GTL Ltd — Annual Report 2023

May 24, 2023

REF: GTL/CS-SE/2023-24/014 May 24, 2023

Department of Corporate Services	Corporate Communication Department
BSE Limited	National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers,	Exchange Plaza, 5thFloor,
Floor, Dalal Street,25th	Plot No. C/1, G Block,
Fort, Mumbai 400 001.	Bandra Kurla Complex,
	Bandra (East), Mumbai 400 051.
(BSE Code: 500160 NSE SyMbol: GTL ISIN: INE043A01012)

Dear Sir/s,

Re: Outcome of the Board Meeting

This is in continuation to our letter bearing Ref. No. GTL/CS-SE/2023-24/11 dated May 17, 2023 and pursuant to Regulations 33 and other applicable regulations, if any, of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing Regulations), we have to inform that the Board of Directors of the Company, in its meeting held today has approved the Audited Financial Results on Standalone basis for the quarter and year ended March 31, 2023. A copy of the said results, notes thereto and Auditor's Report is enclosed for your records.

Further, we would like to convey that M/s. GDA & Associates, Chartered Accountants, the Auditors of the Company, have issued Audit Reports with modified opinion on the Standalone Financial Statements and as required we submit the Annexure—I in the prescribed format thereby furnishing Statement of impact of Audit Qualifications (for Audit report with modified opinion).

The meeting of the Audit Committee / Board of Directors of the Company commenced at 13:00 Hours and concluded at 17:40 Hours.

We request you to take the above on your records.

Thanking you,

Yours truly, For GTL Limited

VASANT BAPAT DN: CN = MILIND VASANT BAPAT email = MILINDB@GTLLIMITED.COM C = IN O = Personal Date: 2023.05.24 17:45:47 +05'30' MILIND VASANT BAPAT

Milind Bapat Deepak Keluskar Chief Financial Officer Company Secretary

Digitally signed by: DEEPAK ARUN KELUSKAR DN: CN = DEEPAK ARUN KELUSKAR email = DEEPSK2@GMAIL.COM C = IN O = Personal Date: 2023.05.24 17:46:11 +05'30' DEEPAK ARUN KELUSKAR

Encl: As above

Note: This letter is submitted electronically with BSE & NSE through their respective web-portals.

GTL LIMITED

Regd Off: Global Vision Electronic Sadan - II MIDC TTC Industrial Area Mahape Navi Mumbai - 400 710 India Tel: +91-22-2761 2929 Fax: +91-22-2768 9990 www.gtllimited.com CIN: L40300MH1987PLC045657 Tel: +91-22-2271 5000 Fax: +91-22-2271 5332 Digitally signed by: MILIND

Corp Off: 412 Janmabhoomi Chambers 29 Walchand Hirachand Marg Ballard Estate Mumbai - 400 001 India

GTL LIMITED

Statement of Standalone audited results for the quarter and year ended March 31, 2023 ₹ in lakhs (except per share data)

Sr.No.	Particulars	Quarter endedMarch 31,2023	Quarter endedDecember 31,2022	Quarter endedMarch 31,2022	Year endedMarch 31,2023	Year endedMarch 31,2022
		Audited	Unaudited	Audited	Audited	Audited
1	Revenue from operations	4,699.20	4,589.49	4,702.45	18,641.38	19,350.60
2a)	Other IncomeExchange Gain	770.03	NIL	NIL	NIL	NIL
b)	Others	121.04	73.44	127.51	559.89	484.64
3	Total Income (1+2)	5,590.27	4,662.93	4,829.96	19,201.27	19,835.24
4	Expenses
a)b)	Cost of Material Consumed and Services renderedChanges in inventories of finished goods, Stock-in-Trade and	819.12NIL	253.80NIL	887.67NIL	2,506.44NIL	4,769.37NIL
c)	work-in-progressEmployee benefits expense	1,369.54	1,576.09	1,867.48	6,514.95	6,601.50
d)	Finance costs (Refer note 8)	659.28	652.02	582.63	2,566.49	2,283.68
e)	Depreciation and ammortisation expense	107.62	101.41	113.63	429.76	443.94
f)g)	Exchange LossOther Expenses	NIL965.54	1,605.32518.43	1,761.941,122.43	8,587.802,918.11	3,262.804,252.36
	Total Expenses (4)	3,921.10	4,707.07	6,335.78	23,523.55	21,613.65
5	Profit / (Loss) before exceptional items and tax (3-4)	1,669.17	(44.14)	(1,505.82)
6	Exceptional items	NIL	NIL	NIL	(4,322.28)10,043.33	(1,778.41)44,965.43
7	Profit / (Loss) before tax (5-6)	1,669.17	(44.14)	(1,505.82)	5,721.05	43,187.02
8	Tax expense:i) Current tax	NIL	NIL	NIL	NIL	NIL
	ii) Adjustment of tax relating to earlier periods	NIL	NIL	NIL	NIL	NIL
	iii) Deferred tax	NIL	NIL	NIL	NIL	NIL
9	Profit / (Loss) for the period from Continuingoperations (7-8)	1,669.17	(44.14)	(1,505.82)	5,721.05	43,187.02
10	Profit / (Loss) from discontinued operations	NIL	NIL	NIL	NIL	NIL
11	Tax expense of discontinued operations	NIL	NIL	NIL	NIL	NIL
12	Profit / (Loss) from discontinued operations (after tax)(10+11)	NIL	NIL	NIL	NIL	NIL
13	Profit / (Loss) for the period (9+12)	1,669.17	(44.14)	(1,505.82)	5,721.05	43,187.02
14	Other Comprehensive Income
	A (i) Items that will not be reclassified to profit or loss	28.15	(44.29)	21.14	(11.85)	(37.80)
	(ii) Income tax relating to items that will not bereclassified to profit or loss	NIL	NIL	NIL	NIL	NIL
	B (i) Items that will be reclassified to profit or loss(ii) Income tax relating to items that will bereclassified to profit or loss	NILNIL	NILNIL	NILNIL	NILNIL	NILNIL
	Total Comprehensive income for the period /year	28.15	(44.29)	21.14	(11.85)	(37.80)
15	Total Comprehensive Income for the period (13+14)(Comprising profit / (loss) and other ComprehensiveIncome for the period)	1,697.32	(88.43)	(1,484.68)	5,709.20	43,149.22
16	Paid-up equity share capital (Equity Shares of Face Valueof ₹ 10/- each)	15,729.68	15,729.68	15,729.68	15,729.68	15,729.68
17	Earnings Per Share (For continuing operations)(of ₹ 10 /- each) (not annualised):
a.	Before Exceptional items:
	a) Basic	1.06	(0.03)	(0.96)	(2.75)	(1.13)
	b) Diluted	1.06	(0.03)	(0.96)	(2.75)	(1.13)
b.	After Exceptional items:a) Basicb) Diluted	1.061.06	(0.03)(0.03)	(0.96)(0.96)	3.633.63	27.4527.45
18	Earnings Per Share (For discontinued operations)(of ₹ 10 /- each) (not annualised): ,,a) Basic	NIL	NIL	NIL	NIL	NIL
	b) Diluted	NIL	NIL	NIL	NIL	NIL
19	Earnings Per Share (For discontinued and continuingoperations)
	(of ₹ 10 /- each) (not annualised):
	a) Basic ( After Exceptional tems)b) Diluted ( After Exceptional tems)	1.061.06	(0.03)(0.03)	(0.96)(0.96)	3.633.63	27.4527.45
20	Capital Redemption Reserve and Debenture RedemptionReserve	N.A.	N.A.	N.A.	19,979.22	19,979.22
21	Other Equity	N.A.	N.A.	N.A.	(6,38,928.11)	(6,44,637.31)
22	a. Debt Service Coverage Ratio	N.A.	N.A.		*	*
	b. Interest Service Coverage Ratio (ISCR)c. Debt - Equity Ratio	N.A.N.A.	N.A.N.A.	N.A.N.A.N.A.

* - Debt Service Coverage ratio is not furnished (Refer note 8)

* - Debt-Equity ratio is not positive hence not furnished

* - Interest on borrowings is not provided and not paid (Refer note 8) hence ISCR is not furnished

See accompanying notes to the Financial Results For GTL Limited,

Place: Mumbai Date: May 24, 2023

Sunil S. Valavalkar Whole-time Director (DIN 01799698)

Registered Office: "Global Vision", Electronic Sadan No. II, M. I. D. C., T. T. C. Industrial Area, Mahape, Tal. & Dist. Thane, Navi Mumbai - 400 710.

GTL LIMITED

• 1. The above audited standalone financial results and notes thereto have been reviewed by the Audit Committee and approved and taken on record by the Board of Directors in their respective meetings held on May 24, 2023.
• 1. The results, as stated above, have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) (Ind AS), prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.
• 1. The figures for the quarters ended March 31, 2023 and March 31, 2022 represent the difference between the audited figures in respect of the full financial year and the published figures of nine months ended December 31, 2022 and December 31, 2021 respectively.
• 1. The Company is engaged only in business of providing "Network Services" and as such there are no separate reportable segments.

5. Statement of Assets and Liabilities:

		₹ lakhs
	As at March	As at March
Particulars	31, 2023	31, 2022
I. ASSETS
Non-current assets
Property, plant and equipment	4,825.46	6,779.63
Capital work-in-progress	NIL	NIL
Right to Use of Lease Assets	194.78	290.74
Investment Property
	21.10	290.26
Intangible assets	59.54	59.80
Financial Assets
(i) Investments	NIL	NIL
(ii) Loans	NIL	NIL
(iii) Others	60.91	59.18
Deferred tax assets	NIL	NIL
Other non-current assets	NIL	NIL
Total Non-Current Assets (A)	5,161.79	7,479.61
Current Assets
Inventories	NIL	NIL
Financial Assets
(i)Investments	NIL	NIL
(ii) Trade receivables	3,315.58	1,958.18
(iii) Cash and cash equivalents	510.61	211.48
(iv) Bank balances other than (iii) above	751.23	892.43
(v) Loans	NIL	0.14
(vi) Others	5,575.38	1,990.82
Assets held for Discontinued Operations (Net)	NIL	NIL
Current Tax Assets (Net)	1,784.08	1,922.15
Other current assets	8,686.96	7,414.94
Total Current Assets (B)
	20,623.84	14,390.14
Total assets C = (A-I-B)	25,785.63	21,869.75
I. EQUITY AND LIABILITIES
Equity
a) Share Capital	15,729.68	15,729.68
b) Other Equity	(6,38,928.11)	(6,44,637.31)
Total Equity (D)	(6,23,198.43)	(6,28,907.63)
Liabilities
Non-current liabilities
Financial Liabilities
(i) Borrowings	23,907.11	21,518.34
(ii) Lease Liabilities
	27.97	168.59
Provisions	122.71	126.02
Other non-current liabilities	NIL	NIL
Total non-current liabilities (E)	24,057.79	21,812.95
Current liabilities
Financial Liabilities
(i)Borrowings	5,82,565.06	5,87,495.24
(ii) Trade payables
MSME	128.77	130.35
Others	955.28	975.85
(iii) Lease Liabilities	188.99	149.52
(iv) Other financial liabilities	31,349.07	30,203.20
Other current liabilities	9,714.26	9,997.24
Provisions	24.84	13.03
Current Tax Liabilities (Net)	NIL	NIL
Total current liabilities (F)	6,24,926.27	6,28,964.43
Total Liabilities G = ( E-FF)	6,48,984.06	6,50,777.38
Total equity and liabilities (D-FG)	25,785.63	21,869.75

6. Statement of Cash Flow:

₹ Lakhs

Particulars	31-Mar-23	31-Mar-22
Operating activities
Profit/(loss) before tax from continuing operations	(4,322.29)	(1,778.41)
Profit/(loss) before tax from discontinued operations	NIL	NIL
Profit / ( Loss ) before tax	(4,322.29)	(1,778.41)
Adjustments to reconcile profit / (loss) before tax to net cash flows:
Depreciation and impairment of property, plant and equipment	429.76	443.94
Loss /(Gain) on disposal of property, plant and equipment	NIL	204.66
Finance income (including fair value change in financial instruments)	(95.84)	(76.58)
Finance costs (including fair value change in financial instruments)	2,536.48	2,240.65
Unrealised Exchange (Gain)/Loss	8,587.80	3,262.80
Provision for doubtful Trade Receivables (Net)	NIL	23.70
Liabilities / provisions no longer required written back	(250.68)	(114.39)
Interest on right to use leased assets	30.01	43.04
Exceptional Items	10,043.33	44,965.43
Less : Profit on sale of Fixed Assets / Investments (invoked shares)considered under investing activity	(10,043.33)	(41,210.04)
Working capital adjustments:
Increase /(decrease) in provision for gratuity & compensated absences	(3.36)	(21.18)
(Increase)/decrease in trade receivables	(1,357.40)	(1,972.70)
(Increase)/decrease in other current assets	(3,512.14)	(1,449.92)
(Increase)/decrease in short term loans and advances	(1,345.31)	(4,504.05)
Increase /(decrease) in trade payables, other current liabilities andprovisions	970.85	2,038.34
	1,667.90	2,095.29
Income tax paid (including TDS) (net)	138.82	778.03
Net cash flows from operating activities	1,806.72	2,873.32
Investing activities
Proceeds from sale of property, plant and equipment	12,055.00	NIL
Purchase of property, plant and equipment (including CWIP)Interest received (finance income)	(245.24)94.14	(137.08)75.38
Sale of Investment by Lenders	NIL	46,326.31
Net cash flows from/(used in) investing activities	11,903.90	46,264.61
Financing activities
Interest paid	(27.14)	(5.31)
Repayment of long term borrowings	(13,517.97)	(52,504.24)
Other bank balances	141.20	(328.39)
Payable to Promoter towards amount realised by lenders on sale of shares	NIL	3,842.09
Interest payment on lease payments	(29.79)	(43.04)
Principal repayment on lease paymentsNet cash flows from/(used in) financing activities	22.21(13,411.49)	(132.48)_(49,171.37)
Net increase/(decrease) in cash and cash equivalents	299.13	(33.44)
Cash and cash equivalents at the beginning of the year	211.48	244.96
Cash and cash equivalents at the end of the year	510.61	211.48

• 1. During the last few years, the Company has incurred cash losses, resulting in erosion of its entire net worth. The Company's current liabilities are higher than its current assets. While the petition filed by one of the lenders before NCLT got dismissed vide its order dated November 18, 2022, the said matter is pending before the National Company Law Appellate Tribunal (NCLAT), on appeal by the said lender. Accordingly, the Management is of the view that it would be in a position to revive the Company and continue its operations. Hence, it continues to prepare its financial statements on a going concern basis. The auditors have observed Emphasis of Matter in respect of this.
• 1. The Company has neither paid nor provided interest on its borrowing during the quarter and year ended March 31, 2023 in view of the foregoing as explained.

Had such interest been recognized, the finance cost for the quarter and year ended March 31, 2023 would have been more by ₹ 10,609.10 lakhs and ₹ 41,769.32 lakhs respectively.

The resultant profit / (loss) would have been ₹ (8,911.78) lakhs and ₹ (36,060.12) lakhs and EPS would have been ₹ (5.68) and ₹ (22.92) for the quarter and year ended March 31, 2023 respectively. The auditors have issued a modified opinion in respect of this matter.

• 9. During the quarter ended June 30, 2022, the Lenders have appropriated the sale proceeds of ₹ 12,055.00 lakhs of three immovable properties of the Company against the Rupee Loans. The amount realized over the carrying value of assets of ₹ 10,043.33 lakhs is considered as "Exceptional Items".
• 10. The figures for the previous quarter / year have been regrouped / rearranged / recast wherever considered necessary.

For GTL Limited,

5_5 14# 6,VAIlLt---,

Sunil Valavalkar Place: Mumbai Whole-time Director (DIN: 01799698)

May 24, 2023

INDEPENDENT AUDITOR'S REPORT

To, The Board of Directors of GTL LIMITED Report on the audit of the Standalone Financial Results

Modified Opinion

We have audited the accompanying standalone annual financial results of GTL LIMITED ("the Company") for the quarter and year ended March 31, 2023, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (`Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us, except for the effect of the matters described in the basis for modified opinion paragraph below, these standalone quarterly as well as year ended financial results:

• i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended ('Ind AS'), and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the quarter and year ended March 31, 2023.

Basis for Modified Opinion

As mentioned in Note No. 8 to the Statement, the Company has neither paid nor provided interest on its borrowings during the financial year. Had such interest been recognised, the finance cost and interest liability for the year ended March 31, 2023 would have been more by Rs. 41,769.32 Lakhs. Consequently, the reported profit after Other Comprehensive Income by the Company for the year ended March 31, 2023 would have been a loss of Rs. 36,060.12 Lakhs. The Earnings per Share (EPS) would have been Negative Rs. 22.92.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 ('the Act'). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results 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 together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 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. p.SS0

Emphasis of Matter

We draw attention to the following notes to the accompanying statements-

• i. Note no. 7 which inter-alia states that, during the last few years the company has incurred cash losses, its net worth has been fully eroded and the company's current liabilities have exceeded its current assets as at March 31, 2023. The above conditions indicate the existence of the material uncertainty that cast significant doubt about the company's ability to continue as a going concern. However, the Standalone financial statements of the Company have been prepared on going concern basis for the reasons stated in the said note.
• ii. Note no. 9 which inter alia states that, the Lenders have appropriated the sale proceeds of Rs. 12,055.00 Lakhs of the three immovable properties of the Company sold during the year, against the Rupee Loans. The amount realized over the carrying value of Assets of Rs. 10,043.33 Lakhs is considered as "Exceptional Item".

Our opinion is not modified in respect of above matters.

Management's and Board of Directors' Responsibilities for the Standalone Financial Results

The standalone financial results have been prepared on the basis of the standalone annual financial statements. The Company's Management and Board of Directors are responsible for the preparation and presentation of these annual financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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 the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Management and 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 intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results 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 guar ee that an audit conducted in accordance with SAs will always detect a material misstateme 0 ists.

yr

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 standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, 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, but not for the purpose of expressing an opinion on the effectiveness of the company's Internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may 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 standalone financial results 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.
• Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.

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.

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.

Other matters

• a) As at March 31, 2023, balance Confirmations, with respect to Bank Loan (including interest accrued), Bank Guarantee, Bank Current Account and Fixed Deposits aggregating to Rs. 4,20,831.84 Lakhs, have not been received.
• b) The financial results include results for the quarter ended March 31, 2023 and March 31, 2022 being balancing figures between audited figures in respect of full financial year and published unaudited year to date figures up to the third quarter of the current financial year i.e. December 31, 2022 and December 31, 2021 which were subjected to limited review by us.

Our opinion is not modified in respect of above matters.

For GDA & Associates Chartered Accountants Firm Registration Number: 135780W

d~ere Akshay D. Maru c Act

Partner Membership No: 150213 UDIN : 23150213 BGYG HO6020 Place : Mumbai Date : May 24, 2023

ANNEXURE I

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Audited Financial Results

Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2023[See Regulation 33 of the SEBI (LODR) (Amendment) Regulations, 2016]
I.	SI.No.	Particulars	Audited Figures(as reportedbefore adjustingfor qualifications)(Rs. In lakhs)	Adjusted Figures(audited figuresafteradjusting forqualifications)(Rs. In lakhs)
	1.	Turnover / Total Income	19,201.27	19,201.27
	2.	Total Expenditure	23,523.55	65,292.87
	3.	Profit / (Loss) before exceptional items	(4,322.28)	(46,091.60)
	4.	Exceptional items	10,043.33	10,043.33
	5	Net Profit / (Loss)	5,721.05	(36,048.27)
	6.	Earnings Per Share	3.63	(22.92)
	7.	Total Assets	25,785.63	25,785.63
	8.	Total Liabilities	648,984.06	690,753.38
	9.	Net Worth	(623,198.43)	(664,967.75)
	10.	Any other financial item(s) (as feltappropriate by the management)	Not Applicable	Not Applicable
II.		Audit Qualification (each audit qualification separately):Details of Audit Qualification:
	a.	As mentioned in Note No. 8 to the Statement, the Company has neither paid norprovided interest on its borrowings during the financial year. Had such interest beenrecognised, the finance cost and interest liability for the year ended March 31, 2023would have been more by Rs. 41,769.32 Lakhs.Consequently, the reported profit after Other Comprehensive Income by the Companyfor the year ended March 31, 2023 would have been a loss of Rs. 36,060.12 Lakhs. TheEarnings per Share (EPS) would have been Negative Rs. 22.92.
	b.	Type of Audit Qualification : Modified Opinion
	c.	Frequency of qualification: Sixth time
	d.	For Audit Qualification(s) where the impact is quantified by the auditor,Management's Views:The Company has neither paid nor provided interest on its borrowings during thefinancial year in view of details explained in the Note 8 of SEBI results.

e.	For Audit Qualification(s) where the impact is not quantified by the auditor:
	(i)	Management's estimation on the impact of audit qualification:Not Applicable
	(ii)	If management is unable to estimate the impact, reasons for the same:Not Applicable
	(iii)	Auditors' Comments on (i) or (ii) above:Not Applicable

As per our report of even date For M/s. GDA and Associates Chartered Accountants FRN No.135780W pSS 00

-50 tod Act, ti

Akshay Maru Partner M. No. 150213 Mumbai, May 24, 2023 For and on behalf of the Board,

S. 40v 4 ,v. 1)

Sunil Valavalkar Whole-time Director

D. S. Gunasingh Chairman of Audit Committee

Milind Bapat Chief Financial Officer