GTL Ltd — Annual Report 2024

May 15, 2024

REF: GTL/CS-SE/2024-25/09 May 15, 2024

Department of Corporate Services	Corporate Communication Department
BSE Limited	I National Stock Exchange of India Ltd
Phiroze Jeejeebhoy Towers,	l Exchange Plaza, 5thFloor,
25th Floor, Dalal Street,	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/2024-25/08 dated May 08, 2024 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, 2024. 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 Report 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 10:30 Hours and concluded at 17:05 Hours.

We request you to take the above on your records.

Thanking you,

Yours truly, For GTL Limited Digitally signed by: MILIND VASANT BAPAT DN: CN = MILIND VASANT BAPAT email = MILINDB@GTLLIMITED.COM C = IN O = Personal Date: 2024.05.15 17:11:30 +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 C = IN O = Personal Date: 2024.05.15 17:12:07 + 05'30' DEEPAK ARUN KELUSKAR

Encl: As above

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

GTL LIMITED Corp Off: 412 Janmabhoomi Chambers 29 Walchand Hirachand Marg Ballard Estate Mumbai - 400 001 India Tel: +91-22-2271 5000 Fax: +91-22-2271 5332

GTL LIMITED

Statement of audited results for the year and quarter ended March 31, 2024 ₹ in lakhs (except per share data)

Sr.No.	Particulars	Quarter endedMarch 31,2024	Quarter endedDecember 31,2023	Quarter endedMarch 31,2023	Year endedMarch 31,2024	Year endedMarch 31,2023
		Audited	Unaudited	Audited	Audited	Audited
1	Revenue from operations	6,568.81	4,346.00	4,699.20	20,192.09	18,641.38
2	Other Income
a)b)	Exchange GainOthers	NIL164.52	NIL260.38	770.03121.04	NIL1,126.89	NIL559.89
3	Total Income (1+2)	6,733.33	4,606.38	5,590.27	21,318.98	19,201.27
4	Expenses
a)	Cost of Material Consumed and Services renderedChanges in inventories of finished goods, Stock-in-Trade and	403.55	525.99	819.12	2,267.26	2,506.44
b)	work-in-progress	NIL	NIL	NIL	NIL	NIL
c)	Employee benefits expense	1,881.18	1,805.42	1,369.54	7,483.25	6,514.95
d)e)	Finance costs (Refer Note 6)Depreciation and ammortisation expense	764.82183.54	728.47119.04	659.28107.62	2,886.75523.45	2,566.49429.76
f)	Exchange Loss	130.51	78.31	NIL	1,631.42	8,587.80
g)	Other ExpensesTotal Expenses (4)	673.344,036.94	966.844,224.07	965.543,921.10	2,766.24	2,918.11
					17,558.37	23,523.55
5	Profit / (Loss) before exceptional items and tax (3-4)	2,696.39	382.31	1,669.17	3,760.61	(4,322.28)
6	Exceptional items	10,923.28	NIL	NIL	17,319.19	10,043.33
7	Profit / (Loss) before tax (5+6)	13,619.67	382.31	1,669.17	21,079.80	5,721.05
8	Tax expense:
	i) Current tax	NIL	NIL	NIL	NIL	NIL
	ii) Adjustment of tax relating to earlier periodsiii) Deferred tax	NILNIL	NILNIL	NILNIL	NILNIL	NILNIL
9	Profit / (Loss) for the period from Continuingoperations (7-8)	13,619.67	382.31	1,669.17	21,079.80	5,721.05
10	Profit / (Loss) from discontinued operations	NIL	NIL	NIL	NIL	NIL
1.1	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)	13,619.67	382.31	1,669.17	21,079.80	5,721.05
14	Other Comprehensive Income
	A (i) Items that will not be reclassified to profit or loss	60.91	(83.51)	28.15	(17.12)	(11.85)
	(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 Other Comprehensive income for the period /year	60.91	(83.51)	28.15	(17.12)	(11.85)
15	Total Comprehensive Income for the period (13+14)(Comprising profit / (loss) and other ComprehensiveIncome for the period)	13,680.58	298.80	1,697.32	21,062.68	5,709.20
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) Basicb) Diluted	1.711.71	0.240.24	1.061.06	2.392.39	(2.75)(2.75)
b.	After Exceptional items:a) Basic	8.66	0.24	1.06	13.40	3.63
	b) Diluted	8.66	0.24	1.06	13.40	3.63
18	Earnings Per Share (For discontinued operations)(of ₹ 10 /- each) (not annualised):
	a) Basicb) Diluted	NILNIL	NILNIL	NILNIL	NILNIL	NILNIL
19	Earnings Per Share (For discontinued and continuing
	operations)
	(of ₹ 10 /- each) (not annualised):a) Basic ( After Exceptional tems)b) Diluted ( After Exceptional tems)	8.668.66	0.240.24	1.061.06	13.4013.40	3.633.63
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.	(6,17,865.44)	(6,38,928.11)
22	a. Debt Service Coverage Ratio	N.A.	N.A.	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.N.A.

* - Debt Service Coverage ratio is not furnished (Refer note 9)

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

* - Interest on borrowings is not provided and not paid (Refer note 9) hence ISCR is not furnished

See accompanying notes to the Financial Results For GTL Limited,

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

Place: Mumbai Date: May 15, 2024

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 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 15, 2024.
• 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, 2024 and March 31, 2023 represent the difference between the audited figures in respect of the full financial year and the published figures of nine months ended December 31, 2023 and December 31, 2022 respectively.
• 1. The Company is engaged only in business of providing "Network Services" and as such there are no separate reportable segments.

1. Statement of Assets and Liabilities:

		₹ in laldIs
Particulars	As at March	As at March
	31,2024	31, 2023
L ASSETS
Non-current assets
Property, plant and equipment	308.25	4,825.46
Capital work-in-progress
	NIL	NIL
Right to Use of Lease Assets	2,688.60	194.78
Investment Property	-	21.10
Intangible assets	-	59.54
Financial Assets
(i) Investments	NIL	NIL
(ii) Loans	NIL	NIL
(iii) Others	64.52	60.91
Deferred tax assets
	NIL	NIL
Other non-current assets	NIL	NIL
Total Non-Current Assets (A)	3,061.37	5,161.79
Current Assets
Inventories	NIL	NIL
Financial Assets
(i) Investments	NIL	NIL
(ii) Trade receivables	2,143.07	3,315.58
(iii) Cash and cash equivalents
	760.83	510.61
(iv) Bank balances other than (iii) above	734.23	751.23
(v) Loans	NIL	NIL
(vi) Others	3,669.71	5,575.38
Assets held for Discontinued Operations (Net)	NIL	NIL
Current Tax Assets (Net)	1,211.68	1,784.08
Other current assets	8,964.28	8,686.96
Total Current Assets (B)	17,483.80	20,623.84
Total assets C = (A-i-B)	20,545.17	25,785.63
L EQUITY AND LIABILITIES
Equity
a) Share Capital	15,729.68	15,729.68
b) Other Equity	(6,17,865.44)	(6,38,928.11)
Total Equity (D)	(6,02,135.76)	(6,23,198.43)
Liabilities
Non-current liabilities
Financial Liabilities
(i) Borrowings	26,568.63	23,907.11
(ii) Lease Liabilities	1,880.09	27.97
Provisions	142.35	122.71
Other non-current liabilities	NIL	NIL
Total non-current liabilities (E)	28,591.07	24,057.79
Current liabilities
Financial Liabilities
(i) Borrowings	5,49,153.82	5,82,565.06
(ii) Trade payables
MSME	128.77	128.77
Others	954.47	955.28
(iii) Lease Liabilities	820.13
		188.99
(iv) Other financial liabilities	32,784.20	31,349.07
Other current liabilities	10,231.04	9,714.26
Provisions	17.43	24.84
Current Tax Liabilities (Net)	NIL	NIL
Total current liabilities (F)	5,94,089.86	6,24,926.27
Total Liabilities G = ( E-i-F)	6,22,680.93	6,48,984.06
Total equity and liabilities (D-i-G)	20,545.17
		25,785.63

6. Statement of Cash Flow:

₹ in Lakhs

Particulars	31-Mar-24	31-Mar-23
Operating activitiesProfit/(loss) before tax from continuing operationsProfit/(loss) before tax from discontinued operationsProfit / ( Loss ) before tax	3,760.61NIL3,760.61	(4,322.29)NIL(4,322.29)
Adjustments to reconcile profit / (loss) before tax to net cash flows:
Depreciation and impairment of property, plant and equipmentFinance income (including fair value change in financial instruments)Finance costs (including fair value change in financial instruments)Unrealised Exchange (Gain)/LossProvision for doubtful Trade Receivables (Net)Liabilities / provisions no longer required written backInterest on right to use leased assets	523.45(162.84)2,845.711,631.42149.08(771.52)41.05	429.76(95.84)2,536.488,587.80NIL(250.68)30.01
Exceptional Items	17,319.19	10,043.33
Less : Profit on sale of Fixed Assets / Investments (invoked shares)considered under investing activity	(13,762.25)	(10,043.33)
Working capital adjustments:Increase /(decrease) in provision for gratuity & compensated absences(Increase)/decrease in trade receivables(Increase)/decrease in other current assets(Increase)/decrease in short term loans and advancesIncrease /(decrease) in trade payables, other current liabilities and	(4.88)1,172.511,732.06(55.86)	(3.36)(1,357.40)(3,512.14)(1,345.31)
provisions	2,539.83	970.85
	16,957.56	1,667.90
Income tax paid (including TDS) (net)	572.40	138.82
Net cash flows from operating activities	17,529.96	1,806.72
Investing activitiesProceeds from sale of property, plant and equipmentPurchase of property, plant and equipment (including lease renewal effect)Interest received (finance income)Net cash flows from/(used in) investing activities	18,109.50(280.98)161.1717,989.69	12,055.00(245.24)94.1411,903.90
Fnancing activities
Interest paidRepayment of long term borrowingsOther bank balancesInterest payment on lease paymentsPrincipal repayment on lease payments / effect of lease renewalNet cash flows from/(used in) financing activities	(1.36)(35,042.67)17.00(40.82)(201.58)(35,269.43)	(27.14)(13,517.97)141.20(29.79)22.21(13,411.49)
Net increase/(decrease) in cash and cash equivalents	250.22	299.13
Cash and cash equivalents at the beginning of the year	510.61	211.48
Cash and cash equivalents at the end of the year	760.83	510.61

1. The net-worth of the Company has got eroded during the last few years. The Company's current liabilities are higher than its current assets. While the petition for insolvency resolution process filed by one of the lenders before National Company Law Tribunal got dismissed vide its order dated November 18, 2022, the said matter is pending before the National Company Law Appellate Tribunal (NCLAT), on further appeal by the said lender.

In the meanwhile, the Monitoring Institution, on behalf of all the secured lenders have communicated their 'In-Principle' approval to the OTS proposal of ₹ 37,578.50 lakhs besides pass-through of all pending arbitration proceeds in the agreed ratio subject to the approval by their respective sanctioning authorities. Further, the secured lenders have recovered an amount of ₹ 10,100.50 lakhs in respect hereof through the sale of Company's immovable properties under The SARFAESI Act, leaving a balance of ₹ 27,478.00 lakhs, against which the Company has deposited ₹ 17,214.30 lakhs as on date in the Escrow Account maintained for the said purpose and is awaiting requisite sanction from the secured lenders along with resolutions of NCLAT and Debt Recovery Tribunal related issues.

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.

• 8. During the month of March 2024, the Company has received OTS sanction from one of its secured lenders whereas subsequent to March 31, 2024 from two of its secured lenders. Accordingly, the Company has settled them fully in accordance with the OTS proposal. The sanctions in respect of others are awaited.
• 9. The Company has neither paid nor provided interest on its borrowing during the quarter and year ended on March 31, 2024 in view of the foregoing as explained.

Had such interest been recognized, the finance cost for the quarter and period ended March 31, 2024 would have been more by ₹ 10,283.52 lakhs and ₹ 42,655.29 lakhs respectively. The resultant profit / (loss) would have been ₹ 3,397.05 lakhs and ₹ (21,592.61) lakhs and the EPS would have been ₹ 2.12 and ₹ (13.72) for the quarter and period ended March 31, 2024 respectively. The auditors have issued a modified opinion in respect of this matter.

• 1. Exceptional Items include gains amounting to ₹ 7,366.34 lakhs on the sale of immovable properties and an amount of ₹ 3,556.94 lakhs representing the revision in the Field Level Maintenance (FLM) rates as per the escalation Clause of the FLM agreement with retrospective effect.
• 11. The figures for the previous quarter / period / year have been regrouped / rearranged / recast wherever considered necessary.

For GTL Limited,

) \V11)

May 15, 2024 Sunil Valavalkar Place: Mumbai Whole-time Director (DIN: 01799698)

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, 2024, 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, 2024.

Basis for Modified Opinion

As mentioned in Note No. 9 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, 2024 would have been more by Rs. 42,655.29 Lakhs. Consequently, the reported profit after Other Comprehensive Income by the Company for the year ended March 31, 2024 would have been a loss of Rs. 21,592.61 Lakh. The Earnings per Share (EPS) would have been Negative Rs. 13.72.

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. S

Material Uncertainty relating to Going Concern

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

Note no. 7 which inter-alia states that, its net worth has been eroded and the company's current liabilities are higher than its current assets as at March 31, 2024. The above conditions indicate the existence of material uncertainty that casts 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 - As against the 'in-principle' approval, to the One Time Settlement ('OTS') proposal of the Company of Rs 37,578.5 Lakh, Secured Lenders have recovered an amount of Rs 10,100.5 Lakh through sale of Company's immovable properties under SARFAESI Act, and for balance of Rs 27,478 Lakh, the Company has deposited Rs 17,214.30 Lakh as on date Crore in Escrow Account, maintained for the said purpose and is awaiting requisite sanction from the Secured Lenders along with resolution of National Company Law Appellate Tribunal (NCLAT) and Debt Recovery Tribunal (DRT) related issues.

Our opinion is not modified in respect of the above matter.

Emphasis of Matter

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

Note no. 10 Exceptional Items include, the gains amounting to Rs. 7,366.34 Lakh, on sale of the immovable properties of the Company during the quarter and an amount of Rs. 3,556.94 Lakh representing the revision of FLM rates as per the escalation clause of the FLM agreement with retrospective effect.

Our opinion is not modified in respect of the above matter.

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, lated 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 guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in 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. `it SS

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, 2024, balance Confirmations, with respect to Bank Loan including interest accrued (net of Balance in Escrow Account), Bank Guarantee, Bank Current Account and Fixed Deposits aggregating to Rs. 3,87,453.83 Lakh, have not been received.
• b) The financial results include results for the quarter ended March 31, 2024 and March 31, 2023 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, 2023 and December 31, 2022 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

Akshay D. Maru Yt PSSpC o) 93 , t."4, dA c0

Partner Membership No: 150213 UDIN : 24150213BKAJJY2858 Place : Mumbai Date : May 15, 2024

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, 2024[See Regulation 33 of the SEBI (LODR) (Amendment) Regulations, 2016]
I. Pa	SI.No.	rticulars	Adjusted FiguresAudited Figures(audited figures(as reportedafterbefore adjustingadjusting forfor qualifications)qualifications)(Rs. In lakhs)(Rs. In lakhs)
	1.	Turnover/Total Income	21,318.98	21,318.98
	2.	Total Expenditure	17,558.38	60,213.67
	3.	Profit / (Loss) before exceptional items	3,760.60	(38,894.69)
	4.	Exceptional items	17,319.19	17,319.19
	5	Net Profit / (Loss)	21,079.79	(21,575.50)
	6.	Earnings Per Share	13.40	(13.72)
	7.	Total Assets	20,545.17	20,545.17
	8.	Total Liabilities	622,680.93	665,336.22
	9.	Net Worth	(602,135.76)	(644,791.05)
	10.	Any other financial item(s) (as feltappropriate by the management)	Not Applicable	Not Applicable
II.		Audit Qualification (each audit qualification separately):
	a.	Details of Audit Qualification:As mentioned in Note No. 9 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, 2024would have been more by Rs. 42,655.29 Lakhs.Consequently, the reported profit after Other Comprehensive Income by the Companyfor the year ended March 31, 2024 would have been a loss of Rs. 21,592.61 Lakhs. TheEarnings per Share (EPS) would have been Negative Rs. 13.72.
	b.	Type of Audit Qualification : Modified Opinion
	c.	Frequency of qualification: Seventh 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 the
		financial year in view of details explained in the Note 9 of SEBI results.

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

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

NSSO Akshay Maru edAcedNS(`

Partner M. No. 150213 Mumbai, May 15, 2024 For and on behalf of the Board,

Sunil Valavalkar Whole-time Director

. S. Gunasingh Chairman of Audit Committee

Milind Bapat Chief Financial Officer