83
d)	Total expenditure as a % of total turnover	1.74

C. FOREIGN EXCHANGE EARNINGS AND OUTGO

		(Rs. in million)
Particular	Year 2021-22	Year 2020-21
Foreign Exchange earned	2,960.10	2,666.00
Foreign Exchange used / outgo	3,241.10	1,695.57

10 May 2022, Mumbai

Anand Kripalu Managing Director & CEO For and on behalf of the Board EPL Limited

Sharmila A Karve Director

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

Annexure 5

[Pursuant to Reg. 34 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015]

SECTION A: GENERAL INFORMATION ABOUT THE COMPANY

1 Corporate Identity Number (CIN) of the Company: L74950MH1982PLC028947
2 Name of the Company: EPL Limited
3 Registered address: P.O. Vasind, Taluka: Shahapur, District: Thane, Maharashtra 421604
4 Website: www.eplglobal.com
5 Email id: [email protected]
6 Financial Year Reported: 1 April 2021 to 31 March 2022.
7 Sectors that the Company is engaged in (industrial activity code-wise): The Company is mainly engaged in the business of manufacturing of collapsible laminates, laminated plastic tubes, and providing specialty packaging solutions. NIC Code 3131, 22201.
8 List three key products/services that the Company manufactures/ provides (as in the balance sheet):

The Company is mainly engaged in the business of manufacturing of collapsible laminates, laminated plastic tubes and providing specialty packaging solutions. As a part of the said business, the Company also earns revenue from providing packaging solutions, royalty, and other ancillary services and business. Additional details are mentioned in the financial statements in this Annual Report.

9 Total number of locations where business activity is undertaken by the Company: Company is having manufacturing facilities at Vasind, Wada in Maharashtra, Nalagarh in Himachal Pradesh, Bhilad in Gujarat, Katenipara (Assam), and Goa.

The company's international business operations are carried out by various direct and indirect subsidiaries overseas and the major ones are in Mauritius, United Kingdom, China, Poland, Germany, Colombia, USA, etc. Further details of the Subsidiaries are referred to in the Board's Report, MDA, and annexures thereto.

10 Markets served by the Company: The Company is in the B2B business and serves various markets including FMCG, Beauty & Cosmetics, Pharma & Health, Food & Nutrition, Home care, and Oral care.

SECTION B: FINANCIAL DETAILS OF THE COMPANY

Financial details including paid-up capital, turnover, profit after tax, and others are given in the financial statement contained in this Annual Report.

1 Total spending on Corporate Social Responsibility (CSR) as a percentage of profit after tax (%): During the year, the Company has spent amount towards various CSR activities as mentioned in detail in the CSR Report which forms a part of the Board Report and this Annual Report.
2 List of activities in which expenditure in 1 above has been incurred: The Company has carried out CSR activities relating to plastic waste management, rural development, skill development, and others. For more details, refer to the report on CSR activities contained in this Annual Report.

SECTION C: OTHER DETAILS

1 Does the Company have any Subsidiary Company/ Companies?

The Company has direct and indirect subsidiaries. Further details in this respect are given in the consolidated financial statements and MGT7 / annual return which are available on the Company's website www.eplglobal.com.

2 Do the subsidiary companies participate in the BR initiatives of the parent company? If yes, then indicate the number of such subsidiary companies: No
3 Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, participate in the BR initiatives of the Company? If yes, then indicate the percentage of such entity/ entities? [Less than 30%, 30-60%, More than 60%] - No

SECTION D: BR INFORMATION

1 Details of Director/Directors responsible for BR

a) Details of the Director/Directors responsible for the implementation of the BR policy/policies.

Corporate Policies including the Business Responsibility Policies of the Company are engrained in the day-to-day business operations of the Company and are implemented by the management and it is the responsibility of the concerned functionary or head of the department in charge of the relevant functions at various offices/manufacturing facilities of the Company. The Managing Director of the Company oversees the implementation of the BR policies keeping in view the executives' feedback and reporting through the Sustainability Steering Committee of the Company.

b) Details of BR Head: Mr. Anand Kripalu, CEO & Managing Director, DIN 00118324, Tel: 022 24819000 / 9200

Principle-v

2 Principle-wise (as per NVGS) BR Policy/policies

a) Details of compliance (Reply in Y/N)

Sr.	Questions	P1	P2	P3	P4	P5	P6	P7	P8	P9
		Businessethics	ProductRespo.	Emp.wellbeing	ShareholdersEng.	HumanRights	Env.protection	Pub. &regulatory		CSR Customerrelations
1	Do you have policy/policies for	YES	YES	YES	YES	YES	YES	YES	YES	YES
2	Has the policy being formulatedin consultation with the relevantstakeholders	YES	YES	YES	YES	YES	YES	YES	YES	YES
3	Does the policy conform to anynational/international standards? If yes,specify?	NA	YES	NA	NA	YES	YES	NA	YES	NA
4	Has the policy being approved by theBoard?If yes, has it been signed by MD/Owner/CEO/appropriate Board Director?	heads.			Most of the corporate policies are approved by the Board. Policies mainly relating to business process, operations, HR,etc are reviewed/approved by the COO/CFO/CHRO and signed/authenticated by the respective owner or functional
5	Does the company have a specifiedcommittee of the Board/Director/Official to oversee the implementationof the policy?	YES	YES	YES	YES	YES	YES	YES	YES	YES
6	Indicate the link for the policy to beviewed online?	portal.			Most of the policies are disseminated to relevant stakeholders on the Company's website www.eplglobal.com and/or its internal employee portal. Policies relating to HR are meant for internal use and are available on the internal web
7	Has the policy been formallycommunicated to all relevant andexternal stakeholders?	YES	YES	YES	YES	YES	YES	YES	YES	YES
8	Does the company have in-housestructure to implement the policy/policies?	by the management.			Policies are engrained in the day-to-day business operations of the Company and are implemented by the concernedfunctionary or head of the department in charge of the relevant functions at various offices and levels and monitored
9	Does the Company have a grievanceredressal mechanism related to thepolicy/policies.				Yes. Wherever relevant, the Company has a grievance redressal mechanism or practice.
	10 Has the company carried out anindependent audit/evaluation of theworking of this policy by an internal orexternal agency?				Policies are evaluated periodically or as may be appropriate depending upon the nature of policies by the MD andCOO and/or respective senior executives or Head of the Departments.

b) If answer to the question at serial number 1 against any principle, is 'No', please explain why.

	Sr. Questions	P5
1	The company has not understood the Principles	Within the overall guidance of the COO / MD / and Board whenever it
2	The company is not at a stage where it finds itself in aposition to formulate and implement the policies onspecified principles	is necessary, the Corporate Policies are framed/modified from time totime. Policies or practices in connection with Business Operations andmatters relating thereto have been followed over a period of time as
3	The company does not have financial or manpowerresources available for the task	per industry norms or best practices. The Company also follows the bestpractice in relation to some business areas and human capital, althoughno written policies. The Company will frame further policies, whenever the
4	It is planned to be done within next 6 months	management thinks it is relevant at an appropriate time.
5	It is planned to be done within the next 1 year
	Any other reason (please specify)

Contents

From the MD & CEO's desk

Greening Lives, Sustaining Communities

3 Governance related to BR

a) Indicate the frequency with which the Board of Directors, Committee of the Board, or CEO to assess BR performance of the Company. Within 3 months, 3-6 months, Annually, more than 1 year.

The BR performance assessment is done periodically by the MD/COO or senior management. The Company has an internal Sustainability Steering Committee which meets at least once a year. This committee is headed by MD and CEO and meets periodically to review BR and Sustainability performance.

b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How frequently it is published?

Yes. The Company reports its sustainability performance every financial year in its Annual Sustainability Report. The report for the FY 2020-21 is available on the Company's website https://www.eplglobal.com/wp-contentuploads /1646/46/EPL-Sustainability-Report-2020-21.pdf

SECTION E: PRINCIPLE-WISE PERFORMANCE

Principle 1: Business should conduct and govern themselves with ethics, transparency, and accountability.

1 Does the policy relating to ethics, bribery and corruption cover only the company? Yes/No.

Yes.

Does it extend to the Group/Joint Ventures/Suppliers/ Contractors/NGOs/Others?

The Company considers Corporate Governance as an integral part of management. The Company has a Code of Conduct that is approved by the Board of Directors and this code is applicable to all Board Members and employees and endeavor to extend this code to its overseas group entities. The code is available on the Company's website www.eplglobal.com The said Code includes; ethics at workplace, restraining, giving and receiving of gifts and other benefits in the course of the business relationship, maintaining confidentiality, anti-bribery policy, conflict of interest, dealing with competitors and other relevant aspects.

The Company also has a Supplier Sustainability Code of Conduct based on internationally recognized standards such as the International Labour Organisation, United Nations Universal Declaration of Human Rights, and industry best practices for its strategic suppliers.

The existence of the Code of Conduct and Responsible Practices, as well as the Supplier Sustainability Code of Conduct for Manufacturers and Suppliers, which are high-level standards and foundations of our Compliance System, demonstrates our commitment to ethical business practices.

Though the Company's code of conduct currently does not apply to external stakeholders including suppliers, contractors, NGOs, etc, the Company follows zero tolerance on any acts of bribery, corruption, etc by such agencies during their dealings with the Company.

2 How many stakeholder complaints have been received in the past financial year and what percentage was satisfactorily resolved by the management? If so, provide details thereof, in about 50 words or so.

Details relating to complaints from investors during the financial years and redressal thereof are given in the Corporate Governance Report contained in this Annual Report. Additionally, the complaints, grievances, or views from other stakeholders are dealt with by respective functions within the Company. There were very few complaints and all have been resolved and no complaint is pending at end of the year.

Principle 2: Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle

1 List up to 3 of your products or service whose design has incorporated social or environmental concerns, risks and/or opportunities.

EPL's Platina, Platina Pro, Green Maple Leaf, Organic Green Maple leaf, and Etain are eco-friendly laminated tubes designed in line with "RECYCLE" as the sustainability theme.

EPL Platina is an eco-friendly laminated tube designed in line with "Recycle" and "Reduce" as the sustainability theme.

EPL Platina has received global recognition from the Association of Plastic Recyclers (APR), USA for its Platina Tube with an HDPE closure. It is the only tube to have an integrated shoulder INNER BARRIER LINER (IBL) that is also recyclable in HDPE recycle stream, HDPE tubes are designed to deliver source reduction and recyclability without losing any of the functional properties of the tube. It provides extraordinary product stability, shelf-life properties, and a rich feel. It is especially suited for oral, toiletries, and food products. By reducing the packaging weight, EPL Platina helps in reducing the product's carbon footprint, making it an ecofriendly choice and helping in achieving the sustainability goal.

In addition to APR, Platina tube has also been recognized by Cyclos Recyclability of Packaging certification (Germany) & Recyclass (Brussels).

EPL Platina Pro is a second-generation Platina Tube that further builds on the advantage of Recycle and Reduce theme by offering best in class flavour barrier properties, enhanced haptics, and Chemical resistance. EPL Platina Pro is a significant step forward in offering flavour barrier properties close to Aluminium tubes in Plastic barrier tubes and has widened the scope of products that can be shifted from Aluminium barrier tubes to recyclable tubes helping many of our customers in meeting their sustainability goals.

Green Maple Leaf is an eco-friendly laminated tube that maintains the freshness of products while keeping in line with our commitment towards the environment and society. This fully recyclable packaging solution helps prevent oxidization of contents with a proprietary oxygen-barrier coated core layer and an all-polyethylene (PE) film multilayer laminate. It is especially suited for cosmetics, toiletries, and food products. The recyclable, all-plastic laminate helps in reducing a product's carbon footprint, making it the best eco-friendly choice to keep products fresh. This tube has the ability to retain its shape even after repeated use and product dispensation. Setting a new curve to packaging innovation, it is aimed at markets demanding sustainability by replacing EVOH tubes.
Organic Green Maple Leaf (GML) 300 based laminated tube with less than 5% barrier resin, has got recognition from APR, USA as meeting or exceeding the APR HDPE CRITICAL GUIDANCE criteria. It has got up to 50% Biogenic Carbon content, derived from Sustainable feedstock sources as against Carbon derived from Fossil fuels, helping in reducing the product's carbon footprint and making it an eco-friendly choice. It is especially suited for oral, personal care, and toiletries segments.
Etain is a new, fully-recyclable packaging tube from EPL. Etain tubes can be made using up to 25% of recycled material, reducing the amount of virgin plastic needed in tube packaging. It is made from recycled plastic material and is fully recyclable, enabling it to go back into the same process that it came from. Etain Post-Consumer Recycled (PCR) tubes are highly customizable, and the amount of PCR can be varied depending upon customer requirements and the nature of the product that is contained within the package.
2 For each such product, provide the following details in respect of resource use (energy, water, raw material etc.) per unit of
- Energy performance - The Company is conscious about the judicious use of energy and resources in course of production and manufacturing activities. Additional details relating to energy and others are given in annexure 4 to the Board Report contained in this Annual Report. EPL also has conducted a life cycle assessment for Platina laminate through an equivalency calculator.
- Water Stewardship At EPL, there is a minimal dependency of operational activities on the water as it is utilized only for cooling purposes, and not involved in production-related activities. Whenever possible, we strive to reduce the amount of fresh water used in our processes by using recycled water. We use freshwater only whenever the quantity of recycled water is not sufficient to meet the requirements. We will continue to take steps to ensure water security for the business and the community.
- Raw material EPL has strategically initiated consumption of post-consumer recycled (PCR) raw materials as a sustainable solution to lessen packaging environmental impact. During this year we have used 2.7 Metric Tons of recycled raw materials in our manufacturing process in India as compared to 1 Metric Ton of PCR consumed in the previous year.

product (optional).

3 Does the Company have procedures in place for sustainable sourcing (including transportation)? If yes, what percentage of your inputs was sourced sustainably?

Yes. The Company maintains a healthy relationship with its suppliers, vendors, and other service providers and the business practice of the Company includes them in its growth. In FY'22 Company developed the Supplier's Sustainability Code of Conduct in line with ILO, UNGC, and UDHR to ensure our suppliers meet basic business expectations while complying with the legal requirements, ethical practices, human rights and environmental management.

This year we have integrated environment, social and ethics principles in our vendor selection, rating, and certification process. This process includes the assessment of supplier/vendor on 15 pillars of business. During this year we have specifically added the 15th pillar that evaluates supplier/vendor on its policies, practices, actions, and compliance with environment, social, ethics,and governance issues.

ILO – International Labour Organisation

UNGC – United Nations Global Compact

UDHR – United Nations Universal Declaration on Human Rights

4 Has the company taken any steps to procure goods or services from local & small producers, including communities surrounding their place of work? If yes, what steps have been taken to improve their capacity and capability of local and small vendors?

The Company, wherever possible, procures goods and services from vendors in the surrounding locality of manufacturing facilities including transportation and labours/staffs. Wherever possible, the Company prefers to support and encourage employment among communities surrounding its place of work.

5 Does the company have a mechanism to recycle products and waste? If yes what is the percentage of recycling of products and waste (separately as <5%, 5-10%, >10%). Also, provide details thereof, in about 50 words or so.

At EPL waste management procedures are intended to minimize the environmental impact of waste generated and disposed. EPL aims to reduce the amount of waste generated through its activities by employing strategies that reuse and recycle waste in an environment friendly and responsible manner. The Company disposes the waste through registered / appropriate agencies involved in proper disposal/recycling. In this fiscal, we have recycled 57% of the total waste generated in India operations. All our manufacturing plants have adopted the environmental management system ISO 14001:2015, which guides them to improve their environmental performance through more efficient use of resources and reduction of waste.

EPL's "Project Liberty" is a significant initiative to support environmental sustainability. "Project Liberty" is a path-breaking attempt to recycle multilayer aluminium based lamitubes using

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

of the aluminium and polymers into two distinct and reusable streams, without the use of any chemicals or heat. Once separated, both the Aluminium and Polymer fractions recovered from ABL tubes can be recycled safely. The main objective of launching Project Liberty was to establish a traceable and sustainable recycling process, which will not only fulfill the Company's goal of making every single tube made by EPL recyclable but will also help all its customers in achieving their sustainability goals/

commitments.

Etain (PCR Tubes) are made with up to 25% Post-Consumer recycled resin content, promoting the use of PCR resins, and reducing the

demand for virgin raw materials.

With EPL Recyclable Laminated tubes getting recognition by APR USA, it has already achieved a step ahead with its aims to focus its

development and success with customers.

Principle 3: Business should promote the well-being of all employees The Company's belief is that its personnel are to this success and over a period of time the Company has initiated various policies and practices to improve employees' well-being and engagement. Other than salary, Company provides various benefits to the eligible employees such as life insurance, health cover, parental and maternity leave, retirement provision, etc. The Company has the aspiration to offer a fully integrated Human Resource Management System (HRMS). The Company has the ePrism – Human Resource Information System for employees. Amongst a few of many advantages, ePrism offers a single platform for employees to access, control, and monitor the entire lifecycle in EPL – from hire to retire i.e. recruitment, selection, induction, learning & development, performance, reward, career movements, and others. At EPL, we have a systematic Performance Appraisal system, which covers all our employees i.e. from our CEO to the last person in the organisation, and the Performance Appraisal system is integrated with our reward system. During the COVID 19, we had increased employee medical insurance coverage and provided proactive help to impacted employees as needed. We also engaged an experienced and qualified doctor to provide direct access and support to employees. We used digital platforms to deliver internal communication, cultural development, employee engagement, training, and reporting among other things. Because of continual two-way interaction, we were able to sustain outstanding staff morale in these difficult circumstances. 1 Please indicate the total no. of employees: Details relating to employees are mentioned in MDA or Board Report contained in

this Annual Report.

2 Please indicate the total number of employees hired on temporary/

contractual/casual basis: 1331

3 Please indicate the Number of permanent women employee: 41 4 Please indicate the number of permanent employees with

disabilities: 3

5 Do you have an employee association that is recognized by the management: No employees association exists. However, employees have access to management to raise their concerns without any fear, and its always the endeavor of the management to resolve the issues satisfactorily. Wherever the workers unions exist at some manufacturing facilities, the Company cooperates with such unions keeping in view the larger interest of society, workers, and stakeholders.

6 What percentage of your permanent employee is members of this recognized employee association: N.A.

7 Please indicate the Number of complaints relating to child labour, forced labour, involuntary labour, sexual harassment in the last financial year and pending, as on the end of financial year.

Sr	Category	No. of complaintsfiled during thefinancial year	No. of complaintspending as on endof the financialyear
1	Child labour / forcedlabour /involuntarylabour	Nil	Nil
2	Sexual harassment	Nil	Nil
3	Discriminatoryemployment	Nil	Nil

8 What percentage of your under mentioned employees were given safety and skill up-gradation training in the last year.

The Company imparts training relating to safety and skill upgradation to its employees including casual, temporary, and contractual, and its always the endeavor of the management to cover maximum in the training programmes. The Company organizes various training sessions in-house. The Company has a software-based module for an online survey of employee engagement and employee development plan.

EPL's global policy on 'Career Management' efforts to establish out some of the ways and means for employees to develop competencies and capacities to deliver performance in current and future jobs.

Principle 4: Businesses should respect interest of, and be responsive towards all stakeholders, especially those who are disadvantaged, vulnerable and marginalized

1 Has the company mapped its internal and external stakeholders? Yes/No

The Company has mapped its internal and external stakeholders, the major or key categories include Governments / regulatory authorities, investors, employees, suppliers, customers, local communities, and Industry Associations. However, the process of mapping stakeholders is an ongoing effort.

2 Out of the above, has the company identified the disadvantaged, vulnerable & marginalized stakeholders.

The Company is in the process to finalize.

3 Are there any special initiatives taken by the company to engage with the disadvantaged, vulnerable & marginalized stakeholders. If so, provide details thereof, in about 50 words or so.

As a part of its business operations, the Company supports various initiatives to create a greener and a safer world. As a socially responsible organization, we are committed to working for the welfare of the communities around us such as rural development, promoting education, plastic waste management, and others. Further details of CSR initiatives by the Company are included in a report on CSR activities forming part of this Annual Report.

Principle 5: Business should respect and promote human rights

1 Does the policy of the Company on human rights cover only the Company or extend to the Group/Joint ventures/ suppliers/ contractors/ NGOs/Others?

We respect human rights and believe that all humans must be treated with dignity. To ensure this, we aim to protect human rights and uphold labour standards not only within our premises but also across our supply chains. We believe that transparency is key to being a responsible employer. Our global policy on 'Labour Relations and Working Conditions' is based on the International Labour Organization (ILO)'s Declaration on Fundamental Principles and Rights at Work. Through this policy, we emphasize freedom of association and collective bargaining, equal opportunity, favorable working conditions, and health & safety of employees. Further, the global policy on 'Prohibition of Child and Forced Labour' affirms our commitment to the prohibition of Child, Forced, or Compulsory labour by adopting effective, practical, and culturally appropriate

2 How many stakeholder complaints have been received in the past financial year and what percent was satisfactorily resolved by the

practices.
Management?

There were no complaints reported on violation of any Human rights during the financial year.

Principle 6: Business should respect, protect, and make efforts to restore the environment

1 Does the policy related to principle 6 cover only the Company or extend to the Group/Joint ventures/ suppliers/ contractors/ NGOs/

Others?

Yes. Nurturing and safeguarding the environment for long term sustainability is of prime importance. EPL's group level Harmonized Manufacturing Policy (HMP) is an integrated policy and has commitments towards environment protection and energy efficiency. As per this policy, EPL endeavours to reduce risk, protect the environment, and prevent pollution in its business activities. EPL ensures the conservation of natural resources, reduction of waste and GHG emissions, and adoption 3-R reduce, reuse and recycle approach wherever possible. This policy is communicated to interested parties responsible for delivering activities towards environment protection including customers, employees and suppliers as appropriate. Also through the Supplier Sustainable Code of Conduct, EPL ensures that all the suppliers meet basic expectations of doing business by ensuring compliance with environment management.

2 Does the Company have strategies/initiatives to address global environmental issues such as climate change, global warming etc? Y/N. If yes, please give hyperlink for webpage etc:

Yes. EPL strives to address global environment and climate change issues through product and process sustainability. EPL has committed to reduce its GHG emission by 30% by 2030 from the baseline year of 2017. This year EPL has successfully certified 88% of its manufacturing sites with ISO 14001:2015 certification for Environment Management Systems.

The Company has become a signatory to international protocols and initiatives such as the Science Based Target initiative (SBTi), United Nations Global Compact (UNGC), Carbon Disclosure Project (CDP), India Plastic Pact, and Ellen MacArthur Foundation's Global Commitment for creating awareness and impact at global level on issues of environment and climate change.

The detailed information on EPL's environmental initiatives can be accessed in the Company's Sustainability Report at https://www. eplglobal.com/sustainability/

3 Does the company identify and assess potential environmental risks? Y/N

Yes. In the previous year, plants have undergone a comprehensive Environmental Due Diligence Assessment (EDDA) through a thirdparty auditing agency, to identify and quantify potential EHS risks associated with the plant's operations. We remained materially compliant with all environmental laws and regulations across our manufacturing footprint. The Company has migrated to ISO 14001:2015 certification for the Environment Management System covering the majority of its manufacturing sites. In accordance with the certification and Harmonized Manufacturing Policy, Company assesses the environmental risks of its operations.

4 Does the company have any project related to Clean Development Mechanism? If so, provide details thereof, in about 50 words or so. Also, if yes, whether any environmental compliance report is filed? (please confirm)

The Company does not have a specific clean development mechanism. However, the Company promotes clean environment initiatives. The company's initiative about 'Go Green' is described in this report.

5 Has the company undertaken any other initiatives on – clean technology, energy efficiency, renewable energy, etc. Y/N. If yes, please give hyperlink for web page etc.

We believe that energy is the most important aspect for nation building and a vital cog in the wheel driving a greener future. We are promoting an energy efficient culture through improved

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated

operational efficiencies, conservation mechanisms, and increased inclusion of renewable sources into the energy mix. We have installed LED lightings at most of our plants which contributes towards energy saving and we aim to increase our reliance on

renewable energy resources.

Detail relating to energy conservation is given in annexure to the Board report contained in this Report & also provided in our annual sustainability report at https://www.eplglobal.com/sustainability/

6 Are the Emissions/Waste generated by the company within the permissible limits given by CPCB/SPCB for the financial year being

reported?

Yes, we comply with all applicable environmental legislations in the locations we operate from. We monitor and track all parameters as defined by the pollution control board and ensure they are

maintained within norms.

7 Number of show cause/legal notices received from CPCB/SPCB which are pending (i.e. not resolved to satisfaction) as of end of the

financial year: Nil

Principle 7: Business, when engaged in influencing public and

regulatory policy, should do so in a responsible manner

1 Is your company a member of any trade and chamber or association? If Yes, Name only those major ones that your business

deals with.

The Company is a member / associated with various associations including the Organization of Plastics Processors of India (OPPI), Confederation of India Industry (CII), Federation of Indian Chambers of Commerce & Industry (FICCI), Bombay Chambers of Commerce and Industry, and Maharashtra Economic Development

Council.

2 Have you advocated/lobbied through above associations for the advancement or improvement of public good? Yes/No; If yes specify the broad areas (drop box: Governance and Administration, Economic Reforms, Inclusive Development Policies, Energy security, Water, Food Security, Sustainable Business Principles,

Others)

The Company extends its support to various business associations and supports / advocates on various issues, whenever necessary,

keeping in view the interest of various stakeholders.

Principle 8: Businesses should support inclusive growth and

equitable development

1 Does the company have specified programme/initiatives/projects in pursuit of the policy related to Principle 8? If yes, details thereof. Our CSR programs and projects support inclusive growth of not only communities where we have our operations, but also encompass the overall development of societies and human capabilities. From upliftment of rural areas, promoting education, skill development of youth, and plastic waste management for relevant details of CSR initiatives are included in the Annual Report on CSR forming part of this Annual Report.

2 Are the programmes/projects undertaken through in-house team/ own foundation/external NGO/Government structures/any other organization?

The Company generally implements CSR projects through various non-profit organizations in nearby areas for factories. Requisite details of entities through which CSR initiatives were undertaken are included in the Annual Report on CSR forming part of this Annual Report. The Company also undertakes CSR activities mainly relating to providing basic school infrastructures, promoting education, and rural development for the upliftment of society.

3 Have you done any impact assessment of your initiative?

EPL has a process of reviewing the CSR activities periodically and assessing the benefit caused or generated and beneficiaries, as may be relevant keeping in view the size and nature of the CSR projects.

4 What is your company's direct contribution to community development projects – Amount in INR and the details of projects undertaken.

Refer to details of CSR contributions in the Annual report on CSR forming part of this Annual Report.

5 Have you taken steps to ensure that this community development initiative is successfully adopted by the community? Please explain in 50 words or so.

Yes. As per the Company's CSR strategy, we ensure the adoption of community development projects such as the construction of classrooms for colleges and schools, providing basic water requirements to people living in hilly areas, renovation of health care centers, Health care camps, distribution of solar systems, etc.

Principle 9: Business should engage with and provide value to their customers and consumers in a responsible manner

1 What percentage of customer complaints/consumer cases are pending as on the end of financial year.

There are no material consumer cases/customer complaints outstanding as of the end of the financial year.

2 Does the company display product information on the product label, over and above what is mandated as per local laws? Yes/No/ NA/Remarks (additional information): Not applicable
3 Is there any case filed by any stakeholder against the company regarding unfair trade practices, irresponsible advertising and/or anti-competitive behavior during the last five years and pending as on end of financial year. If so, provide details thereof, in about 50 words or so: Nil
4 Did your company carry out any consumer survey/ consumer satisfaction trends?

Consumers are at the heart of any EPL's initiatives related to product innovation and development. The Company's Creativity and Innovation Department carries out research and development to cater to the evolving needs of the customers. To match the expectation of the Company's multinational and domestic customers, EPL continuously develops and offers a diverse range of printing and packaging solutions.

The Customer Engagement Programs (CEPs) at EPL are designed to enhance our ties with key stakeholders at existing customer accounts and promote loyalty. The sales team along with the EPL factory team engages with strategic customers to proactively understand customer feedback, new product requirements, emerging trend on consumer preferences, and to communicate our supply chain performance periodically.

The CEP includes monthly sustainable innovation meetings, product introduction roadshows to test range and applicability of products and periodic interactions to address customer problems and feedback.

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives

Greening Lives, Sustaining Communities

Key Performance Indicators
The Leadership Team
The Management Team
Board Report
MDA
Corporate Governance
Five-Year Summary
Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

Five Years' Summary of Selected Financial Data (India)

					(Rs. in million)
Particulars	2018	2019	2020	2021	2022
Sales and other income	8,743	8,637	8,832	9,552	11,043
Profit before depreciation, amortisation, finance costs and tax	2,117	1,953	2,425	2,786	2,858
Depreciation / Amortisation	687	751	972	896	776
Profit before tax	1,217	973	1,253	1,742	1,935
Profit after tax	812	640	1,058	1,530	1,737
Proposed + Interim Dividend (including dividend tax)	455	475	1,041	1,294	1,358
Cash profit	1,498	1,391	2,030	2,426	2,513
Book value per share	41.63	21.46	22.09	23.27	25.09
Basic earnings per share - Rs #	2.58	2.03	3.35	4.85	5.50
Dividend per share (Final + Interim) - Rs	2.40	1.25	3.30	4.10	4.30
Closing share price on BSE at year end (Rs per share)	240.45	116.75	154.60	235.65	193.55
Market capitalisation (As at year end)	37,794	36,805	48,737	74,363	61,137
ASSETS LESS CURRENT LIABILITIES
Fixed assets (Net)	3,712	4,411	4,323	3,633	3,876
Non-current investments	2,189	2,183	2,095	3,582	3,566
Other Non-current assets, loans and advances	352	332	293	263	533
Current assets	3,648	3,092	4,071	3,324	4,020
Assets held for sale	-	38	-	-	-
	9,901	10,056	10,783	10,802	11,995
Current liabilities	(2,314)	(1,445)	(2,398)	(2,284)	(2,493)
Net Assets	7,587	8,612	8,385	8,518	9,501
FINANCED BY
Share capital	315	631	631	631	632
Reserves	6,233	6,137	6,337	6,714	7,295
Net Worth	6,547	6,768	6,968	7,346	7,926
Deferred tax balances	126	117	15	-	-
Non-current liabilities	915	1,727	1,402	1,173	1,575
Capital employed	7,587	8,612	8,385	8,519	9,501
FINANCIAL RETURNS AND STATISTICS
Profit after tax as a percent of sales and other income	9.3%	7.4%	12.0%	16.0%	15.7%
Profit before depreciation, finance costs and tax as a percent of sales and other income	24.2%	22.6%	27.5%	29.2%	25.9%
Return on capital employed (EBIT/Avg Capital Employed) ^	14.7%	12.2%	9.4%	9.1%	9.1%
Return on net worth % (PAT before exceptional item/Avg Networth)	12.7%	9.6%	16.8%	21.4%	22.7%
Non-current liability as a percent of total year end Shareholders' Fund	14%	26%	20%	16%	20%
Financial costs cover (Times) (Profit before financial costs and taxation divided byfinance costs)	6.69	5.26	7.28	12.77	14.14
Number of equity shares outstanding (in million) **	157	315	315	316	316
Cash profit to sales and other income	17.1%	16.1%	23.0%	25.4%	22.8%

** Refer Note 16

^ Considering shareholder's fund and total loan funds including short-term borrowings and current maturities of long-term borrowings.

Earnings per share for the previous year has been adjusted to give effect to the issue of bonus equity shares ( Refer note 16(g) )

Particulars
Sales and other inc
Profit before depre
Depreciation and a
Profit before excep
Profit after tax attri
Proposed + Interim
Cash Profit ^^
Basic earnings per
Dividend per share

ACCETCIECC CLIDI

Five Years' Summary of Selected Financial Data (Consolidated)

ASSETS LESS CURRENT LIABILITIES

lliwboor)
Fixed assets (net)
Non current invest
Other non current
Current assets

					(Rs. in million)
Particulars	2018	2019	2020	2021	2022
Sales and other income	24,728	27,354	27,747	31,061	34,448
Profit before depreciation, amortisation, finance costs and tax	4,911	5,276	5,708	6,256	5,881
Depreciation and amortisation expense	1,671	1,861	2,298	2,346	2,514
Profit before exceptional items and tax	2,691	2,802	2,854	3,481	2,964
Profit after tax attributable to Equity holders of the parent	1,716	1,925	2,073	2,391	2,144
Proposed + Interim Dividend (Including dividend tax)	455	475	1,041	1,294	1,358
Cash Profit ^^	3,413	3,815	4,414	4,789	4,727
Basic earnings per share* - Rs	5.46	6.12	6.57	7.58	6.79
Dividend per share (Proposed/FInal + Interim) # - Rs	2.40	1.25	3.30	4.10	4.30
ASSETS LESS CURRENT LIABILITIES
Goodwill	142	142	142	1,159	1,159
Fixed assets (net)	12,116	13,344	13,849	14,426	15,041
Non current investments	131	168	160	149	72
Other non current assets, loans and advances	817	637	505	940	1,287
Current assets	11,340	10,910	13,403	13,440	15,367
	24,546	25,201	28,059	30,114	32,926
Current liabilities	(6,912)	(5,740)	(7,923)	(7,731)	(8,977)
Net Assets	17,634	19,461	20,136	22,383	23,949
FINANCED BY
Share capital	315	631	631	631	632
Reserves and surplus	12,191	13,249	14,695	16,350	17,613
Net Worth	12,506	13,880	15,326	16,981	18,245
Non controlling interest	43	52	86	333	336
Deferred tax balances	357	509	475	543	619
	12,906	14,441	15,887	17,857	19,200
Non current liabilities	4,728	5,020	4,249	4,526	4,749
Capital employed	17,634	19,461	20,136	22,383	23,949
FINANCIAL RETURNS AND STATISTICS
Profit after tax as a percent of Sales and other income	6.9%	7.0%	7.5%	7.7%	6.2%
Profit before depreciation, amortisation, finance costs and tax as a percent of Sales andother income	19.9%	19.3%	20.6%	20.1%	17.1%
Return on Capital Employed (EBIT/Avg Capital Employed) ^	17.2%	17.0%	17.8%	19.7%	15.0%
Return on Net worth (PAT before exceptional item/Avg Networth)	15.4%	14.4%	14.8%	15.8%	12.2%
Non current liabilities as a percentage of Shareholders' funds	38%	36%	28%	27%	26%
Finance Costs Cover (Times) (Profit before Finance Costs and Taxation/Finance Costs)	5.9	5.7	6.1	9.1	8.2

FINANCED BY

other income Cash profit to sales and other income 13.8% 13.9% 15.9% 15.4% 13.7%

^ Considering shareholder's funds and Net debt including short-term borrowings and current maturities of long-term borrowings. ^^ Profit for the year plus depreciation and amortisation expenses # post 1:1 bonus shares issue from FY19 onwards * Earnings per share for the previous years have been adjusted to give effect to the issue of bonus equity shares during FY19.

Contents

From the MD & CEO's desk

Greening Lives, Sustaining Communities

Five-Year Summary

Independent Auditor's Report

To the Members of EPL Limited (formerly, Essel Propack Limited)

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of EPL Limited (formerly, Essel Propack Limited) ('the Company'), which comprise the Balance Sheet as at 31 March 2022, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
1. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 Standards ('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, of the state of affairs of the Company as at 31 March 2022, and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

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 Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('ICAI') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined the matter described below to be the key audit matters to be communicated in our report.

Key Audit Matter How our audit addressed the key audit matter

Revenue recognition on sale of products by the Company

Revenue for the Company consists primarily of sale of packaging products and service charges, recognised as per the accounting policy described in Note 2(II)(j) to the standalone financial statements. Refer Note 26 and Note 53 for details of revenue recognised during the year.

Revenue of the Company is recognised in accordance with Indian Accounting Standard 115, 'Revenue from contracts with customers' ('Ind AS 115). Owing to the multiplicity of the Company's products, volume of sales transactions and varied terms of contracts with customers and, in line with the requirements of the Standards on Auditing, revenue is determined to be an area involving significant risk and hence requiring significant auditor attention.

The terms of sales arrangements, including the timing of transfer of control, the nature of discount arrangements and delivery specifications, create complexity in determining revenue from sales. Further the management considers revenue as one of the key measures for evaluation of its performance.

Considering the significance to our audit and the stakeholders, revenue recognition has been determined to be a key audit matter in our audit of the standalone financial statements for the current year's audit.

Our audit work included, but was not restricted to, the following:

a) Considered the appropriateness of revenue recognition policy and its compliance in terms of Ind AS 115 'Revenue from contracts with customers'.
b) Assessed the design and tested the operating effectiveness of key internal controls related to sales, related discounts and cut off assertion including general and specific application of information technology controls.
c) Performed sample tests of individual sales transaction and traced to individual contracts, sales invoices, customers' purchase orders, transportation documents and other related documents using statistical sampling to ensure that the revenue has been appropriately recognised.
d) Performed analytical review procedures on revenue recognised during the year to identify any unusual and/or material variances.
e) Performed confirmation procedures on selected invoice balances outstanding as at the year end.
f) Selected sample of sales transactions made pre and post year end and agreed the period of revenue recognition to underlying documents.
g) Obtained balance confirmations for samples of customers selected and reviewed the reconciling items, if any.
h) Evaluated the appropriateness and adequacy of disclosures in the financial statements in respect of revenue recognition in accordance with the applicable requirements.

Information other than the Financial Statements and Auditor's

Report thereon

The Company's Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis Report and Director's Report, but does not include the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone 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, we are required to report that fact. We have nothing

to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

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 preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS specified under section 133 of the Act and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and 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 adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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.
In preparing the financial statements, the Board of Directors are responsible for assessing the Company's ability to 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 operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial

Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 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 expected to influence the economic decisions of users taken on the basis of these financial statements.

1. As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls;
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;
• Conclude on the appropriateness of management's 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 cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the 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 cause the Company to cease to continue as a going concern; and
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
1. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

Auditors Reports - Standalone

1. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
1. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by section 197(16) of the Act, based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.
1. As required by the Companies (Auditor's Report) Order, 2020 ('the Order') issued by the Central Government of India in terms of section 143(11) of the Act we give in the 'Annexure A' a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
1. Further to our comments in Annexure A, as required by section 143(3) of the Act based on our audit, we report, to the extent applicable, that:
- a) We have sought and obtained all the information and explanations which to the best of our knowledge and 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;
- d) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of the Act;
- 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 2022 from being appointed as a director in terms of section 164(2) of the Act;
- f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company as on 31 March 2022 and the operating effectiveness of such controls, refer to our separate Report in 'Annexure B' wherein we have expressed an unmodified opinion; and

g) With respect to the other matters to be included in the Auditor's Report in accordance with rule 11 of the 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:
i. the Company, as detailed in Note 43(A)(i) and Note 44 to the standalone financial statements, has disclosed the impact of pending litigations on its financial position as at 31 March 2022;
ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 March 2022;
iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31 March 2022;
iv (a). The management has represented that, to the best of its knowledge and belief as disclosed in Note 54(b) to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person or entity, including foreign entities ('the intermediaries'), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ('the Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;
iv (b). The management has represented that, to the best of its knowledge and belief as disclosed in Note 54(a) to the standalone financial statements, no funds have been received by the Company from any person or entity, including foreign entities ('the Funding Parties'), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ('Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
iv (c). Based on such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our attention that causes us to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.
v (a). The interim dividend declared and paid by the Company during the year ended 31 March 2022 is in compliance with section 123 of the Act;
v (b). The final dividend paid by the Company during the year ended 31 March 2022 in respect of such dividend declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend; and
v (c). As stated in Note 41(b) to the accompanying standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year ended 31 March

2022 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

For Walker Chandiok & Co LLP

Chartered Accountants Firm's Registration No.: 001076N/N500013

Rakesh R. Agarwal Partner Membership No.:109632 UDIN: 22109632AIROCV9567

Place: Mumbai Date: 10 May 2022

From the MD & CEO's desk

EPL at a Glance
Sustainability Commitment at EPL
Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives

Greening Lives, Sustaining Communities

Awards & Recognition
Key Performance Indicators
The Leadership Team
The Management Team
Board Report
MDA
Corporate Governance
Five-Year Summary
Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

Annexure A referred to in Paragraph 16 of the Independent Auditor's Report of even date to the members of EPL Limited (formerly, Essel Propack Limited) on the standalone financial statements for the year ended 31 March 2022

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment and right of use assets.
(B) The Company has maintained proper records showing full particulars of intangible assets.
- (b) The Company has a regular program of physical verification of its property, plant and equipment and right of use assets under which the assets are physically verified in a phased manner over a period of three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this program, certain property, plant and equipment and right of use assets were verified during the year and no material discrepancies were noticed on such verification.
- (c) The title deeds of all the immovable properties held by the Company (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.
- (d) The Company has not revalued its Property, Plant and Equipment and Right of Use assets or intangible assets during the year.
- (e) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Accordingly, reporting under clause 3(i)(e) of the Order is not applicable to the Company.
(ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year, except for inventory lying with third parties. In our opinion, the coverage and procedure of such verification by the management is appropriate and no discrepancies of 10% or more in the aggregate for each class of inventory were noticed. In respect of inventory lying with third parties, these have been confirmed by the third parties.

(b) The Company has a working capital limit in excess of Rs 5 crore sanctioned by banks based on the security of current assets. The quarterly statements, in respect of the working capital limits have been filed by the Company with such banks and such statements are in agreement with the books of account of the Company for the respective periods, which were subjected to audit/review.
(iii) The Company has not made any investment in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured to companies, firms, Limited Liability Partnerships (LLPs) or any other parties during the year. Accordingly, reporting under clause 3(iii) of the Order is not applicable to the Company.
(iv) In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of section 186 of the Act in respect of investments and guarantees, as applicable. Further, the Company has not entered into any transaction covered under section 185 and section 186 of the Act in respect of loans and security.
(v) In our opinion, and according to the information and explanations given to us, the Company has not accepted any deposits or there is no amount which has been considered as deemed deposit within the meaning of sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, reporting under clause 3(v) of the Order is not applicable to the Company.
(vi) The Central Government has specified maintenance of cost records under sub-section (1) of section 148 of the Act only in respect of specified products of the Company. For such products, we have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under the aforesaid section, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
(vii) (a) In our opinion, and according to the information and explanations given to us, undisputed statutory dues including goods and services tax, provident fund, employees' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, have generally been regularly deposited with the appropriate authorities by the Company, though there have been slight delays in a few cases. Further, no undisputed amounts payable in respect thereof were outstanding at the yearend for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no statutory dues referred in sub-clause (a) which have not been deposited with the appropriate authorities on account of any dispute except for the following:

Pradesh

Goa

Name of the statute	Nature ofdues	Gross amount(INR in million)	Period to which theamount relates	Forum where dispute ispending
Income tax Act, 1961	Income tax	3.53	- A.Y 2007-08	Commissioner of IncomeTax (Appeals)
Value added Tax, Dadra& Nagar haveli	Sales tax	22.81	- F.Y. 2002-03, 2003-04, 2004-05	Commissioner of VAT
Central Sales Tax Act,1956, Maharashtra		100.57	5.55 F.Y. 2006-07, 2007-08, 2008-09, 2012-13	Maharashtra State Tribunal
Sales Tax Act, HimachalPradesh		0.34	0.05 F.Y. 2008-09	Himachal Pradesh SalesTax Tribunal
SalesTaxAct,Maharashtra		90.20	8.18 F.Y. 2002-03, 2003-04, 2004-05, 2011-12,2013-14, 2014-15, 2015-16, 2016-17	Deputy/JointCommissioner of Sales Tax(Appeals)
Value Added Tax Act,Goa		0.64	0.06 F.Y.2012-13, 2013-14, 2016-17	Asst. Commissioner ofCommercial Taxes – Goa
Sales tax Act, Gujarat		0.90	0.35 F.Y. 2016-17, 2017-18	Asst. Commissioner ofSales Taxes- Gujarat
BombayProvincialMunicipal CorporationAct, 1959		3.88	0.42 F.Y 2002-03, 2003-04 to2007-08	Deputy Commissioner ofCess, Navi Mumbai
Value Added Tax Act,Goa		0.53	0.05 F.Y 2013-14	CommissionerofCommercial Taxes Panaji -Goa VAT
Value added Tax, Dadra& Nagar haveli		117.55	- F.Y. 2015-16, 2016-17	Deputy Commissioner OfVAT
Central Excise Act, 1944	Excise duty	19.55	18.55 F.Y. 2008-09 to 2011-12	Customs, Excise & ServiceTax Appellate Tribunal
		13.41	1.26 F.Y.1997-98, 2004-05 to2006-07, 2016-17 to 2017-18	Commission of CentralExcise (Appeals)
Industrial Disputes Act,1947	Provident Fund	2.80	1.13 F.Y. 2013-14	Assistant Provident FundCommissioner, Thane

Goa

1947

(viii) According to the information and explanations given to us, no transactions were surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961) which have not been recorded in the books of accounts.

(ix) (a) According to the information and explanations given to us, the Company has not defaulted in repayment of its loans or borrowings or in the payment of interest thereon to any

lender.

(b) According to the information and explanations given to us including confirmations received from banks and representation received from the management of the Company, and on the basis of our audit procedures, we report that the Company has not been declared a willful defaulter by any bank or other lender.

(c) In our opinion and according to the information and explanations given to us, money raised by way of term loans were applied for the purposes for which these were

obtained.

(d) In our opinion and according to the information and explanations given to us, and on an overall examination of the financial statements of the Company, funds raised by the Company on short term basis have not been utilised for long term purposes.

(e) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries and associate.

(f) According to the information and explanations given to us, the Company has not raised any loans during the year on the pledge of securities held in its subsidiaries and associate companies.

(x) (a) The Company has not raised any money by way of initial public offer or further public offer (including debt instruments), during the year. Accordingly, reporting under clause 3(x)(a) of the Order is not applicable to the Company.

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

(b) According to the information and explanations given to us, 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 the Order is not applicable to the Company.
(xi) (a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or on the Company has been noticed or reported during the period covered by our audit.
- (b) No report under section 143(12) of the Act has been filed with the Central Government for the period covered by our audit.
- (c) According to the information and explanations given to us including the representation made to us by the management of the Company, there are no whistle-blower complaints received by the Company during the year.
(xii) The Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. Accordingly, reporting under clause 3(xii) of the Order is not applicable to the Company.
(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 required under section 138 of the Act which is commensurate with the size and nature of its business.
- (b) We have considered the reports issued by the Internal Auditors of the Company till date for the period under audit.
(xv) According to the information and explanation given to us, the Company has not entered into any non-cash transactions with its directors or persons connected with them and accordingly, provisions of section 192 of the Act are not applicable to the Company.
(xvi) The Company is not required to be registered under section 45- IA of the Reserve Bank of India Act, 1934. Accordingly, reporting under clause 3(xvi)(a) and 3(xvi)(b) of the Order is not applicable to the Company.
- (c) According to the information and explanations given to us, the Company is not a Core Investment Company (CIC) as defined in the regulations made by the RBI. Accordingly, reporting under clause 3(xvi)(c) of the Order is not applicable to the Company.

(d) Based on the information and explanations given to us and as represented by the management of the Company, the Group (as defined in Core Investment Companies (Reserve Bank) Directions, 2016) does not have any CIC.
(xvii) The Company has not incurred any cash loss in the current as well as the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, reporting under clause 3(xviii) of the Order is not applicable to the Company.
(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the standalone financial statements and 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 our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to 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 due.
(xx) (a) According to the information and explanations given to us, the Company does not have any unspent amount in respect of other than ongoing project as at the expiry of the financial year. Accordingly, reporting under clause 3(xx) (a) of the Order is not applicable to the Company.
- (b) The Company has transferred the remaining unspent amount under sub-section (5) of section 135 of the Act, in respect of ongoing project of previous financial year, within a period of 30 days from the end of previous financial year to a special account in compliance with the provision of sub-section (6) of section 135 of the Act.
(xxi) The reporting under clause 3(xxi) is not applicable in respect of audit of standalone financial statements of the Company. Accordingly, no comment has been included in respect of said clause under this report.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013

Rakesh R. Agarwal Partner Membership No.: 109632 UDIN: 22109632AIROCV9567

Place: Mumbai Date: 10 May 2022

Annexure B to the Independent Auditor's Report of even date to the members of EPL Limited (formerly, Essel Propack Limited) on the standalone financial statements for the year ended 31 March 2022

Annexure B

Independent Auditor's Report on the internal financial controls with reference to the standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ('the Act')

In conjunction with our audit of the standalone financial statements of EPL Limited (formerly, Essel Propack Limited) ('the Company') as at and for the year ended 31 March 2022, we have audited the internal financial controls with reference to financial statements of the Company as at that date.

Responsibilities of Management and Those Charged with Governance for Internal Financial Controls

The Company's Board of Directors is responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting ('the Guidance Note') issued by the Institute of Chartered Accountants of India ('the ICAI'). 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 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 preparation of reliable financial information, as required under the Act.

Auditor's Responsibility for the Audit of the Internal Financial Controls with Reference to Financial Statements

Our responsibility is to express an opinion on the Company's internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the ICAI prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements, and the Guidance Note issued by the ICAI. Those 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 financial statements were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to 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 financial statements, whether due to fraud or error.
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 financial statements.

Meaning of Internal Financial Controls with Reference to Financial Statements

A company's internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial 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 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.

Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, 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 with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such controls were operating effectively as at 31 March 2022, based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013

Rakesh R. Agarwal Partner Membership No.: 109632 UDIN: 22109632AIROCV9567

Place: Mumbai Date: 10 May 2022

From the MD & CEO's desk

EPL at a Glance
Sustainability Commitment at EPL
Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives
Greening Lives, Sustaining Communities
Awards & Recognition
Key Performance Indicators
The Leadership Team
The Management Team
Board Report
MDA
Corporate Governance
Five-Year Summary
Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

Standalone Balance sheet as at 31March 2022

			( Rs in million)
Particulars	Note No.	As at31 March 2022	As at31 March 2021
ASSETS
Non-current assets
Property, plant and equipment	4A	2,615	3,097
Capital work-in-progress	56	830	25
Right-of-use assets	4B	315	399
Intangible assets	5	98	66
Intangible assets under development	57	18	46
Investments in subsidiaries	6A	3,455	3,420
Financial assets
Investments	6B	111	162
Other financial assets	7	104	126
Deferred tax assets (net)	36	105	61
Income tax assets (net)	8	30	27
Other non-current assets	9	294	49
Total non-current assets		7,975	7,478
Current assets
Inventories	10	1,141	888
Financial assets
Trade receivables	11	2,094	1,772
Cash and cash equivalents	12	119	167
Bank balances other than cash and cash equivalents	13	56	45
Other financial assets	14	141	100
Other current assets	15	469	352
Total current assets		4,020	3,324
Total Assets		11,995	10,802
EQUITY AND LIABILITIES
Equity
Equity share capital	16	632	631
		7,295	6,714
Other equity	17	7,927
Total equity			7,345
Liabilities
Non-current liabilities
Financial liabilities
Borrowings	18A	1,140	690
Lease liabilities	18B	250	300
Other non current liabilities	19	19	25
Provisions	20	166	158
Total non-current liabilities		1,575	1,173
Current liabilities
Financial liabilities
Borrowings	21	1,017	764
Lease liabilities	23A	99	117
Trade payables	22
- Dues of micro enterprises and small enterprises		69	65
- Dues of creditors other than micro enterprises and small enterprises		903	934
Other financial liabilities	23B	240	247
Other current liabilities	24	54	44
Provisions	25	111	113
Total current liabilities		2,493	2,284
Total equity and liabilities		11,995	10,802

The accompanying notes and other explanatory information forms an integral part of these standalone financial statements. This is the Standalone Balance Sheet referred to in our report of even date.

For Walker Chandiok & Co LLP	For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration No. 001076N / N500013	Anand KripaluManaging Director and Chief Executive Officer(DIN - 00118324)	Sharmila Abhay KarveDirector(DIN - 05018751)
Rakesh R. AgarwalPartnerMembership No.: 109632	Amit JainChief Financial Officer	Suresh SavaliyaSVP - Legal and Company Secretary
Place: MumbaiDate: 10 May 2022	Place: MumbaiDate: 10 May 2022

Income

			(Rs in million)
Particulars	Note No.	Year ended31 March 2022	Year ended31 March 2021
Income
Revenue from operations	26	9,811	8,409
Other income	27	1,232	1,143
Total income		11,043	9,552
Expenses
Cost of materials consumed	28	4,837	3,570
Changes in inventories of finished goods and work-in-progress	29	(137)	(3)
Employee benefits expense	30	1,236	1,261
Finance costs	31	147	148
Depreciation and amortisation expense	32	776	896
Other expenses	33	2,249	1,938
Total expenses		9,108	7,810

Profit before tax		1,935	1,742

Tax expense	36
Current tax - current period		271	285
- earlier period		(29)	-
Deferred tax charge/(credit)		(44)	(73)
Total tax expense		198	212

Net profit after tax for the year		1,737	1,530

Other comprehensive income/(loss)
Items that will not be reclassified to profit or loss
- Remeasurement losses on defined benefit plan*		(0)	(13)
- Income tax effect on above*		0	3
Other comprehensive income/(loss) for the year		(0)	(10)
Total comprehensive income for the year		1,737	1,520
Earnings per equity share of Rs. 2 each fully paid up	34
Basic (Rs.)		5.50	4.85
Diluted (Rs.)		5.49	4.84

*Amount less than one million

The accompanying notes and other explanatory information forms an integral part of these standalone financial statements. This is the Standalone Statement of Profit and Loss referred to in our report of even date.

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors Chartered Accountants Firm Registration No. 001076N / N500013 Anand Kripalu Managing Director and Chief Executive Officer (DIN - 00118324) Sharmila Abhay Karve Director (DIN - 05018751) Rakesh R. Agarwal Partner Membership No.: 109632 Amit Jain Chief Financial Officer Suresh Savaliya SVP - Legal and Company Secretary Place: Mumbai

Place: Mumbai Date: 10 May 2022

Date: 10 May 2022

Standalone Statement of Profit and Loss for the year ended 31 March 2022

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

Financial Statements - Standalone

			(Rs in million)
	Particulars	Year ended	Year ended
		31 March 2022	31 March 2021
A.	Cash flow from operating activities
	Profit before tax	1,935	1,742
	Adjustments for:
	Depreciation and amortisation expense	776	896
	Interest expense	144	142
	Interest income	(8)	(40)
	Share based payment expense	86	114
	Unwinding of discount on security deposits	(7)	(7)
	Net (gain)/loss on disposal of property, plant and equipment	(2)	2
	Gain on redemption of preference shares in subsidiary	(38)	(130)
	Net gain on sale of mutual funds (current)	(4)	(5)
	Dividend income	(1,135)	(932)
	Bad and doubtful debts/advances (net)	4	14
	Inventory written down	28	19
	Unrealised foreign exchange adjustments (net)	1	(6)
	Operating profit before working capital changes	1,780	1,809
	Adjustments for:
	(Increase) / decrease in trade and other receivables	(456)	(276)
	(Increase) / decrease in inventories	(281)	(78)
	Increase /(decrease) in trade and other payables	(33)	353
	Cash generated from operations	1,010	1,808
	Direct taxes paid (net of refunds)	(244)	(195)
	Net cash generated from operating activities (A)	766	1,613
B.	Cash flow from investing activities
	Capital expenditure on property plant and equipment and intangible assets (including capital work in progress,	(1,227)	(174)
	intangible assets under development, capital advances and capital creditors)
	Proceeds from sale of property, plant and equipment and intangible assets	20	2
	(Increase) / decrease in other bank balances	(15)	(9)
	Maturity / (increase) in fixed deposits (not considered as cash and cash equivalent)	2	552
	Redemption of preference shares in subsidiary	89	334
	Investment in equity shares of subsidiary	-	(1,660)
	Purchase of mutual funds (current investments)	(4,071)	(3,359)
	Sale of mutual funds (current investments)	4,075	3,364
	Interest received	8	40
	Dividend received	1,135	932
	Net cash generated from investing activities (B)	16	22
C.	Cash flow from financing activities
	Proceeds from issue of equity shares [including securities premium]	50	7
	Proceeds from issue of non-convertible debentures	-	500
	Redemption of non-convertible debentures	-	(500)
	Proceeds from long-term borrowings	1,005	210
	Repayment of long-term borrowings	(70)	(951)
	Proceeds from short-term borrowings	4,138	1,381
	Repayment of short-term borrowings	(4,371)	(1,200)
	Principal payment of lease liabilities	(122)	(138)
	Interest payment of lease liabilities	(32)	(38)
	Interest paid	(103)	(98)
	Dividend paid (including tax)	(1,325)	(1,292)
	Net cash used in financing activities (C)	(830)	(2,119)

	Net changes in cash and cash equivalents(A+B+C)	(48)	(484)
	Cash and cash equivalents at the beginning of the year	167	651
	Cash and cash equivalents at the end of the period	119	167

Note:

As required by Ind AS 7 "Statement of Cash Flows", a reconciliation between opening and closing balances in the balance sheet for liabilities arising from financing activities is given in note 35(A) of the financial statements.

This is the Standalone statement of cash flow referred to in our report of even date.

For Walker Chandiok & Co LLP	For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration No. 001076N / N500013	Anand KripaluManaging Director and Chief Executive Officer(DIN - 00118324)	Sharmila Abhay KarveDirector(DIN - 05018751)
Rakesh R. AgarwalPartnerMembership No.: 109632	Amit JainChief Financial Officer	Suresh SavaliyaSVP - Legal and Company Secretary
Place: MumbaiDate: 10 May 2022	Place: MumbaiDate: 10 May 2022

Standalone cash flow statement for the year ended 31 March 2022

Equity share capital

Changes in equity share capital						16(a)	1,14,666		0
Balance as at 31 March 2021						16	31,55,65,607		631
Changes in equity share capital						16(a)	3,05,072		1
Balance as at 31 March 2022							31,58,70,679		632
* including forfeited shares of Rs 0.1 million [Refer note 16(i)]
Other equityB								(Rs in million)
	Note No.	Capital	Securities	Debenture	Share options	General reserve	Retained	Total other
		reserve	premium	redemptionreserve (DRR)	outstandingaccount		earnings		equity
Balance as at 1 April 2020		398	885	125	3	1,254	3,671		6,337
Profit for the year		-	-	-	-		1,530-		1,530
Other comprehensive income/(loss) for theyear (net of tax)		-	-	-	-		(10)-		(10)
Total comprehensive income for the year		-	-	-	-		1,521-		1,521
Share options exercised during the year	17 & 39	-	7	-	-		-	-	7
Transferred from share options outstanding	17 & 39	-	3	-	(3)		-	-	-
Share based payment expense / (credit)account on exercise of options(net)	17 & 39	-	-	-	114		-	-	114
Options granted /(forfeited) to employeesof subsidiaries	17 & 39	-	-	-	30		-	-	30
Transfer to general reserve from DRR		-	-	(125)	-	125		-	-
Final Equity dividend	41	-	-	-	-		(647)-		(647)
Interim Dividend Paid	41	-	-	-	-		(647)-		(647)
Balance as at 31 March 2021		398	895	-	144	1,379	3,898		6,714
Balance as at 1 April 2021		398	895	-	144	1,379	3,898		6,714
Profit for the year		-	-	-	-		1,737-		1,737
Other comprehensive income/(loss) for theyear (net of tax)		-	-	-	-		(0)-		(0)
Total comprehensive income for the year		-	-	-	-		1,737-		1,737
Share options exercised during the year	17 & 39	-	49	-	-		-	-	49
Transferred from share options outstandingaccount on exercise of options	17 & 39	-	40	-	(40)		-	-	-
Share based payment expense / (credit)(net)	17 & 39	-	-	-	86		-	-	86
Options granted /(forfeited) to employeesof subsidiaries	17 & 39	-	-	-	35		-	-	35
Transfer to general reserve from DRR		-	-	-	-		-	-	-
Final Equity dividend	41	-	-	-	-		(647)-		(647)
Interim Dividend Paid	41	-	-	-	-		(679)-		(679)
Balance as at 31 March 2022		398	984	-	225	1,379	4,309		7,295

Contents

From the MD & CEO's desk

Greening Lives, Sustaining Communities

2 Basis of preparation and other significant accounting policies I Basis of preparation of financial statements

Contents			Significant accounting policies and other explanatory information to the standalone financial statementsas at and for the year ended 31 March 2022
From the MD & CEO's desk			1Corporate information
EPL at a Glance		SVP - Legal and Company Secretary	EPL Limited (hereinafter referred to as 'EPL' or 'the Company') (CIN: L74950MH1982PLC028947) is domiciled and incorporated in India and itsshares are publicly traded on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The Company's registered office
Sustainability - Commitment at EPL			is located at P.O. Vasind , Taluka : Shahapur, District: Thane, Maharashtra - 421604, India. The Company is engaged in manufacture of plasticpackaging material in the form of multilayer collapsible tubes and laminates used primarily for packaging of consumer products in the Beauty &
- Product Sustainability		Sharmila Abhay Karve	Cosmetics, Health & Pharmaceuticals, Food, Home and Oral Care categories.
- Process Sustainability		(DIN - 05018751)Suresh Savaliya	The standalone financial statements (hereinafter referred to as "Financial Statements") of the Company for the year ended 31 March 2022 were
- People Sustainability		Director	authorised for issue by the Board of Directors at their meeting held on 10 May 2022.
IT Initiatives			2Basis of preparation and other significant accounting policiesIBasis of preparation of financial statements
Greening Lives, SustainingCommunities			a)The financial statements have been prepared to comply in all material respects with the Indian Accounting Standards (Ind AS)notified under Section 133 of Companies Act, 2013 ('the Act'), other relevant provisions of the Act, the presentation and disclosures
Awards & Recognition			requirement of Division II of Schedule III to the Act (Ind AS compliant Schedule III), and the guidelines issued by the Securities andExchange Board of India, as applicable.
Key Performance Indicators			These financial statements have been prepared under the historical cost convention and on accrual basis, except for certain
The Leadership Team			financial assets and liabilities (including derivative instruments), non-current asset held for sale, defined benefit plan assets andliabilities and share based payments being measured at fair value.
The Management Team		Managing Director and Chief Executive OfficerFor and on behalf of the Board of Directors	Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
Board Report		Chief Financial OfficerDate: 10 May 2022(DIN - 00118324)	market participants at the measurement date, regardless of whether that price is directly observable or estimated using anothervaluation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of
MDA		Place: MumbaiAnand KripaluAmit Jain	the asset or liability if market participants would take those characteristics into account when pricing the asset or a liability at themeasurement date.
Corporate Governance			The financial statements are presented in Indian Rupees ('INR') with values rounded off to the nearest million (000,000), except
Five-Year Summary			otherwise indicated. Zero '0' denotes amount less than a million.
Auditors Reports - Standalone			b)Current and non-current classification
Financial Statements - Standalone			All the assets and liabilities have been classified as current or non-current, wherever applicable, as per the operating cycle of theCompany as per the guidance set out in Schedule III to the Act. Assets and liabilities are classified as current if expected to realise
Auditors Reports - Consolidated			or settle within twelve months after the balance sheet date. Deferred tax assets and deferred tax liabilities are classified as noncurrent assets and liabilities.
Financial Statements - Consolidated			IISummary of significant accounting policies
			a)Investment in subsidiaries
			Investments in subsidiaries are accounted at cost in accordance with Ind AS 27 "separate financial statements".
			b)Property, plant and equipment and right-of-use assets
			i)Freehold land is carried at cost. Other property, plant and equipment are stated at original cost of acquisition/installation
	The Company had issued redeemable non-convertible debentures and accordingly DRR was created pursuant to the Companies (Share capital and Debentures) Rules 2014. DRR was requiredto be created, out of profits of the Company available for payment of dividend, upto an amount which is equal to 25% of the total value of the debentures issued. DRR is transferred to generalRepresent the fair value at respective grant dates of options granted and outstanding for vesting/exercise, under Essel Employee Stock Option Scheme 2014 and EPL Employee Stock OptionScheme 2020. This balance will be transferred to share capital and security premium account as and when the options get exercised from time to time or to retained earnings in the event ofRetained earnings represent the accumulated earnings net of losses, if any, made by the Company over the years as reduced by dividends or other distributions paid to the shareholders andSecurities premium is used to record the premium received on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.The accompanying notes and other explanatory information forms an integral part of these standalone financial statements.The reserve is a distributable reserve maintained by the Company out of transfers made from annual profits.Capital reserve represents capital surplus and not normally available for distribution as dividend.reserve considering amendment in the aforesaid Rules.includes other comprehensive income.Debenture redemption reserve (DRR)Share options outstanding accountforfeiture, non-vesting or lapse.Nature and purpose of reservesSecurities premiumRetained earningsGeneral reserveCapital reserveiii)iv)vi)ii)v)i)	This is the Standalone Statement of changes in equity referred to in our report of even date.Firm Registration No. 001076N / N500013For Walker Chandiok & Co LLPMembership No.: 109632Chartered AccountantsRakesh R. AgarwalDate: 10 May 2022Place: MumbaiPartner	(net of goods and services tax) less accumulated depreciation and impairment loss, if any. Cost includes cost of acquisition,construction and installation, taxes, duties, freight and other incidental expenses that are directly attributable to bringingthe asset to its working condition for its intended use and estimated cost for decommissioning of an asset. Further, inrespect of accounting periods commencing on or after 7 December, 2006, exchange differences arising on reportingof long-term foreign currency monetary items which are recognised in the financial statements till the period ending31 March 2016 at rates different from those at which they were initially recorded during the period, or reported in theprevious financial statements are added to or deducted from the cost of the assets and depreciated over the balance lifeof the asset, where these monetary items pertain to the acquisition of depreciable property, plant and equipment.ii)Capital work-in-progress comprises cost of property, plant and equipment and related expenses that are not yet ready fortheir intended use at the reporting date.iii)Right-of-use (ROU) assets are stated at cost, less accumulated depreciation and impairment loss, if any. The carryingamount of ROU assets is adjusted for remeasurement of lease liability, if any, in future. Cost of ROU assets comprises theamount of initial measurement of lease liability, lease payments made before the commencement date (net of incentivesreceived), initial direct costs and present value of estimated costs of dismantling and restoration, if any.
	096	EPL LIMITED	097ANNUAL REPORT 2021-22

a) The financial statements have been prepared to comply in all material respects with the Indian Accounting Standards (Ind AS) notified under Section 133 of Companies Act, 2013 ('the Act'), other relevant provisions of the Act, the presentation and disclosures requirement of Division II of Schedule III to the Act (Ind AS compliant Schedule III), and the guidelines issued by the Securities and Exchange Board of India, as applicable.
These financial statements have been prepared under the historical cost convention and on accrual basis, except for certain financial assets and liabilities (including derivative instruments), non-current asset held for sale, defined benefit plan assets and liabilities and share based payments being measured at fair value.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or a liability at the measurement date.
The financial statements are presented in Indian Rupees ('INR') with values rounded off to the nearest million (000,000), except otherwise indicated. Zero '0' denotes amount less than a million.

b) Current and non-current classification

II Summary of significant accounting policies

a) Investment in subsidiaries

b) Property, plant and equipment and right-of-use assets

i) Freehold land is carried at cost. Other property, plant and equipment are stated at original cost of acquisition/installation (net of goods and services tax) less accumulated depreciation and impairment loss, if any. Cost includes cost of acquisition, construction and installation, taxes, duties, freight and other incidental expenses that are directly attributable to bringing the asset to its working condition for its intended use and estimated cost for decommissioning of an asset. Further, in respect of accounting periods commencing on or after 7 December, 2006, exchange differences arising on reporting of long-term foreign currency monetary items which are recognised in the financial statements till the period ending 31 March 2016 at rates different from those at which they were initially recorded during the period, or reported in the previous financial statements are added to or deducted from the cost of the assets and depreciated over the balance life of the asset, where these monetary items pertain to the acquisition of depreciable property, plant and equipment.
ii) Capital work-in-progress comprises cost of property, plant and equipment and related expenses that are not yet ready for their intended use at the reporting date.
iii) Right-of-use (ROU) assets are stated at cost, less accumulated depreciation and impairment loss, if any. The carrying amount of ROU assets is adjusted for remeasurement of lease liability, if any, in future. Cost of ROU assets comprises the amount of initial measurement of lease liability, lease payments made before the commencement date (net of incentives received), initial direct costs and present value of estimated costs of dismantling and restoration, if any.

Depreciation on property, plant and equipment and right-of-use assets

i) Depreciation on property, plant and equipment is provided to the extent of depreciable amount on straight-line method over the useful life of asset as specified in Part-C of Schedule II to the Companies Act, 2013. Depreciation is charged on pro-rata basis for asset purchased / sold during the year. Depreciation on the following assets is provided considering a shorter useful life as compared to Schedule II useful life, based on management estimate in view of possible technology obsolescence and product life cycle implications.

Assets

Tooling, Moulds, Dies: Useful life 7 years

Hydraulic works, Pipelines and Slucies (HWPS): Useful life 10 years

Overhauling of plant and machinery: Useful life 5 years

ii) ROU assets are depreciated on straight line basis from the commencement date to the end of useful life of asset or lease term whichever is earlier.
iii) Leasehold improvements are amortised over the normal period of lease or useful lives, whichever is lower.

c) Intangible assets

i) Intangible assets are stated at cost of acquisition less accumulated amortisation. Intangible assets with finite lives are amortised on a straight-line basis over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit and loss.
ii) Intangibles assets with finite lives are amortised as follows:
Softwares : ERP software 10 years and others 3 years
Patents : 10 years

iii) Intangible under development (IUD) comprises of direct cost, related incidental expenses and attributable borrowing cost, if any, on intangible assets which are not ready for their intended use. IUD usually pertain to a product development project which has reached a defined milestone according to an established project management model and its technological and economic feasibility is viable. Expenditure on research activities is recognised in statement of profit and loss as incurred.

d) Impairment of non-financial assets

The carrying amounts of non-financial assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An asset is treated as impaired when the carrying amount exceeds its recoverable value. The recoverable amount is the greater of the asset's net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to the present value using a pre-tax discount rate that reflects current market assessment of the time value of money and risks specific to the assets. An impairment loss is charged to the statement of profit and loss in the year in which an asset is identified as impaired. After impairment, depreciation/amortisation is provided on the revised carrying amount of the asset over its remaining useful life. The impairment loss recognized in prior accounting periods is reversed by crediting the statement of profit and loss if there has been a change in the estimate of recoverable amount.

e) Non-current assets held for sale

The Company classifies non-current assets as held-for-sale if their carrying amounts will be recovered principally through a sale rather than through continuing use of the assets and actions required to complete such sale indicate that it is unlikely that significant changes to the plan to sell will be made or that the decision to sell will be withdrawn. Also, such assets are classified as held-for-sale only if the management expects to complete the sale within one year from the date of classification. Noncurrent assets classified as held-for-sale are measured at the lower of their carrying amount and the fair value less cost to sell. Non-current assets held-for-sale are not depreciated or amortized.

f) Borrowing costs

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. Ancillary costs incurred in connection with the arrangement of borrowings are amortised over the tenure of such borrowings. All other borrowing costs are charged to the statement of profit and loss as finance costs. Borrowing costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs under Ind AS 23.

g) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

A Financial assets

i) Initial recognition

In the case of financial assets, not recorded at fair value through profit or loss (FVPL), financial assets are recognised initially at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset.

ii) Subsequent Measurement

For purposes of subsequent measurement, financial assets are classified in following categories:

- Financial Assets at Amortised Cost

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 contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Interest income from these financial assets is 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.

- Financial Assets Measured at Fair Value

Financial assets are measured at fair value through Other Comprehensive Income ('OCI') if these financial assets are held within a business model with an objective to hold these assets in order to collect contractual cash flows or to sell these financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. 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 and Loss.

In respect of equity investments (other than for investment in subsidiaries and associates) which are not held for trading, the Company has made an irrevocable election to present subsequent changes in the fair value of such instruments in OCI. Such an election is made by the Company on an instrument by instrument basis at the time of transition for existing equity instruments/ initial recognition for new equity instruments.

Financial asset not measured at amortised cost or at fair value through OCI is carried at FVPL.

iii) Impairment of Financial Assets

In accordance with Ind AS 109, the Company applies the expected credit loss ("ECL") model for measurement and recognition of impairment loss on financial assets and credit risk exposures.

The Company follows 'simplified approach' for recognition of impairment loss allowance on trade receivables. Simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECL at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts 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 contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. Lifetime ECL are the expected credit losses resulting from all possible default events over the 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.

ECL impairment loss allowance (or reversal) recognised during the period is recognised as income/ expense in the Statement of Profit and Loss.

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iv) De-recognition of financial assets

The Company de-recognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all risks and rewards of ownership of the asset to another entity.

If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes its retained interest in the assets and an associated liability for amounts it may have to pay.

If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

B Equity Instruments and Financial Liabilities

Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

i) Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments which are issued for cash are recorded at the proceeds received, net of direct issue costs. Equity instruments which are issued for consideration other than cash are recorded at fair value of the equity instrument.

ii) Financial liabilities

Initial recognition

Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, loans and borrowings and 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.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below

- Financial liabilities at FVPL

Financial liabilities at FVPL include financial liabilities held for trading and financial liabilities designated upon initial recognition as at FVPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the Statement of Profit and Loss.

Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per impairment requirements of Ind AS 109 and the amount recognised less cumulative amortisation. Amortisation is recognised as finance income in the Statement of Profit and Loss.

- Financial liabilities at amortised cost

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in the Statement of Profit and Loss.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss.

Where the Company issues optionally convertible debenture, the fair value of the liability portion of such debentures is determined using a market interest rate for an equivalent non-convertible debenture. This value is recorded as a liability on an amortised cost basis until extinguished on conversion or redemption of the debentures. The remainder of the proceeds is attributable to the equity portion of the instrument. This is recognised and included in shareholders' equity (net of income tax) and are not subsequently re-measured.

Significant accounting policies and other explanatory information to the standalone financial statements

Where the terms of a financial liability is re-negotiated and the Company issues equity instruments to a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised in the Statement of Profit and Loss; measured as a difference between the carrying amount of the financial liability and the fair value of equity instrument issued.

- De-recognition of financial liabilities

Financial liabilities are de-recognised when the obligation specified in the contract is discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as de-recognition of the original liability and recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.

C Offsetting financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis to realise the assets and settle the liabilities simultaneously.

D Derivatives and embedded derivatives

i) The Company enters into certain derivative contracts (mainly foreign exchange forward contracts) to manage its exposure to foreign exchange risks, which are not designated as hedges. Such contracts are accounted for at fair value through profit or loss and are recognised in the statement of profit and loss.
ii) Derivatives embedded in a host contract that are assets within the scope of Ind AS 109 or are closely related to the host contract, are not separated. Derivatives embedded in all other host contracts are separated only if the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host, and are measured at fair value through profit or loss.

h) Employee benefits

i) Short-term benefits

Short-term employee benefits are recognized as an expense at the undiscounted amount in the statement of profit and loss for the year in which the related services are rendered. Expenses on non-accumulating compensated absences is recognised in the period in which the absences occur.

ii) Defined benefit plans

a) Post-employment and other long-term employee benefits are recognized as an expense in the statement of profit and loss for the year in which the employee has rendered services. The expense is recognized at the present value of the amount payable determined using actuarial valuation techniques.
b) Re-measurement of the net defined benefit liability, which comprises of actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest) are recognised in other comprehensive income in the period in which they occur.

iii) Defined contribution plans

Payments to defined contribution retirement benefit schemes are charged to the statement of profit and loss of the year when the contribution to the respective funds are due. There are no other obligations other than the contribution payable to the fund.

iv) Leave entitlement and compensated absences

Accumulated leave which is expected to be utilised within next twelve months, is treated as short-term employee benefit. Leave entitlement are provided based on a actuarial valuation, similar to that of gratuity benefit. Re-measurement, comprising of actuarial gains and losses, in respect of leave entitlement are recognised in the Statement of Profit and Loss in the period in which they occur.

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i) Share based payments

Equity settled share based compensation benefits are provided to employees under the various Employee Stock Option Schemes. The fair value of options granted under the Employee Stock Option Scheme is recognised as an employee benefits expense with a corresponding increase in equity as "Share options outstanding account". The total amount to be recognised is determined by reference to the fair value of the options granted:

including any market performance conditions (e.g., the entity's share price)
excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and
including the impact of any non-vesting conditions (e.g. the requirement for employees holdings shares for a specific period of time).

The total expenses are amortised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the service and non-market performance vesting conditions. It recognises the impact of the revision to original estimates, if any, in the statement of profit and loss, with a corresponding adjustment to equity. In case vested options forfeited or expires unexercised, the related balance standing to the credit of the "Share options outstanding account" is transferred to "Retained earnings".

In case of equity settled share based payments to employees of subsidiaries, in the standalone financial statements, the Company recognises the impact in the investment in the subsidiaries.

j) Revenue recognition

i) Revenue from contract with customers

Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

Revenue from sale of goods

Revenue from sale of goods is recognised at the point in time when control of the goods is transferred to the customer in accordance with the terms of the contract. The control of the goods is transferred upon delivery to the customers either at factory gate of the Company or specific location of the customer or when the goods are handed over to the freight carrier, as per the terms of the contract. In case of exports , the control is generally deemed to be transferred when the goods are shipped. Revenue is recognised when there is no continuing management involvement with the goods, and the amount can be measured reliably. It is measured at the fair value of the consideration received or receivable net of returns, trade discounts, volume rebates and goods and services tax.

Revenue from royalty income

Royalty income received under the licensing agreements is recognised over the period during which the underlying sales are recognised as per the terms of agreement.

Revenue from service charges

Revenue from services are recognized over period of time on performance of obligation as per the terms of the agreement, for which input method is used to measure the progress. The Company determines the input method on the basis of direct measurements of the value of the services transferred to the customer till date relative to the remaining services promised under the agreement. However, revenue from services comprising of development of art work and such other services, involving single performance obligation, are recognised at a point in time.

Variable consideration

If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which the Company will be entitled in exchange for transferring the promised goods or services to the customer. Where customers are provided with discounts, rebates etc, such discounts and rebates will give rise to variable consideration. The Company follows the 'most likely amount' method in estimating the amount of variable consideration.

Contract balances

Contract liabilities

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognised. Contract liabilities are recognised as revenue when the Company performs under the contract.

Trade receivables

i) A receivable represents the Company's right to an amount of consideration under the contract with a customer that is unconditional and realizable on the due date.
ii) Export incentives / benefits are accounted on accrual basis when the conditions precedent are met and there is no significant uncertainty about the collectability.
iii) Dividend income is recognised when the right to receive the payment is established by the balance sheet date.
iv) Interest income for all debt instruments, measured at amortised cost or fair value through other comprehensive income, is recognised using the effective interest rate method and shown under interest income in the statement of profit and loss.

k) Government grants

i) Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Company will comply with all attached conditions.
ii) Government grants relating to income are deferred and recognised in the statement of profit and loss over the period necessary to match them with the costs that they are intended to compensate and presented within other income.
iii) Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and are credited to the statement of profit and loss on a straight-line basis over the expected lives of the related assets and presented within other income.

l) Inventories

i) Inventories include raw materials, packing material, stores and spares, finished goods and work-in-progress, and are valued at lower of cost and estimated net realisable value.
ii) Cost are assigned to items of inventory on the basis of moving average cost method.
iii) Cost of inventory comprises all costs of purchase, costs of conversion and other costs including overheads incurred in bringing the inventory to the present location and condition.
iv) Inventory related rebate is recognised when it is probable that the Company will receive it and is treated as an adjustment to the cost of inventory.

m) Foreign currency transactions

i) The functional currency of the Company is Indian Rupee (Rs. or INR) which is also the presentation currency. All other currencies are accounted for as foreign currency.
ii) Transactions denominated in foreign currencies are initially recorded in the functional currency at the exchange rate prevailing at the date of transaction.
iii) Monetary items denominated in foreign currencies at the year-end are restated at the closing rates. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of transaction.
iv) Exchange differences, in respect of accounting periods commencing on or after 7 December 2006, arising on reporting of long-term foreign currency monetary items which are recognised in the financial statements till the period ending 31 March 2016 at rates different from those at which they were initially recorded or reported in previous financial statements, in so far as they relate to the acquisition of a depreciable capital asset, are added to or deducted from the cost of the asset and are depreciated over the balance life of the asset. Any other income or expense on account of exchange difference either on settlement or on translation is recognised in the statement of profit and loss.

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n) Income taxes

i) The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
ii) The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period.
iii) Deferred tax is provided in full, using the balance sheet approach, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
iv) Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
v) Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
vi) Current and deferred tax is recognised in the statement of profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
o) Leases

Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased item, are classified as operating leases. Operating lease payments are recognized as an expense in the statement of profit and loss on a straight-line basis over the lease term. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease.

The Company's lease assets consists of office premises. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

(i) the contract involves the use of an identified asset
(ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and
(iii) the Company has the right to direct the use of the asset

Where the Company is a lessee

The Company determines the lease term as the non-cancellable period of a lease, together with periods covered by an option to extend the lease, where the Company is reasonably certain to exercise that option.

At the date of commencement of the lease, the Company recognises a right of use asset and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and leases of low value assets. For these short-term and leases of low value assets, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.

The cost of the right of use asset measured at inception shall comprise of the amount of the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date less any lease incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset or restoring the underlying asset or site on which it is located.

The right of use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right of use assets is depreciated using the straight-line method from the commencement date over the shorter of lease term or useful life of right of use asset. The estimated useful lives of right of use assets are determined on the same basis as those of property, plant and equipment.

Company as a lessor

Leases under which the Company is a lessor are classified as finance or operating leases. Lease contracts where all the risks and rewards are substantially transferred to the lessee, the lease contracts are classified as finance leases. All other leases are classified as operating leases.

p) Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss (excluding other comprehensive income) for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The weighted average number of equity shares outstanding during the year is adjusted for events such as bonus issue, bonus element in a right issue, shares split and reserve 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 loss (excluding other comprehensive income) for the year attributable to equity share holders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

q) Provisions, contingent liabilities and contingent assets

i) Provisions are recognised when there is a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.

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 determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

ii) A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. The Company does not recognize a contingent liability but discloses its existence in the financial statements.
iii) A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. Contingent assets are not recognized in the financial statements. However, contingent assets are assessed continuously and if it is virtually certain that an inflow of economic benefits will arise, the assets and the related income are recognised in the period in which the change occurs.

r) Dividend

Provision is made for the amount of any dividend declared on or before the end of the reporting period but remaining undistributed at the end of the reporting period, where the same has been appropriately authorised and is no longer at the discretion of the Company.

s) Contributed equity

Equity shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

t) Cash and cash equivalents

i) Cash and cash equivalents in the balance sheet comprise cash at bank and on hand and short-term deposit with original maturity upto three months, which are subject to insignificant risk of changes in value.
ii) For the purpose of presentation in the statement of cash flows, cash and cash equivalents consists of cash and short-term deposit, as defined above, net of outstanding bank overdraft but including other short-term, highly liquid investments with original 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.

u) Exceptional items

Certain occasions , the size, type , or incidences of the item of income or expenses pertaining to the ordinary activities of the Company is such that its disclosure improves the understanding of the performance of the Company, such income or expenses is classified as an exceptional item and accordingly, disclosed in the financial statements.

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v) Fair value measurement

The Company measures financial instruments, at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

In the principal market for the asset or liability, or
In the absence of a principal market, In the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

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

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

At each reporting date, the Management analyses the movements in the values of assets and liabilities which are required to be remeasured or re-assessed as per the Company's accounting policies. For this analysis, the Management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents. The Management also compares the change in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable.

w) Unforeseeable losses

The Company has a process whereby periodically all long-term contracts (including derivative contracts) are assessed for material foreseeable losses. At the year end, the Company did not have any long-term contracts (including derivative contracts) for which there were any material foreseeable losses.

III) Recent pronouncements

Ministry of Corporate Affairs (MCA), vide notification dated 23 March 2022, has made the following amendments to Ind AS which are effective 01 April 2022:

Ind AS 16 - Property, plant and equipment – The amendment clarifies that excess of net sale proceeds of items produced over the cost of testing, if any, shall not be recognised in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of property, plant, and equipment.

Ind AS 37 - Provisions, contingent liabilities and contingent assets – The amendment specifies that the 'cost of fulfilling' a contract comprises the 'costs that relate directly to the contract'. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract).

Ind AS 103 – Business Combinations – The amendment adds a new exception in Ind AS 103 for liabilities and contingent liabilities.

Ind AS 109 - Financial instruments – The amendment clarifies which fees an entity includes when it applies the '10%' test in assessing whether to derecognise a financial liability. An entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other's behalf.

Significant accounting policies and other explanatory information to the standalone financial statements

Ind AS 116 – Leases - The amendments remove the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives were described in that illustration.

Based on preliminary assessment, the Company does not expect these amendments to have any significant impact on the Financial Statements.

3 Significant estimates, judgements and assumptions

The preparation of financial statements in conformity with Ind AS requires the management to make estimates, assumptions and exercise judgement in applying the accounting policies that affect the reported amount of assets, liabilities and disclosure of contingent liabilities at the date of financial statements and the reported amounts of income and expenses during the year. The Management believes that these estimates are prudent and reasonable and are based on the Management's best knowledge of current events and actions. Actual results could differ from these estimates and differences between actual results and estimates are recognised in the periods in which the results are known or materialised. This note provides an overview of the areas that involves a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed.

i) Defined benefit obligation

The cost of post-employment and other long term benefits is determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include determination of discount rates, expected rate of return on assets, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

ii) Fair value of financial instruments

The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. In applying the valuation techniques, management makes maximum use of market inputs and uses estimates and assumptions that are, as far as possible, consistent with observable data that market participants would use in pricing the instrument. Where applicable data is not observable, management uses its best estimate about the assumptions that market participants would make. These estimates may vary from the actual prices that would be achieved in an arm's length transaction at the reporting date.

iii) Share-based payments

Estimating fair value for share-based payment requires determination of the most appropriate valuation model. The estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the option, volatility and dividend yield and making assumptions about them.

iv) Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm's length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the future years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset's performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate.

v) Impairment of financial assets

The impairment provisions for financial assets disclosed are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company's past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

vi) Taxes

The Company periodically assesses its liabilities and contingencies related to income taxes for all years open to scrutiny based on latest information available. The Company records its best estimates of the tax liability in the current tax provision. The management believes that they have adequately provided for the probable outcome of these matters.

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits.

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vii) Contingencies

In the normal course of business, contingent liabilities may arise from litigation and other claims against the Company. Potential liabilities that are possible but not probable of crystallising or are very difficult to quantify reliably are treated as contingent liabilities. Such liabilities are disclosed in the notes but are not recognised.

viii) Leases

Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to the Company's operations and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances. After considering current and future economic conditions, the Company has concluded that no changes are required to lease period relating to the existing lease contracts.

ix) Useful life and residual value of property, plant and equipment (PPE) and intangible assets

Useful lives of PPE and intangible assets are based on the life prescribed in Schedule II to the Companies Act, 2013. In cases, where the useful lives are different from that prescribed in Schedule II, they are based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers' warranties and maintenance support. Assumptions also need to be made, when it is assessed, whether an asset may be capitalized and which components of the cost of the asset may be capitalized.

Significant accounting policies and other explanatory information to the standalone financial statements

Note 4A : Property, plant and equipment

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Leasehold Improv

ilding
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	lant and Machiner

Office Equipment
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Furniture and Fixti

									(Rs in million)
Description of assets	Gross carrying amount				Depreciation/Amortisation				Net carryingamount
	As at 1April 2021	Additions Disposals		As at 31March 2022	Upto 31March 2021	For theYear	Disposals	Upto 31March 2022	As at 31March 2022
Freehold Land	26	-	-	26	-	-	-	-	26
Leasehold Improvements	159	0	-	159	57	19	-	76	83
Building	682	10	-	692	131	29	-	160	532
Plant and Machinery	5,597	110	57	5,650	3,482	513	40	3,955	1,695
Office Equipment	422	35	4	453	194	44	3	235	218
Furniture and Fixture	142	1	1	142	68	14	1	81	61
Total	7,028	156	62	7,122	3,931	619	44	4,507	2,615

									(Rs in million)
Description of assets	Gross carrying amount				Depreciation/Amortisation				Net carryingamount
	As at 1April 2020	Additions Disposals		As at 31March 2021	Upto 31March 2020	For theYear	Disposals	Upto 31March 2021	As at 31March 2021
Freehold Land	26	-	-	26	-	-	-	-	26
Leasehold Improvements	158	1	-	159	38	19	-	57	102
Building	538	144	0	682	105	26	0	131	551
Plant and Machinery	5,508	102	13	5,597	2,875	617	10	3,482	2,115
Office Equipment	382	45	5	422	156	43	4	194	228
Furniture and Fixture	141	1	0	142	53	15	0	68	74
Total	6,753	293	18	7,028	3,226	720	14	3,931	3,097

Notes:

(i) Buildings include roads, residential flats, tubewell, watertanks and share in co-operative society.

(ii) For details of property, plant and equipment pledged as security, refer note 42.

(iii) For amount of contractual commitment towards property, plant and equipment, refer note 43D.

Note 4B Right of Use

									(Rs in million)
Description of assets			Gross carrying amount				Depreciation/Amortisation		Net carryingamount
	As at 1April 2021	Additions Disposals		As at 31March 2022	Upto 31March 2021	For theYear	Disposals	Upto 31March 2022	As at 31March 2022
Right of Use	723	54	-	777	324	138	-	462	315
Total	723	54	-	777	324	138	-	462	315

									(Rs in million)
Description of assets			Gross carrying amount				Depreciation/Amortisation		Net carryingamount
	As at 1April 2020	Additions Disposals		As at 31March 2021	Upto 31March 2020	For theYear	Disposals	Upto 31March 2021	As at 31March 2021
Right of Use	701	22	-	723	163	161	-	324	399
Total	701	22	-	723	163	161	-	324	399

Note: For details on Right of use assets, refer note 45.

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Note 5 Intangible assets

Description of assetsGross carrying amountDepreciation/AmortisationamountAs at 1Additions DisposalsAs at 31Upto 31For theDisposalsUpto 31April 2021March 2022March 2021YearMarch 2022Computer Software12546-1719913-112Patents515-56116-17Total17651-22711019-129					(Rs in million)
					Net carrying
					As at 31March 2022
					59
					39
					98

	(Rs in million)

Description of assets	Gross carrying amount				Depreciation/Amortisation				Net carryingamount
	As at 1April 2020	Additions Disposals		As at 31March 2021	Upto 31March 2020	For theYear	Disposals	Upto 31March 2021	As at 31March 2021
Computer Software	112	13	0	125	89	10	0	99	26
Patents	42	9	-	51	6	5	-	11	40
Total	154	22	0	176	95	15	0	110	66

6A Non-current investments (At cost)

		(Rs in million)
	As at31 March 2022	As at31 March 2021
(A) Investments in equity shares of wholly owned subsidiaries - Unquoted
830,000 (31 March 2021: 830,000) of USD 10 each of Lamitube Technologies Limited, Mauritius	900	900
1,261 (31 March 2021: 1,261) of no par value of Arista Tubes Inc., USA *	744	744
1,600 (31 March 2021: 1,600) of USD 1000 each of Lamitube Technologies (Cyprus) Limited, Cyprus	72	72
	1,716	1,716
(B) Investments in equity shares of subsidiary
2,282,630 (31 March 2021: 2,282,630) of Rs 10 each of Creative Stylo Packs Private Limited #	1,660	1,660
(C) Value of stock options granted to employees of subsidiaries
As per last balance sheet :
EPL MISR for Advanced Packaging S.A.E.	0	-
EPL America, LLC	16	6
EPL Propack de Mexico, SA de C.V.	1	-
Laminate Packaging Colombia SAS	2	1
EPL Poland sp.z o.o.	4	1
EPL Deutschland GmbH & Co. KG	5	-
EPL Propack UK Limited	13	3
EPL Packaging (Guangzhou) Limited	3	3
	44	14
Add/(Less):Options granted /(forfeited) to employees of subsidiaries
EPL MISR for Advanced Packaging S.A.E.	1	0
EPL America, LLC	11	10
EPL Propack de Mexico, SA de C.V.	1	1
Laminate Packaging Colombia SAS	1	1
EPL Poland sp.z o.o.	4	3
EPL Deutschland GmbH & Co. KG	5	5
EPL Propack UK Limited	12	10
	79	44
Total (A + B + C)	3,455	3,420
Aggregate amount of unquoted investments at book value	3,455	3,420

Significant accounting policies and other explanatory information to the standalone financial statements

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Aggregate amount of quoted investments	-	-
Aggregate amount of impairment in value of investment	-	-
	3,455	3,420
Investments carried at cost	3,455	3,420
Investments carried at amortised cost	-	-
Investments carried at fair value through profit and loss	-	-
	3,455	3,420

(All the above securities are fully paid up)

Note :

* 7.35% (100 number of shares) is held through Lamitube Technologies (Cyprus) Limited

The Company had acquired 72.46% equity shares in Creative Stylo Packs Private Limited ('CSPL') and accordingly CSPL has become the subsidiary of the Company effective 1 February 2021. The Board of Directors of the Company and CSPL had approved the Scheme of amalgamation/merger of CSPL with the Company under Section 230 to 232 of the Companies Act, 2013 and other applicable statutory provisions ('the Merger'). The Company has received no objection to the aforesaid scheme from National Stock Exchange of India Limited and BSE Limited pursuant to the provisions of Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The shareholders of the Company have approved the Scheme with requisite majority in their meeting held on 5 January 2022, as per Directions of the National Company Law Tribunal, Mumbai Bench ('NCLT'). The Company has filed Petition with NCLT in relation to the Merger, pursuant to applicable provision of the Companies Act, 2013. The aforesaid scheme is subject to requisite approvals of NCLT and regulatory authorities, as applicable.

6B Non-current financial assets - Investment

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Investments in preference shares of wholly owned subsidiary - Unquoted (At amortised cost)
As per last balance sheet	162	366
Less: Redemption **	(51)	(204)
2,700 (31 March 2021: 3,900) Non-cumulative optionally convertible redeemable preference shares of
USD 1,000 each of Lamitube Technologies (Cyprus) Limited, Cyprus
Total	111	162

** 1,200 non-cumulative optionally convertible redeemable preference shares of USD 1,000 each of Lamitube Technologies (Cyprus) Limited, Cyprus has been redeemed at par through capital reduction during the year ended 31 March 2022.

7 Other non-current financial assets

Security de

Deposits w
Insurance o

Total
$x - 1$

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Security deposits*	77	99
Deposits with banks having maturity period of more than twelve months**	8	8
Insurance claim receivable (Refer note 44)	19	19
Total	104	126

*Security deposits are interest free non-derivative financial assets carried at amortised cost. These primarily include deposits given against rented premises and various deposits with government authorities. The carrying value may be affected by changes in the credit risk of the counterparties. **Deposited with / lien in favour of various Government authorities / banks.

8 Income tax assets (net)

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Balances with income tax authorities [net of provision for tax Rs. 4,950 million (31 March 2021 Rs. 4,723million) [Refer note 36(d)]	30	27
Total	30	27

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9 Other non-current assets

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Capital advances
Considered good	257	12
Considered doubtful	-	2
	257	14
Less: Impairment loss allowance for bad and doubtful advances	-	(2)
	257	12
Prepaid expenses	2	2
Balances with Government authorities - Indirect tax	35	35
Total	294	49

10 Inventories

As atAs at31 March 202231 March 2021Raw materials {including goods-in-transit Rs. 38.71 million (31 March 2021 Rs. 49.27 million)}467368Work-in-progress372Finished goods {including goods-in-transit Rs. 3.69 million (31 March 2021 Rs. 0.71 million)}44243Stores and sparesPacking materials15Total1,141		(Rs in million)


3623011888		243

Notes :

Inventories provided/written off during the year by Rs. 28 million (31 March 2021: Rs 19 million). These amounts are recognised as an expense and included in "Changes in inventories of finished goods and work-in-progress" in the statement of profit and loss.
For details of Inventories being pledged as security, refer note 42.

11 Trade receivables (current)*

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Considered good
- Related parties (Refer note 49)	310	178
- Others	1,784	1,594
Considered doubtful	27	47
	2,121	1,819
Less: Loss allowance	(27)	(47)
Total	2,094	1,772
* For trade receivables ageing, refer note 58.

Break-up of security details
Trade receivables considered good - secured	-	-
Trade receivables considered good - unsecured	2,094	1,772
Trade receivables which have significant increase in credit risk	-	-
Trade receivables - credit impaired	27	47
Total	2,121	1,819

Significant accounting policies and other explanatory information to the standalone financial statements

12 Cash and cash equivalents

	As at31 March 2022	As at31 March 2021
Balance with banks in current accounts	115	131
Cheques on hand/ Remittances in transit	4	36
Total	119	167

13 Bank balances other than cash and cash equivalents

	(Rs in million)
As at31 March 2022	As at31 March 2021
14	13
12	-
30	32
56	45

Security de
Derivative
- Foreign e

*Rs 30 million (31 March 2021: Rs. 32 million) held as margin money for bank guarantees issued.

14 Other current financial assets

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Security deposits*	53	25
Derivative instruments at fair value through profit or loss
- Foreign exchange forward contracts	2	-

Other receivables from subsidiaries (Refer note 49)	2	3
Export benefits receivable	19	7
Government grant receivable**	50	50
Others	15	15
Total	141	100

* Deposited with / lien in favour of various Government authorities / banks.

** As per North East Industrial Development Scheme, 2017 all eligible new industrial units in the manufacturing and service sector located anywhere in the North Eastern Region will be provided as Central Capital Investment Incentive @ 30% of the investment in plant and machinery. Based on the fulfilment of necessary conditions attached to the above scheme, the Company had recognised an amount of Rs. 50 million during the financial year ended 31 March 2019.

15 Other current assets

Advances to suppliers

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Advances to suppliers
Considered good	76	46
Considered doubtful	6	6
	82	52
Less: Loss allowance	(6)	(6)
	76	46
Prepaid expenses	102	101
Balances with Government authorities - Indirect taxes (net)	291	205
Total	469	352

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Greening Lives, Sustaining Communities

16 Equity share capital

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Authorised
350,000,000 (31 March 2021: 350,000,000) equity shares of Rs. 2 each	700	700

Issued
315,927,799 (31 March 2021: 315,622,727) equity shares of Rs. 2 each	632	631

Subscribed and paid up
315,870,679 (31 March 2021: 315,565,607) equity shares of Rs. 2 each fully paid up (Refer note (a)	632	631
below)
Add: 57,120 (31 March 2021 : 57,120) equity shares of Rs. 2 each forfeited (Refer note (i) below)	0	0
Total	632	631

a) Reconciliation of number of shares outstanding (excluding forfeited shares)

				(Rs in million)
	As at 31 March 2022		As at 31 March 2021
	Number of equityshares		Amount Number of equityshares	Amount
At the beginning of the year	31,55,65,607	631	31,54,50,941	631
Add/(less): Changes during the year
Allotted on exercise of employee share options (Refernote 39)	3,05,072	1	1,14,666	0
Outstanding at the end of the year	31,58,70,679	632	31,55,65,607	631

b) Terms/ rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) Details of shares held by holding company

Name of Shareholder	As at 31 March 2022		As at 31 March 2021
	Number of equityshares	Percentage ofholding	Number of equityshares	Percentage ofholding
Epsilon Bidco Pte. Ltd *	16,39,73,866	51.91%	16,39,73,866	51.96%

* Pursuant to the Share Purchase Agreement dated 22 April 2019 executed between Ashok Goel Trust ("the Seller") and Epsilon Bidco Pte Ltd ("the Acquirer"), the Acquirer has acquired 48.98% equity shares in the Company from Ashok Goel Trust on completion date i.e. 22 August 2019. During the year 2019-20, the Acquirer has also acquired 26% equity shares from the public shareholders pursuant to the Open Offer as per SEBI Takeover Regulation. As a result of the said acquisition, the Acquirer became the holding entity of the Company during the year ended 31 March 2020. The Acquirer is managed by Blackstone Group.

d) Details of shareholder holding more than 5% equity shares

Name of Shareholder	As at 31 March 2022		As at 31 March 2021
	Number of equityshares	Percentage ofholding	Number of equityshares	Percentage ofholding
Epsilon Bidco Pte. Ltd	16,39,73,866	51.91%	16,39,73,866	51.96%
Ashok Kumar Goel (Trustee - Ashok Goel Trust)	2,41,83,006	7.66%	2,41,83,006	7.67%

e) Shares held by promoters at the end of the year

Name of Shareholder	As at 31 March 2022		As at 31 March 2021	Changes
	No. of shares	% of totalshares	No. of shares	% of totalshares	during theyear #
Epsilon Bidco Pte. Ltd	16,39,73,866	51.91%	16,39,73,866	51.96%	-0.05%

#There is a change in percentage holding as new shares were allotted on account of exercise of employee share options.

Significant accounting policies and other explanatory information to the standalone financial statements

f) Employees Stock Option Scheme (ESOPS):

During the year ended 31 March 2021, the Company had instituted an EPL Employee Stock Option Scheme 2020 ("the Scheme") as approved by the Board of Directors for issuance of stock options to the eligible employees of the Company and of its subsidiaries, other than promoters or person belonging to promoter group.

In FY 2020-21, pursuant to the said Scheme, 3,836,089 stock options convertible into 3,377,134 equity shares of Rs. 2 each at an exercise price of Rs 161 per share and 458,955 equity shares of Rs 2 each at an exercise price of Rs. 268 per share were granted to eligible employees, being the market price as defined in the Securities and Exchange Board of India (Share Based Employee Benefits) Regulation, 2014 (SEBI Regulation). During the current year, further 1,526,718 stock options convertible into equivalent equity shares of Rs 2 each at an exercise price of Rs 161 per share were granted to eligible employee. Subject to terms and conditions of the Scheme, the said options will vest in a phased manner in every year during the next five years, as per the provisions of the Scheme.

g) The Board of Directors at its meeting held on 26 April 2018, recommended issue of bonus equity shares, in the ratio of one equity share of Rs 2 each fully paid up for every one equity share of the Company held by the shareholders as on a record date. The above issue of bonus shares was approved by the shareholders in the annual general meeting held on 13 June 2018 and accordingly the Company allotted 157,181,664 equity shares of Rs. 2 each fully paid up bonus shares by capitalisation of securities premium amounting to Rs. 314 million during that year.

h) There are no shares bought back or shares issued for consideration other than cash except for bonus equity shares described in point (g) above, during five years preceding 31 March 2022.

i) Forfeited equity shares consist of 35,725 partly paid up equity shares and 21,395 fully paid up bonus shares forfeited during earlier year. The amount of Rs. 0.1 million in relation to the forfeiture will be transferred to reserves upon cancellation of these shares.

17 Other equity

			(Rs in million)
		As at	As at
		31 March 2022	31 March 2021
a)	Capital reserve	398	398
b)	Securities premium
	As per last balance sheet	895	885
	Add/(Less): Amount received during the period on exercise of options (Refer note 39)	49	7
	Transferred from share options outstanding account on exercise of options (Refer note 39)	40	3
	Closing balance	984	895
c)	Other reserves
i)	Debenture redemption reserve
	As per last balance sheet	-	125
	Less: Transferred to general reserve	-	(125)
	Closing balance	-	-
ii)	Share options outstanding account
	As per last balance sheet	144	3
	Add/(less): Share based payment expense / (credit) (net) (Refer note 39B)	86	114
	Options granted /(forfeited) to employees of subsidiaries (Refer note 39B)	35	30
	Transferred to securities premium on exercise of options	(40)	(3)
	Closing balance	225	144
iii)	General reserve
	As per last balance sheet	1,379	1,254
	Add: Transferred from debenture redemption reserve	-	125
	Closing balance	1,379	1,379
iv)	Retained earnings
	As per last balance sheet	3,898	3,671
	Add/(Less):
	Profit for the year	1,737	1,530
	Item of other comprehensive income/(loss) recognised directly in retained earnings
	- Remeasurement gains/(losses) on defined benefit plan (net of tax)	(0)	(10)
	Final equity dividend paid	(647)	(647)
	Interim dividend paid	(679)	(647)
	Closing balance	4,309	3,898
	Total	7,295	6,714

	Fina
	Inte
	Clos
	Tota
Note: For nat

Note: For nature and purpose of reserves, refer Statement of changes in equity.

From the MD & CEO's desk

Greening Lives, Sustaining Communities

18(A) Non-current financial liabilities

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Borrowings
Secured
Term loan from bank (Refer note (d) below)	-	208
	-	208
Unsecured
500 (31 March 2021: 500) units of redeemable non-convertible debentures of face value of Rs1,000,000 each (Refer note (a) below)	500	499
Term Loan from bank (Refer notes (b) and (d) below)	1,151	-
Deferred sales tax loan (Refer note (c) below)	8	15
	1,659	514
Total	1,659	722
Less: Current maturities of long term borrowings (Refer note 21)	519	33
Total	1,140	690
Note: With regards to all the above borrowings, the Company has utilised the loans solely for the purposes for which they were taken.

Nature of security and terms of repayments for long-term borrowings

a)	Listed redeemable non-convertibledebentures of Rs 500 million (31 March2021: Rs. 499 million) are unsecured	These debentures carry fixed interest rate at 6.5% p.a. payable annually and on maturity andare repayable over a period of 18 months for 100 million (Series 1-A), 24 months for 200 million(Series 1-B) and 30 months for 200 million (Series 1-C) respectively from the date of issuance i.e. 14December 2020. The debentures are listed on BSE limited and are unsecured in nature.
b)	Term loan from banks Rs. 1,151 million (31March 2021: Nil) is unsecured.	Term Loan from banks carry variable interest rate with interest payable monthly and interestrate reset based on bench mark rate i.e. three months treasury bill rates and is repayable in 16quarterly instalments starting 15th month from first drawdown date.
c)	Deferred sales tax interest free loans are repayable after a period of 10 to 14 years from the date of loan and are repayable upto 2024-2025.
d)	Secured term loan from bank outstanding as on 31 March 2021 has been included under unsecured term loan from bank as on 31

March 2022 on account of release of security in current year.

18(B) Non current lease liabilities

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Lease liabilities (Refer note 45)	250	300
Total	250	300

19 Non current liabilities

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Deferred government grant	19	25
Total	19	25

Significant accounting policies and other explanatory information to the standalone financial statements

20 Non-current liabilities - provisions

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Employee benefits (Refer note 40)
- Gratuity	115	107
Provision for contingencies*	51	51
Total	166	158

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Movement of provision for contingencies:
Opening balance	51	53
Increase/(utilised)	-	(2)
Closing balance	51	51

21 Current financial liabilities

Borrowings

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Borrowings
Secured (Repayable on demand)
Working capital loan from banks (Refer note (a) below)	498	-
	498	-
Unsecured
Commercial Paper (Refer note (b) below)	-	731
	-	731
Current maturities of long-term borrowings (Refer note 18(A))	519	33
Total	1,017	764

Unsecured

Note: With regards to all the above borrowings, the Company has utilised the loans solely for the purposes for which they were taken.

a)			Working capital loan of Rs. 498 million (31 March 2021: Nil) are secured by first pari-passu charge on current assets of the Company.
b)	Commercial Papers of Nil (31 March 2021: Rs. 731 million). i)	ii)	The Company had issued Commercial Papers with maturity value ofRs. 500 million and 250 million with coupon rates of 5.8% and 5.65%respectively having maturity period of 340 days and 180 days respectively.The same were matured during the current year.During the current year the Company issued two commercial papers with
			maturity value of Rs. 300 million each carrying coupon rate of 4.38% and4.43% having maturity period of 60 days and 90 days respectively. Thesecommercial paper got matured in current year itself.

c) The quarterly returns / statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts for all the quarters for the year ended 31 March 2022 and 31 March 2021.

22 Trade payables

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Dues of micro enterprises and small enterprises (Refer note 48)	69	65
Dues of creditors other than micro enterprises and small enterprises
- Acceptances (Refer note (a) below)	47	72
- Others	856	862
Total	972	999
Notes:
a)Acceptance represents credit availed by the Company from banks for payments to suppliers.

b) For Trade payables ageing, refer note 59.

From the MD & CEO's desk

Greening Lives, Sustaining Communities

23A Current lease liabilities

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Lease liabilities (Refer note 45)	99	117
Total	99	117

23B Other financial liabilities

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Unclaimed dividend	14	13
Unspent corporate social responsibility liability	12	12
Interest accrued but not due on borrowings	10	10
Payable for capital goods
- Micro enterprises and small enterprises (Refer note 48)	3	8
- Others	36	31
Employee benefits payable	165	174
Derivative instruments at fair value through profit or loss
- Foreign exchange forward contracts*	-	0
Total	240	247

* Amount less than Rs. one million

24 Other current liabilities

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Contract liabilities - revenue received in advance [Refer note 53(a)]	16	7
Statutory dues	31	30
Deferred government grant	7	7
Total	54	44

25 Current liabilities - provisions

		(Rs in million)
	As at	As at
Employee benefits (Refer note 40)	31 March 2022	31 March 2021
- Gratuity	31	30
- Leave entitlement	80	83
Total	111	113

26 Revenue from operations

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
Sales of products	9,229	7,922
Other operating revenues
Service charges	287	258
Royalty income	178	167
Sale of scrap	69	45
Export and other incentives	48	17
Total	9,811	8,409

Significant accounting policies and other explanatory information to the standalone financial statements

27 Other income

	Year ended	Year ended
	31 March 2022	31 March 2021
Interest on income tax refund	4
Interest income on financial assets at amortised cost
- Fixed deposits	3
Unwinding of discount on security deposits	7
Net gain on disposal of property, plant and equipment	2
Gain on sale of mutual fund investments (net)	4
Currency gain on redemption/reduction of preference shares in subsidiary	38
Dividend from subsidiaries	1,135
Government grant	7
Miscellaneous income*	28
Exchange difference (net)	4
Total	1,232

Inventory a
Add: Purcha

Less: Invent

28 Cost of materials consumed

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
Inventory at the beginning of the period	368	303
Add: Purchases (net)	4,936	3,635
	5,304	3,938
Less: Inventory at the end of the period	467	368
Total	4,837	3,570

29 Changes in inventories of finished goods and work-in-progress

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Inventory at the end of the period
Work-in-progress	372	243
Finished goods	44	36
	416	279
Inventory at the beginning of the period
Work-in-progress	243	224
Finished goods	36	52
	279	276
Total	(137)	(3)

30 Employee benefits expense

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Salaries, wages and bonus	1,010	1,011
Contribution to provident and other funds (Refer note 40)	52	49
Gratuity (Refer note 40)	11	10
Share based payment (credit)/expense (net) (Refer note 39B)	86	114
Staff welfare expenses	77	77
Total	1,236	1,261

From the MD & CEO's desk

EPL at a Glance
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Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives

Greening Lives, Sustaining Communities

31 Finance costs

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Interest expense
- Loan from bank	45	50
- Debenture	32	34
- Commercial paper	24	13
- Defined benefit obligation (Refer note 40)	9	7
- Leases	32	38
- Others	1	0
Other borrowing costs*	4	6
Total	147	148

*Primarily pertains to bank commission and bank charges.

32 Depreciation and amortisation expense

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
Depreciation on property, plant and equipment	619	720
Depreciation on right-of-use assets	138	161
Amortisation of intangible assets	19	15
Total	776	896

33 Other expenses

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Stores and spares	209	203
Packing materials	287	232
Power and fuel	394	356
Job work / labour charges	311	272
Other manufacturing expenses	16	13
Freight and forwarding expenses	361	211
Security expenses	22	22
Information technology expenses	91	75
Lease rent (Refer note 45)
- Factory premises	1	1
- Plant and equipment	0	0
- Other	18	16
Repairs and maintenance
- Buildings	8	7
- Plant and machinery	55	50
- Others	29	26
Rates and taxes	17	21
Insurance	31	26
Directors' sitting fees (Refer note 49)	1	1
Travelling and conveyance expenses	41	33
Professional and consultancy charges	286	299
Communication charges	12	9
Loss on sale/discard of property, plant and equipment (net)	-	2
Commission to directors (Refer note 49)	8	8
Payment to auditors (Refer details below)	6	5
Expenditure towards corporate social responsibility (Refer note 51)	26	23
Bad and doubtful debts/advances (net)	4	14
Commission	0	-
Miscellaneous expenses	15	15
Total	2,249	1,938
Payment to auditors for:
Audit fees	3	3
Certifications (including fees for limited reviews)	2	2
Reimbursement of expenses*	0	0
Total	6	5

120 EPL LIMITED

Significant accounting policies and other explanatory information to the standalone financial statements

34 Earnings per share

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Profit after tax (Rs. in million)	1,737	1,530
Weighted average number of basic equity shares (Nos.)	31,57,45,487	31,55,25,395
Nominal value of equity shares (Rs.)	2.00	2.00

Weighted average number of basic equity shares (Nos.)	31,57,45,487	31,55,25,395
Add: Effect of potential equity shares which are dilutive	7,49,752	6,41,985
Weighted average number of diluted equity shares (Nos.)	31,64,95,238	31,61,67,381

Basic earnings per share (Rs.)	5.50	4.85
Diluted earnings per share (Rs.)	5.49	4.84

35(A) Reconciliation between opening and closing balances in the balance sheet for liabilities arising from financing activities as required by Ind AS 7 "Statement of Cash Flows" is as under:

						(Rs in million)
	As at 31	Cash	Cash		Non-cash changes	As at 31
	March 2021	inflows	outflows	Interest	Other	March
				accrued	changes	2022
Equity share capital	631	1	-	-	-	632
Securities premium	895	49	-	-	40	984
Non-convertible debentures (including current maturities)	499	-	-	0	0	500
Long-term borrowings (including current maturities)	224	1,005	(70)	(0)	1	1,159
Lease liabilities	417	-	(122)	-	54	349
Short-term borrowings	731	4,138	(4,371)	-	-	498

						(Rs in million)
	As at 31	Cash	Cash		Non-cash changes	As at 31
	March 2020	inflows	outflows	Interest	Other	March 2021
				accrued	changes
Equity share capital	631	0	-	-	-	631
Securities premium	885	7	-	-	3	895
Non-convertible debentures (including current maturities)	509	500	(500)	(10)	(0)	499
Long-term borrowings (including current maturities)	997	210	(951)	-	(32)	224
Lease liabilities	533	-	(138)	-	22	417
Short-term borrowings	550	1,381	(1,200)	-	-	731

Notes :

i) Other changes in securities premium are on account of transfer from share options outstanding account on exercise of share options (Refer note 17).

ii) Other changes in borrowings and lease liabilities are on account of amortisation of ancillary borrowing costs and lease liabilities recognised in accordance with Ind AS 116 (Refer note 45) respectively.

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35(B)Net debt reconciliation

An analysis of net debts and the movement in net debts for each of the reporting period as follows:

			(Rs in million)
		As at	As at
		31 March 2022	31 March 2021
	(A) Cash and cash equivalents	119	167
(B)	Current borrowings	498	731
	(C) Non-current borrowings (including current maturities of long-term borrowings)	1,659	722
	Net debt (D)=(A)-(B)-(C)	(2,038)	(1,286)
	Bank balances other than cash and cash equivalents	56	45
	Net debt (Including Bank balances other than cash and cash equivalents)	(1,982)	(1,241)

	Other assets		Liabilities from financing activities	Total
	Cash and cash	Non-current	Current	(D)=(A)-(B)-(C)
	equivalents (A)	borrowings (B)	borrowings (C)
Net debt as at 1 April 2020	651	1,506	550	(1,405)
Cash flows (net)	(484)	(741)	181	76
Interest expense	-	67	30	(97)
Other changes	-	(32)	-	32
Interest accrued	-	(10)	-	10
Interest paid	-	(68)	(30)	98
Net debt as at 31 March 2021	167	722	731	(1,286)
Net debt as at 1 April 2021	167	722	731	(1,286)
Cash flows (net)	(48)	935	(233)	(750)
Interest expense	-	79	24	(103)
Interest paid	-	(77)	(24)	101
Net debt as at 31 March 2022	119	1,659	498	(2,038)

36 Deferred tax asset / liability

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Deferred tax liabilities (net)
Deferred tax liabilities
Depreciation on property, plant, equipment and intangible assets	(16)	29
Unamortised ancillary borrowing costs	1	1
Total (A)	(15)	30

Deferred tax assets
Employee benefits / expenses allowable on payment basis	73	65
Allowance for doubtful debts / advances	7	12
Other deductible temporary differences	10	15
Total (B)	90	91
Deferred tax (assets)/liability (net) (A-B)	(105)	(61)

a) The major components of income tax for the period ended 31 March 2022 are as under: i) Income tax related to items recognised directly in the statement of profit and loss during the period:

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Current tax
Current tax on profits for the year	271	285
Tax pertaining to earlier periods	(29)	-
Total current tax expense	242	285

Deferred tax
Relating to origination and reversal of temporary differences	(44)	(73)
Income tax expense reported in the statement of profit and loss	198	212

a)	Tax
	Una
Total (a)
b)	Dec
	Dep
	inta
	Emp
	pay
	Aln

Significant accounting policies and other explanatory information to the standalone financial statements

ii) Deferred tax related to items recognized in other comprehensive income (OCI) during the period:

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Deferred tax on remeasurement of defined benefit plan*	0	3
Deferred tax recognised in OCI	0	3

b) Reconciliation of tax expense and the accounting profit multiplied by tax rate:

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Accounting profit before tax	1,935	1,742
Income Tax @ 25.168% (31 March 2021 25.168%)	487	439
Tax pertaining to earlier periods	(29)	-
Non-deductible expenses for tax purpose	38	45
Effect of concessional tax rate on dividend income	(286)	(235)
Expenses/(reversals) not deductible/(taxable)	(11)	(34)
Other timing differences not deductible	(0)	(2)
Income tax expense charged to the statement of profit and loss	198	212

c) Deferred tax relates to the following:

	(Rs in million)
		Balance sheet			Recognised in the	Recognised in OCI
					statement of profit and
				loss
		As at	As at	Year ended	Year ended	Year ended	Year ended
		31 March	31 March	31 March	31 March	31 March	31 March
		2022	2021	2022	2021	2022	2021
a)	Taxable temporary differences
	Unamortised ancillary borrowing costs	1	1	(0)	1	-	-
Total (a)		1	1	(0)	1	-	-
b)	Deductible temporary differences
	Depreciation on property, plant, equipment and	16	(29)	(46)	(67)	-	-
	intangible assets
	Employee benefits / expenses allowable on	73	65	(8)	(10)	0	(3)
	payment basis
	Allowance for bad and doubtful debts	7	12	5	6	-	-
	Other deductible temporary differences	10	15	5	(3)	-	-
Total (b)		106	62	(44)	(74)	0	(3)
	Net deferred tax (assets)/liabilities (a-b)	(105)	(61)
Deferred tax charge/(credit) (a+b)				(44)	(73)	0	(3)

d) Movement in income tax asset / (liability) is as follows

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Net Income tax asset at the beginning	27	117
Income tax paid (net of refund)	244	195
Income tax expenses	(242)	(285)
Others	0	-
Net Income tax asset at the end	30	27

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37 Fair value measurements

i) The carrying values and fair values of financial instruments by categories are as follows:

(Rs in million)
Financial assets or financial liabilities	Basis of		As at 31 March 2022		As at 31 March 2021	Fair value
	measurement	Carryingvalue	Fair value	Carryingvalue	Fair value	hierarchy
Assets :
Investments	Amortised cost	111	111	162	162
Trade receivables	Amortised cost	2,094	2,094	1,772	1,772
Cash and bank balances (including bankdeposits)	Amortised cost	183	183	220	220
Other financial assets	Amortised cost	237	237	218	218
Forward contract receivables	Fair value	2	2	-	-	Level 2
Total		2,627	2,627	2,373	2,373
Liabilities :
Borrowings	Amortised cost	2,157	2,157	1,454	1,454
Lease liabilities	Amortised cost	349	349	417	417
Trade payables	Amortised cost	972	972	999	999
Other current financial liabilities	Amortised cost	240	240	247	247
Forward contract payables*	Fair value	-	-	0	0	Level 2
Total		3,718	3,718	3,116	3,116

*Amount less than Rs. 1 million

ii) Fair value hierarchy

The fair values of the financial assets and liabilities are the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into three levels prescribed under the Indian Accounting Standards. An explanation for each level is given below.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data 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. Instruments in the level 2 category for the Company include foreign exchange forward contracts.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in this level.

iii) Financial assets and liabilities measured at fair value through profit or loss at each reporting date

						(Rs in million)
		As at 31 March 2022			As at 31 March 2021
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets measured at FVTPL
Derivative instruments - foreign exchangeforward contracts	-	2	-	-	-	-
Total	-	2	-	-	-	-
Financial liabilities measured at FVTPL
Derivative instruments - foreign exchangeforward contracts*	-	-	-	-	0	-
Total	-	-	-	-	0	-

iv) Valuation techniques used to determine fair value:

The fair value of foreign exchange forward contracts is determined using forward exchange rates at the balance sheet date.

Significant accounting policies and other explanatory information to the standalone financial statements

38 (A) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

Credit risk;
Liquidity risk;
Market risk Foreign currency; and
Market risk Interest rate

A Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter party to a financial instrument fails to meet its contractual obligations.

The Company is exposed to credit risk from its operating activities (primarily trade receivables), lease rental deposits, deposits with banks and other financial instruments. Credit risk arises from the possibility that counter party may not be able to settle their obligations as

agreed.

i) Trade receivables

The Company extends credit to customers in the normal course of business. The Company considers factors such as financial conditions / market practices, credit track record in the market, analysis of historical bad debts and past dealings for extension of credit to customers. Individual credit limits are set accordingly. The Company monitors the payment track record of the customers and ageing of receivables. Outstanding customer receivables are regularly monitored. The Company considers the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. The Company has also taken advances and security deposits from some of its customers, which mitigate the credit risk to an extent.

ii) The ageing analysis of the trade receivables (other than due from related parties) has been considered from the date the invoice falls due.

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Up to 3 months	1,737	1,553
3 to 6 months	21	34
More than 6 months	54	54
Total	1,812	1,641

iii) The following table summarizes the change in the allowances for bad and doubtful trade receivables:

		(Rs in million)
	As at31 March 2022	As at31 March 2021
As at beginning of the year	47	72
Add/(less):
Provided during the year	12	18
Amounts written off	(26)	(37)
Reversals of provision	(6)	(6)
As at end of the year	27	47

The Company uses provision matrix whereby trade receivables are considered doubtful based on past trends where such receivables are outstanding for more than one year. The allowance for lifetime expected credit loss on customer balances for the year ended 31 March 2022 and 31 March 2021 is not material.

iv) Other financial instruments

The Company considers factors such as track record, size of the institution, market reputation, financial strength/rating and service standards to select the banks with which balances and deposits are maintained. Generally, the balances are maintained with the institutions from whom the Company has also availed borrowings. Security deposits against leasing of premises/Equipments are refundable upon closure of the lease and hence credit risk associated with such deposits is relatively low.

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B Liquidity risk

i) Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities – borrowings, trade payables, derivative instruments and other financial liabilities.

The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of the financial assets and liabilities. The Company regularly monitors liquidity position through rolling forecast based on estimated free cash flow generated from business. It maintains adequate sources of financing including loans, debt, and overdraft from banks. It also enjoys strong access to domestic capital markets across various debt instruments.

ii) Exposure to liquidity risk

The following are the contractual maturities of financial liabilities at the reporting date. The contractual cash flow amounts are gross and undiscounted:

As at 31 March 2022

					(Rs in million)
	Repayableon demand	Less than 1year	Between 1and 5 years	Beyond 5years	Total
Maturities of non – derivative financial liabilities
Long-term borrowings	-	519	1,141	-	1,660
Short-term borrowings	498	-	-	-	498
Lease liabilities	-	122	276	4	402
Interest expense on borrowings	-	107	142	-	249
Trade payables	-	972	-	-	972
Other financial liabilities	-	240	-	-	240
Total	498	1,960	1,559	4	4,021
Maturities of derivative financial liabilities
Foreign exchange forward contracts	-	-	-	-	-
Total	-	-	-	-	-

As at 31 March 2021

					(Rs in million)
	Repayableon demand	Less than 1year	Between 1and 5 years	Beyond 5years	Total
Maturities of non – derivative financial liabilities
Long-term borrowings	-	34	691	-	725
Short-term borrowings	-	750	-	-	750
Lease liabilities	-	145	309	26	480
Interest expense on borrowings	-	48	46	-	94
Trade payables	-	999	-	-	999
Other financial liabilities	-	247	-	-	247
Total	-	2,223	1,046	26	3,295
Maturities of derivative financial liabilities
Foreign exchange forward contracts*	0	-	-	-	0
Total	0	-	-	-	0

*Amount less than Rs. 1 million

C Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment benefit obligations provisions and on the non-financial assets and liabilities. The sensitivity of the relevant profit and loss item is the effect of the assumed changes in respective market risks.

The Company's activities expose it to risks on account of changes in foreign currency exchange rates and interest rates. The Company uses derivative financial instruments such as foreign exchange forward contracts of varying maturity depending upon the underlying contract as a risk management strategy to manage its exposures to foreign exchange fluctuations and interest rate.

i Foreign currency risk

Currency risk is the risk that the fair value or future cash flows fluctuate because of changes in market prices. The Company is exposed to foreign exchange risk on their receivables, payables and foreign currency loans which are mainly held in the United State Dollar (""USD""), the Euro ("EUR"), the Swiss Franc (""CHF"") and Chinese Yuan (""CNY""). Consequently, the Company is exposed primarily to the risk that the exchange rate of the Indian Rupee ("INR") relative to the USD, the EUR, the CHF, and the CNY may change in a manner that has a material effect on the reported values of the Company's assets and liabilities that are denominated in these foreign currencies.
The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies, including minimising cross currency transactions, using natural hedge and the use of derivatives like foreign exchange forward contracts to minimise the impact to results of the exchange rate movements. The unhedged exposures are maintained and kept to minimum feasible.

a) The Company's exposure to foreign currency risk at the end of the reporting period are as under -

Financial assets Derivative assets

										(Rs in million)
					As at 31 March 2022					As at 31 March 2021
	USD	EUR	CHF		CNY Others*	USD	EUR	CHF		CNY Others*
Financial assets
Trade receivables	632	113	1	-	-	335	52	-	-	-
Cash and bank balances	-	-	-	-	-	43	-	-	-	-
Others	18	8	-	22	-	25	8	-	21	-
Derivative assets
Foreign exchange forward contracts	(296)	(76)	-	-	-	(73)	(19)	-	-	-
Net exposure to foreign currency risk (A)	354	45	1	22	-	330	41	-	21	-
Financial liabilities
Borrowings	-	-	-	-	-	-	-	-	-	-
Trade payables	203	3	75	-	1	306	14	6	-	1
Others	-	-	-	-	-	-	-	-	-	-
Derivative liabilities
Foreign exchange forward contracts	-	-	-	-	-	-	-	-	-	-
Net exposure to foreign currency risk (B)	203	3	75	-	1	306	14	6	-	1
Unhedged foreign currency exposure (A) - (B)	151	42	(74)	22	(1)	24	27	(6)	21	(1)

Financial liabilities

Derivative liabilities

* Others includes currency JPY.

b) The following table gives details in respect of outstanding foreign exchange forward contracts

			Amount in foreign currency (in million)				Amount in Rs. (in million)
Particulars					As at 31 March 2022 As at 31 March 2022 As at 31 March 2022 As at 31 March 2021
	USD	EUR	USD	EUR	USD	EUR	USD	EUR
Forward contracts*	4	1	1	0	296	76	73	19

*Amount less than 1 million

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c) The foreign exchange forward contracts mature within 12 months. The table below analyses the derivative financial instruments into relevant maturity groupings based on the remaining period as of the balance sheet date:

	Amount in foreign currency (in million)
	As at 31 March 2022			As at 31 March 2021
	USD	EUR	USD	EUR
Not later than six months*	4	1	1	0
Later than six months and not later than twelve months	-	-	-	-

d) Sensitivity to foreign currency risk

The following table demonstrates the sensitivity in the USD, EUR, CHF, CNY and other currencies with all other variables held constant. The below impact on the Company's profit before tax is based on changes in the fair value of unhedged foreign currency monetary assets and liabilities at balance sheet date:

	Year ended 31 March2022		Year ended 31 March 2021
	Increase by5%	Decreaseby 5%	Increase by5%	Decreaseby 5%
	(Loss) / Gain		(Loss) / Gain
USD	8	(8)	1	(1)
EUR	2	(2)	1	(1)
CHF	(4)	4	(0)	0
CNY	1	(1)	1	(1)
Others	-	-	(0)	0

ii Interest rate risk

This refers to risk to Company's cash flow and profits on account of movement in market interest rates.

For the Company the interest risk arises mainly from interest bearing borrowings which are at floating interest rates. To mitigate interest rate risk, the Company closely monitors market interest and as appropriate makes use of hedged products and optimise borrowing mix / composition.

a) Interest rate risk exposure

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Variable rate borrowings	1,649	211
Fixed rate borrowings	509	1,255
Total borrowings	2,158	1,465

Note: The above amount are based on contractual liabilities as at balance sheet date.

b) Interest rate sensitivity

The following table illustrates the sensitivity of profit and equity to a reasonably possible change in interest rate of 50 basis point increase or decrease. The calculations are based on the variable rate borrowings outstanding at balance sheet date. All other parameters are held constant.

		(Rs in million)
		(Loss) / Gain
Impact on profit before tax	Year ended 31March 2022	Year ended 31March 2021
Interest rates - increase by 50 basis points	(8)	(1)
Interest rates - decrease by 50 basis points	8	1

38(B)Capital Management

Risk management

The Company manages its capital structure and makes necessary adjustments in light of changes in economic conditions and the requirement of financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or raise / retire debt. The primary objective of the Company's capital management is to maximise the

shareholders' value.

For the purpose of the Company's capital management, equity includes issued capital, securities premium and other reserves. Net debt includes loans less cash and bank balances. The Company manages capital by monitoring gearing ratio which is net debt divided by equity plus net debt.

		(Rs in million)
The capital composition is as follows:	As at31 March 2022	As at31 March 2021
Gross debt (inclusive of long term and short term borrowing)	2,157	1,453
Less: - Cash and bank balances	119	167
Net debt	2,038	1,286
Total equity	7,927	7,345
Total capital	9,965	8,631
Gearing Ratio (net debt / total capital)	20%	15%

Loan covenants

Borrowing contain certain debt covenants relating to limitation on indebtedness, debt-equity ratio, debt to EBITDA ratio, interest service coverage ratio and debt service coverage ratio. The limitation on indebtedness covenant gets suspended once the Company meets certain prescribed criteria. The debt covenant related to limitation on indebtedness remained suspended as of the date of adoption of the financial statements. The Company has also satisfied all other debt covenants prescribed in the respective sanction of bank loan. The deferred sales tax loans do not carry any debt covenant.

39 Share-based payments

A) Employee stock option plan 2014

a) During the year 2014-15, the Company has instituted an Essel Employee Stock Option Scheme 2014 (""Scheme 2014"") as approved by the Board of Directors for issuance of stock options to the eligible employees of the Company and of its subsidiaries, other than directors, promoters or person belonging to promoter group. Subject to terms and conditions of the Scheme 2014, the said options vested on each of 1 July 2016, 1 July 2017 and 1 July 2018 to the extent mentioned in the letter of grant and can be exercised within a maximum period of four years from the date of vesting. When exercisable, each option is convertible into one equity share of Rs. 2 each fully paid up.
b) Summary of options granted under the Scheme 2014

	As at 31 March 2022		As at 31 March 2021
	Averageexercise priceper shareoption (Rs.)	Number ofoptions	Averageexercise priceper shareoption (Rs.)	Number ofoptions
Opening balance	-	0	60.83	1,60,343
Add : Issue of bonus equity shares	-	-	-	-
Adjusted value and number of options	-	0	60.83	1,60,343
Exercised during the year (Refer Note (i) below)	-		60.83	(1,14,666)
Lapsed during the year
- Vested options (Refer Note (ii) below)	-			(45,677)
Closing balance		-		0
Vested and exercisable	-	-	60.83	0

Notes:

(i) The weighted average share price at the date of exercise of options exercised during the year ended 31 March 2022 : Not Applicable (31 March 2021: Rs. 264.20).
(ii) Lapsed on account of employees resigned without exercising.

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c) Expiry date and exercise prices of the share options outstanding at the end of the year:

Grant date	Expiry date		2022	2021
			Exercise price Nos of options Exercise price Nos of options
19 March 2015	30 June 2020	-	-	60.83	0
Total			-		0
Weightedaverageremainingcontractual life of options outstandingat end of period			-		0.25

d) The fair value of each option granted is estimated on the date of grant using the black Scholes model with the following assumptions

Grant date	19 March 2015
Weighted average fair value of options granted (Rs.)	49.20
Exercise price - Before issue of bonus shares (Rs.)	121.65
Exercise price - After issue of bonus shares (Rs.)	60.83
Share price at the grant date before issue of bonus shares (Rs.)	116.50
Share price at the grant date after issue of bonus shares (Rs.)	58.25
Expected volatility	47.55%
Risk free interest rate	7.64%
Dividend yield	1.28%
Expected life of the options (years)	3.29 to 5.29

The expected price volatility is based on the historic volatility (based on the remaining life of the options), adjusted for any expected changes to future volatility due to publicly available information.

e) There are no expenses arising from share based payments transactions (Non-vested options).

B) Employee stock option plan 2020

a) During the previous year, the Company had instituted an EPL Employee Stock Option Scheme 2020 ("Scheme 2020") as approved by the Board of Directors for issuance of stock options to the eligible employees of the Company and of its subsidiaries, other than the promoters or person belonging to promoter group.

In Previous year, pursuant to the said Scheme 2020, 3,836,089 stock options convertible into 3,377,134 equity shares of Rs. 2 each at an exercise price of Rs 161 per share and 458,955 equity shares of Rs 2 each at an exercise price of Rs. 268 per share were granted to eligible employees, being the market price as defined in the Securities and Exchange Board of India (Share Based Employee Benefits) Regulation, 2014 (SEBI Regulation). During the current year, further 1,526,718 stock options convertible into equivalent equity shares of Rs 2 each at an exercise price of Rs 161 per share were granted to eligible employee.

Subject to terms and conditions of the Scheme 2020, the said options will vest in a phased manner in every year during the next five years, as per the provisions of the Scheme 2020.

b) Expense arising from share based payment transactions

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
Gross expense arising from share based payments	121	144
Less: Options granted to employees of subsidiaries recognised as deemed investmentsin subsidiaries	35	30
Employee shared based expenses recognised in statement of profit and loss(Refer note 30)	86	114

The estimated expense arising from share based payments for the next year is Rs. 104 million.

Significant accounting policies and other explanatory information to the standalone financial statements

c) The fair value of each option granted is estimated on the date of grant using the black Scholes model with the following assumptions

Scheme	Grant 1	Grant 2
Grant date	17 August 2020	09 September 2021
Weighted average fair value of optionsgranted (Rs.)	FV of options granted at Rs. 161 – Rs. 142.8and FV of options granted at Rs. 268 – Rs.96.4	FV of options - Rs. 112.5
Exercise price - (Rs.)	Exercise price of stock options convertibleinto 3,377,134 shares : Rs.161 Exerciseprice of stock options convertible into458,955 shares : Rs. 268	Exercise price of stock options convertibleinto 1,526,718 shares : Rs.161
Share price at the grant date (Rs.)	268	238
Expected volatility	35.3% - 44.3%	35.3% - 44.9%
Risk free interest rate	4.5% - 6.1%	4.6% - 6.3%
Dividend yield	1.1% - 1.2%	1.2% - 1.4%
Expected life of the options (years)	2.5 to 6.5	2.5 to 6.5

d) Summary of options granted under the Scheme 2020

		As at 31 March 2022		As at 31 March 2021
	Average	Number of	Average	Number of
	exercise price	options	exercise price	options
	per share		per share
	option (Rs.)		option (Rs.)
Opening Balance	173.80	38,36,089	-	-
Granted during the year	161.00	15,26,718	173.80	38,36,089
Total	170.16	53,62,807	173.80	38,36,089
Exercised during the year	161.00	(3,05,072)	-	-
Lapsed during the year
- Non-vested options	-	(14,18,361)	-	-
- Vested options	-	-	-	-
Closing balance	174.49	36,39,374	173.80	38,36,089
Vested and exercisable	182.25	4,62,138	-	-

Notes:

(i) The weighted average share price at the date of exercise of options exercised during the year ended 31 March 2022 was Rs. 223.28 (31 March 2021: Not Applicable).

(ii) Lapsed on account of employees resigned without exercising.

e) Expiry date and exercise prices of the share options vested and exercisable at the end of the year:

Grant date	Expiry date	As atMarch 2022	As atMarch 2021
		No of Options	No of Options
17 August 2020	30 September 2022	54,961	-
17 August 2020	07 October 2022	9,551	-
17 August 2020	17 August 2024	3,97,626	-
Total		4,62,138	-

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40 Employee benefit obligation

The disclosures of employee benefits as defined in the Ind AS 19 - "Employee Benefits" are given below:

a. The Company makes annual contributions to the employees' gratuity fund scheme, a funded defined benefit plan which is managed by the Life Insurance Corporation of India and HDFC Bank. The gratuity benefit plan is governed by the Payment of Gratuity Act, 1972. Under the Gratuity Act, employees are entitled to specific benefit at the time of retirement or termination of the employment on completion of five years or death while in employment. The level of benefit provided depends on the member's length of service and salary at the time of retirement/termination age. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
b. Leave encashment is a non-funded defined benefit scheme. The obligation for leave encashment is recognized in the same manner as gratuity.
c. Details of post retirement gratuity plan are as follows:-

i. Net expenses recognised during the year in the statement of profit and loss

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Current service cost	11	10
Interest cost (net)	9	7
Net expenses recognised in the statement of profit and loss	20	17

ii. Net expenses recognised during the year in other comprehensive income (OCI)

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
Actuarial (gains) / losses arising from changes in demographic assumptions	(0)	-
Actuarial (gains) / losses arising from changes in financial assumptions	(6)	6
Actuarial (gains) / losses arising from changes in experience assumptions	7	7
Expected return on plan assets excluding interest	(0)	0
Net expenses recognised in (OCI)*	0	13

*Amount less than 1 million

iii. Net liability recognised in the balance sheet

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Present value of obligation	190	174
Less: Fair value of plan assets	44	37
Net liability recognized in balance sheet	146	137

iv. Reconciliation of opening and closing balances of defined benefit obligation

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Defined benefit obligation as at the beginning of the year	174	155
Current service cost	11	10
Interest cost	11	9
Actuarial (gain) / loss on obligation	0	13
Benefits paid	(6)	(13)
Defined benefit obligation at the end of the year	190	174

Significant accounting policies and other explanatory information to the standalone financial statements

v. Reconciliation of opening and closing balance of fair value of plan assets

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Fair values of plan assets at the beginning of the year	37	42
Interest income	2	3
Return on plan assets, excluding interest income	0	(0)
Employer contribution	11	5
Benefits paid	(6)	(13)
Fair value of plan assets at year end	44	37

vi. Reconciliation of opening and closing balance of net defined benefit obligation

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Net defined benefit obligation as at the beginning of the year	137	112
Current service cost	11	10
Interest cost (net)	9	7
Actuarial (gain) / loss on obligation	0	13
Return on plant assets, excluding interest income	(0)	0
Employer contribution	(11)	(5)
Net defined benefit obligation at the end of the year	146	137

vii. Investment details

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Insurer Managed Funds	44	37

viii. Actuarial assumptions

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Mortality Table	Indian AssuredLives Mortality2012-14 (Urban)	Indian AssuredLives mortality(2006-08) Ultimate
Discount rate(per annum)	6.98%	6.44%
Expected rate of return on plan assets (per annum)	6.98%	6.44%
Rate of escalation in salary (per annum)	6.00%	6.00%
Attrition rate	Service 2 yearsand below -29%,more than 2years and below 4	Service 2 years andbelow - 29%,morethan 2 years andbelow 4 - 25%,
	- 25%, others - 5%	others - 5%

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ix. Quantitative sensitivity analysis

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Projected benefit obligation on current assumptions	190	174
Increase by 1% in discount rate	(11)	(10)
Decrease by 1% in discount rate	12	12
Increase by 1% in rate of salary increase	12	12
Decrease by 1% in rate of salary increase	(11)	(10)
Increase by 1% in rate of employee turnover	1	0
Decrease by 1% in rate of employee turnover	(1)	(0)

x. Maturity analysis of projected benefit obligation from the fund

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Projected benefits payable in future years from the date of reporting
1st Following Year	33	32
2nd Following Year	17	11
3rd Following Year	14	16
4th Following Year	23	13
5th Following Year	14	20
Sum of years 6 to 10	82	64
Sum of Years 11 and above	145	136

Notes:

1 Amounts recognized as an expense and included in the Note 30 "Employee benefits expense" are gratuity Rs. 11 million (31 March 2021 Rs. 10 million) and leave encashment Rs. 17 million (31 March 2021 Rs. 37 million). Net interest cost on defined benefit obligation recognised in Note 31 under "Finance costs" is Rs. 9 million (31 March 2021 Rs. 7 million).

2 The estimate of future salary increases considered in the actuarial valuation takes into account the rate of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

3 "Contribution to provident fund, employee state insurance and labour welfare fund" which is a defined contribution plan is recognized as an expense in Note 30 of the financial statements.

d. Current / non current classification

		(Rs in million)
		As at


		30
		107
		137

Current	80	83

41 Dividends paid and proposed

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
a.Dividends on equity shares declared and paid
Final dividend paid in current year for the year ended 31 March 2021 Rs. 2.05 per share (paid in	647	647
previous year for the year ended 31 March 2020: Rs. 2.05 per share)
Dividend distribution tax on above	-	-
Interim dividend paid in current year Rs. 2.15 per share (paid in previous year Rs. 2.05 per share)	679	647
b.Proposed dividend on equity shares*
Final dividend proposed for the year ended 31 March 2022 Rs. 2.15 per share (31 March 2021:	679	647
Rs. 2.05 per share)
Dividend distribution tax on above	-	-

* Proposed dividend on equity shares is subject to approval of shareholders at the ensuing annual general meeting and is not recognised as a liability as at the reporting date.

Note: The dividend declared or paid during the reporting periods is in compliance with section 123 of the Act.

Significant accounting policies and other explanatory information to the standalone financial statements

42 Collateral / security pledged

The carrying amount of assets pledged as security for current borrowings of the Company.

		(Rs in million)
Particulars	As at31 March 2022	As at31 March 2021
Property, plant and equipment	-	2,570
Inventories	1,141	888
Other current assets	2,879	2,436
Total assets pledged	4,020	5,894

43 Contingent liabilities and commitments (to the extent not provided for) A. Contingent liabilities:

			(Rs in million)
		As at31 March 2022	As at31 March 2021
i.	Claims against the Company not acknowledged as debt
(a)	Disputed indirect taxes*	367	274
(b)	Disputed direct taxes*	72	80
(c)	Other claims not acknowledged as debts	1	1

*The above matters primarily relates to tax positions undertaken by the Company.

			(Rs in million)
		As at	As at
		31 March 2022	31 March 2021
ii.	Guarantees excluding financial guarantees
	Bank guarantees given by the Company	28	30

			(Rs in million)
		As at31 March 2022	As at31 March 2021
iii.	Other money for which the Company is contingently liable
	Duty benefit availed under EPCG scheme, pending export obligations	240	65

B. Commitments:

i. Capital commitments

Estimated amount of contracts remaining to be executed on capital account, not provided for (net of advances) is Rs. 451 million (31 March 2021 is Rs. 66 million).

			(Rs in million)
		As at31 March 2022	As at31 March 2021
ii.	Financial guarantees provided
	Corporate guarantees, standby letter of credit and letter of comfort given for loanstaken by subsidiaries. Loans outstanding against these guarantees, standby letter ofcredit and letter of comfort is Rs. 2,124 million (31 March 2021: Rs. 2,442 million)	2,160	2,672

			(Rs in million)
		As at	As at
		31 March 2022	31 March 2021
iii.	Other commitment
	Commitment towards purchase of additional 27.54% of equity share capital of CreativeStylo Packs Private Limited.*	600	600

* The aggregate number of shares of EPL Limited of Rs. 600 million to be issued to the selling shareholders of Creative Stylo Packs Private Limited as per the Share Purchase Agreement.

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44 Insurance claim receivable of Rs. 19 million (31 March 2021: Rs. 19 million) is in respect of transit damage to certain plant and machinery, which is under litigation before National Consumer Dispute Redressal Commission, New Delhi (Refer Note 7).

45 Disclosures pertaining to Ind AS 116 " Leases"

i. During the year, interest expense of Rs. 32 million (31 March 2021 : Rs. 38 million) on lease liabilities has been charged to the statement of profit and loss.
ii. Expense relating to short-term leases and leases of low value assets amounted to Rs. 19 million (31 March 2021 : Rs. 17 million).
iii. Carrying value of Right-of-use assets (ROU) :

				(Rs in million)
Land	Building	Dataandt e c h n o l o g yequipment	PlantandMachinery	Total
9	605	-	87	701
19	-	-	3	22
28	605	-	90	723
28	605	-	90	723
-	-	54	-	54
28	605	54	90	777

6	115	-	42	163
6	115	-	40	161
12	230	-	82	324
12	230	-	82	324
6	115	9	8	138
18	345	9	90	462

16	375	-	8	399

As at 31 March 2022 10 260 45 0 315

iv. The following is the summary of practical expedients elected on initial application:

a. Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than twelve months of lease term on the date of initial application.

b. Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application.
- v. Other disclosures:
a. The principle portion and interest portion of the lease payments amounting to Rs 154 million (31 March 2021 : Rs. 176 million) have been separately disclosed in the statement of cash flows under cash flows from financing activities.
b. Lease contracts entered by the Company, majorly pertains for buildings taken on lease to conduct its business in the ordinary course. The Company does not have any lease restrictions and commitment towards variable rent as per the contract.
- vi. Maturity analysis of lease liabilities:

Maturity analysis of lease liabilities is given in note 38(A) B(ii)

vii. The movement of lease liabilities is as follows:

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Opening Balance	417	533
Addition during the year	54	22
Finance cost accrued during the year	32	38
Payment of lease liabilities	(154)	(176)
Closing Balance	349	417

Current	99	117
Non Current	250	300
Total	349	417

46 Segment information

The financial statements of the Company contain both the consolidated financial statements as well as the standalone financial statements. Hence, the Company has presented segment information on the basis of the consolidated financial statements as permitted by Ind AS 108 "Operating Segments." The Company has only one major identifiable business segment viz. Plastic Packaging Material.

India
Outside Ind
Total

Geographical segment revenue by location of customers

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
India	7,421	6,847
Outside India	2,390	1,562
Total	9,811	8,409

Revenue derived from major customers

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Revenue from top customer	2,755	2,581
Revenue from top three customers	4,388	3,937

For the year ended 31 March 2022 : One customer (31 March 2021: Two customers), individually accounted for more than 10% of the revenue.

47 Information required under Section 186(4) of the Companies Act, 2013

a. Loans given

There are no loan given

b. Investments made

There are no investments other than disclosed in Note 6 - Non-current investments.

c. Corporate guarantees, standby letter of credit and letter of comfort given on behalf of subsidiaries

			(Rs in million)
	Name of the Subsidiary	As at	As at
		31 March 2022	31 March 2021
i.	Lamitube Technologies Limited, Mauritius	2,046	2,193
ii.	EPL America LLC	-	366
iii.	Laminate Packaging Colombia SAS	114	113
	Total	2,160	2,672

Notes

i. All the guarantees given are for general business purposes.
ii. The loans availed by the subsidiaries are interest bearing.
iii. The outstanding loan amount availed by the subsidiaries against the corporate guarantees, standby letter of credit and letter of comfort provided by the Company is Rs. 2,124 million (31 March 2021 Rs. 2,442 million).
iv. Amounts disclosed in (c) above are translated at respective year-end foreign exchange rates.

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48 Micro, Small and Medium Enterprises

Disclosure required under the Micro, Small and Medium Enterprises Development Act, 2006 ("The Act") are given as follows:

			(Rs in million)
S .	Particulars	As at	As at
No.		31 March 2022	31 March 2021
i.	Principal amount payable to suppliers under the Act
	- For capital goods	3	8
	- For Others	69	65
ii.	Principal amount due to suppliers under the Act	72	73
iii.	Interest accrued and due to suppliers under the Act, on the above amount	-	-
iv.	Payment made to suppliers (Other than interest) beyond the appointed day, during the year	21	19
v.	Interest paid to suppliers under the Act	-	-
vi.	Interest due and payable to suppliers under the Act, for payments already made	0	0
vii.	Interest accrued and remaining unpaid at the end of the year under the Act	5	5
viii.	The amount of further interest remaining due and payable even in the succeeding years forthe purpose of disallowances under Section 23 of the Act	-	-

Note: The information has been given in respect of such vendors to the extent they could be identified as "Micro and Small" enterprises on the basis of information available with the Company.

49 Related party disclosures

a. List of related parties

i. Entities where control exists

Name of Company	Relationship
Blackstone Capital Partners Asia L.P.	Ultimate holding company
Epsilon Pledgeco Pte Ltd	Intermediate holding company
Epsilon Bidco Pte Ltd	Holding company

ii. Subsidiary companies

Name of the subsidiary	subsidiaries)	Proportion of interest (includingbeneficial interest) / voting power(either directly / indirectly through	CountryIncorporation
	As at 31 March2022	As at 31 March2021
Direct subsidiaries
Arista Tubes Inc. *	100.00%		100.00% United States ofAmerica
Lamitube Technologies (Cyprus) Limited	100.00%	100.00% Cyprus
Lamitube Technologies Limited, Mauritius	100.00%		100.00% Mauritius
Creative stylo packs Private Limited ( w.e.f 1 February 2021)	72.46%	72.46% India
Step down subsidiaries
EPL MISR for Advanced Packaging S.A.E.	75.00%	75.00% Egypt
EPL Packaging (Guangzhou) Limited	100.00%	100.00% China
EPL Packaging (Jiangsu) Limited	100.00%	100.00% China
EPL Propack Philippines, Inc.	100.00%		100.00% Philippines
MTL de Panama S.A.	100.00%	100.00% Panama
EPL Propack UK Limited	100.00%		100.00% United Kingdom
EPL Propack de Mexico, S.A. de C.V.	100.00%	100.00% Mexico

Significant accounting policies and other explanatory information to the standalone financial statements

Name of the subsidiary	Proportion of interest (includingbeneficial interest) / voting power(either directly / indirectly throughsubsidiaries)		CountryIncorporation
	As at 31 March2022	As at 31 March2021
Tubopack de Colombia S.A. #	100.00%		100.00% Colombia
EPL Propack LLC	100.00%	100.00% Russia
Laminate Packaging Colombia S.A.S.	100.00%		100.00% Colombia
EPL Poland sp. z.o.o.	100.00%	100.00% Poland
EPL Deutschland GmbH & Co.,KG	100.00%		100.00% Germany
EPL Deutschland Management GmbH	100.00%		100.00% Germany
EPL America, LLC	100.00%		100.00% United States ofAmerica

* 7.35% is held through Lamitube Technologies (Cyprus) Limited

Under liquidation

iii Associate company

Name of the subsidiary		Extent of Holding	Country	of
	As at 31 March2022	As at 31 March2021	Incorporation
P.T. Lamipak Primula	30%		30% Indonesia

iv Key management personnel / Directors

Non - executive director	Mr. Amit Dixit
Non - executive director	Mr. Amit Jain $#
Non - executive director	Mr. Animesh Agrawal
Non - executive director	Mr. Aniket Damle
Non - executive director	Mr. Qi Yang $@
Independent director	Mr. Uwe Ferdinand
Independent director	Ms. Sharmila Karve
Independent director	Mr. Davinder Singh Brar
Whole time director	Mr. Vinay Mokashi @
Managing director and chief executive officer	Mr. Sudhanshu Vats #
Chief financial officer	Mr. Parag Shah #*
Company secretary	Mr. Suresh Savaliya
Non - executive director	Mr. Dhaval Buch*
Managing director and chief executive officer	Mr. Anand Kripalu$*
Chief financial officer	Mr. Amit Jain $

$# Resigned w.e.f 26 April 2021
$@ Resigned w.e.f. 19 April 2021
@ Resigned w.e.f. 15 April 2020
Appointed w.e.f. 16 April 2020 and resigned w.e.f. 31 August 2021
#* Resigned w.e.f. 31 March 2022
* Appointed w.e.f. 19 April 2021
$* Appointed w.e.f. 18 August 2021
$ Appointed w.e.f. 01 April 2022

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b. Transactions and balances with related parties

			(Rs in million)
		Year ended	Year ended
		31 March 2022	31 March 2021
(I)	Transactions
a)	Sales of goods
	Subsidiaries	748	394
	EPL Poland sp. z.o.o.	137	69
	EPL MISR for Advanced Packaging S.A.E.	111	45
	EPL Propack LLC	-	1
	EPL Deutschland GmbH & Co. KG	233	119
	EPL Propack de Mexico, S.A de C.V.	144	117
	Laminate Packaging Colombia Sas	40	25
	Creative Stylo Packs Private Limited	55	10
	Others	30	8
b)	Reimbursement from Subsidiaries	9	8
	EPL Packaging (Guangzhou) Limited	2	2
	Laminate Packaging Colombia S.A.S.	3	3
	Others	4	3
c)	Royalty/Service charges income
	Subsidiaries	253	234
	EPL Packaging (Guangzhou) Limited	132	121
	EPL MISR for Advanced Packaging S.A.E.	45	41
	EPL Deutschland GmbH & Co. KG	33	34
	Others	43	38
d)	Guarantee commission income
	Subsidiaries	23	18
	Lamitube Technologies Limited, Mauritius	22	15
	EPL Poland sp.z.o.o.	-	1
	Others	1	2
e)	Dividend Income
	Subsidiaries	1,135	933
	Lamitube Technologies Limited, Mauritius	929	519
	Arista Tubes Inc., USA	206	414
f)	Dividend Paid
	Holding Company	689	821
	Epsilon Bidco Pte Ltd	689	821
g)	Redemption of preference shares
	Subsidiary (including currency gain)	89	334
	Lamitube Technologies (Cyprus) Limited	89	334
h)	Sale of property, plant and equipment
	Subsidiaries	16	0
	EPL Propack de Mexico S.A. de C.V	7	0
	Creative Stylo Packs Pvt. Ltd.	6	-
	Laminate Packaging Colombia Sas	3	-
i)	Purchase of goods and services
	Subsidiaries	21	17
	EPL America, LLC	4	2
	EPL Deutschland GmbH & Co. KG	2	1
	EPL Packaging (Guangzhou) Limited	2	2
	EPL Poland sp.z.o.o.	12	9
	Creative Stylo Packs Private Limited	1	3
	Others	0	-
j)	Remuneration paid/provided	85	106
	Mr. Sudhanshu Vats	8	77
	Mr. Anand Kripalu	44	-
	Mr. Vinay Mokashi	-	0
	Mr. Parag Shah	27	23
	Mr. Suresh Savaliya	7	6

Significant accounting policies and other explanatory information to the standalone financial statements

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
k)Commission to directors*	8	8
Mr. Davinder Singh Brar	3	3
Ms. Sharmila Karve	2	2
Mr. Uwe Ferdinand	2	2
l)Directors' sitting fees**	1	1
Mr. Davinder Singh Brar	0	0
Ms. Sharmila Karve	0	0
Mr. Uwe Ferdinand	0	0

* The absolute figures are rounded off to nearest million, however the sum total is Rs. 8 million (31 March 2021 : Rs. 8 million).

** The absolute figures are less than a million, however the sum total is Rs. 1 million (31 March 2021 :Rs. 1 million).

(II)	Balances outstanding
a)	Trade receivables
	Subsidiaries	310	178
	EPL Packaging (Guangzhou) Limited	25	23
	EPL MISR for Advanced Packaging S.A.E.	35	19
	EPL Deutschland GmbH & Co. KG	62	31
	Laminate Packaging Colombia S.A.S.	34	20
	EPL Poland sp.z.o.o.	62	28
	EPL Propack de Mexico, S.A. de C.V.	63	40
	EPL America, LLC	16	2
	Others	13	15
b)	Other receivables
	Subsidiaries	2	3
	Laminate Packaging Colombia S.A.S.	2	2
	Others	0	1
c)	Trade and other payables
	Subsidiaries	3	9
	EPL America, LLC	2	0
	EPL Poland sp.z.o.o.	-	8
	EPL Packaging (Guangzhou) Limited	-	0
	Creative Stylo Packs Private Limited	0	1
	Others	-	-
d)	Guarantees, standby letter of credit and letter of comfort provided for loans availed
	by subsidiaries
	Subsidiaries	2,160	2,672
	Lamitube Technologies Limited, Mauritius	2,046	2,193
	EPL America, LLC	-	366
	Laminate Packaging Colombia S.A.S.	114	113
e)	Remuneration payable	22	37
	Mr. Sudhanshu Vats	-	33
	Mr. Anand Kripalu	16	-
	Mr. Parag Shah	4	3
	Mr. Suresh Savaliya	2	1
f)	Commission payable (gross)	8	8
	Mr. Davinder Singh Brar	3	3
	Ms. Sharmila Karve	2	2
	Mr. Uwe Ferdinand	2	2

Notes:

i) All transactions with related parties are made on arm's length basis in the ordinary course of business. The outstanding balances at year end are unsecured and due to be settled for consideration in cash / cash equivalent.

ii) The above disclosures are excluding Ind AS adjustments.

iii) Others comprise of related parties which individually does not constitute more than 10% of underlying transaction or outstanding balance amount.

iv) The closing amount pertaining to investments made in subsidiaries is not considered as part of disclosure on outstanding balance due from subsidiaries.

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c. Break up of remuneration of key management personnel of the Company

			(Rs in million)
		Year ended	Year ended
		31 March 2022	31 March 2021
	Chairman and Managing director and Chief Executive Officer
i.	Salaries, allowances and perquisites	32	42
ii.	Contribution to provident and other funds	2	2
iii.	Performance bonus *	16	33
iv.	Retirement benefits $	1	-
Total		52	77

* The performance bonus for the current year has been provided in the accounts as recommended by the nomination and remuneration committee and approved by the Board of Directors. The total remuneration to Managing Director computed as per the Companies Act, 2013 is within limits prescribed u/s 197 of the Companies Act, 2013.

$ Retirement benefits for the year ended 31 March 2022 include leave encashment of Rs. 1.39 million paid during the year. Further, the Essel Employee Stock Option Scheme 2014 does not extend to chairman and managing director, hence there is no share based compensation benefit.

			(Rs in million)
		Year ended31 March 2022	Year ended31 March 2021
	Whole-time director
i.	Salaries, allowances and perquisites ^	-	0
ii.	Contribution to provident and other funds	-	0
iii.	Performance bonus *	-	-
Total		-	0

			(Rs in million)
		Year ended31 March 2022	Year ended31 March 2021
	Chief financial officer
i.	Salaries, allowances and perquisites ^	22	19
ii.	Contribution to provident and other funds	1	1
iii.	Performance bonus *	4	3
Total		27	23

			(Rs in million)
		Year ended31 March 2022	Year ended31 March 2021
	Company secretary
i.	Salaries, allowances and perquisites ^	5	5
ii.	Contribution to provident and other funds	0	0
iii.	Performance bonus *	2	1
Total		7	6

^ Figures does not include provision for gratuity, leave encashment and leave entitlement since it is actuarially determined for the Company as a whole.

* Performance bonus for the current year has been provided in the accounts.

50 Dividend of Rs. 1.25 million (31 March 2021 Rs. 0.8 million) unclaimed for a period of more than seven years is transferred to Investor Education and Protection Fund during the year. There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at 31 March 2022.

Significant accounting policies and other explanatory information to the standalone financial statements

51 Corporate Social Responsibility (CSR)

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 three preceding financial years on the Corporate Social Responsibility (CSR) activities. Following is the information regarding projects undertaken and expenses incurred on CSR activities.

a. Gross amount required to be spent by the Company during the year ended 31 March 2022: Rs. 26 million (31 March 2021 : Rs. 23 million)

b. Amount spent during the year on CSR activities: Rs. 26 million (31 March 2021: Rs. 11 million ) the details of which are as given below

			(Rs in million)
		Year ended 31 March 2022
Particulars	In cash	Yet to be paid incash	Total
Construction/ acquisition of any asset	-	-	-
On purposes other than above	26	-	26
Total CSR expenditure	26	-	26

(Rs in million) Year ended 31 March 2021 In cash Yet to be paid in cash Total Construction/ acquisition of any asset - - - On purposes other than above 11 - 11 Total CSR expenditure 11 - 11

c. Amount unspent during the previous year on CSR activities: Rs 12 million for which necessary accrual were made was transferred to specified bank account for ongoing project "Community Waste Management" during the current financial year.

d. Movement of CSR

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
Opening Amount	12	-
Gross amount to be spent during the year	26	23
Actual Spent	-26	-11
Unspent amount of previous year transferred to ongoing project during current year	-12	-
(Excess)/Short spent *	0	12

*Amount less than 1 million

e. As part of its CSR initiative, the Company has undertaken CSR projects and programs. Thrust areas for CSR includes care and empowerment of the underprivileged, education, drinking water project, promoting of sports in rural areas.

f. During the year there is no related party transaction in relation to CSR Expenditure as per relevant accounting standards.

g. Provision for unspent CSR amount transferred to ongoing project "Community Waste Management" as at 31 March 2022 is Rs 12 million (31 March 2021: Rs 12 million).

52 Research and Development expenditure (R&D)

During the year, the Company has incurred total R & D expenditure of Rs. 171 million (31 March 2021 Rs. 212 million) including capital expenditure of Rs. 9 million (31 March 2021 Rs. 17.2 million).

From the MD & CEO's desk

Greening Lives, Sustaining Communities

53 Disclosures pertaining to Ind AS 115 " Revenue from Contracts with Customers" a) Reconciliation of contract liabilities as at the beginning and at the end of the year

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Opening balance of contract liabilities	7	12
Add: Contract liabilities recognised during the year	162	148
Less: Revenue recognised out of contract liabilities	152	152
Less: Refund and write back made	1	1
Closing balance of contract liabilities	16	7

b) Revenue earned from :

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Trade receivables (net carrying value)	2,094	1,772

c) Disaggregation of revenue

Disaggregation of revenue based on timing is given below:

				(Rs in million)
Timing of transfer of goods/services			Year ended 31 March 2022
	Sale of products*	Royalty	Service charges	Total
Revenue recognised at a point in time	9,298	-	31	9,329
Revenue recognised over time	-	178	256	434

Timing of transfer of goods/services		Year ended 31 March 2022
	Sale of products*	Royalty	Service charges	Total
Revenue recognised over time	7,967	-	18	7,985
On purposes other than above	-	167	240	407

* Includes sale of scrap and excludes export and other incentives

d) Reconciliation of revenue recognised in the statement of profit and loss with the contracted price (Amount in million)

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Revenue which should have been recognised as per the contracted price*	9,767	8,396
Less: Discounts given	3	4
Revenue recognised in the statement of profit and loss	9,764	8,392

* Includes sale of scrap and excludes export and other incentives

54 Additional disclosures as per Schedule III to the Act:

a) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall
(i) 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
ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
- b) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (intermediaries) with the understanding (whether recorded in writing or otherwise) 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 of the Company ( Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

Significant accounting policies and other explanatory information to the standalone financial statements

55 Analytical Ratios

a)Debt equity ratio (in times)0.270.20(Total Borrowings/Total equity)b)Debt service coverage ratio (in times)13.262.90[Cash profit before finance costs (excluding IND AS 116 impact)/{(Finance cost (excluding IND AS 116 impact) + Principal repayment oflong term borrowing (excluding prepayment) during the period}]1.61c)Current ratio (in times)1.46(Current assets/ Current liabilities)5.085.35d)Trade receivables turnover (in times)(Revenue from operations of trailing twelve months /Average tradereceivable)e)Inventory turnover (in times)9.679.79(Revenue from operations of trailing twelve months/Average inventory)f )Net profit margin (in %)17.70%18.20%(Profit after tax/ Revenue from operations)22.75%g)Return on equity (in %)21.38%(Profit after tax/ Average shareholders equity)4.774.05h)Trade payable turnover ratio (in times)(Net credit purchases of trailing twelve months /Average trade payable)6.438.08i)Net capital turnover ratio (in times)(Revenue from operations of trailing twelve months /Working capital)9.15%9.08%j)Return on capital employed (in %)(Profit before interest and tax excluding other income includingexchange differences /Average capital employed)14.48%k)Return on investment (in %)14.16%(Profit after tax/ Total assets)Explanation for variance in ratios more than 25% as compared to previous year:(i)Debt Equity RatioThe change is due to increase in long term debt in current year on account of increase in capital expenditure for future growth.(ii)Debt service coverage RatioThe change is due to lower repayment of borrowings as per the repayment schedule during the current year as compared to previousyear.	Particulars	31 March 2022	31 March 2021	Variance
				35%
				357%
				11%
				-5%
				-1%
				-3%
				6%
				18%
				-20%
				1%
				2%





Capital work-in-progress ageing

CWIP ageing schedule as at 31 March 2022

					(Rs in million)
CWIP			Amount in CWIP for the period of
	Less than 1 year	1-2 years	2-3 years	More than 3years	Total
Projects in progress	819	7	4	-	830

CWIP ageing schedule as at 31 March 2021

					(Rs in million)
CWIP			Amount in CWIP for the period of
	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
Projects in progress	16	5	4	-	25

Note: The movement in capital work-in-progress relates to addition of Rs. 964 million (31 March 2021: Rs. 162 million) and assets capitalization of Rs. 159 million (31 March 2021: Rs. 294 million).

From the MD & CEO's desk

EPL at a Glance
Sustainability Commitment at EPL
Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives
Greening Lives, Sustaining Communities
Awards & Recognition
Key Performance Indicators
The Leadership Team
The Management Team
Board Report
MDA
Corporate Governance
Five-Year Summary
Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

57 Intangible assets under development ageing Intangibles under development ageing schedule as at 31 March 2022

					(Rs in million)
Intangibles under development				Amount in Intangibles under development for the period of
	Less than 1 year	1-2 years	2-3 years	More than 3years	Total
Projects in progress	18	-	-	-	18

Intangibles under development ageing schedule as at 31 March 2021

						(Rs in million)
Intangibles under development					Amount in Intangibles under development for the period of
	Less than 1 year	1-2 years	2-3 years		More than 3 years	Total
Projects in progress	20		9	2	15	46

58 Trade receivables ageing (excluding loss allowance) Ageing as at 31 March 2022

								(Rs in million)
	Particulars	Not Due		Outstanding for following periods from due date of payment
			Less than6 months	6months-1years		1-2 years 2-3 years More than	3 years	Total
(i)	Undisputed Trade receivables –considered good	1,496	572	27	-	-	-	2,094
(ii)	Undisputed Trade Receivables –considered doubtful	-	-	2	8	8	10	27
	(iii) Disputed Trade Receivables consideredgood	-	-	-	-	-	-	-
	(iv) Disputed Trade Receivables considereddoubtful	-	-	-	-	-	-	-

Ageing as at 31 March 2021

								(Rs in million)
Particulars		Not Due		Outstanding for following periods from due date of payment
			Less than6 months	6months-1years	1-2 years		2-3 years More than3 years	Total
(i)	Undisputed Trade receivables –considered good	1,240	524	8	-	-	-	1,772
(ii)	Undisputed Trade Receivables –considered doubtful	-	-	2	13	5	24	45
	(iii) Disputed Trade Receivables consideredgood	-	-	-	-	-	-	-
	(iv) Disputed Trade Receivables considereddoubtful	-	-	-	-	-	2	2

Significant accounting policies and other explanatory information to the standalone financial statements

59 Trade payables ageing Ageing as at 31 March 2022

(i) Undispu
(ii) Undispu
(iii) Dispute

	(Rs in million)

	Particulars	Not Due				Outstanding for following periods from due date of payment
			Less than 1year	1-2 years	2-3 years	More than 3years	Total
(i)	Undisputed dues - MSME	50	19	0	0	0	69
(ii)	Undisputed dues - Others*	585	62	2	0	0	649
	(iii) Disputed dues - MSME	-	-	-	-	-	-
	(iv) Disputed dues - Others	-	-	-	-	74	74

*Unbilled Trade Payables - Rs. 180 million

Ageing as at 31 March 2021

(Rs in million)

Particulars	Not Due			Outstanding for following periods from due date of payment
		Less than 1	1-2 years		2-3 years More than 3	Total
		year			years
(i) Undisputed dues - MSME	57	7	0	0	1	65
(ii) Undisputed dues - Others*	648	34	1	0	0	684
(iii) Disputed dues - MSME	-	-	-	-	-	-
(iv) Disputed dues - Others	-	-	-	-	74	74

*Unbilled Trade Payables - Rs. 176 million

60 Prior period comparatives

The figures for the previous periods have been regrouped/ rearranged wherever necessary to conform to the current period's classification in order to comply with the requirements of the amended schedule III to the Companies Act, 2013 effective 01 April 2021.

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors

Chartered Accountants Firm Registration No. 001076N / N500013 Anand Kripalu

Managing Director and Chief Executive Officer (DIN - 00118324)

Sharmila Abhay Karve Director (DIN - 05018751)

Amit Jain

Chief Financial Officer

Rakesh R. Agarwal Partner Membership No.: 109632 Place: Mumbai Date: 10 May 2022

Suresh Savaliya SVP - Legal and Company Secretary

Place: Mumbai Date: 10 May 2022

From the MD & CEO's desk

EPL at a Glance
Sustainability Commitment at EPL
Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives
Greening Lives, Sustaining Communities
Awards & Recognition
Key Performance Indicators
The Leadership Team
The Management Team
Board Report
MDA
Corporate Governance
Five-Year Summary
Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

Independent Auditor's Report

To the Members of EPL Limited (formerly, Essel Propack Limited)

Report on the Audit of the Consolidated Financial Statements

Opinion

1. We have audited the accompanying consolidated financial statements of EPL Limited (formerly, Essel Propack Limited) ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') and its associate, as listed in Annexure I, which comprise the Consolidated Balance Sheet as at 31 March 2022, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Cash Flow Statement and the Consolidated Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
1. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate financial statements and on the other financial information of the subsidiaries, the aforesaid consolidated 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 Standards ('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 of the consolidated state of affairs of the Group and its associate as at 31 March 2022, and their consolidated profit (including other comprehensive income), its consolidated cash flows and the consolidated changes in equity for the year ended on that date.

Basis for Opinion

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 Consolidated Financial Statements section of our report. We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('ICAI') together with the ethical requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained together with the audit evidence obtained by the other auditors in terms of their reports referred to in paragraph 15 of the Other Matters section below, is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

1. Key audit matters are those matters that, in our professional judgment and based on the consideration of the reports of the other auditors on separate financial statements of the subsidiaries, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
1. We have determined the matter described below to be the key audit matter to be communicated in our report.

Key audit matter How our audit addressed the key audit matter Revenue recognition on sale of products by the Holding Company

Revenue for the Holding Company consists primarily of sale of packaging products and service charges, recognised as per the accounting policy described in Note 2(III)(i) to the consolidated financial statements. Refer Note 27 and Note 54 for details of revenue recognised during the year.

Revenue of the Holding Company is recognised in accordance with Indian Accounting Standard 115, 'Revenue from contracts with customers' ('Ind AS 115). Owing to the multiplicity of the Holding Company's products, volume of sales transactions and varied terms of contracts with customers and, in line with the requirements of the Standards on Auditing, revenue is determined to be an area involving significant risk and hence requiring significant auditor attention.

Considering the significance to our audit and the stakeholders, revenue recognition has been determined to be a key audit matter in our audit of the consolidated financial statements for the current year's audit.

Our audit work included, but was not restricted to, the following:
a) Considered the appropriateness of revenue recognition policy and its compliance in terms of Ind AS 115 'Revenue from contracts with customers'.
b) Assessed the design and tested the operating effectiveness of key internal controls related to sales, related discounts and cut off assertion including general and specific application of information technology controls.
c) Performed sample tests of individual sales transaction and traced to individual contracts, sales invoices, customers' purchase orders, transportation documents and other related documents using statistical sampling to ensure that the revenue has been appropriately recognised.
d) Performed analytical review procedures on revenue recognised during the year to identify any unusual and/or material variances.
e) Performed confirmation procedures on selected invoice balances outstanding as at the year end.
f ) Selected sample of sales transactions made pre and post year end and agreed the period of revenue recognition to underlying documents.
g) Obtained balance confirmations for samples of customers selected and reviewed the reconciling items, if any.
h) Evaluated the appropriateness and adequacy of disclosures in the financial statements in respect of revenue recognition in accordance with the applicable requirements.

Information other than the Consolidated Financial Statements and Auditor's Report thereon

The Holding Company's Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis Report and Director's Report, but does not include the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated 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, we are required to report that fact. We have nothing

to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

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 including its associate 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 Holding Company's Board of Directors are also responsible for ensuring accuracy of records including financial information considered necessary for the preparation of consolidated Ind AS financial statements. Further, in terms of the provisions of the Act the respective Board of Directors of the companies included in the Group, and its associate company covered under the Act are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and 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 adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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. These financial statements have been used for the purpose of preparation of the consolidated financial statements by the Board of Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of the companies included in the Group and of its associate to 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 intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those respective Board of Directors are also responsible for overseeing the financial reporting process of the companies included in the Group and of its associate.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

1. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in 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 expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
1. As part of an audit in accordance with Standards on Auditing specified under section 143(10) of the Act, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are 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 system with reference to financial statements in place and the operating effectiveness of such controls;
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;
• Conclude on the appropriateness of management's 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 cast significant doubt on the ability of the Group and its associate to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the 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 cause the Group and its associate to cease to continue as a going concern;
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

Auditors Reports - Consolidated

whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation; and

• Obtain sufficient appropriate audit evidence regarding the financial information/ financial statements of the entities or business activities within the Group, and its associate, to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of financial statements of such entities included in the financial statements, of which we are the independent auditors. For the other entities included in the financial statements, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
1. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
1. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
1. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

We did not audit the financial statements/ financial information of sixteen (16) subsidiaries, whose financial statements/ financial information (before eliminating inter-company transactions and balances) reflects total assets of ₹ 28,827 million and net assets of ₹ 19,720 million as at 31 March 2022, total revenues of ₹ 24,070 million, total net profit after tax of ₹ 3,188 million, total comprehensive income of ₹ 3,187 million and net cash outflows amounting to ₹ 552 million for the year ended on that date, as considered in the consolidated financial statements. These financial statements/ financial information have been audited by other auditors whose reports have been furnished to 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 143 of the Act in so far as it relates to the aforesaid subsidiaries, are based solely on the reports of the other auditors.

Further, of these subsidiaries, fifteen (15) subsidiaries, are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally

accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion on the consolidated financial statements, in so far as it relates to the balances and affairs of such subsidiaries located outside India, is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion above on the consolidated financial statements, and our report on other legal and regulatory requirements below, are not modified in respect of the above matters with respect to our reliance on the work done by and the reports of the other auditors.

The consolidated financial statements also include the Group's share of net loss (including other comprehensive income) of ₹ 76 million for the year ended 31 March 2022, as considered in the consolidated financial statements, in respect of one (1) associate, whose financial information has not been audited by us. This financial information is unaudited and have been furnished to us by the Holding Company's management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of the aforesaid associate, and our report in terms of sub-section (3) of section 143 of the Act in so far as it relates to the aforesaid associate, are based solely on such unaudited financial information. In our opinion and according to the information and explanations given to us by the management, this financial information is not material to the Group.

Our opinion above on the consolidated financial statements, and our report on other legal and regulatory requirements below, are not modified in respect of the above matter with respect to our reliance on the financial information certified by the management of the Holding Company.

Report on Other Legal and Regulatory Requirements

1. As required by section 197(16) of the Act, based on our audit and on the consideration of the reports of the other auditors, referred to in paragraph 15, on separate financial statements of the subsidiary, we report that the Holding Company, covered under the Act, has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act. Further, we report that the provisions of section 197 read with Schedule V to the Act are not applicable to eighteen (18) subsidiary companies and one (1) associate company, since none of such companies is a public company as defined under section 2(71) of the Act.
1. 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 and based on the consideration of the Order reports issued by us and by the respective other auditors as mentioned in paragraph 15 above, of companies included in the consolidated financial statements and covered under the Act, we report that there are no qualifications or adverse remarks reported in the respective Order reports of such companies.
1. As required by section 143(3) of the Act, based on our audit and on the consideration of the reports of the other auditors on separate financial

statements and other financial information of the subsidiaries as referred in paragraph 15, we report, to the extent applicable, that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the aforesaid consolidated financial statements;

b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors;

c) The consolidated financial statements dealt with by this report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements;

d) In our opinion, the aforesaid consolidated financial statements comply with Ind AS specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015;

e) On the basis of the written representations received from the directors of the Holding Company, and taken on record by the Board of Directors of the Holding Company, and the reports of the statutory auditors of its subsidiary company covered under the Act, none of the directors of the Group companies, covered under the Act, are disqualified as on 31 March 2022 from being appointed as a director in terms of section 164(2) of the Act;

f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Holding Company and its subsidiary company covered under the Act, and the operating effectiveness of such controls, refer to our separate report in 'Annexure II' wherein we have expressed an unmodified opinion; and

g) With respect to the other matters to be included in the Auditor's Report in accordance with rule 11 of the 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 and based on the consideration of the report of the other auditors on separate financial statements and other financial information of the subsidiary incorporated in India whose financial statements have been audited under the Act:

i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group as detailed in Note 36(a)(A) and Note 38 to the consolidated financial statements;
ii. The Holding Company and its subsidiary companies did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 March 2022;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company during the year ended 31 March 2022. Further, there were no amounts which were required to be

transferred to the Investor Education and Protection Fund by its subsidiary company covered under the Act, during the year ended 31 March 2022;

iv (a). The respective managements of the Holding Company and its subsidiary company incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiary 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 sources or kind of funds) by the Holding Company or its subsidiary company to or in any person(s) or entity(ies), including foreign entities ('the intermediaries'), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Holding Company, or any such subsidiary company ('the Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;
iv (b). The respective managements of the Holding Company and its subsidiary company incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiary respectively that, to the best of their knowledge and belief, no funds have been received by the Holding Company or its subsidiary companies, or its associate company from any person(s) or entity(ies), including foreign entities ('the Funding Parties'), with the understanding, whether recorded in writing or otherwise, that the Holding Company, or any such subsidiary company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ('Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
iv (c). Based on such audit procedures performed by us and that performed by the auditors of the subsidiary company, as considered reasonable and appropriate in the circumstances, nothing has come to our attention that causes us to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.
v (a). The interim dividend declared and paid by the Holding Company during the year ended 31 March 2022 is in compliance with section 123 of the Act;
v (b). The final dividend paid by the Holding Company during the year ended 31 March 2022 in respect of such dividend declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend;
v (c). As stated in Note 44(b) to the accompanying consolidated financial statements, the Board of Directors of the Holding Company have proposed final dividend for the year ended 31 March 2022

From the MD & CEO's desk

EPL at a Glance
Sustainability Commitment at EPL
Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives
Greening Lives, Sustaining Communities
Awards & Recognition
Key Performance Indicators
The Leadership Team
The Management Team
Board Report
MDA
Corporate Governance
Five-Year Summary
Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend; and

v (d). The subsidiary company covered under the Act, have not declared or paid any dividend during the year ended 31 March 2022.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013

Rakesh R Agarwal

Partner Membership No.: 109632 UDIN: 22109632AIRODQ7240

Place: Mumbai Date: 10 May 2022

Annexure I to the Independent Auditor's Report of even date to the members of EPL Limited (formerly, Essel Propack Limited) on the consolidated financial statements for the year ended 31 March 2022

List of entities included in the consolidated financial statements

Subsidiaries:

1. Lamitube Technologies Limited
1. Lamitube Technologies (Cyprus) Limited
1. Arista Tubes Inc.
1. EPL America, LLC (formerly known as Essel Propack America, LLC)
1. Laminate Packaging Columbia SAS (formerly known as Essel Colombia S.A.S.)
1. EPL Propack de Mexico, S.A. de C.V. (formerly known as Essel de Mexico, S.A. de C.V.)
1. EPL Deutschland Management GmbH (formerly known as Essel Deutschland Management GmbH)
1. EPL Deutschland GmbH & Co. KG (formerly known as Essel Deutschland GmbH & Co. KG)
1. EPL Misr for Advanced Packaging S.A.E. (formerly known as Essel Propack MISR for Advanced Packaging S.A.E.)
1. EPL Packaging (Guangzhou) Limited (formerly known as Essel Packaging (Guangzhou) Limited)
1. EPL Packaging (Jiangsu) Limited (formerly known as Essel Packaging (Jiangsu) Limited)
1. EPL Propack Philippines, Inc.
1. EPL Propack LLC (formerly known as Essel Propack LLC)
1. EPL Poland sp. Z.o.o (formerly known as Essel Propack Polska sp. z.o.o.)
1. EPL Propack UK Limited (formerly known as Essel Propack UK Limited)
1. MTL De Panama, S.A.
1. Tubopack de Colombia S.A.S.
1. Creative Stylo Packs Private Limited (effective 1 February 2021)

Associate:

PT. Lamipak Primula

Annexure II to the Independent Auditor's Report of even date to the members of EPL Limited (formerly,

Essel Propack Limited) on the consolidated financial statements for the year ended 31 March 2022 Independent Auditor's Report on the internal financial controls with reference to financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ('the Act')

In conjunction with our audit of the consolidated financial statements of EPL Limited (formerly, Essel Propack Limited) ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), and its associate as at and for the year ended 31 March 2022, we have audited the internal financial controls with reference to financial statements of the Holding Company and its one (1) subsidiary company, which are companies covered under the Act, as at that date.
The respective Board of Directors of the Holding Company and its one (1) subsidiary company, which are companies covered under the Act, are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the respective companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting ('the Guidance Note') issued by the Institute of Chartered Accountants of India ('ICAI'). 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 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 preparation of reliable financial information, as required under the Act.

Auditor's Responsibility for the Audit of the Internal Financial Controls with Reference to Financial Statements

Our responsibility is to express an opinion on the internal financial controls with reference to financial statements of the Holding Company and its one (1) subsidiary company, as aforesaid, based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the ICAI prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements, and the Guidance Note issued by the ICAI. Those 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 financial statements were established and maintained and if such controls operated effectively in all material respects.

Responsibilities of Management and Those Charged with Governance for Internal Financial Controls Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to 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 financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their report 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 one (1) subsidiary company, as aforesaid.

Meaning of Internal Financial Controls with Reference to Financial

Statements

A company's internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial 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 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.
Because of the inherent limitations of internal financial controls with reference to financial statements, 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 with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and based on the consideration of the report of the other auditors on internal financial controls with reference to financial statements of one (1) subsidiary company, the Holding Company and its one (1) subsidiary company, which are companies covered under the Act, have in all material respects, adequate internal financial controls with reference to financial statements and such controls were operating effectively as at 31 March 2022, based on the internal financial controls with reference to financial statements criteria established by the Holding Company and the subsidiary company, as aforesaid, considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

Other Matter

We did not audit the internal financial controls with reference to financial statements insofar as it relates to one (1) subsidiary company, which is a company covered under the Act, whose financial statements (before eliminating inter-company transactions and balances) reflect total assets of ₹ 1,068 million and net assets of ₹ 632 million as at 31 March 2022, total revenues of ₹ 1,099 million and net cash outflows amounting to ₹ 43 million for the year ended on that date, as considered in the consolidated financial statements. The internal financial controls with reference to financial statements in so far as it relates to such subsidiary company, have been audited by other auditors whose report has been furnished to us by the management and our report on the adequacy and operating effectiveness of the internal financial controls with reference to financial statements for the Holding Company and its one (1) subsidiary company, as aforesaid, under Section 143(3)(i) of the Act in so far as it relates to such subsidiary company is based solely on the report of the auditors of such company. Our opinion is not modified in respect of this matter with respect to our reliance on the work done by and on the report of the other auditors.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013

Rakesh R. Agarwal

Partner Membership No.: 109632 UDIN: 22109632AIRODQ7240

Place: Mumbai Date: 10 May 2022 ANNUAL REPORT 2021-22 153

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration No. 001076N / N500013 Anand Kripalu

Managing Director and Chief Executive Officer

(DIN - 00118324)

Sharmila Abhay Karve

Director (DIN - 05018751)

Rakesh R. Agarwal

Partner

Membership No.: 109632

Amit Jain

Chief Financial Officer

Suresh Savaliya

SVP - Legal and Company Secretary

Place: Mumbai Date: 10 May 2022 Place: Mumbai Date: 10 May 2022

Consolidated Balance sheet as at 31March 2022			( Rs in million)
Particulars	Note	As at31 March 2022	As at31 March 2021
Assets
Non-current assets
(a) Property, plant and equipment	4(a)	12,024	12,740
(b) Capital work-in-progress	58(iii)	1,446	226
(c) Right of use asset	4(b)	1,061	870
(d) Goodwill on consolidation	57	1,159	1,159
(e) Intangible assets	4(c)	490	543
(f ) Intangible assets under development	58(iv)	20	47
		16,200	15,585
(g) Investment in associate accounted for using equity method	5	72	149
(h) Financial assets - others	6	133	153
(i) Deferred tax assets (net)	50(c)	276	169
(j) Income tax assets (net)	7	136	134
(k) Other non-current assets	8A	742	484
Total non-current assets		17,559	16,674
Current assets
(a) Inventories	9	5,941	4,149
(b) Financial assets
(i) Trade receivables	10	6,367	5,891
(ii) Cash and cash equivalents	11	1,868	2,365
(iii) Bank balances other than cash and ca sh equivalents	12	59	49
(iv) Loans	13	6	8
(v) Others	14	213	148
(c) Other current assets	8B	913	830
Total current assets		15,367	13,440
Total assets		32,926	30,114
Equity and liabilities
Equity
(a) Equity share capital	15	632	631
(b) Other equity	16	17,613	16,350
(c) Non-controlling interest		336	333
Total equity		18,581	17,314
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Borrowings	17	3,620	3,545
(ii) Lease liabilities	18	783	641
(b) Deferred tax liabilities (net)	50(c)	619	543

(c) Other non-current liabilities 19 138 143 (d) Provisions 20 208 197 Total non-current liabilities 5,368 5,069

Current liabilities (a) Financial liabilities

(i) Borrowings 21 2,952 1,996 (ii) Lease liabilities 23A 316 241

(iii) Trade payables 22

Dues of micro enterprises and small enterprises 83 84 - Dues of creditors other than micro enterprises and small enterprises 4,464 4,138 (iv) Other financial liabilities 23B 648 612 (b) Other current liabilities 24 308 397 (c) Provisions 25 131 139 (d) Income tax liabilities (net) 26 75 124 Total current liabilities 8,977 7,731 Total equity and liabilities 32,926 30,114

The accompanying notes and other explanatory information forms an integral part of these consolidated financial statements.

This is the Consolidated Balance Sheet referred to in our report of even date

( Rs in million)

154 EPL LIMITED

Income



Expenses

			( Rs in million)
Particulars	Note	Year ended31 March 2022	Year ended31 March 2021
Income
Revenue from operations	27	34,328	30,916
Other income	28	120	145
Total income		34,448	31,061
Expenses
Cost of materials consumed	29	15,744	12,886
Changes in inventories of finished goods and work-in-progress	30	(568)	48
Employee benefits expense	31	6,500	6,064
Finance costs	32	403	429
Depreciation and amortisation expense	33	2,514	2,346
Other expenses	34	6,891	5,807
Total expenses		31,484	27,580
Profit before share of profit/(loss) of an associate, exceptional items and tax		2,964	3,481
Share of profit /(loss) of an associate		(76)	(9)
Profit before exceptional items and tax		2,888	3,472
Exceptional items	40	-	161
Profit before tax		2,888	3,311
Tax expense	50
Current tax - current period		753	963
- earlier period		(28)	(27)
Deferred tax credit		(50)	(68)
Total tax expense		675	868
Net profit for the year after tax (A)		2,213	2,443
Other comprehensive income (OCI)
Items that will not be reclassified to profit or loss
- Remeasurement gains/(losses) on defined benefit plan	47	1	(13)
Income tax effect on above		0	4
- Share of OCI of associate		0	(2)
Income tax effect on above		0	0
		1	(11)
Items that will be reclassified to profit or loss
Fair value changes of non-derivatives instruments designated as cash flow hedge		-	13
Exchange differences on translation of
- Financial statements of foreign operations		262	404
- Share of associate		(1)	0
		261	417

Other comprehensive income for the year (B)		262	406
Total comprehensive income for the year (A+B)		2,475	2,849
Total comprehensive income attributable to:
Owners of the Holding Company		2,417	2,798
Non-controlling interest		58	51
Of the total comprehensive income above,
Profit for the year attributable to:
Owners of the Holding Company		2,144	2,391
Non-controlling interest		69	52
Of the total comprehensive income above,
Other comprehensive income / (loss) for the year attributable to:
Owners of the Holding Company		273	407
Non-controlling interest		(11)	(1)
Earnings per equity share of Rs. 2 each fully paid up	41
Basic (Rs)		6.79	7.58
Diluted (Rs)		6.77	7.57

Profit for the year attributable to:

The accompanying notes and other explanatory information forms an integral part of these consolidated financial statements.

This is the Consolidated Statement of Profit and Loss referred to in our report of even date

Consolidated Statement of Profit and Loss for the year ended 31 March 2022

Chartered Accountants

For Walker Chandiok & Co LLP	For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration No. 001076N / N500013	Anand KripaluManaging Director and Chief Executive Officer(DIN - 00118324)	Sharmila Abhay KarveDirector(DIN - 05018751)
Rakesh R. Agarwal	Amit Jain	Suresh Savaliya
PartnerMembership No.: 109632	Chief Financial Officer	SVP - Legal and Company Secretary
Place: Mumbai	Place: Mumbai
Date: 10 May 2022	Date: 10 May 2022

Partner Place: Mumbai Date: 10 May 2022

Contents

From the MD & CEO's desk

Product Sustainability
Process Sustainability
People Sustainability

Greening Lives, Sustaining Communities

Particulars	Year ended31 March 2022	Year ended31 March 2021
A.Cash flow from operating activities
Profit before tax	2,888	3,311
Adjustments for:
Depreciation and amortisation expense	2,514	2,346
Interest expense	355	381
Interest income	(34)	(64)
Share based payment expenses	123	144
Unwinding of discount on security deposits	(7)
Net loss on disposal / write down of property, plant and equipment	7
Exceptional items (Refer note 40)	-
Gain on sale of current investments (net)	(4)

Share of loss from associate	76
Bad and doubtful debts/advances (net)	11
Inventory written down	65
Unrealised foreign exchange adjustments (net)	116
Operating profit before working capital changes	6,110	6,470
Adjustments for:
Increase in trade and other receivables	(606)	(607)
Increase in inventories	(1,857)	(436)
Increase in trade and other payables	246
Cash generated from operations	3,893	6,090
Direct taxes paid (net of refunds)	(776)	(866)
Net cash from operating activities (A)	3,117	5,224
B.Cash flow from investing activities
Acquisition of subsidiary (Refer note 57)	-	(1,672)
Capital expenditure on property plant and equipment and intangible assets (including capital work in	(2,755)	(1,760)
progress, intangible assets under development, capital advances and capital creditors)
Proceeds from sale of property, plant and equipment	87
(Increase) / decrease in other bank balances	(13)
Maturity/ (increase) in fixed deposits (not considered as cash and cash equivalent)	2
Purchase of current investments (mutual fund units)	(4,071)	(3,359)
Sale of current investments (mutual fund units)	4,075	3,364
Interest received	33
Net cash used in investing activities (B)	(2,642)	(2,805)
C.Cash flow from financing activities
Proceeds from issue of equity shares (including securities premium)	50
Proceeds from issue of non-convertible debentures	-
Redemption of non-convertible debentures	-	(500)
Proceeds from long-term borrowings	1,498	2,952
Repayment of long-term borrowings	(683)	(3,615)
Proceeds from short-term borrowings	5,782	2,303
Repayment of short-term borrowings	(5,566)	(2,859)
Principal payment of lease liabilities	(297)	(244)
Interest on lease liabilities	(80)
Interest paid on borrowings	(278)	(321)
Dividend paid (including tax)	(1,325)	(1,292)
Dividend paid to non-controlling interests	(55)
Net cash used in financing activities (C)	(954)	(3,191)
Net changes in cash and cash equivalents(A+B+C)	(479)	(772)
Cash and cash equivalents at the beginning of the year	2,365	3,116

Exchange difference on translation of foreign currency cash and cash equivalent	(18)

Notes :

1. As required by Ind AS 7 "Statement of Cash Flows", a reconciliation between opening and closing balances in the balance sheet for liabilities arising from financing activities is given in note 56 of the consolidated financial statements.
1. The above cashflow has been prepared under "Indirect method" as set out in Ind AS 7 "Statement of Cashflows".

This is the Consolidated Cash Flow Statement referred to in our report of even date

Consolidated cash flow statement for the year ended 31 March 2022 ( Rs in million)

For Walker Chandiok & Co LLP	For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration No. 001076N / N500013	Anand KripaluManaging Director and Chief Executive Officer(DIN - 00118324)	Sharmila Abhay KarveDirector(DIN - 05018751)
Rakesh R. AgarwalPartnerMembership No.: 109632	Amit JainChief Financial Officer	Suresh SavaliyaSVP - Legal and Company Secretary
Place: MumbaiDate: 10 May 2022	Place: MumbaiDate: 10 May 2022

Note Rs. in million*

Balance as at 1 April 2020 631 Changes in equity share capital 15(a) 0 Balance as at 31 March 2021 631

Changes in equity share capital 15(a) 1 Balance as at 31 March 2022 632

* including forfeited shares of Rs 0.1 million [Refer note 15(j)]Other equityB														( Rs in million)
	Note	Capital	Capitalreserve on	Securitiespremium	Debentureredemption	Legal	Shareoptions	General	Retainedearnings	Cashflow	Foreign	Attributableto owners of	Noncontrolling	Total
		reserve	Consolidation		reserve	reserve	outstanding	reserve		hedge	currencytranslation	the parent	interest
Balance as at 1 April 2020		402	5,531	885	125	444	3account	54	6,987	reserve(13)	277reserve	14,695	86	14,781
Profit for the year									2,391			2,391	52	2,443
Other comprehensive income /(loss) for the yearTotal comprehensive income for the year		-	-	-	-	-	-	-	2,380(11)	1313	405405	4072,798	51(1)	4062,849
Share options exercised during the year	16 & 48	-	-	7	-	-	-	-	-	-	-	7	-	7
Share based payments:							144					144		144
outstandingoptionsShare based payment expenseTransferred from share	16 & 48	--	--	-3	--	--	(3)	--	--	--	--	-	--	-
account on exercise of option
On acquisition of entity	57	-	-	-	-	-	-	-	-	-	-	-	245	245
Transferred to general reserve from debentureTransferred from retained earnings to legal reserve	16	--	--	--	-(125)	8-	--	-125	-(8)	--	--	--	--	--
redemption reserve
Equity dividend	44	-	-	-	-	-	-	-	(647)	-	-	(647)	-	(647)
Interim dividend	44	-	-	-	-	-	-	-	(647)	-	-	(647)	-	(647)
Dividend to non-controlling interest		-	-	-	-	-	-	-	-	-	-	-	(49)	(49)
Balance as at 31 March 2021		402	5,531	895	-	452	144	179	8,065	-	682	16,350	69333	16,683
Other comprehensive income /(loss) for the yearProfit for the year		--	--	--	--	--	--	--	2,1441	--	-272	2,144273	(11)	2,213262
Total comprehensive income for the year	-	-	-	-	-	-	-	-	2,145	-	272	2,417	58	2,475
Share options exercised during the year	16 & 48	-	-	49	-	-	-	-	-	-	-	49	-	49
Share based payments:
outstandingoptionsShare based payment expenseTransferred from share	16 & 48	-	-	-40	-	-	123(40)	-	-	-	-	123	-	123
account on exercise of option		-	-		-	-		-	-	-	-	-	-	-
Transferred from retained earnings to general		-	-	-	-	-	-	10	(10)	-	-	-	-	-
reserve
Equity dividend	44	-	-	-	-	-	-	-	(647)	-	-	(647)	-	(647)
Interim dividend	44	-	-	-	-	-	-	-	(679)	-	-	(679)	-	(679)
Dividend to non-controlling interestBalance as at 31 March 2022		-	-	-	-	-	-	-	-	-	-	-	(55)	(55)
		402	5,531	984	-	452	227	189	8,874	-	954	17,613	336	17,949
This is the Consolidated Statement of Changes in Equity referred to in our report of even date
For Walker Chandiok & Co LLPChartered Accountants							For and on behalf of the Board of Directors
Firm Registration No. 001076N / N500013						Anand Kripalu						Sharmila Abhay Karve
							Managing Director and Chief Executive Officer				Director
						(DIN - 00118324)						(DIN - 05018751)
Rakesh R. Agarwal						Amit Jain						Suresh Savaliya
Partner							Chief Financial Officer					SVP - Legal and Company Secretary
Membership No.: 109632Place: Mumbai						Place: Mumbai
Date: 10 May 2022							Date: 10 May 2022

Contents

- Product Sustainability - Process Sustainability - People Sustainability

Greening Lives, Sustaining

Communities

The Leadership Team The Management Team

Financial Statements - Standalone Auditors Reports - Consolidated

1 Corporate information

EPL Limited (hereinafter referred to as "EPL" or "Holding Company" or "the Company" or the "Parent Company") (CIN: L74950MH1982PLC028947) is domiciled and incorporated in India and its shares are publicly traded on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The Company's registered office is located at P.O. Vasind, Taluka: Shahapur, District: Thane, Maharashtra - 421604, India.

The Company along with its subsidiaries (the "Group") and associate is engaged in manufacture of plastic packaging material in the form of multilayer collapsible tubes and laminates used primarily for packaging of consumer products in the Beauty & Cosmetics, Health & Pharmaceuticals, Food, Home and Oral care categories.

The Consolidated Financial Statements (hereinafter referred to as 'CFS') of the group and associate for the year ended 31 March 2022 were authorised for issue by the Board of Directors at their meeting held on 10 May 2022.

2 Basis of preparation and other significant accounting policies I Basis of preparation of consolidated financials statements

a) The CFS have been prepared to comply in all material respects with the Indian Accounting Standards (Ind AS) notified under Section 133 of Companies Act, 2013 (the Act), other relevant provisions of the Act, and the presentation and disclosures requirement of Division II of Schedule III to the Act (Ind AS compliant Schedule III)), and the guidelines issued by the Securities and Exchange Board of India, as applicable.

The CFS have been prepared under the historical cost convention and on accrual basis, except for certain financial assets and liabilities (including derivative instruments), non-current assets held for sale, defined benefit plan assets and liabilities, and share based payments being measured at fair value.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or a liability at the measurement date.

The CFS are presented in Indian Rupees ('INR') with values rounded off to the nearest million (000,000), except otherwise indicated. ''0" zero denotes amount less than a million.

Significant accounting policies and other explanatory information to the consolidated financial statements as at and for the year ended 31 March 2022

b) Current and non-current classification

All the assets and liabilities have been classified as current or non-current, wherever applicable, as per the operating cycle of the Company as per the guidance set out in Schedule III to the Act. Assets and liabilities are classified as current if expected to realise or settle within twelve months after the balance sheet date. Deferred tax assets and deferred tax liabilities are classified as non-current assets and liabilities.

II Principles of consolidation and equity accounting

The consolidated financial statements have been prepared on the following basis:

i) Subsidiaries

a) The consolidated financial statements incorporate the financial statements of Holding and its subsidiaries.
b) For this purpose, an entity which is, directly or indirectly, controlled by the Parent Company is treated as subsidiary. The Parent Company together with its subsidiaries constitute the Group. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date on which control ceases.
c) The consolidated financial statements of the Group combines the financial statements of the parent and its subsidiaries line-by-line adding together like items of assets, liabilities, income and expenses. Inter company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. The consolidated financial statements have been presented to the extent possible, in the same manner as Holding Company's standalone financial statements. Profit or loss and each component of other comprehensive income are attributed to the owners of the Holding Company and to the non-controlling interests and have been shown separately in the financial statements. The financial statements of the subsidiary companies used in the consolidation are drawn upto the same reporting date as that of the parent i.e. year ended 31 March 2022.
d) Non-controlling interest represents that part of the total comprehensive income and net assets of subsidiaries attributable to interests which are not owned, directly or indirectly, by the Holding Company.

Significant accounting policies and other explanatory information to the consolidated financial statements

e) Notes to the consolidated financial statements represent notes involving items which are considered material and are accordingly disclosed. Materiality for the purpose is assessed in relation to the information contained in the financial statements. Further, additional statutory information disclosed in separate financial statements of the subsidiary and/or a Holding Company having no bearing on the true and fair view of the Group's position or results, has not been disclosed in these consolidated financial statements.
f) Listed below are the subsidiaries considered in the CFS. Subsidiaries are consolidated from the date on which effective control is acquired and are excluded from the date that control ceases.

Name of the Subsidiaries	Proportion of interest (including beneficialinterest) / voting power (either directly /indirectly through subsidiaries)		Country of incorporation
	As on31 March 2022	As on31 March 2021
Direct Subsidiaries
Arista Tubes, Inc. *	100%	100%	United States of America
Lamitube Technologies (Cyprus) Limited	100%	100%	Cyprus
Lamitube Technologies Limited	100%	100%	Mauritius
Creative Stylo Packs Private Limited ##	72.46%	72.46%	India
Step down Subsidiaries
EPL MISR for Advanced Packaging S.A.E.	75%	75%	Egypt
EPL Packaging (Guangzhou) Limited	100%	100%	China
EPL Packaging (Jiangsu) Limited	100%	100%	China
EPL Propack Philippines, Inc.	100%	100%	Philippines
MTL De Panama, S.A.	100%	100%	Panama
EPL Propack UK Limited	100%	100%	United Kingdom
EPL Deutschland Management GmbH	100%	100%	Germany
EPL Deutschland GmbH & Co. KG	100%	100%	Germany
EPL Propack de Mexico, S.A. de C.V.	100%	100%	Mexico
Tubopack De Colombia S.A.S.**	100%	100%	Colombia
Laminate Packaging Colombia S.A.S.	100%	100%	Colombia
EPL Propack LLC	100%	100%	Russia
EPL Poland sp. z.o.o.	100%	100%	Poland
EPL America, LLC	100%	100%	United States of America

* 7.35% is held through Lamitube Technologies (Cyprus) Limited

Acquired on 1 February 2021

** Under liquidation. The financial statements of this subsidiary are prepared using liquidation basis of accounting.

ii) Associate

a) Associate is an entity over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights. Investment in associate is accounted for using the equity method of accounting, after initially being recognised at cost.
b) Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group's share of the post-acquisition profits or losses of the investee in profit and loss, and the group's share of other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of investments.

When the group's share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.

Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group's interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group.

The carrying amount of equity accounted investments are tested for impairment in accordance with the policy.

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c) List of investment in associate accounted for using "Equity method" is as under:

Name of the Associate	Extent of holding		Relationship	Country of
	As on31 March 2022	As on31 March 2021		Incorporation
P.T. Lamipak Primula	30%	30%	Associate	Indonesia

iii) Business Combination/ Goodwill on consolidation

Business combinations are accounted for using the acquisition method as per Ind AS 103, "Business Combinations". The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the group. The cost of acquisition also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Business combinations between entities under common control is accounted for at carrying value. Acquisition related costs are incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees, and other professional and consulting fees recognised in the statement of profit and loss as incurred.

The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests' proportionate share of the acquiree's identifiable net assets. The choice of measurement basis is made on an acquisition-byacquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity of subsidiaries.

Business combinations arising from transfers of interests in entities that are under common control are accounted at historical cost. The difference between any consideration given and the aggregate historical carrying amounts of assets and liabilities of the acquired entity is recorded in shareholders' equity.

iv) Consistency in accounting policy

The financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the Group uses accounting policies other than those adopted in the financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that Group member's separate financial statements in preparing the financial statements to ensure conformity with the Group's accounting policies, wherever necessary and practicable.

III Summary of significant accounting policies

a. Property, plant and equipment and right-of-use assets

i) Free hold land is carried at cost. Other property, plant and equipment are stated at original cost of acquisition / installation (net of goods and services tax) less accumulated depreciation and impairment loss, if any. Cost includes cost of acquisition, construction and installation, taxes, duties, freight and other incidental expenses that are directly attributable to bringing the asset to its working condition for its intended use and estimated cost for decommissioning of an asset. Further, in respect of accounting periods commencing on or after 7 December 2006, exchange differences arising on revaluation of long-term foreign currency monetary items recognised in the consolidated financial statements till the period ending 31 March 2016 at rates different from those at which they were initially recorded during the period or reported in the previous financial statements, are added to or deducted from the cost of the assets and depreciated over the balance life of the asset, where these monetary items pertain to the acquisition of depreciable property, plant and equipment.
ii) Capital work-in-progress comprises cost of property, plant and equipment and related expenses that are not yet ready for their intended use at the reporting date.
iii) Right-of-use (ROU) assets are stated at cost, less accumulated depreciation and impairment loss, if any. The carrying amount of ROU assets is adjusted for remeasurement of lease liability, if any, in future. Cost of ROU assets comprises the amount of initial measurement of lease liability, lease payments made before the commencement date (net of incentives received), initial direct costs and present value of estimated costs of dismantling and restoration, if any.

Depreciation on property, plant and equipment and right-of-use assets

i) In case of Holding Company and subsidiary incorporated in India

Depreciation on property, plant and equipment is provided to the extent of depreciable amount on straight-line method over the useful life of asset as specified in Part-C of Schedule II to the Act. Depreciation is charged on prorata basis for asset purchased / sold during the year. Depreciation on the following assets is provided considering a shorter useful life as compared to Schedule II useful life, based on the management estimate in view of possible technology obsolescence and product life cycle implications.

Assets	Useful Life
Tooling, Moulds, Dies	7 Years
Hydraulic works, Pipelines and Sluices (HWPS)	10 Years
Overhauling of plant and machinery	5 Years
Certain items of plant and machinery	12 Years

ii) In case of foreign subsidiaries and associate

Depreciation on property, plant and equipment is provided at the rates adopted in the accounts of respective subsidiaries and associate as permissible under local laws on straight line basis from the time they are available for use, so as to write off their cost over the estimated useful life of the assets.

iii) ROU assets are depreciated on straight line basis from the commencement date to the end of useful life of asset or lease term whichever is earlier.
iv) Leasehold improvements are amortised over the normal period of lease or useful lives, whichever is lower.

b. Goodwill and other intangible assets

i Goodwill

Goodwill represents the cost of business acquisition in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds the cost of business acquisition, the bargain purchase excess is recognized after reassessing the fair value of net assets acquired in the capital reserve. Goodwill is measured at cost less accumulated impairment losses.

ii Other intangible assets

a. Intangible assets are stated at cost of acquisition less accumulated amortisation. Intangible assets with finite lives are amortised on a straight-line basis over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation expense on intangible assets with finite lives is recognised in the consolidated statement of profit and loss.
b. Intangibles assets with finite lives are amortised as follows:
Software : ERP software 10 years and others 3 years
- Patents and commercial rights : 10 years. Customer relationships forming part of commercial rights are amortised over their respective individual estimated useful economic life, which at present ranges from 4 years to 10 years.
c. Intangible under development (IUD) comprises of direct cost, related incidental expenses and attributable borrowing cost, if any, on intangible assets which are not ready for their intended use. IUD usually pertain to a product development project which has reached a defined milestone according to an established project management model and its technological and economic feasibility is viable. Expenditure on research activities is recognised in consolidated statement of profit and loss as incurred.

c. Impairment of non-financial assets

i) Goodwill is not subject to amortisation and is tested annually for impairment, or more frequently if events or change in circumstances indicate that they might be impaired.
ii) The carrying amounts of other non-financial assets are reviewed at each balance sheet date if there is any indication of impairment based on internal / external factors. An asset is treated as impaired when the carrying amount exceeds its recoverable value. The recoverable amount is the greater of the asset's net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to the present value using a pre-tax discount rate that reflects current market assessment of the time value of money and risks specific to the assets. An impairment loss is charged to the consolidated statement of profit and loss in the year in which an asset is identified as impaired. After impairment, depreciation / amortisation is provided on the revised carrying amount of the asset over its remaining useful life. The impairment loss recognized in prior accounting periods is reversed by crediting the consolidated statement of profit and loss if there has been a change in the estimate of recoverable amount.

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iii) Goodwill arising from a business combination is allocated to cash generating units that are expected to benefit from the synergies of the combination.

d. Non-current assets held for sale

The Group classifies non-current assets as held-for-sale if their carrying amounts will be recovered principally through a sale rather than through continuing use of the assets and actions required to complete such sale indicate that it is unlikely that significant changes to the plan to sell will be made or that the decision to sell will be withdrawn. Also, such assets are classified as held-for-sale only if the management expects to complete the sale within one year from the date of classification. Non- current assets classified as held-for-sale are measured at the lower of their carrying amount and the fair value less cost to sell. Non-current assets held-for-sale are not depreciated or amortized.

e. Borrowing costs

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. Ancillary costs incurred in connection with the arrangement of borrowings are amortised over the tenure of such borrowings. All other borrowing costs are charged to the consolidated statement of profit and loss as finance costs. Borrowing costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs, in terms of Ind AS 23.

f. Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

A Financial assets

i) Initial recognition

ii) Subsequent Measurement

For purposes of subsequent measurement, financial assets are classified in following categories:

- Financial Assets at Amortised Cost

- Financial Assets Measured at Fair Value

In respect of equity investments (other than for investment in associates) which are not held for trading, the Group has made an irrevocable election to present subsequent changes in the fair value of such instruments in OCI. Such an election is made by the Group on an instrument by instrument basis at the time of transition for existing equity instruments/ initial recognition for new equity instruments.

Financial asset not measured at amortised cost or at fair value through OCI is carried at FVPL.

iii) Impairment of financial assets

In accordance with Ind AS 109, the Group applies the expected credit loss ("ECL") model for measurement and recognition of impairment loss on financial assets and credit risk exposures.

The Group follows 'simplified approach' for recognition of impairment loss allowance on trade receivables. Simplified approach does not require the Group to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECL at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Group determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts 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 contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. Lifetime ECL are the expected credit losses resulting from all possible default events over the 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.

ECL impairment loss allowance (or reversal) recognised during the period is recognised as income/ expense in the Consolidated Statement of Profit and Loss.

iv) De-recognition of financial assets

The Group de-recognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all risks and rewards of ownership of the asset to another entity.

If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to 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 transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

B Equity Instruments and Financial Liabilities

Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

i) Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments which are issued for cash are recorded at the proceeds received, net of direct issue costs. Equity instruments which are issued for consideration other than cash are recorded at fair value of the equity instrument.

ii) Financial liabilities

Initial recognition

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below

- Financial liabilities at FVPL

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Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per impairment requirements of Ind AS 109 and the amount recognised less cumulative amortisation. Amortisation is recognised as finance income in the Consolidated Statement of Profit and Loss.

- Financial liabilities at amortised cost

Where the Group issues optionally convertible debenture, the fair value of the liability portion of such debentures is determined using a market interest rate for an equivalent non-convertible debenture. This value is recorded as a liability on an amortised cost basis until extinguished on conversion or redemption of the debentures. The remainder of the proceeds is attributable to the equity portion of the instrument. This is recognised and included in shareholders' equity (net of income tax) and are not subsequently re-measured.

Where the terms of a financial liability is re-negotiated and the Group issues equity instruments to a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised in the Consolidated Statement of Profit and Loss; measured as a difference between the carrying amount of the financial liability and the fair value of equity instrument issued.

- De-recognition of financial liabilities

C Offsetting financial instruments

D Derivatives and embedded derivatives

i) The group enters into certain derivative contracts (mainly foreign exchange forward contracts) to hedge risks, which are not designated as "hedges". Such contracts are accounted for at fair value through profit or loss and are recognised in the consolidated statement of profit and loss.
ii) Derivatives embedded in a host contract that are assets within the scope of Ind AS 109 or are closely related to the host contract, are not separated. Derivatives embedded in all other host contracts are separated only if the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host and are measured at fair value through profit or loss.

g. Employee benefits

i) Short-term benefits

Short-term employee benefits are recognized as an expense at the undiscounted amount in the consolidated statement of profit and loss for the year in which the related services are rendered. Expenses on non-accumulating compensated absences is recognised in the period in which the absences occur.

ii) Defined benefit plans

a) Post-employment and other long-term employee benefits are recognised as an expense in the consolidated statement of profit and loss for the year in which the employee has rendered services. The expense is recognised at the present value of the amount payable determined using actuarial valuation techniques.
b) Re-measurement of the net defined benefit liability, which comprises of actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest) are recognised in other comprehensive income in the period in which they occur.

iii) Defined contribution plans

Payments to defined contribution retirement benefit schemes are charged to the consolidated statement of profit and loss of the year when the contribution to the respective funds are due. There are no other obligations other than the contribution payable to the fund.

iv) Leave entitlement and compensated absences

Accumulated leave which is expected to be utilised within next twelve months, is treated as short-term employee benefit. Leave entitlement, other than short term compensated absences, are provided based on a actuarial valuation, similar to that of gratuity benefit. Re-measurement, comprising of actuarial gains and losses, in respect of leave entitlement are recognised in the Consolidated Statement of Profit and Loss in the period in which they occur.

h. Share based payments

Equity settled share based compensation benefits are provided to employees under the Essel Employee Stock Option Scheme 2014. The fair value of options granted under the Essel Employee Stock Option Scheme 2014 is recognised as an employee benefits expense with a corresponding increase in equity as "Share options outstanding account". The total amount to be recognised is determined by reference to the fair value of the options granted:

including any market performance conditions (e.g., the entity's share price)
excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and
including the impact of any non-vesting conditions (e.g. the requirement for employees to hold shares for a specific period of time).

The total expenses are amortised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the service and non-market performance vesting conditions. It recognises the impact of the revision to original estimates, if any, in the consolidated statement of profit and loss, with a corresponding adjustment to equity. In case vested options are forfeited / expires unexercised, the related balance standing to the credit of the "Share options outstanding account" is transferred to "Retained earnings".

i. Revenue recognition

i) Revenue from contract with customers

Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

Revenue from sale of goods

Revenue from sale of goods is recognised at the point in time when control of the goods is transferred to the customer in accordance with the terms of the contract. The control of the goods is transferred upon delivery to the customers either at factory gate of the Company or specific location of the customer or when the goods are handed over to the freight carrier, as per the terms of the contract. In case of exports, the control is generally deemed to be transferred when the goods are shipped. Revenue is recognised when there is no continuing management involvement with the goods, and the amount can be measured reliably. It is measured at the fair value of the consideration received or receivable net of returns, trade discounts, volume rebates and goods and services tax.

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Revenue from service charges

Revenue from services are recognized over period of time on performance of obligation as per the terms of the agreement, for which input method is used to measure the progress. The Group determines the input method on the basis of direct measurements of the value of the services transferred to the customer till date relative to the remaining services promised under the agreement. However, revenue from services comprising of development of art work and such other services, involving single performance obligation, are recognised at a point in time.

Variable consideration

If the consideration promised in a contract includes a variable amount, the Group estimates the amount of consideration to which the Group will be entitled in exchange for transferring the promised goods or services to the customer. Where customers are provided with discounts, rebates etc, such discounts and rebates will give rise to variable consideration. The Group follows the 'most likely amount' method in estimating the amount of variable consideration.

Contract balances

a) Contract liabilities

A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised. Contract liabilities are recognised as revenue when the Group performs under the contract.

b) Trade receivables

A receivable represents the Group's right to an amount of consideration under the contract with a customer that is unconditional and realizable on the due date.

ii) Export incentives / benefits are accounted on accrual basis when the conditions precedent are met and there is no significant uncertainty about the collectability.
iii) Dividend income is recognised when right to receive the payment is established by the balance sheet date.
iv) Interest income for all debt instruments, measured at amortised cost or fair value through other comprehensive income, is recognised using the effective interest rate method and shown under interest income in the consolidated statement of profit and loss.

j. Government grants

i) Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the group will comply with all attached conditions.
ii) Government grants relating to income are deferred and recognised in the consolidated statement of profit and loss over the period necessary to match them with the costs that they are intended to compensate, and presented within other income.
iii) Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and are credited to the consolidated statement of profit and loss on a straight-line basis over the expected lives of the related assets, and presented within other income.

k. Inventories

i) Inventories include raw materials, packing material, stores and spares, finished goods and work-in-progress, and are valued at lower of cost and estimated net realisable value.
ii) Cost are assigned to items of inventory on the basis of moving average cost method.
iii) Cost of inventory comprises all costs of purchase, costs of conversion and other costs including overheads incurred in bringing the inventory to the present location and condition.
iv) Inventory related rebate is recognised when it is probable that the Group will receive it and is treated as an adjustment to the cost of inventory.

Significant accounting policies and other explanatory information to the consolidated financial statements

l. Foreign currency transactions and balances

i) Items included in the financial statements of each of the group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in Indian rupee (INR), which is Holding Company functional and reporting currency.

Transactions denominated in foreign currencies are initially recorded in the reporting currency at the exchange rate between the reporting currency and the foreign currency prevailing at the date of transaction.

ii) Monetary assets and liabilities denominated in foreign currencies at the year-end are restated at the closing rates. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of transaction.
iii) Exchange differences, in respect of accounting periods commencing on or after 7 December 2006, arising on reporting of long-term foreign currency monetary items recognised in the consolidated financial statements till the period ending 31 March 2016 at rates different from those at which they were initially recorded or reported in previous CFS, in so far as they relate to the acquisition of a depreciable capital asset, are added to or deducted from the cost of the asset and are depreciated over the balance life of the asset. Any other income or expense on account of exchange difference either on settlement or on restatement is recognised in the consolidated statement of profit and loss.
iv) The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
assets and liabilities are translated at the closing rate at the date of the balance sheet;
income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and
All resulting exchange differences are recognised in other comprehensive income.
v) On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognized in Other Comprehensive Income. When a foreign operation is sold, the associated exchange differences are reclassified to consolidated statement of profit and loss, as part of the gain or loss on such sale.
vi) Fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

m. Income taxes

i) The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantially enacted at the end of the reporting period in the countries where the Holding Company and it's subsidiaries and associate operate and generate taxable income.

ii) Deferred tax is provided in full, using the balance sheet approach, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
iii) Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
iv) Deferred tax liabilities are not recognised for temporary differences between the carrying amount and tax bases of investments in subsidiaries and associate where the group is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

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v) Deferred tax assets are not recognised for temporary differences between the carrying amount and tax bases of investments in subsidiaries and associate where it is not probable that the differences will reverse in the foreseeable future and taxable profit will not be available against which the temporary difference can be utilised.
vi) Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
vii) Current and deferred tax is recognised in the consolidated statement of profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

n. Leases

The Group's lease assets consists of office premises, plant and machinery and equipment. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether:

(i) the contract involves the use of an identified asset
(ii) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and
(iii) the Group has the right to direct the use of the asset

Where the Group is a lessee

The Group determines the lease term as the non-cancellable period of a lease, together with periods covered by an option to extend the lease, where the Group is reasonably certain to exercise that option.

At the date of commencement of the lease, the Group recognises a right of use asset and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and leases of low value assets. For these short-term and leases of low value assets, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.

Group as a lessor

Leases under which the Group is a lessor are classified as finance or operating leases. Lease contracts where all the risks and rewards are substantially transferred to the lessee, the lease contracts are classified as finance leases. All other leases are classified as operating leases.

o. Cash Flow Hedge

The group has designated non-derivative financial instruments as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast transactions.

Significant accounting policies and other explanatory information to the consolidated financial statements

When a non-derivative financial instrument is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of such hedging instrument is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Any ineffective portion of changes in the fair value of the hedging instrument is recognized immediately in the consolidated statement of profit and loss. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedge reserve till the period the hedge was effective remains in cash flow hedge reserve until the highly probable forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the consolidated statement of profit and loss upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedge reserve is reclassified to the consolidated statement of profit and loss.

p. Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss (excluding other comprehensive income) for the year attributable to owners of the parent by the weighted average number of equity shares outstanding during the year. The weighted average number of equity shares outstanding during the year is adjusted for events such as bonus issue, bonus element in a right issue, shares split and reverse 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 loss (excluding other comprehensive income) for the year attributable to owners of the parent and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

q. Provisions, contingent liabilities and contingent assets

ii) A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the group or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. The group does not recognize a contingent liability but discloses its existence in the consolidated financial statements.
iii) A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the group. The group does not recognize a contingent asset but discloses its existence in the consolidated financial statements. However, contingent assets are assessed continuously and if it is virtually certain that an inflow of economic benefits will arise, the assets and the related income are recognised in the period in which the change occurs.

r. Dividend

s. Contributed equity

Equity shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

t. Cash and cash equivalents

Cash and cash equivalent in the consolidated balance sheet comprise cash at bank and on hand and short term deposit with original maturity upto three months, which are subject to insignificant risk of changes in value.

For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents consists of cash and short term deposit, as defined above, net of outstanding bank overdraft but including other short-term, highly liquid investments with original 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.

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u. Exceptional items

Certain occasions, the size, type, or incidences of the item of income or expenses pertaining to the ordinary activities of the Group is such that its disclosure improves the understanding of the performance of the group, such income or expenses is classified as an exceptional item and accordingly, disclosed in the consolidated financial statements.

v. Fair value measurement

The Group measures financial instruments, at fair value at each balance sheet date.

In the principal market for the asset or liability, or
In the absence of a principal market, In the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

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

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

At each reporting date, the Management analyses the movements in the values of assets and liabilities which are required to be remeasured or re-assessed as per the Group's accounting policies. For this analysis, the Management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents. The Management also compares the change in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable.

w. Segment Reporting

Segments are identified based on the manner in which the Chief Operating Decision Maker ('CODM') decides about resource allocation and reviews performance of the Group. The Chief Executive Officer and Executive Director(s) are identified as CODM of the Group, who assesses the financial performance and position of the Group and makes strategic decisions. The CODM reviews revenue and segment result as the performance indicators. The measurement of each segment's revenues, expenses and assets is consistent with the accounting policies that are used in preparation of the Group's consolidated financial statements.

x. Unforeseeable losses

The Group has a process whereby periodically all long-term contracts (including derivative contracts) are assessed for material foreseeable losses. At the year end, the Group did not have any long-term contracts (including derivative contracts) for which there were any material foreseeable losses.

IV Recent pronouncements

Ministry of Corporate Affairs (MCA), vide notification dated 23 March, 2022, has made the following amendments to Ind AS which are effective 01 April, 2022:

Ind AS 37 - Provisions, contingent liabilities and contingent assets – The amendment specifies that the 'cost of fulfilling' a contract comprises the 'costs that relate directly to the contract'. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract).

Ind AS 103 – Business Combinations – The amendment adds a new exception in Ind AS 103 for liabilities and contingent liabilities.

Ind AS 109 - Financial instruments – The amendment clarifies which fees an entity includes when it applies the '10%' test in assessing whether to derecognise a financial liability. An entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other's behalf.

Ind AS 116 – Leases - The amendments remove the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives were described in that illustration.

Based on preliminary assessment, the Group does not expect these amendments to have any significant impact on the Consolidated Financial Statements.

3 Significant estimates, judgements and assumptions

The preparation of CFS in conformity with Ind AS requires the management to make estimates, assumptions and exercise judgement in applying the accounting policies, that affect the reported amount of assets, liabilities and disclosure of contingent liabilities at the date of consolidated financial statements and the reported amounts of income and expenses during the year.

The management believes that these estimates are prudent and reasonable and are based on the management's best knowledge of current events and actions. Actual results could differ from these estimates and differences between actual results and estimates are recognised in the periods in which the results are known or materialised.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed.

i) Defined benefit obligation

The cost of post-employment and other long-term benefits is determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include determination of discount rates, expected rate of return on assets, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

ii) Fair value of financial instruments

iii) Share-based payments

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iv) Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm's length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the future years and do not include restructuring activities that the group is not yet committed to or significant future investments that will enhance the asset performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate.

v) Impairment of financial assets

The impairment provisions for financial assets disclosed are based on assumptions about risk of default and expected loss rates. The group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the group's past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

vi) Taxes

The group periodically assesses its liabilities and contingencies related to income taxes for all years open to scrutiny based on latest information available. The group records its best estimates of the tax liability in the current tax provision. The management believes that they have adequately provided for the probable outcome of these matters.

vii) Contingencies

In the normal course of business, contingent liabilities may arise from litigation and other claims against the Group. Potential liabilities that are possible but not probable of crystallising or are very difficult to quantify reliably are treated as contingent liabilities. Such liabilities are disclosed in the notes forming part of the consolidated financial statements but are not recognised.

viii) Leases

Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to the Group's operations and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances. After considering current and future economic conditions, the Group has concluded that no changes are required to lease period relating to the existing lease contracts.

ix) Useful life and residual value of property, plant and equipment (PPE) and intangible assets

Useful lives of PPE and intangible assets are based on the life prescribed in Schedule II to the Companies Act, 2013, in case of holding company and one Indian subsidiary and as per applicable local laws, in case of foreign subsidiaries. In cases, where the useful lives are different from that prescribed in Schedule II or as per applicable local laws, they are based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers' warranties and maintenance support. Assumptions also need to be made, when it is assessed, whether an asset may be capitalized and which components of the cost of the asset may be capitalized.

Significant accounting policies and other explanatory information to the consolidated financial statements

4. Property, plant and equipment

4(a) Property, plant and

equipment

Notes:

(i) Buildings include roads, residential flats, tubewell, watertanks and share in co-operative society.

(ii) Additions to plant and machinery for the year ended 31 March 2022 is net of foreign exchange gain of Rs. 7 million.

(iii) For details of property, plant and equipment pledged as security, refer note 37.

(iv) The amount of contractual commitments for the acquisition of property, plant and equipment and intangible assets is disclosed in note 36(b)(i).

(v) For disclosure of Right of use assets, refer note 35.

											(Rs. in million)
Description of assets			Gross carrying amount			Depreciation / Amortisation				Net carryingamount
	As at 1April 2021			Additions Disposals Translationadjustment	As at 31March 2022	Upto 31stMarch 2021	For theyear		Disposals Translationadjustment	Upto 31March 2022	As at 31March 2022
4(a) Property, plant andequipment
Freehold land	189	-	-	(3)	186	-	-	-	-	-	186
Leasehold improvements	380	12	-	13	405	241	32	-	11	284	121
Buildings	2,466	32	-	14	2,512		625 101	-	2	728	1,784
Plant and machinery	19,175	990	155	201	20,211		9,460 1,703	76	65	11,152	9,059
Office equipment	1,753	201	31	48	1,971		1,036 186	26	25	1,221	750
Furniture and fixtures	359	23	1	(3)	378	223	37	1	(3)	256	122
Vehicles	6	-	1	1	6	3	1	1	1	4	2
Total	24,328	1,258	188	271	25,669		11,588 2,060	104	101	13,645	12,024
4(b) Right of use assets
Right of use assets	1,404	557	137	10	1,834		534 329	94	4	773	1,061
Total	1,404	557	137	10	1,834		534 329	94	4	773	1,061
4(c) Intangible assets
Software	400	60	5	4	459	322	32	4	1	351	108
Patents and commercial rights	677	5	-	8	690	212	93	-	3	308	382
Total	1,077	65	5	12	1,149		534 125	4	4	659	490

Description of assets			Gross carrying amount							Depreciation / Amortisation			(Rs. in million)Netcarryingamount
	As at1 April2020	Addition onacquisition ofentity (Refernote 57)			Additions Disposals Translationadjustment	As at 31March2021	Upto31stMarch2020	Addition onacquisition ofentity (Refernote 57)	For theyear		Disposals Translationadjustment	Upto 31March2021	As at 31March2021
4(a) Property, plant andequipment
Freehold land	132	53	-	-		4 189	-	-	-	-	-	-	189
Leasehold improvements	347	-	21	-		12 380	200	-	31	-	10	241	139
Buildings	2,259	46	149	-		12 2,466	515	4	95	-	11		625 1,841
Plant and machinery	16,828		1,084 1,104	162		321 19,175 7,608			178 1,629	96		141 9,460 9,715
Office equipment	1,554	17	125	7		64 1,753	818		6 181	6		37 1,036	717
Furniture and fixtures	340	3	13	5		8 359	181	1	40	4	5	223	136
Vehicles	5	-	-	-	1	6	2	-	1	-	-	3	3
Total	21,465		1,203 1,412	174		422 24,328 9,324			189 1,977	106		204 11,588 12,740
4(b) Right of use assets
Right of use assets	1,199	20	192	33		26 1,404	273		7 281	34	7	534	870
Total	1,199	20	192	33		26 1,404	273		7 281	34	7	534	870
4(c) Intangible assets
Software	367	-	22	1		12 400	284	-	31	1	8	322	78
Patents and Commercial rights	502	169	9	-		(3) 677	156	-	57	-	(1)	212	465
Total	869	169	31	1		9 1,077	440	-	88	1	7	534	543
Notes:(i)Buildings include roads, residential flats, tubewell, watertanks and share in co-operative society.(ii)Additions to plant and machinery for the year ended 31 March 2021 is net of foreign exchange gain of Rs. 10 million.(iii)For details of property, plant and equipment pledged as security, refer note 37.

(iv) The amount of contractual commitments for the acquisition of property, plant and equipment and intangible assets is disclosed in note 36(b)(i). (v) For disclosure of Right of use assets, refer note 35. ANNUAL REPORT 2021-22 173

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5 Non-current investments (At cost)

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Investment in equity shares of Associate-Unquoted
Associate company - accounted using equity method
2,100 (31 March 2021: 2,100) equity shares of USD 350 each (fully paid up) of PT Lamipak PrimulaIndonesia (Extent of holding 30%)	371	371
Less: Provision for impairment	(269)	(269)
	102	102
Share of accumulated profits (including other comprehensive income)	47	58
	149	160
Less: Share of loss for the year (net of tax)	(76)	(9)
Share of other comprehensive loss for the year	(1)	(2)
Total	72	149
Aggregate amount of unquoted investments at book value	72	149
Aggregate amount of quoted investments	-	-
Aggregate amount of impairment in value of investments	269	269

Investments carried at cost	72	149
Investments carried at amortised cost	-	-
Investments carried at fair value through profit and loss	-	-
	72	149

6 Other non-current financial assets

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Security deposits (Unsecured, considered good) #	84	105
Deposits with banks having maturity period of more than twelve months*	30	29
Insurance claim receivable (Refer note 38)	19	19
Total	133	153
* Deposited with / lien in favour of various government authorities / banks.
# Security deposits are interest free non-derivative financial assets carried at amortised cost. These primarily include deposits given against rentedpremises and various deposits with government authorities. The carrying value may be affected by changes in the credit risk of the counter parties.
Break-up of security deposits
Security deposits considered good - secured	-	-
Security deposits considered good - unsecured	84	105
Security deposits which have significant increase in credit risk	-	-

Security deposits - credit impaired - -

7 Non-current tax assets

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
Balances with income tax authorities (net of provision for tax Rs 4,898 million (31 March 2021 : Rs 4,850 million))	136	134
Total	136	134

For income tax disclosure, refer note 50

Significant accounting policies and other explanatory information to the consolidated financial statements

8A Other non-current assets

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
Capital advances
Considered good	703	446
Considered doubtful	-	2
	703	448
Less: Impairment loss allowance for bad and doubtful advances	-	(2)
	703	446
Prepaid expenses	3	2
Balance with Government authorities - Indirect taxes (net)	36	36
Total (A)	742	484

8B Other current assets

Advances to suppliers

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
Advances to suppliers
Considered good	283	265
Considered doubtful	6	6
	289	271
Less : Impairment loss allowance for bad and doubtful advances	(6)	(6)
	283	265
Prepaid expenses	224	200
Balance with Government authorities - Indirect taxes (net)	406	365
Total (B)	913	830

9 Inventories

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Raw materials (includes goods in transit Rs. 677 million, 31 March 2021: Rs.435 million)	2,887	1,823
Work-in-progress	1,103	677
Finished goods (includes goods in transit Rs 4 million, 31 March 2021 : Rs 1 million)	863	721
Stores and spares	993	856
Packing materials	95	72
Total	5,941	4,149

Notes:

Inventories provided/written down during the year by Rs. 65 million (31 March 2021: Rs. 20 million). This amount are recognised as an expense and included in (Changes in inventories of finished goods and work-in-progress) in the consolidated statement of profit and loss. 2. For details of Inventories being pledged as security, refer note 37.

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10 Trade receivables (Unsecured)

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
Considered good	6,367	5,891
Considered doubtful	55	70
	6,422	5,961
Less: Loss allowance	55	70
Total	6,367	5,891
Trade receivables are non-interest bearing and credit terms are generally 30 to 120 days. The Group's exposure to credit and currency risks related
to trade receivables is disclosed in note 51 and ageing of trade receivable is disclosed in note 58(i).
Break-up of above

Trade receivables considered good - secured	-	-
Trade receivables considered good - unsecured	6,367	5,891
Trade receivables which have significant increase in credit risk	-	-
Trade receivables - credit impaired	55	70

11 Cash and cash equivalents

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Cash on hand	1	1
Balance with banks in current accounts	1,737	2,216
Cheques on hand/remittances in transit	36	47
Deposits with banks having original maturity period upto three months	94	101
Total	1,868	2,365

12 Bank balances other than cash and cash equivalents

	As at
	31 March 2022	As at31 March 2021
Unclaimed dividend accounts	14	13
Unspent CSR Account	12	-
Deposits with banks having original maturity period of upto twelve months*	33	36
Total	59	49

*Rs 30 million (31 March 2021: Rs 32 million) held as margin money for bank guarantees issued.

13 Current financial assets - Loans

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
(Unsecured, considered good)
Loans and advances to employees (interest free)	6	8
Total	6	8
Break-up of security details
Loans and advances considered good - secured	-	-
Loans and advances considered good - unsecured	6	8
Loans and advances which have significant increase in credit risk	-	-
Loans and advances - credit impaired	-	-

Significant accounting policies and other explanatory information to the consolidated financial statements

14 Other current financial assets

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Security deposits*	80	41
Government grants receivable (Refer note 46)	80	79
Derivative instruments at fair value through profit or loss-Foreign exchange forward contracts#	12	1
Export benefits receivable	26	12
Others	15	15
Total	213	148

Mark to market receivable on foreign currency forward contracts taken on foreign currency receivables

15 Equity share capital

Authorised

Issued

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Authorised
350,000,000 (As at 31 March 2021: 350,000,000) equity shares of Rs. 2 each	700	700
Issued
315,927,799 (As at 31 March 2021: 315,622,727) equity shares of Rs. 2 each	632	631
Subscribed and paid up
315,870,679 (As at 31 March 2021: 315,565,607) equity shares of Rs. 2 each fully paid up (Refer note(a) below)	632	631
Add: 57,120 (As at 31 March 2021: 57,120) equity shares of Rs. 2 each forfeited (Refer note (j) below)	0	0
Total	632	631

(a) below)

a) Reconciliation of number of shares outstanding (excluding forfeited shares)

	As at 31 March 2022		As at 31 March 2021
	Number of equityshares		Rs. in million Number of equityshares	Rs. in million
At the beginning of the year	315,565,607	631	315,450,941	631
Add/less: Changes during the year
Allotted on exercise of employee share option(Refer note 48)	305,072	1	114,666	0
Outstanding at the end of the year	315,870,679	632	315,565,607	631

b) Terms/ rights attached to equity shares

The Holding Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The Holding Company declares and pays dividend in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Holding Company, the holders of the equity shares will be entitled to receive remaining assets of the Holding Company, after distribution of preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

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c) Details of shares held by Holding Company

Name of Shareholder	As at 31 March 2022		As at 31 March 2021
	Number of equityshares	Percentage ofholding	Number of equityshares	Percentage ofholding
Epsilon Bidco Pte.Ltd*	163,973,866	51.91%	163,973,866	51.96%

* Pursuant to the Share Purchase Agreement dated 22 April 2019 executed between Ashok Goel Trust ("the Seller") and Epsilon Bidco Pte Ltd ("the Acquirer"), the Acquirer had acquired 48.98% equity shares in the Company from Ashok Goel Trust on completion date i.e. 22 August 2019. During the year 2019-20, the Acquirer had also acquired 26% equity shares from the public shareholders pursuant to the Open Offer as per SEBI Takeover Regulation. As a result of the said acquisition, the Acquirer became the holding entity of the Company during the year ended 31 March 2020. The Acquirer is managed by Blackstone Group.

d) Details of shareholder holding more than 5% equity shares

Name of Shareholder	As at 31 March 2022		As at 31 March 2021
	Number of equityshares	Percentage ofholding	Number of equityshares	Percentage ofholding
Epsilon Bidco Pte. Ltd	163,973,866	51.91%	163,973,866	51.96%
Ashok Kumar Goel (Trustee - Ashok Goel Trust)	24,183,006	7.66%	24,183,006	7.67%

e) Shares held by promoters at the end of the year

Name of Shareholder	As at 31 March 2022		As at 31 March 2021	Changes
	No.of shares	% of totalshares	No.of shares	% of totalshares	during theyear #
Epsilon Bidco Pte. Ltd	163,973,866	51.91%	163,973,866	51.96%	-0.05%

*There is a change in percentage holding as new shares were allotted on account of exercise of ESOP.

f) Employees Stock Option Scheme (ESOPS):

During the year ended 31 March 2021, the Company had instituted an EPL Employee Stock Option Scheme 2020 ("the Scheme") as approved by the Board of Directors for issuance of stock options to the eligible employees of the Holding Company and of its subsidiaries, other than promoters or person belonging to promoter group.

In FY 2020-21, pursuant to the said Scheme, 3,836,089 stock options convertible into 3,377,134 equity shares of Rs. 2 each at an exercise price of Rs 161 per share and 458,955 equity shares of Rs 2 each at an exercise price of Rs. 268 per share have been granted to eligible employees, being the market price as defined in the Securities and Exchange Board of India (Share Based Employee Benefits) Regulation, 2014 (SEBI Regulation). During the current year, further 1,526,718 stock options convertible into equivalent equity shares of Rs 2 each at an exercise price of Rs 161 per share were granted to eligible employee. Subject to terms and conditions of the Scheme, the said options will vest in a phased manner in every year during the next five years, as per the provisions of the Scheme.

g) The Board of Directors at its meeting held on 26 April 2018, recommended issue of bonus equity shares, in the ratio of one equity share of Rs. 2 each fully paid up for every one equity share of the Holding Company held by the shareholders as on a record date. The above issue of bonus shares was approved by the shareholders in the annual general meeting held on 13 June 2018 and accordingly the Holding Company allotted 157,181,664 equity shares of Rs. 2 each fully paid up bonus shares by capitalisation of securities premium amounting to Rs. 314 million during that year.
h) There are no shares bought back or shares issued for consideration other than cash except for bonus equity shares described in point (g) above, during five years preceding 31 March 2022.
i) For details of shares reserved for issue under the share based payment plan of the Company (Refer note 48).
j) Forfeited shares consist of 35,725 partly paid up equity shares and 21,395 fully paid up bonus shares forfeited in earlier years. The amount of Rs. 0.1 million in relation to the forfeiture will be transferred to reserves upon cancellation of these shares.

Significant accounting policies and other explanatory information to the consolidated financial statements

16 Other equity

			(Rs. in million)
		As at31 March 2022	As at31 March 2021
a)	Capital reserve	402	402

b)	Capital reserve on consolidation	5,531	5,531

c)	Securities premium
	As per last balance sheet	895	885
	Add: Amount received during the year on exercise of options (Refer Note 48)	49	7
	Transferred from share options outstanding account on exercise of options	40	3
	Closing balance	984	895
d)	Other reserves
i)	Debenture redemption reserve
	As per last balance sheet	-	125
	Transferred to general reserve	-	(125)
	Closing balance	-	-
ii)	Legal reserve
	As per last balance sheet	452	444
	Transferred to legal reserve from retained earnings	-	8
	Closing balance	452	452
iii)	Share options outstanding account
	As per last balance sheet	144	3
	Share based payment expense / (credit) (net) (Refer note 48)	123	144
	Transferred to securities premium on exercise of options	(40)	(3)
	Closing balance	227	144
iv)	General reserve
	As per last balance sheet	179	54
	Transferred to general reserve	10	125
	Closing balance	189	179
v)	Retained earnings
	As per last balance sheet	8,065	6,987
	Add/(Less):
	Profit for the year	2,144	2,391
	Item of other comprehensive income recognised directly in retained earnings
	- Remeasurement gains/(losses) on defined benefit plan (net of tax)	1	(11)
	Transferred from / (to)
	- Legal reserve	-	(8)
	- General reserve	(10)	-
	Equity dividend paid	(647)	(647)
	Interim dividend paid	(679)	(647)
	Closing balance	8,874	8,065

	Other comprehensive income
vi)	Foreign currency translation reserve
	As per last balance sheet	682	277
	Add / (Less) : Gain / (loss) during the year	272	405
	Closing balance	954	682
vii)	Cash flow hedge reserve
	As per last balance sheet	-	(13)
	Addition during the year	-	13
	Closing balance	-	-
	Total	17,613	16,350

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Nature and purpose of reserves

i) Capital reserve

Capital reserve represents capital surplus and not normally available for distribution as dividend.

ii) Capital reserve on consolidation

Capital reserve on consolidation represents excess of fair value of net identifiable asset acquired over the consideration transferred.

iii) Securities premium

Securities premium is used to record the premium received on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.

iv) Debenture redemption reserve (DRR)

The Holding Company had issued redeemable non-convertible debentures and accordingly DRR was created pursuant to the Companies (Share capital and Debentures) Rules 2014. DRR was required to be created, out of profits of the Holding Company available for payment of dividend, upto an amount which is equal to 25% of the value of the debentures issued. Debenture redemption reserve was transferred to general reserve considering amendment in the aforesaid Rules in FY2020-21.

v) Share options outstanding account

Represent the fair value at respective grant dates of options granted and outstanding for vesting/exercise, under Essel Employee Stock Option Scheme 2014 and EPL Employee Stock Option Scheme 2020. This balance will be transferred to share capital and security premium account as and when the options get exercised from time to time or to retained earnings in the event of forfeiture, non-vesting or lapse.

vi) General reserve

These reserves are free reserves maintained by the Group out of transfers made from annual profits.

vii) Legal reserve

These are reserves maintained by the Group out of transfers made from annual profits. Before declaration of dividend certain percentage of current profit is transferred to this reserve.

viii) Retained earnings

Retained earnings represent the accumulated earnings net of losses if any made by the Group over the years as reduced by dividends or other distributions paid to the shareholders and includes other comprehensive income.

ix) Cash flow hedge reserve

Cash flow hedge reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of designated portion of hedging instrument entered into for cash flow hedge. Such gains or losses will be reclassified to statement of profit and loss in the period in which the underlying hedged transaction occurs.

x) Foreign currency translation reserve

Exchange differences arising on translation of the foreign controlled entity are recognised in other comprehensive income and accumulated in a separate reserve within equity i.e. foreign currency translation reserve. The cumulative amount is reclassified to consolidated statement of profit and loss when the net investment is disposed of.

Significant accounting policies and other explanatory information to the consolidated financial statements

17 Non-current financial liabilities - borrowings

Secured

Unsecured

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Secured
Term loan from banks [Refer note (a) (iv) and (b) (i) below]	3,087	3,303
Equipment finance [Refer note b (ii) below]	33	59
	3,120	3,362
Unsecured
500 (31 March 2021: 500) units of redeemable non-convertible debentures of face value of Rs 1,000,000each [Refer note (a) (i) below]	500	499
Term loan from banks [Refer notes (a) (ii), (a) (iv) and b (iii) below]	1,319	255
Deferred sales tax loan [Refer note (a) (iii) below]	8	15
	1,827	769
	4,947	4,131
Less: Current maturities of long term borrowings (Refer note 21)	1,327	586
Total	3,620	3,545

Nature of security and terms of repayments for long-term borrowings

a) In Holding Company

i)	Listed redeemable non-convertible debenturesof Rs 500 million (31 March 2021: Rs. 499 million)are unsecured	These debentures carry fixed interest rate at 6.5% p.a. payable annually and onmaturity and are repayable over a period of 18 months for 100 million (Series 1-A),24 months for 200 million (Series 1-B) and 30 months for 200 million (Series 1-C)respectively from the date of issuance i.e. 14 December 2020. The debentures arelisted on BSE limited and are unsecured in nature.
ii)	Term loan from bank Rs 1,151 million (31 March2021: Nil) is unsecured.	Term Loan from banks carry variable interest rate with interest payable monthlyand interest rate reset based on bench mark rate i.e. three months treasury billrates and is repayable in 16 quarterly instalments starting 15th month from firstdrawdown date.
iii)		Deferred sales tax interest free loans are repayable after a period of 10 to 14 years from the date of loan upto 2024-25.

iv) Secured term loan from bank outstanding as on 31 March 2021 amounting to Rs 208 million has been included under unsecured term loan from bank as on 31 March 2022 on account of release of security in current year.

b) In Subsidiaries

i)	Term loans from banks of Rs 3,087 million(31 March 2021: Rs 3,095 million) in differentcurrencies are secured by way of charge overfixed assets (excluding leased assets) and / orexclusive charge on the asset financed underthe particular loan, dividend escrow account andcorporate guarantee of the Holding Company.	Repayable in specified instalment (Monthly, Quarterly, Half yearly and Yearly)by 2026-27. Interest rate for USD denominated loan are ranging from 2.11% to2.57% p.a., EUR denominated loans are ranging from .99% to 1.80% p.a., CHFdenominated loans are ranging from 1.88% to 1.94% p.a.and INR denominatedloans are ranging from 6.4% to 8.65% p.a. Interest rates are either fixed or linkedto prevailing benchmark rates.
ii)	Equipment finance is secured by way relatedassets.	Euro denominated lease carry interest rate at 1.74% p.a. and repayable inmonthly installments.
iii)	Term loan from banks Rs. 168 million (31 March2021: Rs. 255 million) are unsecured	Colombian pesos denominated term loan carry interest rate 7.86% p.a., EURdenominated loan at 3.15% p.a., CHF denominated loans are ranging from 1.88%to 1.94% p.a.and is repayable in specified instalment (Quarterly & Half yearly) by2023-24. Interest rates are either fixed or linked to prevailing benchmark rates.

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18. Non-current financial liabilities - Lease liabilities

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
Lease liabilities	783	641
Total	783	641

19. Other non-current liabilities

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
Deferred Government grants	138	143
Total	138	143

20. Non-current liabilities - provisions

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Employee benefits (Refer note 47)	157	146
Provision for contingencies *	51	51
Total	208	197
* Created pursuant to sale of stake in erstwhile subsidiary company, executed in earlier years.
Movement of provision for contingencies:
Opening balance	51	53
Utilised during the year	-	(2)
Closing balance	51	51

21. Current financial liabilities - borrowings

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
Secured (repayable on demand)
Working capital loan from banks {Refer notes a(i) and b(i) below}	1,355	491
	1,355	491
Unsecured
Short-term loan from banks {Refer note b(ii) below}	270	188
Commercial paper {Refer note a(ii) below}	-	731
	270	919
Current maturities of long term borrowing (refer note 17)	1,327	586
Total	2,952	1,996

Nature of security;

Of the total secured short term borrowings

	In Holding Company
i)	Company and is repayable on demand.		Working capital loan of Rs. 498 million (31 March 2021: Rs. Nil) are secured by first pari-passu charge on current assets of the Holding
ii)	Unlisted Commercial Papers of Nil (31 March2021: Rs. 731 million).	i)	The Holding Company had issued Commercial Papers with maturity valueof Rs. 500 million and 250 million with coupon rates of 5.8% and 5.65%respectively having maturity period of 340 days and 180 days respectively. Thesame were matured during the current year.
		ii)	During the current year the Holding Company issued two commercial paperswith maturity value of Rs. 300 million each carrying coupon rate of 4.38%and 4.43% having maturity period of 60 days and 90 days respectively. Thesecommercial paper got matured in current year itself.

b) In Subsidiaries

i) Working capital loan from banks of Rs 857 million (31 March 2021: Rs. 491 million) are secured variously by way of charge over fixed assets (excluding leased assets), inventory, book debts and other current assets of the respective subsidiary companies, letter of comfort of the Holding Company, and pledge of shares of overseas subsidiary companies. The interest rates in each country are linked to respective benchmarks and ranges between 1.5% to 8.80% p.a. These borrowings are repayable on demand or within 1 year, based on arrangement executed with the banks by respective subsidiaries.

ii) Short term loan from banks of Rs 270 million (31 March 2021: Rs. 188 million) are unsecured and repayable on demand. The interest rate in each country is linked to respective benchmarks and ranges between 7.59% to 8.71% p.a.

c) For Net debt reconciliation refer note 45

22 Trade payables

(Rs. in million)
	As at31 March 2022	As at31 March 2021
Dues of micro enterprises and small enterprises	83	84
Dues of creditors other than micro enterprises and small enterprises
- Acceptances (refer note (a) below)	75	95
- Others	4,389	4,043
Total	4,547	4,222

Notes:

a) Acceptance represents credit availed from banks for payments to suppliers.

b) For trade payable ageing refer note 58(ii)

23(A) Current lease liabilities

Lease liabil
Total

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
Lease liabilities	316	241
Total	316	241

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23(B) Other current financial liabilities

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Unspent corporate social responsibility liability	12	12
Unclaimed dividend (Refer note 43)	14	13
Payable for capital goods
- Micro enterprises and small enterprises	3	8
- Others	66	34
Employee benefits payable	528	524
Interest accrued and not due	17	20
Foreign exchange forward contracts#	8	1
Total	648	612

Mark to market payable on foreign currency forward contracts taken on foreign currency receivables

24 Other current liabilities

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Contract liabilities - revenue received in advance [Refer note 54(a)]	113	102
Statutory dues	175	268
Deferred government grants	20	27
Total	308	397

25 Current liabilities - provisions

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Employee benefits (Refer note 47)	114	113
Other provisions*	17	26
Total	131	139
Movement of other provisions
Opening balance	26	-
Addition/utilised during the year	(9)	26
Closing balance	17	26

* Other provisions includes expenses related to scaling down of operations in one of the subsidiaries.

26 Current tax liabilities

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
Direct tax payable (Net of advance tax Rs. 21 million (31 March 2021 : Rs. 19 million))	75	124
Total	75	124

For income tax disclosure, refer note 50.

Significant accounting policies and other explanatory information to the consolidated financial statements

27 Revenue from operations

		(Rs. in million)
	Year ended31 March 2022	Year ended31 March 2021
Sale of products	33,691	30,456
Other operating revenues
- Service charges	386	318
- Sale of scrap	199	124
- Export and other incentives	52	18
Total	34,328	30,916

For disclosures as per Ind AS 115, refer note 54.

28 Other income

		(Rs. in million)
	Year ended31 March 2022	Year ended31 March 2021
Interest on income tax refund	4	14
Interest income on financial assets at amortised cost
- Bank deposits	30	50
Unwinding of discount on security deposits	7	7
Government grants	52	38
Gain on sale of mutual fund investments (net)	4	5
Miscellaneous income *	23	31
Total	120	145

Inventories

* Mainly consists of Government incentives and provisions written back.

29 Cost of materials consumed

		(Rs. in million)
		Year ended31 March 2021
		1,367
		80
		13,262
		14,709
		1,823
Total	15,744	12,886

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30 Changes in inventories of finished goods and work-in-progress

		(Rs. in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Inventories at the end of the year
Work-in-progress	1,103	677
Finished goods	863	721
Total (A)	1,966	1,398
Inventories at the beginning of the year
Work-in-progress	677	657
Finished goods	721	789
Total (B)	1,398	1,446
Total (B-A)	(568)	48
Changes in inventories of finished goods and work-in-progress has been arrived at after considering
the following Inventory on acquisition of an entity.
Work-in-progress	-	4
Finished goods	-	8
Total	-	12

31 Employee benefits expense

		(Rs. in million)
	Year ended31 March 2022	Year ended31 March 2021
Salaries, wages and bonus	5,263	4,944
Contribution to provident and other funds (Refer note 47)	335	228
Gratuity and other defined benefit obligations (Refer note 47)	20	15
Share based payment expense (Refer note 48)	123	144
Staff welfare expenses	759	733
Total	6,500	6,064

32 Finance costs

		(Rs. in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Interest expense
- Loan from bank	205	251
- Defined benefit obligation (Refer note 47)	12	10
- Debenture	33	34
- Commercial paper	24	13
- Leases	80	73
- Others	1	-
Other borrowing costs*	48	48
Total	403	429

* Mainly consists of commission and bank charges.

Significant accounting policies and other explanatory information to the consolidated financial statements

33 Depreciation and amortisation expense

		(Rs. in million)
	Year ended31 March 2022	Year ended31 March 2021
Depreciation on property, plant and equipment	2,060	1,977
Depreciation on right-of-use assets	329	281
Amortisation of intangible assets	125	88
Total	2,514	2,346

34 Other expenses

Lease rent

		(Rs. in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Stores and spares	575	561
Packing materials	1,512	1,151
Power and fuel	817	744
Freight and forwarding expenses	1,507	1,039
Job work / Labour charges	577	495
Lease rent
- Factory premises	5	13
- Plant and equipment	2	5
- Others	22	23
Other manufacturing expenses	304	252
Repairs and maintenance
- Buildings	37	34
- Plant and machinery	295	298
- Others	208	176
Rates and taxes	140	122
Insurance	75	67
Directors' sitting fees (Refer note 42)	1	1
Travelling and conveyance expenses	127	101
Professional and consultancy charges	424	439
Communication charges	52	46
Commission to directors' (Refer note 42)	8	8
Net loss on disposal of property, plant and equipment	7	4
Exchange difference (net)	22	44
Bad and doubtful debts/advances (net)	11	31
Expenditure towards corporate social responsibility	29	23
Miscellaneous expenses	134	130
Total	6,891	5,807

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35 Disclosures pertaining to Ind AS 116 "Leases"

i) During the year, depreciation / amortisation of Rs 329 million (31 March 2021: Rs. 281 million) on Right-of-use assets and interest expense of Rs. 80 million (31 March 2021: Rs. 73 million) on lease liabilities has been charged to the consolidated statement of profit and loss.
iii) Expense relating to short-term leases and leases of low value assets amounted to Rs. 29 million (31 March 2021: Rs 41 million).
iii) Carrying value of Right-of-use assets (ROU) :

							(Rs. in million)
	Land	Building	Plant andMachinery	Data andtechnologyequipment	Officeequipment	Vehicle	Total
Gross carrying amount *
31 March 2022	61	1,506	154	54	51	8	1,834
31 March 2021	105	1,103	159	-	28	9	1,404
Depreciation / Amortisation *
31 March 2022	24	600	118	9	20	2	773
31 March 2021	36	365	124	-	9	0	534
Net carrying amount
31 March 2022	37	906	36	45	31	6	1,061
31 March 2021	69	738	35	-	19	9	870

* Including translation adjustments

iv) The following is the summary of practical expedients elected on initial application:
(a) Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than twelve months of lease term on the date of initial application.
(b) Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application.

v) Other disclosures

(a) The principal and interest portion of the lease payments aggregating Rs 377 million (31 March 2021: Rs. 317 million) have been separately disclosed in consolidated statements of cash flows under cash flows from financing activities.
(b) Lease contracts entered by the Group, majorly pertains for buildings taken on lease to conduct its business in the ordinary course. The Group does not have any lease restrictions and commitment towards variable rent as per the contract.

vi) Maturity analysis of lease liabilities:

Maturity analysis of lease liabilities is given in note 51 (B)(ii).

vii) The movement of lease liabilities is as follows:

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Opening Balance	882	910
Addition during the year	557	212
Finance cost accrued during the year	80	73
Lease Modification	(129)	(88)
Payment of lease liabilities	(297)	(244)
Unrealised exchange loss	6	19
Closing Balance	1,099	882
Current	316	241
Non current	783	641
Total	1,099	882

Significant accounting policies and other explanatory information to the consolidated financial statements

36 Contingent liabilities and commitments (to the extent not provided for)

a) Contingent liabilities

			(Rs. in million)
		As at31 March 2022	As at31 March 2021
A	Claims against the group not acknowledged as debts
(i)	Disputed indirect taxes *	367	274
(ii)	Disputed direct taxes *	101	109
(iii)	Other claims not acknowledged as debts	7	1

* The above matters primarily relates to tax positions undertaken by the Group.

			(Rs. in million)
		As at	As at
		31 March 2022	31 March 2021
B	Guarantees excluding financial guarantees
	Bank guarantees given by the group	28	30

	(Rs. in million)
	As at
31 March 2022	31 March 2021

240	65
Other money for which the group is contingently liableDuty benefit availed under EPCG scheme, pending export obligations	As at

b) Commitments

(i) Capital commitments

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Estimated amount of contracts remaining to be executed on capital account, notprovided for (net of advances)	735	316

(ii) Other commitments

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
Commitment towards purchase of additional 27.64% of equity share capital of CreativeStylo Packs Private Limited.*	600	600

* The aggregate number of EPL Limited shares of Rs. 600 million to be issued to the sellers of Creative Stylo Packs Private Limited as per the Share Purchase Agreement.

37 Collateral / security pledged

The carrying amount of assets pledged as security for current and non-current borrowings of the group are as under:

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
Property, plant and equipment and computer software	5,723	5,963
Inventories	3,457	1,582
Other current and non-current assets	5,295	3,798
Total assets pledged	14,475	11,343

38 Insurance claim receivable of Rs. 19 million (31 March 2021 : Rs. 19 million) is in respect of transit damage to certain plant and machinery, which is under litigation before National Consumer Dispute Redressal Commission, New Delhi (Refer note 6).

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Note:

(i) The contribution of parent, subsidiaries and associate are considered based on the financial statements of respective entities without considering elimination and consolidation adjustments.

a)	ended 31 March 2022As at and for the year ended 31 March 2022As at and for the
Sr. No.	Name of the entity	Net Assets, i.e., total assetsminus total liabilitiesconsolidatednet assets% of	Amount	Share in Profit or Loss forthe yearconsolidated% ofProfit	Amount	Share in Other ComprehensiveIncome / (loss) for the year% of consolidated OtherComprehensive Income(loss)	Amount	Share in Total Comprehensive Income/ (loss) for the year% of consolidated totalcomprehensive income(loss)	Amount
I	Parent CompanyParent
	EPL Limited	43%43%	7,9277,927	78%78%	1,7371,737	0%0%	(0)	70%70%	1,7371,737
II (a)	Subsidiaries - Foreign:
1	LLCEPL America, LLC	24%	4,531	13%	291	-	-	12%	291
2	Lamitube Technologies Limited	38%38%	7,0157,015	44%44%	983983	-1%-1%	(2)	40%40%	981981
3	Lamitube Technologies (Cyprus) Limited(Cyprus)	3%3%	540540	8%8%	172	-	-	7%7%	172
4	LimitedEPL Packaging (Guangzhou) Limited	29%	5,381	48%	1,065	-	-	43%	1,065
5	EPL Propack Philippines, Inc.	1%1%	187187	4%4%	7979	-	-	3%3%	7979
66	MTL de Panama, S.A	2%2%	396396	1%1%	1515	-	-	1%1%	1515
7	UK LimitedEPL Propack UK Limited	1%	145	4%	99	-	-	4%	99
8	EPL Propack de Mexico, S.A. de C.V.	3%3%	517	2%2%	5050	-	-	2%2%	5050
99	Tubopack de Columbia S.A.S.	0%0%	8888	--	--	--	--	--	--
1010	Colombia S.A.S.Laminate Packaging Colombia S.A.S.Laminate	1%	144	-1%	(26)(26)	-	-	-1%	(26)(26)
11	(Russia)EPL Propack LLC (Russia)	0%0%	6060	-1%-1%	(11)	-	-	0%0%	(11)
1212	EPL Poland sp. z.o.o.	13%13%	2,3392,339	10%10%	215215	--	--	9%9%	215215
1313	Arista Tubes, Inc	-4%	(804)	0%	(0)	-	-	0%	(0)
14	EPL Packaging (Jiangsu) LimitedArista Tubes, Inc(Jiangsu)	5%5%	912912	4%4%	9191	-	-	4%4%	9191
15	EPL MISR for Advanced Packaging S.A.E. (75%)Packaging	2%2%	285285	9%9%	210210	--	--	8%8%	210210
1616	EPL Deutschland GmbH & Co. KGEPL Deutschland GmbH & Co. KG	5%	978	3%	73	-	-	3%	73
17	GmbHEPL Deutschland Management GmbHDeutschland	0%0%	66	0%0%	00	-	-	0%0%	00
II (b)	Subsidiary - IndianSubsidiary
1818	Packs Private Limited (72.46%)Creative Stylo Packs Private Limited (72.46%)Creative	2%	458	3%	60	0%	0	2%	60
III	Non-controlling interestNon-controlling
	EPL MISR for Advanced Packaging S.A.E. (25%)Packaging	0%	84	3%	70	--	--	3%	70
	Packs Private Limited (27.54%)Creative Stylo Packs Private Limited (27.54%)Creative	1%	252	1%	23	0%	0	1%	23
IV	Associate
	ForeignForeign
	(30%)PT Lamipak Primula (30%)PT	0%	0	-3%	(76)	0%	(1)	-3%	(77)
	Subtotal		31,441		5,120		(4)		5,116
	Add/(Less) Inter company elimination and consolidationadjustment including foreign exchangedifference on translationSubtotalcompany		(12,860)		(2,907)		266		(2,641)
	Total	100%100%	18,581	100%100%	2,213	100%100%	262262	100%100%	2,475

Significant accounting policies and other explanatory information to the consolidated financial statements

As at and for the ended 31 March 2022

(Rs. in million)

Sr. No. Name of the entity Net Assets, i.e., total assets minus

total liabilities

Share in Profit or Loss for the year

Share in Other Comprehensive Income / (loss) for the year

% of consolidated net

Amount % of consolidated

Amount % of consolidated Other

		assets		Profit		Comprehensive Income		comprehensive income
I	Parent Company
	EPL Limited	42%	7,345	63%	1,530	-2%	(10)	53%	1,520
II (a)	Subsidiaries - Foreign:
1	EPL America, LLC	25%	4,304	19%	466	-	-	16%	466
2	Lamitube Technologies Limited	39%	6,718	28%	682	-41%	(166)	18%	516
3	Lamitube Technologies (Cyprus) Limited	3%	440	7%	165	-	-	6%	165
4	EPL Packaging (Guangzhou) Limited	30%	5,109	44%	1,072	-	-	38%	1,072
5	EPL Propack Philippines, Inc.	1%	178	3%	79	-	-	3%	79
6	MTL de Panama, S.A	2%	368	1%	14	-	-	1%	14
7	EPL Propack UK Limited	0%	49	2%	58	-	-	2%	58
8	EPL Propack de Mexico, S.A. de C.V.	3%	437	2%	47	-	-	2%	47
9	Tubopack de Columbia S.A.S.	1%	87	-	-	-	-	-	-
10	Laminate Packaging Colombia S.A.S.	1%	168	-1%	(35)	-	-	-1%	(35)
11	EPL Propack LLC (Russia)	0%	75	-6%	(136)	-	-	-5%	(136)
12	EPL Poland sp. z.o.o.	13%	2,183	17%	415	3%	13	15%	428
13	Arista Tubes, Inc.	-3%	(556)	-	-	-	-	-	-
14	EPL Packaging (Jiangsu) Limited	5%	857	5%	111	-	-	4%	111
15	EPL MISR for Advanced Packaging S.A.E. (75%)	2%	297	8%	184	-	-	6%	184
16	EPL Deutschland GmbH & Co. KG	6%	1,052	8%	207	-	-	7%	207
17	EPL Deutschland Management GmbH	0%	6	0%	0	-	-	0%	0
II (b)	Subsidiary - Indian
18	Creative Stylo Packs Private Limited (72.46%)	2%	398	0%	9	0%	0	0%	9
III	Non-controlling interest
	EPL MISR for Advanced Packaging S.A.E. (25%)	1%	89	3%	61	-	-	2%	61
	Creative Stylo Packs Private Limited (27.54%)	1%	244	0%	3	0%	0	0%	3
IV	Associate
	Foreign
	PT Lamipak Primula (30%)	1%	100	0%	(9)	0%	(2)	0%	(11)
	Subtotal		29,948		4,923		(164)		4,758
(Less):Add	Inter company elimination and consolidation adjustmentincluding foreign exchange difference on translation/		(12,634)		(2,480)		570		(1,909)
	Total	100%	17,314	100%	2,443	100%	406	100%	2,849
Note:

(i) The contribution of parent, subsidiaries and associate are considered based on the financial statements of respective entities without considering elimination and consolidation adjustments.

Contents

From the MD & CEO's desk

Greening Lives, Sustaining Communities

40 Exceptional items

Exceptional items of Rs 161 million for the year ended 31 March 2021 represent impairment of assets and other associated costs on account of scaling down the business of one of the overseas operating units.

41 Earnings per share (EPS)

	Year ended31 March 2022	Year ended31 March 2021
Profit for the year attributable to owners of the Company (Rs. in million)	2,144	2,391
Weighted average number of basic equity shares (Nos.)	315,745,487	315,525,395

Weighted average number of basic equity shares (Nos.)	315,745,487	315,525,395
Add: Effect of potential equity shares which are dilutive	749,753	641,985
Weighted average number of diluted equity shares (Nos.)	316,495,239	316,167,381

Nominal value of equity shares (Rs.)	2.00	2.00
Earnings per share
Basic EPS (Rs.)	6.79	7.58
Diluted EPS (Rs.)	6.77	7.57

42 Related party disclosures

a. List of related parties
- i) Entities where control exists Name of Company Relationship Blackstone Capital Partners Asia L.P. Ultimate holding company
- Epsilon Bidco Pte Ltd Holding company
- ii) Associate [Refer note 2.II (ii)] P.T. Lamipak Primula

iii) Key management personnel / Directors
Non - executive director	Mr. Amit Dixit
Non - executive director	Mr. Amit Jain $#
Non - executive director	Mr. Animesh Agrawal
Non - executive director	Mr. Aniket Damle
Non - executive director	Mr. Qi Yang $@
Independent director	Mr. Uwe Ferdinand
Independent director	Ms. Sharmila Karve
Independent director	Mr. Davinder Singh Brar
Whole time director	Mr. Vinay Mokashi @
Managing director and Chief executive officer	Mr. Sudhanshu Vats #
Chief financial officer	Mr. Parag Shah #*
Company secretary	Mr. Suresh Savaliya
Non - executive director	Mr. Dhaval Buch*
Managing director and chief executive officer	Mr. Anand Kripalu$*
Chief financial officer	Mr. Amit Jain #@

$# Resigned w.e.f 26 April 2021 $@ Resigned w.e.f. 19 April 2021 @ Resigned w.e.f. 15 April 2020. # Appointed w.e.f. 16 April 2020 and resigned w.e.f. 31 August 2021 #* Resigned w.e.f. 31 March 2022 * Appointed w.e.f. 19 April 2021 $* Appointed w.e.f. 18 August 2021 #@ Appointed w.e.f. 01 April 2022

Significant accounting policies and other explanatory information to the consolidated financial statements

b. Transactions and balances with related parties

(A) Transactions during the year

			(Rs in million)
		Year ended	Year ended
		31 March 2022	31 March 2021
a.	Remuneration paid / provided	85	106
	Mr. Sudhanshu Vats	8	77
	Mr. Anand Kripalu	44	-
	Mr. Vinay Mokashi	-	0
	Mr. Parag Shah	27	23
	Mr. Suresh Savaliya	7	6

b.	Commission to directors*	8	8
	Mr. Davinder Singh Brar	3	3
	Ms. Sharmila Karve	2	2
	Mr. Uwe Ferdinand	2	2

c.	Directors' sitting fees**	1	1
	Mr. Davinder Singh Brar	0	0
	Ms. Sharmila Karve	0	0
	Mr. Uwe Ferdinand	0	0

d.	Dividend paid
	Holding Company	689	821
	Epsilon Bidco Pte Ltd	689	821

* The absolute figures are rounded off to nearest million, however the sum total is Rs. 8 million (31 March 2021 : Rs. 8 million).

** The absolute figures for the year ended 31 March 2022 and 31 March 2021 are less than a million, however the sum total is Rs. 1 million.

(B) Balance outstanding

			(Rs in million)
		As at	As at
		31 March 2022	31 March 2021
a.	Remuneration payable	22	37
	Mr. Sudhanshu Vats	-	33
	Mr. Anand Kripalu	16	-
	Mr. Parag Shah	4	3
	Mr. Suresh Savaliya	2	1

b.	Commission payable (Gross)*	7	8
	Mr. Davinder Singh Brar	3	3
	Ms. Sharmila Karve	2	2
	Mr. Uwe Ferdinand	2	2

Note:

i) The outstanding balances at year end are unsecured and due to be settled for consideration in cash. *The absolute figures are rounded off to nearest million.

c. Break up of remuneration of key management personnel of the Company

			(Rs in million)
		Year ended31 March 2022	Year ended31 March 2021
	Chairman and Managing director and Chief Executive Officer
i.	Salaries, allowances and perquisites	32	42
ii.	Contribution to provident and other funds	2	2
	iii. Performance bonus *	16	33
	iv. Retirement benefits $	1	-
	Total	52	77

From the MD & CEO's desk

Sustainability Commitment at EPL
Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives
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Awards & Recognition

Corporate Governance
Five-Year Summary
Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

			(Rs in million)
		Year ended31 March 2022	Year ended31 March 2021
	Whole-time director
i.	Salaries, allowances and perquisites ^	-	0
ii.	Contribution to provident and other funds	-	0
iii.	Performance bonus	-	-
	Total	-	0

			(Rs in million)
		Year ended31 March 2022	Year ended31 March 2021
	Chief financial officer
i.	Salaries, allowances and perquisites ^	22	19
ii.	Contribution to provident and other funds	1	1
iii.	Performance bonus	4	3
	Total	27	23

			(Rs in million)
		Year ended31 March 2022	Year ended31 March 2021
	Company Secretary
i.	Salaries, allowances and perquisites ^	5	5
ii.	Contribution to provident and other funds	0	0
iii.	Performance bonus	2	1
	Total	7	6

^ Figures does not include provision for gratuity and leave entitlement since it is actuarially determined for the Group as a whole.

43 Dividend of Rs. 1.25 million (31 March 2021 : Rs. 0.8 million) unclaimed for a period of more than seven years is transferred to Investor Education and Protection Fund during the year. There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at 31 March 2022.

44 Dividends paid and proposed by the Holding Company

			(Rs in million)
		Year ended31 March 2022	Year ended31 March 2021
a.	Dividends on equity shares declared and paid
	Final dividend paid in current year for the year ended 31 March 2021 Rs 2.05 per share (Paid inprevious year for the year ended 31 March 2020 : Rs. 2.05 per share)	647	647
	Dividend distribution tax on above	-	-
	Interim dividend paid in current year Rs. 2.15 per share (paid in previous year Rs. 2.05 per share)	679	647
b.	Proposed dividends on equity shares *
	Final dividend proposed for the year ended 31 March 2022 Rs. 2.15 per share(31 March 2021 : Rs. 2.05 per share)	679	647
	Dividend distribution tax on above	-	-

* Proposed dividends on equity shares is subject to approval of shareholders at the ensuing annual general meeting and is not recognised as a liability as at the reporting date.

Note: The dividends paid and proposed are in compliance with section 123 of the Act.

Significant accounting policies and other explanatory information to the consolidated financial statements

45 Net debt reconciliation

An analysis of net debts and the movement in net debts for each of the reporting period as follows:

			(Rs in million)
		As at31 March 2022	As at31 March 2021
(A)	Cash and cash equivalents	1,868	2,365
(B)	Current borrowings	2,952	1,996
(C)	Non current-borrowings	3,620	3,545
	Net debt (D)=(A)-(B)-(C)	(4,704)	(3,176)
(E)	Bank balance other than cash and cash equivalents	59	49
	Net debt including bank balance (F)=(D)+(E)	(4,645)	(3,127)

Net debt as

			(Rs in million)
	Other assets	Liabilities fromfinancing activitiesactivities	Total(C)=(A)-(B)
	Cash and cashequivalents (A)	Borrowings (currentand non current)(B)
Net debt as at 1 April 2020	3,116	6,424	(3,308)
On acquisition of an entity	3	332	(329)
Cash flows (net)	(772)	(1,219)	447
Interest expense	-	308	(308)
Other changes (Refer note below)	-	18	(18)
Interest paid	-	(322)	322
Exchange difference	18	-	18
Net debt as at 31 March 2021	2,365	5,541	(3,176)
Net debt as at 1 April 2021	2,365	5,541	(3,176)
Cash flows (net)	(479)	1,031	(1,510)
Interest expense	-	263	(263)
Other changes (Refer note below)	-	15	(15)
Interest paid	-	(278)	278
Exchange difference	(18)	-	(18)
Net debt as at 31 March 2022	1,868	6,572	(4,704)

Note:

i) Other changes in borrowings are on account of amortisation of ancillary borrowing costs and exchange difference during the year.

46 Government grant receivable of Rs. 80 million (31 March 2021 : Rs. 79 million) is in respect of:

(i) As per North East Industrial Development Scheme, 2017 all eligible new industrial units in the manufacturing and service sector located anywhere in the North Eastern Region of India will be provided as Central Capital Investment Incentive @ 30% of the investment in plant and machinery. Based on the fulfilment of necessary conditions attached to the above scheme, the Group had recognised an amount of Rs. 50 million during the financial year ended 31 March 2019.

(ii) Rs 30 million (31 March 2021: Rs. 29 million) pursuant to incentive scheme of City of Danville Virginia and the Virginia Tobacco Region Revitalization Commission for making capital investments and for generating employment in the City of Danville.

From the MD & CEO's desk

Greening Lives, Sustaining Communities

47 Gratuity and other post employment benefit plans

The disclosures of employee benefits as defined in the Ind AS 19 - "Employee Benefits", in respect of Holding Company, are given below:

a. The Group makes annual contributions towards its employees' gratuity fund scheme, a funded defined benefit plan which is managed by the Life Insurance Corporation of India and HDFC Bank. The gratuity benefit plan is governed by the Payment of Gratuity Act, 1972. Under the Gratuity Act, employees are entitled to specific benefit at the time of retirement or termination of the employment on completion of five years or death while in employment. The level of benefit provided depends on the member's length of service and salary at the time of retirement/termination age. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
b. Leave encashment is a non-funded defined benefit scheme. The obligation for leave encashment is recognized in the same manner as gratuity.
c. Details of post retirement gratuity plan of Holding Company is as follows:-

i. Net expenses recognised during the year in the consolidated statement of profit and loss

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Current service cost	11	10
Interest cost	9	7
Net expenses recognised in the consolidated statement of profit and loss	20	17

ii. Net expenses recognised during the year in other comprehensive income (OCI)

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
Actuarial (gains) / losses arising from changes in demographic assumptions	(0)	-
Actuarial (gains) / losses arising from changes in financial assumptions	(6)	6
Actuarial (gains) / losses arising from changes in experience assumptions	7	7
Expected return on plan assets excluding interest	(0)	0
Net expenses recognised in OCI	1	13

iii. Net liability recognised in the consolidated balance sheet

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Present value of obligation	190	174
Less : Fair value of plan assets	44	37
Liability recognized in consolidated balance sheet	146	137

iv. Reconciliation of opening and closing balances of defined benefit obligation

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Defined benefit obligation as at the beginning of the year	174	155
Current service cost	11	10
Interest cost	11	9
Actuarial (gain) / loss on obligation	0	13
Benefits paid	(6)	(13)
Defined benefit obligation at the end of the year	190	174

Significant accounting policies and other explanatory information to the consolidated financial statements

v. Reconciliation of opening and closing balance of fair value of plan assets

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Fair values of plan assets at the beginning of the year	37	42
Interest income	2	3
Return on plan assets, excluding interest income	0	(0)
Employer contribution	11	5
Benefits paid	(6)	(13)
Fair value of plan assets at year end	44	37

vi. Reconciliation of opening and closing balance of net defined benefit obligation

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Net defined benefit obligation as at the beginning of the year	137	112
Current service cost	11	10
Interest cost (net)	9	7
Actuarial (gain) / loss on obligation	0	13
Return on plan assets, excluding interest income	(0)	0
Employer contribution	(11)	(5)
Net defined benefit obligation at the end of the year	146	137

vii. Investment details

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Insurer Managed Funds	44	37

viii. Actuarial assumptions

	As at31 March 2022	As at31 March 2021
Mortality Table	Indian AssuredLives mortality(2006-08)Ultimate	Indian AssuredLives mortality(2006-08) Ultimate
Discount rate(per annum)	6.98%	6.44%
Expected rate of return on plan assets (per annum)	6.98%	6.44%
Rate of escalation in salary (per annum)	6%	6%
Attrition rate	Service 2 yearsand below - 29%,more than 2 yearand below 4 -25%, others - 5%	Service 2 yearsand below - 29%,more than 2 yearand below 4 - 25%,others - 5%

From the MD & CEO's desk

EPL at a Glance
Sustainability Commitment at EPL
Product Sustainability
Process Sustainability
People Sustainability
IT Initiatives
Greening Lives, Sustaining Communities
Awards & Recognition
Key Performance Indicators
The Leadership Team
The Management Team
Board Report
MDA
Corporate Governance
Five-Year Summary
Auditors Reports Standalone
Financial Statements Standalone
Auditors Reports Consolidated
Financial Statements Consolidated

ix. Quantitative sensitivity analysis

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Projected benefit obligation on current assumptions	190	174
Increase by 1% in discount rate	(11)	(10)
Decrease by 1% in discount rate	12	12

Increase by 1% in rate of salary increase	12	12
Decrease by 1% in rate of salary increase	(11)	(10)

Increase by 1% in rate of employee turnover	1	0
Decrease by 1% in rate of employee turnover	(1)	(0)

x. Maturity analysis of projected benefit obligation from the fund

		(Rs in million)
Projected benefits payable in future years from the date of reporting	As at31 March 2022	As at31 March 2021
1st Following Year	33	32
2nd Following Year	17	11
3rd Following Year	14	16
4th Following Year	23	13
5th Following Year	14	20
Sum of years 6 to 10	82	64
Sum of years 11 and above	145	136

Notes:

1 Amounts recognized as an expense and included in the note 31 "Employee benefits expense" are gratuity Rs.11 million (31 March 2021 Rs. 10 million) and leave encashment Rs. 17 million (31 March 2021 Rs. 37 million). Net interest cost on defined benefit obligation recognised in note 32 under "Finance costs" is Rs. 9 million (31 March 2021 Rs. 7 million).
2 The estimate of future salary increases considered in the actuarial valuation takes into account the rate of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
3 "Contribution to provident and other funds" which is a defined contribution plan is recognized as an expense in note 31 of the consolidated financial statements.

d Details of post retirement gratuity plan in respect of subsidiaries are as follows:-

The subsidiary company in Philippines has a funded, non-contributory defined benefit pension plan covering substantially all its regular employees (main plan) and an unfunded, non-contributory defined benefit pension plan covering officers (supplemental plan). The subsidiary Company in Mexico and India have an unfunded, non-contributory defined benefit plan for post retirement benefits. The gratuity benefit plan is governed by the Payment of Gratuity Act, 1972 for a subsidiary incorporated in India. Under the Gratuity Act, employees are entitled to specific benefit at the time of retirement or termination of the employment on completion of five years or death while in employment. The benefits are based on the years of service and compensation of the employees. The tables below summarize the funding status and amounts recognized in the Consolidated Financial Statements for the defined benefit plans:

i. Expenses recognised during the year in the consolidated statement of profit and loss

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Current service cost	9	5
Interest cost	3	3
Net expenses	12	8

Significant accounting policies and other explanatory information to the consolidated financial statements

ii. Expenses recognised during the year in other comprehensive income (OCI)

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
Net actuarial (gain) / loss transferred to OCI	0	(0)

iii. Net liability recognised in the consolidated balance sheet

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Fair value of plan assets	21	19
Present value of obligation	64	58
Liability recognized in the consolidated balance sheet	43	39

iv. Reconciliation of opening and closing balances of defined benefit obligation

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Defined benefit obligation as at the beginning of the year	58	46
Current service cost	9	5
Interest cost	3	3
Actuarial (gain) / loss on obligation	(3)	(1)
Liability transferred in/ (paid)	-	8
Benefits paid	(2)	(6)
Exchange adjustments	(1)	3
Defined benefit obligation at the end of the year	64	58

v. Reconciliation of opening and closing balance of fair value of plan assets

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Fair values of plan assets at the beginning of the year	19	17
Return on plan assets, excluding interest income	1	1
Actuarial gain / (loss) for the year	(0)	1
Employer contribution	3	2
Benefits paid	(1)	(2)
Exchange adjustments	(1)	-
Fair value of plan assets at year end	21	19

From the MD & CEO's desk

Greening Lives, Sustaining Communities

vi Reconciliation of opening and closing balance of net defined benefit obligation

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Defined benefit obligation as at the beginning of the year	39	29
Current service cost	9	5
Interest cost (net)	3	3
Actuarial (gain) / loss on obligation	(3)	(2)
Liability transferred in/ (paid)	-	8
Return on plan assets, excluding interest income	(1)	(1)
Employer contribution	(3)	(2)
Benefits paid	(1)	(4)
Exchange adjustments	-	3
Net defined benefit obligation at the end of the year	43	39

vii. Actuarial assumptions

	As at31 March 2022	As at31 March 2021
Discount rate range(per annum)	5.70% to 7.50%	4.88% to 7.50%
Expected rate of return on plan assets (per annum)	6.00%	6.00%
Rate of escalation in salary (per annum)	4.00% to 6.00%	1.93% to 6.00%

viii. Quantitative sensitivity analysis

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Projected benefit obligation on current assumptions
Increase by 0.5% in discount rate	55	46
Decrease by 0.5% in discount rate	62	53

Increase by 0.5% in rate of salary increase	62	53
Decrease by 0.5% in rate of salary increase	55	46

Increase by 0.5% in rate of employee turnover	57	49
Decrease by 0.5% in rate of employee turnover	58	49

Notes:

1 Amounts recognized as an expense and included in the note 31 "Employee benefits expense" are gratuity and other defined benefit obligation of Rs. 9 million (31 March 2021 Rs. 5 million) and net interest cost on defined benefit obligation recognised in note 32 under "Finance costs" is Rs. 3 million (31 March 2021 Rs. 3 million).

2 The estimate of future salary increases considered in the actuarial valuation, taking into account the rate of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

Significant accounting policies and other explanatory information to the consolidated financial statements

e Summary for Balance Sheet- Current / non current classification

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Gratuity
Current	32	30
Non-current	157	146
	189	176
Leave entitlement and compensated absences
Current	82	83

f. Summary for statement of profit and loss

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Employee benefit cost	20	15
Finance cost	12	10

48 Share-based payments

A) Employee stock option plan 2014

a) During the year 2014-15, the Holding Company has instituted an Essel Employee Stock Option Scheme 2014 ("Scheme 2014") as approved by the Board of Directors for issuance of stock options to the eligible employees of the Company and of its subsidiaries, other than directors, promoters or person belonging to promoter group.
Subject to terms and conditions of the Scheme 2014, the said options vested on each of 1 July 2016, 1 July 2017 and 1 July 2018 to the extent mentioned in the letter of grant and can be exercised within a maximum period of four years from the date of vesting. When exercisable, each option is convertible into one equity share of Rs. 2 each fully paid up.

b) Summary of options granted under the Scheme 2014

	As at 31 March 2022		As at 31 March 2021
	Average exerciseprice per shareoption (Rs.)	Number ofoptions	Average exerciseprice per shareoption (Rs.)	Number of options
Opening balance	-	-	60.83	160,343
Add : Issue of bonus equity shares	-	-	-	-
Adjusted value and number of options	-	-	60.83	160,343
Exercised during the year (Refer Note (i)below)	-	-	60.83	(114,666)
Lapsed during the year
- Non-vested options (Refer Note (ii)below)	-	-	-	-
- Vested options (Refer Note (ii) below)	-	-	-	(45,677)
Closing balance	-	-	-	0
Vested and exercisable	-	-	60.83	-

From the MD & CEO's desk

Greening Lives, Sustaining Communities

Expiry date and exercise prices of the share options outstanding at the end of the year:
Grant date	Expiry date	As at 31 March 2022		As at 31 March 2021
		Exercise price(Rs.)	Nos of Options	Exercise price(Rs.)	Nos of Options
19 March 2015	30 June 2020	-	-	60.83	-
Total			-		-
Weighted average remainingcontractual life of optionsoutstanding at end of period			-		0.25

d) The fair value of each option granted is estimated on the date of grant using the black scholes model with the following assumptions

Grant date	19 March 2015
Weighted average fair value of options granted (Rs.)	49.20
Exercise price - before issue of bonus shares (Rs.)	121.65
Exercise price - after issue of bonus shares (Rs.)	60.83
Share price at the grant date before issue of bonus shares (Rs.)	116.50
Share price at the grant date after issue of bonus shares (Rs.)	58.25
Expected volatility	47.55%
Risk free interest rate	7.64%
Dividend yield	1.28%
Expected life of the options (years)	3.29 to 5.29

e) There are no expenses arising from share based payments transactions (Non-vested options).

Notes:

(i) The weighted average share price at the date of exercise of options exercised during the year ended 31 March 2022 : Not Applicable (31 March 2021: Rs. 264.20).
(ii) Lapsed on account of employees resigned without exercising.

B) Employee stock option plan 2020

a) During the previous year, the Holding Company had instituted an EPL Employee Stock Option Scheme 2020 ("Scheme 2020") as approved by the Board of Directors for issuance of stock options to the eligible employees of the Holding Company and of its subsidiaries, other than the promoters or person belonging to promoter group.

In previous year, pursuant to the said Scheme 2020, 3,836,089 stock options convertible into 3,377,134 equity shares of Rs. 2 each at an exercise price of Rs 161 per share and 458,955 equity shares of Rs 2 each at an exercise price of Rs. 268 per share were granted to eligible employees, being the market price as defined in the Securities and Exchange Board of India (Share Based Employee Benefits) Regulation, 2014 (SEBI Regulation). During the current year, further 1,526,718 stock options convertible into equivalent equity shares of Rs 2 each at an exercise price of Rs 161 per share were granted to eligible employee.

Subject to terms and conditions of the Scheme 2020, the said options will vest in a phased manner in every year during the next five years, as per the provisions of the Scheme 2020.

Significant accounting policies and other explanatory information to the consolidated financial statements

b) Expense arising from share based payment transactions

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
Employee shared based expenses recognised in consolidated statement of profit andloss (Refer note 31)	123	144

The estimated expense arising from share based payments for the next year is Rs. 127 million.

c) The fair value of each option granted is estimated on the date of grant using the black Scholes model with the following assumptions

Scheme	Grant 1	Grant 2
Grant date	17 August 2020	09 September 2021
Weighted average fair value of optionsgranted (Rs.)	FV of options granted at Rs. 161 – Rs. 142.8 andFV of options granted at Rs. 268 – Rs. 96.4	FV of options - Rs. 112.5
Exercise price - (Rs.)	Exercisepriceofstockoptionsconvertible into 3,377,134 shares : Rs.161Exercise price of stock options convertible into 458,955shares : Rs. 268	Exercise price of stock optionsconvertible into 1,526,718 shares: Rs.161
Share price at the grant date (Rs.)	268	238
Expected volatility	35.3% - 44.3%	35.3% - 44.9%
Risk free interest rate	4.5% - 6.1%	4.6% - 6.3%
Dividend yield	1.1% - 1.2%	1.2% - 1.4%
Expected life of the options (years)	2.5 to 6.5	2.5 to 6.5

d) Summary of options granted under the Scheme 2020

	As at 31 March 2022		As at 31 March 2021
	Weighted averageexercise price pershare option (Rs.)	Number ofoptions	Weighted averageexercise price pershare option (Rs.)	Number of options
Opening Balance	173.80	3,836,089	-	-
Granted during the year	161.00	1,526,718	173.80	3,836,089
Total	170.16	5,362,807	173.80	3,836,089
Exercised during the year (Refer Note (i)below)	161.00	(305,072)	-	-
Lapsed during the year			-	-
- Non-vested options (Refer Note (ii)below)	-	(1,418,361)	-	-
- Vested options	-	-	-	-
Closing balance	174.49	3,639,374	173.80	3,836,089
Vested and exercisable	182.25	462,138	-	-

Notes:

(i) The weighted average share price at the date of exercise of options exercised during the year ended 31 March 2022 was Rs. 223.28 (31 March 2021: Not applicable).

(ii) Lapsed on account of employees resigned without exercising.

e) Expiry date and exercise prices of the share options vested and exercisable at the end of the year:

Grant date	Expiry date	As at	As at
		31 March 2022	31 March 2021
		Nos of Options	Nos of Options
17 August 2020	30 September 2022	54,961	-
17 August 2020	07 October 2022	9,551	-
17 August 2020	17 August 2024	397,626	-
Total		462,138	-

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49 Interest in Associate

The Group has 30% interest in PT Lamipack Primula (associate) having its operations in Indonesia. It is mainly engaged in the manufacture and trading of plastic laminated tubes and packages. The group's interest in the associate is accounted for using the equity method in the consolidated financial statements. Summarised financial information of the group's investment in the associate is as under :

i) Summarised balance sheet:

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Current assets	732	910
Non-current assets*	644	790
Current liabilities	(1,106)	(1,074)
Non-current liabilities	(201)	(293)
Equity	69	333
Proportion of the Group's ownership (%)	30%	30%
Proportion of the Group's ownership (Rs.)	21	100
Add: Goodwill #	51	51
Less: Tax on distributable profits	-	(2)
Carrying amount of the investments (Refer note 5)	72	149

*Non-current assets is net of adjustment for accounting policy difference and is after excluding the effect of revaluation of property, plant and equipment done by the associate amounting to Rs 157 million as at 31 March 2022 and Rs 140 million as 31 March 2021 to align with the Group's accounting policy.

Goodwill is net of impairment provision of Rs 269 million (31 March 2021: Rs 269 million)

ii) Summarised statement of profit and loss:

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
Total revenue	1,507	1,546
Loss for the year * (a)	(260)	(51)
Other comprehensive income / (loss) for the year (b)	(5)	(6)
Total comprehensive income (a+b)	(265)	(57)
Group's share of loss for the year (30% of (a))	(78)	(15)
Reversal of tax on distributable profits	2	6
Share of loss for the year as per consolidated statement of profit and loss	(76)	(9)
Group's share of other comprehensive income (30% of (b))	(1)	(2)

*Loss for the year is net of adjustment for accounting policy difference and is after excluding the effect of depreciation on revaluation of property, plant and equipment done by the associate amounting to Rs 48 million as at 31 March 2022 and Rs 47 million as 31 March 2021 to align with the Group's accounting policy.

50 Income tax

a) The major components of income tax for the year ended 31 March 2022 are as under:

i) Income tax related to items recognised directly in the consolidated statement of profit and loss during the year

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
Current tax
Current tax on profits for the year	753	963
Tax pertaining to earlier periods	(28)	(27)
Total current tax expense	725	936
Deferred tax
Relating to origination and reversal of temporary differences	(50)	(68)

Income tax expense reported in the consolidated statement of profit and loss	675	868

ii) Deferred tax related to items recognized in Other Comprehensive Income (OCI) during the year

		(Rs in million)
	Year ended	Year ended
	31 March 2022	31 March 2021
Deferred tax on remeasurements of the defined benefit plans	0	4
Deferred tax on share of OCI of associate	0	0
Deferred tax recognised in OCI	0	4

b) Reconciliation of tax expense and the accounting profit for the year is as under:

		(Rs in million)
	Year ended31 March 2022	Year ended31 March 2021
Profit before tax	2,888	3,311
Income Tax @ 25.17% (31 March 2021 25.17%)	727	833
Tax pertaining to earlier periods	(28)	(27)
Utilisation of unrecognised deferred tax assets on unused tax losses	(41)	(2)
Tax effect on non-deductible expenses	198	95
Additional allowance for tax purpose	(188)	(64)
Effect of income that is exempted from tax	(64)	(106)
Effect of different tax rates	79	140
Effect of change in tax rate	-	1
Other temporary differences	(8)	(2)
Income tax expense charged to the consolidated statement of profit and loss	675	868
Current tax expense	725	936
Deferred tax charge/(credit)	(50)	(68)

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c) Deferred tax relates to the following (based on legal taxable entities):

(Rs in million)

			Consolidated balancesheet		Recognized inconsolidated statementof profit and loss	Recognized in OCI
		As at31 March2022	As at31 March2021	Yearended31 March2022	Year ended31 March2021	Yearended31 March2022	Year ended31 March2021
i)	Deferred tax liabilities (net)
	Taxable temporary differences
	Depreciation on property, plant and equipmentand intangible assets	510	422	88	(30)	-	-
	Tax on undistributed profits of subsidiaries	165	145	20	22	-	-
	Unamortised ancillary borrowing costs	-	-	-	(0)	-	-
	Other taxable temporary differences	-	5	(5)	2	-	-
		675	572	103	(6)	-	-
	Less : Deductible temporary differences
	Employee benefits / expenses allowable onpayment basis	55	28	(27)	44	-	-
	Allowance for bad and doubtful debts	1	1	-	18	-	-
	Other deductible temporary differences	-	-	-	12	-	-
		56	29	(27)	74	-	-
	Deferred tax liabilities (net) (a)	619	543	76	68	-	-
ii)	Deferred tax assets (net)
	Deductible temporary differences
	Employee benefits / expenses allowable onpayment basis	184	144	(40)	(87)	-	(4)
	Unrealised profit on inter-company transactions	35	24	(11)	(2)	-	-
	Unused tax losses	62	31	(31)	(5)	-	-
		281	199	(82)	(94)	-	(4)
	Less : Taxable temporary differences
	Depreciation on property, plant and equipmentand intangible assets	(2)	29	(31)	29	-	-
	Other taxable temporary difference	7	1	6	1	-	-
		5	30	(25)	30	-	-
	Deferred tax assets (net) (b)	276	169	(107)	(64)	-	(4)
	Sub-total (a-b)			(31)	4	-	(4)
	Add: Foreign currency translation			(19)	17	-	-
	Less: Deferred tax credit arising from acquisition ofsubsidiary (Refer note 57)			-	(89)	-	-
	Deferred tax charge / (credit) recognised in theconsolidated statement of profit and loss			(50)	(68)	-	(4)

d) The Group have the following unused tax losses which arose on incurrence of business losses under the income tax for which no deferred tax asset (DTA) has been recognised

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Business loss	94	307
Deferred tax on above	21	62

Significant accounting policies and other explanatory information to the consolidated financial statements

e) Movement in Income tax asset / (liability) is as follows

		(Rs in million)
	As at31 March 2022	As at31 March 2021
The following table provides details of income tax assets and liabilities:
Income tax assets in case of certain entities	136	134
Current tax liabilities in case of certain entities	(75)	(124)
Net income tax assets	61	10

Net income tax asset at the beginning of the year	10	85
Addition on acquisition of an entity	-	(5)
Income tax paid (net of refunds)	776	866
Income tax expenses	(725)	(936)
Net income tax asset at the end of the year	61	10

51 Financial risk management

The Group has exposure to the following risks arising from financial instruments:

- Credit risk;
- Liquidity risk;

Market risk Foreign currency; and
Market risk Interest rate

A Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counter party to a financial instrument fails to meet its contractual obligations. The Group is exposed to credit risk from its operating activities (primarily trade receivables), lease rental deposits, deposits with banks and other financial instruments. Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed.

i) Trade receivables

The Group extends credit to customers in the normal course of business. The Group considers factors such as financial conditions / market practices, credit track record in the market, analysis of historical bad debts and past dealings for extension of credit to customers. Individual credit limits are set accordingly. The Group monitors the payment track record of the customers and ageing of receivables. Outstanding customer receivables are regularly monitored. The Group considers the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. The Group has also taken advances and security deposits from some of its customers, which mitigate the credit risk to an extent.

ii) The ageing analysis of the receivables has been considered from the date the invoice falls due.

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Up to 3 months	6,255	5,731
3 to 6 months	83	138
More than 6 months	84	92
Total	6,422	5,961

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iii) The following table summarizes the change in the allowance for bad and doubtful debts :

		(Rs in million)
	As at31 March 2022	As at31 March 2021
As at beginning of the year	70	85
Add/(less):
Provided during the year	34	35
Amounts written off	(28)	(40)
Reversals of provision	(21)	(10)
As at end of the year	55	70

The Group uses a provision matrix whereby trade receivables are considered doubtful based on past trends where such receivables are outstanding for more than a year. The allowance for lifetime expected credit loss on customer balances for the years ended 31 March 2022 and 31 March 2021 is not material.

iv) Other financial instruments

The Group considers factors such as track record, size of the institution, market reputation, financial strength / rating and service standards to select the banks with which balances and deposits are maintained. Generally, the balances are maintained with the institutions from whom the Group has also availed borrowings. Security deposits against leasing of premises / equipments are refundable upon closure of the lease and hence credit risk associated with such deposits is relatively low.

B Liquidity risk

i) Liquidity risk is defined as the risk that the Group will not be able to settle or meet its obligations on time or at a reasonable price. For the Group, liquidity risk arises from obligations on account of financial liabilities – borrowings, trade payables, derivative instruments and other financial liabilities.

The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. The Group manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of the financial assets and liabilities. It maintains adequate sources of financing including loans, debts and overdraft from banks.

ii) Exposure to liquidity risk

The following are the contractual maturities of financial liabilities at the reporting date. The contractual cash flow amounts are gross and undiscounted.

					(Rs. in million)
As at 31 March 2022	Repayableon demand	Less than1 year	Between 1and 5 years	Beyond 5years	Total
Maturities of non – derivative financial liabilities
Long term borrowings	-	1,327	3,620	-	4,947
Short term borrowings	994	631	-	-	1,625
Lease liabilities	-	394	865	45	1,304
Interest payable on borrowings	-	181	230	0	411
Trade payables	-	4,547	-	-	4,547
Other financial liabilities	-	623	-	-	623
Total	994	7,703	4,715	45	13,457
Maturities of derivative financial liabilities
Foreign exchange forward contracts	-	8	-	-	8
Total	-	8	-	-	8

Significant accounting policies and other explanatory information to the consolidated financial statements

					(Rs. in million)
As at 31 March 2021	Repayableon demand	Less than1 year	Between 1and 5 years	Beyond 5years	Total
Maturities of non – derivative financial liabilities
Long-term borrowings	-	587	3,488	59	4,134
Short-term borrowings	679	750	-	-	1,429
Lease liabilities	-	306	676	117	1,099
Interest payable on borrowings	-	99	95	0	194
Trade payables	-	4,222	-	-	4,222
Other financial liabilities	-	591	-	-	591
Total	679	6,555	4,259	176	11,669
Maturities of derivative financial liabilities
Foreign exchange forward contracts	-	1	-	-	1
Total	-	1	-	-	1

C Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment benefit obligations provisions and on the non-financial assets and liabilities. The sensitivity of the relevant profit and loss item is the effect of the assumed changes in respective market risks. The Group's activities expose it to risks on account of changes in foreign currency exchange rates and interest rates.

I Foreign currency risk

Currency risk is the risk that the fair value or future cash flows fluctuate because of changes in market prices of various currencies against the functional currency. The Group is exposed to currency risk on their receivables, payables and foreign currency loans held other than in their respective functional currencies. Such exposure is with respect to the United State Dollar ("USD"), the Euro ("EUR"), the Swiss Franc ("CHF"), the Pound Sterling ("GBP") and others. Consequently, the Group is exposed primarily to the risk that the exchange rate of the functional currency relative to the USD, the EUR, the CHF, the GBP and others may change in a manner that has a material effect on the reported values of the Group's assets and liabilities that are denominated in these foreign currencies.

The group evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies, including minimising cross currency transactions, using natural hedge and the use of derivatives like foreign exchange forward contracts to minimise the impact to results of the exchange rate movements. The unhedged exposures are maintained and kept to minimum feasible.

Exchange differences arising on translation are accumulated in the Foreign Currency Translation Reserve (FCTR) until the disposal of foreign operations.

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a) The Group's exposure to foreign currency risk at the end of the reporting period are as under -

(Rs in million)

2022 2021 USD EUR CHF GBP Others* USD EUR CHF GBP Others*

Financial assets

Trade receivables 1,453 563 1 15 - 1,018 471 - 11 - Cash and bank balances 173 4 - - - 308 33 - 1 - Others 0 - - - 1 17 8 - - 20

Derivative assets Foreign exchange forward contracts #

(735) 25 - 15 - (438) (121) - (8) -

Net exposure to foreign currency risk (assets) (A)

891 592 1 30 1 905 391 - 4 20

Financial liabilities

Borrowings - - - - - - 496 - - - Trade payables 1,088 948 80 7 2 911 405 67 7 3 Others - - - - 1 - - - - 1

Derivative liabilities Foreign exchange forward contracts #

(218) - - - - (155) - - - (2)

Net exposure to foreign currency risk (liabilities)

(B)

870 948 80 7 3 756 901 67 7 2

Unhedged foreign currency exposure (A) - 21 (356) (79) 23 (2) 149 (510) (67) (3) 18

(B) * Others includes currency JPY, AED, MUR and CNY, individually insignificant.

The above table exclude foreign currency exposures (financial liabilities) of Rs 506 million (31 March 2021: Rs 222 million) denominated primarily in USD, EURO and CHF currencies for which the exchange differences (net) are being capitalised to cost of property, plant and equipment. The above exposure also includes inter-company payables/ receivables denominated in other than domicile currency, as the Group is exposed to the currency risk on settlement. # The group has foreign exchange forward contracts in multiple currency pairs. The forward contracts shown in the above table are with maturity of less than 1 year. Out of the total, foreign exchange forward contracts amounting to Rs 913 million (31 March 2021: Rs 544 million) have maturity of less than 6 months and balance of Rs Nil (31 March 2021: Rs 179 million) have maturity of more than 6 months and less than 1 year.

b) Sensitivity to foreign currency risk

The following table demonstrates the sensitivity in the USD, EUR, CHF, GBP and other currencies with all other variables held constant. The below impact on the group's profit before tax is based on changes in the fair value of unhedged foreign currency monetary assets and liabilities at balance sheet date:

				(Rs. in million)
Currencies / Sensitivity	As at 31 March 2022		As at 31 March 2021
	Increase by 5%	Decrease by 5%		Increase by 5% Decrease by 5%
	(Loss) / Gain		(Loss) / Gain
USD	1	(1)	8	(8)
EUR	(18)	18	(26)	26
CHF	(4)	4	(3)	3
GBP	1	(1)	(0)	0
Others	(0)	0	1	(1)

Significant accounting policies and other explanatory information to the consolidated financial statements

c) Hedge Accounting

The Group's business objective includes safe-guarding its earnings against adverse price movements of foreign exchange and interest rates. The Group has adopted a structured risk management policy to hedge all these risks within an acceptable risk limit and an approved hedge accounting framework which allows for Fair Value and Cash Flow hedges. Hedging instruments include non-derivative instruments to achieve this objective. The table below shows the position of hedging instruments and hedged items as on the balance sheet date. Disclosure of effect of Hedge:

i) There are no hedging instruments as well as hedged items outstanding as at 31 March 2022 and 31 March 2021.

ii) Movement in cash flow hedge reserve

			(Rs. in million)
Particulars	As at31 March2022	As at31 March2021	Line items in consolidated balance sheet
At the beginning of the year	-	(13)
Gain/ (loss) recognised in other comprehensive incomeduring the year	-		13 Other comprehensive income -Items thatwill be reclassified to profit or loss
Hedge ineffectiveness recognised in profit or loss	-	-
Amount reclassified to Profit and Loss during the year	-	-
At the end of the year	-		- Other comprehensive income -Items thatwill be reclassified to profit or loss

II Interest rate risk

This refers to risk to group's cash flow and profits on account of movement in market interest rates.

For the group the interest risk arises mainly from interest bearing borrowings which are at floating interest rates. To mitigate interest rate risk, the group closely monitors market interest and as appropriate optimise borrowing mix / composition.

a) Interest rate risk exposure

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Variable rate borrowings	5,775	4,109
Fixed rate borrowings	797	1,454
Total borrowings	6,572	5,563

Note: The above amount are based on contractual liabilities as at balance sheet date.

b) Interest rate sensitivity

The following table illustrates the sensitivity of profit and equity to a reasonably possible change in interest rate of 50 basis points increase or decrease. The calculations are based on the variable rate borrowings outstanding at balance sheet date. All other parameters are held constant.

		(Rs. in million)
		Impact on profit before tax
	Year ended31 March 2022	Year ended31 March 2021
Interest rates - increase by 50 basis points - loss	(29)	(21)
Interest rates - decrease by 50 basis points - gain	29	21

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52 Capital management

a) Risk management

The group manages its capital structure and makes necessary adjustments in light of changes in economic conditions and the requirement of financial covenants. To maintain or adjust the capital structure, the group may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or raise / retire debt. The primary objective of the group's capital management is to maximise the shareholders' value.

For the purpose of the group's capital management, equity includes issued capital, securities premium and other reserves. Net debt includes loans less cash and bank balances. The group manages capital by monitoring gearing ratio which is net debt divided by equity plus net debt.

The capital composition is as follows:		(Rs. in million)
	Year ended31 March 2022	Year ended31 March 2021
Gross debt (inclusive of long term and short term borrowing)	6,572	5,541
Less: Cash and bank balances	1,868	2,365
Net debt	4,704	3,176
Total equity (including non-controlling interest)	18,581	17,314
Total capital	23,285	20,490
Gearing ratio	20%	16%

Cash and bank balance excludes amount liened and unclaimed dividend.

b) Loan covenants

Borrowings contain certain debt covenants relating to limitation on indebtedness, debt-equity ratio, debt to EBITDA ratio, interest service coverage ratio and debt service coverage ratio. The limitation on indebtedness covenant gets suspended once the Group meets certain prescribed criteria. The debt covenant related to limitation on indebtedness remained suspended as of the date of adoption of the consolidated financial statements. The Group has also satisfied all other important debt covenants prescribed in the respective sanction of bank loan. The deferred sales tax loans do not carry any debt covenant.

53 Fair value measurements

i) The carrying values and fair values of financial instruments by categories are as follows:

					(Rs. in million)
Financial assets or financial liabilities	Basis ofAs atmeasurement31 March 2022		As at31 March 2021		Fair valuehierarchy
		Carryingvalue	Fair value	Carryingvalue	Fair value
Financial assets
Loans	Amortised cost	6	6	8	8
Trade receivables	Amortised cost	6,367	6,367	5,891	5,891
Cash and bank balances (including bank deposits)	Amortised cost	1,957	1,957	2,443	2,443
Forward contract receivables	Fair value	12	12	1	1	Level 2
Other financial assets	Amortised cost	304	304	271	271
Total financial assets		8,646	8,646	8,614	8,614
Financial liabilities
Borrowings (including current maturities)	Amortised cost	6,572	6,572	5,541	5,541
Lease Liabilities	Amortised cost	1,099	1,099	882	882
Trade payables	Amortised cost	4,547	4,547	4,222	4,222
Forward contract payables	Fair value	8	8	1	1	Level 2
Other financial liabilities	Amortised cost	640	640	611	611
Total financial liabilities		12,866	12,866	11,257	11,257

Significant accounting policies and other explanatory information to the consolidated financial statements

ii) Fair value hierarchy

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the consolidated financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the group has classified its financial instruments into the three levels prescribed under the Indian Accounting Standards. An explanation of each level is given below.

a) Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

b) Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data 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. Instruments in the level 2 category for the group include foreign exchange forward contract.

c) Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in this level.

iii) Financial assets and liabilities measured at fair value through profit or loss at each reporting date

						(Rs. in million)
	As at31 March 2022				As at31 March 2021
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets measured at FVTPL
Derivative instruments - foreign exchange forward	-	12	-	-	1	-
contracts
Total	-	12	-	-	1	-
Financial liabilities measured at FVTPL
Derivative instruments - foreign exchange forward	-	8	-	-	1	-
contracts
Total	-	8	-	-	1	-

contracts

iv) Valuation techniques used to determine fair value

The fair value of foreign exchange forward contracts is determined using forward exchange rates at the balance sheet date.

54 Disclosures pertaining to Ind AS 115 "Revenue from Contracts with Customers"

a) Reconciliation of contract liabilities as at the beginning and at the end of the year

		(Rs in million)
	As at31 March 2022	As at31 March 2021
Opening balance of contract liabilities	102	50
Add: Contract liabilities recognised during the year	373	243
Less: Revenue recognised out of contract liabilities	(361)	(190)
Less: Refund and write back	(1)	(1)
Closing balance of contract liabilities	113	102

b) Revenue earned from :

		(Rs in million)
	As at	As at
	31 March 2022	31 March 2021
Trade receivables (net carrying value)	6,367	5,891

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c) Disaggregated revenue by timing is as follows. Disaggregated revenue by geographical area is disclosed in note 60.

						(Rs. in million)
Timing of transfer of goods/services	Year ended 31 March 2022				Year ended 31 March 2021
	Sale ofproducts*	Servicecharges	Total	Sale ofproducts*	Servicecharges	Total
Revenue recognised at a point in time	33,890	204	34,094	30,580	146	30,726
Revenue recognised over time	-	182	182	-	172	172

* Includes sale of scrap and excludes export and other incentives

d) Revenue reconciliation as per Ind AS 115 is as under.

		(Rs. in million)
	As at	As at
	31 March 2022	31 March 2021
Revenue as per the contracted price*	34,389	31,034
Less: Discounts/rebates given	113	136
Revenue recognised in the consolidated statement of profit and loss	34,276	30,898

* Includes sale of scrap and excludes export and other incentives

55 (i) During the year ended 31 March 2021, the Group had decided to scale down the business of one of its overseas operating units. Impairment of assets and other associated costs on account of scaling down the business has been recognised in the Consolidated Statement of Profit and Loss. Also refer note no. 40.

(ii) During the year, the Group has incurred total R & D expenditure of Rs. 171 million (31 March 2021 Rs. 212 million) including capital expenditure of Rs. 9 million (31 March 2021 Rs. 17.2 million).

56 Reconciliation between opening and closing balances in the consolidated balance sheet for liabilities arising from financing activities as required by Ind AS 7 "Statement of Cash Flows" is as under:

							(Rs. in million)
	As at April	Cash	Cash		Non cash changes		As at 31
	1 2021	inflows	outflows	Opening	Closing	Other	March
				Interest	Interest	changes	2022
				accrued	accrued
Equity share capital	631	1	-	-	-	-	632
Securities premium	894	49	-	-	-	40	983
Non-convertible debentures (including current	509	-	-	(10)	10	1	510
maturities)
Long-term borrowings (including current maturities)	3,635	1,498	(683)	(3)	4	1	4,452
Lease liabilities	882	-	(297)	-	-	514	1,099
Short-term borrowings	1,417	5,782	(5,566)	(7)	4	-	1,630

	As at April1 2020	Cashinflows	Cashoutflows	Non cash changesOpeningClosingOtherInterestInterestchangesaccruedaccrued			As at 31March2021
Equity share capital	631	0	-	-	-	-	631
Securities premium	885	7	-	-	-	3	895
Non-convertible debentures (including currentmaturities)	509	500	(500)	(9)	10	(1)	509
Long-term borrowings (including current maturities)	3,993	2,952	(3,615)	(13)	2	316	3,635
Lease liabilities	911	-	(244)	--215			882
Short-term borrowings	1,955	2,303	(2,859)	(10)721			1,417

Notes:

i) Other changes in securities premium are on account of transfer from share options outstanding account on exercise of share options (Refer note 16).

ii) Other changes in borrowings and lease liabilities are on account of amortisation of ancillary borrowing costs, exchange difference, borrowing acquired through CSPL during the previous year (Refer note 57) and lease liabilities recognised in accordance with Ind AS 116 (Refer note 35) respectively. 214 EPL LIMITED

57 Business combinations

A Summary of acquisition

i) On 1 February 2021, EPL Limited acquired 72.46% of the issued capital of Creative Stylo Packs Private Limited ("CSPL"), engaged in manufacture of corrugated boxes, laminated tubes, plastic co-ex tubes and caps primarily serving personal care, cosmetic, pharmaceuticals and fast moving consumer goods in India, through cash consideration. The remaining 27.54% stake will be purchased through mechanism specified in agreement executed with the selling shareholders of Creative Stylo Packs Private Limited.

Summary of assets acquired and liabilities assumed as at the acquisition date (1 February 2021):

The fair values of the identifiable assets and liabilities of the above mentioned acquired company at the date of acquisition are as under:

	(Rs. in million)
Assets
Trade receivable and other financial assets (current)	197
Inventories	92
Cash and bank balances	3
Other non-current assets	44
Right to use and Other intangible assets	13
Intangible assets - customer relationships	169
Property, plant and equipment	1,014
Total assets (A)	1,532
Less: Liabilities
Borrowings	332
Current liabilities	212
Deferred tax liabilities	89
Non-current liabilities	11
Total liabilities (B)	644

Net identifiable assets (A-B)	888
Less: Non-controlling Interest (27.54%)	245
Net identifiable asset acquired by EPL Limited	643

Purchase Price Allocation

The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the dates of acquisition is as follows:

			(Rs. in million)
Component	Acquiree'scarrying amount	Adjustments onaccount of Fairvalue	Purchase priceallocated
Net assets	537		537
Tangible assets - PPE		239	239
Intangible assets – Customer contracts and relationships		169	169
Deferred tax liability		(57)	(57)
Total	537	351	888
Less : Non controlling interest			(245)
Net assets acquired by Holding company			643
Goodwill			1,017
Total purchase price			1,660

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ii) Purchase consideration

Total purchase consideration	1,660
Other consideration (refer note below)	(15)
Cash paid	1,675
	(Rs. in million)

Note: As per share purchase agreement, certain specified assets and specified liabilities are indemnifiable on happening of specified events on future date.

iii) Computation of goodwill

Goodwill mainly represents the expected synergies that will flow to the Group from combining operations of the acquiree, optimisation of resources and operating on a larger scale in the Packaging Industry.

	(Rs. in million)
Consideration transferred	1,660
Less: Net assets acquired	(643)
Goodwill arising on acquisition	1,017

iv) Purchase consideration - cash outflow

	(Rs. in million)
Cash consideration	1,675
Less: Acquired on acquisition
Cash and bank balances	3
Net outflow of cash - investing activities	1,672

v) Significant judgement & accounting estimates

Ind AS 103 requires the identifiable intangible assets and contingent consideration to be fair valued in order to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. Estimates are required to be made in determining the value of contingent consideration and intangible assets. These valuations are conducted by external valuation experts. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by the Management.

B Goodwill movement

		(Rs. in million)
	As at31 March 2022	As at31 March 2021
Opening balance	1,159	142
Add: On acquisition of CSPL (Refer note 57 A(iii) above)	-	1,017
Closing Balance	1,159	1,159

. .
ii)
iii)


iv)
v)

vi)
vii)

C Other information

i) There were no acquisitions in the year ended 31 March 2022
ii) The Group has accounted Non-controlling interest in CSPL as a proportionate share of net identifiable assets acquired.
iii) Revenue from operations of Rs. 196 million and loss after tax of Rs. 1 million, pertaining to CSPL, had been included in consolidated statement of profit and loss for the year ended 31 March 2021. Management estimates that if the acquisition had taken place at the beginning of the year, revenue from operations for the Group would have been Rs 31,805 million and the profit before tax for the Group would have been Rs 3,323 million for the year ended 31 March 2021.
iv) Acquisition related cost amounting to Rs.13 million have been included in 'Other expenses' in consolidated statement of profit and loss and in operating cash flows in the consolidated cash flow statement.
v) The fair value of the trade receivables and other financial assets amounts to Rs 197 million. The gross amount thereof is Rs 197 million. It is expected that the full contractual amounts can be collected in due course.
vi) Goodwill recognised on acquisition is not expected to be deductible for income tax purposes.
vii) The Holding Company had acquired 72.46% equity shares in Creative Stylo Packs Private Limited ('CSPL') and accordingly CSPL has become the subsidiary of the Company effective 1 February 2021. The Board of Directors of the Holding Company and CSPL had approved the Scheme of amalgamation/merger of CSPL with the Holding Company under Section 230 to 232 of the Companies Act, 2013 and other applicable statutory provisions ('the Merger'). The Holding Company has received no objection to the aforesaid scheme from National Stock Exchange of India Limited and BSE Limited pursuant to the provisions of Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The shareholders of the Holding Company have approved the Scheme with requisite majority in their meeting held on 5 January 2022, as per Directions of the National Company Law Tribunal, Mumbai Bench ('NCLT'). The Holding Company has filed Petition with NCLT in relation to the Merger, pursuant to applicable provision of the Companies Act, 2013. The aforesaid scheme is subject to requisite approvals of NCLT and regulatory authorities, as applicable.

58 Additional disclosure as per revised schedule III requirements:

(i) Trade receivable

Particulars	Not Due		Outstanding for following periods from due date	of payment			Total
		Lessthan 6months	6months-1years	1-2 years 2-3	years	Morethan 3years
(i) Undisputed Trade receivables – considered good	5,085	1,247	35	-	-	-	6,367
(ii) Undisputed Trade Receivables – considered doubtful	-	6	3	27	9	10	55
(iii) Disputed Trade Receivables considered good	-	-	-	-	-	-	-
(iv) Disputed Trade Receivables considered doubtful	-	-	-	-	-	-	-

As at 31 March 2021 (excluding loss allowance) (Rs. in million)

Particulars				Not Due Outstanding for following periods from due date ofpayment			Total
		Less than6 months	6months-1years	1-2 years	2-3years	Morethan 3years
(i) Undisputed Trade receivables – considered good	4,632	1,237	22	-	-	-	5,891
(ii) Undisputed Trade Receivables – considered doubtful	-	-	21	18	5	24	68
(iii) Disputed Trade Receivables considered good	-	-	-	-	-	-	-
(iv) Disputed Trade Receivables considered doubtful	-	-	-	-	-	2	2

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(ii) Trade payables

As on 31 March 2022 (Rs. in million)

Particulars	Not DueOutstanding for following periods from due date of payment
		Less than 1year	1-2 years	2-3 years	More than 3years
(i) MSME	64	19	0	0	0	83
(ii) Others*	2,205	851	163	33	30	3,282
(iii) Disputed dues - MSME	-	-	-	-	-	-
(iv) Disputed dues - Others	-	-	-	-	74	74
Total	2,269	870	163	33	104	3,439

*Excluding Unbilled trade payables - Rs 1,108 million.

As on 31 March 2021						(Rs. in million)
Particulars			Not Due Outstanding for following periods from due date of payment			Total
		Less than 1	1-2 years		2-3 years More than 3
		year			years
(i) MSME	76	7	0	0	1	84
(ii) Others*	2,027	844	119	70	26	3,086
(iii) Disputed dues - MSME	-	-	-	-	-	-
(iv) Disputed dues - Others	-	-	-	-	74	74
Total	2,103	851	119	70	101	3,244

*Excluding Unbilled trade payables - Rs 978 million.

(iii) Capital work in progress (CWIP)

As on 31 March 2022					(Rs. in million)
			CWIP
	Less than 1 year	1-2 years	2-3 years	More than 3years	Total

Projects in progress	1,339	14	93	-	1,446
Projects temporarily suspended	-	-	-	-	-

As on 31 March 2021 (Rs. in million)

		CWIP
	Less than 1 year	1-2 years	2-3 years	More than 3	Total
				years
Projects in progress	94	122	4	6	226
Projects temporarily suspended	-	-	-	-	-

Note: The movement in capital work-in-progress primarily consists of addition of Rs. 1,849 million (31 March 2021: Rs. 406 million) and assets capitalization of Rs. 844 million (31 March 2021: Rs. 508 million).

(iv) Intangibles under development

As on 31 March 2022					(Rs. in million)
		Amount in Intangibles under development
	Less than 1 year	1-2 years	2-3 years	More than 3	Total
				years
Projects in progress	19	1	-	-	20
Projects temporarily suspended	-	-	-	-	-

As on 31 March 2021					(Rs. in million)
		Amount in Intangibles under development
	Less than 1 year	1-2 years	2-3 years	More than 3years	Total
Projects in progress	21	9	2	15		47
Projects temporarily suspended	-	-	-	-		-

Significant accounting policies and other explanatory information to the consolidated financial statements

59 Additional disclosures as per Schedule III to the Act:

a) The Holding Company and a subsidiary incorporated in India 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:-

b) The Holding Company and a subsidiary incorporated in India have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (intermediaries) with the understanding (whether recorded in writing or otherwise) 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 of the Funding Party (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ( Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

60 (a) Segment information

The Group is engaged in the business of Plastic Packaging Material. The Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on analysis of various performance indicators by geographical segments. The items which are not allocated to segments are shown as "Unallocated".

Geographical segments are:

(a) Africa, Middle East and South Asia (AMESA region) include operations in India and Egypt.
(b) East Asia Pacific (EAP region) includes operations in China and Philippines
(c) AMERICAS region includes operations in United States of America, Mexico and Colombia.
- (d) EUROPE region includes operations in Germany, United Kingdom, Poland and Russia.

Segment reporting as at and for the year ended 31 March 2022

(Rs. in million)
						AMESA EAP AMERICAS EUROPE Unallocated Eliminations	Total
Revenue from operations
External sales and services		11,469 8,031	7,344	7,484	-	-	34,328
Inter-segment sales and services	790	595	18	-	11	(1,414)	-
Total revenue from operations	12,259 8,626			7,362 7,484	11	(1,414)	34,328
Segment results		1,293 1,277	529	256	(44)	(42)	3,269
Add / (Less) :
Other income (including interest income of Rs.41 million)
Foreign Exchange difference gain / (loss) (net)
Finance costs
Share of loss from an associate
Profit before tax and exceptional items
Less : Exceptional items (net)
Profit before tax
Less: Tax expense
Current tax
Deferred tax credit
Profit after tax before non-controlling interest							2,213
Less: Non-controlling interest							69
Profit for the year attributable to owners of the Holding Company

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Other information:

								(Rs. in million)
		AMESA		EAP AMERICAS EUROPE			Unallocated Eliminations	Total
1.	Segment assets *		10,558 8,153	6,891	6,139	2,055		(870) 32,926
2.	Segment liabilities		2,488 2,459	1,296	1,412	7,382		(692) 14,345
3.	Non current assets **		5,256 3,316	3,797	3,388	1,363		(42) 17,078
4.	Capital expenditure	1,263	500	811	181	0	-	2,755
5.	Depreciation andamortisation expense	1,007	504	459	532	18	(6)	2,514

Note :

* Segment assets - unallocated includes investments in associate of Rs. 72 million.

** Non-current assets are excluding financial assets, deferred tax assets and investment in associate

Segment reporting as at and for the year ended 31 March 2021

	AMESA		EAP AMERICAS		EUROPE Unallocated Eliminations		Total
Revenue from operations
External sales and services	9,4077,3166,5077,686--
Inter-segment sales and services	527	504	14	-	12	(1,057)	-
Total revenue from operations	9,934	7,820	6,521	7,686	12	(1,057)	30,916
Segment results1,0831,434712625(24)(21)
Add / (Less) :
Other income (including interest income of Rs.71 million)
Foreign Exchange difference gain / (loss) (net)
Finance costs
Share of loss from an associate
Profit before tax and exceptional items
Less : Exceptional items (net) (Refer note 40)
Profit before tax
Less: Tax expense
Current tax
Deferred tax credit
Profit after tax before non-controlling interest
Less: Non-controlling interest							52
Profit for the year attributable to owners of the Holding Company

Significant accounting policies and other explanatory information to the consolidated financial statements

Other information:

							(Rs. in million)
	AMESA					EAP AMERICAS EUROPE Unallocated Eliminations	Total
1. Segment assets *	9,521	7,565	5,513	6,087	2,005	(577)	30,114
2. Segment liabilities	2,495	2,099	1,004	1,327	6,314	(439)	12,800
3. Non current assets **	4,979	2,853	3,278	3,762	1,376	(45)	16,203
4. Capital expenditure	193	335	617	615	-	-	1,760
5. Depreciation andamortisation expense	966	466	409	494	19	(8)	2,346

Note :

* Segment assets - unallocated includes investments in associate of Rs. 149 million.

** Non-current assets are excluding financial assets, deferred tax assets and investment in associate.

(b) Revenue earned from the top customer during the year is Rs. 2,755 million (31 March 2021 Rs.3,560 million).

61 The figures for the previous year has been regrouped/rearranged wherever necessary to conform to the current year's classification in order to comply with the requirements of the amended schedule III to the Companies Act, 2013 effective 1 April 2021.

For Walker Chandiok & Co LLP	For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration No. 001076N / N500013	Anand KripaluManaging Director and Chief Executive Officer(DIN - 00118324)	Sharmila Abhay KarveDirector(DIN - 05018751)
Rakesh R. AgarwalPartnerMembership No.: 109632	Amit JainChief Financial Officer	Suresh SavaliyaSVP - Legal and Company Secretary
Place: MumbaiDate: 10 May 2022	Place: MumbaiDate: 10 May 2022

Rakesh R. Agarwal

Partner Membership No.: 109632 Place: Mumbai Date: 10 May 2022

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Statement containing salient features of the financial statement of subsidiaries / associate companies / joint ventures as per Companies Act 2013 (Pursuant to first provisio to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)

FORM AOC - 1

Part "A" : Subsidiaries

														Rs. in million
Sr.	Name of the Subsidiary	Currency	Exchange	Share	Reserves	Total	Total	Investment	Turnover	Profit	Provision	Profit	Proposed	% of
No.			rate as on	Capital	& Surplus	Assets	Liabilities	(Other than in		before	for	after	Dividend	Shareholding
			31.03.2022					Subsidiary)		taxation	taxation	taxation
1	EPL America, LLC	USD	75.79	758	3,773	6,579	2,048	-	5,735	390	99	291	-	100%
2	Lamitube Technologies Limited	USD	75.79	629	6,386	9,077	2,062	-	11	1,120	137	983	931	100%
3	Lamitube Technologies (Cyprus) Limited	USD	75.79	326	215	541	0	-	-	187	15	172	-	100%
4	Creative Stylo Packs Private Limited	INR	1.00	23	435	772	314	-	795	76	16	60	-	72.46%
5	EPL Packaging (Guangzhou) Limited	CNY	11.92	2,744	2,637	7,675	2,294	-	7,644	1,144	79	1,065	1,128	100%
6	EPL Propack Philippines, Inc	PHP	1.46	55	132	407	220	-	615	104	25	79	44	100%
7	MTL de Panama S.A	USD	75.79	232	164	505	109	-	-	15	-	15	-	100%
8	EPL Propack UK Limited	GBP	99.27	424	(279)	165	20	-	131	71	(28)	99	-	100%
9	EPL Propack de Mexico, S.A. de C.V.	MXN	3.80	446	71	1,080	563	-	984	67	17	50	-	100%
10	Tubopack de Columbia S.A.S.	COP	0.02	8	80	88	0	-	-	-	-	-	-	100%
11	Laminate Packaging Colombia S.A.S.	COP	0.02	29	115	781	637	-	744	(28)	(2)	(26)	-	100%
12	LLC EPL Propack (Russia)	RUB	0.92	245	(185)	63	3	-	6	(12)	(1)	(11)	-	100%
13	EPL MISR for Advanced Packaging S.A.E.	EGP	4.14	47	238	667	382	-	1,171	279	69	210	164	75%
14	EPL Poland sp. z.o.o.	PLN	18.08	3,061	(722)	3,900	1,561	-	4,452	219	4	215	-	100%
15	Arista Tubes, Inc. (Refer note 5)	USD	75.79	1,326	(2,130)	592	1,396	-	-	-	-	-	224	100%
16	EPL Packaging (Jiangsu) Limited	CNY	11.92	775	137	1,149	237	-	1,354	122	31	91	93	100%
17	EPL Deutschland GmbH & Co. KG	EUR	84.01	210	768	1,659	681	-	3,219	73	-	73	125	100%
18	EPL Deutschland Management GmbH	EUR	84.01	4	2	7	1	-	15	0	(0)	0	-	100%

Notes:

1. Name of subsidiary which is yet to commence operations : None
1. Name of subsidiary which has been liquidated or sold during the year : None
1. The above financial numbers are based on the respective audited standalone financial statements without considering elimination / consolidation adjustments.
1. Zero denotes amount less than one million.
1. Excludes earnings of subsidiary, EPL America, LLC included in standalone financial statements.

Statement pursuant to section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures

Part "B" : Associate

		Rs. in million
	Sr. No. Name of Associate	P.T.Lamipack Primula
1	Latest Balance Sheet Date *	31 March 2022
2	Shares of Associate held by the company on the year end
	Number of Shares	2,100
	Amount of Investment in Associate	72
	Extend of Holding %	30.00%
3	Description of how there is significant influence	30% Indirect holding in Associate
4	Reason why the associate is not consolidated	Equity Method as per Ind AS-28
5	Networth attributable to Shareholding as per latest Balance Sheet *	72
6	Profit / Loss for the year *
	i. Considered in Consolidation	-78
	ii. Not Considered in Consolidation	-182
Note:

Names of associate which are yet to commence operations : None 2. Names of associate which have been liquidated or sold during the year : None * Based on unaudited financial statements of the Company.

For and on behalf of the Board of Directors

Anand Kripalu Sharmila Abhay Karve

Managing Director and Director Chief Executive Officer (DIN - 05018751) (DIN - 00118324)

Amit Jain Suresh Savaliya Chief Financial Officer SVP - Legal and

Company Secretary

Place: Mumbai Date: 10 May 2022

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