Deepak 2

17th August, 2024
The Secretary Listing Department

BSE Limited National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers, “Exchange Plaza”,
Dalal Street, Fort, Bandra-Kurla Complex, Bandra (E)
Mumbai – 400 001 Mumbai – 400 051
BSE Code: 500645 NSE Code: DEEPAKFERT
Dear Sir/ Madam,
Subject: Annual Report for the FY 2023-24 including notice of the 44th Annual
General Meeting
Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 (as amended), we enclose herewith the following documents relating to the
44th Annual General Meeting of the Company scheduled on Tuesday, 10th September, 2024
at 11.00 a.m. through Video Conferencing/ Other Audio-Visual Means (e-AGM):
1. Notice of the 44th Annual General Meeting; and

2. Annual Report.
The aforesaid documents are also available on the website of the Company, i.e.,
www.dfpcl.com.
You are requested to take the same on your record.
For Deepak Fertilisers

And Petrochemicals Corporation Limited
Digitally signed by GAURAV
GAURAV UMAKANT MUNOLI
UMAKANT MUNOLI Date: 2024.08.17 20:55:22
+05'30'
Gaurav Umakant Munoli

Company Secretary
M. No. A24931
Encl.: As above
From
Volume to
Value with
Passion
& Purpose
ANNUAL REPORT 2023-24
Contents
SECTION 01 BUSINESS OVERVIEW
01 From Volume to Value with Passion &
Purpose
02 DFPCL at a Glance
04 Reinforcing our Leadership Position
in Key Sectors
06 Business Initiatives
10 Message from Chairman &
Managing Director
14 Enhancing Shareholder Returns
15 Core Products
16 Setting New Benchmarks,
Scaling New Heights
18 Awards & Recognitions
20 Ushering in Tangible and
Sustainable Benefits
SECTION 02 STATUTORY REPORTS

26 Management Discussion & Analysis
43 Notice
56 Board’s Report
93 Corporate Governance
SECTION 03 FINANCIAL STATEMENTS

Standalone
119 Independent Auditors’ Report
132 Balance Sheet
134 Statement of Profit and Loss
135 Statement of Cash Flow
138 Notes to the Financial Statements
Consolidated
212 Independent Auditors’ Report
222 Balance Sheet
224 Statement of Profit and Loss
226 Statement of Cash Flow
229 Notes to the Financial Statements
HRSG Plant and Stack

From Volume to Value
with Passion & Purpose
Passion and Purpose are a way of life at Deepak Fertilisers And Petrochemicals
Corporation Limited (DFPCL); not a mere philosophy to live and work by.
It is about an uncompromising quality and delivering value; about merging
competencies and emerging stronger; about stepping forward, advancing and
striving for continuous improvement.
We are on a transformative journey Well supported by capacity landscape. With this, we adhere to our
remodelling ourselves from enhancements, along with forward and overall purpose of creating significant
“Commodity to Specialty” and backward integration, this incessant efficacy and effectiveness, and
“Customer to Consumer”. In other overhaul is aimed at lowering the risk delivering value-added growth to all
words, we are re-engineering DFPCL’s profile of each business and directly our stakeholders.
DNA moving from “Volume” to “Value”. aligning us with the evolving market
A key fundamental driver of this

metamorphosis implies altering our
product suite from plain-vanilla to
high-efficiency, differentiated, and
holistic specialty products. A strong
focus is also being emphasised towards
segment-based value creation and
delivery. This will not only help us to
serve our consumer needs holistically
but also enable solid customer connect
through value partnership. Over the
last few years, we have significantly
enhanced our systems & processes
and IT-enabled analytical tools &
dashboards that should not only help
us to drive business efficiencies but
also make us resilient to absorb global
volatilities and disruptions.
Today, DFPCL is at the turning point of
The cathartic drive from “Volume”
to “Value” is well-aligned with our
becoming a consistent and reliable value
fervent passion and zeal to serve the creator. From our current position of strength,
“end-consumer”. In short, our radical
shift is aimed to strengthen our product we are becoming an enduring and prominent
portfolio, improve margins, consolidate
our market position, provide better
company, with a confidence that rests on a
customer experience, thus in effect, sound strategy to drive sustainable growth
enhance our market share and build a
sustainable brand. through value creation.
02 Deepak Fertilisers And Petrochemicals Corporation Limited
DFPCL – AT A GLANCE
Delivering Enriched and

Captivating Value Proposition
Deep Rooted in Strengths
At Deepak Fertilisers And Petrochemicals
Corporation Limited (DFPCL), we are
one of India’s leading producers of
Industrial Chemicals, Crop Nutrition and
Mining Chemicals, with four decades of
ingrained knowledge base and a proven
experience. With a focus on sustained
growth, our business segments are
attuned to augment value and solutions
quotient for our end-consumers.
Serving Critical Sectors and Being

Strongly Aligned with India’s
Growth Story
DFPCL serves critical sectors such as
agriculture, pharmaceuticals, mining,
infrastructure, health & hygiene,
which directly impacts the economy
and society. Thus it contributes to the
country’s economic progress and overall
advancement.
The DFPCL Business Edge

As the specialists in high-quality
chemicals and fertilisers, surpassing
domestic and international quality
standards, we remain steadfast in our
commitment to creating long-term value
for all our stakeholders, while upholding
the highest standards of corporate
governance and sustainability.
Propelling Ourselves from

Commodity to Specialty
Steered by our motto to develop products
and solutions that deliver integrated and
holistic value and enhance customer
satisfaction, we are transitioning
from “products” to “solutions” and
from “commodity” to “specialty”, thus
becoming more solutions-oriented and
serving the specific requirements of our
customers.
Annual Report 2023-24 Business Overview 03
Navigating Through Our Transformative Journey
Well-aligned with Value partnering to Maintaining focus Migrating from

India’s growth story establish healthy on augmenting commodity-oriented
connect with shareholder returns to value-added
customers across Specialty solutions
business segments
Continuing market Exhibited track Strengthening the Integrated plant

leadership in most record of ultra mega value chain with operations to leverage
business verticals project execution backward integration cost efficiencies
Reinforcing our Leadership Position in Key Sectors
1 2 3 4
Largest producer of Nitric Leading manufacturer India’s only India’s only
Acid in South Asia and marketer of Iso manufacturer of prilled manufacturer of
Propyl Alcohol (IPA) Technical Ammonium medical grade
Nitrate solids Ammonium Nitrate
5 6 7 8
India’s only India’s largest Market leader India’s only producer
manufacturer of manufacturer of in specialty and of crop-specific, crop
Nitrogen Phosphorus Bentonite sulphur water-soluble nutrient solution having
Prill 24:24:0 fertiliser fertilisers in India Nitrogen, Phosphorus,
and Potassium, with
micronutrients and
Nutrient Unlock
Technology (NUT)
Strengthening our Position through Key Sectors Served
Crop Nutrition Mining Industrial

Business Chemicals Chemicals
• Agriculture • Mining • Pharmaceuticals

• Horticulture • Infrastructure • Nitro Aromatics
• Explosives • Paints & Coatings
• Steel
• Solar
• Adhesives
• Explosives
• Dyes & Pigments
• Agrochemicals
• Cosmetics
• Flavours & Fragrances
• Health & Hygiene
Business Initiatives
INDUSTRIAL CHEMICALS
Our wide range of Cororid Disinfectant Products keep smiles bright due to better infection control
KEY OPERATIONAL HIGHLIGHTS
• Launched “Purosolv” range of ESG challenges, becoming the most • Pioneered the launch of Pure
solvents as a testament to our eco-friendly choice for SS pickling. DIPE (Di Isopropyl Ether) in India,
commitment of quality, exclusively suitable for high-grade applications
• Launched Cororid for the hospital in pharmaceutical industry.
for the pharmaceutical industry,
disinfection segment in southern
offering pharma grade products • Witnessed excellent response
and western India.
such as IPA, Methanol and MDC. in export volumes of IPA in
o Expanded footprint beyond Tier-I international market which grew by
• Satiated pharma customers’
cities in existing addressable 246% as compared to FY24.
requirement of world-class certified
markets.
products, with full documentation • Achieved significant customer
support and prompt customer o Working on capturing new traction towards facilitating
service. untapped markets in southern improvement in ESG scores.
India.
• Launched Pickbrite, a one-of-
its-kind innovative and eco-friendly o Expanding product portfolio by
Stainless Steel pickling solution adding new products serving
effectively serving the industry’s customers’ growing needs.
MINING CHEMICALS
TAN Technical Services Engineers stationed at the mine site to facilitate precise blast designs
• Increased licence capacity of • Target commissioning the Gopalpur • Initiated forward integration by
brownfield TAN manufacturing plant by H2 - FY26, thereby enabling marketing differentiated bulk
plants to 629 KTPA, up from total 1 MMTPA TAN production explosives to a major private coal
487 KTPA in FY23. capacity of the Company. mining company.
• Resumed TAN exports, post-lifting • Executed multiple Total Cost of • Deployed capabilities in Technical
of ban by GoI. Ownership (TCO) productivity Services and Solutions to create
improvement projects in Coal and value for the end users.
• Building a world-class greenfield
Limestone mines.
TAN plant at Gopalpur, Odisha with
capacity of 376 KTPA to address the • Organised technical seminar
growing demand for ammonium on “Enhanced Productivity
nitrate. and Self-Reliance in Mining
Operations”, with participation from
leading Rajasthan-based mining
companies.
CROP NUTRITION BUSINESS
Field Agronomist from CNB team explaining the importance of balanced nutrition to improve plant health for better yield
• More than doubled sale of ‘Croptek’ “Saarrthie Laabh” loyalty module in • Research & Development
in two years – from 46,000 MT in the App. collaboration with Agriculture
FY22 to 1.15 lakh MT in FY24. Development Trust, Baramati,
• Launched ‘Aamche Tharalay’
focussing on nutrition research for
• Received approval for third Croptek and ‘Shetkaryanchi Yashogatha’,
both field and horticulture crops.
pulse grade in Fertiliser Control innovative campaigns for Onion and
Order (FCO) authority/NBS; Sugarcane crop, to better engage • Added 3.6 lakh followers in
successfully launched Croptek with farmers. Mahadhan on Facebook, totalling
grade for Soyabean. 9.2+ lakh followers.
• Built robust pipeline of innovative
• Established the Smartek product products backed by strong • Conducted a 360-degree Integrated
portfolio, generating sale of 1.7+ R&D, with focus on soil health, Crop Campaign in targeted
MMT since launch. balance nutrition and efficiency geographies by leveraging a mix of
enhancement. mass media, branding, digital and
• Launched Solutek Banana grades social media and BTL activities to
• Launched crop-specific balance
and established Solutek Grapes, enable crop solution drive in key
nutrient fertiliser ‘Croptek’ with 0.7
Tomato and Pomegranate grades. crops.
million farmers for Onion, Cotton,
• Onboarded 23,000 Saarthie Sugarcane, Maize, Potato and
farmers in Mahadhan App; Created Arecanut.
VALUE-ADDED REAL ESTATE
Largest Trampoline Park, Skyjumper at Creaticity
• Creaticity continued its core players likely to open their doors end execution” is being pursued
fortification drive with signup and in the coming financial year. with different customer segments.
onboarding of several national
• Creaticity branded interiors, • There is a conscious effort to
and international brands and
aimed at providing design and
retailers. Febal Casa, Italy and establish an arguably first-of-
interior services with exclusive
Alf Italia, brought in the premium its-kind house of brands, from
brand partnerships has been
and customisation quotient to launched during the year and Indian and International sources
the offerings. Wooden Street, has been working on assisting which will cover all categories
Wakefit, leading national players customers in aspects of space of furniture, furnishing and
in furniture, opened stores planning and interior design, home décor, thereby becoming a
at Creaticity during the year. apart from the right product shopper expert platform for all
The occupancy was consolidated selection. The unique value
things related to home interiors.
during the year with addition proposition of being the “Single
of over ten new brands and This journey is expected to get
source of home interior solutions
retailers, to retain over 80% by providing complete advisory accelerated in the coming year
occupancy. More excitement is on and support through meaningful with several curated additions to
the anvil, with major international knowledge-sharing and start-to- the Mall.
Enhancing Shareholder Returns

Financial Highlights - Consolidated
Revenue from Operations (` in Crore) Operating EBITDA (` in Crore)

8,676 1,287
2023-24 2023-24
11,301 2,165
2022-23 2022-23
7,663 1,356
2021-22 2021-22
5,808 955
2020-21 2020-21
EBITDA Margin (%) Profit After Tax (` in Crore)

14.8* 457
2023-24 2023-24
19.16 1,221
2022-23 2022-23
17.7 687
2021-22 2021-22
16.45 406
2020-21 2020-21
* after adjusting one off, EBITDA margin is 18.3%
PAT Margin (%) Net Debt to Equity (x)

5.27 0.68
2023-24 2023-24
10.8 0.60
2022-23 2022-23
8.97 0.57
2021-22 2021-22
7 0.81
2020-21 2020-21
Dividend (` / share) EPS (`)

8.50 35.05
2023-24 2023-24
10.00 97.7
2022-23 2022-23
9.00 60.44
2021-22 2021-22
7.50 41.47
2020-21 2020-21
Core Products
Concentrated Nitric Acid Plant and Storage Tank at Dahej
INDUSTRIAL MINING CROP NUTRITION

CHEMICALS (IC) CHEMICALS BUSINESS (CNB)
• Concentrated Nitric Acid • Low Density Ammonium • Nitro Phosphate Fertiliser
Nitrate
• Weak Nitric Acid • Nitrogen Phosphorous
• High Density Ammonium Potassium Fertilisers
• Strong Nitric Acid
Nitrate
• Bentonite Sulphur
• Iso Propyl Alcohol
• Ammonium Nitrate Melt
• Water Soluble Fertilisers
• Methanol
• Medical Grade Ammonium
• Liquid CO2 Nitrate
• Ammonia
Setting New Benchmarks,

Scaling New Heights
In June 2023, DFPCL through its step-down subsidiary Performance
Chemiserve Ltd. (PCL) successfully commissioned a world-class 1500
MTPD Ammonia Plant. The project was completed in a record time of 26
months, setting a benchmark in the industry for a large-scale Green Field
Ammonia Plant with all offsites and utilities.
Toyo India was the EPC partner, and Icons was 01

04
the PMC. The project was executed with the KBR Purifier –
highest standards of safety quality, meeting all Unitised Chiller –
Improves energy
statutory requirements, and was awarded the Lower space requirement efficiency by removing
coveted ROSPA Gold award for excellence in by combining 4 chillers KEY the inerts from syn gas
into one piece of DIFFERENTIATORS entering to synthesis loop
safety performance with no LTI for more than
equipment OF THE PLANT
13 mn man-hours worked during the project
execution. Following the commissioning, the
Performance Guarantee Test of the plant was
successfully conducted in January 2024, and 03 02
the plant has been operating successfully at Horizontal Ammonia Converter – Reformed Gas Exchanger –
the design capacity since then. Reduces capital cost because of Energy efficiency
less steel structures required as improvement by mild firing
compared to vertical converter, in the primary reformer
ease in operations and catalyst and also enhancing primary
replacement reformer catalyst
tube life
Ammonia Process Plant - Ammonia Converter

DM Plant and Water Storage Tanks
Main Control Room
Reverse Osmosis (RO) Plant Ammonia Process Plant – Reformer Area
Ammonia Process Plant – Reformer

Gas Chromatography Room Stack and Columns Water Control Room
Awards & Recognitions

LEADERSHIP (BEST CEO)
Business Today, a part of the India Today Group, recently named Mr. Sailesh Mehta, Chairman & Managing Director,
DFPCL as the ‘BT Best CEO’ in the Natural Resources (Chemicals, Metals & Mining) Category.
The award was given based on the evaluation of financial management and ethical dimensions of various shortlisted
corporates by an eminent committee headed by Mr. Uday Kotak.
The award validates the dedication and drive of the DFPCL team, orchestrated under the leadership of Mr. Sailesh Mehta.
Mr. S.C. Mehta, CMD - DFPCL, receiving the award from the Honourable Minister of Petroleum and Natural Gas,
Shri Hardeep Singh Puri, the Managing Editor of the India Today Group, Shri Aroon Puri, and Mr. Shyam Srinivasan,
CMD, Federal Bank.
CSR
Ishanya Foundation, the CSR arm of DFPCL was DFPCL, through its CSR arm Ishanya Foundation, was
honoured with the Societal Impact Award at the India’s bestowed with the ‘Act of Compassion Award’ in the ‘Excellence
Moment Conclave, hosted by Y4D Foundation. The award, in Empowerment through Economic Development’ category
presented by Deputy Chief Minister of Maharashtra, by ‘The Times of India’ in partnership with Ruby Hall Clinic.
Shri Devendra Fadnavis, recognised the foundation’s The award, presented by Honourable Union Minister for Road,
remarkable contributions. Transport & Highways, Shri Nitin Gadkari, acknowledged
Ishanya Foundation’s impactful CSR endeavours.
Ishanya Foundation receives the award for societal Mr. Naresh Pinisetti, President – Corporate
impact at the India’s Moment Conclave, organised Governance (extreme right) receiving the award from
by Y4D Foundation at the hands of Hon. Dy. CM of Shri Nitin Gadkari, Hon. Union Minister of Road,
Maharashtra, Shri Devendra Fadnavis Transport & Highways
SAFETY WORKPLACE
• International Safety Award - 2024 from British • Pune Best Employer Brand Award 2023.
Safety Council for demonstrating a strong
• Most Preferred Workplace for 2023-24 by
commitment to Good Health & Safety Management
Marksmen Daily.
for Plot K-8, Taloja.
• Happy Companies to Work for by World Happiness
• Certificate of Appreciation from National Safety
Congress & Awards.
Council of India under the NSCI Safety Awards 2023
(Manufacturing Sector – Group B) for Plot K-7,
Taloja.
• Certificate of Appreciation from National Safety DIVERSITY & INCLUSION
Council of India under the NSCI Safety Awards 2023
• Most Prominent Diversity & Inclusion Leader by
(Manufacturing Sector – Group B) for JNPT plot.
World HRD Congress awarded to Mr. Romy Sahay,
President - Human Resources.
QUALITY CONCEPTS
• Gold Award at the 37th Annual Chapter Convention RURAL INDIA
on Quality Concepts for Plot K-8, Taloja. • Mahadhan AgriTech Limited (MAL) received RMAI
Corporate Excellence Award – 2023 for outstanding
contribution and path-breaking work in rural India.
PROCUREMENT &
SUPPLY CHAIN MANAGEMENT
• Best-In-Class Supply Chain Innovation at the
15th ELSC Leadership Award.
• Top Ten Chemical Supply Chain Company 2023 at
the SCM Chem India 2023 Award by ISCM.
• Operational Excellence in Logistics at the Business
World Supply Chain Competitiveness Awards 2023.
• Excellence in Procurement 2024 & Procurement
Digital Transformation Award at Procurement
Excellence Award 2024.
BEST BRAND
• Creaticity received the Home Retail Brand of the
Year by Outlook Group.
• Creaticity received the Specialty Mall of the Year –
Home Retail by Global Awards for Retail Excellence
certified by Asia, Africa, GCC Retail & Shopping
Centre Congress.
Ushering in Tangible and

Sustainable Benefits
Positively impacted lives of 47,195 Beneficiaries in FY 2023-24
Social responsibility is a fundamental component of our identity. We are

proud to be active participants in our local communities. Our goal is to bring
tangible and sustainable benefits to the communities in which we operate
and help them become financially independent.
We seek to be a force for good by supporting social cultivating sustainable livelihoods. Focussed on the
entrepreneurship and giving back to the communities. urban and rural segments, our projects are meticulously
Through Ishanya Foundation (IsFon), DFPCL’s CSR arm, we crafted to nurture pride, empower individuals, and
serve a wide range of outreach programmes and initiatives foster self-reliance.
that enable far-reaching, life-transforming changes.
We invest significantly in data gathering and analysis to ensure
Reaching out to diverse communities and impacting our interventions make a meaningful impact. Every project is
countless lives, our target areas are particularly aimed ingrained with innovation and aligned with the evolving needs
at providing skill development, knowledge dissemination, of contemporary India in seeking equitable and inclusive
and robust support systems all of which help in opportunities.
Finance and Accounting Course conducted at IsFon

RURAL AND URBAN BENEFICIARIES OF OUR INITIATIVES IN FY 2023-24

Project Rural Beneficiaries Urban Beneficiaries Total Beneficiaries
Vocational Skill Development Project (VSDP) 111 701 812
Livelihood Enhancement through Entrepreneurship 57 4* 5,370 5,431
Development (LEED)
Wadi Project 434 NA 434
Dairy Development Project (DDP) 262 NA 262
Community Development & Social Welfare (CDSW) 710 3,884* NA 4,594
Aarogyam 24,283 229* 2,309 26,821
Gyanam 7,891 950* NA 8,841
Total 33,748 5,067* 8,380 47,195
*Activities carried out in Srikakulum through BREDS NGO
URBAN INITIATIVES
Key Features:
As part of its Urban Initiatives, IsFon focusses on areas that
• Underprivileged women, youth, and school dropouts
are geared towards enhancing employability and augmenting
from marginalised sections can apply.
income. This encompasses Vocational Skill Development
Project (VSDP), Livelihood Enhancement through • Soft skills training and sessions are conducted on
Entrepreneurship Development Project (LEED) and Aarogyam. Spoken English, Personality Development, Yoga, Health
Awareness, Financial Literacy and Environmental
LEED includes Muskaan, Income Generation Programme Awareness.
(IGP), Yellow Ribbon NGO & Artisan’s Fair (YRNF), and
• Expert trainers help enhance participants’ soft skills
Entrepreneurship Development.
and placement interview readiness.
Aarogyam is aimed at improving health of local communities. • One-on-one mentorship is provided to each beneficiary.
1. VOCATIONAL SKILL DEVELOPMENT PROJECT • Facilitation of placement opportunities for each

(VSDP) – URBAN beneficiary.
IsFon offers a diverse array of job-oriented vocational
courses with the key goal of equipping the beneficiaries with
necessary skills for improved employment opportunities,
in turn facilitating them to move towards sustainable
livelihoods. As a part of this endeavour to improve their
employment prospects, significant emphasis is placed on
one-on-one mentorship, soft-skills training, job readiness
training and placement guidance. Post-being placed, we
continue to offer counselling for six months.
Aspirants of Printed Circuit Board undergoing their practicals

Electric Mechanic Course in Progress
701 Aspirants 618 Aspirants 2. LIVELIHOOD ENHANCEMENT THROUGH

trained employed ENTREPRENEURSHIP DEVELOPMENT (LEED)
This programme is aimed at providing entrepreneurship
Earnings opportunities and facilitating livelihoods by offering a
` 10,000 - 25,000/month secondary source of income to financially challenged women.
LEED consists of the following initiatives:
A. INCOME GENERATION PROGRAMME (IGP)

As part of this programme, women are trained to enhance ` 2.97 15 Muskaan 3,319
their tailoring abilities, empowering them to create exquisite Lakh Parees Customers
handmade cloth products such as envelopes, bags, thali Revenue benefited benefited
covers, placemats, saree covers, and jewellery pouches, generated
among many other products. from sale of
garments
C. YELLOW RIBBON NGO & ARTISAN’S FAIR (YRNF)

The annual Yellow Ribbon NGO & Artisan’s Fair organised at
Creaticity, Pune served as a distinct platform to showcase
products of various NGOs, artisans, farmers, social
enterprises, and self-help groups from across India.
Supported by NABARD and Kalavishkar Pradarshini, YRNF

provided the participants with an opportunity to spread the
Unique gifting products word about their cause and also engage with individuals,
retailers, corporates, other NGOs and government bodies,
8 Groups of women are positively impacted and thereby facilitating exchange of ideas, collaborations and
improvement in product sales.
enabled to generate significant additional income
` 8.24 Lakh ` 2.82 Lakh

Worth of products sold Total income earned
B. MUSKAAN
Designed on the principles of ‘Reuse, Recycle & Revenue
Generation’, Muskaan is a unique initiative undertaken to
empower financially challenged women, referred by us
as ‘Parees’. It provides an opportunity to earn a secondary
source of income by selling pre-owned garments, bags,
accessories, crockery and linens (received from donors) in
marginalised communities. As part of its V-Collect initiative, Ms. Padmini Kolhapure, Film Actress & Ms. Parul Mehta,
Managing Trustee, IsFon at YRNF
Swachh recycles the unsold garments.
With this, Muskaan fosters economic empowerment for the

Parees as well as assists customers in gaining access to
162 ` 1.12 10,142
quality garments at nominal prices. The Reuse and Recycling
Participating Crore Footfalls
organisations Total Sales
of goods also supports environmental sustainability.
benefitted
80 Gift Hampers curated by IsFon benefited 10

NGOs, SHGs and social enterprises clocking total
sales of ` 2 Lakh
Traditional and contemporary items were exhibited

at the Fair, including woven, dyed and embroidered
fabrics, sarees and shawls, organic pulses, dry fruits
and vegetables, handicraft items including paintings,
baskets, lamps, mats, household products, footwear,
wooden toys, and more.
Sale of pre-owned garments at the YRNF
Active participation from States: 3. AAROGYAM – (URBAN)

• Bihar • Jharkhand • Punjab We run a diagnostic centre at IsFon premises in collaboration
• Delhi • Karnataka • Rajasthan with N. M. Medical, Pune. This centre provides a large variety
• Gujarat • Maharashtra • Telangana of diagnostic tests such as blood tests, x-rays, and scans at
subsidised rates. More and more under-privileged patients
• Himachal Pradesh • Odisha • West Bengal
are availing this service.
D. ENTREPRENEURSHIP DEVELOPMENT The aim is to provide timely diagnosis of the disease for
(URBAN AND RURAL) starting accurate treatment.
Limited entrepreneurial skills, lack of information,
inadequate access to markets, and financial constraints
hinder the progress of under-privileged individuals.
The Entrepreneurship Development initiative endeavours
to turn these aspirations into tangible achievements.
With enhanced skills and the required essential tools, these
individuals turn into entrepreneurs and manage their small
businesses effectively.
Support is provided for sewai machine, parlour kit, welding Pathology Collection Centre at Pune
machine, utensils and canteen gas stove, paddy harvester,
Total Patients Covered:
handcart, multifunction printer, lamination machine,
refrigerator, garage tool kit, Aata mixing machine, KNC air 2,189 (For Pathology, Radiology, CT Scan, MRI,
compressor with motor and kit, and others. and Chronic Disease Support)
RURAL INITIATIVES
As part of its rural initiatives, IsFon focusses on areas
through various endeavours aimed at rural communities.
IsFon empowers small and marginalised farmers, women,
and youth by helping them overcome poverty, address
their health challenges, and aid in securing sustainable
livelihoods.
1. WADI PROJECT
The Wadi Project aims at transforming the eroded wastelands
Support of Sewai machine to Archana Kamble to enhance into flourishing forestry plantations and orchards, and in
production capacity the process, generating a sustainable secondary source of
income for small and marginalised farmers. Post-meticulous
E. EMPLOYEE AND INDIVIDUAL VOLUNTEER selection, the farmers are provided with comprehensive
ENGAGEMENT ACTIVITIES guidance in modern agricultural practices, commercial
Individual volunteers and employees actively participated in farming techniques and ways to generate market linkages.
IsFon-organised initiatives, securing a chance to contribute
to philanthropic endeavours and expand horizons. 10,840 380 18
Mango Trees Wadi Villages and
planted on participants hamlets
191.50 Acres covered
94.59% ` 24.34 ` 59.17

Survival rate Lakh Lakh
of Mango Total Sales Earnings from
Trees Vegetable Sales
Employee Engagement activity at YRNF 128.05 Acres Total vegetable cultivation

Key Features: 4,67,960 3,44,935 ` 1.61

• Farmers are provided with integrated farming tools such litres litres Crore
as lifting devices, trained in technique and application of Milk produced Milk sold in
plant nutrition and measures to control pests.
Additional
the market income earned
• Each Wadi is formed using soil and water conservation through sale
techniques that help to protect the environment. of milk
• Half acre land of each participant is transformed into a
Kesar mango orchard comprising 30 trees, while also
using the land for vegetable farming, which ensures 93.61MT 46.68% 402
continuous income until the mango tree starts fruiting, Cow dung Conception Calving in
and also after that. produced rate of cattle FY2024
(Male:175;
Female: 227)
Key Features:
• Providing cross-breed cows to eligible women in farmer
households.
• Support to develop fodder plots to ensure adequate
nutrition for cattle.
• Doorstep services including vaccination, artificial
insemination and pregnancy diagnosis.
• Establishing market linkages for selling milk, ensuring
a steady income stream.
A Tribal Couple with Mango Harvest
2. DAIRY DEVELOPMENT PROJECT 3. VOCATIONAL SKILL DEVELOPMENT PROJECT

Dairy development boosts the local economy by providing a (VSDP) – RURAL
stable source of income to the beneficiaries. IsFon donates IsFon conducts skill enhancement training for tailoring and
cows and disseminates new skills in dairy farming and fodder optometry courses in rural areas. These activities create
production techniques to small & marginalised farmers a positive impact on the aspirants and provide them with
and landless labourers in Panvel and Ambernath talukas of financial stability and inclusivity within the community.
Raigad and Thane districts, respectively. This helps to boost
milk production and enhance productivity. Sale of milk and
cow dung helps farmers earn an average additional ` 8,000
111 Aspirants trained 39 Aspirants employed
to ` 12,000 every month.
Earnings
` 12,000-15,000/month
A Family Happily Nurturing the Cow and Calf Student Optometrist Handling a Patient
4. AAROGYAM (RURAL) 5. GYANAM

Improving the health and well-being of communities We remain focussed on enhancing learning aids and improving
we operate within has been one of our key focus areas. school infrastructure and environment around Taloja, Dahej,
By offering high-quality preventive and curative healthcare and Srikakulam through various interventions and initiatives.
services through mobile clinics, subsidised diagnostic centre
services, installation of water purifiers, and various health Educational services provided at Taloja and Dahej
check-up camps, we constantly strive to make a meaningful TALOJA DAHEJ
impact on healthcare accessibility and outcomes. 37 digital classrooms: New flooring in classroom:
Benefited 1,384 students 36 students benefited at Rahiyad
Healthcare services provided at Taloja and Dahej 2 STEM Learning Labs
Primary School
provided: 50 LPH RO Water Purifier unit
TALOJA DAHEJ provided:
Benefited 1,508 students
General health check-up: 3 General health check-up 192 students benefited at 3 schools
3 Desktop Computers and
20,920 Patients provided with camps: Classroom furniture provided:
Printers:
doorstep health services in • Organised at Koliyad, At Raigad ZP School At Rahiyad Primary School
38 villages through 2 Mobile Suva Primary School Chinchvali, Navde, and Library Cupboard for Books:
Clinics • 427 patients covered Devichapada
At Rahiyad Primary School
5 Eye Check-up Camps: 2 Eye Check-up Camps: Water purifier, storage and 2 Sets of Desktop Computer &
• 988 patients screened • 263 patients screened distribution: Printer:
323 students benefited at
• 304 cataracts diagnosed • 23 cataract operations At Rahiyad Secondary School and
Raigad ZP School, Pendhar
• 261 cataract surgeries performed Koliyad Primary School
performed • 96 patients provided with RCC Hall for Computer Lab
Renovation, Repair and Painting
constructed: of School:
• 372 patients provided with spectacles
At Raigad ZP School, Tondre
spectacles 28 students benefited at Rahiyad
RO Water Purifier: Renovation and repair of Primary School
1 Dental Camp: • 1 Unit installed toilets:
Teachers for Maths and Social
52 patients provided with • Benefited 45 children at 395 students benefited at Science appointed:
medicines Anganwadi, Rahiyad Raigad ZP School, Navde
98 students benefited
Renovation and painting:
1 Dermatology Camp: Science Lab Furniture provided:
375 students benefited at
87 patients provided with Raigad ZP School, Khairne 40 students benefited at Suva
medicines Primary School
3 Sports Kit provided:
Renovation and repair of
Pathology Lab: 1,651 students benefited
separate toilets for Boys and
Assisted 219 patients Safety grill installed: Girls:
194 students benefited at 290 students benefited at Suva
20 Anganwadis given:
Raigad ZP School, Nitlas Primary School
1 Weighing Scale and
1 Cupboard each
6. COMMUNITY DEVELOPMENT AND SOCIAL
Food Kit provided to: WELFARE (CDSW)
200 TB patients for 6 months These initiatives serve as a catalyst for community
development, enhance residents’ quality of life and foster a
stronger and cohesive society. They empower members to
address economic, social and environmental challenges.
TALOJA DAHEJ
Open Gymnasium: Paver block and shed construction:
Installed Open Gym with • 120 families benefited in Laamu
equipment at Chinchavali Faliya
and Kanpoli villages • 75 families benefited in Rahiyad
RO unit at Kanpoli village: village
Installed Community RO Paver block and shed construction:
Unit with Drinking Water 50 families benefited during floods
ATM of 1,000 litres/hour at Bharuch and Ankleshwar
Eye Check-up Camp at Raigad ZP School, Taloja capacity
Management Discussion
& Analysis
ECONOMIC OVERVIEW a cautiously optimistic outlook with robust domestic demand, a revival in
Global steady growth rates as we move into manufacturing and services, increased
2024 and 2025. Advanced economies capital expenditure, and positive
The global economy showed surprising
may see slight growth at 1.7%, while business and consumer sentiments.
resilience in 2023, maintaining a
growth in emerging and developing Initiatives like ‘Make in India 2.0’,
stable growth rate of 3.2% despite
economies is expected to remain ‘Ease of Doing Business’, and the PLI
significant challenges. These included
stable at 4.2%. scheme are not only strengthening
escalating geopolitical conflicts, higher
the infrastructure and manufacturing
inflation, prolonged high interest (Source: IMF - World Economic Outlook,
April 2024) sectors, but also integrating India into
rates, a slow recovery in China, and
the global value chain. Additionally,
volatility in energy and food prices.
India the AtmaNirbhar Bharat initiative
However, economic performance in
positions India as a lucrative global
the United States and several key Amidst a volatile global economic
manufacturing hub and a strategic
emerging and developing economies, environment, the Indian economy
alternative destination for companies
along with inflation meeting target retains its position as the world’s
willing to diversify geographically.
levels in advanced economies, have fifth-largest and fastest-growing
mitigated the risk of a severe global economy. According to estimates, India The Union Budget 2024-25 lays
economic downturn. witnessed a healthy GDP growth of the foundation for the vision of a
7.6% in FY24 compared to 7% growth developed India by 2047 and outlines a
While uncertainties persist,
in FY23. Construction sector (10.7% multi-pronged economic management
particularly from geopolitical tensions
growth) and Manufacturing sector strategy. It focusses on the welfare
and related price volatilities, various
(8.5% growth) were the key GDP of farmers (‘Annadata’) with direct
positive factors are expected to
growth drivers supported by robust financial assistance to 12 crore farmers
enhance the overall economic outlook.
domestic demand, moderate inflation, under PM-KISAN, crop insurance to
The global inflation is projected to
stable interest rates, and large capex/ four crore farmers under PM Fasal
decrease from 6.8% in 2023 to 4.5% Bima Yojana, and integration of 1,361
infra spends.
by 2025, which bodes well for financial mandis under e-NAM, supporting
stability. This anticipated decline in According to the IMF, the Indian
trading volume of ` 3 lakh crore.
inflation along with the easing of fiscal economy is expected to grow steadily,
policies, the fading of energy price with a projected increase of 6.8% in (Source: Ministry of Statistics & Programme
Implementation, Ministry of Commerce &
shocks, a rebound in the euro area, and FY25 and 6.5% in FY26. The RBI is even Industry, Reserve Bank of India, Ministry
a notable resurgence in labour supply more optimistic, forecasting 7% growth of Finance, IMF - World Economic Outlook,
in many advanced economies suggest for FY25. This growth is supported by April 2024)
Raw Water Lagoon at the newly commissioned Ammonia Plant at Taloja

Annual Report 2023-24 Statutory Reports 27
INDUSTRY OVERVIEW the pharma sector and prioritisation Mining & Infrastructure
Chemicals of healthcare, will boost sectoral India continued its growth trajectory
growth. The industry is poised for in the mining & infrastructure
The Indian chemicals sector has
expansion in the future, buoyed sector. In FY24, India produced 997
emerged as a dynamic and rapidly
by factors including, prevalence of (MMT) of Coal compared to 892 MMT
growing industry on the global stage.
chronic diseases, improved medicine in FY23, up by 12%. Coal production
With a market size of US$ 220 billion
in 2022, it ranks as the sixth-largest accessibility in emerging markets, in FY24 saw significant growth,
chemical producer globally, and the strong development of the generics 26% increase from captive/commercial
third in Asia. The sector is expected market, peak in US drugs patents coal mining companies, along with
to reach US$ 1 trillion by 2040, on the expiring in 2024, growing trend of 10% growth from Coal India Limited
back of rising demand in the end-user pharmaceutical outsourcing and the and 4% growth from Singareni
segments for specialty chemicals rise of Contract Development and Collieries Company Limited.
and petrochemicals leading to robust Manufacturing Organisation (CDMO) in
domestic demand. the global pharmaceutical landscape.
(Source: 1688971213_Pharma Growth and
Government initiatives, including Margin July 2023.pdf (careratings.com)
emphasis on R&D, reductions in basic
customs duties, mandating BIS-like Cement, Steel and Coal Production in India, Million MT
certification for imported chemicals, 12%
‘Make in India’ and the PLI scheme, aim 892 997
to foster sectoral growth and increase
9%
the competitiveness of domestic
manufacturers. The government has 428
392
set up a 2034 vision for the chemicals
12%
and petrochemicals sector to
improve domestic production, reduce 152
135
imports and attract investments.
Despite challenges like limited
feedstock availability, low access to Cement Steel Coal
building blocks and key minerals, and FY23 FY24
inadequate R&D facilities, India is (Source: Office of the Economic Advisor, DPIIT)
poised to ascend as a global hub for
Healthy growth was achieved in the production of iron ore and limestone reflecting
chemicals. Favourable demographics,
robust demand in user industries, like steel and cement, which together reflect
increasing preference for eco-friendly
strong demand in the infrastructure sector. Cement production in FY24 grew by 9%
products, and the global shift in supply
and steel production grew by 12%.
chains following the ‘China plus
one’ strategy are significant drivers
propelling the sector forward.
(Source: Chemical Industry, Chemicals
Manufacturers and Exporters in India - IBEF)
Pharmaceutical
According to market research firm
IMARC, the Indian pharmaceutical
market is expected to reach US$
163 billion by 2032. India’s medical
spending is expected to increase by
9–12% over the next five years, placing it
among the top 10 nations. In the export
market, Indian companies are poised
to benefit from losses of exclusivity of
branded generics which are replaced
by biosimilars. Strong government
Illuminating Innovation: A Night View of Plot K1 Manufacturing Plant at Taloja
push with increased allocation to
Agriculture
Agriculture, with its allied sectors,
is the largest source of employment
in India. With ~60% of the Indian
population engaged in the sector,
it contributes 18% to India’s GDP.
India boasts the world’s second-
largest arable land, encompassing
46 of the 60 soil types in the world.
It has the largest area planted for
wheat, rice, and cotton. It is the largest
producer of pulses, and spices and
the second-largest producer of fruit,
vegetables, tea, sugarcane, wheat,
rice, and sugar.
As per the Second Advance Estimates

of major agricultural crops for
FY24, Kharif foodgrain production
is estimated at 154 Million Tonnes,
while Rabi foodgrain production is
estimated at 155 Million Tonnes.
Agricultural output growth is
anticipated to reach a five-year high
of over 6% in FY25, supported by a
normal monsoon and a low base
effect. The government is developing
strategies to boost exports of
20 items, including bananas, mangoes,
potatoes, and baby corn, which hold
significant growth potential in the
global markets.
State-of-the-art Technical Ammonium Nitrate Plant at Srikakulam However, the agricultural land in
India is rapidly decreasing while the
demand for agricultural products
Mining and infrastructure sectors additional 20 million houses under the is increasing. To boost productivity
significantly impact India’s GDP growth. PMAY (Grameen) scheme in the next on 174 million hectares of arable
In the Interim Union Budget 2024-25, a five years, and promotion of urban land and meet high domestic
17% increase in capital outlay, along transformation via metro rail and demand for agricultural products,
with allocations of ` 2.78 lakh crore NaMo Bharat. This will in turn drive the an increased investment in
for roads and bridges, and ` 2.55 lakh demand for power, cement, steel, other agricultural infrastructure like
crore for the railways, is expected to minerals and rock/stone aggregates. irrigation facilities, warehousing,
boost infrastructure development and and cold storage coupled with
have a substantial multiplier effect Technical Ammonium Nitrate (TAN), innovative crop-specific solutions
on economic growth. Additionally, essential for commercial explosives
boosting Nutrient use efficiency will be
the government has announced in blasting applications, is essential
the key to be self-sufficient.
the expansion of existing airports, to the growth in India’s infrastructure
development of new airports under and mining sectors. With increasing (Source: Agriculture Presentation: Industry
Overview, Market Size, Role in Development
the UDAN scheme, infrastructure demand for power. key minerals
| IBEF pib.gov.in/PressReleaseIframePage.
projects for port connectivity, tourism and infrastructure development, the aspx?PRID=2010380)
amenities, and construction of demand for TAN is expected to rise.
BUSINESS OVERVIEW
With a rich legacy of four decades,
Deepak Fertilisers And Petrochemicals
Corporation Limited (DFPCL or the
Company) is a multi-product, multi
segment player catering to a wide
range of core segments of the Indian
economy including mining, pharma
& chemicals, infrastructure and
agriculture. The Company has its
business operations spread across
four business verticals:
INDUSTRIAL Iso Propyl Alcohol Drumming Plant at Taloja

CHEMICALS (IC)
Industrial Chemicals (IC) API manufacturing stages of the

DFPCL holds a leadership position pharmaceutical industry.
in the manufacturing of Industrial
In FY24, DFPCL introduced ‘PUROSOLV’
Chemicals, including Nitric Acid (DNA,
a brand for Pharmacopeia grade IPA
CNA, SNA), Iso Propyl Alcohol (IPA —
and other solvents (methanol, acetone
pharma grade, food grade, cosmetic
MINING CHEMICALS and MDC) which are being used in
grade, standard grade, etc.), Ammonia,
pharma industry. DFPCL’s increased
and Liquid Carbon Dioxide.
focus on pharma grade IPA in line
Strategically, DFPCL is committed to with its long-term commitment to end
enhancing value for all stakeholders user’s wellbeing and health safety.
by shifting its IC business from a
commodity focus to a specialty focus, The Company’s solvent products
thereby ensuring a stronger value meet international quality standards
CROP NUTRITION proposition. This approach not only for use in coatings and inks,
BUSINESS (CNB) secures stable earning opportunities specialty chemicals and cosmetics.
and repeat orders but also fosters Apart from all the pharmacopeia
long-term customer relationships and standards, solvents are also compliant
strengthens brand value, ultimately to other standards like OHSAS,
leading to sustained value creation for FDA, CFDA, HALAL & KOSHER with
the Company and its shareholders. acceptance across markets of USA,
EU, Africa, Middle East and Far East.
Iso Propyl Alcohol (IPA) ‘PUROSOLV’ – one-stop for certified
VALUE ADDED
REAL ESTATE (VARE) DFPCL, one of the largest pharmacopeia solvents including IPA,
manufacturers of Iso Propyl Alcohol methanol, acetone, and methylene di
(IPA) in India – a solvent predominantly chloride. The brand was showcased
The Company has six world-class used in the pharmaceutical industry – is extensively in India and abroad
manufacturing facilities situated at equipped to supply any pharmacopeial during the Company’s participation
Taloja (Maharashtra), Dahej (Gujarat), grade of IPA (IP, BP, EP, USP, JP, CP, in CPHI exhibitions in Europe and
Srikakulam (Andhra Pradesh), Panipat and multi-compendial). This capability India. PUROSOLV relies on its focus
(Haryana) and a seventh facility is supports the demand for high-grade on Technology, Quality and Service.
upcoming at Gopalpur in Odisha state. solvents in both the formulation and The use of technology like QR codes
QR CODE TO ENSURE
AUTHENTICITY
DEDICATED HOLOGRAM
TANKER SEALS FOR
FOR PHARMA ANTI-
COUNTERFEITING
CUSTOMER
CENTRIC
APPROACH
GRADE-WISE
PACKAGING FOR
EASY
IDENTIFICATION GMP-CERTIFIED
PLANT
ALL CERTIFIED PHARMA

SOLVENTS UNDER ONE ROOF
Nitric Acid Tanker Filling Area at Dahej
for authenticity, on-demand online scheme launched by the government commitments and market scenarios,
authentication checks, and hologram for semiconductor industries, converting to required grades and in
seals sets PUROSOLV apart from other significant growth is expected in the order to support the downstream.
players in India and overseas. high-purity IPA segment.
Going ahead, the domestic market
Manufacturing of IPA using the Nitric Acid is expected to witness robust
propylene route ensures high-purity, Nitric Acid, an important chemical, double-digit demand growth, led by
benzene-free IPA is produced finds applications in various industries. strong growth in major downstream
in the GMP-approved plants. It is used in producing nitrate-based industries like nitroaromatics and
hrough an extremely efficient and fertilisers, ammonium nitrate and chemical intermediates. New capex
environment-friendly direct hydration nitroaromatics (nitro benzene, nitro commitments from the downstream
process, the Company ensures highest toluene) and in industries like steel, industry augurs well to a bright future
quality standard, world-class service, dairy, chemical intermediates and for Nitric Acid in India. To meet this
quick TAT and customer satisfaction. rocket propellants. rising demand-supply gap, Company
The product is delivered using has undertaken expansion project of
dedicated pharma tankers to ensure Production of Technical Ammonium WNA and CNA capacity at Dahej.
no contamination during logistics. Nitrate (TAN) and Ammonium Nitro
Newly introduced solvents are supplied Phosphate (ANP) utilises a significant Specialty Chemicals
from 21 CFR Part 11 compliant FDA portion of the Nitric Acid manufactured, As a part of its strategic transformation
and GMP-approved plants. while the remaining is supplied journey, the Company has increased its
to the market in different grades. focus on offering customised specialty
The demand for IPA is witnessing The Company supplies various grades solutions to strengthen the bonds
healthy growth led by multiple of Nitric Acid including dilute nitric acid and foster long-term relationship
industries like pharmaceuticals, (DNA), concentrated nitric acid (CNA), with customers. DFPCL is continually
chemicals, electronics, automotive, strong nitric acid (SNA), and solar developing solutions across various
flavour and fragrances, and cosmetics. grade nitric acid, complying with industry sectors.
Consumption of IPA is projected to various national and international
grow by ~6% Y-o-Y to reach around standards. The Company also imports DFPCL commercially launched
410 KTPA by FY33. In view of the PLI Nitric Acid based on customer PICKBRITE, an innovative and
eco-friendly Stainless Steel (SS) its innovative customer-oriented Operations Date (COD) is targeted in
pickling solution which effectively solution to the whole Stainless Steel second half of FY26.
answers the ESG challenges currently pickling community, which led to
faced by the stainless-steel industry. It further initiation of technical trials at Liquid Carbon Dioxide and
reduces Hydrofluoric acid consumption customers’ places. Methanol
by 50-60%, offering a cleaner option, DFPCL is a leading provider of Liquid
promoting health and safety in the Nitric Acid Brownfield Expansion
Carbon Dioxide (LCO2), with a capacity
workplace. Additionally, it decreases We have announced the expansion of 72,000 MTPA at its Taloja facility.
the toxic waste generation, water of Nitric Acid plant at Dahej, Gujarat, Certified for food-grade quality, LCO2
usage, energy consumption, and the driven on the growing needs of both the serves diverse applications, including
need for sludge handling and disposal, merchant market and the downstream the production of dry ice, beverage
while scoring highly on EHS fronts to industries. The strategic expansion of
carbonation, and as a shielding gas
meet customers’ goals. WNA (300 KTPA) and CNA (150 KTPA)
in the welding processes within the
will be at a project cost of ` 1,950 crore
engineering sector. By converting CO2
Electronic Grade IPA witnessed good Leveraging its 40 years of credible
into useful products, DFPCL plays a
traction with approvals from various experience in Nitric Acid, DFPCL will
institutions, including government and pivotal role in reducing greenhouse gas
become ‘Asia’s Largest Manufacturer’
private entities. emissions, aligning with environmental
of Nitric Acid post expansion. The plant
sustainability efforts.
will have state-of-the-art technology
Cororid has established itself as from leading global technology
a premier brand in the hospital The Company has an installed
provider, combined with low emission
disinfection segment in the South and green technologies for the first time capability of 100 KMT of methanol
Western parts of the country. The brand in India. About 65% of additional CNA annually. However, due to adverse
will be adopting a two-pronged strategy capacity is already tied-up under a market conditions and economic
for business growth, expanding 20-year contract. The EPCM contract factors, there was no methanol
its footprint beyond Tier I cities of has been awarded to M/s Tata Projects production in FY24. Looking ahead,
the currently existing markets and Limited and the basic engineering is the potential applications of methanol
capturing new untapped markets. completed. All licensor equipment’s in products like dimethyl ether and
and critical long lead items have been M15 fuel blends are expected to spur
The Company participated in the ordered. The construction work is demand. DFPCL remains prepared
Global Stainless Steel Expo (GSSE expected to commence at site from to resume methanol production once
2023) in September 2023 to present the first half of FY25. The Commercial market conditions improve.
Improvesthe surface Overallpickling process

qualityof stainless steel costreduces by 10-30%
TM
Sustainable Solution for Stainless

Steel Industry
Environment-friendly 50-60% reduction Prolongs bath life

- reduceswaste in HF and 30%-40%
generation reduction in hydrated
lime consumption
Pickbrite : A Sustainable Solution for Stainless Steel Industry

Mining Chemicals due to sanctions imposed on Russia To deliver increased value to

With the demerger of its mining by Western economies, which led end-users, the TAN business
to adverse price fluctuations in TAN continues to make significant
chemicals business into Deepak Mining
prices and put margins under pressure. investments in hardware, like BMDs
Solutions Ltd., the Company is poised
The Company remains committed to (Bulk-Mix-Delivery) trucks for
to transition from being a supplier of
maintaining competitive pricing while delivering ANFO explosives down-the-
TAN products to the provider of holistic delivering value to its customers and hole on mine bench at mine sites,
mining solutions. end-consumers. With the lifting of forward integration into commercial
export ban by the GoI, the business explosives, advanced software
The Company enjoys ~40% market has resumed export of TAN with effect technology like drones and AI-based
share in the domestic TAN market. from March 2024.
To meet the growing demand for TAN blast modelling, sensors to accurately
in India, the Company has enhanced The business has established and measure key productivity parameters
its licensed production capacity to demonstrated holistic mining solutions and capability development of the
0.63 MMTPA through brownfield capability in the form of Total Cost of value delivery team. As a next step, the
expansion. It produces High Density Ownership (TCO) projects across Company has secured outcome-based
Ammonium Nitrate (HDAN), Low mining & infrastructure end-users in contracts with end-users, leveraging
Density Ammonium Nitrate (LDAN), India. The capability will deliver value these capabilities to guarantee
Ammonium Nitrate Melt (AN Melt) to end-users through improvement in specific and measurable value to its
and Medical Grade AN. It is the sole mine & quarry productivity has been end-users.
producer of explosives grade LDAN established across the mining value
chain of drilling -> blasting -> load & Deepak Mining Solutions Limited, is
in India. It also manufactures Medical poised to establish a fully integrated,
haul -> crushing. The value delivery
Grade Ammonium Nitrate, which unique value chain for mining and
to mines and quarries is enabled
finds application in the production of infra sectors in India. This will enable
through the use of superior TAN
medical grade nitrous oxide used as an the Company to deliver value to
products converted into differentiated
aesthetic/analgesic. mines, quarries and infrastructure
explosives, coupled with advanced
During FY24, the country became an technical services capabilities and projects in the form of improvement
easy market for lower-price FGAN last-mile execution excellence. in their TCO.
Technical TAN Supplier Technical Services

Ammonium (AN Melt, LDAN, & Downstream Mine Productivity
ANFO Explosives
Nitrate Operations (TCO, Improvement
HDAN)
(TAN) Down-the-Hole)
Panaromic view of the Technical Ammonium Nitrate Plant at plot K-8, Taloja
Each granule has Essential

eight nutrients secondary and
in balanced micro nutrients
proportion along with NPK
Nutrient Unlock Technology which

increases nutrient use efﬁciency
Secure Storage for Technical Ammonium Nitrate: Ensuring Safety
and Compliance
Being the leading player in the Indian Performance Chemiserve Limited Bharat Abhiyan. The project is
market, the Company maintains (PCL) strategically located close to major
strict compliance with the prescribed The greenfield Ammonia plant, set mining hubs to be able to cater to
AN Rules. The TAN segment has up through the step-down subsidiary their demand, while its proximity
deployed an advanced version of Performance Chemiserve Limited (PCL), to Gopalpur Port provides excellent
Global Positioning Tracking System began trial production on July 10, 2023, export opportunities.
(GPS) across its manufacturing and with all pre-commissioning activities
distribution network to track and The project falls under the prestigious
completed.
trace product movement on an thrust sector category, as per IPR-22 of
ongoing basis. Any deviations are The Ammonia plant began commercial the Government of Odisha and will be
promptly alerted by the system and production on August 4, 2024 entitled to the State incentives, further
corrective actions are taken in a and the production has now been solidifying its potential for success.
timely manner. stabilised. The successful backward It is expected to be commissioned by
integration into Ammonia will provide second half of FY26, with its engineering
a long-term risk mitigation for all work having been completed and
the three businesses of the Group. construction work progressing well.
The Company Besides, it will significantly reduce
is working on a dependency on imported ammonia, Crop Nutrition Business (CNB)
which will enhance our operational As a result of ongoing scheme of
Greenfield TAN efficiencies and eliminate global price arrangement, the Crop Nutrition
project in Gopalpur, volatility impacts. Business (CNB) will be a standalone
Odisha with a The Company has entered into
company under Mahadhan AgriTech
Limited (MAL), as a 100% subsidiary
production capacity a 15-year long-term gas supply
of DFPCL. CNB product portfolio
of 376 KTPA. Upon agreement with Equinor from Norway,
comprises 48 products, including
commencing in May 2026. This move
completion, it will will ensure continuous supply of
enhanced efficiency NPK fertilisers
(Smartek), crop-specific balance
increase its overall Natural Gas and is expected to improve
nutrient fertilisers (Croptek), crop and
installed capacity to margins through effective natural gas/
stage-specific water-soluble fertiliser
LNG hedging and in-house ammonia
~1.0 MMTPA, capable production, ensuring greater stability.
(Solutek), bentonite sulphur (Bensulf
Super-Fast), and other specialty
to meet ~60% of fertilisers under the flagship brand
Gopalpur TAN Project
India’s demand for ‘Mahadhan’.
The Company is working on a
AN, contributing to Greenfield TAN project in Gopalpur, Its evolution from a commodity-centric
Atmanirbhar Odisha with a production capacity to a specialised player underscores its
Bharat Abhiyan. of 376 KTPA. Upon completion, it focus on tailored crop-specific nutrient
will increase its overall installed solutions, positioning itself uniquely in
capacity to ~1.0 MMTPA, capable to the market. It boasts India’s exclusive
meet ~60% of India’s demand for production of crop-specific NPK
AN, contributing to Atmanirbhar fertilisers accompanied by secondary
A satisfied farmer couple with thriving sugarcane field due to use of ‘Croptek’
and micronutrients, supplemented print. Its extensive distribution network The Company has implemented
with Nutrient Unlock Technology includes over 600 field team members “Mahadhan Saarthie Project” which
(NUT). Strong R&D team with 14 PhDs spread across 12 operating states encompasses of solid strength of
and agriculture doctorates works in India. Direct farmer engagement progressive farmers in focussed
diligently to innovate unique solutions. initiatives include crop seminars, geographies. The Mahadhan
on-field demonstrations, and training Saarthie network, comprising
The R & D team executed over 1,000
to reach millions of farmers. 25,000 influencer farmers, helps
field experiments across different
fellow farmers gain access to crop
geographies on new crop nutrition Leveraging social platforms like nutrition solutions. The Company
products.
Facebook, WhatsApp, YouTube, also launched the ‘Saarthie Laabh’
The Company enjoys market leadership Website, and Instagram, the Loyalty module in the Mahadhan App
in bentonite sulphur and water-soluble company connects with farmers for Saarthie farmers.
fertilisers in India. The business has through its 6 zonal offices, 27 area
The Company conducted over
strong presence in Maharashtra, offices, 4,000 direct dealers, and
10,000 product demonstrations in
Gujarat, Karnataka and is expanding over 20,000 retailers. A core team of
FY24, engaging with about 6,00,000
in southern and select northern states. over 300 members, including sales, farmers through various market
Mahadhan Croptek meets the balanced marketing, research, new product development activities to showcase
nutrition requirements of focus development, and supply chain product performance and enhance
field crops like onion, maize, cotton, professionals, is supported by over crop productivity. These initiatives
sugarcane, and potato, significantly 350 market development officers emphasised on ‘seeing is believing’
increasing yields and produce quality. and 100+ junior agronomists for daily approach to demonstrate the efficacy
New grade for soybean was launched interaction with farmers and gathers of enhanced efficiency fertilisers.
in March 2024. their feedback on the efficacy of
crop-specific nutrition solutions. VALUE ADDED REAL ESTATE
Mahadhan Solutek offers 100%
DFPCL’s Value Added Real Estate
water-soluble and highly-efficient Mahadhan operates an NABL-
(VARE) business primarily focusses
nutrient availability for horticultural accredited soil testing laboratory on the Company’s lifestyle retail
crops like grapes, pomegranates, capable of testing 15,000 soil/ centre, ‘Creaticity’, situated in
tomatoes, and bananas, tailored for petiole/water samples annually. Pune, Maharashtra. Creaticity hosts
different growth stages. The Company boasts an applied around 100 brands in the furniture
The Company fosters farmer research, training, and innovation and home décor categories. It also
connections through a combination of centre in Baramati, Maharashtra, and features restaurants, banquets, and
field engagement, digital outreach, and an in-house field research farm near entertainment options including a
mass media channels, including TV and its Pune corporate office. trampoline park and go-karting track,
along with commercial and co-working Operating EBITDA declined from Net Profit declined by 62.5% YoY.
spaces on the higher floors. 19.2% to 14.8% with 433 bps margin Net profit margin contracted 553 bps
contraction led by one-time subsidy to 5.27%.
The Company initiated a impact of ` 267 crore and of ` 87 crore
transformation in the VARE segment, The Company’s net debt increased to
on account of ramping up impact of
aiming to evolve from a pure space ` 3,426 crore as on March 31, 2024 due
ammonia plant Without the exceptional
enabler to a comprehensive solutions to long-term project debt and working
items, the operating EBITDA margin
capital needs. Total Debt / Equity ratio
provider. The launch of “Creaticity would be 18.3%. Chemicals segment
was sustained at 0.75x in FY24 as
Branded Interiors” in FY24 signifies posted sustainable margin of 26%.
compared to 0.71x in FY23.
a new initiative to establish itself as Margin of the Fertiliser Business
a single source of interior solutions. were impacted on account of one-time ICRA Credit Rating of Long-Term loans
Leveraging its competitive advantages, subsidy and weak monsoon. was AA- (stable) and that of Short-Term
including diverse selection, physical loans was A1+.
destination, digital experience, and
specialised services, the Company Consolidated Performance FY24 FY23
aims to strengthen its core offerings
Operating total revenue (` crore) 8,676 11,301
in furniture and interiors. During the
year, over ten reputed national and Operating EBITDA (` crore) 1,287 2,165
international brands were onboarded, PBT (` crore) 672 1,816
reinforcing the segment’s journey
PAT (` crore) 457 1,221
to establish itself among the finest
multi-branded home interior Earnings per share (`) 35.05 97.7
destinations in the region.
Parameters (Consolidated) FY24 FY23
FINANCIAL REVIEW Debtor turnover (x) 5.48 9.78
The Company demonstrated Inventory turnover (x) 7.08 9.81
resilience amidst several challenges
Interest coverage ratio (x) 2.66 10.32
like below normal monsoon,
short-term aberration in the import Current ratio (x) 1.36 1.56
of fertiliser-grade ammonium D/E ratio (total debt equity ratio) (x) 0.75 0.71
nitrate from Russia and import of
Operating margin (%) 14.83 19.16
nitroaromatics from China.
Net margin (%) 5.27 10.80
In FY24, operating revenue decreased
Return on networth (%) 8.73 27.28
by 23.2% to ` 8,676 crore from ` 11,301
crore in FY23. The Chemical Business
(including Industrial Chemicals and Segment Performance FY24 FY23
Mining Chemicals) contributed 55% Chemical revenue (` crore) 4,792 6,411
to total revenue and the Fertilisers Fertiliser revenue (` crore) 3,861 4,868
Business contributed 44%.
Revenue mix for key products
Products FY24 (% share) FY23 (% share)
11,301 (` Crore) TAN (incl. PBS) 31.24 37.79

ANP, NPK, Bensulf, WSF 31.93 34.39
8,676
Nitric acid 10.98 13.29
IPA and Propane 9.13 4.64
Outsourced bulk fertilisers 3.64 4.41
2,165 Outsourced agro specialty 9.42 4.37
1,287 1,221
457
Bulk chemical trading 0.65 0.73
Operating Operating Net Others 3.01 0.38
Revenue EBITDA Profit
FY23 FY24
Total 100 100
We have entered into a 15-year long-term gas supply agreement with Equinor, Additionally, demand for cement, steel
commencing in May 2026. This move will ensure continuous supplies of Natural and rock aggregates is expected to
Gas and is expected to improve margins through effective natural gas/LNG hedging improve, driven by the Government’s
and in-house ammonia production, ensuring greater stability. spending on infrastructure projects.
This will result in increased commercial
Sales Volume in MT explosives demand in the mining and
infrastructure segments, which will
Key Products FY24 FY23
have a positive effect on the demand
Technical Ammonium Nitrate 5,04,642 5,01,575 for all TAN products and create a
NPK Fertiliser (CNS included) 3,62,842 3,76,056 positive thrust for the specialty (mining
Nitro Phosphate Fertiliser 2,09,434 1,92,559 solutions) business.
Concentrated Nitric Acid 1,59,352 1,67,181
CNB: With the recently announced
Dilute Nitric Acid 86,362 83,478 Retail Price Reasonability Guidelines
Liquid Carbon Dioxide 46,706 57,512 for margins on fertiliser sales, it is
Iso Propyl Alcohol 63,475 49,391 expected that the basic tenets of
Bentonite Sulphur 26,490 33,354 the NBS scheme of free/reasonable
MRPs will be restored. This will
Strong Nitric Acid (SNA) 30,517 26,451
also provide the needed impetus to
Propane 9,657 8,826 promote innovative and value-added
products such as Croptek, Solutek,
(` Crore) and other specialty fertilisers.
The value proposition of the Company’s
6,781 6,917
6,337 specialty Croptek products is finding
increasing acceptance by farmers.
5,408
5,067 As per IMD’s prediction, above-average
rainfall in FY25 in India, influenced
3,884 by La Niña, is expected to result in a
favourable season in the coming years.
2,703
2,330 Furthermore, reduction in the prices
of key raw materials like ammonia,
phosphoric acid and MOP will aid in
margin protection. Focus areas for
FY25 include implementing focussed
FY21 FY22 FY23 FY24 crop campaigns to drive sales and
Net Worth Market Capitalisation farmer engagement, optimising
manufacturing facilities at Taloja for
seamless production, and ensuring
BUSINESS OUTLOOK make DFPCL Asia’s largest nitric acid adequate inventories of specialty
Industrial Chemicals: The demand producer. fertilisers through various means to
outlook is stable to strong across achieve targeted sales.
Margins are expected to be stable
major consumer segments including
and improve gradually with robust VARE: The overall occupancy stood
pharmaceuticals, agrochemicals,
demand prospects and stability in was 80% in FY24, which the Company
food, specialty chemicals, and
key raw material pricing. Additionally, aims to increase to 90% by FY25. It is
chemicals intermediates, among
several actions undertaken to grow the also targeting a 25% growth in centre
others. This is well reflected
specialty chemical portfolio will enable sales through projected footfalls of 0.5
in investments done by the the Company to launch new products in million. The Company is working on
customers in expanding capacities, the coming year and grow the market providing dedicated attention across its
entering newer markets and share of the products launched already. three customer segments, business to
launching newer products. A strong architects (B2A), business to builders
outlook was one of the key drivers Mining Chemicals: Segment recorded (B2B) and business to consumers
for the Company to announce its healthy growth in FY24 and the trend (B2C), with a ‘house of brands’
world-scale Nitric Acid plant with is expected to continue in FY25. approach.
the latest technology at Dahej during The increasing demand for power is
FY24. Once commissioned, this will expected to drive coal mining demand.
MANUFACTURING through RO-MEE, underscore SALES & OPERATION PLANNING

In FY24, DFPCL continued its its dedication to environmental (S&OP)
unwavering commitment to operational stewardship. The new Ammonia plant As a transformation drive, the
excellence and sustainable growth. has significantly reduced the logistic Company implemented state-of-
Building upon its previous successes, requirement from port to plant, the-art Sales & Operation Planning
DFPCL achieved significant milestones thereby improving logistical safety and Solution under Project Galaxy 1.0 in
in manufacturing, including tailpipe emissions. Furthermore, it FY22 to improve the Planning process
plant utilisation and efficiencies. is significantly increasing its share of by integrating the key elements of
Its most notable achievement was the renewables beyond the existing 15 Demand, Manufacturing, Procurement
successful commissioning of the new MW of wind and solar installations. and Despatches.
Ammonia plant through its step-down Looking ahead, it is exploring green
subsidiary Performance Chemiserve technologies, including green The transformation continued in FY24,
Ltd. at Taloja, with a capacity of 1,500 hydrogen, to decarbonise industrial under Project Galaxy 2.0 to further
MTPD. The new capacity not only helps processes to further mitigate its enhance the cloud-based platform for
to optimise the value chain but it also environmental impact. unified planning. This project integrates
reduces its dependence on imports the value chain from demand aggregation
and contributes to India’s self-reliance, The Company is striving to instil a to delivery to customers, emphasising
especially in a volatile geopolitical culture of safety and sustainability service quality. With embedded
scenario. As part of its manufacturing by conducting regular training and constraints management principles,
strategy, the Company is actively awareness programmes, and periodic it optimises resource availability
exploring opportunities for backward audits to review process safety, energy for best demand fulfilment and
and forward integration, spanning from usage and losses, and compliance. It is maximum asset utilisation. It improved
raw materials to value-added products. committed to further enhancing EHS planning efficiencies and leveraged
& Sustainability initiatives, including cross-functional synergies to achieve
EHS & SUSTAINABILITY the use of technologies, like IoT, to planned targets. The journey has
improve environmental monitoring. brought the Company closer to its
EHS and Sustainability are of prime
Aligning with the UN Sustainable vision of providing differentiated
importance to the Company, and it is
Development Goals, the Company is experiences across all aspects
continuously striving for excellence in
working to implement energy-efficient of customer interactions, which
this area. In line with its sustainability
technologies, renewable energy, water will enable it to serve best-in-
objectives, DFPCL has embedded
conservation and waste reduction class capabilities like “Available to
environmental responsibility at the
initiatives. As a part of Extended Promise”. It has helped the Company
core of its manufacturing operations.
Producer Responsibility (EPR), it has become more agile in planning,
It is making strategic investments and
committed to responsible plastic enhance anticipation of customer
adopting innovative practices to enable
waste management. needs, and provide better visibility
it to reduce its environmental footprint
and surpass regulatory thresholds. to its internal and external stakeholders.
Since making its first Business
Responsibility and Sustainability
Reporting (BRSR) in the previous fiscal
year, the Company has set new targets
to further improve its sustainability
performance. It is working on
maximising its efficiencies, optimising
energy consumption, minimising waste
generation through its “reduce, reuse
and recycle” philosophy, with a strong
focus on emission control and effluent
treatment, as per prescribed norms.
Its proactive and capital-intensive

steps such as the installation of N2O
abatement systems in the Nitric
Acid plants, and nutrient recovery Effluent Treatment Plant at plot K1, Taloja
Looking ahead to FY25, DFPCL remains Policy is adept at tackling changes

DFPCL’s proactive steadfast in its commitment to drive in the regulatory environment,
operational excellence, sustainability, development in technology and
approach in securing and digital transformation. Its ongoing disruptions in the financial markets.
key raw materials initiatives and strategic investments The Company’s robust model absorbs
at competitive reflect its dedication to driving market volatility.
innovation, enhancing planning &
industry standards, operational efficiency, and delivering The Risk Management Policy and
while ensuring value to all its stakeholders while framework is reviewed by the Risk
uninterrupted supply advancing towards a greener and more Management Committee periodically
sustainable future.
to its customer to ensure its robustness and
effectiveness to deal with unforeseen
base, showcases RAW MATERIAL risks. Business-level committee
its adaptability and DFPCL is taking proactive and strategic comprising key business and
agility in navigating steps to address the challenges posed functional heads periodically reviews
by the global supply chain disruptions. the effectiveness of existing controls
the complexities of By diversifying suppliers and forging and implementation of risk mitigation
the current global sustainable, long-term agreements, plans for the key risks and/or new
market. the Company is mitigating risks risks, emerging, if any, associated with
associated with geopolitical tensions its businesses.
and trade restrictions.
The Company’s strong governance
SMART FACTORY & DIGITAL The establishment of an operational structure has facilitated the ERM
TRANSFORMATION Ammonia Plant with a long-term natural process to integrate seamlessly
gas supply agreement demonstrates with the strategic business planning
The Company is in the process of
foresight in securing a crucial input activities. Identification and evaluation
embracing information technology
for production. Additionally, strategic of underlying critical assumptions
to drive operational efficiency and
alliances for securing sustainable for key internal and external risks,
enhance supply chain management.
supplies of phosphoric acid from
Smart factory solutions, including data associated with different business
various regions further strengthen the
analysis for AI/ML-based predictive vertical strategies is carried out
Company’s resilience against supply
maintenance and process control are periodically.
chain disruptions.
being implemented to increase the
reliability and efficiency of its plants. A detailed review of the risk
The Company is exploring green
By prioritising online monitoring management practices has been
solutions for the Gopalpur TAN
and analysis of process, quality, carried out by the Risk Management
project, which not only aligns with
and environmental parameters, it Committee. It also evaluates the
its environmental objectives but
is enabling real-time insights and implementation status as reported by
also enhances its reputation as a
proactive decision-making. the Internal Committee. Quantitative,
responsible corporate entity.
semi-quantitative and qualitative
The Company is enhancing employee assessment of the entity-level key
DFPCL’s proactive approach in securing
productivity and ergonomics by risks enable timely action for risk
key raw materials at competitive
digitalising and automating routine mitigation. The Risk Management
industry standards, while ensuring
and tedious processes and jobs. Committee apprises the Board of the
Its digitalisation efforts extend uninterrupted supply to its customer
base, showcases its adaptability and effectiveness of the Risk Management
including security and surveillance,
agility in navigating the complexities of Framework. Any new entity level risks
commercial processes including
the current global market. identified, along with the appropriate
procurement to pay and supply
risk response mechanism are brought
chain. It is also prioritising the use of
RISK MANAGEMENT to the notice of the Board.
customer relationship management
(CRM) systems to deliver value and The Company’s well-established
personalised experiences and to ERM (Enterprise Risk Management)
strengthen its partnerships with framework comprising a
customers. comprehensive Risk Management
STRENGTHS, OPPORTUNITIES,
THREATS, RISKS AND • Location and Supply Chain Threats:
Advantage: The Company benefits
CONCERNS • Trade Tensions and Geopolitical
from strategic proximity to key Issues: Trade tensions, led by the
Strengths: customers and a well-established Red Sea crisis and geopolitical
supply chain logistics junction, uncertainties pose risks to
• Experienced Management
optimising its operational the Company’s supply chain.
Team: The Company benefits
efficiency. This has been partially offset by
from a seasoned management
team with profound industry moving into backward integration
• Forward and Backward
knowledge and experience. manufacturing of Ammonia.
Integration: The Company’s
forward integration into • Regulatory Interventions: Abrupt
• Robust Fundamentals:
explosive business and backward regulatory interventions or policy
The Company stands on a
integration to produce Ammonia changes could adversely affect
robust foundation of extensive
strengthens its overall business DFPCL’s business.
manufacturing expertise and
sustainability.
financial prudence. • Volatility in Raw Material
Prices: Fluctuations in prices of
• Trusted Brand: The Company
Opportunities: key raw materials like natural
enjoys a well-established and
• Growth in the Indian Economy: gas, ammonia, phosphoric acid,
trusted brand reputation among
The Company stands to benefit propylene, and natural gas impact
its diverse customer base,
from the significant opportunities profitability.
instilling confidence across
presented by the growth of the • Delay in Regulatory Clearances:
business segments.
Indian economy, particularly in Delay in regulatory clearances/
• Extensive Dealer Network and sectors critical to the country’s approvals for new ongoing projects
Customer Loyalty: The Company development like infrastructure, can impact the Company’s capital
possesses a robust dealer steel, cement, power, pharma and
expenditure outlays.
network and a loyal customer agriculture. The Government’s
base spanning various market initiatives such as Aatmanirbhar
segment. Bharat further bolster domestic Risks and Concerns:
industries, aligning seamlessly • Dependence on Imported Raw
• Diversified Product Portfolio: with the Company’s objectives. Materials: The reliance on
With a diverse product
• Shift to Value-added Products: imported raw materials like
portfolio, the Company caters
The transition from commodities phosphoric acid, potash, and
to consumers across multiple
to value-added and differentiated ammonium sulphate exposes
sectors, enhancing its market
products and services offers the the Company to supply chain
resilience.
Company avenues for growth and vulnerabilities and currency risks.
• Integrated Plant Operations innovation.
• Working Capital Intensity: The
and World-class Technologies:
• Digital Transformation: working capital-intensive nature
The Company operates
Embracing digital platforms, of this business, coupled with
integrated plants equipped
including social media and dependence on government
with world-class technologies,
mobile applications, facilitates subsidies, poses liquidity and
ensuring efficiency and quality enhanced connectivity with end financial risks.
throughout its processes. consumers, enabling the Company
It leverages advanced IT to stay abreast of evolving • Price Pass-through Lag: Any
tools to enhance operational market dynamics and consumer delay in passing increased raw
effectiveness. preferences. material prices to end customers
can impact the Company’s margins
• Alignment with India’s Growth • Growth in Micro Irrigation and
and profitability.
Story: The Company’s key Nutrient-based Fertilisers:
business verticles are beautifully Increasing adoption of micro • Price Gap Challenges: Disparities
aligned with the key sectors irrigation and demand for between natural gas and
of the Indian economy such as nutrient-based fertilisers presents imported ammonia prices pose
Agriculture, Mining, Infra and growth opportunities for the CNB challenges to the Company’s cost
Chemicals & Pharmaceuticals. segment. competitiveness and margins.
HUMAN RESOURCES productivity and managing people

Enhancing Employee The Company continued to strengthen costs.
Experience: In line investments in people, processes

Resource Management and Retention:
and systems and the key focus
with the “WE LISTEN, areas include: DFPCL is committed to enhancing
WE CARE AND WE DO Capability Development:
employee engagement and ramping
NOT GIVE UP TILL WE The Company has a structured
up resources to support business
expansion and manage employee
DELIVER” ethos, the competency framework to enhance retention effectively. The Company
Company launched employee capabilities essential
increased hiring to support the
for its business transformation.
the “WE LISTEN” Significant investments have been
commissioning and operation of the
new ammonia plant while strategically
campaign. Leaders made in developing functional
managing the resourcing across the
periodically engaged and behavioural skills through
organisation to ensure seamless
this role-based framework.
with employees at Additionally, in-house capabilities
operations and delivery.
all levels to address have been established to provide

Strengthening Culture: The Company
urgent issues and structured soft skills training across
the organisation.
introduced the ‘ANHAAD (limitless)’
develop practical initiative to enhance leadership
performance by promoting a coaching
solutions. Succession Planning: The Company
over mentoring approach, aiding in
leveraged this approach to create
career opportunities for internal effective business plan execution.
talent and protect against attrition. The successful integration of a
The Company continues to enhance 360-feedback programme also helped
its talent pipeline with in-house foster a culture that values listening,
resource development and robust caring and performing.
succession planning for leadership
roles. Additionally, efforts were made In FY25, DFPCL aims to expand on
to provide career and role rotations these initiatives to enhance business
across different levels. performance and drive growth with a
competent and engaged workforce.
Enhancing Employee Experience:
In line with the “WE LISTEN, WE INFORMATION TECHNOLOGY &
CARE AND WE DO NOT GIVE UP TILL AUTOMATION
WE DELIVER” ethos, the Company The Company has developed a robust
launched the “WE LISTEN” campaign. digital infrastructure, enabling the next
Leaders periodically engaged with level of digitalisation with a unified data
employees at all levels to address source for business decision-making.
urgent issues and develop practical
Transformational initiatives are
solutions. This intervention helped
ongoing, including the implementation
enhance responsiveness and foster an
of a Salesforce CRM system aimed
inclusive workplace while focussing
at enhancing customer service and
on improving employee experience
internal processes, which is expected
and engagement.
to go live soon.
Managing Cost Productively: The
organisation implemented various A major focus has been on optimising
interventions such as redesign, role the supply chain, improving
rotation and career move alongside decision-making agility, and
innovation in administrative cost increasing visibility throughout the
management and technology system. This includes advanced
deployment. These measures were planning and scenario analysis
aimed at maintaining and enhancing tools that improve productivity and
Main Control Room at Ammonia Plant, Taloja
customer satisfaction by enhancing personnel adhere to the best

sales team capabilities and practices. The Company has adequate The Company’s
production planning accuracy. internal controls commensurate
Industry 4.0 journey
with the nature of the Company’s
The Company’s Industry 4.0 journey business and size of its operations,
includes a three-
includes a three-year roadmap
to effectively provide for the safety year roadmap aiming
aiming to digitise four plants
using digital solutions to boost
of the assets, reliability of financial to digitise four
process efficiency and resource
transactions with adequate checks plants using digital
and balances, compliance with
management. Additionally, a data
prevalent statutes, regulations,
solutions to boost
lake house is being established to
management authorisation, policies process efficiency
utilise AI and machine learning for
deeper business insights. & procedures, and to ensure optimum and resource
use of the available resources. management.
Cybersecurity is being strengthened
with the adoption of forensic tools to The Audit Committee of the Board
improve process integrity in response is responsible for establishing,
to evolving threats. maintaining and reviewing the
Company’s system of internal
INTERNAL CONTROL SYSTEMS controls and directing the Internal
DFPCL has laid down a well-defined Audit function. The Audit Committee
scope of internal controls and audit approves the overall internal audit
process. Significant emphasis is given plan, including risk assessment, scope,
to ensure that the key management methodology and frequency of audits.
The Company has appointed Ernst & CAUTIONARY STATEMENT cautioned not to place undue reliance
Young LLP, India to execute internal The document contains statements on forward-looking statements as
audit reviews as per the approved about expected future events, a number of factors could cause
Internal Audit Plan. Further, the financial and operating results of the assumptions, actual future results and
Audit Committee periodically reviews Company, which are forward-looking. events to differ materially from those
significant audit observations By their nature, forward-looking expressed in the forward-looking
statements require the Company to statements. Accordingly, this
along with recommendations,
make assumptions and are subject document is subject to the disclaimer
implementation status, adequacy of
to inherent risks and uncertainties. and qualified in its entirety by the
internal controls and keeps the Board
There is a significant risk that the assumptions, qualifications and risk
informed of its observations, if any, factors referred to in the management’s
assumptions, predictions and other
from time to time. The internal audit forward-looking statements may not discussion and analysis of Company’s
department follows up to ensure prove to be accurate. Readers are Annual Report, FY24.
corrective measures are implemented
in the respective business functions as
per the report generated post the audit,
to strengthen the overall framework.
The objective of the internal control
framework is to align strategic goals
with operations.
The Company has a budgetary

control system to monitor revenue
and expenditure against the
approved budget on an ongoing
basis. Further, the Company has SAP
S/4 HANA system to help improve
operational efficiencies and business
decision-making capabilities across
financial reporting, organisational
structure and various business
processes which are reviewed
and validated by external experts.
The Company has also adopted
Internal Financial Control framework
in line with section 134(5)(e) of the
Companies Act, 2013 to authenticate
implementation of the Company
policies across businesses, protect
intellectual property, prevent,
and detect frauds and errors and
ensure transparency of accounting
records. Based on its evaluation
(as defined in section 177 of the
Companies Act, 2013 and Clause 18
of SEBI Regulations 2015), the Audit
Committee has concluded that, as
of March 31, 2024, DFPCL’s internal
financial controls were adequate and
operating effectively. Weak Nitric Acid Plant at Dahej
Notice
DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED
Registered Office: Sai Hira, Survey No. 93, Mundhwa, Pune - 411 036
CIN: L24121MH1979PLC021360 | Website: www.dfpcl.com | Tel.: +91 20 6645 8000 | email : investorgrievance@dfpcl.com
NOTICE is hereby given that the Forty-Fourth Annual General 3. To appoint Mr. Madhumilan Parshuram Shinde
Meeting of DEEPAK FERTILISERS AND PETROCHEMICALS (DIN: 06533004), who retires by rotation as a Director
CORPORATION LIMITED will be held on Tuesday, 10th and in this regard to consider and if thought fit, to pass,
September, 2024 at 11.00 a.m. IST, through Video the following resolution as an ORDINARY RESOLUTION:
Conferencing (“VC”) / Other Audio-Visual Means (“OAVM”) to
transact the following business: “RESOLVED THAT in accordance with the provisions
of Section 152 and other applicable provisions of the
• ORDINARY BUSINESS Companies Act, 2013 and Rules made thereunder,
1. To consider and adopt: (a) the audited financial Mr. Madhumilan Parshuram Shinde (DIN: 06533004),
statements of the Company for the financial year who retires by rotation at this meeting be and is hereby
ended 31st March, 2024 and the reports of the Board appointed as a Director of the Company.”
of Directors and Auditors thereon; and (b) the audited
consolidated financial statements of the Company • SPECIAL BUSINESS
for the financial year ended 31st March, 2024 and the 4. To consider and if thought fit, to pass the following
report of Auditors thereon and in this regard, if thought resolution as an ORDINARY RESOLUTION:
fit, to pass the following resolutions as ORDINARY
RESOLUTIONS: “RESOLVED THAT pursuant to the provisions of Section
148(3) of the Companies Act, 2013 and Companies
a. “RESOLVED THAT the audited standalone financial (Audit and Auditors) Rules, 2014 and other applicable
statements of the Company for the financial provisions, if any {including any statutory modification(s)
year ended 31st March, 2024 and the reports of or re-enactment thereof for the time being in force}, and
the Board of Directors and Auditors thereon, as based on the recommendation of the Audit Committee
circulated to the members, be and are hereby and approval of the Board of Directors of the Company,
considered and adopted.” the remuneration payable to M/s Harshad S. Deshpande
& Associates, Cost Accountants (Registration No.
b. “RESOLVED THAT the audited consolidated 00378) appointed as the Cost Auditors of the Company to
financial statements of the Company for the conduct the Cost Audit of all applicable products for the
financial year ended 31st March, 2024 and the Financial year ending 31st March, 2025, amounting to
report of Auditors thereon, as circulated to the ` 2,25,000/- (Rupees Two Lakhs Twenty-Five Thousand
members, be and are hereby considered and only) plus taxes as applicable and reimbursement of
adopted.” travel and out-of-pocket expenses in connection with
the said audit, be and is hereby ratified and confirmed.
2. To declare a dividend on equity shares for the financial
year ended 31st March, 2024 and pass the following RESOLVED FURTHER THAT the Board of Directors of
resolution as an ORDINARY RESOLUTION: the Company be and is hereby authorised to do all acts
and take all such steps as may be necessary, proper or
“RESOLVED THAT a dividend at the rate of ` 8.50/- expedient to give effect to this resolution.”
(Eight Rupees Fifty Paise) per equity share of ₹ 10/-
(Rupees Ten) each fully paid-up of the Company be By Order of the
and is hereby declared for the financial year ended Dated: 29th May, 2024 Board of Directors
31st March, 2024 and the same be paid as recommended
by the Board of Directors of the Company, out of the Registered Office: Gaurav Umakant Munoli
profits of the Company for the financial year ended Sai Hira, Survey No. 93 Company Secretary
31st March, 2024.” Mundhwa, Pune - 411 036 ACS 24931
NOTES: 7. Members attending the e-AGM through VC / OAVM shall

1. The Ministry of Corporate Affairs (“MCA”) has vide its be counted for the purpose of reckoning the quorum
circular dated 25th September, 2023 read with circulars under Section 103 of the Companies Act, 2013.
dated 28th December, 2022, 5th May, 2022, 13th
January, 2021, 5th May, 2020, 13th April, 2020 and 8th 8. Pursuant to MCA Circulars and SEBI Circulars, Notice
April, 2020 (collectively referred to as “MCA Circulars”) of the e-AGM along with the Annual Report 2023-24
and Securities and Exchange Board of India (SEBI) vide is being sent only through electronic mode to those
its circular dated 7th October, 2023 read with circulars members whose e-mail addresses are registered with
dated 5th January, 2023, 13th May, 2022, 15th January, the Company/ Depositories.
2021 and 12th May, 2020 (collectively referred to as
However, physical copy of the annual Report will be
‘SEBI circulars’), permitted the holding of the Annual
sent on request. Members may note that the Notice
General Meeting (“AGM”) through VC/ OAVM, without the and Annual Report 2023-24 will also be available on the
physical presence of the Members at a common venue. Company’s website at www.dfpcl.com, website of the
In compliance with the provisions of the Companies Act, Stock Exchanges i.e. BSE Ltd. at www.bseindia.com and
2013 (“Act”) and the aforesaid MCA Circulars and SEBI National Stock Exchange of India Ltd. at www.nseindia.
Circulars, the 44th AGM of the Company is being held com and on the website of Registrar and Share Transfer
through VC / OAVM (hereinafter called as ‘e-AGM). Agent of the Company i.e. KFin Technologies Limited
(hereinafter referred to as ‘KFin’) at https://evoting.
2. The deemed venue for e-AGM shall be the registered kfintech.com.
office of the Company.
9. The Register of Directors and Key Managerial Personnel
3. Pursuant to the provisions of the Act, a member entitled and their shareholding maintained under section 170
to attend and vote at the AGM is entitled to appoint a of the Act and Register of Contracts or arrangements
proxy to attend and vote on his/her behalf and the proxy in which directors are interested maintained under
need not be a member of the Company. Since this e-AGM section 189 of the Act will be available electronically
is being held pursuant to the MCA Circulars through VC/ for inspection by the Members during the AGM. All
OAVM facility, physical attendance of members has been documents referred to in the Notice will also be available
dispensed with. Accordingly, the facility for appointment for electronic inspection without any fee by the Members
of proxies by the members will not be available for the from the date of circulation of this Notice up to the date
e-AGM and hence the Proxy Form and Attendance Slip of AGM. Members seeking to inspect such documents
are not annexed to this Notice. can send an email to investorgrievance@dfpcl.com.
4. Statement pursuant to Section 102 of the Act forms part 10. To receive shareholders’ communications through
of this Notice. The Board of Directors at their meeting electronic means, including Annual Reports and
held on 29th May, 2024 have decided that the special Notices, members are requested to kindly register
business set out under item no. 4 being considered update their e-mail address with:
‘unavoidable’, be transacted at the ensuing e-AGM of
the Company. a. their respective depository participant, where
shares are held in electronic form; and
5. The facility of joining the e-AGM through VC/OAVM
will be opened 15 minutes before and will be open b. with KFin Technologies Limited by sending an
upto 15 minutes after the scheduled start time of the email along with the KYC forms with supporting
e-AGM, i.e., from 10.45 a.m. to 11.15 a.m. and will be documents at einward.ris@kfintech.com, where
available for 1,000 members on a first-come first-served shares are held in physical mode.
basis. This rule would however not put any restriction
on the participation of shareholders holding 2% or Shareholders may note that registration of email
more shareholding, promoters, institutional investors, address and mobile number is mandatory while voting
directors, key and senior managerial personnel, auditors electronically and joining virtual meeting.
etc.
The Company has also published an advertisement in
6. Institutional Investors, who are members of the the newspaper containing details about the Annual
Company are encouraged to attend and vote at the General Meeting (AGM) i.e., the conduct of AGM through
e-AGM of the Company. VC/OAVM, date and time of AGM, availability of notice
of AGM at Company’s website, manner of registering
the email ID’s of those shareholders who have not Company to answer the same suitably depending on
registered their email ID’s with Company/RTA and the availability of time at the meeting.
manner of providing mandates for dividend and other
matters as may be required. Only those members who have registered themselves
as a speaker will be allowed to express their views/ask
11. As per the various circulars issued by SEBI in this questions during the e-AGM. The Company reserves the
regard, the security holders (holding securities in right to restrict the number of speakers depending on
physical form), whose folio(s) are not updated with the availability of time for the e-AGM. Please note that
the KYC details (any of the details viz., PAN; Choice of only questions of the members holding the shares as on
Nomination; Contact Details; Mobile Number and Bank cut-off date will be considered.
Account Details and signature, if any) shall be eligible for
any payment including dividend, interest or redemption 15. TRANSFER OF SHARES PERMITTED IN DEMAT FORM
in respect of such folios, only through electronic mode ONLY:
with effect from April 1, 2024, upon furnishing the KYC
details. Accordingly, shareholders are advised to update As per Regulation 40 of the SEBI (Listing Obligations
their KYC on priority. and Disclosure Requirements) Regulations, 2015
(“Listing Regulations”), securities of listed companies
12. Members are requested to intimate changes, if any, can be transferred only in dematerialised form, except
pertaining to their name, postal address, email address, in case of transmission or transposition of securities.
telephone/mobile numbers, Permanent Account Further, SEBI vide its Circular dated 25th January,
Number (PAN), mandates, nominations, power of 2022, has mandated that securities shall be issued only
attorney, bank details such as, name of the bank and in dematerialised mode while processing duplicate/
branch details, bank account number, MICR code, IFSC unclaimed suspense/ renewal/ exchange/ endorsement/
code, etc. sub division/ consolidation/ transmission/ transposition
service requests received from physical securities
a. For shares held in electronic form: to their holders. In view of the above and to eliminate risk
Depository Participants (DPs) associated with physical shares and to avail various
benefits of dematerialisation, Members are advised to
b. For shares held in physical form: to the Company/ dematerialise their shares held in physical form.
Registrar and Transfer Agents (RTA) in prescribed
Form ISR-1 and other forms prescribed by SEBI. Members are accordingly requested to get in touch
with any Depository Participant having registration with
Relevant details and forms prescribed by SEBI in this SEBI to open a Demat account or alternatively, contact
regard are available on the website of the Company at the nearest branch of KFintech to seek guidance in the
https://www.dfpcl.com/forms demat procedure. Members may also visit website of
depositories viz. National Securities Depository Limited
Members may also refer to Frequently Asked Questions at https://nsdl.co.in/faqs/faq.php or Central Depository
(“FAQs”) on Company’s website. Services (India) Limited at https://www.cdslindia.com/
Investors/open-demat.html for further understanding
the demat procedure. Members may also refer to
13. Since the meeting will be conducted through VC/OAVM
Frequently Asked Questions (“FAQs”) on Company’s
facility without the presence of members at a common
website of the Company.
venue, the Route Map of the Common Venue is not
annexed to this Notice.
16. The Register of Members and Share Transfer Books of
the Company shall remain closed from Wednesday, 4th
14. For ease of conduct, members who would like to ask
September, 2024 to Tuesday, 10th September, 2024
questions/express their views on the items of the
(both days inclusive).
businesses to be transacted at the meeting can send
in their questions/comments in advance by visiting URL
The dividend, as recommended by the Board, if declared
https://emeetings.kfintech.com/ and clicking on the tab
at the meeting, will be paid to those members or their
“Post your Queries” during the period starting from 7th
mandates:
September, 2024 (9.00 a.m.) upto 9th September, 2024
(5.00 p.m.) mentioning their name, demat account no./ a. Whose names appear as Beneficial owners as
Folio no., e-mail Id, mobile number etc. The queries at the end of business hours on Tuesday, 3rd
may be raised precisely and in brief to enable the September, 2024 in the list of Beneficial Owners
to be furnished by National Securities Depository read with SEBI Circular dated 9th December, 2020 on
Limited and Central Depository Services (India) e-voting facility provided by listed entities, the Company
Limited in respect of the shares held in electronic is pleased to offer e-voting facility for its Shareholders,
form; and to enable them to cast their votes electronically on the
resolutions set forth in this notice. For this purpose,
b. Whose names appear as members in the Register necessary arrangements have been made with KFin
of Members of the Company after giving effect to to facilitate remote e-voting on the business set
valid requests for transmission of shares, deletion/ out in the Notice can be transacted through such voting.
transposition of names etc. in physical form lodged
with the Registrar & Share Transfer Agents of the The remote e-voting period begins at 9.00 a.m. on
Company on or before on Tuesday, 3rd September, Saturday, 7th September, 2024 and ends at 5:00 p.m.
2024. on Monday, 9th September, 2024. During this period
shareholders of the Company, holding shares either
17. Members are requested to note that pursuant to
in physical form or in dematerialized form, as on the
the provisions of Section 124 and other applicable
cutoff date of Tuesday, 3rd September, 2024, may cast
provisions of the Companies Act, 2013, (including any
their vote electronically through remote e-voting. The
statutory modifications or re-enactments thereof)
facility for voting through electronic voting system shall
and Rules made thereunder the dividend remaining
be made available at the meeting and the members
unclaimed / unpaid for a period of seven years from the
attending the meeting who have not cast their vote
date of transfer to the “Unpaid Dividend Account” shall
by remote e-voting shall be able to vote at the Annual
be credited to the Investor Education and Protection
General Meeting.
Fund (Fund) set up by the Central Government.
Members who have so far not claimed the dividend are As per the SEBI circular dated December 9, 2020
requested to make claim with the Company immediately. on e-voting facility provided by Listed Companies,
Please visit Company’s website: www.dfpcl.com for Individual shareholders holding securities in Demat
details. mode are allowed to vote through their demat
account maintained with Depositories and Depository
Further, in terms of Section 124(6) of the Act, in case Participants. Shareholders are advised to update their
of such members whose dividends are unpaid for a mobile number and email Id in their demat accounts in
continuous period of seven years, the corresponding order to access e-voting facility.
shares shall be transferred to the IEPF Demat account.
Currently, there are multiple e-voting service providers
In view of this, Members are requested to claim their (ESPs) providing e-voting facility to listed entities in
dividends from the Company, within the stipulated
India. This necessitates registration on various ESPs
timeline. Members, whose unclaimed dividends/ shares
have been transferred to IEPF, may claim the same by and maintenance of multiple user IDs and passwords by
making an application to the IEPF Authority in Form No. the shareholders.
IEPF-5 available on www.iepf.gov.in. For details, please
refer to Report on General Shareholder Information In order to increase the efficiency of the voting process,
which is a part of this Annual Report. pursuant to a public consultation, it has been decided
to enable e-voting to all the demat account holders,
18. PROCEDURE AND INSTRUCTIONS FOR REMOTE by way of a single login credential, through their
E-VOTING demat accounts/websites of Depositories/Depository
Participants. Demat account holders would be able
In compliance with provisions of Section 108 of to cast their vote without having to register again
the Companies Act, 2013 read with Rule 20 of the with the ESPs, thereby, not only facilitating seamless
Companies (Management and Administration) Rules, authentication but also enhancing ease and convenience
2014 and Regulation 44 of the SEBI (Listing Obligations of participating in e-voting process.
and Disclosure Requirements) Regulations, 2015,
I. Individual Shareholders holding securities in Demat Form:

• Login through Depositories
Type of shareholders Login Method

Individual Shareholders holding 1) Users who have opted for CDSL Easi/Easiest facility, can login through their
securities in Demat mode with existing user id and password. Option will be made available to reach e-Voting
CDSL Depository page without any further authentication. The users to login to Easi/Easiest are
requested to visit CDSL website www.cdslindia.com and click on login icon &
New System Myeasi Tab.
2) After successful login the Easi/Easiest user will be able to see the e-Voting option
for eligible companies where the evoting is in progress as per the information
provided by company. On clicking the e-Voting option, the user will be able to see
e-Voting page of the e-Voting service provider for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
Additionally, there is also links provided to access the system of all e-Voting
Service Providers, so that the user can visit the e-Voting service providers’
website directly.
3) If the user is not registered for Easi/Easiest, option to register is available at

CDSL website www.cdslindia.com and click on login & New System Myeasi Tab
and then click on registration option.
4) Alternatively, the user can directly access e-Voting page by providing Demat Account
Number and PAN No. from a e-Voting link available on www.cdslindia.com home
page. The system will authenticate the user by sending OTP on registered Mobile
and Email as recorded in the Demat Account. After successful authentication, user
will be able to see the e-Voting option where the evoting is in progress and also
able to directly access the system of all e-Voting Service Providers.
Individual Shareholders holding 1) If you are already registered for NSDL IDeAS facility, please visit the e-Services
securities in demat mode with website of NSDL. Open web browser by typing the following URL: https://
NSDL Depository eservices.nsdl.com either on a Personal Computer or on a mobile. Once the
home page of e-Services is launched, click on the “Beneficial Owner” icon under
“Login” which is available under ‘IDeAS’ section. A new screen will open. You
will have to enter your User ID and Password. After successful authentication,
you will be able to see e-Voting services. Click on “Access to e-Voting” under
e-Voting services and you will be able to see e-Voting page. Click on company
name or e-Voting service provider name and you will be re-directed to e-Voting
service provider website for casting your vote during the remote e-Voting period
or joining virtual meeting & voting during the meeting.
2) If the user is not registered for IDeAS e-Services, option to register is available
at https://eservices.nsdl.com. Select “Register Online for IDeAS “Portal or click
at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3) Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
Once the home page of e-Voting system is launched, click on the icon “Login”
which is available under ‘Shareholder/Member’ section. A new screen will open.
You will have to enter your User ID (i.e. your sixteen digit demat account number
hold with NSDL), Password/OTP and a Verification Code as shown on the screen.
After successful authentication, you will be redirected to NSDL Depository site
wherein you can see e-Voting page. Click on company name or e-Voting service
provider name and you will be redirected to e-Voting service provider website for
casting your vote during the remote e-Voting period or joining virtual meeting &
voting during the meeting.
Type of shareholders Login Method

Individual Shareholders (holding You can also login using the login credentials of your demat account through your
securities in demat mode) Depository Participant registered with NSDL/CDSL for e-Voting facility. After
login through their Depository Successful login, you will be able to see e-Voting option. Once you click on e-Voting
Participants (DP) option, you will be redirected to NSDL/CDSL Depository site after successful
authentication, wherein you can see e-Voting feature. Click on company name
or e-Voting service provider name and you will be redirected to e-Voting service
provider website for casting your vote during the remote e-Voting period or joining
virtual meeting & voting during the meeting.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password
option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through
Depository i.e. CDSL and NSDL
Login type Helpdesk details

Individual Shareholders holding securities Members facing any technical issue in login can contact CDSL helpdesk by
in Demat mode with CDSL sending a request at helpdesk.evoting@cdslindia.com or contact at Toll free
no. 1800 22 55 33
Individual Shareholders holding securities Members facing any technical issue in login can contact NSDL helpdesk by
in Demat mode with NSDL sending a request at evoting@nsdl.co.in or call at helpdesk no.: 022 4886 7000.
II. Non-Individual shareholders and shareholders f. You need to login again with the new credentials.
holding securities in Physical Form:
a. Initial Password is provided in the body of the g. On successful login, the system will prompt you
email. to select the EVENT i.e. Deepak Fertilisers And
Petrochemicals Corporation Limited.
b. Launch internet browser and type the URL: https://
evoting.kfintech.com in the address bar. h. On the voting page, the number of shares (which
represents the number of votes) held by you as on
c. Enter the login credentials i.e. User ID and the cut-off date will appear. If you desire to cast all
Password mentioned in your email. Your Folio No./ the votes assenting/dissenting to the resolution,
DP ID Client ID will be your User ID. However, if you enter all shares and click ‘FOR’/‘AGAINST’ as the
are already registered with KFintech for e-voting, case may be or partially in ‘FOR’ and partially in
you can use your existing User ID and Password for ‘AGAINST’, but the total number in ‘FOR’ and/or
casting your vote. ‘AGAINST’ taken together should not exceed your
total shareholding as on the cut-off date. You may
d. After entering the details appropriately, click on
also choose the option ‘ABSTAIN’ and the shares
LOGIN.
held will not be counted under either head.
e. You will reach the password change menu wherein
i. Click on ‘SUBMIT’. A confirmation box will be
you are required to mandatorily change your
displayed. Click ‘OK’ to confirm, else ‘CANCEL’ to
password. The new password shall comprise of
modify. Once you confirm, you will not be allowed
minimum 8 characters with at least one upper
to modify your vote subsequently. During the voting
case (A-Z), one lower case (a-z), one numeric
period, you can login multiple times till you have
value (0-9) and a special character (@,#,$,etc.). It is
confirmed that you have voted on the resolution.
strongly recommended not to share your password
with any other person and take utmost care to keep
j. Members holding multiple folios/demat accounts
your password confidential.
shall choose the voting process separately for each
folio/demat account.
k. Members whose e-mail IDs are not registered Members are eligible to cast vote electronically only if
with the Company / Depository Participants(s), and they are holding shares as on cut-off date.
consequently the Annual Report, Notice of AGM
and e-voting instructions cannot be serviced, will v. Members are requested to note that pursuant to
have to follow the process given at serial no.12 Regulation 36(3) of the SEBI (Listing Obligations and
or alternatively, member may send an e-mail Disclosure Requirements) Regulations, 2015 and
request at the e-mail ID einward.ris@kfintech.com the Secretarial Standards-2 (SS-2), brief particulars
along with scanned copy of the signed copy of the including shareholding of the Director proposed to be
request letter providing the email address, mobile re-appointed is given at the end of the Notice and forms
number, self-attested PAN copy and Client Master part of the Notice.
copy in case of demat holding and copy of share
certificate in case of physical folio for receivng vi. In case of any query and/or grievance, in respect
the Annual report, Notice of AGM and the e-voting of voting by electronic means, Members may refer
instructions. to the Help & Frequently Asked Questions (FAQs)
and e-voting user manual available at the download
l. In case a person (individual holding shares in section of https://evoting.kfintech.com/ or contact
physical mode / non individuals) has become Mr. S V Raju (Unit: Deepak Fertilisers And Petrochemicals
a Member of the Company after dispatch of Corporation Limited) of KFin Technologies Limited,
AGM Notice but on or before the cut-off date for Selenium Tower B, Plot 31-32, Financial District,
e-voting and e-mail address or mobile number of Nanakramguda, Serilingampally Mandal, Hyderabad
the member is registered against Folio No. / DP ID - 500 032, Telangana or at evoting@kfintech.com or
Client ID, then he / she may obtain the User ID and call KFin’s toll free No. 1800 309 4001 for any further
clarifications.
Password by accessing the link https://evoting.
kfintech.com/ and clicking “Forgot Password”
VOTING AT E-AGM
and enter Folio No. or DP ID Client ID and PAN to
generate a password. i. Only those members/shareholders, who will be present
in the e-AGM through video conferencing facility and
GENERAL INFORMATION FOR MEMBERS FOR VOTING ON have not cast their vote through remote e-voting and are
THE RESOLUTION otherwise not barred from doing so are eligible to vote
i. Mr. Ashish Garg (Membership No. FCS 5181, CP through e-voting in the e-AGM.
No. 4423) Practising Company Secretary has been
ii. However, members who have voted through remote
appointed as the Scrutinizer to scrutinize the remote
e-voting process and voting at the e-AGM in a fair and e-voting will be eligible to attend the e-AGM.
transparent manner.
iii. In case members cast their votes through both the
ii. Institutional shareholders (i.e., other than individuals, modes, voting done by remote e-voting shall prevail and
HUF, NRI, etc.) are required to send scanned copy (PDF/ e-voting at Annual General Meeting shall be treated as
JPG Format) of the relevant Board Resolution / Authority invalid.
Letter etc. authorising its representative to vote through
e-voting. The said Resolution / Authority Letter etc. shall iv. Members attending the e-AGM shall be counted for the
be sent to the Scrutinizer by an e-mail at ashishgargcs@ purpose of reckoning the quorum under section 103 of
gmail.com and mark copy to investorgrievance@dfpcl. the Act.
com. It should reach the Scrutinizer on / before Monday,
9th September, 2024 at 5.00 p.m. They may also upload v. Upon declaration by the Chairman about the
the same in the e-voting module in their login. commencement of e-voting at e-AGM, members shall
click on the thumb sign on the left hand bottom corner
iii. The scanned image of the above-mentioned documents of the video screen for voting at the e-AGM, which will
should be in the naming format “Deepak Fertilisers And take them to the ‘Instapoll’ page.
Petrochemicals Corporation Limited – AGM.
vi. Members to click on the ‘Instapoll’ icon to reach the
iv. The voting rights shall be as per the number of equity resolution page and follow the instructions to vote on
shares held by the Member(s) as on cut-off date. the resolutions.
INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE ELECTRONIC CREDIT OF DIVIDEND

E-AGM: SEBI has made it mandatory for all companies to use the bank
• Member will be provided with a facility to attend the account details furnished by the Depositories and the bank
e-AGM through Video Conferencing platform provided account details maintained by the Registrar and Transfer
by KFin, which can be accessed at https://emeetings. Agent for payment of dividend to Members electronically.
kfintech.com/ by clicking ‘‘Video Conference’’ and login The Company has extended the facility of electronic credit
by using the remote e-voting credentials. The link for of dividend directly to the respective bank accounts of the
e-AGM will be available in ‘shareholders / members’ Member(s) through the National Electronic Clearing Service
login where the EVENT and the Name of the Company (NECS)/ National Electronic Fund Transfer (NEFT)/Real Time
can be selected. Gross Settlement (RTGS)/Direct Credit, etc.
• Members are encouraged to join the meeting through Further, the Shareholders holding shares in physical
Laptops with Google Chrome for better experience. form may kindly note that SEBI, vide its various circulars
has mandated that dividend shall be paid only through
• Further, members will be required to allow camera, if electronic mode with effect from 1st April, 2024. Hence,
any, and hence use internet with a good speed to avoid the Shareholders are requested to update their details with
any disturbance during the meeting. Company/KFin by submitting ISR forms available on website
of the Company viz. https://www.dfpcl.com/forms to avoid
• While all efforts would be made to make the VC / OAVM delay in receipt of dividend.
meeting smooth, participants connecting through
mobile devices, tablets, laptops etc. may at times As directed by SEBI, the Members holding shares in physical
experience audio/video loss due to fluctuation in their form are requested to submit particulars of their bank account
respective networks. Use of a stable Wi-Fi or LAN in Form ISR 1 alongwith the original cancelled cheque bearing
connection can mitigate some of the technical glitches. the name of the Member to KFin / the Company to update their
bank account details. Members holding shares in demat form
• A video guide assisting the members attending e-AGM are requested to update their bank account details with their
either as a speaker or participant is available for quick respective Depository Participants (“DPs”). The Company or
reference at URL https://emeetings.kfintech.com KFin cannot act on any request received directly from the
Members holding shares in demat form for any change of
• Members who need technical assistance before or bank particulars. Such changes are to be intimated only to
during the e-AGM can contact KFin at emeetings@ the DPs of the Members. Further, instructions, if any, already
kfintech.com or Helpline: 1800 309 4001. given by them in respect of shares held in physical form
will not be automatically applicable to shares held in the
• The Chairman shall formally propose to the electronic mode. Shareholders are requested to ensure that
shareholders/members participating through VC/ OAVM their bank account details in their respective demat accounts
facility to vote on the resolutions as set out in the Notice are updated to enable the Company to provide timely credit of
of the e-AGM and announce the start of the casting of dividend in their bank accounts.
vote at e-AGM through the e-voting system of KFin.
TDS PROVISIONS AND DOCUMENTS REQUIRED FOR
• The Scrutinizer shall, immediately after the conclusion RESPECTIVE CATEGORY OF SHAREHOLDERS
of voting at the e-AGM, first count the votes cast at the
meeting, thereafter unblock the votes through remote Pursuant to the changes introduced by the Finance Act,
e-voting in the presence of at least two witnesses, 2020, dividend income is taxable in the hands of shareholders
not in the employment of the Company and make a w.e.f. 1st April, 2020 and the Company is required to deduct
consolidated Scrutiniser’s report of the total votes tax at source (TDS) from dividend paid to members at the
cast in favour or against, if any, to the Chairman of the prescribed rates. For the prescribed rates for various
Company or a person authorized by him in writing, who categories, the shareholders are requested to refer to the
shall countersign the same and declare the result of the Finance Act, 2020 and amendments thereof. The members
voting forthwith. are requested to update their PAN with the Company/ KFin
(in case of shares held in physical mode) and depositories
• The Results declared along with the report of the (in case of shares held in demat mode). To enable the
Scrutiniser shall be forwarded to the BSE Limited and Company to determine the appropriate TDS / withholding tax
National Stock Exchange of India Limited. rate applicability, shareholders are requested to upload the
requisite documents with the Registrar and Transfer Agent
viz. KFin Technologies Limited (“RTA”/”Kfin”) by registering • Mutual Funds: Self-declaration that they are specified
with First holder PAN at https://kprism.kfintech.com/ not and covered under Section 10 (23D) of the Act along
later than 16th August, 2024. No communication on the tax with a self-attested copy of PAN card and copy of SEBI
determination / deduction shall be entertained thereafter. registration certificate.
Resident shareholders • Alternative Investment Fund (AIF): AIF established/

For resident shareholders, generally, the tax will be deducted incorporated in India - Self-declaration that its income
at source (TDS) under Section 194 of the Act at the rate of 10% is exempt under Section 10 (23FBA) of the Act and
on the amount of dividend declared and paid by the Company they are governed by SEBI regulations as Category I or
during FY 2024-25 provided valid Permanent Account Category II AIF along with a self-attested copy of the
Number (PAN) is provided by the shareholder. Shareholders PAN card and SEBI registration certificate.
are requested to ensure Aadhar number is linked with PAN,
as per the timelines prescribed. In case of failure of linking
• New Pension System (NPS) Trust: Self-attested
Aadhar with PAN within the prescribed timelines, PAN shall
be considered inoperative / invalid and, in such scenario too, valid documentary evidence (e.g., relevant copy of
tax shall be deducted at higher rate of 20%. If PAN is not registration, notification, order, etc.) granting approval to
submitted/is inoperative/is invalid, TDS would be deducted @ the Scheme along with self-declaration that it qualifies
20% as per Section 206AA of the Act. as NPS trust and income is eligible for exemption under
section 10(44) of the Act and being regulated by the
Resident individual shareholders provisions of the Indian Trusts Act, 1882 along with self-
In the case of resident individuals, TDS would not apply if attested copy of the PAN card.
the aggregate of total dividend distributed or paid to them
by the Company during FY 2024-25 does not exceed ` 5,000. • Recognized Provident Fund/ Approved Superannuation
Separately, TDS will not be deducted in cases where a Fund/ Approved Gratuity Fund : Self-attested copy of
shareholder provides a written declaration in prescribed a valid order from Commissioner under Rule 2 of Part
Form 15H (for individual at or above the age of 60 years B or Rule 2 of Part C or Rule 3 of Part A, of Fourth
with no tax liability on total income and income not
Schedule to the Act, as the case may be, and/ or self-
exceeding maximum amount which is not chargeable
to tax) / Form 15G) (for individuals, with no tax liability on attested valid documentary evidence (e.g., relevant copy
total income and income not exceeding maximum amount of registration, notification, order, etc.) in support of the
which is not chargeable to tax as per the provisions fund being established under a scheme framed under
of the Act), subject to eligibility conditions being met. the applicable statute needs to be submitted along with
Blank Form 15G and 15H can also be downloaded from a self-attested copy of the PAN card.
the link given at the end of this communication or from the
website of the Company viz. https://www.dfpcl.com/forms. • Corporation established by or under a Central Act
Needless to mention, PAN will be mandatorily required which is, under any law for the time being in force,
along-with such declarations. Please note that all fields are
exempt from income-tax on its income: - Self-
mandatory to be filled up and the Company may at its sole
declaration specifying the specific Central Act under
discretion reject the form if it does not fulfil the requirement
of law or the form is otherwise incomplete in any manner. which such corporation is established and that their
income is exempt under the provisions of the Act
Resident shareholders (other than individuals): along with a self-attested copy of the PAN card and
In case of a certain class of resident shareholders other registration certificate.
than individuals who are covered under provisions of
Section 194 or Section 196 or Section 197A of the Act, no tax • Sovereign Wealth funds and Pension funds notified by
shall be deducted at source (‘nil rate’) provided sufficient Central Government u/s 10(23FE) of the Act: - Self-
documentary evidence thereof, to the satisfaction of the declaration along with copy of the notification issued
Company, is submitted. This illustratively includes providing by CBDT substantiating that the conditions specified in
the following: section 10 (23FE) of the Act have been complied with
• Insurance Companies: Self declaration by public & and self-attested copy of the PAN card.
other insurance companies that it qualifies as ‘Insurer’
as per section 2(7A) of the Insurance Act, 1938 and • Subsidiary of Abu Dhabi Investment Authority (ADIA)
that it has a full beneficial interest with respect to the as prescribed under section 10(23FE) of the Act: Self-
shares owned by it along with PAN. Self-attested copy declaration substantiating the fulfilment of conditions
of valid IRDAI registration certificate also needs to be prescribed under section 10 (23FE) of the Act along with
submitted. self-attested copy of the PAN card.
• Other Resident Non Individual Shareholders: • In case, PAN is not available, the non-resident
Shareholders who are exempted from the provisions shareholder shall furnish (a) name, (b) email id,
of TDS as per Section 194 of the Act and/ or who are (c) contact number, (d) address in residency country,
covered u/s 196 of the Act and/or any other provisions (e) tax residency certificate from the Government of
of the Income Tax Act, 1961 (e.g.: entities as provided in that country or specified territory (f) Tax Identification
CBDT Circular No.18 of 2017), shall also not be subjected Number of the residency country;
to any TDS, provided they submit an attested copy of the
PAN along with the documentary evidence (e.g. relevant • Self-declaration in Form 10F for FY 2024-25 for Non-
copy of registration, notification, order, etc.) in support resident shareholders who have PAN and propose to
of it being entitled to the exemption available. claim treaty benefit need to mandatorily file the Form
10F online at the link https://eportal.incometax.gov.in/
In addition to the above, above-mentioned entities should for the period April 1, 2024 to March 31, 2025;
also give declaration as per the format available on the
website of the Compay viz. https://www.dfpcl.com/forms. • Self-declaration by the non-resident payee of meeting
tax treaty eligibility requirements including fulfillment
The Company is not obligated to consider nil rates at the of the Principal Purpose Test, No Permanent
Establishment / fixed base in India, satisfying the
time of tax deduction / withholding on dividend amounts.
beneficial ownership requirement in accordance with
Application of nil rate shall depend upon the completeness
the applicable tax treaty; if any, under the applicable tax
and satisfactory review by the Company, of the documents treaty (Format can be downloaded from the website of
submitted by such shareholders. the Company viz. https://www.dfpcl.com/forms);
Non-Resident Shareholders or Foreign Companies (‘Non- • In case of Foreign Institutional Investors and Foreign
Resident Payee’) Portfolio Investors, in addition to the above details, copy
For non-resident person or foreign company being the of SEBI registration certificate will also be required.
shareholders, (‘non-resident payee’), tax is required to be
withheld in accordance with the provisions of Section 195 It is imperative that shareholders independently
and / or section 196D of the Act at applicable rates in force. satisfy their eligibility to claim tax treaty benefit
As per the applicable provisions, the tax shall be withheld including meeting all conditions laid down by tax treaty.
@ 20% plus applicable surcharge and cess on the amount of The Company is not obligated to apply the beneficial tax treaty
dividend payable. rates at the time of tax deduction / withholding on dividend
amounts. Application of beneficial tax treaty Rate shall depend
Further, as per Section 90 of the Act, a non-resident payee upon the completeness and satisfactory review by the Company,
has the option to be governed by the provisions of the tax of the documents submitted by Non- Resident shareholder.
treaty between India and the country of tax residence of the Notwithstanding anything contained in other part of this
shareholder if they are more beneficial to the shareholder communication, where any shareholder is a tax resident of
subject to fulfilment of prescribed conditions. In such case, any country or territory notified as a notified jurisdictional
the tax shall be withheld at such lower rate as prescribed area under Section 94A(1) of the Act, tax will be deducted
in the tax treaty, on the amount of dividend payable. For this at source at the rate of 30% or at the rate specified in
purpose, i.e., to avail the tax treaty benefits, the non-resident the relevant provision of the Act or at the rates in force,
payee will have to provide the following: whichever is higher, from the dividend payable to such
shareholder in accordance with Section 94A of the Act.
• Self-attested copy of Permanent Account Number
In case of shareholder being tax resident of Singapore,
(PAN Card), if any allotted by the Indian Income Tax
please furnish the letter issued by the competent authority
authorities;
or any other evidences demonstrating the non-applicability
of Article 24 - Limitation of Relief under India-Singapore
• Self-attested copy of Tax Residency Certificate (TRC)
Double Taxation Avoidance Agreement (DTAA).
obtained from the tax authorities of the country of which
the shareholder is resident for the period between April
TDS TO BE DEDUCTED AT HIGHER RATE IN CASE
1, 2024 to March 31, 2025. In case, the TRC is furnished
OF NON-FILERS OF RETURN OF INCOME (Specified
in a language other than English, the said TRC would
Person u/s. 206AB of the Act):
have to be translated from such other language to
English language and thereafter duly notarized and The provisions of Section 206AB of the Act require the
apostilled copy of the TRC would be provided; deductor to deduct tax at higher of the following rates from
amount paid/ credited to ‘specified person’: Rules. The format of Declaration for the same is attached as
Annexure 3.
• At twice the rate specified in the relevant provision of
the Act; or
SHAREHOLDERS HAVING MULTIPLE ACCOUNTS
• At twice the rates or rates in force; or UNDER DIFFERENT STATUS / CATEGORY:
• At the rate of 5%
Shareholders holding shares under multiple accounts under
different status / category and single PAN, may note that,
The ‘specified person’ means a person who has:
higher of the tax as applicable to the status in which shares
a. Not furnished the return of income for the assessment held under a PAN will be considered on their entire holding
year relevant to the previous year immediately in different accounts.
preceding the financial year in which tax is required to
Subject to what is stated above, the rate at which taxes are to
be deducted, for which the time limit for furnishing the
be deducted at source based on the category of shareholders,
return of income under sub-section (1) of section 139
are as under:
has expired; and
Shareholder Category Rate of TDS
b. The aggregate of tax deducted at source and tax Resident Shareholders
collected at source in his case is rupees fifty thousand
or more in the said previous year. Shareholders providing NIL
Form 15G/15H
The non-resident who does not have the permanent If Dividend income=< NIL
establishment in India is excluded from the scope of 5000
a specified person for the purpose of section 206AB. If Dividend income > ` - 10% in case where PAN is
Accordingly, if a non-resident shareholder is found to 5,000 provided / operative valid/
be a specified person as per reporting under section linked with Aadhar
206AB and such shareholder does not furnish a no PE
declaration, higher rate shall be applied.
- 20%, in other cases where
PAN is not provided / not
Notwithstanding anything contained in other part of this available/inoperative/not
communication, for Shareholders who are identified as linked with Aadhar/ non-
“specified persons” under Section 206AB of the Act,
filers of return of income
higher tax rate as applicable would be deducted. The
u/s 206AB
Company will be using functionality of the Income-tax Non-resident Shareholders
department to determine the applicability of Section Non-resident - *20% or lower rate
206AB of the Act. Shareholders as mentioned in tax
treaty, if the applicable
LOWER WITHHOLDING CERTIFICATE (RESIDENT AS details / documents are
WELL AS NON-RESIDENT SHAREHOLDERS) satisfactorily provided as
aforementioned.
Notwithstanding anything contained in other part of this
communication, in the case where the shareholders provide - *40% in case where
a certificate under Section 197 of the Act 1961 for lower / NIL shareholder is non-filer
withholding of taxes, the rate specified in the said certificate of return of income u/s.
shall be considered based on submission of self-attested 206AB and not furnished
copy of the same. No PE declaration.
DIVIDEND INCOME ASSESSABLE IN THE HANDS OF Kindly note that the aforementioned document should be
PERSON OTHER THAN DEDUCTEE uploaded with KFin Technologies Limited, the Registrar
and Transfer Agent (“KFin”) at https://ris.kfintech com/
form15/ or emailed to einward.ris@kfintech.com on or before
If in terms of Rule 37BA of the Income Tax Rules 1962 (‘the
16th August, 2024 in order to enable the Company to determine
Rules’), the dividend income on which tax has to be deducted appropriate TDS / withholding tax rate. No communication
at source is assessable in the hands of a person other on the tax determination/deduction shall be entertained post
than the deductee, then such deductee should also file a 16th August, 2024.
declaration with Company in the manner prescribed in the
It may be further noted that in case the tax on said Dividend Members can download the mobile application, register
is deducted at a higher rate in absence of receipt of the themselves (one time) for availing host of services viz.,
aforementioned details/documents from you, there would view of consolidated portfolio serviced by KFin, Dividend
still be an option available with you to file the return of status, requests for change of address, change/update Bank
income and claim an appropriate refund, if eligible, but no
Mandate. Through the Mobile application, Members can
claim shall lie against the Company for such taxes deducted.
download Annual Reports, standard forms and keep track
The Company will arrange to send TDS certificate in Form of upcoming General Meetings and dividend disbursements.
16A in due course, post payment of the said Dividend.
Shareholders will also be able to see the credit of TDS in The mobile application is available for download from Android
Form 26AS, which can be downloaded from their e-filing Play Store. Members may alternatively visit the link https://
account at https://incometaxindiaefiling.gov.in. kprism. kfintech.com/app/.
The information set out herein above is included for general EXPLANATORY STATEMENT
information purposes only and does not constitute legal or
Item No. 4
tax advice. Since the tax consequences are dependent on
facts and circumstances of each case, the shareholders are In pursuance of Section 148 of the Companies Act, 2013 and
advised to consult their own tax consultants with respect to Rule 14 of the Companies (Audit and Auditors) Rules, 2014,
specific tax implications arising out of receipt of dividend. the Board of Directors (Board) shall appoint an Individual
who is Cost Accountant, or a firm of Cost Accountants in
In the event of any income tax demand (including interest, practice, as Cost Auditor on the recommendation of the Audit
penalty, etc.) arising from any misrepresentation, inaccuracy, Committee, which shall also recommend remuneration for
or omission of information provided / to be provided by the
such auditor. The remuneration recommended by the Audit
Shareholder(s), such Shareholder(s) will be responsible
to indemnify the Company and also, provide the Company Committee shall be considered and approved by the Board
with all information / documents and co-operation in any and ratified by the Members.
appellate proceedings.
On the recommendation of Audit Committee, the Board at
In this regard, the Company had also sent a communication its meeting held on 29th May, 2024 considered and approved
to all the shareholders via email on 8th July, 2024. appointment of M/s Harshad S. Deshpande & Associates,
Cost Accountants, for conducting Cost Audit of all applicable
This communication is not exhaustive and does not products at a remuneration of ` 2,25,000/- (Rupees Two
purport to be a complete analysis or listing of all potential Lakhs Twenty-Five Thousand Only) plus taxes as applicable
tax consequences in the matter of dividend payment. and reimbursement of travel and out-of-pocket expenses for
Shareholders should consult their tax advisors for requisite the Financial year ending 31st March, 2025.
action to be taken by them.
The Board of Directors recommend Ordinary Resolution set
KPRISM – Mobile service application by KFin: out at Item No. 4 for approval by the Members of the Company.
Members are requested to note that KFin has launched a
None of the Directors or Key Managerial Personnel or their
mobile application – KPRISM and a website https://kprism.
relative(s) is / are in any way concerned or interested, in
kfintech.com/signin.aspx for online service to Members.
passing of the aforesaid resolution.
Details of Directors seeking re-appointment at the Annual General Meeting

[In pursuance of Regulation 36 (3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Clause
1.2.5 of the Secretarial Standard-2]:
Name of the Director Mr. M. P. Shinde

DIN 06533004
Date of Birth 14th December, 1954
Age 69
Qualification M.Sc, Diploma in Industrial Safety, Diploma in Ecology & Environment
Shareholding in the Company Nil
Name of the Director Mr. M. P. Shinde

Date of Appointment 10th February, 2017
Expertise Environment, Health and Safety
Major Directorships 1. Deepak Fertilisers And Petrochemicals Corporation Limited
2. Mahadhan AgriTech Limited
3. Performance Chemiserve Limited
4. Deepak Mining Solutions Limited
Listed Entities from which the proposed None
director has resigned in the past three years
Relationship between the Directors inter-se None
Audit Committee Deepak Fertilisers And Petrochemicals Corporation Limited - Member
Mahadhan AgriTech Limited – Member
Stakeholders’ Relationship Committee Deepak Fertilisers And Petrochemicals Corporation Limited – Member
Mahadhan AgriTech Limited – Member
Risk Management Committee Deepak Fertilisers And Petrochemicals Corporation Limited - Chairman
Performance Chemiserve Limited - Member
Manufacturing Operations Review Deepak Fertilisers And Petrochemicals Corporation Limited - Member
Committee
Corporate Social Responsibility Committee Deepak Fertilisers And Petrochemicals Corporation Limited – Member
Mahadhan AgriTech Limited – Chairman
Nomination and Remuneration Committee Mahadhan AgriTech Limited – Member
Securities Issue Committee Mahadhan AgriTech Limited – Member
Allotment Committee Mahadhan AgriTech Limited – Member
Board’s Report
To the Members
Your Directors have pleasure in presenting the Forty-Fourth Annual Report together with Audited Accounts of the Company for
the Financial Year ended 31st March, 2024.
FINANCIAL RESULTS
The summarized financial results for the year are as under:
(` in lakhs)
Sr. Particulars Standalone Consolidated

No. 2023-24 2022-23 2023-24 2022-23
1 Total Revenue (including Other Operating Revenues) 1,92,252 2,34,982 8,67,609 11,30,069
2 Profit before tax 41,343 39,014 67,196 1,81,552
3 Less:
a) Current Tax (Net) 9,120 8,855 34,017 55,178
b) Deferred Tax 886 1,025 (12,544) 4,286
4 Net Profit after tax (2 - 3) 31,337 29,134 45,723 1,22,088
5 Net profit attributable to:
a) Owners of the Company 31,337 29,134 44,251 1,21,010
b) Non-controlling interest NA NA 1,472 1,078
6 Other comprehensive income for the year:
a) Owners of the Company (642) (965) 7,915 (1,039)
b) Non-controlling interest NA NA 14 (76)
7 Total Comprehensive Income for the year
a) Owners of the Company 30,695 28,169 52,166 1,19,971
b) Non-controlling interest NA NA 1,486 1,002
8 Add: Surplus brought forward 1,66,704 1,48,423 3,72,771 2,62,953
9 Amount available for Appropriations (5a + 8) 1,98,041 1,77,557 4,17,022 3,83,963
10 Appropriations:
a) Increase in non-controlling interest due to - - - (339)
issuance of share capital
b) Effect of transaction with non-controlling - - (5,687) -
interest
c) Dividend on Equity Shares (Net) (12,624) (10,853) (12,624) (10,853)
11 Surplus carried to Balance Sheet (9 + 10) 1,85,417 1,66,704 3,98,711 3,72,771
STATE OF AFFAIRS OF THE COMPANY Net Profit for the current year was recorded at ` 313 Crores
Your Company has achieved a total revenue of ` 1,923 Crores as against ` 291 Crores in the previous year.
(including ` 83 Crores from trading operations) during
the year under review as against previous year’s level of MANAGEMENT DISCUSSION AND ANALYSIS
` 2,350 Crores (including ` 230 Crores from trading The Management Discussion and Analysis (MDA), which
operations). Profit Before Tax (PBT) for the year under review forms part of this Report, inter alia, deals adequately with
was ` 413 Crores as against ` 390 Crores in the previous year. the operations and also current and future outlook of the
Company on a consolidated basis.
ISSUE OF COMPULSORILY CONVERTIBLE DEBENTURES (CCDS) BY MATERIAL SUBSIDIARY I.E., MAHADHAN

AGRITECH LIMITED (FORMERLY KNOWN AS SMARTCHEM TECHNOLOGIES LIMITED)
As reported in the previous Annual Reports, Mahadhan AgriTech Limited (MAL), Wholly Owned Material Subsidiary had issued
CCDs, on a private placement basis to International Finance Corporation Limited. The details of CCDs issued are as given
below:
Date Tranche No. of FCCBs Face value Amount
16th October, 2019 First 1,050 10,00,000 each 105 Crores
5th October, 2020 Second 1,050 10,00,000 each 105 Crores
Total 2,100 210 Crores
During the year under review, the Company has purchased Committee, had approved the re-appointment of Smt. Varsha
the aforesaid CCDs issued to IFC by MAL with mutual Purandare as an Independent Director of the Company for
agreement. the Second Term for 2 consecutive years w.e.f. 31st January,
2024, pursuant to applicable provisions of the Companies
ISSUE OF EQUITY SHARES THROUGH QUALIFIED Act, 2013 (“Act”) and SEBI (Listing Obligations and Disclosure
INSTITUTIONS PLACEMENT (QIP) Requirements) Regulations, 2015, subject to the approval of
During the year under review, no shares were issued through shareholders.
qualified institutions placement.
Further, the shareholders of the Company through Postal
DIVIDEND Ballot have provided their approval for the aforesaid
re-appointment. The results of Postal Ballot have been
Considering the performance of the Company, the Board of
intimated to the Stock Exchanges on 26th March, 2024. All
Directors of the Company recommends a dividend @ 85%
the relevant details of the Postal Ballot have been provided
i.e., ` 8.50/- (Eight Rupees and Fifty Paise) per Equity Share
in the General Shareholder Information, which is part of this
(Previous year `10 per Equity Share) of ` 10 each of the
Annual Report.
Company for the year ended 31st March, 2024.
Cessation
The proposed dividend is in line with the ‘Dividend Distribution
Policy’ adopted by the Board at its meeting held on 30th
The shareholders of the Company at their Annual General
June, 2017. The Policy is available on the Company’s website:
Meeting held on 14th August, 2019 had approved the
DividendDistributionPolicyDFPCL30June2017.pdf. appointment of Mr. Partha Sarathi Bhattacharyya as
Independent Director of the Company for the first term of 5
TRANSFER TO RESERVE consecutive years with effect from 1st April, 2019.
The closing balance of retained earnings of the Company
for Financial Year 2023-24 after all appropriations and Subsequently, on the completion of first term of 5 consecutive
adjustments was ` 1,85,417 Lakhs. During the year, the years on 31st March, 2024, Mr. Bhattacharyya has ceased to
Company has not transferred any amount to general reserve. be an Independent Director of the Company.
SHARE CAPITAL The Board places on record its sincere appreciation to the
valuable guidance provided by Mr. Bhattacharyya during his
During the year under review, the Company has neither
tenure as Director of the Company.
issued any equity shares of the Company, nor, shares with
differential voting rights or sweat equity shares or any stock
Re-appointment – retiring by rotation
options.
Mr. M. P. Shinde retires by rotation at the ensuing Annual
The paid-up equity share capital of the Company as on
General Meeting pursuant to provisions of Section 152 of
31st March, 2024 was ` 126.24 Crores.
the Act and rules made thereunder and being eligible, offers
himself for re-appointment at the ensuing Annual General
CHANGES IN THE BOARD OF DIRECTORS
Meeting.
Re-appointment
NUMBER OF MEETINGS OF BOARD OF DIRECTORS
Re-appointment of Independent Director
A calendar of meetings is prepared and circulated in advance
During the year under review, the Board of Directors, based to the Directors. During the year under review, seven
on the recommendation of Nomination and Remuneration board meetings were held. These meetings were held on
17th May, 2023, 20th May, 2023, 26th July, 2023, 9th August, 2023, Besides, it will significantly reduce dependency on imported
2nd November, 2023, 1st February, 2024 and 27th March, ammonia, which will enhance our operational efficiencies
2024. and eliminate global price volatility impacts. The installed
production capacity of the new plant is 1500 MT per day.
CHANGES IN KEY MANAGERIAL PERSONNEL (KMP)
During the year under review, Mr. Deepak Rastogi was LONG-TERM TIE UP FOR SUPPLY OF LIQUEFIED
appointed as the Chief Financial Officer of the Company in NATURAL GAS (LNG) WITH NORWEGIAN GIANT –
place of Mr. Amitabh Bhargava, w.e.f. 1st August, 2023 as a EQUINOR
part of planned rotation initiative of the Company. Your Company has entered into a 15 year contract for
supply of LNG with Equinor ASA, Norway. With this tie-up,
A STATEMENT REGARDING THE OPINION OF THE the Company strengthens its value chain with an attractive
BOARD WITH REGARD TO INTEGRITY, EXPERTISE long-term LNG contract to solidify its value chain from Gas
AND EXPERIENCE (INCLUDING THE PROFICIENCY) to Ammonia to various downstream Fertilisers, Industrial
OF THE INDEPENDENT DIRECTORS APPOINTED Chemicals and Mining Chemicals. This end-to-end tie-
DURING THE YEAR up shall establish a strong long-term foundation for all of
During the year under review, Smt. Varsha Purandare was Company’s product segments.
re-appointed as an Independent Director of the Company.
Equinor, erstwhile Statoil, is amongst the established leaders
The Board is of the opinion that Smt. Purandare is a person of in the oil & gas sector over the last 50 years, with a market
high integrity and reputation and has the requisite expertise cap of USD 75 Billion wherein majority shares are owned by
and experience including the proficiency. the Norwegian Government.
COMPOSITE SCHEME OF ARRANGEMENT BETWEEN AGREEMENT WITH ISRAEL BASED HAIFA GROUP
SUBSIDIARIES OF THE COMPANY Mahadhan AgriTech Limited (MAL) (formerly known as
The Board of Directors of the Company has approved Smartchem Technologies Limited), Wholly Owned Subsidiary
Composite Scheme of Arrangement between Mahadhan of the Company has entered into an agreement with Israel-
AgriTech Limited (MAL) (Formerly Known as Smartchem based Haifa Group to promote high performing Specialty
Technologies Limited) (Demerged Company or Transferee fertilizers to improve quality and productivity of crops in India
Company), Deepak Mining Solutions Limited (DMSL) and other countries.
(Formerly Known as Deepak Mining Solutions Private Limited)
The MAL-Haifa offerings will support agricultural practices
(Resulting Company) and Mahadhan Farm Technologies
that counter the vicious trend of water scarcity and also
Private Limited (MFTPL) (Transferor Company) and their
hugely enhance Nutrient uptake & Use Efficiency in the
respective shareholders in accordance with the provisions of
plants. In addition, these initiatives will also help reduce
Sections 230 to 232 read with Section 52 and other applicable
groundwater and air pollution. We believe this collaboration
provisions of the Act and the rules framed thereunder.
will bring positive change in the agricultural sector, thereby
empowering farmers.
The Scheme provides for demerger of the TAN Business
from Demerged Company to the Resulting Company and
SIGNIFICANT MATERIAL ORDERS PASSED BY THE
Amalgamation of the Transferor Company with the Demerged
REGULATORS / STATUTORY AUTHORITIES
Company.
As disclosed in the last year’s report, effective 15th May, 2014,
This will result into creating holistic business entities housed domestic gas supply to the Company was arbitrarily stopped
by the Ministry of Petroleum and Natural Gas. The Company
in identified corporate entities. The Company is awaiting
successfully challenged the same before the Hon’ble Delhi
approval of the Hon’ble National Company Law Tribunal
High Court, which, by its Orders dated 7th July, 2015 and
(NCLT), Mumbai.
19th October, 2015 directed the Government of India (GoI) to
restore the supply of gas. Against the cited order, a review
GREENFIELD AMMONIA PROJECT
petition filed by the GoI, challenging the said Orders was
The greenfield Ammonia plant, set up through the step-down rejected by the said Court. Further, the GoI also filed the
subsidiary of the Company i.e. Performance Chemiserve Special Leave Petition (SLP) before the Hon’ble Supreme
Limited, began commercial production on 4th August, 2024 Court of India against the Order of Hon’ble Delhi High Court,
and the production has now been stabilised. The successful which was also disposed without granting any relief to the
backward integration into Ammonia will provide a long-term GoI. The GoI has filed an affidavit before the Hon’ble Delhi
risk mitigation for all the three businesses of the group. High Court stating that Inter Ministerial Committee (IMC) has
decided to recommend supply of pooled gas to the Company, safeguarding the assets of the Company and for
subject to approval of the Competent Authority. GoI has preventing and detecting fraud and other irregularities;
further filed an application in the Hon’ble Delhi High Court
seeking dismissal of the matter. The Company is contesting iv. the annual accounts are prepared on a going concern
the said application since the Competent Authority has not basis;
decided based on the recommendation of the said IMC and
the application so filed is pre-mature. The Hon’ble Delhi High v. internal financial controls, to be followed by the
Court asked GoI to bring the IMC decision/ report on record, Company are duly laid down and these controls are
if not filed then the matter will be proceeded further without adequate and were operating effectively; and
the report. The hearing in the Delhi High Court is now posted
on 9th July, 2024. vi. systems to ensure compliance with the provisions of all
applicable laws were in place and were adequate and
INDIAN ACCOUNTING STANDARDS, 2015 operating effectively.
The annexed financial statements for the Financial Year
2023-24 and corresponding figures for 2022-23 comply
DETAILS IN RESPECT OF FRAUDS REPORTED BY
in all material aspects with Indian Accounting Standards
AUDITORS UNDER SECTION 143 (12) OF THE ACT
notified under section 133 of the Act, the Companies (Indian During the year under review, there were no frauds reported
Accounting Standards) Rules, 2015 and other relevant by the auditors to the Audit Committee or the Board under
provisions of the Act. Section 143(12) of the Act.
CONSOLIDATED FINANCIAL STATEMENTS STATUTORY AUDITORS AND THEIR REPORT

The audited consolidated financial statements incorporating The Shareholders of the Company at the Forty-First Annual
the duly audited financial statements of the subsidiaries, General Meeting held on 26th August, 2021 had accorded
and prepared in compliance with the Act, applicable their approval pursuant to the provisions of Sections 139, 141
Accounting Standards and SEBI (Listing Obligations and and other applicable provisions of the Act and Rules made
Disclosure Requirements) Regulations, 2015 form part of thereunder to appoint, M/s. P G BHAGWAT LLP, Chartered
this Annual Report. Accountants as the Statutory Auditors of the Company for
a period of five years commencing from the conclusion of
A separate statement containing the salient features of Forty-First Annual General Meeting until the conclusion of
Company’s subsidiaries, associates and joint venture in the Forty-Sixth Annual General Meeting.
form AOC-1 is annexed separately and forms part of this
Annual Report. The Auditors’ Report to the Shareholders for the year under
review does not contain any qualification, reservation or
DIRECTORS’ RESPONSIBILITY STATEMENT adverse remark or disclaimer.
To the best of their knowledge and based on the guidance
and insights from the Auditors and pursuant to the provisions
SECRETARIAL AUDITORS & SECRETARIAL
of sub-section (5) of Section 134 of the Act, your Directors
STANDARDS
confirm that: The Secretarial Auditor, Mr. Ashish Garg, Practising Company
Secretary, has issued Secretarial Audit Report (Form MR-3)
i. in the preparation of annual accounts, the applicable for the Financial Year 2023-24 pursuant to Section 204 of
accounting standards have been followed along with the Act and pursuant to Regulation 24A of the SEBI (Listing
proper explanation relating to material departures; Obligations and Disclosure Requirements) Regulations, 2015
which is annexed to Directors’ Report (Refer Annexure-1).
ii. the accounting policies have been selected and applied The report does not contain any observation or qualification
consistently and made judgments and estimates that requiring explanation or comments from the Board under
are reasonable and prudent so as to give a true and fair Section 134(3) of the Act.
view of the state of affairs of the Company at the end of
the Financial Year on 31st March, 2024 and of the profit Pursuant to Regulation 24A of the SEBI (Listing Obligations
and loss of the Company for that period; and Disclosure Requirements) Regulations, 2015,
M/s. Jog Limaye & Associates, Practising Company Secretary,
iii. proper and sufficient care have been taken for the Secretarial Auditor of Mahadhan AgriTech Limited
maintenance of adequate accounting records in (Formerly known as Smartchem Technologies Limited) and
accordance with the provisions of this Act for Performance Chemiserve Limited, material subsidiaries,
have issued Secretarial Audit Report (Form MR-3) for the also reviewed by the Audit Committee on a quarterly basis.
Financial Year 2023-24. The said reports thereon are annexed
as Annexure 8 and Annexure 9 to the Board’s Report. All related party transactions entered during the financial
year 2023-24 were in the ordinary course of business, at
The Company has in place proper systems to ensure arm’s length and not material under the Act and SEBI (Listing
compliance with the provisions of the applicable secretarial Obligations and Disclosure Requirements) Regulations, 2015.
standards issued by The Institute of Company Secretaries None of the transactions required members’ prior approval
of India and such systems are adequate and operating under the Act or SEBI (Listing Obligations and Disclosure
effectively. Requirements) Regulations, 2015.
COST AUDITORS Details of transactions with related parties during financial

Your Directors, at their meeting held on 29th May, 2024, year 2023-24 are provided in the notes to the financial
based on the recommendation of the Audit Committee, have statements. There were no transaction requiring disclosure
appointed M/s Harshad S. Deshpande & Associates, Cost under section 134(3)(h) of the Act. Hence, the prescribed
Accountants, as the Cost Auditors for the Financial Year Form AOC–2 does not form a part of this Report.
2024-25 at a remuneration of ` 2,25,000 /- (Rupees Two
Lakhs Twenty Five Thousand only) plus GST as applicable CORPORATE GOVERNANCE
and reimbursement of travel and out-of-pocket expenses, Pursuant to provisions of SEBI (Listing Obligations and
which shall be subject to the approval of the shareholders at Disclosure Requirements) Regulations, 2015, a separate
the ensuing Annual General Meeting. section titled ‘Corporate Governance’ is attached to this
Annual Report.
The Cost Audit Report for the Financial Year ended
31st March, 2023 was duly filed with the Central Government Further, a certificate form the Statutory Auditors of the
(Ministry of Corporate Affairs) on 20th October, 2023. Company regarding compliance with the requirements of
Corporate Governance as required under Schedule V of the
In accordance with the provisions relating to maintenance of SEBI (Listing Obligations and Disclosure Requirements)
cost records as specified by the Central Government under Regulations, 2015 also forms part of this report.
sub-section (1) of Section 148 of the Act, the Company is
required to maintain respective cost records and accordingly, SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
such accounts and records were made and maintained. COMPANIES
Report on the performance and financial position
INTERNAL AUDITORS of subsidiaries, associates and joint venture company
Ernst & Young LLP (EY) are the Internal Auditors of the in Form AOC-1 is annexed to Board’s Report (Refer
Company since Financial Year 2016-17. Annexure-2).
Further, the Board, on the recommendation of the Audit AWARDS AND ACCOLADES
Committee, has re-appointed EY as the Internal Auditors of Please refer to section “Awards and Accolades” in this Annual
the Company for the Financial Year 2024-25. Report for details of the awards received by the Company during
the year under review.
PARTICULARS OF LOANS, INVESTMENTS AND
GUARANTEES NOMINATION AND REMUNERATION COMMITTEE
Details of investments made, loans advanced and guarantees The Board of Directors of the Company has constituted
given by the Company are given in the notes to the Financial Nomination and Remuneration Committee and also approved
Statements. the Nomination and Remuneration Policy which
inter- alia contains appointment criteria, qualifications,
RELATED PARTY TRANSACTIONS positive attributes and independence of Directors, removal,
All contracts/arrangement/transactions entered by the retirement and remuneration of Directors, Key Managerial
Company during the period under review with related parties Personnel (KMP) and Senior Management Personnel of the
were in compliance with the applicable provisions of the Act Company.
and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. Prior omnibus approval of the Audit The Board of Directors of the Company, on the
Committee is obtained for all related party transactions recommendation of the Nomination and Remuneration
which are foreseen and of repetitive nature. Pursuant to the Committee, have revised the Nomination and Remuneration
said omnibus approval, details of transaction entered into is Policy of the Company, at their meeting held on 25th May,
2022. The modified Nomination and Remuneration Policy is
enclosed as Annexure 3 and is also available on the website PERFORMANCE EVALUATION OF CHAIRMAN,
of the Company at https://www.dfpcl.com/wp-content/ DIRECTORS, BOARD AND COMMITTEES
uploads/2021/07/Nomination-and- Remuneration-Policy Information on the manner in which formal annual evaluation
has been made by the Board of its own performance and
RISK MANAGEMENT COMMITTEE that of its committees and individual directors is given in the
The Board of Directors of the Company has constituted a Risk Corporate Governance Report.
Management Committee to assess risks in the operations
of business units of the Company, to mitigate and minimize INDEPENDENCE OF DIRECTORS
risks assessed in the operations of business units, periodic All the Independent Directors of the Company have given
monitoring of risks in the operations of business units, to declaration that they meet the criteria of independence as
look after cyber security and other matters delegated to the provided in Sub-Section (6) of Section 149 of the Act and
Committee by Board of Directors of the Company from time SEBI (Listing Obligations and Disclosure Requirements)
to time. Regulations, 2015 and they are not aware of any
circumstances or situation, which exist or may be reasonably
Information on the development and implementation of Risk anticipated, that could impair or impact their ability to
Management Policy of the Company including identification discharge their duties with an objective independent
therein of elements of risk which, in the opinion of the Board judgment and without any external influence.
may threaten the existence of the Company is given in the
Corporate Governance Report and Management Discussion The Board of Directors have taken on record the declaration
and Analysis. and confirmation received from the Independent Directors
and verified the veracity of such disclosures.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
Your Company as a responsible Corporate Citizen, is engaged FAMILIARISATION PROGRAMME FOR INDEPENDENT
in concerted CSR initiatives through Ishanya Foundation, as DIRECTORS
Implementing Agency for CSR activities. The Company follows the practice of conducting
familiarisation programme of the independent directors as
The details of the initiatives taken by the Company on CSR detailed in the Corporate Governance Report which forms
during the year as per the Companies (Corporate Social part of the Annual Report.
Responsibility Policy) Rules, 2014 is given in Annexure
forming part of this report (Refer Annexure-4). WHISTLE BLOWER POLICY
The Company believes in the conduct of the affairs of its
The Board of Directors of the Company has approved a
constituents in a fair and transparent manner by adopting the
comprehensive CSR Policy as per the amended provisions of
highest standards of professionalism, honesty, integrity and
the Act. The CSR policy as also the CSR Projects as approved
ethical conduct. The Company has a Whistle Blower Policy
by the Board of Directors are available on the website of
under which the employees are free to report violations of
the Company at the following links: https://www.dfpcl.com/
the applicable laws and regulations and the Code of Conduct.
uploads/2021/05/CSR-Policy_DFPCL. pdf
Further, as per the provisions of Regulation 18 (3) of the
The details of composition of Corporate Social Responsibility SEBI (Listing Obligations and Disclosure Requirements)
Committee and other details are provided in the Corporate Regulation, 2015 (Listing Regulations) read with Part C of
Governance Report. Schedule II to Listing Regulations, the Audit Committee on
a quarterly basis reviewed the functioning of whistle blower
AUDIT COMMITTEE COMPOSITION mechanism of the Company and found the same satisfactory.
The details of composition of Audit Committee and other

A copy of the Whistle Blower Policy is available on the website
details are provided in the Corporate Governance Report.
of the Company at the following weblink: https://www.dfpcl.
com/uploads/2018/12/WhistleBlowerPolicy.pdf.
ANNUAL RETURN
In terms of Section 92(3) of the Act and Rule 12 of the ADEQUACY OF INTERNAL FINANCIAL CONTROLS
Companies (Management and Administration) Rules, 2014,
Your Company’s internal financial control systems are
the Annual Return of the Company is available on the website
commensurate with the nature, size and complexity of the
of the Company at the link: https://www.dfpcl. com/investors/
businesses and operations. These are periodically tested and
annual-return/
certified by Statutory as well as Internal Auditors. Significant
audit observations and the follow up actions are reported to
the Audit Committee.
MATERIAL CHANGES AND COMMITMENTS CONSERVATION OF ENERGY, TECHNOLOGY

There have been no material changes and commitments, ABSORPTION AND FOREIGN EXCHANGE EARNINGS
affecting the financial position of the Company, which AND OUTGO
have occurred between the end of the financial year of the As required by the Companies (Accounts) Rules, 2014, the
Company and the date of this Report. relevant data pertaining to conservation of energy, technology
absorption and foreign exchange earnings and outgo are
PARTICULARS OF EMPLOYEES AND RELATED annexed to Board’s Report (Refer Annexure - 5)
DISCLOSURES
Pursuant to the provisions of Section 136 (1) of the Act and as BUSINESS RESPONSIBILITY AND SUSTAINABILITY
advised, the statement containing particulars of employees REPORT
as required under Section 197 (12) of the Act read with Regulation 34(2) of the SEBI (Listing Obligations and
Rule 5 (1) and 5 (2) of the Companies (Appointment and Disclosure Requirements) Regulations, 2015 as amended,
Remuneration of Managerial Personnel) Rules, 2014, will inter alia, provides that the annual report of the top 1,000
be available for inspection. Members interested in obtaining listed entities based on market capitalisation (calculated
a copy of the same may write to the Company Secretary at as on 31st March of every financial year), shall include a
investorgrievance@dfpcl.com and the same will be furnished Business Responsibility And Sustainability Report.
on request. Hence, the Annual Report is being sent to
all the Members of the Company excluding the aforesaid As the Company is one of the top 1,000 listed entities, the
information. Company has presented its Business Responsibility And
Sustainability Report (BRS) for the financial year 2023-24,
The details of remuneration drawn by Mr. Sailesh C. Mehta, which is part of this Annual Report.
Chairman and Managing Director from the Company is
provided in the Corporate Governance Report. As a green initiative, the BRS Report has been hosted on the
Company’s website i.e. www.dfpcl.com
COMPANIES WHICH HAVE BECOME OR CEASED
TO BE THE SUBSIDIARIES, JOINT VENTURES OR MATERIAL DEVELOPMENT IN HUMAN RESOURCES /
ASSOCIATE COMPANIES DURING THE YEAR INDUSTRIAL RELATIONS FRONT INCLUDING PEOPLE
During the year under review, there were no such instances. EMPLOYED
The overall industrial relations in the Company were cordial.
FIXED DEPOSITS The manpower employed is around 995 employees.
Your Company has not accepted any deposits, covered under
Chapter V of the Act and hence no details pursuant to Rule 8 ACKNOWLEDGEMENT
(5) (v) and 8 (5) (vi) of the Companies (Accounts) Rules, 2014 Your Directors wish to place on record their sincere
are reported. appreciation to the Company’s bankers, customers, vendors,
investors and all other stakeholders for their continued
DISCLOSURE AS PER SEXUAL HARASSMENT OF support during the year. Your Directors are also pleased to
WOMEN AT WORKPLACE (PREVENTION, PROHIBITION record their appreciation for the dedication and committed
AND REDRESSAL) ACT, 2013 contribution made by employees at all levels who, through
The Company has complied with the provisions relating to their competence and hard work, have enabled your Company
the constitution of Internal Complaints Committee under to achieve good performance amidst challenging times and
the Sexual Harassment of Women at Workplace (Prevention, look forward to their support in the future as well.
Prohibition and Redressal) Act, 2013 (POSH Act). The
Company has a policy on Prevention of Sexual Harassment at For and on behalf of the Board
Workplace and the same has been uploaded on the internal
portal of the Company for information of all employees.
Pursuant to Section 22 of the POSH Act read with Rules Place: Pune Sailesh Chimanlal Mehta
made thereunder, the Company during the year has received Dated: 29th May, 2024 Chairman and Managing Director
two complaints and the same have been investigated and DIN: 00128204
resolved as per the provisions of the POSH Act.
ANNEXURE 1
Form No. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2024
[Pursuant to section 204(1) of the Companies Act, 2013

and
Rule No.9 of the Companies (Appointment and Remuneration Personnel) Rules, 2014]
To,
The Members,
Deepak Fertilisers And Petrochemicals Corporation Ltd.,
(CIN-L24121MH1979PLC021360)
Sai Hira, Survey No. 93, Mundhwa,
Pune,(Maharashtra)-India, 411036.
I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate
practices by Deepak Fertilisers And Petrochemicals Corporation Ltd (CIN-L24121MH1979PLC021360) (hereinafter called the
Company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate
conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained
by the Company and also the information provided by the Company, its officers, agents and authorised 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, 2024 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, 2024 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI
Act’):-
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; which
is not applicable to the Company during the Audit Period.
d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;
which is not applicable to the Company during the Audit Period.
e) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;
which is not applicable to the Company during the Audit Period.
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; which is not applicable to the Company during the Audit
Period.
g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; which is not applicable
to the Company during the Audit Period and
h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018; which is not applicable to the
Company during the Audit Period.
(vi) The management has identified and confirmed the compliances of the following laws as specifically applicable to the
Company:
a) Petroleum Act, 1934 and Rules, 2002;
b) Hazardous and other Wastes (Management & Transboundary Movement) Rules, 2016; and
c) The Manufacturing, Storage and Import of Hazardous Chemicals Rules, 1989.
We have also examined compliance with the applicable clauses and regulations of the following:
(vii) Secretarial Standards relating to Board Meetings and General Meetings issued by The Institute of Company Secretaries
of India.
(viii) The Listing Agreement entered into by the Company with Stock Exchange(s) pursuant to SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (LODR).
I report that, during the year under review, the Company has complied with the provisions of the Acts, Rules, Regulations,
Guidelines and Standards mentioned above.
I further report that
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors
and Independent Directors and the changes in the composition of Board of Directors that took place during the period under
review were carried out in compliance with the provision of the Act.
Adequate notice is given to all the Directors to schedule the Board Meeting, Agenda and detailed Notes on Agenda were sent at
least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda
items before the meeting and for meaningful participation at the meeting.
All decision at Board Meetings and Committee(s) Meetings are carried unanimously as recorded in the meetings of the Board
and Committee(s) of the Board, as the case may be and circular resolutions for Board and Committees are carried with the
requisite majority as recorded in the minutes of the meetings of the Board of Directors and Committees of the Board.
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.
I further report that during the audit period, there were no specific events / actions having a major bearing on the Company’s
affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc.
CS ASHISH GARG
FCS No.: 5181/C P No.: 4423
PR No.: 3684/2023.
UDIN No.: F005181F000489632
ICSI Unique No.I2001MP269100.
Place: Pune
Date: May 29, 2024
This report is to be read with Annexure A which forms an integral part of this report.
‘ANNEXURE A’
To,
The Members,
Deepak Fertilisers And Petrochemicals Corporation Limited,
(CIN-L24121MH1979PLC021360)
Pune,(Maharashtra)-India, 411036.
Our Secretarial Audit report of even date is to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. The verification was done on test basis to ensure that correct facts
are reflected in secretarial records. We believe that the process and practices, we followed provide a reasonable basis for
our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, we have obtained the Management Representation about the compliance of laws, rules and regulations
and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
of management. Our examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
CS ASHISH GARG
FCS No.: 5181/C P No.: 4423
PR No.: 3684/2023.
UDIN No.: F005181F000489632
ICSI Unique No.I2001MP269100.
Place: Pune
Date: May 29, 2024
ANNEXURE 2
FORM AOC-1
[Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of the Companies (Accounts) Rules, 2014]
Statement containing salient features of the financial statement of subsidiaries / associate companies / joint ventures.
Part-A: Subsidiaries
(` in lakhs)
1 2 3 4 5 6 7 8 9 10 11
Sl. Name of Subsidiary Mahadhan Platinum Australian Performance SCM Deepak Deepak Mahadhan Ishanya Ishanya Yerrowda
No. AgriTech Ltd. Blasting Mining Chemiserve Fertichem Mining Nitrochem Farm Brand Realty Investments
(formerly Services Explosives Limited$1 Limited Solutions Pty Technologies Services Corporation Limited
Smartchem Pty. Pty. Limited Limited Private Limited Limited
Technologies Limited$1 Limited$2* (Formerly Limited
Limited)# Deepak
Mining
Solutions
Private
Limited)
1 Reporting period for the 01/04/2023 01/04/2023 01/04/2023 01/04/2023 01/04/2023 01/04/2023 01/04/2023 01/04/2023 01/04/2023 01/04/2023 01/04/2023
subsidiary concerned, if to to to to to to to to to to to
different from the holding 31/03/2024 31/03/2024 31/03/2024 31/03/2024 31/03/2024 31/03/2024 31/03/2024 31/03/2024 31/03/2024 31/03/2024 31/03/2024
company’s reporting period
2 Reporting currency and Indian AUD AUD Indian Indian Indian AUD Indian Indian Indian Indian
Exchange rate as on the Rupees 1 AUD = 1 AUD = Rupees Rupees Rupees 1 AUD = Rupees Rupees Rupees Rupees
last date of the relevant 54.2350 54.2350 54.2350
Financial year in the case of
foreign subsidiaries.
3 Share Capital 1,705 4,806 - 19 5 1 81 1 410 10 24
4 Reserves & Surplus 4,41,339 5,995 249 1,71,928 -6 -77 -58 473 -766 -10 3,602
5 Total Assets 9,53,811 31,162 2,863 4,78,360 6 5 23 673 930 1 3,630
6 Total Liabilities 5,10,767 20,362 2,409 3,06,413 7 81 - 199 1,287 -1 4
7 Investments 187,916 - - 7,225 - - - - - - 2
8 Turnover 6,27,710 60,084 2,117 1,25,080 - - - 4,522 607 - -
9 Profit / (Loss) before 36,735 6,336 757 -14,050 -2 -21 -1 184 -589 -1 -56
taxation
10 Provision for taxation 12,891 2,130 242 -3,537 - - - 40 -144 - 4
11 Profit / (Loss) after taxation 23,844 4,206 515 -10,513 -2 -21 -1 144 -446 -1 -60
12 Proposed Dividend and - - - - - - - - - - -

Corporate Dividend Tax
13 % of shareholding 100.00% 65.00% 65.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 85.00%
#
Consolidated Figures
$1
Subsidiary of Mahadhan AgriTech Ltd. (formerly Smartchem Technologies Limited)
$2
Subsidiary of Platinum Blasting Services Pty. Limited
* Share Capital of Australian Mining Explosives Pty. Limited consists of 1 ordinary share of $1 which is held by Platinum Blasting Services Pty. Limited

1. Mahadhan AgriTech Ltd. (MAL) (formerly known as Smartchem Technologies Limited)
MAL is a wholly owned subsidiary of your Company and is in the business of manufacturing Technical Grade Ammonium
Nitrate and manufacturer and trading of fertilisers. MAL achieved a turnover of ` 6,277.10 Crores (excluding other income)
and profit before tax of ` 367.35 Crores.
2. Platinum Blasting Services Pty. Limited
Platinum Blasting Services Pty. Limited, an Australian company, is a joint venture (JV) between your Company’s wholly
owned subsidiary, MAL with local Australian partners having vast experience in providing value-added blasting services
and operational expertise to mining and explosives industries in Australia. This is part of your Company’s forward
integration initiative. MAL supplies Technical Ammonium Nitrate to the JV.
3. Australian Mining Explosives Pty. Limited
Australian Mining Explosives Pty. Limited (AME), an Australian company, is a wholly owned subsidiary of Platinum Blasting
Services Pty. Ltd. (a subsidiary of MAL, which is a wholly owned subsidiary of the Company) and is engaged in the business of
storage and handling of Technical Ammonium Nitrate.
4. Performance Chemiserve Limited (PCL)
PCL is a wholly owned subsidiary Company of MAL. The greenfield Ammonia plant setup by PCL began commercial
production on 4th August, 2024.
5. SCM Fertichem Limited (SCMFL)
SCMFL is a wholly owned subsidiary of your Company and is in the business of Manufacturing and Trading of Fertilisers,
Petroleum, and their products. Currently, the Company is engaged in the business of agriculture produce.
6. Deepak Mining Solutions Limited (Formerly knowns as Deepak Mining Solutions Pvt. Ltd.)
Deepak Mining Solutions Limited is a wholly owned subsidiary of your Company and is in the business of providing
consultancy to mining companies in India. It provides consultancy in the entire value chain of the mining business. With
the private coal mining segment opening up, it has great potential to mature into a high growth profitable business.
7. Deepak Nitrochem Pty Limited
Deepak Nitrochem Pty Limited, is an Australian company and is a wholly owned subsidiary of your company. This company
was incorporated for the purpose to capture the opportunity in respect of Mining activity and for synergy for our existing TAN
business. This Company has not done any business since inception.
8. Mahadhan Farm Technologies Private Limited
The Company, is in the business of manufacturing of water soluble NPKs grades namely 19:19:19, 20:20:20 and 13:40:13; which
is further marketed by MAL.
9. Ishanya Brand Services Limited (IBSL)
IBSL is wholly owned subsidary of your Compay and is in the business of brand management, online selling of products, giving
furniture and home improvement products on rent, developing an E-Commerce platform etc.
10. Ishanya Realty Corporation Limited (IRCL)
IRCL is wholly owned subsidary of your Compay and is in the business of construction and operations of design centers, shopping
malls, complexes and retailing outlets and other allied activities.
11. Yerrowda Investments Limited
Yerrowda Investments Limited (YIL), a subsidiary of your Company, is operating in real estate sector and has in its
possession immovable property in Pune. YIL is jointly controlled entity and the Company owns 85% of shares issued in
addition to economic and ownership interest in the immovable properties of YIL.
Notes:
1. 1. Names of subsidiaries which are yet to commence operations:
a. Deepak Nitrochem Pty Limited
b. Deepak Mining Solutions Limited
2. Names of subsidiaries which have been liquidated or sold during the year: None
FORM AOC-1
[Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of the Companies (Accounts) Rules, 2014]
Statement containing salient features of the financial statement of subsidiaries / associate companies / joint ventures
Part-B: Associates and Joint Ventures
(` in lakhs)
SI. Particulars Details of Associates & Joint Venture
No.
1 Name of the Associates and Joint Ventures
2 Latest audited Balance Sheet Date
3 No. Shares of Associate / Joint Ventures held by the Company
on the year end
Amount of Investment in Associate/ Joint Venture
Extend of Holding %
4 Description of how there is significant influence
None
5 Reason why the associate/ joint venture is not consolidated
6 Net-worth attributable to Shareholding as per latest audited

Balance Sheet
7 Profit/ (Loss) for the year
8 Considered in Consolidation
9 Not Considered in Consolidation
Notes:
1. Names of associates or joint ventures which are yet to commence operations: N.A.
2. Names of associates or joint ventures which have been liquidated or sold during the year: None
ANNEXURE 3
Nomination and Remuneration Policy
(As amended w.e.f. 25th May, 2022)
1. Introduction
The Nomination and Remuneration Policy (“Policy”) of the Company has been formulated in accordance with the
provisions of Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“LODR Regulations”) and sets out the criteria to pay remuneration to the Directors, Key Managerial Personnel (KMP)
and Senior Management Personnel of the Company.
2. Objective and Scope
The Key Objectives and scope of the Nomination & Remuneration Committee would be:
a) To formulate the criteria for determining qualifications, positive attributes and independence for appointment and
removal of a director.
b) To recommend to the Board a policy, relating to the remuneration for the directors, Key Managerial Personnel and
Senior Management Personnel which involves a balance between the fixed and incentive pay reflecting short-term
and long-term objectives appropriate to the working of the Company and its goals.
3. Definitions
‘Act’ means Companies Act, 2013 and rules thereunder.
“Board” means Board of Directors of the Company
‘‘Committee’’ means Nomination and Remuneration Committee of the Company as constituted or reconstituted by the
Board.
“Company” means Deepak Fertilisers And Petrochemicals Corporation Limited (DFPCL)
“Independent Director” means a Director of the Company, not being in whole time employment and who is neither a
promoter nor belongs to the promoter group of the Company and who satisfies the criteria for independence as prescribed
under the Companies Act, 2013 and the LODR Regulations.
“Key Managerial Personnel” means Key managerial personnel as defined under the Companies Act, 2013 and includes:
i. Managing Director or Executive Director or Chief Executive Officer or Manager
ii. Whole-time Director;
iii. Company Secretary;
iv. Chief Financial Officer and
v. such other officer as may be prescribed.
“Policy” means Nomination and Remuneration Policy.
“Senior Management” shall have the same meaning as specified in LODR Regulations and the Act, from time to time.
4. Functions of Committee
The Nomination and Remuneration Committee shall, perform the functions as prescribed under the Act and LODR
Regulations from time to time.
The Chairperson of the Nomination and Remuneration Committee or in his absence, any other member of the committee
authorised by the Chairperson in this behalf shall attend the general meetings of the Company.
Provided that Nomination and Remuneration Committee shall set up mechanism to carry out its functions and is further
authorized to delegate any / all of its powers to any of the Directors and / or officers of the Company, as deemed necessary
for proper and expeditious execution.
5. Constitution, Chairperson, quorum and frequency of meeting of Nomination & Remuneration Committee
The Constitution, Chairperson, quorum and frequency of meeting of Nomination & Remuneration Committee shall be as
stated in the Act and LODR Regulations from time to time.
6. Secretary
The Company Secretary of the Company shall act as Secretary of the Committee.
7. Minutes of Committee Meeting
Proceedings of all meetings shall be minuted and signed by the Chairman of the Committee at the subsequent meeting.
Minutes of the Committee meetings will be tabled at the subsequent Board and Committee meetings.
8. Policy for appointment and removal of Director, Key Managerial Personnel (“KMP”) and Senior Management Personnel
(“SMP”)
(A) Appointment criteria and qualifications for Director, KMP and SMP
a) The Committee shall identify and evaluate the balance of skills, knowledge, experience, integrity, qualification,
expertise and positive attributes of the person for appointment as Director and recommend to the Board his /
her appointment.
b) The Committee shall devise a policy on Board diversity after reviewing the structure, size and composition (including
the skills, knowledge and experience) of the Board which will facilitate the Committee to recommend on any proposed
changes to the Board to complement the Company’s corporate strategy.
c) The President (HR) of the Company, under the overall superintendence and control of the Chairman & Managing Director,
will undertake the process of appointment of KMP and/or SMP based on the roles and responsibilities of the position, the
skill sets, attributes, seniority, experience and such other parameters required.
d) Upon finalization of appointment of a person for the position of KMP and/or SMP by the Chairman and Managing
Director and the acceptance of the offer by the candidate, the same shall be put up to the Committee and the
Board for its confirmation post which the letter of appointment shall be issued to KMP and/or SMP, as the case
may be.
(B) Removal
Due to reasons for any disqualification mentioned in the Act or under any other applicable Act, rules and regulations
thereunder, the Committee may recommend, to the Board with reasons recorded in writing, removal of a Director
and/or the KMP subject to the provisions and compliance of the applicable Acts, rules and regulations. However, the
decision to remove the SMP shall be taken by the Chairman & Managing Director.
(C) Retirement
The Director, KMP and SMP shall retire as per the applicable provisions of the Act and the prevailing policy of the
Company. While the Board will have the discretion to retain the Director, the discretion to retain KMP and/or SMP in
the same position/ remuneration or otherwise even after attaining the retirement age, for the benefit of the Company
shall vest with the Chairman & Managing Director of the Company.
Policy relating to the Remuneration
(A) General - for the Wholetime Director:
a) The remuneration / compensation / commission etc. shall be subject to the prior/post approval of the
shareholders of the Company, if required.
b) The remuneration and commission to be paid to the Whole-time Director shall be in accordance with the
percentage / slabs / conditions laid down in the provisions of the Act and the Rules framed thereunder.
c) Term / Tenure of the Directors shall be as per company’s policy and subject to the provisions of the Act.
(B) Remuneration to Whole-time / Executive / Managing Director:
a) Fixed pay:
The Whole-time Director shall be eligible for a monthly remuneration as may be approved by the Board. The
breakup of the pay scale and quantum of perquisites including, employer’s contribution to P.F., pension
scheme, medical expenses, club fees etc. shall be decided and approved by the Board/the Person authorized
by the Board and approved by the shareholders, if required.
b) Commission
Commission may be paid within the limits approved by shareholders.
c) Minimum Remuneration:
If, in any financial year, the Company has no profits or its profits are inadequate, the Company shall pay
remuneration to its Whole-time Director in accordance with the provisions of Schedule V of the Act.
d) Provisions for excess remuneration:
If any Whole-time Director draws or receives, directly or indirectly by way of remuneration any such sums in
excess of the limits prescribed under the Act or without approval required under section 197 of the Companies
Act, 2013, he / she shall refund such sums to the Company within two years or such lesser period as may be
allowed by the Company, and until such sum is refunded, hold it in trust for the Company. The Company shall
not waive recovery of such sum refundable to it unless approved by the company by special resolution within
two years from the date the sum becomes refundable.
(C) Remuneration to Non-Executive / Independent Director:
a) Remuneration / Commission:
The remuneration / commission shall be fixed as per the slabs and conditions mentioned in the Act.
b) Sitting Fees:
The Non-Executive / Independent Director may receive remuneration by way of fees for attending meetings of
Board or Committee thereof.
Provided that the amount of such fees shall be decided by the Board and subject to the limit as provided in the
Act.
c) Commission:
Commission may be paid within the monetary limit approved by shareholders, subject to the limit not exceeding
1% of the profits of the Company computed as per the applicable provisions of the Act.
(D) Remuneration to Key Managerial Personnel and Senior Management Personnel:
The remuneration of KMP and SMP shall be determined by the management of the Company as per their roles and
responsibilities in the organization, skill sets, seniority, experience, the last drawn remuneration and prevailing
remuneration for equivalent jobs.
Broadly, the remuneration structure of KMP and SMP shall include the following components:
i) Basic pay
ii) HRA
iii) Allowances
iv) Perquisites and Benefits
v) Retiral benefits
vi) Performance Bonus i.e. incentive pay on the basis of the performance of the KMPs and SMPs.
with liberty to the management to allocate the amounts towards various salary components subject to there being no
change in the overall Cost to the Company.
9. Amendments
This Policy may be amended by the board at any time and is subject to (i) amendments to the Companies Act, 2013 (the
Act 2013) and (ii) further guidelines and enactments by the SEBI, including LODR Regulations.
ANNEXURE 4
ANNUAL REPORT ON CSR ACTIVITIES FOR THE FINANCIAL YEAR ENDED MARCH 31, 2024
1. Brief outline on CSR Policy of the Company:
For over a decade as a socially responsible Company, Deepak Fertilisers And Petrochemicals Corporation Limited
(“DFPCL”) or “the Company”), is committed to serving the society it operates in. The Company conducts several outreach
programmes around its establishments. While the CSR projects and programs to be undertaken by the Company shall
include activities falling within the preview of schedule VII of Companies Act, 2013, the focus will be on the following broad
themes:
a) Women empowerment through vocational training (skill development) and livelihood Programmes;
b) Health and
c) Education.
The underlying objective for the aforesaid themes is aimed at making people self-reliant through economic and social
empowerment, providing employable skills and social entrepreneurship opportunities to youth and women to ensure
livelihood for economic betterment and social development of themselves and their families, instilling pride and
confidence (in the target population) to take on future challenges.
Health initiatives, culture and heritage support programmes have also formed Company’s ancillary focus areas. Improving
the quality and infrastructure in the educational institutions has also been the Company’s priorities.
2. Composition of CSR Committee:
Sr. Name of Director Designation / Number of meetings Number of meetings

No. Nature of Directorship of CSR Committee of CSR Committee
held during the year attended during the
year
1. Shri Partha Bhattacharyya, Independent Director 3 3

Chairman**
2. Smt. Parul S. Mehta, Member Non- Executive Director 3 3
3. Shri M P Shinde, Member Non-Executive Director 3 3
4. Shri Sitaram Kunte, Chairman* Independent Director N.A. N.A.
* Appointed as Member and designated as Chairman of the Committee w.e.f.1st April, 2024;
** Ceased to be a Director and Member of the Committee w.e.f. 31st March, 2024.
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are
disclosed on the website of the company:
Composition of CSR committee:
https://www.dfpcl.com/uploads/2017/04/Board-Committees-21-APRIL-2022-1.pdf
CSR Policy:
https://www.dfpcl.com/uploads/2021/05/CSR-Policy_DFPCL.pdf
CSR projects:
https://www.dfpcl.com/social-responsibility/
4. Provide the executive summary along with web-link(s) of Impact Assessment of CSR Projects carried out in pursuance
of sub-rule (3) of rule 8, if applicable:
Not applicable
5. (a) Average net profit of the company as per sub-section (5) of section 135: ` 29,864.00 Lakhs
(b) Two percent of average net profit of the company as per sub-section (5) of section 135(5): ` 598.00 Lakhs
(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(d) Amount required to be set off for the financial year, if any: Nil
(e) Total CSR obligation for the financial year (5b+5c- 5d): ` 598 Lakhs
6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project) : ` 198.95
(b) Amount spent in Administrative overheads : NIL
(c) Amount spent on Impact Assessment, if applicable : N.A.
(d) Total amount spent for the Financial Year [(a)+(b)+(c)]: ` 198.95
(e) CSR amount spent or unspent for the Financial Year:
Amount Unspent (in `)

Total Amount
Total Amount transferred to Amount transferred to any fund specified under Schedule
Spent for the
Unspent CSR Account as per section VII as per second proviso to section 135(5)
Financial Year
135(6)
(` in Lakhs)
Amount Date of Name of the Fund Amount Date of transfer
transfer
198.95 399.05** 30th April, 2024 N.A. Nil N.A.
** It represents the amount unspent on Ongoing Projects.
(f) Excess amount for set-off, if any:
Sl. Particular Amount

No. (in ` in Lakhs)
(1) (2) (3)
(i) Two percent of average net profit of the company as per sub-section (5) of section 135 598.00
(ii) Total amount spent for the Financial Year 198.95
(iii) Excess amount spent for the Financial Year [(ii)-(i)] Nil
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous Financial Nil
Years, if any
(v) Amount available for set off in succeeding Financial Years [(iii)-(iv)] Nil
7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:
Sr. Preceding Amount transferred to Balance Amount in Unspent Amount spent in the Financial
No. Financial Unspent CSR Account under CSR Account under sub Year (` in Lakhs)
Year(s) sub section (6) of section 135 section (6) of section 135
(` in Lakhs) (` in Lakhs)
(i) (ii) (iii) (iv) (v)

1 2022-23 101.05 101.05 Nil
Amount transferred to a fund specified under Schedule VII Amount remaining to be spent Deficiency, if any
as per second proviso to sub section (5) of section 135, if any in succeeding financial years.
(` in Lakhs)
(vi) (vii) (viii)
Amount Date of transfer.
(` in Lakhs)
NIL
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the
Financial Year:
YES NO √
If yes, enter the number of Capital assets created/ acquired - Not applicable
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent
in the Financial Year:
Sr. Short particulars of PIN Code of Date of Amount Details of entity/ Authority/ beneficiary of
No. the property or asset(s) the property creation of CSR the registered owner
[including complete or asset(s) amount
address and location of spent
the property]
CSR Name Registered
Registration address
Number, if
applicable
Not applicable
9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per subsection (5) of
section 135.
The Company has an on-going project of providing employable technical skill to youth in the region surrounding the
Company factory i.e. Establishment of Skill Development Center (SDC). There is a delay in obtaining suitable land / clarity
on usage of the identified land for SDC. Therefore, the Company could not spend ` 399.05 Lakhs during the financial
year 2023-24. The Company will spend ` 399.05 Lakhs, which is unspent CSR amount for the financial year 2023-24,
in the coming financial years. The Company has deposited the same amount of ` 399.05 Lakhs in the separate bank
account, Deepak Fertilisers And Petrochemicals Corporation Limited – Unspent CSR Account for the financial year 2023-
24, opened for this purpose.
Sd/- Sd/-
Sitaram Kunte Parul Mehta
(Independent Director and Chairman – CSR Committee) (Non-Executive Director and Member – CSR Committee)
ANNEXURE 5
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts) Rules, 2014
A. CONSERVATION OF ENERGY
(a) THE STEPS TAKEN OR IMPACT ON CONSERVATION OF ENERGY
- Taloja K1-6 Plant:
(i) Major revamp & overhauling of key rotating equipment including expanders, compressors & gas turbines – thereby
increasing the energy efficiency and reduction of steam & power consumption;
(i)t Proactive replacement of Gas Turbine engine as a part of obsolescence management, leading to efficiency
improvement, reduction of heat rate & NOx emission level;
(iii) Optimization of number of captive power generators to maximize asset utilization and efficiency, there reducing by
overall steam-power requirement;
(iv) Conceptualized a novel idea of replacing existing back pressure 3.0 MW steam turbine with extraction type 3.0 MW
steam turbine to optimize the steam-power balance of the site;
(v) Modified IPA column internals to improve separation efficiency, reduce steam consumption;
(vi) Developed & installed new catalyst system for IPA to improve throughput and optimize specific consumptions;
(vii) Conventional lights are replaced with energy efficient LED reducing power consumption by 11.8 MWh per annum;
(viii) Review of operational philosophy & procedures to optimize energy consumption, and reducing energy and material
losses;
(ix) Carried out thorough audit of air systems to identify and arrest any leakages;
(x) Carried out thorough energy audit for identifying & minimizing heat losses through replacing insulation;
(xi) Replaced low efficiency motors, pumps, fans with high efficiency alternatives significantly reducing power
consumption.
- Dahej Plant:
(i) Installation of energy efficient 3.6 MW Steam turbine to reduce steam consumption by 4.5 TPH in WNA 6 Plant
resulting in significant improvements in steam specific consumption and productivity;
(ii) Covered raw water storage tanks thereby reducing evaporation loss.
(b) THE STEPS TAKEN BY THE COMPANY FOR UTILISING ALTERNATE SOURCES OF ENERGY:
(i) Continued utilization of 10.0 MW Wind energy, 5.4 MW Solar energy through group captive open access at Taloja
plant;
(ii) Increased contract demand of Taloja plant from 14000 kVA to 18000 kVA, stopping two gas turbines, and to increase
capacity for renewable offtake;
(iii) Exploring sourcing additional renewable energy through solar-wind hybrid open access.
(c) THE CAPITAL INVESTMENT ON ENERGY CONSERVATION EQUIPMENT:
(i) Several initiatives as mentioned above in A (a), were undertaken to enhance energy efficiency and or productivity.
Among several projects including maintenance and debottlenecking, some of the key capital projects that helped
energy conservation include :
Description Capex (` in Crores)
Installation of Energy 3.6 MW Efficient Turbine in Dahej 19
Various Feasibility & Engineering studies for optimization initiatives 11
APC & AI/ML based Smart factory solution 1
B. TECHNOLOGY ABSORPTION
1) The efforts made towards technology absorption
- Taloja K1 Plant:
(i) Enhancing cycle length of IPA plant catalyst system by online dosing of phosphoric acid;
(ii) Increasing catalyst selectivity & conversion efficiency of IPA plant by recycling by-products NPA (N-Propyl
Alcohol) and DIPE (Diisopropyl Ether); and
(iii) Auto dosing system for optimizing cooling tower chemical consumption and cycles of concentration.
Taloja K7-8 Plant:
(i) Installed & commissioned facility of N2O abetment for WNA-3 plant, to reduce N2O emissions.
Dahej Plant:
(i) High efficiency steam turbine to reduce steam specifics 0.225  0.035 MT/MT and increasing productivity.
2) The benefits derived like product improvement, cost reduction, product development or import substitution:
Taloja K1-6 Plant:
(i) Commissioning of 1500 TPD Performance Chemiserve Limited Ammonia plant directly reducing dependency
on imported ammonia used as raw material for various downstream products being manufactured by the
Company.
3) In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) :
Details of Technology imported The Year of Whether the If not fully absorbed, areas
Import technology been where absorption has not taken
fully absorbed place, and reasons therefore
New catalyst for N2O Abatement in 2023 Yes -

WNA-3
4) The expenditure incurred on Research and Development
There is no major expenditure on Research and Development during the year. However, inhouse trials as below
have been carried out in effort to develop new products / processes.
a) New Product Development Synergic to Existing Products Basket:
Taloja:
(i) Developed laboratory process to purify technical grade IPA to electronic grade IPA (ELIPA). In view of the
potential of semiconductor industries in India, commercialization is planned.
(ii) Developed pilot scale process to purify crude n-propyl alcohol (NPA) to pure NPA. Domestic consumers
identified and Commercialization planned to fulfill their requirement.
(iii) Developed laboratory process to produce Iso-propyl acetate. Multi-purpose facility for similar esterification
process is under consideration.
(iv) Developed simulation-based process to purify ammonia (NH3) to solar grade 7N-NH3.
Dahej Plant:
(i) Developed multi grade PICKBRITE Steel Grade Nitric acid for steel industry to reduce HF consumption &
reduce metal losses.
b) New Process Development to address cost margins & de-risk RM availability:
Taloja K1-6 Plant:
(i) Online dosing of phosphoric acid to avoid need for soaking of IPA catalyst thereby increasing plant availability.
c) Other R&D Initiative adding value to existing process:
NIL
d) Benefits derived as a result of the above R & D
As mentioned in (4) (a) and (b) above.

C. FOREIGN EXCHANGE EARNINGS AND OUTGO
Details with respect to foreign exchange earnings and outgo are as under:
Earning in Foreign Currency (` In Lakhs)
Particulars 31st March 2024 31st March 2023

Export of goods (Manufactured and Traded) 3,422.84 1,749.66
Other Income 6,671.28 2,540.48
Other Income - Sale of Investment - -
Total 10,094.12 4,290.14
Expenditure in Foreign Currency (` In Lakhs)

Interest and repayment of Loans 57.45 345.31
Technical fees to Foreign Vendors 387.51 845.86
Foreign Travels - -
Others (Net of Reimbursements) 2,018.87 -
Total 2,463.83 1,191.17
CIF Value of Imports (` In Lakhs)

Raw Materials 2,639.29 23,178.00
Capital goods and spares 4,732.44 101.00
Traded chemicals 901.16 16,917.00
Traded Furniture - 453.00
Total 8,272.89 40,649.00
ANNEXURE 6
Annual Secretarial Compliance Report of Deepak Fertilisers And Petrochemicals Corporation Limited
for the financial year ended March 31, 2024
[Under Regulation 24A of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015]
I, Ashish Garg, Practicing Company Secretary, have examined:
(a) all the documents and records made available to me and explanation provided by DEEPAK FERTILISERS AND
PETROCHEMICALS CORPORATION LTD. (CIN: L24121MH1979PLC021360), (“the Listed Company”)
(b) the filings/ submissions made by the listed entity to the stock exchanges,
(c) website of the listed entity,
(d) any other document/ filing, as may be relevant, which has been relied upon to make this certification,
For the Financial year ended 31st March, 2024 (“Review Period”) in respect of compliance with the provisions of:
(a) the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) and the Regulations, circulars, guidelines issued there
under; and
(b) the Securities Contracts (Regulation) Act, 1956 (“SCRA”), rules made thereunder and the Regulations, circulars, guidelines
issued thereunder by the Securities and Exchange Board of India (“SEBI”);
The specific Regulations, whose provisions and the circulars/ guidelines issued thereunder, have been examined, include:-
(a) The Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015;
(b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (which is
not applicable during the financial year under review);
(c) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(d) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 (which is not applicable during the
financial year under review);
(e) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (which
is not applicable during the financial year under review);
(f) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (which is
not applicable during the financial year under review);
(g) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(h) Securities and Exchange Board of India (Depositories and Participant) Regulations, 2018 to the extent applicable;
(i) SEBI Circular CIR/CFD/CMD1/114/2019 dated 18th October, 2019 in terms of compliances related to resignation of
statutory auditors from listed entities and their material subsidiaries (which is not applicable during the financial year
under review);
and circulars/guidelines issued there under and based on the above examination, I hereby report that, during the Review
Period the compliance status of the listed entity is appended as below:
(a) The listed entity has complied with the provisions of the above Regulations and circulars/guidelines issued thereunder,
except in respect of matters specified below:-
Sr. Compliance Regu- Devia- Action Type of Details Fine Obser- Manage- Re-
No. Requirement lation/ tions Taken by Action of Vio- Amount vations/ ment marks
(Regulations/ Circular Advisory lation Remarks Re-
circulars/ No of the sponse
guidelines Practicing
including Company
specific Secretary
clause)
Not Applicable
(b) The listed entity has taken the following actions to comply with the observations made in previous reports:
Sr. Compliance Regu- Devia- Action Type of Details Fine Obser- Manage- Re-
No. Requirement lation/ tions Taken by Action of Vio- Amount vations/ ment marks
(Regulations/ Circular Advisory lation Remarks Re-
circulars/ No of the sponse
guidelines Practicing
including Company
specific Secretary
clause)
Not Applicable
Further, based on the above examination, I hereby report, during the review period the compliance status of the listed entity
with the following requirements:-
Sr. Particulars Compliance Status Observations/

No. (Yes/No/ NA) Remarks by
PCS*
1. Secretarial Standards: Yes -
The compliances of the listed entity are in accordance with the applicable
Secretarial Standards (SS) issued by the Institute of Company Secretaries
of India (ICSI).
2. Adoption and timely updation of the Policies: Yes -
• All applicable policies under SEBI Regulations are adopted with the
approval of board of directors of the listed entities.
• All the policies are in conformity with SEBI Regulations and have been
reviewed & timely updated as per the regulations/circulars/guidelines
issued by SEBI
3. Maintenance and disclosures on Website: Yes -
• The Listed entity is maintaining a functional website
• Timely dissemination of the documents/ information under a separate

section on the website
• Web-links provided in annual corporate governance reports under

Regulation 27(2) are accurate and specific which redirects to the
relevant document(s)/ section of the website .

PCS*
4. Disqualification of Director: Yes -
None of the Director(s) of the Company is/are disqualified under Section 164
of Companies Act, 2013 as confirmed by the listed entity.
5. To examine details related to Subsidiaries of listed entities: Yes -
(a) Identification of material subsidiary companies
(b) Requirements with respect to disclosure of material as well as other

subsidiaries.
6. Preservation of Documents: Yes -
The listed entity is preserving and maintaining records as prescribed under

SEBI Regulations and disposal of records as per Policy of Preservation of
Documents and Archival policy prescribed under SEBI LODR Regulations,
2015.
7. Performance Evaluation: Yes -
The listed entity has conducted performance evaluation of the Board,

Independent Directors and the Committees at the start of every financial
year as prescribed in SEBI Regulations.
8. Related Party Transactions:
(a) The listed entity has obtained prior approval of Audit Committee for all Yes -
related party transactions; or
(b) In case no prior approval obtained, the listed entity shall provide
NA All the related party
detailed reasons along with confirmation whether the transactions
transactions are
were subsequently approved/ratified/rejected by the Audit Committee.
with prior approval
of Audit Committee.
9. Disclosure of events or information: Yes -
The listed entity has provided all the required disclosure(s) under Regulation
30 along with Schedule III of SEBI LODR Regulations, 2015 within the time
limits prescribed there under.
10. Prohibition of Insider Trading: Yes -
The listed entity is in compliance with Regulation 3(5) & 3(6) SEBI (Prohibition
of Insider Trading) Regulations, 2015.
11. Actions taken by SEBI or Stock Exchange(s), if any: Yes -
No action(s) has been taken against the listed entity/ its promoters/ directors/
subsidiaries either by SEBI or by Stock Exchanges (including under the
Standard Operating Procedures issued by SEBI through various circulars)
under SEBI Regulations and circulars/ guidelines issued thereunder.

PCS*
12. Resignation of statutory auditors from the listed entity or its material Yes -
subsidiaries:
In case of resignation of statutory auditor from the listed entity or any of

its material subsidiaries during the financial year, the listed entity and / or
its material subsidiary(ies) has / have complied with paragraph 6.1 and 6.2
of section V-D of chapter V of the Master Circular on compliance with the
provisions of the LODR Regulations by listed entity.
13. Additional Non-compliances, if any: Yes -
No any additional non-compliance observed for all SEBI regulation/circular/

guidance note etc.
Assumptions & Limitation of Scope and Review:
1. Compliance of the applicable laws and ensuring the authenticity of documents and information furnished, are the
responsibilities of the management of the listed entity.
2. My responsibility is to report based upon my examination of relevant documents and information. This is neither an audit
nor an expression of opinion.
3. I have not verified the correctness and appropriateness of financial Records and Books of Accounts of the listed entity.
4. This Report is solely for the intended purpose of compliance in terms of Regulation 24A (2) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and is neither an assurance as to the future viability of the listed entity
nor of the efficacy or effectiveness with which the management has conducted the affairs of the listed entity.
CS ASHISH GARG
FCS No.: 5181/C P No.: 4423
PR No.: 3684/2023
UDIN No.: F005181F000488015
Date: May 29, 2024 ICSI Unique No.I2001MP269100.
ANNEXURE 7
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,
Deepak Fertilisers And Petrochemicals Corporation Limited,
Pune - 411036.
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Deepak
Fertilisers and Petrochemicals Corporation Ltd. (CIN L24121MH1979PLC021360) (hereinafter referred to as ‘the Company’)
and having registered office at Sai Hira, Survey No. 93, Mundhwa, Pune-411036, produced before us by the Company on the
e-mail for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Clause 10(i)
of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our 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 us by the Company and its
officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending
on March 31, 2024 have been debarred or disqualified from being appointed or continuing as Directors of companies by the
Securities and Exchange Board of India and Ministry of Corporate Affairs or any such other Statutory Authority:
Sr. No. DIN Name of Director Designation Original Date of appointment

1. 06533004 Madhumilan Parshuram Shinde Director 10/02/2017
2. 05011160 Jayesh Hirji Shah Director 20/12/2021
3. 00196410 Parul Sailesh Mehta Director 20/10/2005
4. 00128204 Sailesh Chimanlal Mehta Managing Director 01/08/2008
5. 00329479 Partha Sarathi Bhattacharyya* Director 31/10/2012
6. 01657366 Bhuwan Chandra Tripathi Director 13/02/2020
7. 00058019 Sujal Anil Shah Director 30/06/2020
8. 05288076 Varsha Vasant Purandare Director 31/01/2021
9. 02670899 Sitaram Kunte Director 02/02/2023
10. 10044096 Terje Bakken Director 20/02/2023
11. 05281731 Sanjay Gupta Director 02/02/2023
*Shri Partha Sarathi Bhattacharyya ceased to be an Independent Director of the Company upon completion of his first term of 5 (five)
consecutive years on 31st March, 2024.
Ensuring the eligibility 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.
CS ASHISH GARG
FCS No.: 5181/C P No.: 4423
PR No.: 3684/2023
Place: Indore UDIN No.: F005181F000490811
Date: May 29, 2024 ICSI Unique No.I2001MP269100.
ANNEXURE 8
Form No. MR-3
FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2024
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and Remuneration
Personnel) Rules, 2014]
To,
The Members,
MAHADHAN AGRITECH LIMITED
(Earlier known as Smartchem Technologies Limited)
Sai Hira, Survey No.93, Mundhwa,
Pune-411036, Maharashtra, India
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Mahadhan AgriTech Limited (hereinafter called the Company). Secretarial Audit was conducted in a
manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our
opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained
by the Company and also the information provided by the Company, its officers, agents and authorized representatives during
the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the
financial year ended on 31st March, 2024 (“Audit Period”) 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.
We 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, 2024 according to the provisions of:
(i) the Companies Act, 2013 (the Act) amended from time to time and the Rules, Notifications and Circulars issued thereunder
(in so far as they are made applicable) and
(ii) other Laws, as informed and certified by the Management of the Company which are specifically applicable to the Company
based on their sector/industry are
(a) Essential Commodities Act, 1955;

(b) The Fertilisers (Inorganic, Organic and Mixed) Control Order, 1985;
(c) Explosive Act, 1884;
(d) Ammonium Nitrate Rules, 2012;
(e) The Manufacturing, Storage and Import of Hazardous Chemicals Rules, 1989; and
(f) Hazardous and other Wastes (Management & Transboundary Movement) Rules, 2016.
We have also examined compliance with the applicable clauses of the Secretarial Standards with respect to Meetings of Board
of Directors (SS-1) and General Meetings (SS-2) issued by “The Institute of Company Secretaries of India” – The Company has
generally complied with Secretarial Standards with respect to Meetings of the Board of Directors (SS-1) and General Meetings
(SS-2) issued by the Institute of Company Secretaries of India.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, 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 Companies Act, 2013 and Rules made thereunder.
Notice is given to all Directors to schedule the Committee and Board Meetings, agenda and detailed notes on agenda are sent
well in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items
before the meeting and for meaningful participation at the meeting.
Generally, decisions at the Committee and Board Meetings are being taken with the unanimous approval of the Members and
Directors. However, the views of all the dissenting Directors, if any, have been captured and recorded in the minute book.
We further report that there are adequate systems and processes in the Company commensurate with the size and operations
of the Company to monitor and ensure compliance with applicable Laws, Rules, Regulations and Guidelines.
We further report that
The Company has filed all the necessary forms with Registrar of Companies and has paid additional fees wherever applicable.
At the Annual General Meeting of the Company held on 9th August 2023, following business were transacted:
(1) The Shareholders passed an Ordinary Resolution to receive, consider and adopt audited financial statements of the
Financial Year ended 31st March 2023, and the Board’s Report and Auditor’s Report thereon.
(2) The Shareholders passed an Ordinary Resolution to appoint a director in place of Smt. Parul Mehta (DIN: 00196410), who
retires by rotation and being eligible, offers herself for re-appointment.
(3) The Shareholders passed an Ordinary Resolution to ratify the remuneration to be paid to the Cost Auditors of the Company.
(4) The Shareholders passed an Ordinary Resolution to consider appointment of Shri B C Tripathi as Independent Director of
the Company.
We further report that during the audit period, there was no other event/action having major bearing on affairs of the
Company.
For Jog Limaye & Associates

Company Secretaries
Mandar Shrikrishna Jog

Partner
M. No. F9552
CP No.- 9798
Place: Pune UDIN: F009552F000402428
Date: 20th May 2024 PR- 738/2020
Note: This report is to be read with letter of even date by the Secretarial Auditors, which is annexed as Annexure A and
forms an integral part of this report.
‘ANNEXURE A’
To,
The Members,
MAHADHAN AGRITECH LIMITED
(Formerly known as Smartchem Technologies Limited)
Sai Hira, Survey No.93,
Mundhwa, Pune 411036
Our Secretarial Audit Report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express
an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts
are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis
for our opinion.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations
of management. Our examination was limited to the verification of procedures on test basis.

Company Secretaries

Partner
M. No. F9552
CP No.- 9798
Date: 20th May 2024 PR- 738/2020
ANNEXURE 9
Form No. MR-3
FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2024
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]
To,
The Members,
PERFORMANCE CHEMISERVE LIMITED
Sai Hira, Survey No.93, Mundhwa,
Pune-411036, Maharashtra, India
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Performance Chemiserve Limited (hereinafter called the Company). Secretarial Audit was conducted
in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing
our opinion thereon.
Based on our verification of the books, papers, minute books, forms and returns filed and other records maintained by the
Company and also the information provided by the Company, its officers, agents and authorized representatives during the
conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the
financial year ended on 31st March, 2024 (Audit Period), 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:
We 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 2024 according to the provisions of:
i) The Companies Act, 2013 (the Act) amended from time to time and the rules, notifications and circulars issued thereunder
(as far as they become applicable);
ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made there under;
iii) The Depositories Act, 1996 and the Regulations and Byelaws Framed there under;
iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to extent applicable;
v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI
Act’): -
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
Not Applicable to the Company during the audit period
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
d) 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 Debt Securities) Regulations, 2008;
f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client; Not Applicable as the Company is not registered as Registrars
to an Issue and Share Transfer agents during the audit period.
g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; Not Applicable to the
Company during the audit period
h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; Not Applicable to the
Company during the audit period
vi) The other laws, as informed and certified by the Management of the Company which may become specifically applicable
to the Company based on sector/industry are:
a) Petroleum Act, 1934 and Rules 2002
b) Hazardous and other Wastes (Management & Transboundary Movement) Rules, 2016; and
c) Explosive Act, 1884
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards with respect to Meetings of Board of Directors (SS-1) and General Meetings (SS-2) issued by “The
Institute of Company Secretaries of India” – The Company has generally complied with Secretarial Standards with respect
to Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries
of India.
(ii) Listing Agreement entered into by the Company with BSE Limited read with SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015 - to the extent applicable.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of 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 Companies Act, 2013 and Rules made thereunder.
Notice is given to all Directors to schedule the Committee and Board Meetings, agenda and detailed notes on agenda are sent
well in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items
before the meeting and for meaningful participation at the meeting.
Generally, decisions at the Committee and Board Meeting are being taken with the unanimous approval of the Members and
Directors. However, the views of all the dissenting Members / Directors, if any, have been captured and recorded in the minute
book.
We further report that during the audit period
1. The Company has listed its debt securities on BSE Ltd on 08th June 2023.
2. The Company has filed all the necessary forms with Registrar of Companies and has paid additional fees wherever
applicable.
We further report that there are adequate systems and processes in the Company commensurate with the size and operations
of the Company to monitor and ensure compliance with applicable Laws, Rules, Regulations and Guidelines.
We further report that
At the Annual General Meeting of the Company held on 9th August 2023, following business were transacted:
(1) The Shareholders passed an Ordinary Resolution to receive, consider and adopt audited financial statements of the
Financial Year ended 31st March 2023, and the Board’s Report and Auditor’s Report thereon.
(2) The Shareholders passed an Ordinary Resolution to appoint a Director in place of Shri Ashok P Shah (DIN: 00196506), who
retires by rotation and being eligible, offers himself for re-appointment.
(3) The Shareholders passed a Ordinary Resolution to re-appoint M/s. B. K. Khare & Co. Chartered Accountants, Mumbai as
statutory auditors of the Company who shall hold office for the second term for a period of 5 years, until the conclusion of
the 22nd Annual General Meeting of the Company.
(4) The Shareholders passed a Special Resolution for continuation the office of Non-Executive Independent Director by
Shri S. R. Wadhwa (DIN - 00228201), despite attaining the age of 75 years.
(5) The Shareholders passed a Special Resolution for continuation the office of Non-Executive Independent Director by
Shri U. P. Jhaveri (DIN - 00273898), despite attaining the age of 75 years.
We further report that during the audit period, there was no other event/action having major bearing on affairs of the Company.

Company Secretaries

Partner
M. No. F9552
CP No. – 9798
Date: May 05, 2024 PR- 738/2020
Note: This report is to be read with letter of even date by the Secretarial Auditors, which is annexed as Annexure A andforms
an integral part of this report.
‘ANNEXURE A’
To,
The Members,
Performance Chemiserve Limited
Sai Hira, Survey No.93,
Mundhwa, Pune 411036
Our Secretarial Audit Report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express
an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts
are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis
for our opinion.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations
of management. Our examination was limited to the verification of procedures on test basis.

Company Secretaries

Partner
M. No. F9552
CP No. – 9798
Date: May 05, 2024 PR- 738/2020
Corporate Governance
The Company believes in creating value for its stakeholders following the principles of fairness, equity, transparency,
accountability and dissemination of information. Good Governance is an essential ingredient of any business, a way of life
rather than a mere legal compulsion. The Company’s philosophy of good Corporate Governance aims at establishing a system
which will assist the management to fulfill its corporate objectives as well as to serve the best interest of the stakeholders at
large viz. Shareholders, Customers, Employees, Society, Suppliers, Lenders etc.
BOARD OF DIRECTORS
The Company’s Board composition resonates Board diversity and is best demonstrated in the well balanced and independent
structure of the Company’s Board of Directors which has a very balanced representation of Executive, Non-Executive and
Independent Directors for enhancement of organizational capabilities. Members of the Board have been handpicked to provide
an apt mix of knowledge, experience, vigilance and security for enhancement of organizational capabilities.
As per the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, none of the Directors on
the Board of the Company is a member of more than 10 Committees or a Chairman of more than 5 Committees across all
Companies in which they are Directors. The changes in the composition of the Board during the year and its composition as on
31st March, 2024 was as follows:
Sr. Category Name of Director

No.
1. Promoter and Executive Director Mr. S. C. Mehta, Chairman & Managing Director
2. Promoter & Non-Executive Director Mrs. Parul S. Mehta
3. Non-Executive and Non-Independent Director Mr. M. P. Shinde
4. Independent Directors Mr. Partha Bhattacharyya1
5. Mr. Bhuwan Chandra Tripathi
6. Mr. Sujal Anil Shah
7. Mrs. Varsha Purandare
8. Mr. Jayesh Hirji Shah
9. Mr. Sanjay Gupta
10. Mr. Sitaram Kunte
11. Mr. Terje Bakken
1. Mr. Partha Bhattacharyya, on completion of his first term as Independent Director, has ceased to be director of the Company w.e.f.
31st March, 2024.
MEETINGS OF BOARD OF DIRECTORS
During the year under review, seven Board Meetings were held. These meetings were held on 17th May, 2023, 20th May, 2023,
26th July, 2023, 9th August, 2023, 2nd November, 2023, 1st February, 2024 and 27th March, 2024. The gap between any two
meetings has been less than one hundred and twenty days.
The record of attendance of Directors for Board Meetings and the previous Annual General Meeting and the Directorships of
Public Limited Companies and Membership / Chairmanship of Board Committees as on 31st March, 2024 are as given below:
Sr. Name of Director No. of Attendance No. of No. of No. of No. of

No. Board at the AGM Directorships Directorships membership Chairmanship
Meetings in listed of other of other of other
attended Companies Companies Board Board
including this Including Committees# Committees#
Company Private
Companies$
1. Mr. S. C. Mehta 7 out of 7 Yes 1 8 0 0
2. Mrs. Parul S. Mehta 7 out of 7 Yes 1 7 1 0
3. Mr. M. P. Shinde 7 out of 7 Yes 1 3 4 0
4. Mr. Bhuwan Chandra Tripathi 6 out of 7 Yes 1 4 4 2
5. Mr. Sujal Anil Shah 7 out of 7 Yes 7 9 6 2
6. Mrs. Varsha Purandare 4 out of 7 Yes 3 8 9 5
7. Mr. Jayesh Hirji Shah 6 out of 7 Yes 1 0 1 1
8. Mr. Sanjay Gupta 7 out of 7 Yes 1 1 0 0
9. Mr. Sitaram Kunte 7 out of 7 Yes 1 3 3 1
10. Mr. Terje Bakken 7 out of 7 Yes 1 0 0 0
11. Mr. Partha Bhattacharyya 1

7 out of 7 Yes 4 11 5 4
$ Excludes directorships of foreign companies and dormant companies.

# Includes only Audit Committee and Stakeholders’ Relationship Committee.
1 Mr. Partha Bhattacharyya, on completion of his first term as Independent Director, has ceased to be director of the Company w.e.f.
31st March, 2024.
Notes:
As per declarations received, none of the directors serve as an independent director in more than seven listed entities. Further,
the Managing Director of the Company does not serve as an independent director in any other entity. Further, other than
Mr. S. C. Mehta and Mrs. Parul S. Mehta who are related, none of the other directors are related to each other.
The names of listed entities where the directors of the Company hold directorships including the category of directorships as
on 31st March, 2024 are given below:
Sr. Name of the director Name of listed entities Category

No.
1 Mr. S. C. Mehta Deepak Fertilisers And Petrochemicals Corporation Limited Chairman & Managing
Director
2 Mrs. Parul S. Mehta Deepak Fertilisers And Petrochemicals Corporation Limited Non-Executive Non-
Independent Director
3 Mr. M. P. Shinde Deepak Fertilisers And Petrochemicals Corporation Limited Non-Executive Non-
4 Mr. Partha Bhattacharyya# Deepak Fertilisers And Petrochemicals Corporation Limited Independent Director
Tide Water Oil Co. India Limited Independent Director
Ramkrishna Forgings Limited Independent Director
Texmaco Rail & Engineering Limited Independent Director
5 Mr. Bhuwan Chandra Tripathi Deepak Fertilisers And Petrochemicals Corporation Limited Independent Director
Sr. Name of the director Name of listed entities Category

No.
6 Mr. Sujal Anil Shah Deepak Fertilisers And Petrochemicals Corporation Limited Independent Director
NOCIL limited Independent Director
Navin Fluorine International Limited Independent Director
Amal Limited Independent Director
Hindoostan Mills Limited Independent Director
Mafatlal Industries Limited Independent Director
7 Mrs. Varsha Purandare Deepak Fertilisers And Petrochemicals Corporation Limited Independent Director
Orient Cement Limited Independent Director
The Federal Bank Limited Independent Director
8 Mr. Jayesh Hirji Shah Deepak Fertilisers And Petrochemicals Corporation Limited Independent Director
9 Mr. Sanjay Gupta Deepak Fertilisers And Petrochemicals Corporation Limited Independent Director
10 Mr. Sitaram Kunte Deepak Fertilisers And Petrochemicals Corporation Limited Independent Director
11 Mr. Terje Bakken Deepak Fertilisers And Petrochemicals Corporation Limited Independent Director
#
Mr. Partha Bhattacharyya, on completion of his first term as Independent Director, has ceased to be director of the Company w.e.f.
31st March, 2024.
CORE SKILL / EXPERTISE / COMPETENCIES OF THE BOARD OF DIRECTORS
As required by Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the following is
the list of core skills / expertise / competencies identified by the Board of Directors in the context of the Company’s business
and the said skills are available with the Board of Directors:
Audit & Risk Management, Corporate Governance, CSR & NGO matters, Finance & Taxation, Global Business Leadership,
Human Resources, Law, Management & Strategy, Operations & Engineering, Regulatory & Government matters, Research &
Development, Sales, International Business.
Further, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandates the names of directors who have
such skills / expertise / competence shall be disclosed, which are as below:
However, the absence of a mark against a director’s name does not necessarily mean the director does not possess the
corresponding qualification and skill.
Director Audit & Risk Corporate CSR & Finance Global Human Law Management Operations Regulatory Research & Sales International
Management Governance NGO & Business Resources & Strategy & & Development Business
matters Taxation Leadership Engineering Government
matters
Mr. S. C. Mehta        
Mrs. Parul S. Mehta       
Mr. M. P. Shinde            
Mr. Partha Bhattacharyya#
            
Mr. Bhuwan Chandra Tripathi             
Mr. Sujal Anil Shah         
Mrs. Varsha Purandare            
Mr. Jayesh Hirji Shah         
Mr. Sanjay Gupta             
Mr. Sitaram Kunte        
Mr. Terje Bakken       
#
31st March. 2024.
COMMITTEES OF BOARD OF DIRECTORS
AUDIT COMMITTEE
The Company has an Audit Committee comprising of four directors, majority of which are Independent. The Committee was
headed by Mr. Partha Bhattacharyya till 31st March, 2024. The Committee has been reconstituted w.e.f. 1st April, 2024 and
Mr. Sujal Anil Shah has been designated as Chairman of the Audit Committee.
The terms of reference of Audit Committee are in accordance with Regulation 18 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (as amended) and Section 177 of Companies Act, 2013 which inter alia, includes to oversee
the Company’s financial reporting process, to review Directors’ Responsibility Statement, changes, if any, in accounting policies
and reasons for the same, qualifications in the draft audit report, performance and independence of statutory and internal
auditors, reports of the Company’s internal auditors, cost auditor and financial statements audited by the statutory auditors
and also to review the information relating to Management Discussion and Analysis of financial statements and results of
operations, statement of related party transactions and internal control systems.
During the year under review, eight meetings of Audit Committee were held i.e., 16th May, 2023, 20th May, 2023, 6th July, 2023,
25th July, 2023, 26th October, 2023, 1st November, 2023, 31st January, 2024 and 27th March, 2024.
The composition of the Committee as on 31st March, 2024 and the attendance of the members at the aforesaid meetings is as
follows:
Name of Director Category No. of meetings held Whether

Held Attended attended last
AGM
Mr. Partha Bhattacharyya# Independent Director 8 8 Yes
Mr. Madhumilan Shinde Non-Executive Non-Independent Director 8 7 Yes
Mr. Sujal Anil Shah Independent Director 8 8 Yes
Mr. Bhuwan Chandra Tripathi Independent Director 8 7 Yes
Mrs. Varsha Purandare* Independent Director NA NA Yes
#
31st March, 2024.
* Appointed as Member of the Committee w.e.f. 1st April, 2024.
Besides the above, Chairman and Managing Director and the Chief Financial Officer (CFO) are permanent invitees to Audit
Committee Meetings. The representatives of Statutory Auditor, Internal Auditor and Cost Auditor attend such meeting of the
Audit Committee, where matters concerning them are discussed.
STAKEHOLDERS RELATIONSHIP COMMITTEE
The Company has a Stakeholders Relationship Committee comprising of three directors, majority of which are Independent.
The Committee is headed by Mr. Jayesh Hirji Shah.
Pursuant to provisions of Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
the Stakeholders Relationship Committee specifically looks into redressal of complaints related to transmission of shares,
non- receipt of dividends, non-receipt of annual report, etc. received from security holders and to improve the efficiency in
service to security holders etc.
The terms of reference of Stakeholders Relationship Committee are in line with the provisions of the Companies Act, 2013 and
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which, inter alia, include the following:
1. Resolving the grievances of the security holders;
2. Review of measures taken for effective exercise of voting rights by shareholders;

3. Review of adherence to the service standards adopted by the listed entity in respect of various services being rendered by
the Registrar & Share Transfer Agent; and
4. To review various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends and
ensuring timely receipt of dividend warrants / annual reports / statutory notices from the shareholders of the Company.
During the year under review, one meeting of Stakeholders Relationship Committee was held on 27th July, 2023.
The composition of the Committee as on 31st March, 2024 and the attendance of the members at the aforesaid meeting is as
follows:
Name of Director No. of Meetings No. of Meetings

held during tenure attended
Mr. Jayesh Hirji Shah, Chairman 1 1
Mr. Madhumilan Shinde, Member 1 1
Smt. Parul S. Mehta, Member 1 1
Mr. Gaurav Munoli, Company Secretary is the Compliance Officer.

Details of complaints received during the financial year 2023-24 are as follows:
No. of complaints received No. of complaints not solved to the satisfaction of No. of pending complaints
shareholders
57 0 2*
* Pending complaints have been resolved post end of financial year within the specified timeline.
NOMINATION AND REMUNERATION COMMITTEE

The Company has a Nomination and Remuneration Committee comprising of three directors, all of whom are Independent
Directors. The Committee is headed by Mr. Bhuwan Chandra Tripathi.
The terms of reference of Nomination and Remuneration Committee are in accordance with provisions of Section 178 of
Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which
inter alia, includes to identify persons who are qualified to become directors and who may be appointed in senior management
in accordance with the criteria laid down, recommend to the Board of Directors their appointment / removal and shall carry
out evaluation of every director’s performance and to formulate the criteria for determining qualifications, positive attributes
and independence of directors and recommend to the Board of Directors policy relating to remuneration for the directors, key
managerial personnel and other senior officials.
During the year under review, one meeting of Nomination and Remuneration Committee was held on 17th May, 2023.
The composition of the Committee as on 31st March, 2024 and the attendance of the members at the meetings held was as
follows:
Name of Director Category No. of Meetings No. of Meetings

Mr. Bhuwan Chandra Tripathi, Chairman Independent Director 1 1
Mr. Sujal Anil Shah, Member Independent Director 1 1
Mr. Partha Bhattacharyya, Member* Independent Director 1 1
Mr. Sitaram Kunte, Member #
Independent Director NA NA
* Mr. Partha Bhattacharyya, on completion of his first term as Independent Director, has ceased to be director of the Company w.e.f.
31st March, 2024.
#
Appointed as Member of the Committee w.e.f. 1st April, 2024.
PERFORMANCE EVALUATION OF BOARD, COMMITTEES AND DIRECTORS
Pursuant to the provisions of the Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of the Chairman, Individual
Directors, Board as well as its Committees for FY 2023-24. The Board at its Meeting held on 29th May, 2024 reviewed the
reports on performance assessment of the Board, its Committees and individual directors.
The evaluation framework for assessing the performance of Chairman, Directors, Board as well as its Committees comprises,
inter alia, of the following criteria:
i. Directors bring an independent judgment on the Board’s discussions utilizing their knowledge and experience especially
on issues related to strategy, operational performance and risk management.
ii. Directors demonstrate awareness and concerns about norms relating to Corporate Governance disclosure and legal
compliances.
iii. Directors contribute new ideas / insights on business issues raised by Management.
iv. Directors anticipate and facilitate deliberations on new issues that Management and the Board should consider.
v. The Board / Committee meetings are conducted in a manner which facilitates open discussions and robust debate on all
key items of the agenda.
vi. The Board receives adequate and timely information to enable discussions / decision making during Board meetings.
vii. The Board addresses interests of all stakeholders of the Company.
viii. The Committees are delivering on the defined objectives.
ix. The Committees have the right composition to deliver their objectives.
Performance evaluation of independent directors in addition to the above evaluation, also considers attendance in Board and
Committee meetings, time devoted for the Company, contribution in the Board processes and discussions and such other
criteria as may be considered by the Nomination and Remuneration Committee from time to time.
Further, the Nomination and Remuneration Policy is available on the website of the Company at https://www.dfpcl.com/
uploads/2021/07/Nomination-and-Remuneration-Policy-25-05-2022.pdf.
PROJECT & FUNDING COMMITTEE
The Company has a Project & Funding Committee comprising of three directors, all of whom are Independent Directors.
The terms of reference of Project & Funding Committee, inter alia, includes, to evaluate periodically projects proposed to be
taken up by the Company, to review ongoing projects, consider proposals for funding of the projects and recommend to the
Board of Directors for consideration and approval of new projects.
During the year under review, two committee meetings were held on 26th July, 2023 and 5th August, 2023. The composition of
the committee as on 31st March, 2024 is as under:

Mr. Bhuwan Chandra Tripathi Independent Director 2 2
Mrs. Varsha Purandare Independent Director 2 2
Mr. Sanjay Gupta* Independent Director 1 1
* Mr. Sanjay Gupta appointed as member of the Committee w.e.f. 26th July, 2023.
MANUFACTURING OPERATIONS REVIEW COMMITTEE
The Company has a Manufacturing Operations Review Committee comprising of three directors, majority of which
are Independent. The Committee was headed by Mr. Partha Bhattacharyya, Independent Director till 31st March, 2024. The
Committee has been reconstituted w.e.f. 1st April, 2024 and Mr. Bhuwan Chandra Tripathi has been designated as Chairman
of the Manufacturing Operations Review Committee.
The terms of reference of Manufacturing Operations Review Committee, inter alia, include, to periodically review factory
operations, safety, hazard and pollution / emissions, to suggest initiatives for improving efficiencies and standards, to review
internal audit reports pertaining to factory operations and to suggest corrective actions to take care of observations of the
Internal Auditors.
During the year under review, one meeting of Manufacturing Operations Review Committee was held on 8th November, 2023.
follows:

Mr. Partha Bhattacharyya, Chairman* Independent Director 1 1
Mr. M. P. Shinde, Member Independent Director 1 1
Mr. Bhuwan Chandra Tripathi, Member# Independent Director NA NA
Mr. Sanjay Gupta, Member$ Independent Director NA NA
* Mr. Partha Bhattacharyya on completion of his first term as an independent director has ceased to be director of the Company w.e.f.
31st March, 2024 and also ceased to be the chairman and member of the Manufacturing Operations Review Committee.
#
The Committee has been re-constituted w.e.f. 1st April, 2024 and Mr. Bhuwan Chandra Tripathi designated as Chairman of the Committee.
$
Appointed as Member of the Committee w.e.f. 1st April, 2024.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
The Company has a Corporate Social Responsibility Committee. The Committee was headed by Mr. Partha Bhattacharyya,
Independent Director till 31st March, 2024. The Corporate Social Responsibility Committee has been re-constituted w.e.f.
1st April, 2024 and Mr. Sitaram Kunte has been appointed as Chairman and Member of the Corporate Social Responsibility
Committee.
The terms of reference of Corporate Social Responsibility Committee (CSR), inter alia, include, formulation and recommendation
to the Board of Directors, CSR Policy which shall indicate the activities to be undertaken by the Company as per the provisions
of the Companies Act, 2013, approve and recommend to the Board of Directors the CSR budget for the activities referred in
CSR Policy of the Company and also monitor the mechanism for CSR projects or programmes or activities undertaken by the
Company and monitor the CSR Policy of the Company from time to time.
During the year under review, three meetings of Corporate Social Responsibility Committee were held on 15th June, 2023,
28th November, 2023 and 26th March, 2024.
follows.
Mr. Partha Bhattacharyya, Chairman* 3 3
Mrs. Parul S. Mehta, Member 3 3
Mr. M. P. Shinde, Member 3 3
Mr. Sitaram Kunte, Chairman #
NA NA
* Mr. Partha Bhattacharyya on completion of his first term as an independent director has ceased to be director of the Company w.e.f.
31st March, 2024 and also ceased to be the chairman and member of the Corporate Social Responsibility Committee.
#
Appointed as Member and designated as Chairman of the Committee w.e.f. 1st April, 2024.
The Board of Directors of the Company have approved a comprehensive CSR Policy as per the amended provisions of the
Companies Act, 2013. The CSR policy as also the CSR Projects as approved by the Board of Directors are available on the
website of the Company at https://www.dfpcl.com/uploads/2021/05/CSR-Policy_DFPCL.pdf & https://www.dfpcl.com/social-
responsibility.
RISK MANAGEMENT COMMITTEE
The Company has a Risk Management Committee comprising of three members, out of which two are directors. The Committee
is headed by Mr. M. P. Shinde, Non-Executive Non-Independent Director.
The terms of reference of the Committee are in line with the provisions of the amended SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and also include other matters delegated to the Committee by Board of Directors of the
Company from time to time.
The Company has also framed a Risk Management Policy with an intention to systematically identify, evaluate, mitigate and
monitor risks in the Company and its subsidiaries / associates.
During the year under review, two Meetings of the Risk Management Committee were held on 5th May, 2023 and 27th October,
2023.
follows.
held attended
Mr. M. P. Shinde, Chairman 2 2
Mr. Bhuwan Chandra Tripathi, Member 2 1
Mr. Amitabh Bhargava, Member1 & * 2 2
Mr. Deepak Rastogi 1&#
0 0
* Mr. Amitabh Bhargava ceased to be member of the Risk Management Committee w.e.f. 2nd November, 2023.
#
Mr. Deepak Rastogi was appointed as member of Riks Management Committee w.e.f. 2nd November, 2023.
1
Not a director but is a member of the Committee.
SECURITIES ISSUE COMMITTEE
The Company has a Securities Issue Committee comprising of three members, out of which two are directors and both are
Independent. The Committee is headed by Mrs. Varsha Purandare, Independent Director.
The Securities Issue Committee specifically looks into various matters relating to the capital raising, ensuring implementation
of capital raising, to decide the form / mode of capital raising and to approve the preliminary placement document, to approve,
finalise and issue allotment letters and to make application or seek exemption to / from any regulatory or statutory authorities
etc., and other allied matters.
During the year under review, no meeting of the Securities Issue Committee was held.
follows.
held attended
Mrs. Varsha Purandare, Chairperson - -
Mr. Sujal Anil Shah, Member - -
Mr. Amitabh Bhargava, Member1 & * - -
Mr. Deepak Rastogi 1&#
- -
* Mr. Amitabh Bhargava ceased to be member of the Security Issue Committee w.e.f. 2nd November, 2023.
#
Mr. Deepak Rastogi was appointed as member of Security Issue Committee w.e.f. 2nd November, 2023.
1
Mr. Gaurav Munoli, Company Secretary and Compliance Officer acts as Secretary to all the Committees of the Board of
Directors.
SHARE AND DEBENTURE TRANSFER COMMITTEE
The Company has a Share and Debenture Transfer Committee comprising of five committee members. The Committee is
headed by Mr. S. C. Mehta.
The Share and Debenture Transfer Committee specifically looks after the proposals of transmissions, transposition of names,
issue of split, consolidated share certificates, re-materialisation of shares etc.
The composition of the Share and Debenture Transfer Committee is as below:

Sr. Particulars No. of Meetings held during No. of Meetings attended
No. tenure
1 Mr. S. C. Mehta – Chairman 58 58
2 Mrs. Parul S. Mehta – Member 58 58
3 Mr. Amitabh Bhargava* - Member
#
7 7
4 Mr. Deepak Balwani* - Member 58 58
5 Mr. Deepak Rastogi*$ - Member 51 51
6 Mr. Gaurav Munoli*$ - Member 51 51
* They are not Directors of the Company but are members of the Committee.
#
Ceased to be a member w.e.f. 2nd November, 2023.
$
Appointed as member w.e.f. 2nd November, 2023.
During the year under review, 58 meetings of Share and Debenture Transfer Committee were held.
RIGHTS ISSUE COMMITTEE
The Company has a Rights Issue Committee comprising of two committee members. The Committee is headed by Mr. Sujal
Anil Shah. The Rights Issue Committee was constituted for giving effect to the Rights Issue and also to look after other things
related to Rights Issue.
During the year under review, no committee meeting was held. The composition of the Rights Issue Committee as on
31st March, 2024 is as below:
Name of Director No. of Meetings held No. of Meetings

during tenure attended
Mr. Sujal Anil Shah, Chairman - -
Mr. Amitabh Bhargava, Member * 1
- -
Mr. Deepak Rastogi, Member 1#
- -
1
* Ceased to be a member w.e.f. 2nd November, 2023
#
Appointed as member w.e.f. 2nd November, 2023
MEETING OF INDEPENDENT DIRECTORS
During the year under review, the Independent Directors met on 15th May, 2023, inter alia, to discuss and review.
1. The quality, quantity and timeliness of flow of information between the Management of the Company and the Board of
Directors that is necessary for the Board of Directors to effectively and reasonably perform their duties.
2. The performance of Non-Independent Directors and the Board of Directors as a whole.
3. The performance of Chairman of the Company, taking into account the views of Non-Executive Directors.
All the Independent Directors were present at the aforesaid meeting except Mr. Jayesh Hirji Shah and Mrs. Varsha Purandare.
FAMILIARISATION PROGRAMME FOR DIRECTORS
The Directors (Independent and Non-Independent) interact with Senior Management personnel and are provided with the
information sought by them for enabling a good understanding of the Company, its various operations and the industry of which
it is a constituent.
The role, rights, duties and responsibilities of Independent Directors have been incorporated in the Letter of Appointment
issued to them. The amendments / updates in statutory provisions are informed from time to time.
The information with respect to the nature of industry in which the Company operates and business model of the Company is
made known through various presentations on operational performance, strategy, budgets and business forecasts, etc. to the
Board of Directors.
The Company has a practice of having an Annual Strategy Meeting, where all Directors and Senior Executives participate and
work out short, medium and long term strategies after deliberations, discussion and consensus.
The above initiatives help the Directors understand the Company, its business and the regulatory framework in which the
Company operates to effectively fulfill their role as Directors of the Company.
The familiarisation programme for directors is available on the website of the Company at the link- https://www.dfpcl.com/
wpcontent/uploads/2017/04/FamiliarisationProgram.pdf
PARTICULARS OF SENIOR MANAGEMENT PERSONNEL INCLUDING THE CHANGES THEREIN SINCE THE CLOSE
OF THE PREVIOUS FINANCIAL YEAR
The Senior Management of the Company as on 31st March, 2024 are as under:
Sr. No. Category Designation
1 Mr. Deepak Rastogi# President and Chief Financial Officer
2 Mr. Tarun Sinha President – Technical Ammonium Nitrate
3 Mr. Shanmugananth M President – Industrial Chemicals
4 Mr. Mukul Agrawal President – Manufacturing
5 Mr. Mahesh M CEO - Creaticity
6 Mr. Romy Sahay President – Human Resources
7 Mr. Pandurang Landge President – Commercial & Strategic Growth
8 Mr. Amitabh Bhargava# $ President & Chief Strategy Officer
9 Mr. Arun Vijayakumar President – Projects
10 Mr. Naresh Kumar Pinisetti President – Corporate Governance
11 Mr. Debasish Banerjee President – Strategic Projects
12 Mr. Samir Biswas President – Corporate Affairs
13 Mr. Subhash Anand^ President – Strategy
14 Mr. Gaurav Umakant Munoli Company Secretary
#
Mr. Deepak Rastogi was appointed as President and Chief Financial Officer of the Company w.e.f. 1st August, 2023 in place
of Mr. Amitabh Bhargava.
$
Mr. Amitabh Bhargava was appointed as President and Chief Strategy Officer of the Company w.e.f. 1st August, 2023 and has
resigned from the services of the Company w.e.f. 17th May, 2024.
^ Mr. Subhash Anand was appointed as President - Strategy w.e.f. 9th May, 2024.
INFORMATION SUPPLIED TO THE BOARD
In advance of each meeting, the Board is presented with relevant information on various matters related to the operations of
the Company, status of ongoing projects which warrant attention of the Directors. Presentations are also made to the Board
by different functional heads on important matters from time to time. Directors have separate and independent access to the
officers of the Company.
The Company has laid down procedures to inform the Board Members about the risk assessment and its minimization.
The Board Members through the Risk Management Committee, are provided with the information on the risks faced by the
Company and measures adopted by the Company to mitigate the same.
With a view to leverage technology and moving towards paperless system for preservation of environment, the Company has
adopted a web-based application for transmitting Board / Committee meeting agenda. The Directors of the Company receive
the agenda in electronic form through this secured application. The application meets the high standards of security and
integrity required for storage and transmission of Board / Committee agenda in electronic form.
BOARD DIVERSITY
The Board of Directors ensure that a transparent Board nomination process is in place. The Company has various business
sectors which serve different customer segments. Having members of the Board from different fields is, therefore, important
for sustained commercial success of the Company. While selecting the Board members, the Company endeavours to include
and make good use of diversity in the skills, qualification, age and professional and industry experience, irrespective of race,
caste, creed, religion, disability or gender.
ORDERLY SUCCESSION TO BOARD AND SENIOR MANAGEMENT
The Board of the Company has satisfied itself that plans are in place for orderly succession for appointments to the Board and
to Senior Management.
REVIEW OF LEGAL COMPLIANCE REPORTS
During the year, the Board periodically reviewed compliance reports with respect to the various laws applicable to the Company,
as prepared and placed before it by the Management.
DIVIDEND DISTRIBUTION POLICY
The Board at its meeting held on 30th June, 2017 adopted a Dividend Distribution Policy for the Company. The same is placed
on the Company’s website www.dfpcl.com.
A physical copy of the Policy will be made available to any shareholder on request by email.
CODE OF CONDUCT
All Directors and Senior Management personnel have affirmed compliance with the Code of Conduct for FY 2023-24. A
declaration to this effect signed by Chairman and Managing Director is given in this Annual Report.
MAXIMUM TENURE OF INDEPENDENT DIRECTORS
The maximum tenure of independent directors is in accordance with the Companies Act, 2013 and Regulation 25(2) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015. The maximum tenure in one term of appointment of an
Independent Director does not exceed 5 years and for two terms put together does not exceed 10 years.
CONFIRMATION BY THE BOARD ON FULFILLMENT OF INDEPENDENCE OF INDEPENDENT DIRECTORS
In the opinion of the Board, all the existing Independent Directors, fulfil the conditions specified in the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and Companies Act, 2013 and are independent of the Management.
RESIGNATION OF INDEPENDENT DIRECTOR
During the year under review, no Independent Director has resigned from the Board of the Company.
DETAILS OF REMUNERATION PAID TO THE DIRECTORS OF THE COMPANY
REMUNERATION PAID TO EXECUTIVE DIRECTOR
(Amount In `)
Name of Director Designation Salary and Perks Commission Others (PF and Total
Allowances Superannuation)
Mr. S. C. Mehta@ Chairman & 6,20,73,077 2,46,51,304 23,94,00,000 72,00,000 33,33,24,381
Managing Director
Appointment of Managing Director and Chairman is governed by a Service Contract for a period of 5 Years.
@
REMUNERATION PAID TO NON-EXECUTIVE DIRECTORS
Details of Sitting Fees paid during the Financial Year 2023-24 and Commission to be paid for Financial Year 2023-24 to Non-
Executive Directors:
Sitting Fees:
The Company pays sitting fees to Non-Executive Directors @ ` 75,000/- for attending per Board Meeting, ` 50,000/- for attending
per Audit Committee Meeting, Nomination and Remuneration Committee Meeting, Project and Funding Committee Meeting
and Finance Committee Meeting and ` 30,000/- for attending per Meeting of other Committees constituted by the Board.
During the year under review, the details of sitting fees paid to the directors for attending the meetings of Board and Committees
are as provided below:
Sr. No. Name of Director Sitting Fees (` In Lakhs)

1. Mr. Partha Bhattacharyya 11.85
2. Mrs. Parul S. Mehta 7.05
3. Mr. M. P. Shinde 11.45
4. Mr. Bhuwan Chandra Tripathi 10.7
5. Mr. Sujal Anil Shah 10.65
6. Smt. Varsha Purandare 4.6
7. Mr. Jayesh Shah 5.4
8. Mr. Sanjay Gupta 6.05
9. Mr. Sitaram Kunte 6.15
10. Mr. Terje Bakken 6.15
Commission:
The payments of Commission to non-executive directors are based on attendance in the Board and Committee meeting, time
devoted for the Company and contribution made in the board processes and discussions.
Further, considering the profits of the Company for the Financial Year ended 31st March, 2023, aggregate commission of
` 204.00 Lakhs was paid to non-executive directors.
For the Financial Year ended 31st March, 2024, considering the profits of the Company, commission payable to non-executive
directors was approved by the Board at its meeting held on 29th May, 2024. The details of commission to be paid to the non-
executive directors are as given below:
Sr. No. Name of Director Commission (` In Lakhs)

1. Mr. Partha Bhattacharyya 7.50
2. Mrs. Parul S. Mehta 7.50
3. Mr. M. P. Shinde 10.00
4. Mr. Bhuwan Chandra Tripathi 40.00
5. Mr. Sujal Anil Shah 20.00
6. Smt. Varsha Purandare 20.00
7. Mr. Jayesh Shah 30.00
8. Mr. Sanjay Gupta 20.00
9. Mr. Sitaram Kunte 25.00
10. Mr. Terje Bakken 20.00
The aforesaid commission for the Financial Year 2023-24 will be paid to the non-executive directors after the adoption of
accounts by the shareholders at the ensuing Annual General Meeting to be held on 10th September, 2024.
Mr. M P Shinde, Non-Executive Non-Independent Director of the Company is providing certain services in his professional
capacity to the Company as per the terms of the contract entered into with him. In his role as Consultant to the Company,
he advises on issues relating to Environment, Health and Safety, Plant Operations, Pollution Control and allied activities for
the Company’s various plants. In accordance with the approval from the Audit Committee and the Board, the Company paid
professional fee of ` 12,94,000/- to him during FY 2023-24.
The notice period for the directors is mutually agreed between the directors and the Company. No severance fees is payable
to any directors. The Company has not issued any stock options to any of the directors. None of the directors are holding any
convertible securities of the Company.
Details of Shares held by Non-Executive Directors as on 31st March, 2024:
Sr. No. Name of Director Holding

1. Mrs. Parul S. Mehta 1,409 Equity Shares
2. Mr. M. P. Shinde Nil
3. Mr. Partha Bhattacharyya Nil
4. Mr. Bhuwan Chandra Tripathi Nil
5. Mr. Sujal Anil Shah Nil
6. Smt. Varsha Purandare Nil
7. Mr. Jayesh Shah Nil
8. Mr. Sanjay Gupta Nil
9. Mr. Sitaram Kunte Nil
10. Mr. Terje Bakken Nil
ANNUAL GENERAL MEETING
Details of special resolutions passed in the last three Annual General Meetings held are provided below:
Particulars F.Y. 2020-21 F.Y. 2021-22 F.Y. 2022-23

Day Thursday Friday Friday
Date 26th August, 2021 2nd September, 2022 1st September, 2023
Time 11.00 a.m. 11.00 a.m. 11.00 a.m.
Venue The Annual General Meeting The Annual General Meeting The Annual General Meeting
was held through Video was held through Video was held through Video
Conferencing(“VC”) / Other Audio Conferencing (“VC”) / Other Conferencing (“VC”) / Other
Visual Means(“OAVM”) Audio Visual Means (“OAVM”) Audio Visual Means (“OAVM”)
Whether any special Yes Yes No
resolutions passed
To consider and approve Special To consider and approve
Resolution enabling the Board to appointment Mr. Jayesh Hirji
create, issue, offer and allot Equity Shah (DIN: 05011160) as an
Shares, GDRs, ADRs, Foreign Currency Independent Director of the
Convertible Bonds, Convertible or Company.
Partly Convertible Debentures and
such other securities as stated in
the resolution, including by way of a
qualified institutional placement in
accordance with Chapter VI of the SEBI
(ICDR) Regulations, in one or more
tranches not exceeding ` 600 Crore.
SPECIAL RESOLUTIONS PASSED THROUGH POSTAL BALLOT
Special Resolutions passed through Postal Ballot during the year under review are as under:
Sr. Particulars of Resolution Votes Date of submission of Details of person who

No. (No. of Shares & %) Postal Ballot Results conducted postal ballot
to stock exchange exercise
Category Category
1 Re-appointment of Mr. Bhuwan 8,05,99,205 8,76,889
Chandra Tripathi (DIN: 01657366)
as an Independent Director of the 98.9237% 1.0763%
Company
2 Appointment of Mr. Sanjay Gupta 8,14,10,980 65,118
(DIN: 05281731) as an Independent
Director of the Company 99.9201% 0.0799%
Shri Sridhar Mudaliar,
3 Appointment of Mr. Sitaram 7,65,41,881 65,125
Partner, SVD & Associates,
Janardan Kunte (DIN: 02670899)
3rd May, 2023 Practicing Company
as an Independent Director of the 99.9150% 0.0850% Secretaries (Membership
Company
No. FCS 6156, CP No. 2664)
4 Appointment of Mr. Terje Bakken 8,14,11,155 64,937
(DIN: 10044096) as an Independent
Director of the Company 99.9203% 0.0797%
5 Re-appointment of Mr. Sailesh 65,20,0573 1,62,80,456
C. Mehta (DIN: 00128204) as
Chairman and Managing Director of 80.0193% 19.9807%
the Company
6 Re-appointment of Smt. Varsha 6,76,61,298 2,63,698 Mr. Ashish Garg
Purandare (DIN: 05288076) as an (Membership No. FCS 5181,
26th March, 2024
Independent Woman Director of the 99.6118% 0.3882% C.P. No. 4423) Practicing
Company Company Secretary
SPECIAL RESOLUTION PROPOSED TO BE PASSED THROUGH POSTAL BALLOT
None of the businesses/special resolution proposed to be transacted requires the passing of a Resolution by way of Postal
Ballot.
PROCEDURE FOR POSTAL BALLOT
In compliance with the Circulars issued by the Ministry of Corporate Affairs, the Company had sent Postal Ballot Notices only
through electronic mode to those Shareholders whose names appeared in the Register of Member / Record of Depositories
and whose email addresses are registered with the Company/Depositories on the cutt-off date.
The Company had also published notices in the newspapers for the information of the shareholders. The voting rights were
reckoned on the equity shares held by the shareholders as on the record date /cut-off date. The Company has provided e-voting
facility for postal ballot.
The postal ballot results were also intimated to the stock exchanges pursuant to Regulation 44(3) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as well as displayed on the Company’s website www.dfpcl.com.
The Company has also complied with the procedure for Postal Ballot in terms of the provisions of Section 110 of the Companies
Act, 2013, read with Rule 22 of the Companies (Management and Administration) Rules, 2014.
DISCLOSURES:
i. Name & Designation of Compliance Officer:
Mr. Gaurav Munoli, Company Secretary and Compliance Officer.
ii. Details of Directors seeking appointment / re-appointment at the Annual General Meeting:
Details of the Directors seeking appointment / re-appointment at the Annual General Meeting have been given in the
Notice convening the Forty-Fourth Annual General Meeting, forming part of this Annual Report.
iii. Pecuniary relationship/transaction with non-executive directors:
During the year under review, there was no pecuniary relationship/transactions with any non-executive director of the
Company except the payment of professional fee of ` 12,94,000 /- to Mr. M. P. Shinde, Non-executive Director during
FY 2023-24 as stated above.
iv. Disclosures on material related party transactions i.e., transactions of the Company of material nature, with its
promoters, Directors or the Management, their subsidiaries or relatives etc. that may have potential conflict with the
interest of the Company at large:
During the year 2023-24, the Company had transactions with related parties as defined under the Companies Act, 2013
and Regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The basis of related party
transactions were placed before the Audit Committee. All these transactions with related parties were in the ordinary
course of business and at an arm’s length pricing basis and do not attract the provisions of Section 188 of the Companies
Act, 2013. Further, the same were specifically reviewed by firm of independent Chartered Accountants.
During the financial year under review, there were no material related party transactions in terms of amended Regulation
23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 that has a potential conflict with the
interest of the Company at large. Suitable disclosure as required by the Indian Accounting Standards has been made in the
notes to the Financial Statements. The Board of Directors at its meeting held on 29th March, 2022 (further amended on
25th May, 2022), have approved a revised ‘Policy on Materiality of Related Party Transactions’ as per amended provisions
of Regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A copy of the policy has
been uploaded on https://www.dfpcl.com/wp-content/ uploads/2017/04/Policy-for-Related-Party-Transactions.pdf
v. Details of non-compliance by the Company, penalties, strictures imposed on the Company by Stock Exchange or SEBI
or any statutory authority, on any matter related to capital markets during the last three years:
As reported in the Annual Report of Financial Year 2020-21, BSE Limited (BSE) in the month of March, 2021 had levied a
fine of ` 2,000 because of failure to take / ensure adequate steps for expeditious redressal of investor complaints under
Regulation 13(3) of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015. The Company had made
a representation to BSE to set aside the fine and the same has been waived by BSE.
Further, BSE and National Stock Exchange of India Limited (NSE) in the month of December, 2021 had levied a fine of
` 10,000/- each for non-compliance with Regulation 29(2)/ (3) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (Listing Regulations).
vi. Disclosures of compliance with mandatory requirements and adoption / non-adoption of non-mandatory requirements:
The Company has complied with all the mandatory requirements of the Corporate Governance.
The Company has adopted the following non-mandatory requirements of the Corporate Governance:
• The Company’s statutory audit report is without any modified opinion for the Financial Year ended 31st March, 2024;
and
• The Internal Auditor directly reports to the Audit Committee
vii. Disclosures of relationships between Directors inter-se:
Mrs. Parul S. Mehta is wife of Mr. S. C. Mehta.
Except as mentioned above, none of the other Directors have any relation inter-se.
viii. Vigil Mechanism / Whistle Blower policy:
The Company has adopted Vigil Mechanism / Whistle Blower Policy (Policy) as approved by the Board of Directors. The
Policy encourages whistle blowing against unethical behaviour, actual or suspected fraud or violation of the Company’s
code of conduct or ethics policy. No person has been denied access to the Audit Committee to report violation of the
applicable laws, regulations and code of conduct. The Audit Committee and Board of Directors review periodically the
complaints received by the competent authority under the Policy. The Vigil Mechanism / Whistle Blower Policy has been
posted on the website of the Company at https://www.dfpcl.com/uploads/2018/12/WhistleBlowerPolicy.pdf.
ix. Regulations for prevention of Insider trading:
In terms of the SEBI (Prohibition of Insider Trading) Regulations, 2015, the Company has adopted the Code of Conduct
for regulating, monitoring and reporting of trading by Insider for its Directors, Officers and Designated Persons (Insider
Trading Policy).
Mr. Gaurav Munoli, Company Secretary is the Compliance Officer under the said Policy.
x. Material Subsidiaries:
The material subsidiaries of the Company are Mahadhan AgriTech Limited (Formerly known as Smartchem Technologies
Limited) and Performance Chemiserve Limited as defined under the provisions of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The Company has formulated the Policy on determining Material Subsidiaries and
the same has been posted on https://www.dfpcl. com/ wp-content/uploads/2020/02/Policy-on-determining-material-
subsidiaries.pdf
xi. Details of utilisation of funds raised through preferential allotment or qualified institutions placement as specified
under Regulation 32(7A) of SEBI Listing regulations:
During the year under review, the Company has not raised any funds through Preferential Allotment or Qualified
Institutions Placement. The funds raised through the aforesaid modes in earlier years have been fully utilized.
xii. Confirmation by the Board of Directors on acceptance of recommendation of mandatory committees:
The Board of Directors confirm that during the year, it has accepted all recommendations received from its mandatory
committees.
xiii. Annual Secretarial Compliance Report:
SEBI vide its circular dated 8th February, 2019 mandated all the listed entities to obtain Annual Secretarial Compliance
Report from the Company Secretary in practice on compliance with all applicable SEBI Regulations and circulars /
guidelines issued thereunder. The said Secretarial Compliance Report is in addition to the Secretarial Audit Report (Form
MR – 3). The Company has received the aforesaid report from CS Ashish Garg, Practicing Company Secretary for the
Financial Year 2023-24.
A copy of the Annual Secretarial Compliance Report is enclosed in this Annual Report (Refer Annexure 6). There are no
observations in the Annual Secretarial Compliance Report.
xiv. Certificate from Practicing Company Secretary under Schedule V to the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015:
Pursuant to Schedule V to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company
has received a certificate from CS Ashish Garg, Practicing Company Secretary, confirming that none of the directors on
the board of the Company are debarred or disqualified from being appointed or continuing as director of the Company by
the Board / Ministry of Corporate Affairs or any such statutory authority.
A copy of the aforesaid certificate is enclosed in this Annual Report (Refer Annexure 7). The report is unqualified. There
are no observations in the aforesaid report.
xv. Disclosure of total fees paid to the Statutory Auditor:
For the financial year 2023-24, ` 42.00 Lakhs was paid to P G BHAGWAT LLP, Statutory Auditors of the Company. Neither
the aforesaid Statutory Auditor nor the entities in the network firm in which the statutory auditor is a part, provided any
services to the subsidiary companies of the Company.
xvi. Disclosure as per Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:
The necessary disclosure on the subject have been already made in the Board’s Report.
xvii. Commodity price risk or foreign exchange risk and hedging activities:
Foreign Exchange Risk:

On the foreign exchange risk, the Company follows a natural hedge driven currency risk mitigation policy to the extent
possible. Any residual risk is evaluated and appropriate risk mitigating steps are taken, including but not limited to,
entering into forward / options contracts.
Commodity Risk:
As a manufacturing company of Industrial Chemicals and Fertilisers, Company is exposed to risks due to fluctuations in
prices of its key raw material (Natural Gas / LNG, Propylene, Phosphoric Acid, Ammonia, Muriate of Potash, etc.) used
in operations. Prices of all these raw materials are linked to or derived from international market which are volatile
in nature. Company follows Board approved Commodity Risk management policy for hedging price risk of major raw
materials wherever possible. The policy establishes commodity risk management framework and defines the procedures
and controls for effective management of risks that arises through company’s manufacturing operations.
xviii. Disclosure by listed entity and its subsidiaries of ‘Loans and advances in the nature of loans to firms/companies in
which directors are interested by name and amount’:
None, except as disclosed in notes to the financial statements.
xix. Details of material subsidiaries of the company:
Name of Material Date of Place of Statutory Auditor Date of appointment of

Subsidiaries Incorporation Incorporation Statutory Auditor
Mahadhan AgriTech Limited 21st January, 1987 Ahmedabad, M/s. B. K. Khare & Co., Appointed on 21st
(Formerly known as Gujarat Chartered Accountants September, 2017 for first
Smartchem Technologies term and re-appointed
Limited) on 10th August, 2021 for
second term.
Performance Chemiserve 1st March, 2006 Pune, M/s. B. K. Khare & Co., Appointed on 13th August,
Limited Maharashtra Chartered Accountants 2018 for first term and
re-appointed on 9th August,
2023 for second term.
MEANS OF COMMUNICATION
The Company publishes its financial results every quarter in leading newspapers such as Sakal or Loksatta and Indian Express
or Financial Express.
The Company has its own website, www.dfpcl.com, which contains all important public domain information including press
releases, presentations, if any, made to the analysts and institutional investors. The website contains information as prescribed
under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including
details of the contact persons of the Company and of the share transfer agent of the Company, shareholding pattern etc.
General Shareholder Information

1 Annual General Meeting - Tuesday, 10th September, 2024 at 11.00 a.m.
Day, Date, Time and Venue The Company would be conducting meeting through video conferencing (‘VC’)/ other
audio-visual means (‘OAVM’) pursuant to the MCA circulars.
For details, please refer to the Notice of 44th AGM.
2 Financial year / Calendar
Results for first quarter Within 45 days from the end of the quarter
ending 30th June, 2024
Results for second quarter Within 45 days from the end of the quarter
ending 30th September, 2024
Results for third quarter Within 45 days from the end of the quarter
ending 31st December, 2024
Results for financial year Within 60 days from the end of the financial year
ending 31st March, 2025
3 Date of Book Closure Wednesday, 4th September, 2024 to Tuesday, 10th September, 2024 (both days inclusive)
4 Dividend Payment Date On or before 9th October, 2024
5 Registered Office and CIN Sai Hira, Survey No.93, Mundhwa, Pune - 411 036.
CIN: L24121MH1979PLC021360
6 Phone, E-mail Phone: (020) 6645 8000
Email: investorgrievance@dfpcl.com
Website: www.dfpcl.com
7 Plant Location MIDC, Industrial Area, Taloja, District: Raigad, Maharashtra
Dahej, Taluka: Vagra, State: Gujarat
Plants of Subsidiary:
MIDC, Industrial Area, Taloja, District: Raigad, Maharashtra,
Village: Ponnada, Etchelra Mandalam, Srikakulam, Andhra Pradesh - 532 408
Plot No. 47, HSIIDC, Industrial Estate, Refinery Road, Panipat, Haryana- 500 002
8 Registrar & Share Transfer KFin Technologies Limited
Agent (RTA) and Address for Selenium Tower B, Plot 31-32, Gachibowli, Financial District,
Investors’ Correspondence Nanakramguda, Hyderabad - 500 032
9 Phone, E-mail of RTA Toll Fee No.: 1 800 309 4001
Phone: (040) 6716 2222
Email: einward.ris@kfintech.com
10 Listing on Stock Exchanges a) BSE Limited (BSE):
1st Floor, New Trading Ring, Rotunda Building, P J Tower, Dalal Street, Fort,
Mumbai 400 001; and
b) National Stock Exchange of India Limited (NSE) :
Exchange Plaza, 5th Floor Plot No. C-1, G Block Bandra-Kurla Complex, Bandra
(East), Mumbai 400 051.
Annual Listing fee for financial year 2023-24 has been paid to both the Exchanges
11 Stock Code BSE Limited (BSE): 500645
National Stock Exchange of India Limited (NSE): DEEPAKFERT
12 ISIN INE501A01019
MARKET PRICE DATA FOR FY 2023-24:
MONTH SHARE PRICE (in `) BSE SENSEX

HIGH LOW HIGH LOW
April, 2023 669.05 548.05 61209.46 58793.08
May, 2023 614.95 531.45 63036.12 61002.17
June, 2023 594.40 537.5 64768.58 62359.14
July, 2023 620.40 536.05 67619.17 64836.16
August, 2023 614.75 538.00 66658.12 64723.63
September, 2023 674.95 602.00 67927.23 64818.37
October,2023 696.95 594.05 66592.16 63092.98
November, 2023 647.50 584.90 67069.89 63550.46
December, 2023 715.00 624.70 72484.34 67149.07
January, 2024 707.00 611.80 73427.59 70001.60
February, 2024 625.00 484.00 73413.93 70809.84
March, 2024 529.10 453.20 74245.17 71674.42
Distribution of shareholding as on 31st March, 2024: 2,38,094 shareholders hold 12,62,37,825 equity shares of `10/- each.
DISTRIBUTION OF SHAREHOLDING AS ON 31st MARCH, 2024
Sr. Category (Shares) No. of Holders % to Holders No. of Shares % to Equity

No.
1 1 - 5000 2,37,136 99.60 3,10,97,924 24.63
2 5001 - 10000 477 0.20 34,09,362 2.70
3 10001 - 20000 257 0.11 37,34,022 2.96
4 20001 - 30000 72 0.03 18,02,692 1.43
5 30001 - 40000 39 0.02 13,56,942 1.07
6 40001 - 50000 21 0.01 9,64,008 0.76
7 50001 - 100000 41 0.02 28,51,983 2.26
8 100001 and above 51 0.02 8,10,20,892 64.18
Total 2,38,094 100 12,62,37,825 100.00
SHARE TRANSFER SYSTEM:
All transmission, transposition, issue of duplicate share certificate(s), etc., as well as requests for dematerialisation/
rematerialisation are processed at KFin. The work related to dematerialisation/ rematerialisation is handled by KFin through
connectivity with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (‘CDSL’).
As per the notifications/ circulars/ guidelines issued by SEBI from time to time, the Company shall issue the securities in
dematerialized form only, for processing any service requests from shareholders viz., issue of duplicate share certificates,
exchange/ sub-division/ split/ consolidation of securities, transmission/ transposition etc. After processing the service
request, a letter of confirmation will be issued to the shareholders and shall be valid for a period of 120 days, within which
the shareholder shall make a request to the Depository Participant for dematerializing those shares. If the shareholder fails
to submit the dematerialisation request within 120 days, then the Company shall credit those shares in the Suspense Escrow
Demat Account held by the Company. Shareholders can claim these shares transferred to Suspense Escrow Demat Account
on submission of necessary documentation.
Details of shares transferred to/ released from Suspense Escrow Demat Account during the year under review are as under:
Particulars No. of shares

Shares lying in Suspense Escrow Demat Account as on 1st April, 2023 4,200
Shares transferred to Suspense Escrow Demat Account during FY 2023-24 -
Shares claimed back from Suspense Escrow Demat Account during FY 2023-24 -
Shares lying in Suspense Escrow Demat Account as on 31st March, 2024 4,200
DEMATERIALISATION OF SHARES:
The shares of the Company are traded in dematerialised form. As on 31st March, 2024, 12,26,93,586 Equity Shares (97.19% of
paid- up capital) held by 2,19,950 shareholders are in dematerialised form.
Members who still hold share certificates in physical form are advised to dematerialise their shareholding to avail numerous
benefits, including but not limited to easy liquidity, ease of trading and transfer, savings in stamp duty, and elimination of any
possibility of loss of documents.
OUTSTANDING GDRS, ADRS, WARRANTS OR ANY CONVERTIBLE INSTRUMENTS ETC.:
During the year under review, there were no outstanding GDRS, ADRS, Warrants or any other convertible instruments.
ISSUE OF EQUITY SHARES TO QUALIFIED INSTITUTIONAL BUYERS
During the year under review, no shares were allotted shares to Qualified Institutional Buyers.
UPDATION OF BANK DETAILS:
Members who wish to update changes, if any, in their bank details such as, name of the bank and branch details, bank account
number, MICR code, IFSC code, etc. may contact:
a. For shares held in electronic form: to their Depository Participants (“DPs”)
b. For shares held in physical form: to the Company/RTA in prescribed Form ISR-1 and other forms as per various circulars
issued by SEBI. To mitigate unintended challenges on account of freezing of folios, SEBI vide its Circular No. SEBI/HO/
MIRSD/POD-1/P/ CIR/2023/181 dated November 17, 2023, has done away with the provision regarding freezing of folios
not having PAN, KYC, and Nomination details.
TRANSFER OF SHARES TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
Pursuant to section 124(6) of the Act and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer
and Refund) Rules, 2016, as amended (the ‘IEPF Rules’), all shares in respect of which dividend has not been paid or claimed
for seven consecutive years or more shall be transferred by the Company to the IEPF, within 30 days of such shares becoming
due for transfer.
Various steps are being taken on an ongoing basis to reach out to shareholder, through emails, and other means, requesting
them to claim shares which are due for transfer to IEPF. In addition, the Company also publishes a notice in newspapers
intimating the members regarding the said transfer.
During the year under review, the Company transferred 1,27,289 equity shares of the face value of ` 10 each in respect of 1,417
shareholders to the Demat Account of the IEPF Authority held with CDSL.
Category Number of holders No. of shares
Physical 1,337 1,20,675
NSDL 53 3,721
CDSL 27 2,893
Total 1,417 1,27,289
The dividend and shares which have been transferred to IEPF can be claimed by the shareholders by following the procedure
as prescribed by the Ministry of Corporate Affairs, which is available on the website of the Ministry of Corporate Affairs at
www.iepf.gov.in
UPDATION OF PAN, KYC AND NOMINATION DETAILS:
As per circulars issued by SEBI from time to time, it is mandatory for holders of physical securities to furnish PAN, KYC and
Nomination/Opt-out of Nomination details before getting any investor service request processed. Security holders holding
securities in physical form, whose folio(s) do not have PAN, KYC or Nomination/Opt-out of Nomination, shall be eligible for
dividend in respect of such folios, only through electronic mode with effect from 1st April, 2024. Members may refer to the
FAQs provided by SEBI in this regard, for investor awareness, on its website at https://www.sebi.gov.in/sebi_data/faqfiles/
jan2024/1704433843359.pdf.
Members who are yet to update details in their physical folios are, therefore, urged to furnish PAN, KYC and Nomination/
Opt-out of Nomination by submitting the prescribed forms duly filled, to the RTA by email from their registered email id to
einward.ris@kfintech.com or by sending a physical copy of the prescribed forms duly filled and signed by the registered
holders to KFin Technologies Limited at Selenium Building, Tower-B, Plot No. 31 & 32, Financial District, Nanakramguda,
Serilingampally, Hyderabad, Telangana, India - 500 032.
In accordance with the SEBI circulars, the Company has sent/will be sending out intimations to those Members, holding shares
in physical form, whose PAN, KYC and/or Nomination details are not updated, requesting them to update the details.
STANDARD OPERATING PROCEDURES (SOP) FOR DISPUTE RESOLUTION UNDER THE STOCK EXCHANGE
ARBITRATION MECHANISM FOR DISPUTES BETWEEN A LISTED COMPANY AND/OR REGISTRARS TO AN ISSUE
AND SHARE TRANSFER AGENTS (RTAS) AND ITS SHAREHOLDER (S)/INVESTOR (S)
To enable the Shareholders to raise any dispute against the Company or its RTA on delay or default in processing any investor
services related request, SEBI has provided an option of ‘Arbitration with Stock Exchanges (NSE and BSE)’ as a Dispute
Resolution Mechanism.
ONLINE DISPUTE RESOLUTION (ODR) MECHANISM
SEBI vide Circular no. SEBI/HO/OIAE/ OIAE_IAD-1/P/ CIR/2023/131 dated July 31, 2023 (subsequently amended as on
December 20, 2023 and August 4, 2023) has specified that a shareholder shall first take up his/her/their grievance with the
listed entity by lodging a complaint directly with the concerned listed entity and if the grievance is not redressed satisfactorily,
the shareholder may, in accordance with the SCORES guidelines, escalate the same through the SCORES Portal in accordance
with the process laid out therein. Only after exhausting all available options for resolution of the grievance, if the shareholder
is not satisfied with the outcome, he/she/they can initiate dispute resolution through the Online Dispute Resolution (“ODR”)
Portal. Shareholders are requested to take note of the same.
CREDIT RATING
During the year under review, ICRA Limited has assigned the following ratings:
Type of Instruments Ratings Action

Short Term A1 +
Long Term AA- (Stable)
DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT
In the Financial Year 2020-21, the Company had offered its equity shares on rights basis to eligible shareholders and in
compliance with the relevant SEBI Circulars and Regulations, some of the shares were transferred to demat suspense account
opened by the Company for this purpose.
As per Schedule V (F) of the SEBI LODR Regulations, 2015, the Company reports the following details in respect of equity
shares lying in the demat suspense account.
Sr. Particulars No. of Outstanding Equity

No. Shareholders Shares
1. Aggregate number of shareholders and the outstanding shares lying in 23 739
the suspense account at the beginning of the year
2. Number of shareholders who approached listed entity for transfer of - -
shares from suspense account during the year
3. Number of shareholders to whom shares were transferred from - -
suspense account during the year
4. Aggregate number of shareholders and the outstanding shares in the 23 739
suspense account lying at the end of the year
The voting rights on the aforesaid shares lying in demat suspense account shall remain frozen till the rightful owner of such
shares claim the shares.
ANNUAL GENERAL MEETING TO BE CONDUCTED THROUGH VIDEO CONFERENCING (“VC”) / OTHER AUDIO
-VISUAL MEANS (“OAVM”)
The Ministry of Corporate Affairs (“MCA”) vide its general circular dated 25th September, 2023 read with MCA circulars dated
28th December, 2022, 5th May, 2022, 13th January, 2021, 5th May, 2020, 8th April, 2020 and 13th April, 2020 and Securities and
Exchange Board of India (“SEBI”) Vide its circular dated 7th October, 2023 (hereinafter referred to as “Circulars”) permitted
companies to hold their general meetings through video conferencing (VC) or other audio visual means (OAVM) for the year
2024.
Accordingly, the Board of Directors have given their approval for convening the 44th Annual General Meeting of the Company
through Video Conferencing and / or other audio-visual means (OAVM) (hereinafter referred to as “VC/OAVM”). For more
details, shareholders are requested to go through the Annual General Meeting Notice.
Further, pursuant to the relevant MCA and SEBI circulars, Annual Reports are being sent through e-mail only.
To receive shareholders’ communications through electronic means, including Annual Reports and Notices, members are
requested to kindly register / update their e-mail address with their respective depository participant, where shares are held
in electronic form. Where shares are held in physical form, members are advised to register their e-mail address with the RTA
by sending an email along with the KYC forms with supporting documents at einward.ris@kfintech.com.
DECLARATION
As per Regulation 26 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to confirm that
all Board Members and Senior Management Personnel have affirmed compliance with the Code of Conduct of the Company
for the Financial Year 2023-24.
Place: Pune S. C. Mehta

Dated : 29th May, 2024 Chairman & Managing Director
INDEPENDENT AUDITORS’ CERTIFICATE ON COMPLIANCE WITH THE CORPORATE GOVERNANCE

REQUIREMENTS UNDER SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
To,
The Members
Deepak Fertilisers And Petrochemicals Corporation Limited
Survey No. 93, Ghorpadi Road,
Sai Hira, Mundhwa,
Pune, Maharashtra 411036
1. This certificate is issued in accordance with the terms of our engagement letter dated 4th September 2023.
2. The report contains details of compliance of conditions of Corporate Governance by Deepak Fertilisers and Petrochemicals
Corporation Limited (“the Company”), for the year ended March 31, 2024, as stipulated in regulations 17 to 27 and clauses
(b) to (i) of regulation 46(2) and para C and D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (the 'Listing Regulations').
MANAGEMENT’S RESPONSIBILITY FOR THE DECLARATION:
3. Compliance with the terms and conditions of the Listing Regulations relating to corporate governance is the responsibility
of the Management of the Company including the preparation and maintenance of all relevant supporting records and
documents.
4. This responsibility also includes the design, implementation and maintenance of internal control and procedures to
ensure compliance with the conditions of Corporate Governance stipulated in the Listing Regulations.
AUDITOR’S RESPONSIBILITY:
5. Our responsibility is limited to procedures and implementation thereof, adopted by the Company for ensuring the
compliance with the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial
statements of the Company.
6. Pursuant to the requirements of the Listing Regulations, it is our responsibility to provide a reasonable assurance whether
the Company has complied with the conditions of Corporate Governance as stipulated in the Listing Regulations for the
year ended March 31, 2024.
7. We conducted our examination in accordance with the ‘Guidance Note on Reports or Certificates for Special purposes’
(Revised 2016) and Guidance Note on Certification of Corporate Governance’, both issued by Institute of Chartered
Accountants of India (‘ICAI’) and the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013, in
so far as applicable for the purpose of this certificate. The Guidance Note on Reports or Certificates for Special Purposes
requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.
8. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.
OPINION:
9. Based on our examination of the relevant records and according to the information and explanations provided to us
and the representations provided by the Management, we 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 and D of
Schedule V of the Listing Regulations during the year ended March 31, 2024.
10. We 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.
RESTRICTION ON USE:
11. The certificate is addressed and provided to the Members of the Company solely for the purpose of enabling the Company
to comply with the requirement of the Listing Regulations, and it should not be used by any other person or for any other
purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other
person to whom this certificate is shown or into whose hands it may come without our prior consent in writing.
For P G BHAGWAT LLP

Chartered Accountants
Firm Registration Number: 101118W / W100682
Abhijeet Bhagwat
Partner
Membership Number: 136835
UDIN: 24136835BKBGWD4929
Place : Pune
Date : May 29, 2024
Standalone
Financial Statements
Annual Report 2023-24 Financial Statements 119
Independent Auditors’ Report

To the Members of Deepak Fertilisers And Petrochemicals BASIS FOR OPINION
Corporation Limited We conducted our audit in accordance with the Standards
on Auditing (“SAs”) specified under section 143(10) of the
REPORT ON THE AUDIT OF THE STANDALONE
Act. Our responsibilities under those Standards are further
FINANCIAL STATEMENTS
described in the Auditor’s Responsibilities for the Audit of the
OPINION
Standalone Financial Statements section of our report. We
We have audited the Standalone Financial Statements of are independent of the Company in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of
(“the Company”), which comprise the Standalone Balance
India together with the ethical requirements that are relevant
Sheet as at 31 March 2024, the Standalone Statement of
to our audit of the Standalone Financial Statements under
Profit and Loss (including Other Comprehensive Income),
the provisions of the Act and the Rules thereunder, and we
the Standalone Statement of Changes in Equity and the
Standalone Statement of Cash Flows for the year then have fulfilled our other ethical responsibilities in accordance
ended, and notes to the Standalone Financial Statements, with these requirements and the Code of Ethics.
including a summary of material accounting policies and
other explanatory information (hereinafter referred to as We believe that the audit evidence we have obtained is
“the Standalone Financial Statements”). sufficient and appropriate to provide a basis for our opinion.
In our opinion and to the best of our information and according KEY AUDIT MATTERS
to the explanations given to us, the aforesaid Standalone Key audit matters are those matters that, in our professional
Financial Statements give the information required by the judgment, were of most significance in our audit of the
Companies Act, 2013 (“the Act”) in the manner so required
Standalone Financial Statements of the current period.
and give a true and fair view in conformity with the accounting
These matters were addressed in the context of our audit
principles generally accepted in India, of the state of affairs
of the Standalone Financial Statements as a whole, and
of the Company as at 31 March 2024, its profit and other
comprehensive income, its changes in equity and its cash in forming our opinion thereon, and we do not provide a
flows for the year ended on that date. separate opinion on these matters.
Contingent Liabilities Principle Audit Procedures

The Company operates in various states within India, i. Obtained an understanding of key internal financial
exposing it to a variety of different Central and State laws controls in respect of assessment of litigations and
and regulations and interpretations thereof. In this complex claims relating to the relevant laws and regulations;
regulatory environment, there is a high risk of litigations and
ii. Obtained the Company’s assessment of the pending
claims. The Company’s tax positions have been challenged disputes including where applicable, external legal
by the authorities on a range of matters. Moreover, resolution counsel opinions, developments during FY 2023-24 and
of tax and legal proceedings may span over multiple years post year-end status of litigations;
and may involve protracted negotiations or litigation. The
Company applies significant judgment in estimating the iii. Inquired with the Company’s external legal counsels,
where applicable and in case of material contingent
likelihood of the outcome of each case and consequently
liabilities, to understand the Company’s assessment of
its impact on the Standalone Financial Statements. These
the litigations and claims;
estimates could change over time as new facts emerge and
as each matter progresses. Refer note 41, 46 and note 48 iv. Evaluated the Company’s assessments by understanding
to the Standalone Financial Statements. Accordingly, we precedents set in similar cases and assessed the
identified Contingent Liabilities as a key audit matter. reliability of the Company’s past estimates/judgements;
v. Performed test checks on the provision made/ contingent

liabilities/ other significant litigations/disclosures made
in the Standalone Financial Statements; and
vi. Assessed the adequacy of the disclosures made by

the Company relating to contingent liabilities in the
Standalone Financial Statements.
OTHER INFORMATION In preparing the Standalone Financial Statements, the

The Company’s Board of Directors is responsible for the management is responsible for assessing the Company’s
other information. The other information comprises the ability to continue as a going concern, disclosing, as
Management Discussion and Analysis; Board of Directors’ applicable, matters related to going concern and using the
Report along with its Annexures and Corporate Governance going concern basis of accounting unless management either
Report included in the Annual Report but does not include intends to liquidate the Company or to cease operations, or
the Standalone Financial Statements and our auditor’s report has no realistic alternative but to do so.
thereon. Our opinion on the Standalone Financial Statements
does not cover the other information and we do not express Those Board of Directors are also responsible for overseeing
any form of assurance conclusion thereon. the Company’s financial reporting process.
In connection with our audit of the Standalone Financial AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF
Statements, our responsibility is to read the other THE STANDALONE FINANCIAL STATEMENTS
information and, in doing so, consider whether the other Our objectives are to obtain reasonable assurance about
information is materially inconsistent with the Standalone whether the Standalone Financial Statements as a whole
Financial Statements, or our knowledge obtained in the audit are free from material misstatement, whether due to fraud
or otherwise appears to be materially misstated. If, based or error, and to issue an auditor’s report that includes our
on the work we have performed, we conclude that there is opinion. Reasonable assurance is a high level of assurance
a material misstatement of this other information; we are but is not a guarantee that an audit conducted in accordance
required to report that fact. We have nothing to report in this with SAs will always detect a material misstatement when
regard. it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate,
Responsibilities of Management and Those Charged with they could reasonably be expected to influence the economic
Governance for the Standalone Financial Statements decisions of users taken on the basis of these Standalone
Financial Statements.
The Company’s Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to As part of an audit in accordance with SAs, we exercise
the preparation of these Standalone Financial Statements professional judgment and maintain professional skepticism
that give a true and fair view of the financial position, throughout the audit.
financial performance (including other comprehensive
income), changes in equity and cash flows of the Company We also:
in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards • Identify and assess the risks of material misstatement
(“Ind AS”) specified under section 133 of the Act read with of the Standalone Financial Statements, whether due
the Companies (Indian Accounting Standards) Rules, 2015, to fraud or error, design and perform audit procedures
as amended. responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
This responsibility also includes maintenance of adequate for our opinion. The risk of not detecting a material
accounting records in accordance with the provisions of the misstatement resulting from fraud is higher than for
Act for safeguarding of the assets of the Company and for one resulting from error, as fraud may involve collusion,
preventing and detecting frauds and other irregularities; forgery, intentional omissions, misrepresentations, or
selection and application of appropriate accounting policies; the override of internal control.
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of • Obtain an understanding of internal controls relevant to
adequate internal financial controls, that were operating the audit in order to design audit procedures that are
effectively for ensuring the accuracy and completeness appropriate in the circumstances. Under section 143(3)
of the accounting records, relevant to the preparation and (i) of the Act we are also responsible for expressing our
presentation of the Standalone Financial Statements that give opinion on whether the Company has adequate internal
a true and fair view and are free from material misstatement, financial controls with reference to the Standalone
whether due to fraud or error. Financial Statements in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies REPORT ON OTHER LEGAL AND REGULATORY
used and the reasonableness of accounting estimates REQUIREMENTS
and related disclosures made by management. 1. As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”), issued by the Central Government
• Conclude on the appropriateness of management’s use of India in terms of sub-section (11) of section 143 of
of the going concern basis of accounting and, based the Act, we give in the Annexure A; a statement on the
on the audit evidence obtained, whether a material matters specified in paragraphs 3 and 4 of the Order, to
uncertainty exists related to events or conditions the extent applicable.
that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude 2. As required by Section 143(3) of the Act, we report that:
that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related a) We have sought and obtained all the information
disclosures in the Standalone Financial Statements or, if and explanations which to the best of our knowledge
such disclosures are inadequate, to modify our opinion. and belief were necessary for the purposes of our
Our conclusions are based on the audit evidence audit.
obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to b) In our opinion, proper books of account as required
cease to continue as a going concern. by law have been kept by the Company so far as
it appears from our examination of those books
• Evaluate the overall presentation, structure and content except for the matters stated in the paragraph 2 i)
of the Standalone Financial Statements, including the (vi) below on reporting under Rule 11(g).
disclosures, and whether the Standalone Financial
Statements represent the underlying transactions and c) The Balance Sheet, the Statement of Profit and
events in a manner that achieves fair presentation. Loss (including other comprehensive income), the
Statement of Changes in Equity and the Statement
We communicate with those charged with governance of Cash Flows dealt with by this Report are in
regarding, among other matters, the planned scope agreement with the books of account.
and timing of the audit and significant audit findings,
including any significant deficiencies in internal controls d) In our opinion, the aforesaid Standalone Financial
that we identify during our audit. Statements comply with the Indian Accounting
Standards specified under Section 133 of the
We also provide those charged with governance with Act, read with Companies (Indian Accounting
a statement that we have complied with relevant Standards) Rules, 2015, as amended.
ethical requirements regarding independence, and to
communicate with them all relationships and other e) On the basis of the written representations
matters that may reasonably be thought to bear on received from the directors as on 31 March 2024
our independence, and where applicable, related taken on record by the Board of Directors, none of
safeguards. the directors is disqualified as on 31 March 2024
from being appointed as a director in terms of
From the matters communicated with those charged Section 164 (2) of the Act.
with governance, we determine those matters that
were of most significance in the audit of the Standalone f) With reference to the maintenance of accounts and
Financial Statements of the current period and are other matters connected therewith, refer to our
therefore the key audit matters. We describe these comment in Paragraph 2 (b) above and refer to our
matters in our auditor’s report unless law or regulation comment in paragraph 2(i)(vi) below, on reporting
precludes public disclosure about the matter or when, under rule 11 (g).
in extremely rare circumstances, we determine that
a matter should not be communicated in our report g) With respect to the adequacy of the internal
because the adverse consequences of doing so would financial controls with reference to the Standalone
reasonably be expected to outweigh the public interest Financial Statements of the Company and the
benefits of such communication. operating effectiveness of such controls, refer to
our separate Report in Annexure B.
h) As required by section 197 (16) of the Act; in understanding, whether recorded

our opinion and according to information and in writing or otherwise, that the
explanation provided to us, the remuneration paid/ Intermediary shall, whether, directly
provided by the Company to its directors for the or indirectly lend or invest in other
current year is in accordance with the provisions persons or entities identified in any
of section 197 of the Act and remuneration paid/ manner whatsoever by or on behalf of
provided to directors is not in excess of the limit the Company (“Ultimate Beneficiaries”)
laid down under this section. or provide any guarantee, security
or the like on behalf of the Ultimate
i) With respect to the other matters to be included in Beneficiaries.
the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in (b) The management has represented to
our opinion and to the best of our information and us, that, to the best of its knowledge and
according to the explanations given to us: belief no funds have been received by
the Company from any person or entity,
(i) The Company has disclosed the impact of including foreign entities (“Funding
pending litigations on its financial position in Parties”), with the understanding,
its Standalone Financial Statements – Refer whether recorded in writing or
Note 41. otherwise, that the Company shall,
whether, directly or indirectly, lend
(ii) The Company did not have any long-term
or invest in other persons or entities
contracts including derivative contracts for
identified in any manner whatsoever
which there were any material foreseeable
by or on behalf of the Funding Party
losses as at 31 March 2024.
(“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on
(iii) There is no delay in amount required to be
behalf of the Ultimate Beneficiaries.
transferred, to the Investor Education and
Protection Fund by the Company during
(c) Based on the information and
the year ended 31 March 2024 except the
explanation given to us and audit
following:
procedures performed as considered
reasonable and appropriate in the
Year Type of Dividend Status circumstances, nothing has come to
dividend unpaid in
our notice that has caused us to believe
Lakhs
that the representations made by the
1997- Final 0.37 Not yet transferred to management and as mentioned under
1998 Investor Education and
sub-clause (iv)(a) and (iv)(b) above
Protection Fund due
to legal dispute with contain any material misstatement.
regards to ownership of
shares which remains (v) The dividend declared and paid during the
unresolved year by the Company is in compliance with
Section 123 of the Act.
(iv) (a) The management has represented to
us that, to the best of its knowledge and (vi) Based on our examination which included test
belief, no funds have been advanced checks, the Company, has used an accounting
or loaned or invested (either from software, for maintaining its books of
borrowed funds or share premium or account which has a feature of recording
any other sources or kind of funds) audit trail (edit log) facility and the same has
by the Company to or in any other operated throughout the year for all relevant
person or entity, including foreign transactions recorded in the software except
entities (“Intermediaries”), with the that no audit trail (edit log) facility/feature
was enabled at the database level to log any As proviso to Rule 3(1) of the Companies (Accounts) Rules,
direct changes. During the course of our 2014 is applicable from April 1, 2023, reporting under Rule
audit, so far it relates to audit trail in respect 11(g) of the Companies (Audit and Auditors) Rules, 2014 on
of transactions, we did not come across any preservation of audit trail as per the statutory requirements
instance of audit trail feature being tampered for record retention is not applicable for the financial year
with. ended 31 March 2024.
For P G BHAGWAT LLP

Firm Registration Number: 101118W/W100682
Abhijeet Bhagwat
Partner
UDIN: 24136835BKBGVP5676
Place : Pune
Date : 29 May, 2024
ANNEXURE A TO THE INDEPENDENT AUDITORS’ in a phased manner over a period of three years. In
REPORT our opinion, the periodicity of physical verification
Referred to in paragraph 1 under the heading, “Report on of property, plant and equipment is reasonable
Other legal and Regulatory Requirements” of our report on having regard to the size of the Company and
even date: the nature of its assets. In accordance with this
program majority of the property, plant and
i. (a) (A) The Company is maintaining proper equipment were verified during the year and
records showing full particulars, including according to the information and explanation
quantitative details and situation of property, provided to us by the Management no material
plant and equipment. discrepancies were noticed on such verification.
(B) The Company is maintaining proper records (c) According to the information and explanations given
showing full particulars of intangible assets. to us and on the basis of our examination of the
records of the Company, title deeds of immovable
(b) The Company has a regular program of physical properties as disclosed in the Standalone Financial
verification of its property, plant and equipment by Statements (refer note 3) are held in the name of
which its property, plant and equipment are verified the Company except as specified below:
Description of Gross carrying Held in Whether promoter, Period held – Reason for not
Property Value (` Lakhs) name of director or their relative indicate range, being held in name
or employee where appropriate of Company
Land 15,280 Yerrowda No, it is Joint Operation From 1998 Economic rights
Investments held by the
Limited Company
(d) The Company has chosen cost model for its aggregate for each class of inventory and have
property, plant and equipment (including Right to been properly dealt with in the books of account.
Use Assets) and intangible assets. Consequently,
the question of our commenting on whether (b) According to the information and explanations
the revaluation is based on the valuation by a provided to us, the Company has been sanctioned
Registered Valuer, or specifying the amount working capital limits in excess of five crore rupees,
of change, if the change is 10% or more in the in aggregate, from banks or financial institutions
aggregate of the net carrying value of each class on the basis of security of current assets.
of property, plant and equipment (including Right
to Use Assets) or intangible assets does not arise. The Management of the Company has provided us
with the quarterly returns or statements, which
(e) According to the information and explanations they have represented to us have been filed by the
provided to us, there are no proceedings that Company with their banks or financial institutions
have been initiated or are pending against the based on the sanction terms. Based on our
Company for holding any benami property under procedures and in our opinion the quarterly returns
the Prohibition of Benami Property Transactions or statements filed by the Company with such
Act, 1988 (as amended in 2016) and rules made banks or financial institutions are in agreement/
thereunder. reconciled with the unaudited books of account of
the Company.
ii. (a) The inventory, except goods in transit, has been
physically verified by the management during iii. According to the information and explanations provided
the year. In our opinion, the frequency, coverage to us, the Company has made investments in a
and procedure of such verification is reasonable subsidiary company and mutual funds during the year.
and appropriate. In respect of good-in-transit, Further, during the year, the Company has provided
subsequent goods delivery documents have been guarantee and has granted unsecured loans to its
verified by the management. The discrepancies subsidiary companies.
noticed on verification between the physical stocks
and the book records were not 10% or more in the
(a) According to the information and explanations provided to us, during the year, the Company has provided loans and
stood guarantee for its subsidiary companies.
(A) & (B)
Aggregate amount given Balance outstanding at the Subsidiaries, joint ventures, Nature of transaction
during the year (` Lakhs) balance sheet date (` Lakhs) associates and others
1,03,780 36,533 Wholly owned subsidiary Unsecured Loan
companies
1,15,246 2,81,539 Subsidiary and step-down Corporate Guarantees
subsidiaries
- 1,786 Other Party Corporate Guarantee
(b) According to the information and explanations v. According to the information and explanations given to
provided to us and based on our review of the terms, us, the Company has not accepted any deposits from
conditions and circumstances, the investments the public within the meaning of Sections 73 to 76 of the
made and guarantees provided and the terms and Act and the Rules made thereunder or amounts which
conditions of the grant of loans are not prejudicial are deemed to be deposits. Accordingly, reporting on
to the Company’s interest. clause 3 (v) of the Order is not applicable.
(c) According to the information and explanations vi. We have broadly reviewed the cost records maintained
provided to us, in respect of loans, the schedule by the Company pursuant to the Companies (Cost
of repayment of principal and payment of interest Records and Audit) Rules, 2014 prescribed by the
have been stipulated. The repayments or receipts Central Government under Section 148(1) of the Act,
and are of the opinion that, prima facie, the prescribed
are as per the schedule stipulated.
records have been made and maintained. We have not,
however, made a detailed examination of the records
(d) According to the information and explanations
with a view to determine whether they are accurate or
provided to us and based on the terms and complete.
conditions of the loans, no amount is overdue.
vii. (a) According to the information and explanations
(e) According to the information and explanations given to us and on the basis of our examination of
provided to us, no loan granted which has fallen the records of the Company, amounts deducted/
due during the year, has been renewed or extended accrued in the books of account in respect of
or fresh loans granted to settle the over dues of undisputed statutory dues including Goods and
existing loans given to the same parties. Services Tax, Provident Fund, Employees’ State
Insurance, Income-Tax, Sales-Tax, Service Tax,
(f) According to the information and explanations Duty of Customs, Duty of Excise, Value Added
Tax, Cess and any other material statutory dues
provided to us, the Company has granted loans
have been regularly deposited during the year by
repayable on demand of ` 167 Lakhs in current
the Company with the appropriate authorities. As
year. The outstanding balance is ` 159 Lakhs. explained to us, during the year, the Company did
These have been given to related parties as defined not have any dues on account of Cess.
in clause (76) of section 2 of the Act (refer note 12
to the Standalone Financial Statement) which are According to the information and explanations
0.43 % of the total loans to related parties. given to us, no undisputed amounts payable in
respect of statutory dues referred in sub clause (a)
iv. In our opinion and according to the information and above were in arrears as at 31 March 2024, for a
explanations given to us, the Company has complied period of more than six months from the date they
with the provisions of Sections 185 and 186 of the Act became payable.
with respect to loans, investments, guarantees and
security, as applicable.
(b) According to the information and explanations given to us, there are no dues of statutory dues referred in sub clause
(a) above as at 31 March 2024, which have not been deposited by the Company on account of disputes, except for the
following:
Name of Statue Nature of Amount Amount paid Period to which the Forum where the
Dues (` Lakhs)# under protest amount relates dispute is pending
(` Lakhs)
The Income Tax Act 1961 Income tax 2 - Assessment Year 1993- Income Tax
demands 1994 Appellate Tribunal
The Income Tax Act 1961 Income tax 11 - Assessment Years 1993- Income Tax
demands 1994 and 2003-2004 Assessing Officer
The Income Tax Act 1961 Income tax 5,303 1,901 Assessment Years Commissioner
demands 1997-1998, 2013-2014 to of Income Tax
2015-2016, 2019 -2020 (Appeals)
and 2020-21
The Central Excise Act, Excise duty 1,355 20 Financial Years 2007- Customs Excise
1944 demands 2008 to 2010-2011 and and Service Tax
2014-2015 Appellate Tribunal
The Central Excise Act, Excise duty 893 - Financial Years 2008- Supreme Court
1944 demands 2009 to 2009-2010
Finance Act, 1994 Service tax 431 18 Financial Year 2015-2016 Customs Excise
(Service Tax) demands and Service Tax
Appellate Tribunal
Finance Act, 1994 Service tax 1,881 - Financial Years 2006- Bombay High Court
(Service Tax) demands 2007 to 2011- 2012
Finance Act, 1994 Service tax 142 7 Financial Years 2016- Customs Excise
(Service Tax) demands 2017 and 2017-2018 and Service Tax
Appellate Tribunal,
Ahmedabad
The Bombay Sales Tax Sales tax 72 - Financial Year 2004-2005 Maharashtra Sales
Act, 1959 demands Tax Tribunal
The Central Sales Tax Sales tax 2,440 529 Financial Years 2004- Maharashtra Sales
Act, 1956 demands 2005 to 2006-2007 and Tax Tribunal
2010-2011 to 2013-2014
The Central Sales Tax Sales tax 330 74 Financial Year 2014-2015 Joint Commissioner
Act, 1956 demands of Appeals of Sales
Tax, Pune
The Maharashtra Value Sales tax 890 61 Financial Years 2005- Maharashtra
Added Tax Act, 2002 demands 2006, 2011-2012 and Sales Tax Tribunal,
2012-2013 Mumbai
The Maharashtra Value Sales tax 279 14 Financial Year 2016-2017 Joint Commissioner
Added Tax Act, 2002 demands Appeals
The Central Sales Tax Sales tax 478 33 Financial Year 2015-2016 Joint Commissioner
Act, 1956 demands Appeals
The Central Sales Tax Sales tax 1,596 86 Financial Year 2016-2017 Joint Commissioner
Act, 1956 demands Appeals
The Maharashtra Sales Lease tax on 00 - Financial Year 1990-1991 Dy. Commissioner of
Tax on Transfer of Right crane hire Sales Tax, Pune
to Use any Goods for any charges
purpose 1985
Name of Statue Nature of Amount Amount paid Period to which the Forum where the
Dues (` Lakhs)# under protest amount relates dispute is pending
(` Lakhs)
The Maharashtra Tax Entry tax on 4,663 1,635 Financial Years 2012- Maharashtra
on the Entry of Goods in natural gas 2013 to 2016-2017 Sales Tax Tribunal,
Local Areas of Act, 2002 procured Mumbai
from outside
Maharashtra
Custom Tariff Act, 1975 Tariff heading 68 7 Financial Years 2005- Deputy
classification 2006 to 2009-2010 Commissioner
of Customs
(Preventive) Alibaug
Division, Marine
& Preventive Wing
Mumbai
Custom Tariff Act, 1975 Custom 159 69 Financial Years 2012- The Directorate
Valuation rules 2013 to 2015-2016 of Revenue
Intelligence, Kolkata
The Central Sales Tax Sales Tax 240 23 Financial Year 2017-2018 Joint Commissioner
Act, 1956 demand Appeals,
Maharashtra
The Andhra Pradesh VAT Sales Tax 2,298 - Financial years 2014- Commercial Tax
Act, 2005 demand 2015 to 2016-2017 Dept, Gonv of
Andhra Pradesh
The Haryana VAT Act, Sales Tax 4 4 Financial Year 2017-2018 Excise and Taxation
2003 demand Officer, Panchkula
Goods & Service Tax Act, GST demands 10,314 404 Financial Year 2017-2018 The Commissioner
2017 (Appeals), Goods &
Service Tax , Pune
(Maharashtra)
Goods & Service Tax Act, GST demands 1,338 122 Financial Year 2017-2018 The Commissioner
Service Tax, Rajkot.
(Gujarat)
Goods & Service Tax Act, GST demands 38 - Financial Year 2018-2019 The Commissioner
Service Tax, Pune
#
Amount disclosed above includes interest and penalty, wherever applicable.
Note: Zero represents amounts below rupees fifty thousand. given to us, the Company has not defaulted in
repayment of loans or borrowings or interest
viii. According to the information and explanations given to thereon to any lender.
us and records examined by us, there are no transactions
which were not recorded in the books of account and (b) According to the information and explanations given
have been surrendered or disclosed as income during to us, our audit procedures and as represented
the year in the tax assessments under the Income Tax to us by the management, we report that the
Act, 1961 (43 of 1961). Company has not been declared wilful defaulter by
any bank or financial institution or government or
ix. (a) Based on our audit procedures; in our opinion and any government authority.
according to the information and explanations
(c) According to the information and explanations (c) According to information and explanation provided
given to us and in our opinion, term loans availed to us and based on our audit procedures and
by the Company in the current year have been enquiry with the vigil mechanism committee, there
prima facie; applied for the purpose for which they were no whistle-blower complaints received by the
were obtained. Company during the year and up to the date of this
report.
(d) According to the information and explanations
given to us, the procedures performed by us, and on xii. In our opinion and according to the information and
an overall examination of the financial statements explanations given to us, the Company is not a Nidhi
of the Company, we report that no funds raised on Company and the Nidhi Rules, 2014 are not applicable
short-term basis have been used for long-term to it. Accordingly, reporting on clause 3 (xii) (a), (b) & (c)
purposes by the Company. of the Order is not applicable.
(e) According to the information and explanations xiii. According to the information and explanations given
given to us and on an overall examination of the to us and based on our examination of the records of
financial statements of the Company, we report that the Company, transactions with related parties are in
the Company has not taken any funds (borrowings) compliance with Sections 177 and 188 of the Act, where
from any entity or person on account of or to meet applicable, and the details of transactions have been
the obligations of its subsidiaries, associates or disclosed in the Standalone Financial Statements as
joint ventures. required by Ind AS 24 ‘Related Party Disclosures’. Refer
note 40(b).
(f) According to the information and explanations
given to us and procedures performed by us, we xiv. (a) According to the information and explanations
report that the Company has not raised loans given to us and in our opinion, the Company has an
during the year on the pledge of securities held internal audit system commensurate with the size
in its subsidiaries, joint ventures or associate and nature of its business.
companies.
(b) We have taken into consideration the reports made
x. (a) The Company has not raised moneys by way of available to us by the management of the Internal
initial public offer or further public offer (including Auditors for the period under audit.
debt instruments) during the year.
xv. According to the information and explanations given
(b) According to the information and explanations to us and based on our examination of the records of
given to us, the Company has not made any the Company, the Company has not entered into any
preferential allotment or private placement of non-cash transactions with the directors or persons
shares or convertible debentures (fully, partially or connected with them during the year. Accordingly,
optionally convertible) during the year. Accordingly, reporting on clause 3(xv) of the Order is not applicable.
reporting on clause x(b) is not applicable.
xvi. (a) In our opinion and according to the information
xi. (a) Based upon the audit procedures performed by us and explanations given to us, the Company is not
and according to the information and explanation required to be registered under Section 45-IA
provided to us by the management, no fraud by the of the Reserve Bank of India, 1934. Accordingly,
Company or no fraud on the Company has been reporting on clause 3(xvi) (b) & (c) of the Order is
noticed or reported to us during the year. not applicable.
(b) According to information and explanation provided (b) According to the information and explanations
to us and based on our examination of records, no given to us, there are no Core Investment Company
report under sub-section (12) of section 143 of the within the Group.
Companies Act has been filed in Form ADT-4 as
prescribed under rule 13 of Companies (Audit and xvii. The Company has not incurred cash losses in the
Auditors) Rules, 2014 with the Central Government current financial year and in the immediately preceding
during the year and up to the date of this report. financial year.
xviii. There has been no resignation of the statutory auditors xx. (a) There are no unspent amounts towards Corporate
during the year. Accordingly, reporting on clause 3 (xviii) Social Responsibility (CSR) on other than ongoing
of the Order is not applicable. projects requiring a transfer to a Fund specified in
Schedule VII to the Companies Act in compliance
xix. According to the information and explanations given with second proviso to sub-section (5) of Section
to us and on the basis of the financial ratios, ageing 135 of the said Act. Accordingly, reporting under
and expected dates of realization of financial assets clause 3(xx)(a) of the Order is not applicable for the
and payment of financial liabilities, other information year.
accompanying the financial statements, our knowledge
of the Board of Directors and management plans and (b) According to the information and explanations
based on our examination of the evidence supporting provided to us, an amount of ` 399 Lakhs remaining
the assumptions, nothing has come to our attention, unspent under sub-section (5) of section 135 of the
which causes us to believe that any material uncertainty Companies Act, pursuant to an ongoing project, has
exists as on the date of the audit report that Company been transferred to special account in compliance
is not capable of meeting its liabilities existing at the with the provision of sub-section (6) of section 135
date of balance sheet as and when they fall due within a of the said Act.
period of one year from the balance sheet date.
For P G BHAGWAT LLP
We, however, state that this is not an assurance as to Chartered Accountants
the future viability of the Company. We further state Firm Registration Number: 101118W/W100682
that our reporting is based on the facts up to the date
of the audit report and we neither give any guarantee Abhijeet Bhagwat
nor any assurance that all liabilities falling due within a Partner
period of one year from the balance sheet date, will get Membership Number: 136835
discharged by the Company as and when they fall due. UDIN: 24136835BKBGVP5676
Place : Pune
Date : 29 May, 2024
ANNEXURE B TO THE INDEPENDENT AUDITORS’ REPORT

REFERRED TO IN PARAGRAPH 2 (G) UNDER THE HEADING, “REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS”
OF OUR REPORT ON EVEN DATE:
REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH Our audit involves performing procedures to obtain audit
REFERENCE TO STANDALONE FINANCIAL STATEMENTS evidence about the adequacy of the internal financial controls
UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 with reference to the Standalone Financial Statements
OF THE COMPANIES ACT, 2013 (“THE ACT”) and their operating effectiveness. Our audit of internal
financial controls with reference to the Standalone Financial
We have audited the internal financial controls with reference
Statements included obtaining an understanding of internal
to the Standalone Financial Statements of Deepak Fertilisers
financial controls with reference to the Standalone Financial
And Petrochemicals Corporation Limited (“the Company”)
Statements, assessing the risk that a material weakness
as of 31 March 2024 in conjunction with our audit of the
exists, and testing and evaluating the design and operating
Standalone Financial Statements of the Company for the
effectiveness of internal controls based on the assessed
year ended on that date.
risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL
misstatement of the Standalone Financial Statements,
FINANCIAL CONTROLS
whether due to fraud or error.
The Company’s management is responsible for establishing
and maintaining internal financial controls based on the We believe that the audit evidence we have obtained is
internal controls over financial reporting criteria established sufficient and appropriate to provide a basis for our audit
by the Company considering the essential components opinion on the Company’s internal financial controls with
of internal controls stated in the Guidance Note on Audit reference to the Standalone Financial Statements.
of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India. MEANING OF INTERNAL FINANCIAL CONTROLS
These responsibilities include the design, implementation WITH REFERENCE TO THE STANDALONE
and maintenance of adequate internal financial controls FINANCIAL STATEMENTS
that were operating effectively for ensuring the orderly
A Company’s internal financial controls with reference
and efficient conduct of its business, including adherence
to the Standalone Financial Statements is a process
to Company’s policies, the safeguarding of its assets, the
designed to provide reasonable assurance regarding the
prevention and detection of frauds and errors, the accuracy
reliability of financial reporting and the preparation of
and completeness of the accounting records, and the timely
Standalone Financial Statements for external purposes in
preparation of reliable financial information, as required
accordance with generally accepted accounting principles. A
under the Act.
Company’s internal financial controls with reference to the
Standalone Financial Statements includes those policies and
AUDITORS’ RESPONSIBILITY
procedures that (1) pertain to the maintenance of records
Our responsibility is to express an opinion on the Company’s that, in reasonable detail, accurately and fairly reflect the
internal financial controls with reference to the Standalone transactions and dispositions of the assets of the Company;
Financial Statements based on our audit. We conducted (2) provide reasonable assurance that transactions are
our audit in accordance with the Guidance Note on Audit of recorded as necessary to permit preparation of Standalone
Internal Financial Controls Over Financial Reporting (the Financial Statements in accordance with generally accepted
“Guidance Note”) and the Standards on Auditing, to the accounting principles, and that receipts and expenditures
extent applicable to an audit of internal financial controls, of the Company are being made only in accordance with
both issued by the Institute of Chartered Accountants of authorisations of management and directors of the
India. Those Standards and the Guidance Note require that Company; and (3) provide reasonable assurance regarding
we comply with ethical requirements and plan and perform prevention or timely detection of unauthorised acquisition,
the audit to obtain reasonable assurance about whether use, or disposition of the Company’s assets that could have a
adequate internal financial controls with reference to the material effect on the Standalone Financial Statements.
Standalone Financial Statements were established and
maintained and if such controls operated effectively in all
material respects.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL OPINION

CONTROLS WITH REFERENCE TO THE STANDALONE In our opinion, the Company has, in all material respects,
FINANCIAL STATEMENTS adequate internal financial controls with reference to
Because of the inherent limitations of internal financial the Standalone Financial Statements and such internal
controls with reference to the Standalone Financial financial controls with reference to the Standalone Financial
Statements, including the possibility of collusion or improper Statements were operating effectively as at 31 March 2024,
management override of controls, material misstatements based on the internal controls over financial reporting criteria
due to error or fraud may occur and not be detected. Also, established by the Company considering the essential
projections of any evaluation of the internal financial controls components of internal controls stated in the Guidance
with reference to the Standalone Financial Statements Note on Audit of Internal Financial Controls Over Financial
to future periods are subject to the risk that the internal Reporting issued by the Institute of Chartered Accountants
financial controls with reference to the Standalone Financial of India.
Statements may become inadequate because of changes in
conditions, or that the degree of compliance with the policies For P G BHAGWAT LLP
or procedures may deteriorate. Chartered Accountants
Abhijeet Bhagwat
Partner
UDIN: 24136835BKBGVP5676
Place : Pune
Date : 29 May, 2024
Balance Sheet
as at 31st March 2024
(All amounts in ` Lakhs unless otherwise stated)
Notes As at As at
31 March 2024 31 March 2023
ASSETS
Non-current assets
Property, plant and equipment 3 72,678 70,033
Capital work-in-progress 4 2,790 1,721
Investment property 5 19,231 19,642
Right of use assets 6 10,145 10,695
Other intangible assets 7 2,707 3,077
Intangible assets under development 8 526 182
Financial assets
i. Investments 9 1,65,434 1,85,037
ii. Loans 12 35,874 -
iii. Other financial assets 15 6,712 5,664
Income tax assets (net) 10,804 12,170
Other non-current assets 16 12,022 8,561
Total non-current assets 3,38,923 3,16,782
Current assets
Inventories 17 12,635 14,013
Financial assets
i. Investments 10 8,613 13,429
ii. Trade receivables 11 28,098 16,103
iii. Cash and cash equivalents 13 2,816 2,499
iv. Other bank balances 14 1,356 1,312
v. Loans 12 702 13,802
vi. Other financial assets 15 3,895 4,408
Other current assets 18 3,325 2,429
Total current assets 61,440 67,995
Total assets 4,00,363 3,84,777
EQUITY AND LIABILITIES
Equity
Equity share capital 19 12,624 12,624
Other equity 20 3,04,934 2,86,863
Total equity 3,17,558 2,99,487
Balance Sheet
Notes As at As at
31 March 2024 31 March 2023
Liabilities
Non-current liabilities
Financial Liabilities
i. Borrowings 21 25,604 23,071
ii. Lease liabilities 6 1,867 1,342
iii. Other financial liabilities 23 1,782 1,533
Provisions 24 3,152 2,711
Deferred tax liabilities (net) 26 4,344 3,674
Total non-current liabilities 36,749 32,331
Current liabilities
Financial liabilities
i. Borrowings 22 7,260 10,774
iii. Trade payables 25
(a) total outstanding dues of micro and small enterprises 1,584 1,676
(b) total outstanding dues of creditors other than micro and small 16,412 25,221
enterprises
iv. Other financial liabilities 23 10,504 6,132
Other current liabilities 27 3,911 3,266
Current tax liabilities (net) 616 -
Total current liabilities 46,056 52,959
Total liabilities 82,805 85,290
Total equity and liabilities 4,00,363 3,84,777
Material accounting policies 1-2
The accompanying notes form an integral part of the financial statements 3-51
As per our report of even date attached For and on behalf of Board of Directors of Deepak Fertilisers And
Petrochemicals Corporation Limited
For P G BHAGWAT LLP S. C. Mehta Deepak Rastogi

Chartered Accountants Chairman and Managing Director President & CFO
Firm Registration No.: 101118W/W100682 DIN: 00128204 Place: Pune
Place: Pune
Abhijeet Bhagwat Sujal Anil Shah Gaurav Munoli

Partner Director Company Secretary
Membership No.: 136835 DIN: 00058019 Membership No: A24931
Place: Pune Place: Mumbai Place: Pune
Date: 29 May 2024 Date: 29 May 2024
Statement of Profit and Loss

year ended 31st March 2024
Notes Year ended Year ended

31 March 2024 31 March 2023
Income
Revenue from operations 28 1,92,252 2,34,982
Other income 29 19,929 13,404
Total income 2,12,181 2,48,386
Expenses
Cost of materials consumed 30 1,20,286 1,57,497
Purchases of stock-in-trade 31 6,743 20,146
Changes in inventories of finished goods & stock-in-trade 32 2,516 (2,205)
Employee benefits expense 33 11,616 7,406
Finance costs 34 3,952 5,112
Depreciation and amortisation expense 35 8,072 6,693
Other expenses 36 17,653 14,723
Total expenses 1,70,838 2,09,372
Profit before tax 41,343 39,014
Tax expense
Current tax 45 9,120 8,855
Deferred tax (credit)/charge 26 886 1,025
Total tax expense 10,006 9,880
Profit for the year 31,337 29,134
Other comprehensive income ('OCI')
Items that will not be reclassified to profit or loss
Remeasurement of defined benefit obligations (750) 68
Income tax relating to these items 26 189 (18)
Total (A) (561) 50
Items that will be reclassified subsequently to profit or loss
Cash Flow hedge (108) (1,357)
Changes in fair value of investments carried at fair value through OCI - -
Income tax relating to these items 26 27 342
Total (B) (81) (1,015)
Other comprehensive income for the year (A+B), net of tax liability (642) (965)
Total comprehensive income for the year 30,695 28,169
Earnings per equity share of ` 10 each 36(c)
i) Basic (in ` ) 24.82 23.52
ii) Diluted (in ` ) 24.82 23.52
The accompanying notes form an integral part of the financial 3-51
statements

Place: Pune

Statement of Cash Flows

for the year ended 31st March 2024
Year ended Year ended

31 March 2024 31 March 2023
Cash flow from operating activities
Profit before tax 41,343 39,014
Adjustments for
Depreciation and amortisation expense 8,072 6,693
(Profit)/Loss on sale of property, plant and equipment (5,283) (10)
Provision for doubtful trade receivables 118 406
Bad Debts 118 53
Income on financial guarantee (2,095) (864)
Gain on sale of investments (468) (741)
Unwinding of discount on security deposits (255) (174)
Changes in fair value of financial assets through profit or loss (12) (29)
Other adjustment - (497)
Interest income (11,287) (9,437)
Finance costs 3,952 5,541
Unrealised foreign exchange fluctuations loss/(profit) (net) (109) 13
Cash generated from operations before working capital changes 34,094 39,968
Change in trade receivables (12,231) (4,932)
Change in inventories 1,378 (1,581)
Change in trade payables (8,792) 332
Change in other financial liabilities 4,601 (109)
Change in other financial assets 1,251 112
Change in other non-current assets (591) (210)
Change in other current assets (896) 1,627
Change in provisions (196) (633)
Change in other current liabilities 645 661
Cash generated from operations 19,263 35,235
Income taxes paid (net) (7,138) (10,525)
Net cash generated from operating activities 12,125 24,710
Cash flows from investing activities
Purchase of compulsorily convertible debentures (26,735) -
Redemption of Optionally converted debentures 50,000 -
Purchase of property, plant and equipment, intangible assets (12,868) (3,849)
(including Capital work-in-progress)
Proceeds from sale of property, plant and equipment 5,800 67
Statement of Cash Flows


31 March 2024 31 March 2023
Proceeds from sale of investments (net) 5,296 18,089
Loans to subsidiaries (net) (22,774) (17,297)
Loans to employees and other loans given - (6)
Fixed deposit placed (net) (1,200) (831)
Interest received 9,624 7,818
Net cash generated from investing activities 7,143 3,991
Cash flows from financing activities
Repayment of long term borrowings (22,434) (12,117)
Availment of long term borrowings 21,452 -
Payment of lease liability (net) (1,593) (1,039)
Interest paid (3,733) (5,782)
Dividends paid (12,643) (10,494)
Net cash (used in) financing activities (18,951) (29,432)
Net increase/(decrease) in cash and cash equivalents 317 (731)
Cash and cash equivalents at the beginning of the year 2,499 3,230
Cash and cash equivalents at end of the year 2,816 2,499
Refer Note 36(b) for cash outflow relating to CSR activities
The accompanying notes form an integral part of the financial statements.
Reconciliation of cash and cash equivalents as per the Cash flow statement
Particulars Year ended Year ended
31 March 2024 31 March 2023
Cash and cash equivalents at the end of year 2,816 2,499
Bank overdraft - -
2,816 2,499

Place: Pune

Statement of Changes in Equity

A. EQUITY SHARE CAPITAL

For the year ended For the year ended
31 March 2024 31 March 2023
Balance at the beginning of the year 12,624 12,059
Changes due to prior period errors - -
Restated balance at the beginning of the current reporting period 12,624 12,059
Changes in equity share capital during the year
Shares issued by way of conversion of Foreign currency convertible bonds (FCCB) - 565
Balance at the end of the year 12,624 12,624
B. OTHER EQUITY
Reserves and surplus Items of Other Total
Comprehensive Income (OCI)
Securities Capital Capital Equity portion General Retained Remea- Fair value Effective portion
premium redemption Reserve of non-current reserve earnings surement of through of Cash Flow
reserve borrowings defined benefit OCI Hedges
(FCCB) plans
Balance as at 1 April 2022 89,038 150 4,167 1,504 17,710 1,48,423 (1,303) (97) 1,016 2,60,608
Changes in accounting policy or prior period errors - - - - - - - - - -
Restated balance at the beginning of the current reporting period 89,038 150 4,167 1,504 17,710 1,48,423 (1,303) (97) 1,016 2,60,608
Profit for the year - - - - - 29,134 - - - 29,134
Other comprehensive income - - - - - - 50 - (1,015) (965)
Total comprehensive income for the year - - - - - 29,134 50 - (1,015) 28,169
Conversion of foreign currency convertible bonds 10,443 - - (1,504) - - - - - 8,939
Dividend paid - - - - - (10,853) - - - (10,853)
Balance as at 01 April 2023 99,481 150 4,167 - 17,710 1,66,704 (1,253) (97) 1 2,86,863
Changes in accounting policy or prior period errors - - - - - - - - - -
Restated balance at the beginning of the current reporting period 99,481 150 4,167 - 17,710 1,66,704 (1,253) (97) 1 2,86,863
Profit for the year - - - - - 31,337 - - - 31,337
Other comprehensive income - - - - - - (561) - (81) (642)
Total comprehensive income for the year - - - - - 31,337 (561) - (81) 30,695
Dividend paid - - - - - (12,624) - - - (12,624)
Balance as at 31 March 2024 99,481 150 4,167 - 17,710 1,85,417 (1,814) (97) (80) 3,04,934
Note: Refer note 20 for nature and purpose of other equity.
The accompanying notes form an integral part of the financial statements

Place: Pune

Notes
to the Standalone Financial Statements for the year ended 31st March 2024
1. Corporate Information • Employee defined benefits plans – plan assets are

measured at fair value .
Deepak Fertilisers And Petrochemicals Corporation
Limited (“the Company”) is a company domiciled in India, The standalone financial statements are presented
with its registered office at Pune, Maharashtra, India. in Indian Rupees (“INR”), which is also the
The Company has been registered under the provisions Company’s functional currency and all values are
of the Indian Companies Act and its equity shares are rounded off to the nearest Lakhs, except when
listed on the National Stock Exchange (NSE) and the otherwise indicated. Wherever, an amount is
Bombay Stock Exchange (“BSE”) in India. presented as INR ‘0’ (zero) it construes value less
than ` 50,000.
The Company is primarily engaged in the business
of manufacture, trading and sale of bulk chemicals. 2.2 Significant accounting estimates, assumptions
The Company also has operations in value added real and judgements
estate.
The preparation of the Company’s standalone
These standalone financial statements were approved financial statements requires management to
for issue in accordance with the resolution of the Board make estimates and assumptions that affect the
of Directors on 29 May, 2024. reported amounts of revenues, expenses, assets
and liabilities, and the accompanying disclosures,
2. Material Accounting Policies and the disclosure of contingent liabilities.
Uncertainty about these assumptions and
This note provides a list of the material accounting estimates could result in outcomes that require
policies adopted in the preparation of these standalone a material adjustment to the carrying amount of
financial statements. These policies have been assets or liabilities effected in future periods.
consistently applied to all the years presented, unless
otherwise stated. Estimates, assumptions and judgements
2.1 Basis of preparation The key assumptions concerning the future and other
key sources of estimation uncertainty at the reporting
The standalone financial statements of the date, that have a significant risk of causing a material
Company have been prepared in accordance with adjustment to the carrying amount of assets and liabilities
Indian Accounting Standards (‘Ind AS’) notified within the next financial year, are described below.
under Section 133 of the Companies Act, 2013 (“the The Company has based its assumptions and estimates
Act”) read with the Companies (Indian Accounting on parameters available when the standalone financial
Standards) Rules, 2015 notified, as amended statements were prepared. Existing circumstances
thereafter and other relevant provisions of the Act. and assumptions about future developments, however,
may change due to market changes or circumstances
The standalone financial statements have been arising that are beyond the control of the Company.
prepared on an accrual basis and under the Such changes are reflected in the assumptions when
historical cost convention, except for the following they occur.
assets and liabilities which have been measured at
fair value: Taxes
• Derivative financial instruments; There are many transactions and calculations

undertaken during the ordinary course of business
• Certain financial assets and liabilities measured for which the ultimate tax determination is uncertain.
at fair value (refer accounting policy on financial Where the final outcome of these matters is different
instruments); and from the amounts initially recorded, such differences
Notes
will impact the current and deferred tax provisions financial statements unless an inflow of economic
in the period in which the tax determination is made. benefits is probable.
The assessment of probability involves estimation of a
number of factors including future taxable income. Impairment of investment in subsidiaries
Useful lives of Property, plant and equipment (‘PPE’) The Company reviews its carrying value of investment
in subsidiaries carried at cost (net of impairment, if any)
The Management reviews the estimated useful lives annually, or more frequently when there is indication for
and residual value of PPE at the end of each reporting impairment. If the recoverable amount is less than its
period. Factors such as changes in the expected level carrying amount, the impairment loss is accounted for
of usage, number of shifts of production, technological in the standalone Statement of Profit and Loss.
developments and product life-cycle, could significantly
impact the economic useful lives and the residual Fair value measurement of financial instruments
values of PPE, consequently leading to a change in the
future depreciation charge. When the fair values of financial assets and financial
liabilities recorded in the Balance Sheet cannot be
Defined benefit plans measured based on quoted prices in active markets,
their fair value is measured using valuation techniques
Employee benefit obligations are determined using including the Discounted Cash flow (“DCF”) model.
independent actuarial valuations. An actuarial valuation The inputs to these models are taken from observable
involves making various assumptions that may differ markets where possible, but where this is not feasible,
from actual results in the future. These include the a degree of judgement is required in establishing
determination of the discount rate, future salary their fair values. Judgements include consideration of
increases, experience of employee departures and inputs such as liquidity risk, credit risk and volatility.
mortality rates. Due to the complexities involved in the Changes in assumptions about these factors could
valuation and its long-term nature, employee benefit affect the reported fair values of financial instruments.
obligation is highly sensitive to changes in these
assumptions. All assumptions are reviewed at each Impairment of financial assets
reporting date.
The Company assesses impairment based on the
Provisions for Litigations and claims expected credit loss (“ECL”) model on trade receivables.
The Company uses a provision matrix to determine
From time to time, the Company is subject to legal impairment loss allowance on the portfolio of trade
proceedings, the ultimate outcome of each being always receivables. The provision matrix is based on its
subject to many uncertainties inherent in litigation. historically observed default rates over the expected life
A provision for litigation is made when it is considered of the trade receivables.
probable that a payment will be made and the amount
of the charge/ expense can be reasonably estimated. Impairment of non-financial assets
Significant judgement is made when evaluating, among
other factors, the probability of unfavourable outcomes The Company assesses at each reporting date whether
and the ability to make a reasonable estimate of the there is an indication that an asset may be impaired.
amount of potential loss. Litigation provisions are If any indication exists, or when annual impairment
reviewed at each accounting period and revisions are testing for an asset is required, the Company estimates
made for the changes in facts and circumstances. the assets’ recoverable amount. An assets’ recoverable
Contingent liabilities are disclosed in the notes amount is the higher of an asset’s fair value less
forming part of the standalone financial statements. costs of disposal and its value in use. The recoverable
Contingent assets are not disclosed in the standalone amount is determined for an individual asset unless
Notes
the asset does not generate cashflows that are largely • It is due to be settled within twelve months after
independent of those from other assets or group the reporting period; or
of assets. Where the carrying amount of an asset
exceeds its recoverable amount, the asset is considered • There is no unconditional right to defer the
impaired and it is written down to its recoverable settlement of the liability for at least twelve months
amount. In assessing value in use, the estimated future after the reporting period.
cashflows are discounted to their present value using
a pre-tax discount rate that reflects current market The Company classifies all other liabilities as
assessment of the time value of money and the risk non-current.
specific to the asset. In determining fair value less cost
of disposal, recent market transactions are taken in Deferred tax assets and liabilities are classified as
account. If no such transactions can be identified, an non-current assets and liabilities respectively.
appropriate valuation model is used. These calculations
are corroborated by valuation multiples, quoted share The operating cycle is the time between the
price for publicly traded entities or other available fair acquisition of assets for processing and their
value indicators. realisation in cash and cash equivalents.
The Company has identified twelve months as its
2.3 Summary of material accounting policies operating cycle for the purpose of current and
non-current classification of assets and liabilities.
(a) Current versus non-current classification
(b) Revenue recognition
The Company presents assets and liabilities in
the Balance Sheet based on current/ non-current Revenue from contracts with customers is
classification. recognised when control of the goods or services
are transferred to the customer i.e. when the
An asset is treated as current when: customer is able to direct the use of the transferred
goods or rendering of services and obtains
• It is expected to be realised or intended to be sold substantially all of the remaining benefits at an
or consumed in the normal operating cycle; amount that reflects the consideration entitled in
exchange for those goods or services. The policy
• It is held primarily for the purpose of trading; of recognizing the revenue is determined by the
five-stage model specified in Ind AS 115 “Revenue
• It is expected to be realised within twelve months from contracts with customers”.
after the reporting period; or
Sale of Goods:
• It is a cash or cash equivalent unless restricted
from being exchanged or used to settle a liability Revenue is recognised upon transfer of control of
for at least twelve months after the reporting promised goods to customers for an amount that
period. reflects the consideration which the Company expects
to receive in exchange for those goods. Revenue from
The Company classifies all other assets as non-current. the sale of goods is recognised at the point in time when
control is transferred to the customer which is usually
A liability is current when: on dispatch/ delivery of goods, based on contracts with
the customers. Revenue is measured based on the
• It is expected to be settled in normal operating transaction price, which is the consideration, adjusted
cycle; for volume discounts, price concessions, incentives,
and returns, if any, as specified in the contracts with
• It is held primarily for the purpose of trading; the customers. Revenue excludes taxes collected from
Notes
customers on behalf of the government. Accruals for asset is an asset that necessarily takes a
discounts/incentives and returns are estimated (using substantial period of time to be made ready for its
the most likely method) based on accumulated intended use or sale. Borrowing costs and other
experience and underlying schemes and agreements directly attributable cost are added to the cost
with customers. Due to the short nature of credit period of those assets until such time as the assets are
given to customers, there is no financing component in substantially ready for their intended use, which
the contract. generally coincides with the commissioning date
of those assets.
Sale of Services:
The present value of the expected cost for the
Sale of services are recognised on satisfaction of decommissioning of an asset after its use is
performance obligation towards rendering of such included in the cost of the respective asset if
services. the recognition criteria for a provision is met.
Machinery spares that meet the definition of PPE
Interest Income: are capitalised and depreciated over the useful life
of the principal item of an asset. All other repair and
Interest Income from a financial asset is recognised
maintenance costs, including regular servicing,
when it is probable that the economic benefits will
are recognised in the standalone Statement of
flow to the Company and the amount of income can be
Profit and Loss as incurred. When a replacement
measured reliably. Interest income is accrued on a time
occurs, the carrying value of the replaced part is
basis, by reference to the principal outstanding and at
de-recognised. Where an item of property, plant
the effective interest rate applicable.
and equipment comprises major components
having different useful lives, these components
Dividend Income:
are accounted for as separate items.
Dividend income from investments in shares is
An item of property, plant and equipment is
recognised when the owner’s right to receive the
derecognized upon disposal or when no future
payment is established.
benefits are expected from its use or disposal.
(c) Property, plant and equipment Gains and losses on disposal of an item of property,
plant and equipment are determined by comparing
An item of property, plant and equipment (‘PPE’) the proceeds from disposal with the carrying
is recognised as an asset if it is probable that amount of property, plant and equipment, and are
the future economic benefits associated with the recognised within other income/expenses in the
item will flow to the Company and its cost can be statement of profit and loss.
measured reliably. These recognition principles
are applied to the costs incurred initially to acquire PPE acquired and put to use for projects are
an item of PPE, to the pre-operative and trial run capitalised and depreciation thereon is included
costs incurred (net of sales), if any and also to the in the project cost till the project is ready for
costs incurred subsequently to add to, replace part commissioning. Depreciation on PPE (except
of, or service it and subsequently carried at cost leasehold improvements) is calculated using
less accumulated depreciation and accumulated the straight-line method to allocate their cost,
impairment losses, if any. net of their residual values, over their estimated
useful lives. However, leasehold improvements
The cost of PPE includes interest on borrowings are depreciated on a straight-line method over
directly attributable to the acquisition, construction the shorter of their respective useful lives or the
or production of a qualifying asset. A qualifying tenure of the lease arrangement. Freehold land is
Notes
not depreciated. Schedule II to the Act prescribes periods over which these assets are expected
the useful lives for various class of assets. to be used. Accordingly, for those assets, the
useful lives estimated by the management are
For certain class of assets, based on technical different from those prescribed in the Schedule.
evaluation and assessment, Management believes Management’s estimates of the useful lives for
that the useful lives adopted by it reflect the various class of PPE are as given below:
Name of assets Estimated useful life (in years)

Computers – Servers and Networks 3–6
End User Devices such as desktops and laptops 3–6
Vehicles 4–8
Buildings (other than factory buildings) with RCC frame 61
structure
Factory buildings Various estimated lives upto 30 years.
Plant and equipment including office and laboratory Various estimated lives up to 25 years. WNA III plant is
equipments depreciated at 25.88% on the WDV method
Windmill 19
Plant & machinery used for generation of power through 40
gas
Furnitures and Fixtures 5-10
Capital work in progress (CWIP) Statement of Profit and Loss in the period in which
the expenditure is incurred.
Projects under commissioning and other CWIP
are carried at cost, comprising direct cost, related The amortization period and the amortization
incidental expenses and attributable borrowing cost. method for an intangible asset with a finite useful
Subsequent expenditures relating to property, plant life is reviewed at least at the end of each reporting
and equipment are capitalised only when it is probable period. Gains or losses arising from de-recognition
that future economic benefit associated with these will of an intangible asset are measured as the
flow to the Company and the cost of the item can be difference between the net disposal proceeds
measured reliably. Advances given to acquire property, and the carrying amount of the asset and are
plant and equipment are recorded as non-current assets recognized in the standalone Statement of Profit
and subsequently transferred to CWIP on acquisition of and Loss when the asset is derecognized.
related assets.
(d) Intangible assets
Computer software 3 to 8
Intangible assets are initially recognized at cost. License fees 3 to 8
Following initial recognition, intangible assets Operating rights 10
with finite useful life are carried at cost less any
accumulated amortization and accumulated (e) Borrowing costs
impairment losses. Internally generated
intangibles, excluding capitalized development Borrowing costs that are directly attributable to the
costs, are not capitalized and the related acquisition, construction or production of an asset,
expenditure is reflected in the standalone that necessarily takes a substantial period of time
Notes
to get ready for its intended use, are capitalised as in the standalone Statement of Profit and Loss in
a part of the cost of the asset. All other borrowing the period of de-recognition.
costs are expensed in the period in which they
occur. Borrowing costs consist of interest and Transfers to (or from) investment property are
other costs that an entity incurs in connection made only when there is a change in use. If the
with the borrowing of funds. Borrowing cost significant ancillary income is generated from
also includes exchange differences to the extent services provided along with the rental income
regarded as an adjustment to the borrowing costs. and/or the company creates any assets or
Investment income earned on the temporary facilitates activities that generate service income,
investment of specific borrowings is deducted such investment property shall be reclassified as
from the borrowing costs eligible for capitalisation. property, plant, and equipment. If the ancillary
and/or service income remains insignificant, the
(f) Investment property asset shall continue to remain as investment
property. The classification may also change if the
Investment properties are land and buildings that management decides to sell the property.
are held for long term lease rental yields and/ or
for capital appreciation. Investment properties are Transfers between investment property,
initially recognised at cost including transaction owner-occupied property and inventories do
costs. Subsequently investment properties not change the carrying amount of the property
comprising buildings are carried at cost less transferred and they do not change the cost of that
accumulated depreciation and accumulated property for measurement or disclosure purposes.
impairment losses, if any. Subsequent expenditure
is capitalised to the asset’s carrying amount only (g) Non-current assets held for sale
when it is probable that future economic benefits
associated with expenditure will flow to the Non-current assets are classified as held for sale if
Company and the cost of the item can be measured their carrying amount will be recovered principally
reliably. All other repairs and maintenance costs through a sale transaction rather than through
are expensed when incurred. continuing use and a sale is considered highly
probable. Non-current assets classified as held for
Depreciation on buildings is provided over the sale are measured at lower of their carrying amount
estimated useful lives as specified in note (c) and fair value less cost to sell. Non-current assets
above. The residual values estimated useful lives classified as held for sale are not depreciated or
and depreciation method of investment properties amortised from the date when they are classified
are reviewed, and adjusted on prospective basis as held for sale. Non-current assets classified
as appropriate, at each reporting date. The effects as held for sale are presented separately from
of any revision are included in the standalone the other assets and liabilities in the standalone
Statement of Profit and Loss when the changes balance sheet.
arise.
(h) Foreign currency transactions and balances
An investment property is de-recognised when
either the investment property has been disposed The functional currency of the Company (i.e.
of or do not meet the criteria of investment the currency of the primary economic environment
property i.e. when the investment property is in which the Company operates) is the Indian
permanently withdrawn from use and no future
Rupee (Rs.). On initial recognition, all foreign
economic benefit is expected from its disposal.
currency transactions are recorded at exchange
The difference between the net disposal proceeds
rates prevailing on the date of the transaction.
and the carrying amount of the asset is recognised
Monetary assets and liabilities, denominated in a
Notes
foreign currency, are translated at the exchange • Equity instruments measured at fair value
rate prevailing on the Balance Sheet date and the through other comprehensive income (FVOCI)
resultant exchange gains or losses are recognised
in the standalone Statement of Profit and Loss. Debt instruments at amortised cost
Non-monetary items, which are measured in
A ‘debt instrument’ is measured at the amortised cost if
terms of historical cost denominated in a foreign
both the following conditions are met:
currency, are reported using the exchange rate at
the date of the transaction. a) The asset is held within a business model whose
objective is to hold assets for collecting contractual
(i) Financial instruments cash flows; and
A Financial instrument is any contract that gives b) Contractual terms of the asset give rise on
rise to a financial asset of one entity and a financial specified dates to cash flows that are solely
liability or equity instrument of another entity. payments of principal and interest (SPPI) on the
principal amount outstanding.
Financial assets: Initial recognition and
measurement After initial measurement, such financial assets
are subsequently measured at amortised cost
All financial assets are recognised initially at fair using the effective interest rate (EIR) method.
value (except for trade receivables not containing Amortised cost is calculated by taking into account
a significant financing component are initially any discount or premium on acquisition and
measured at transaction price) plus, in the case fees or costs that are an integral part of the EIR.
of financial assets not recorded at fair value The EIR amortisation is included in other income
in the standalone Statement of Profit and Loss.
through profit or loss, transaction costs that are
The losses arising from impairment are recognised
attributable to the acquisition of the financial asset.
Purchases or sales of financial assets that require
This category generally applies to trade and other
delivery of assets within a time frame established
receivables.
by regulation or convention in the market place
(regular way trades) are recognised on the trade Debt instrument at FVOCI
date, i.e., the date that the Company commits to
purchase or sell the asset. A ‘debt instrument’ is classified as at the FVOCI if both
of the following criteria are met:
Subsequent measurement
a) The objective of the business model is achieved
For purposes of subsequent measurement, both by collecting contractual cash flows and
financial assets are classified in four categories: selling the financial assets; and
• Debt instruments at amortised cost b) The asset’s contractual cash flows represent
SPPI. Debt instruments included within the FVOCI
• Debt instruments at fair value through other category are measured initially as well as at each
comprehensive income (FVOCI) reporting date at fair value. Fair value movements
are recognised in the other comprehensive income
• Debt instruments, derivatives and equity (OCI). On derecognition of the asset, cumulative
instruments at fair value through profit or gain or loss previously recognized in OCI is
loss (FVPL) reclassified to the standalone Statement of Profit
Notes
and Loss. Interest earned whilst holding FVTOCI Where an indication of impairment exists, the carrying
debt instrument is reported as interest income amount of the investment is assessed and written down
using the EIR method. immediately to its recoverable amount. On disposal of
investments in subsidiaries, the difference between
Debt instrument at FVPL net disposal proceeds and the carrying amounts are
recognized in the standalone Statement of Profit and
FVPL is a residual category for debt instruments. Loss.
Any debt instrument, which does not meet the criteria
for categorisation as at amortised cost or as FVOCI, is Impairment of financial assets
classified as at FVPL. In addition, the Company may
elect to designate a debt instrument, which otherwise The Company recognizes loss allowance using the
meets amortised cost or FVOCI criteria, as at FVPL. expected credit loss (ECL) model for the financial
However, such election is allowed only if doing so assets which are not fair valued through profit or loss.
reduces or eliminates a measurement or recognition Loss allowance for trade receivables with no significant
inconsistency (referred to as ‘accounting mismatch’). financing component is measured at an amount equal
Debt instruments included within the FVPL category are to lifetime ECL. For all financial assets with contractual
measured at fair value with all changes recognised in cash flows other than trade receivable, ECLs are
the standalone Statement of Profit and Loss. measured at an amount equal to the 12-month ECL,
unless there has been a significant increase in credit
Equity investments risk from initial recognition in which case those are
measured at lifetime ECL. The amount of ECLs (or
All equity investments in scope of Ind AS 109 are reversal) that is required to adjust the loss allowance
measured at fair value. Equity instruments which at the reporting date to the amount that is required
are held for trading and contingent consideration to be recognised as an impairment gain or loss in the
recognised by an acquirer in a business combination standalone Statement of Profit and Loss.
to which Ind AS 103 applies are classified as at FVPL.
For all other equity instruments, the Company may Derecognition
make an irrevocable election to present in other
comprehensive income subsequent changes in the A financial asset (or, where applicable, a part of a
fair value. The Company makes such election on an financial asset or part of a group of similar financial
instrument by-instrument basis. The classification is assets) is primarily derecognized (i.e., removed from
made on initial recognition and is irrevocable. If the the Company’s balance sheet) when:
Company decides to classify an equity instrument as at
FVOCI, then all fair value changes on the instrument, • The rights to receive cash flows from the asset
excluding dividends, are recognised in the OCI. have expired, or
There is no recycling of the amounts from OCI to the • The Company has transferred its rights to receive
standalone Statement of Profit and Loss, even on sale cash flows from the asset or has assumed an
of investment. However, the Company may transfer the obligation to pay the received cash flows in full
cumulative gain or loss within equity. Equity instruments without material delay to a third party under a
included within the FVPL category are measured at fair ‘pass-through’ arrangement and either (a) the
value with all changes recognised in the standalone Company has transferred substantially all the
Statement of Profit and Loss. risks and rewards of the asset, or (b) the Company
has neither transferred nor retained substantially
Investments in subsidiaries and associates all the risks and rewards of the asset, but has
transferred control of the asset.
Investments in subsidiaries and associates are carried
at cost less impairment as per Ind AS 27 Consolidated
and Separate Financial Statements.
Notes
When the Company has transferred its rights to In this case, the fee is deferred until the drawdown
receive cash flows from an asset or has entered occurs. To the extent there is no evidence that it
into a pass-through arrangement, it evaluates is probable that some or all of the facility will be
if and to what extent it has retained the risks drawn down, the fee is capitalised as a prepayment
and rewards of ownership. When it has neither for liquidity services and amortised over the period
transferred nor retained substantially all of the of the facility to which it relates.
risks and rewards of the asset, nor transferred
control of the asset, the Company continues to Derecognition
recognise the transferred asset to the extent of
the Company’s continuing involvement. In that A financial liability is derecognised when the
case, the Company also recognises an associated obligation under the liability is discharged or
liability. The transferred asset and the associated cancelled or expires. When an existing financial
liability are measured on a basis that reflects liability is replaced by another from the same
the rights and obligations that the Company has lender on substantially different terms, or the
retained. terms of an existing liability are substantially
modified, such an exchange or modification is
Financial liabilities treated as the derecognition of the original liability
and the recognition of a new liability. The difference
Financial liabilities are classified and measured in the respective carrying amounts is recognised in
at amortised cost or FVPL. A financial liability the standalone Statement of Profit and Loss.
is classified as at FVPL if it is classified as
held‑for‑trading, or it is a derivative or it is Derivative financial instruments
designated as such on initial recognition.
Financial liabilities at FVPL are measured at fair The Company uses various types of derivative
value and net gains and losses, including any financial instruments to hedge its currency
interest expense, are recognised in Statement and interest risk etc. Such derivative financial
of Profit and Loss. Other financial liabilities are instruments are initially recognised at fair value on
subsequently measured at amortised cost using the date on which a derivative contract is entered
the effective interest method. Interest expense into and are subsequently re-measured at fair
and foreign exchange gains and losses are value. Derivatives are carried as financial assets
recognised in standalone Statement of Profit and when the fair value is positive and as financial
Loss. Any gain or loss on derecognition is also liabilities when the fair value is negative.
recognized in standalone Statement of Profit and
Loss. Offsetting
Borrowings Financial assets and financial liabilities are offset

and the net amount presented in the standalone
Borrowings are initially recognised at fair Balance Sheet when, and only when, the Company
value, net of transaction costs incurred. currently has a legally enforceable right to set off
Borrowings are subsequently measured at the amounts and it intends either to settle them
amortised cost. Any difference between the on a net basis or to realise the asset and settle the
proceeds (net of transaction costs) and the liability simultaneously.
redemption amount is recognised in profit or loss
over the period of the borrowings using the effective Financial guarantee contracts
interest method. Fees paid on the establishment
of loan facilities are recognised as transaction Financial guarantee contracts are recognised
costs of the loan to the extent that it is probable as a financial liability at the time of issuance of
that some or all of the facility will be drawn down. guarantee. The liability is initially measured at fair
Notes
value and is subsequently measured at the higher The estimated useful lives of right of use assets are
of the amount of loss allowance determined, or the determined on the same basis as those of property
amount initially recognised less, the cumulative and equipment. In addition, the right of use asset is
amount of income recognised. periodically reduced by impairment losses, if any,
and adjusted for certain remeasurements of the
Fair value of financial instruments lease liability.
In determining the fair value of its financial The lease liability is initially measured at the
instruments, the Company uses a variety of present value of the lease payments that are not
methods and assumptions that are based on paid at the commencement date, discounted using
market conditions and risks existing at each the interest rate implicit in the lease or, if that
reporting date. The methods used to determine rate cannot be readily determined, the Company’s
fair value include discounted cash flow analysis, incremental borrowing rate. For leases with
available quoted market prices and dealer quotes. reasonably similar characteristics, the Company,
All methods of assessing fair value result in on a lease by lease basis, may adopt either
general approximation of value. the incremental borrowing rate specific to the
lease or the incremental borrowing rate for the
(j) Leases
portfolio as a whole. Lease payments included in
the measurement of the lease liability comprise
A contract is, or contains, a lease if the contract
the fixed payments, including in-substance fixed
conveys the right to control the use of an identified
payments and lease payments in an optional
asset for a define period of time in exchange for
renewal period if the Company is reasonably
consideration. To assess whether a contract
certain to exercise an extension option.
conveys the right to control the use of an identified
assets, the Company assesses whether: (i) the
The lease liability is measured at amortised cost
contact involves the use of an identified asset (ii)
using the effective interest method. The Company
the Company has substantially all of the economic
has elected not to recognise right of use assets
benefits from use of the asset through the period
and lease liabilities for short-term leases that
of the lease and (iii) the Company has the right to
have a lease term of 12 months or less and leases
direct the use of the asset.
of low-value assets. The Company recognises the
As a lessee, the Company recognises a right lease payments associated with these leases as
of use asset and a lease liability at the lease an expense on a straight-line basis over the lease
commencement date. The right of use asset term. The Company has applied a single discount
is initially measured at cost, which comprises rate to a portfolio of leases of similar assets in
the initial amount of the lease liability adjusted similar economic environment with a similar end
for any lease payments made at or before the date.
commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle The determination of whether an arrangement is
and remove the underlying asset or to restore the (or contains) a lease is based on the substance
underlying asset or the site on which it is located, of the arrangement at the inception of the
less any lease incentives received. The right of lease. The arrangement is, or contains, a lease
use asset is subsequently depreciated using the if fulfilment of the arrangement is dependent
straight-line method from the commencement on the use of a specific asset or assets and the
date to the earlier of the end of the useful life of arrangement conveys a right to use the asset or
the right of use asset or the end of the lease term. assets, even if that right is not explicitly specified
in an arrangement.
Notes
(k) Inventories determined for an individual asset unless the

asset does not generate cashflows that are largely
Cost of raw materials, traded goods, packing independent of those from other assets or group
materials and stores and spares comprises cost of assets. Where the carrying amount of an asset
of purchases and cost of finished goods comprises exceeds its recoverable amount, the asset is
direct materials, direct labour and an appropriate considered impaired and it is written down to its
proportion of variable and fixed overhead recoverable amount.
expenditure, the latter being allocated on the basis
of normal operating capacity. Cost of inventories In assessing value in use, the estimated future
also include all other costs incurred in bringing the cashflows are discounted to their present value
inventories to their present location and condition. using a pre-tax discount rate that reflects current
Costs of purchased inventory are determined after market assessment of the time value of money
deducting rebates and discounts. and the risk specific to the asset. In determining
fair value less cost of disposal, recent market
• Raw materials, traded goods, packing materials transactions are taken in account. If no such
and stores and spares are valued at the lower of transactions can be identified, an appropriate
cost and net realisable value. Cost is determined valuation model is used. These calculations are
on the basis of moving weighted average method. corroborated by valuation multiples, quoted share
The aforesaid items are valued below cost if price for publicly traded entities or other available
the finished products in which they are to be fair value indicators. For assets excluding goodwill,
incorporated are expected to be sold at a loss. an assessment is made at each reporting date
to determine whether there is an indication that
• Finished goods and by-products including those previously recognised impairment loss no longer
held for captive consumption are valued at the exist or has decreased. If such indication exists,
lower of cost and net realisable value. Cost is the Company estimates the assets’ or CGU’s
determined on actual cost basis. Cost of finished recoverable amount. A previously recognised
goods includes taxes and duties, as applicable. impairment loss is reversed only if there has been
Variances, exclusive of abnormally low volume and a change in the assumptions used to determine
operating performance, are adjusted to inventory. the assets’ recoverable amount, since the last
Stock-in-trade is valued at lower of cost and net impairment loss was recognised. The reversal
realisable value. is limited so that the carrying amount of the
asset does not exceed its recoverable amount,
• Net realizable value is the estimated selling price nor exceed the carrying amount that would have
in the ordinary course of business, less estimated been determined, net of depreciation, had no
costs of completion and the estimated costs impairment loss been recognised for the asset in
necessary to make the sale. prior years.
(l) Impairment of non-financial assets Such reversal is recognised in the standalone

Statement of Profit and Loss.
The Company assesses at each reporting date,
whether there is an indication that an asset may (m) Provisions
be impaired. If any indication exists, or when
annual impairment testing for an asset is required, Provisions are recognised when the Company has
the Company estimates the assets’ recoverable a present obligation (legal or constructive), as a
amount. An assets’ recoverable amount is the result of a past event, it is probable that an outflow
higher of an asset’s fair value less costs of disposal of resources embodying economic benefits will
and its value in use. The recoverable amount is be required to settle the obligation and a reliable
Notes
estimate can be made of the amount of the method, with actuarial valuations being carried
obligation. out at each Balance Sheet date. The retirement
benefit obligation recognised in the standalone
When the Company expects some or all of a balance sheet represents the present value of
provision to be reimbursed, for example, under the defined benefit obligation as reduced by the
an insurance contract, the reimbursement is fair value of scheme assets. The present value of
recognized as a separate asset, but only when the the said obligation is determined by discounting
reimbursement is virtually certain. The expense the estimated future cash outflows, using market
relating to a provision is presented in the yields of government bonds of equivalent term
standalone Statement of Profit and Loss net of any and currency to the liability. The interest income /
reimbursements. (expense) are calculated by applying the discount
rate to the net defined benefit liability or asset.
If the effect of time value of money is material,
provisions are discounted using a current pre-tax The net interest income / (expense) on the
rate that reflects, when appropriate, the risks net defined benefit liability is recognised in
specific to the liability. When discounting is the standalone Statement of Profit and Loss.
used, the increase in the provision due to the Remeasurements, comprising of actuarial gains
passage of time is recognized as a finance cost. and losses, the effect of the asset ceiling (if any), are
Provisions are reviewed at each balance sheet recognised immediately in the standalone Balance
date and are adjusted to reflect the current best Sheet with a corresponding charge or credit to
estimates. retained earnings through OCI in the period in which
they occur. Remeasurements are not reclassified
(n) Employee benefits to the standalone Statement of Profit and Loss in
subsequent periods. Changes in the present value
Employee benefits consist of provident fund, of the defined benefit obligation resulting from
superannuation fund, gratuity fund, compensated plan amendments or curtailments are recognised
absences, long service awards, post-retirement immediately in the standalone Statement of Profit
medical benefits, directors’ retirement obligations and Loss as past service cost.
and family benefit scheme.
Short-term employee benefits
Post-employment benefit plans
The short-term employee benefits expected to
Defined contribution plans be paid in exchange for the services rendered by
employees is recognised during the period when
Payments to a defined contribution retirement the employee renders the service. These benefits
benefit scheme for eligible employees in the form include compensated absences such as paid
of provident fund, pension scheme, employee state annual leave and performance incentives which
insurance and superannuation fund are charged are expected to occur within twelve months after
as an expense as they fall due. Such benefits are the end of the period in which the employee
classified as Defined Contribution Schemes as the renders the related services.
Company does not carry any further obligations,
apart from the contributions made. The cost of compensated absences is accounted as
under:
Defined benefit plans
(a) In case of accumulating compensated
For defined benefit schemes in the form of gratuity absences, when employees render service
fund, the cost of providing benefits is actuarially that increase their entitlement of future
determined using the projected unit credit compensated absences; and
Notes
(b) In case of non - accumulating compensated the hedged item on a present value basis from the
absence, when the absences occur.
inception of the hedge. The gain or loss relating to
the ineffective portion is recognised immediately
Other long-term employee benefits
Amounts accumulated in equity are reclassified to
Compensated absences which are not expected
the standalone Statement of Profit and Loss in the
to occur within twelve months after the end of the
periods in which the hedged item affects the profit
period in which the employee renders the related
or loss.
services are recognised as a liability. The cost of
providing benefits is actuarially determined using
If the hedging relationship no longer meets
the projected unit credit method, with actuarial
the criteria for hedge accounting, then hedge
valuations being carried out at each Balance Sheet
accounting is discontinued prospectively. If the
date. Long Service Awards are recognised as a
hedging instrument expires or is sold, terminated
liability at the present value of the obligation at
or exercised, the cumulative gain or loss on the
the Balance Sheet date. All gains/losses due to
hedging instrument recognised in cash flow
actuarial valuations are immediately recognised in
hedging reserve till the period the hedge was
the standalone Statement of Profit and Loss.
effective remains in cash flow hedging reserve until
(o) Derivative financial instruments the underlying transaction occurs. The cumulative
gain or loss previously recognised in the cash
The Company uses derivative financial instruments flow hedging reserve is transferred to the
such as forward currency contracts and interest Statement of Profit and Loss upon the occurrence
rate swaps to hedge its foreign currency risks of the underlying transaction. If the forecasted
and interest rate risks respectively as applicable. transaction is no longer expected to occur, then the
Such derivative financial instruments are initially amount accumulated in cash flow hedging reserve
recognised at fair value on the date on which is reclassified in the Statement of Profit and Loss.
the derivative contract is entered into and are
subsequently re-measured at fair value at the end Derivatives that are not designated as hedges:
of each reporting period. At the inception of a hedge The Company enters into certain derivative
relationship, the Company formally designates contracts to hedge foreign exchange risks which
and documents the hedge relationship to which are not designated as hedges. Such derivative
the Company wishes to apply hedge accounting contracts are accounted for at each reporting date
and the risk management objective and strategy at fair value through the standalone Statement of
for undertaking the hedge. The accounting for Profit and Loss.
subsequent changes in fair value depends on
whether the derivative is designated as a hedging (p) Cash and cash equivalents
instrument, and if so, the nature of the item being
hedged and the type of hedge relationship which is Cash and cash equivalents in the balance
designated. sheet comprise cash at banks and on hand and
short-term deposits with an original maturity
Cash flow hedges that qualify for hedge accounting: of three months or less, which are subject to an
The effective portion of changes in the fair value of insignificant risk of changes in value.
derivatives that are designated and qualify as cash
flow hedges is recognised in ‘other comprehensive For the purpose of the statement of cash flows,
income’ in cash flow hedging reserve within equity, cash and cash equivalents consist of cash and
limited to the cumulative change in fair value of short-term deposits, as defined above.
Notes
(q) Cash dividend tax regulations are subject to interpretation and

establishes provisions where appropriate.
The Company recognizes a liability to make cash
distributions to equity shareholders when the Deferred income tax is provided using the liability
distribution is authorized and the distribution is no method on temporary differences between the tax
longer at the discretion of the Company. As per the bases of assets and liabilities and their carrying
corporate laws in India, a distribution is authorized amounts for financial reporting purposes at
when it is approved by the shareholders of the the reporting date. Deferred tax liabilities are
Company. recognized for all taxable temporary differences
except when the deferred tax liability arises from
(r) Government Grant the initial recognition of goodwill or an asset or
liability in a transaction that is not a business
Government grants are recognised where there combination and at the time of the transaction,
is reasonable assurance that the grant will be affects neither the accounting profit nor taxable
received and all attached conditions will be profit or loss; or in respect of taxable temporary
complied with. When the grant relates to an
differences associated with investment in
expense item, it is recognised as income on a
subsidiaries, associates and interests in joint
systematic basis over the periods that the related
ventures, when the timing of the reversal of
costs, for which it is intended to compensate, are
temporary differences can be controlled and it is
expensed. When the grant relates to an asset, it is
probable that the temporary differences will not
recognised as income in equal amounts over the
reverse in the foreseeable future.
expected useful life of the related asset.
Deferred tax assets on deductible temporary
When loans or similar assistance are provided by
differences, the carry forward of unused tax
governments or related institutions with an interest
credits and any unused tax losses are recognized
rate below the current applicable market rate, the
to the extent that there is reasonably certainty that
effect of this favourable interest is regarded as a
taxable profits will be available against which the
government grant.
deductible temporary differences and the carry
(s) Income taxes forward of unused tax credits and tax losses can be
utilized, except when the deferred tax asset relating
Current income tax assets and liabilities are to the deductible temporary difference arises from
measured at the amounts expected to be recovered the initial recognition of an asset or liability in a
from or paid to the taxation authorities in transaction that is not a business combination and
accordance with the Income Tax Act, 1961. The tax at the time of the transaction, affects neither the
rates and tax laws used to compute the amounts accounting profit nor taxable profit or loss.
are those that are enacted or substantively enacted
at the reporting date. The carrying amount of deferred tax assets is
reviewed at each reporting period and is reduced
Current income tax relating to items recognized to the extent that it is no longer probable that
outside profit and loss is recognized outside profit sufficient taxable profits will be available to allow
and loss (either in other comprehensive income all or part of the deferred tax asset to be utilized.
or in equity). Current tax items are recognized in Unrecognised deferred tax assets are re-assessed
correlation to the underlying transaction either in at each reporting date and are recognized to the
OCI or directly in equity. Management periodically extent that it has become reasonably certain that
evaluates positions taken in the tax returns future taxable profits will allow the deferred tax
with respect to situations in which applicable asset to be recovered.
Notes
Deferred tax assets and liabilities are measured basis. Revenues, expenses, assets and liabilities,
at the tax rates that are expected to apply in the which are common to the enterprise as a whole
year when the asset or liability is settled based and are not allocable to segments on a reasonable
on tax rates and tax laws that have been enacted basis, have been treated as “unallocated revenues/
or substantively enacted at the reporting date. expenses/ assets/ liabilities”, as the case may be.
Deferred tax relating to items recognized outside
profit and loss is recognized outside profit and (v) Business combinations
loss (either in other comprehensive income or
in equity). Deferred tax items are recognized in The Company accounts for the common control
correlation to the underlying transaction either in transactions in accordance with the ‘pooling of
OCI or directly in equity. interests’ method prescribed under Ind AS 103
– Business Combinations for common control
Deferred tax assets and liabilities are offset when transactions where all the assets and liabilities
there is a legally enforceable right to offset current of transferor companies would be recorded at the
tax assets and liabilities and when the deferred tax book value as at the Appointed date.
balances relate to the same taxation authority.
(w) Contingent Liability and Contingent Assets
(t) Earnings per share
A contingent liability is a possible obligation that
Basic earnings per share is calculated by dividing arises from past events whose existence will be
the net profit or loss for the period attributable confirmed by the occurrence or non-occurrence
to the equity shareholders by the weighted of one or more uncertain future events not wholly
average number of equity shares outstanding within the control of the Company or a present
during the period. For the purposes of calculating obligation that is not recognized because it is not
diluted earnings per share, the net profit for the probable that an outflow of economic resources will
period attributable to equity shareholders and be required to settle the obligation. A contingent
the weighted average number of equity shares liability also arises in extremely rare cases where
outstanding during the period are adjusted for the there is a liability that cannot be recognized because
effects of all dilutive potential equity shares. it cannot be measured reliably. The Company does
not recognize a contingent liability but discloses its
(u) Segment reporting existence in the standalone financial statements.
Based on the “Management approach” as A contingent asset is not recognized unless

defined in Ind AS 108: Operating Segments, the it becomes virtually certain that an inflow of
Chief Operating Decision Maker evaluates the economic benefits will arise. When an inflow
Company’s performance and allocates resources of economic benefits is probable, contingent
based on an analysis of various performance assets are disclosed in the standalone financial
indicators by business segments. Inter-segment statements.
sales and transfers are reflected at market prices.
Contingent liabilities and contingent assets are
Segment policies reviewed at each balance sheet date.
The Company prepares its segment information in (x) Changes in material accounting policies
conformity with the accounting policies adopted for
preparing and presenting the standalone financial There have been no changes in accounting policies
statements as a whole. Common allocable costs during the financial year 2023-24.
are allocated to each segment on an appropriate
Notes
(y) Recent Pronouncements under Companies (Indian Accounting Standards)

Rules as issued from time to time. For the year
Recent Accounting Pronouncements ended 31 March 2024, MCA has not notified any
new standards or amendments to the existing
Ministry of Corporate Affairs (“MCA”) notifies new
standards applicable to the Company.
standard or amendments to the existing standards
Note 3: PROPERTY, PLANT & EQUIPMENT
154
Particulars Free- Build- Plant Electric Fur- Office Labo- Vehi- Total
hold ings and Instal- niture Equip- ratory cles
Land Equip-
ment
lations and Fix- ment
tures
Equip-
ment
Notes
Balance as at 1 April 2022 12,275 32,684 73,388 2,331 2,363 2,155 338 1,648 127,182
Additions - 135 2,602 92 283 173 7 511 3,803
Disposals (1) - (8) (2) (21) (52) - (115) (199)
Reclassified to investment property (4,608) (18,006) - - - - - - (22,614)
Gross carrying amount as at 7,666 14,813 75,982 2,421 2,625 2,276 345 2,044 108,171
31 March 2023
Accumulated depreciation
Balance as at 1 April 2022 - (6,435) (25,838) (1,625) (729) (1,569) (201) (1,290) (37,687)
Depreciation charge for the year - (1,493) (4,416) (151) (245) (215) (24) (205) (6,749)
On disposals - - 8 2 21 47 - 69 147
Reclassified to investment property - 6,150 - - - - - - 6,150
Accumulated depreciation as at - (1,778) (30,246) (1,774) (953) (1,737) (225) (1,426) (38,139)
31 March 2023
Net carrying amount as at 31 March 2023 7,666 13,035 45,736 647 1,672 539 120 618 70,033
Gross carrying amount
Balance as at 1 April 2023 7,666 14,813 75,982 2,421 2,625 2,276 345 2,044 108,172
Additions 509 2,416 5,728 169 345 459 16 398 10,040
Disposals - (100) (2,315) (5) (151) (53) (8) (456) (3,088)
Gross carrying amount as at 8,175 17,129 79,395 2,585 2,819 2,682 353 1,986 115,124
31 March 2024
Balance as at 1 April 2023 - (1,778) (30,246) (1,774) (953) (1,737) (225) (1,426) (38,139)
Depreciation charge for the year - (966) (5,370) (134) (262) (267) (21) (238) (7,258)
On disposals - 25 2,299 5 144 51 7 420 2,951
Accumulated depreciation as at - (2,719) (33,317) (1,903) (1,071) (1,953) (239) (1,244) (42,446)
31 March 2024
Net carrying amount as at 31 March 2024 8,175 14,410 46,078 682 1,748 729 114 742 72,678
1. No proceedings has been initiated or pending against the company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
2. Refer Note 21 footnote for information on Property, plant and equipment provided as security by the Company.
3. Refer Note 2.3 (c) for policy on depreciation.
Title deeds of Immovable Properties not held in name of the Company
Relevant Description Gross Title deeds held in the Whether title deed holder is a Property Reason for not
line item in of item of carrying name of promoter, director or relative of held since being held in Notes
the Balance property value promoter/director or employee which date the name of the
sheet of promoter/director company
Investment Freehold 15,280 Yerrowda Investments No 1998 Economic rights
Annual Report 2023-24
Property land Limited (Jointly onwards held by the

controlled entity) Company
Above amount does not include building constructed by the Company on the freehold land based on the development rights held as per the
joint venture agreement.
155
Notes
Note 4: CAPITAL WORK-IN-PROGRESS
Particulars As at As at
31 March 2024 31 March 2023
Projects (Mainly comprising of building and plant & machinery) 753 274
Others 2,037 1,447
Total 2,790 1,721
Ageing schedule of Capital-work-in progress (CWIP):
CWIP As on 31 March 2024 Total

Less than 1 1-2 years 2-3 years More than
year 3 year
CWIP in progress 2,157 604 14 15 2,790

year 3 year
CWIP in progress 1,449 193 25 54 1,721
1) Projects temporarily suspended during the year ended 31 March 2024 ` NIL (31 March 2023 ` NIL)
2) Projects whose completion is overdue or has exceeded its cost compared to its original plan during the year ended
31 March 2024 ` NIL (31 March 2023 ` NIL)
Note 5: INVESTMENT PROPERTY
Particulars Free hold land Building Total

Gross block as on 01 April 2022
Opening gross carrying amount 3,146 - 3,146
Reclassification from Property, plant and equipment 4,608 18,006 22,614
Closing balance as on 31 March 2023 7,754 18,006 25,760
Accumulated depreciation as on 01 April 2022
Opening balance - - -
Depreciation charge - - -
Reclassification from Property, plant and equipment* - 6,118 6,118
Closing balance as on 31 March 2023 - 6,118 6,118
Net carrying amount as on 31 March 2023 7,754 11,888 19,642
Notes
Particulars Free hold land Building Total

Opening gross carrying amount 7,754 18,006 25,760
Addition during the year - 33 33
Closing balance as on 31 March 2024 7,754 18,039 25,793
Opening balance - 6,118 6,118
Depreciation charge - 444 444
Closing balance - 6,562 6,562
Net carrying amount as on 31 March 2024 7,754 11,477 19,231
*During the previous year one property has been transferred from property, plant and equipment to investment property in
accordance with Ind AS 40, Investment Property.
Fair value
31 March 2024 31 March 2023
Investment properties 61,432 61,432
a) Disclosures relating to fair valuation of investment property
Fair value of the above investment property as at 31 March 2024 is ` 61,432 Lakhs (31 March 2023: ` 61,432 Lakhs) based
on valuation report obtained by management from an independent registered valuer in FY 21-22 as defined under rule 2
of Companies (Registered Valuers and Valuation) Rules, 2017.
Fair value Hierarchy
The fair values of investment properties have been determined by an external, independent property valuer, having
appropriate recognised professional qualifications and relevant experience in the category of the land parcel being
valued. The fair value measurement for the investment property has been categorised as a Level 3 fair value based on the
inputs to the valuation techniques used. The investment property constitute of Creaticity Mall, land parcels at Panchagini,
Khamgaon, Solapur and vacant land at Yerwada.
Description of valuation technique used
The Company obtains independent valuations of its investment property once in every three years. The fair value of the
investment property has been derived using the Direct Comparison Method. The direct comparison approach involves
a comparison of the investment property to similar properties that have actually been sold in arms-length transaction
or are offered for sale in the same region. This approach demonstrates what buyers have historically been willing to
pay (and sellers willing to accept) for similar properties in an open and competitive market, and is particularly useful
in estimating the value of the land and properties that are typically traded on a unit basis. This approach leads to a
reasonable estimation of the prevailing price. Given that the comparable instances are located in close proximity to the
investment property; these instances have been assessed for their locational comparative advantages and disadvantages
while arriving at the indicative price assessment for investment property.
Notes
b) The Company has earned rental income and incurred direct operating expense on the above properties. Details as
below :
i) Rental and incidental income earned of ` 1,806 Lakhs (31 March 2023 ` 1,517 Lakhs)
ii) Direct operating expenses (including repairs and maintenance) arising from investment property that generated rental
income ` 3,489 Lakhs (31 March 2023 ` 2,250 Lakhs)
iii) Direct operating expenses (including repairs and maintenance) arising from investment property that did not generate
rental income ` NIL (31 March 2023 ` NIL).
Note 6: LEASES
A. Right of use assets
Particulars Leasehold Leasehold Furniture Plant and Office Total

Building land and fixtures Machinery Equipments
Balance as at 1 April 2022 3,704 7,983 302 27 - 12,016
Add: Additions 20 - - 1,835 91 1,946
Less: Disposals (324) - - - - (324)
Gross carrying amount as at 31 March 2023 3,400 7,983 302 1,862 91 13,638
Accumulated amortization
Balance as at 1 April 2022 (1,544) (315) (152) (3) - (2,014)
Amortisation for the year (836) (93) (66) (239) (19) (1,253)
Less: Disposals 324 - - - - 324
Accumulated depreciation as at (2,056) (408) (218) (242) (19) (2,943)
31 March 2023
Net carrying amount as at 31 March 2023 1,344 7,575 84 1,620 72 10,695
Balance as at 1 April 2023 3,400 7,983 302 1,862 91 13,638
Add: Additions 82 - - 1,631 - 1,713
Less: Disposals (128) (494) - - - (622)
Gross carrying amount as at 31 March 2024 3,354 7,489 302 3,493 91 14,729
Balance as at 1 April 2023 (2,056) (408) (218) (242) (19) (2,943)
Amortisation for the year (850) (85) (73) (669) (29) (1,706)
Less: Disposals 30 35 - - - 65
Accumulated depreciation as at (2,876) (458) (291) (911) (48) (4,584)
31 March 2024
Net carrying amount as at 31 March 2024 478 7,031 11 2,582 43 10,145
Notes
Company as Lessee:
B. Lease liabilities
31 March 2024 31 March 2023
Current 1,152 1,386
Non Current 1,867 1,342
Total 3,019 2,728
C. Interest expenses on lease liabilities
31 March 2024 31 March 2023
Interest on lease liabilities 252 246
D. Expenses on short term leases / low value assets
31 March 2024 31 March 2023
Short term leases 51 33
E. Amounts recognised in the statement of cash flow
31 March 2024 31 March 2023
Total cash outflow for leases:
a) Short term Leases (Refer (D) above) 51 33
b) Other leases 1,593 1,039
Total 1,644 1,072
Other Information:
The Company has leases mainly for Corporate building, Director building, guest houses, plant & machinery, office equipment
and some furniture items. These lease contracts provide for payment to increase each year by inflation.
Company as a Lessor:
The Company has given building on operating lease, Lease are renewed only on mutual consent and at prevalent market price.
Operating lease rent and incidental income recognised in the Statement of Profit and Loss ` 1,806 Lakhs (31 March 2023 `
1,517 Lakhs). (Refer Note No. 28)
Notes
Details of undiscounted lease payments receivable after the reporting date
31 March 2024 31 March 2023
Receivable not later than 1 year 2,040 1,680
Receivable later than 1 year and not later than 2 years 2,142 1,764
Receivable later than 2 years and not later than 3 years 2,249 1,852
Receivable later than 5 years 2,604 -
Total 13,877 9,283
Note 7: INTANGIBLE ASSETS
Particulars Computer License Fees Operating Total

Software Rights
Gross carrying amount as on 1 April 2022 1,425 633 - 2,058
Additions during the year 50 28 2,280 2,358
Gross carrying amount as on 31 March 2023 1,475 661 2,280 4,416
Additions during the year 39 61 - 100
Gross carrying amount as on 31 March 2024 1,514 722 2,280 4,516
Accumulated Amortisation
Accumulated amortisation as at 1 April 2022 526 522 - 1,048
Amortisation charge for the year 202 33 56 291
Closing accumulated amortisation as at 31 March 2023 728 555 56 1,339
Amortisation charge for the year 196 46 228 470
Closing accumulated amortisation as at 31 March 2024 924 601 284 1,809
Net Block as at 31 March 2023 747 106 2,224 3,077
Net Block as at 31 March 2024 590 121 1,996 2,707
Refer Note 2.3(d) for policy on amortisation
Note 8: INTANGIBLE ASSETS UNDER DEVELOPMENT
31 March 2024 31 March 2023
Intangible assets under Development (Mainly include softwares under 526 182
development)
Total 526 182
Notes
Ageing schedule Intangible assets under development:
As on 31 March 2024 Total

Intangible assets under development Less than 1-2 years 2-3 years More than
1 year 3 year
Projects in progress 426 82 18 - 526
As on 31 March 2023 Total

Intangible assets under development Less than 1-2 years 2-3 years More than
1 year 3 year
Projects in progress 90 92 - - 182
2) Projects whose completion is overdue or has exceeded its cost compared to its original plan during the year ended 31
March 2024 ` NIL (31 March 2023 ` NIL)
FINANCIAL ASSETS
Note 9: INVESTMENT
31 March 2024 31 March 2023
Investments carried at cost
Investments in equity shares (unquoted) of subsidiaries (fully paid up)
1,70,50,000 (31 March 2023: 1,70,50,000) equity shares of Mahadhan AgriTech 80,676 80,676
Limited (formerly known as Smartchem Technologies Limited) (wholly owned
subsidiary) of ` 10 each
1,60,000 (31 March 2023: 1,60,000) equity shares of Deepak Nitrochem Pty. 55 55
Limited (wholly owned subsidiary) of AUD 1 each
Less: Impairment in the value of investments (35) (35)
10,000 (31 March 2023: 10,000) equity shares of Deepak Mining Solutions 1 1
Limited (formerly known as Deepak Mining Services Private Limited) (wholly
owned subsidiary) of ` 10 each
50,000 (31 March 2023: 50,000) equity shares of SCM Fertichem Limited (wholly 4 4
owned subsidiary) of ` 10 each
41,00,000 (31 March 2023: 41,00,000) equity shares of Ishanya Brand Services 411 411
Limited of ` 10 each
100,000 (31 March 2023: 100,000) equity shares of Ishanya Realty Corporation 6 6
Limited of `10 each
Deemed investment in Platinum Blasting Services Pty Limited* 130 130
Deemed investment in Performance Chemiserve Limited* 2,193 1,733
Deemed investment in Mahadhan AgriTech Limited (formerly known as 3,814 1,811
Smartchem Technologies Limited)*
Notes
31 March 2024 31 March 2023
Investments in equity shares (unquoted) of Associates (fully paid up) - -
Total (equity instruments) 87,255 84,792
Investments measured at Amortised cost
Investments in debentures (unquoted) of subsidiaries (fully paid up)
5,000 (31 March 2023: 10,000) optionally convertible debentures of Mahadhan 50,000 100,000
AgriTech Limited (formerly known as Smartchem Technologies Limited) (wholly
owned subsidiary) of ` 10 lakhs each ***
2,100 (31 March 2023: NIL) Compulsory convertible debentures of Mahadhan 27,934 -
AgriTech Limited (Formerly known as Smartchem Technologies Limited (wholly
owned subsidiary) of ` 10 lakhs each^
Investments in equity shares (unquoted) (fully paid up) (fair value through
other comprehensive income)
24,50,000 (31 March 2023: 24,50,000) equity shares of Avaada MHBuldana 245 245
Private Limited Project of ` 10 each
88,448 (31 March 2023: 88,448) equity shares of Deepak International Limited of - -
Sterling Pound of 1 each**
Aggregate amount of unquoted investments 1,65,434 1,85,037
Aggregate amount of impairment in the value of investments 35 35
* Deemed investement is on account of accounting done in books for fair valuation of corporate guarantee issued to banks
and financial institutions on behalf of subsidiary and step-down subsidiary companies.
The company has complied with the number of layers of companies as prescribed under clause (87) of section 2 of the Act
read with the Companies (Restriction on number of Layers) Rules, 2017.
** Investment in Deepak International Ltd ` 69 Lakhs (31 March 2023 - ` 69 Lakhs) has been fair valued at ` Nil.
*** During the year, 5,000 Nos. Optionaly Convertible Debenture repaid.
^ During the year, company has purchased compulsory convertible debenture issued by Mahadhan AgriTech Limited
(formerly known as Smartchem Technologies Limited) from International finance corporation.
Refer Note 37(i) for Fair value measurements of financial assets and liabilities and refer Note 37(ii) for Fair value hierarchy
disclosures for financial assets and liabilities.
Notes
Note 10: CURRENT INVESTMENTS
Units as on As at Units as on As at
Particulars
31 March 2024 31 March 2024 31 March 2023 March 2023
Quoted
Investment in mutual funds (measured at fair value
through profit and loss)
Invesco India Liquid Fund - Growth 60,891 2,003 48,954 1,502
HSBC Liquid Fund(G) 67,145 1,603 - -
Bandhan Liquid Fund-Reg(G) 34,599 1,001 33,396 902
Baroda BNP Paribas Liquid Fund(G) 36,349 1,001 - -
Nippon India Overnight Fund-Reg(G) 3,91,359 501 - -
HDFC Overnight Fund - Regular Plan - Growth 14,211 501 36,360 1,201
Kotak Overnight Fund-Reg(G) 39,387 501 - -
ICICI Pru Overnight Fund(G) 31,190 401 - -
UTI Overnight Fund-Reg(G) 12,342 400 9,896 301
Mirae Asset Liquid Fund-Reg(G) 11,966 300 - -
Axis Overnight Fund-Reg(G) 23,788 300 - -
Adiya Birla Sun Life Overnight Fund Growth - Regular Plan 7,845 101 49,827 601
Tata Overnight Fund-Reg(G) - - 42,498 500
ICICI Pru Liquid Fund-Reg(G) - - 2,72,747 902
Nippon India Liquid Fund-Reg(G) - - 22,077 1,204
HDFC Liquid Fund-Reg(G) - - 11,412 500
Kotak Liquid Fund-Reg(G) - - 26,650 1,204
Axis Liquid Fund - Regular Growth - CFGPG - - 48,464 1,204
SBI Liquid Fund Regular Growth - - 48,743 1,704
HSBC Cash Fund - Growth - - 76,545 1,704
Total 8,613 13,429
Aggregate carrying value of quoted investments 8,613 13,429
Aggregate market value of quoted investments 8,613 13,429
Note 11: TRADE RECEIVABLES
31 March 2024 31 March 2023
Trade Receivables considered good - Secured - -
Trade Receivables considered good - Unsecured 28,098 16,103
Trade Receivables which have significant increase in Credit Risk - -
Trade Receivables - credit impaired Unsecured 1,314 1,196
Less: Impairment loss allowance (1,314) (1,196)
Total 28,098 16,103
Notes
Movement in allowance for expected credit loss:
31 March 2024 31 March 2023
Balance at beginning of the year 1,196 790
Add: Allowance for expected credit loss 118 406
Less: Reversed / utilized during the year - -
Balance as at the end of the year 1,314 1,196
Refer Note 38(i) on credit risk of trade receivables, which explains how the Company manages and measures credit quality of
trade receivables that are neither past due nor impaired.
Refer Note 40(b) for amount receivable from related parties which includes debts due by companies in which any director is a
director or member.
The Company’s exposure to customers is diversified and except 2 customers contributes 45.19% (28.64%), no other
customers,contributes more than 10% of the outstanding receivables as at 31 March 2024 and 31 March 2023.
Trade Receivables ageing schedule
Particulars Outstanding for following periods from due date of

payment as on 31 March 2024
Not due Less 6 months 1-2 2-3 More
than 6 -1 year Years years than 3 Total
months years
(i) Undisputed Trade Receivables – 12,949 14,753 187 209 - - 28,098
considered good
(ii) Undisputed Trade Receivables – which - - - - - - -
have significant increase in credit risk
(iii) Undisputed Trade Receivables – credit 27 54 46 292 273 622 1,314
impaired
(iv) Disputed Trade Receivables–considered good - - - - - - -
(v) Disputed Trade Receivables – which have - - - - - - -
significant increase in credit risk
(vi) Disputed Trade Receivables – credit impaired - - - - - - -
Less: Impairment loss allowance (27) (54) (46) (292) (273) (622) (1,314)
Total 12,949 14,753 187 209 - - 28,098
Notes
Particulars Outstanding for following periods from due date of

payment as on 31 March 2023
Not due Less 6 months 1-2 Years 2-3 years More
than 6 -1 year than 3 Total
months years
(i) Undisputed Trade Receivables – 11,352 4,342 400 8 1 - 16,103
considered good
(ii) Undisputed Trade Receivables – which - - - - - - -
have significant increase in credit risk
(iii) Undisputed Trade Receivables – credit 16 41 67 273 294 505 1,196
impaired
(iv) Disputed Trade Receivables–considered good - - - - - - -
(v) Disputed Trade Receivables – which have - - - - - - -
significant increase in credit risk
(vi) Disputed Trade Receivables – credit impaired - - - - - - -
Less: Impairment loss allowance (16) (41) (67) (273) (294) (505) (1,196)
Total 11,352 4,342 400 8 1 - 16,103
Note 12: LOANS
As at 31 March 2024 As at 31 March 2023

Particulars
Current Non Current Current Non Current
Unsecured, considered good
Loans to subsidiaries (Refer Note 42) 659 35,874 13,753 -
Advances to employees 40 - 46 -
Other loans 3 - 3 -
Unsecured, considered doubtful
Other loans 205 - 205 -
Less: Provision for doubtful loans (205) - (205) -
Total 702 35,874 13,802 -
Notes
1. Disclosures of Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related
parties (as defined under Companies Act, 2013), either severally or jointly with any other person that are repayable on
demand or without any terms or period of repayment:
Type of Borrower Terms of As at 31 March 2024 As at 31 March 2023

Loans Amount Percentage to Amount Percentage to
of loan the total loans of loan the total loans
outstanding outstanding
Related Parties (wholly owned Repayable on 159 0.43% 29 0.21%
subsidiaries) (Refer Note : 40(b)) demand
2. The Company has provided loans to its wholly owned subsidiary for further investment in its step down subsidiary.
Date and amount of Ultimate Date and amount of

fund loaned for further Beneficiary fund further loaned
Intermediary name investment
Date Amount Date Amount
Mahadhan AgriTech Limited (formerly known N.A. N.A Performance N.A. N.A.
as Smartchem Technologies Limited), wholly Chemiserve
owned subsidiary Limited, step down
subsidiary
The Company has complied the relevant provisions of the Companies Act, 2013 and the transactions are not violative of the
Prevention of Money Laundering Act, 2002 (15 of 2003).
Note 13: CASH & CASH EQUIVALENTS
31 March 2024 31 March 2023
Balances with banks
- in current accounts 2,815 2,499
Deposits with original maturity upto three months - -
Cash on hand 1 -
Total 2,816 2,499
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
Note 14: OTHER BANK BALANCES
31 March 2024 31 March 2023
Earmarked balances with banks
Unclaimed dividend 836 817
Deposits with remaining maturity upto 12 months from the reporting date 520 495
Total 1,356 1,312
Notes
Note 15: OTHER FINANCIAL ASSETS

Particulars
a. Derivative assets
(i) Commodity hedge contracts 455 - - -
b. Interest receivable
(i) From bank 4 - 27 -
(ii) From others 2,132 - 1,668 -
c. Security deposits 168 3,355 - 3,482
d. Bank deposits with more than 12 months maturity - 1,850 - 675
e. Amount paid under protest for claims from supplier* - 1,507 - 1,507
f. Incentive receivable from Government of Gujarat 1,085 - 2,262 -
g. Others 51 - 451 -
Total 3,895 6,712 4,408 5,664
Refer Note 40(b) for Security deposits and Interest receivable on loans to related parties
*Included in supplier claim (refer note 41)
Note 16: OTHER NON-CURRENT ASSETS
31 March 2024 31 March 2023
Capital advances 5,626 2,756
Balance with government authorities 6,329 5,633
Prepaid Expenses 67 172
Total 12,022 8,561
Note 17: INVENTORIES
31 March 2024 31 March 2023
Raw materials (includes ` 287 Lakhs in transit) (31 March 2023 ` 79 Lakhs) 2,483 2,308
Finished goods 2,138 4,613
Stock-in-trade 473 514
Stores and spares 7,478 6,521
Packing material 63 57
Total 12,635 14,013
Notes
The cost of inventories recognised as an expense includes ` 2 Lakhs (31 March 2023: ` 551 Lakhs) in respect of write-down of
inventories to net realisable value.
Refer note 2.3(k) for policy on Valuation of Inventories.
Note 18: OTHER CURRENT ASSETS
31 March 2024 31 March 2023
Advances for supply of goods and services 678 810
Balances with government authorities (includes GST, Custom duty etc) 1,543 905
Prepaid expenses 1,025 627
Other receivables 79 87
Total 3,325 2,429
Note 19: SHARE CAPITAL
31 March 2024 31 March 2023
Authorised
13,50,50,000 equity shares of ` 10/- each. 13,505 13,505
(31 March 2023: 13,50,50,000 equity shares of ` 10/- each)
13,505 13,505
Issued, subscribed and fully paid-up share capital
Fully paid-up share capital as at year end 12,624 12,624
(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the year end
Particulars As at 31 March 2024 As at 31 March 2023

No. of Shares Amount No. of Shares Amount
Equity Shares
Balance as at the beginning and at the end of the year 12,62,37,825 12,624 12,05,92,948 12,059
Add: Shares issued by way of conversion of foreign - - 56,44,877 564
currency convertible bonds (FCCB)
12,62,37,825 12,624 12,62,37,825 12,624
Terms and rights attached to equity shares
The Company has only one class of equity shares having par value of ` 10 per share. Holder of each equity share is entitled to
one vote per share.
Notes
The Company declares and pays dividend in Indian Rupees except in the case of overseas shareholders where dividend is paid
in respective foreign currencies considering foreign exchange rate applied at the date of remittance. The dividend proposed by
the Board of Directors is subject to the approval of shareholders in the Annual General Meeting.
In the event of liquidation of the Company the holders of equity share will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts in proportion to their shareholding. The distribution will be in proportion
to the numbers of equity shares held by the shareholder.
ii. Details of shareholders holding more than 5% shares in the Company

Particulars Number of % Holding Number of % Holding
shares shares
Nova Synthetic Limited 4,35,92,875 34.53% 4,35,92,875 34.53%
Robust Marketing Services Private Limited 1,10,67,301 8.77% 1,08,52,301 8.60%
Shares held by promoters As on 31 March 2024 As on 31 March 2023 % of Change

No. % of Total No. % of Total during the
of Shares Shares of Shares Shares year
Promoter Name
Class of Shares : Equity shares of ` 10/- each
1) Shri Chimanlal K Mehta - 0.00% 8,78,913 0.70% -100.00%
2) Shri Sailesh C Mehta 1,731 0.00% 1,731 0.00% 0.00%
3) Smt. Parul S Mehta 1,409 0.00% 1,409 0.00% 0.00%
4) Shri Yeshil S. Mehta 1,15,000 0.09% 1,15,000 0.09% 0.00%
5) Shri Deepak C Mehta 8,78,913 0.70% - 0.00% 100.00%
5) Nova Synthetic Limited 4,35,92,875 34.53% 4,35,92,875 34.53% 0.00%
6) Sofotel Infra Private Limited 19,41,546 1.54% 19,41,546 1.54% 0.00%
7) Robust Marketing Services Private Limited 1,10,67,301 8.77% 1,08,52,301 8.60% 1.98%
Note 20: OTHER EQUITY (Refer Statement of Changes in Equity for Reserves movement)
Nature and purpose of other equity
(a) Securities premium: Amount received in excess of face value of the equity shares is recognized in Securities Premium.
The reserve is eligible for utilisation in accordance with the provisions of the Companies Act, 2013.
(b) Capital redemption reserve: The Company had issued redeemable preference shares and as per the provisions of the
Act where preference shares are redeemed out of divisible profits, an amount equal to the nominal value of shares so
redeemed must be transferred to capital redemption reserve, out of divisible profits.
Notes
(c) General reserve: This represents appropriation of profits by the Company to General Reserve and is available for
distribution of dividend.
(d) Retained earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to general
reserve, dividends or other distributions paid to shareholders.
(e) Re-measurement of defined benefit plans: This represents the cumulative gains and losses arising on the re-measurement
of defined benefit plans in accordance with Ind AS 19 that have been recognised in other comprehensive income.
(f) Hedge Reserve : Effective portion of fair value gain/(loss) on all financial instruments designated in cash flow hedge
relationship are accumulated in hedge reserve.
FINANCIAL LIABILITIES
Note 21: NON-CURRENT BORROWINGS
Particulars Terms of repayment Coupon/ Interest rate As at As at

& Maturity date 31 March 2024 31 March 2023
Secured-at amortised cost
Term loans from banks
(i) Bank of Baroda - 13,606
(ii) Export Import Bank of India Repayable in quarterly 8.00% to 8.80% per annum 12,395 15,654
instalments starting from
June 2021 and end date of 31
March 2028
(iii) Bank of Baroda Repayable in quarterly 8.15% to 9.35% per annum - 4,585
October 2020 and end date of
October 2023
(iv) Bank of Baroda Repayable in quarterly 9.15% to 9.25% per annum 8,210 -
March 2024 and end date of
September 2027
(v) State Bank of India Repayable within 18 months 8.80% per annum 1,498 -
(vi) State Bank of India Repayable in quarterly 8.60% per annum 10,761 -
March 2028
Total non-current borrowings 32,864 33,845
Less: Current maturities of long-term debt (included in note 22) 7,260 10,774
Total 25,604 23,071
Notes
a) The term loan (i), (ii) and (vi) has been availed for financing of Nitric Acid project at Dahej. The term loan is secured by pari
passu charge on the land & building and hypothecation of all the present & future immovable fixed assets and intangible
assets pertaining to Nitric Acid project at Dahej.
b) The term loan (iii) has been availed to shore up the net working capital of the Company. The term loan is secured by
exclusive charge on the immovable property situated at Yerwada Pune belonging to joint operation, M/s Yerrowda
Investments Limited (YIL). Corporate Guarantee of M/s Yerrowda Investments Limited (YIL) to the extent of the value of
Immovable property is offered to Bank of Baroda.
c) The term loan (iv) has been availed to shore up the net working capital of the Company. The term loan is secured by pari
passu charge on immovable property situated at Yerwada Pune belonging to joint operation, M/s Yerrowda Investments
Limited (YIL) with the subsisting mortgage/charge thereon in favour of the Lender for its Corporate Loan of ` 400 cr
sanctioned to Mahadhan AgriTech Limited. Corporate Guarantee of M/s Yerrowda Investments Limited (YIL) to the extent
of the value of Immovable property is offered to Bank of Baroda.
d) The term loan (v) has been availed for financing of Nitric Acid project at Dahej. The term loan is secured by pari passu
charge on project specific assets of upcoming Nitric Acid plant at Dahej, Gujarat.
e) The Company has registered all the required charges with Registrar of Companies within the statutory period.
f) The Company has not received any funds from any person or entity, including foreign entities (“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.
Note 22: CURRENT BORROWINGS
31 March 2024 31 March 2023
From banks
Secured
-Current maturities of non-current borrowings 7,260 10,774
Total 7,260 10,774
RECONCILIATION OF BORROWINGS AS REQUIRED BY Ind AS 7 ‘’STATEMENT OF CASH FLOWS’’
31 March 2024 31 March 2023
Non-current borrowings (refer note 21) 25,604 23,071
Current borrowings (refer note 22) 7,260 10,774
Non-current Lease liabilities (refer note 6) 1,867 1,342
Current Lease liabilities (refer note 6) 1,152 1,386
35,883 36,573
Notes
31 March 2024 31 March 2023
Cash and Non-cash adjustments
Conversion of Foreign Currency Conversion Bonds to Equity Share Capital and - (9,504)
Securities Premium
Repayment of non-curerent borrowings (22,434) (12,117)
Availment of long term borrowings 21,452 -
Reduction/ Increase in interest accrued - (487)
Addition on account on new leases 1,713 1,946
Lease payment (1,593) (1,039)
Others (80) (2)
Movement of borrowings (net) (690) (20,957)
The Company has filed the statements of current assets as per the sanction letters with the banks and are in agreement with
the books of account.
Note 23: OTHER FINANCIAL LIABILITIES
31 March 2024 31 March 2023
Non-current
Financial guarantee 1,782 1,533
Total 1,782 1,533
Current
Security deposits 724 649
Capital creditors 730 1,078
Commission payable (refer Note 40(b)) 2,594 205
Foreign Currency Options - 1
Financial guarantee 394 274
Salary payables 3,183 3,108
Unclaimed dividend (#) 836 817
Others* 2,043 -
Total 10,504 6,132
(#)
` 99 Lakhs (31 March 2023 ` 74 Lakhs) transferred to the Investor Education and Protection Fund during the year. There has
been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company
except for ` 0.37 Lakhs (31 March 2023 ` 0.37 Lakhs), wherein legal disputes with regards to ownership have remained
unresolved.
*Includes a liability of ` 2,043 Lakhs (31 March 2023: ` Nil) on account of a channel financing arrangement, where the bank
pays the Company for goods bought by authorized dealers when due and the dealers then pay the bank as per the agreed
terms. The Company recognises financial liability to the extent that it has issued First Loss Default Guarantee.
Notes
Note 24: PROVISIONS

Particulars
Current Non-Current Current Non-Current
Provision for employee benefits
Gratuity 523 2,036 493 1,740
Compensated absences 360 766 288 730
Defined pension benefits 110 225 181 116
Total (A) 993 3,027 962 2,586
Provisions for tax contingencies# 3,624 - 3,542 -
Provision for site restoration* - 125 - 125
Total (B) 3,624 125 3,542 125
Total (A+B) 4,617 3,152 4,504 2,711
Movement in Provisions for tax contingencies
Tax Site Compensated

contingencies# restoration* absences
As at 1 April 2022 3,460 517 1,288
Additional provisions recognised 82 - -
Excess amounts reversed/utilised - (392) (270)
As at 31 March 2023 3,542 125 1,018
Additional provisions recognised 82 - -
Excess amounts reversed/utilised - - 108
As at 31 March 2024 3,624 125 1,126
#
Provision for tax contingencies does not include all of these account of Entry tax, MVAT applicable on purchase of natural
gas and income tax provision.
* The site restoration expense and decommissioning charges outflow is expected to be within a period of one to five years
from date of balance sheet.
(A) Defined Contribution Plans (refer Note 33)
31 March 2024 31 March 2023
Employer’s contribution to provident fund 298 242
Employer’s contribution to employee’s pension scheme 69 65
Employer’s contribution to superannuation fund 201 183
Employer’s contribution to employee state insurance 1 1
Total 569 490
Notes
(B) Defined Benefit Plans
i. Gratuity
The Company operates gratuity plan (funded) wherein every employee is entitled to the benefit equivalent to fifteen
days salary last drawn for each completed year of service. The same is payable on termination of service or retirement
whichever is earlier. The benefit vests after five years of continuous service.The gratuity plan is governed by the payment
of Gratuity Act, 1972. Under the act, employee who has completed five years of service is entitled to specific benefit.
The level of benefits provided depends on the member’s length of service and salary at retirement age.
In accordance with Ind AS 19 “Employee Benefits”, an actuarial valuation has been carried out in respect of gratuity.
The discount rate assumed is 7.20% p.a. (31 March 2023: 7.40% p.a) which is determined by reference to market yield at
the Balance Sheet date on Government bonds. The retirement age has been considered at 60 years (31 March 2023: 60
years), withdrawal rate is 10% p.a. (31 March 2023: 10% p.a.) and mortality table is as per IALM (2012-14) (31 March 2023:
IALM (2012-14)).
The estimates of future salary increases, considered in actuarial valuation is 8% p.a. (31 March 2023: 8% p.a), taking into
account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
The plans assets are maintained with Life Insurance Corporation of India in respect of gratuity scheme of the Company.
The details of investments maintained by Life Insurance Corporation are not available with the Company, hence not
disclosed. The expected rate of return on plan assets is 7.40% p.a. (31 March 2023: 6.90% p.a).
Reconciliation of opening and closing balances of the present value of the defined benefit obligation:
31 March 2024 31 March 2023
Present value of obligation at the beginning of the year 6,592 6,256
Current service cost 425 394
Interest cost 470 415
Actuarial loss 782 (5)
Benefits paid (488) (468)
Present value of obligation at the end of the year 7,781 6,592
Reconciliation of the present value of defined benefit obligation and the fair value of the plan assets:
31 March 2024 31 March 2023
Fair value of plan assets at the end of the year 5,223 4,360
Net (asset)/liabilities recognised in the Balance Sheet 2,558 2,232
Notes
Fair value of Plan assets :
31 March 2024 31 March 2023
Plan assets at the beginning of the year 4,360 3,920
Expected return on plan assets 341 276
Contribution by employer 493 478
Actual benfits paid - (323)
Acturial gain/(loss) 29 8
Plan assets at the end of the year 5,223 4,360
Expense recognised in the Statement of Profit and Loss under employee benefits expense:
31 March 2024 31 March 2023
Expense recognised in the Statement of Profit and Loss 554 534
Amount recognised in the other comprehensive income:
31 March 2024 31 March 2023
Remeasurements Cost / (Credit ) 782 (5)
Actuarial (gain)/loss on plan assets (29) (8)
Amount recognised in the Other Comprehensive Income 753 (13)
Remeasurements for the year (Actuarial (Gain) / Loss)
31 March 2024 31 March 2023
Experience Loss on plan liabilities 734 137
Demographic Loss on plan liabilities - (24)
Financial (Gain)/ Loss on plan liabilities 48 (119)
Experience (Gain) / Loss on plan assets (6) 4
Financial (Gain) / Loss on plan assets (23) (12)
Notes
Categories of the fair value of total plan assets:
31 March 2024 31 March 2023
Funds managed by insurer 5,223 4,360
(%) of total plan assets 100% 100%
Sensitivity analysis :

Assumptions Discount rate Discount rate
Sensitivity level 1.00% increase 1.00% decrease 1.00% increase 1.00% decrease
Impact on defined benefit (decrease)/increase (234) 256 (222) 243

Assumptions Future salary increase Future salary increase
Impact on defined benefit (decrease)/increase 202 (189) 191 (178)
The sensitivity analysis above have been determined based on reasonably possible changes of the respective assumptions
occurring at the end of the year and may not be representative of the actual change. It is based on a change in the key
assumption while holding all other assumptions constant.
Maturity profile of defined benefit obligation is as follows:
31 March 2024 31 March 2023
Within the next 12 months (next annual reporting period) 3,187 2,399
Later than 1 year and not later than 5 years 3,661 3,362
Total 8,985 9,572
Weighted average duration of the plan (based on discounted cash flows using mortality, withdrawal rate and interest rate) is
7.4 years (31 March 2023: 7.53 years)
Expected contribution for next year:
The company intends to contribute ` 523 lakhs in 2024 (` 493 lakhs in 2023)
Notes
RISK EXPOSURE AND ASSET LIABILITY MATCHING
Provision of a defined benefit scheme poses certain risks, some of which are detailed hereunder, as companies take on
uncertain long term obligations to make future benefit payments.
1. Liability Risks
a. Asset-Liability Mismatch Risk
Risk which arises if there is a mismatch in the duration of the assets relative to the liabilities. By matching duration
with the defined benefit liabilities, the company is successfully able to neutralize valuation swings caused by interest
rate movements.
b. Discount Rate Risk
Variations in the discount rate used to compute the present value of the liabilities may seem small, but in practise
can have a significant impact on the defined benefit liabilities.
c. Future Salary Escalation and Inflation Risk
Since price inflation and salary growth are linked economically, they are combined for disclosure purposes.
Rising salaries will often result in higher future defined benefit payments resulting in a higher present value of
liabilities especially unexpected salary increases provided at management’s discretion may lead to uncertainities in
estimating this increasing risk.
2. Asset Risks
Plan assets are maintained in a trust fund partly managed by a public sector insurer viz; LIC of India. The company has
opted for a traditional fund wherein all assets are invested primarily in risk averse markets. The company has no control
over the management of funds but this option provides a high level of safety for the total corpus. A single account is
maintained for both the investment and claim settlement and hence 100% liquidity is ensured. Also interest rate and
inflation risk are taken care of.
ii. Defined pension benefits
The Company has a Post Retirement Benefit plan, which is a defined benefit retirement plan, according to which executives
superannuating from the service after ten years of service are eligible for certain benefits like medical, fuel expenses,
telephone reimbursement, club membership etc. for specified number of year. The liability is provided for on the basis of
an independent acturial valuation.
In accordance with Ind AS 19 “Employee Benefits”, an actuarial valuation has been carried out in respect of post
retirement benefits. The discount rate assumed is 7.20% p.a. (31 March 2023: 7.40% p.a) which is determined by reference
to market yield at the Balance Sheet date on Government bonds. The retirement age has been considered at 60 years (31
March 2023: 60 years), withdrawal rate is 10% p.a. (31 March 2023: 8% p.a.) and mortality table is as per IALM (2012-14)
(31 March 2023: IALM (2012-14)).
Notes
31 March 2024 31 March 2023
Present value of obligation at the beginning of the year 297 315
Past service cost - -
Interest cost 21 21
Actuarial (gain)/ loss (2) (55)
Present value of obligation at the end of the year 335 297
31 March 2024 31 March 2023
Interest cost 21 21
31 March 2024 31 March 2023
Actuarial (gain)/ loss on plan assets (2) (55)
Amount recognised in the Other Comprehensive Income (2) (55)

Impact on defined benefit (76) 103 (67) 91
Notes
Note 25: TRADE PAYABLES
31 March 2024 31 March 2023
Trade payables
(b) total outstanding dues of creditors other than micro and small enterprises #
16,412 25,221
Total 17,996 26,897
#
Includes payable to related party ` 1 Lakhs (31 March 2023: ` 6 Lakhs)
31 March 2024 31 March 2023
The principal amount and the interest due thereon remaining unpaid to any 1,584 1,676
supplier as at the end of each accounting year
- Principal amount outstanding (whether due or not) to micro and small 1,181 1,420
enterprises
- Interest due thereon 3 3
The amount of interest paid by the Company in terms of section 16 of the - -

MSMED Act, 2006 along with the amounts of the payment made to the supplier
beyond the appointed day during each accounting year
The amount of payment made to the supplier beyond the appointed day during 6,485 5,166
the year
Amount of interest due and payable on delayed payments 39 86
Amount of interest accrued and remaining unpaid as at year end 403 256
The amount of further interest remaining due and payable even in the succeeding year - -
To comply with the requirement of The Micro, Small And Medium Enterprises Development Act, 2006 (‘MSMED Act’), the
Company requested its suppliers to confirm whether they are Micro, Small or Medium enterprise as defined in the said
MSMED Act. Based on the communications received from such suppliers confirming their coverage as such enterprise, the
Company has recognised them for the necessary treatment as provided under the MSMED Act, from the date of receipt of such
confirmations.
Notes
Trade Payables aging schedule
As on 31 March 2024 - Outstanding for

following periods from due date of payment
Particulars Total
Not due Less than 1-2 years 2-3 years More than
1 year 3 years
(i) MSME 702 488 131 116 147 1,584
(ii) Others 795 8,711 34 24 590 10,154
(iii) Disputed dues – MSME - - - - - -
(iv) Disputed dues - Others - - - - - -
(v) Unbilled dues 6,258 - - - - 6,258
Total 7,755 9,199 165 140 737 17,996

Particulars Total
Not due Less than 1-2 years 2-3 years More than
1 year 3 years
(i) MSME 240 1,148 131 82 75 1,676
(ii) Others 8,306 10,309 203 68 336 19,222
(v) Unbilled dues 5,999 - - - - 5,999
Total 14,545 11,457 334 150 411 26,897
Note 26: DEFERRED TAX LIABILITIES (NET)
The balance comprises temporary differences attributable to:
31 March 2024 31 March 2023
(a) Deferred tax assets (1,986) (1,304)
(b) Deferred tax liabilities 6,330 4,978
Net deferred tax liabilities 4,344 3,674

Notes
Movements in deferred tax liabilities:
Movements during the year ended 31 March 2024:
1 April 2023 Charge/(credit) Credit/ Charge/(credit) As at

in the statement (Charge) in in the Other 31 March
Particulars
of Profit and equity Comprehensive 2024
Loss Income
Property, plant and equipment, investment 4,773 321 - - 5,094
property and intangibles assets
Expenses allowable in the year of payment (1.304) (493) - (189) (1,986)
(section 43B of Income Tax Act 1961)
Others 205 1.058 - (27) 1,236
Net deferred tax liabilities 3,674 886 - (216) 4,344
Movements during the year ended 31 March 2023:
1 April 2022 Charge/(credit) in Credit/ Charge/(credit) As at

the statement of (Charge) in in the Other 31 March
Particulars
Profit and Loss equity Comprehensive 2023
Income
Property, plant and equipment, 4,200 573 - - 4,773
investment property and intangibles
assets
Expenses allowable in the year of payment (1,378) 74 - - (1,304)
Foreign Currency Convertible Bonds 435 (435) - - -
Impairment Provision (375) 375 - - -
Financial assets at fair value through 342 - - (342) -
OCI
Others (251) 438 - 18 205
Net deferred tax liabilities 2,973 1,025 - (324) 3,674
Note 27: OTHER CURRENT LIABILITIES
31 March 2024 31 March 2023
Advances from customers 908 750
Statutory dues payable 2,841 2,382
Other payables 162 134
Total 3,911 3,266
Notes
Note 28: REVENUE FROM OPERATIONS
Particulars For the year ended For the year ended

31 March 2024 31 March 2023
Sale of products
Finished goods 1,80,636 2,06,344
Traded goods 8,331 23,009
Power generated from windmills - 930
Revenue from realty business 1,806 1,517
Other operating revenues
Incentive income* 1,322 3,123
Others 157 59
Total 1,92,252 2,34,982
* Incentive under Scheme for incentive to industries (general) 2016-2021 of State of Gujarat for Dahej Plant
Contracts with customer

31 March 2024 31 March 2023
Revenue recognised from contracts with customers 1,92,252 2,34,982
Disaggregation of revenue
Based on type of goods
- Sale of industrial chemicals 1,80,636 2,06,344
- Sale of traded products
(i) Industrial chemicals 8,224 22,483
(ii) Value added real estate (VARE) - Sale of furniture 107 526
- Revenue from power generated from windmills - 930
- Revenue from realty operation 1,806 1,517
- Other operating revenues 1,479 3,182
Cumulative Impairment losses recognised on receivables arising from an entity’s 1,314 1,196
contracts with customers
Details of contract balances:

31 March 2024 31 March 2023
Opening balance of receivables 16,103 11,630
Closing balance of receivables 28,098 16,103
Notes
Significant changes in the contract liability balances during the year ended are as follows:

31 March 2024 31 March 2023
Contract liabilities at the beginning of the year 750 1,555
Revenue recognised that was included in the contract liability balance at the 750 1,555
beginning of the year
Increase due to cash received, excluding amounts recognised as revenue during 908 750
the year
Contract liabilities at the end of the year 908 750
There is no significant change in the contract asset and contract liabilities.
Performance obligations
The Company satisfies its performance obligations pertaining to the sale of products at a point in time when the control of
goods is actually transferred to the customer. No significant judgment is involved in evaluating when a customer obtains
control of promised goods. The contract is a fixed price contract subject to refund due to shortages and discounts during the
mode of transportation and do not contain any financing component. The payment is generally due within 30-90 days.
The Company is obliged to give refunds due to shortages and discounts. There are no other significant obligations attached in
the contract with customer.
Transaction price
There is no remaining performance obligation for any contract for which revenue has been recognised till the period end.
Further, the Company has not applied the practical expedient as specified in para 121 of Ind AS 115 as the Company do not
have any performance obligations that have an original expected duration of one year or less or any revenue stream in which
consideration from a customer corresponds directly with the value to the customer of the entity’s performance completed to
date.
Determining the timing of satisfaction of performance obligations
There is no significant judgement involved in ascertaining the timing of satisfaction of performance obligations, in evaluating
when a customer obtains control of promised goods, transaction price and allocation of it to the performance obligations.
Determining the transaction price and the amounts allocated to performance obligations
The transaction price ascertained for the only performance obligation of the Company (i.e. Sale of goods) is agreed in the
contract with the customer. There is no variable consideration involved in the transaction price except for refund due to
shortages and discounts which is adjusted with revenue.
Notes
Reconciliation of contract price with revenue recognised in statement of profit and loss:

31 March 2024 31 March 2023
Contract price 2,06,865 2,44,286
Less: Amount recognised as Discounts / shortages 14,613 9,304
Revenue recognised in the statement of Profit and Loss 1,92,252 2,34,982
Cost to obtain a contract or fulfil a contract
There is no cost incurred for obtaining or fulfilling a contract and there is no closing assets recognised from the costs incurred
to obtain or fulfil a contract with a customer.
Note 29: OTHER INCOME

31 March 2024 31 March 2023
Interest income from financial assets measured at amortized cost 11,287 9,437
Interest on income tax refund 55 1,292
Fair value gain on financial assets mandatorily measured at fair value through 12 29
profit or loss
Net gain on sale of investments 468 741
Gain on sale of land and property, plant and equipment* 5,283 10
Unwinding of discount on security deposits 255 174
Foreign exchange fluctuation gain (net) - 50
Corporate guarantee income 2,095 864
Other non-operating income 474 807
Total 19,929 13,404
*Other income includes profit on assignment of leasehold rights over the vacant land and building of the company situated at
Vashi, Navi Mumbai, as part of the strategy to divest non-core assets amounting to ` 5,290 lakhs.
Note 30: COST OF MATERIALS CONSUMED

31 March 2024 31 March 2023
Raw materials as at the beginning of the year 2,308 5,098
Add: Purchases during the year 1,20,461 1,54,707
Less: Raw material as at the end of the year 2,483 2,308
Total 1,20,286 1,57,497
Notes
Note 31: PURCHASE OF STOCK-IN-TRADE

31 March 2024 31 March 2023
Purchases of stock-in-trade 6,743 20,146
Total 6,743 20,146
Note 32: CHANGES IN INVENTORIES OF STOCK-IN-TRADE AND FINISHED GOODS

31 March 2024 31 March 2023
Opening balance
Stock-in-trade 514 1,511
Total opening balance 5,127 2,922
Closing balance
Stock-in-trade 473 514
Total closing balance 2,611 5,127
Total 2,516 (2,205)
Note 33: EMPLOYEE BENEFIT EXPENSES

31 March 2024 31 March 2023
Salaries, wages and bonus * 10,051 5,990
Contribution to provident fund & other funds 569 490
Gratuity (refer note 24) 554 534
Post-employment pension benefits (refer note 24) 66 62
Staff welfare expenses 376 330
Total 11,616 7,406
(*) Net of recharges of ` 9,858 Lakhs (31 March 2023 : ` 9,231 Lakhs) to subsidiary company - Mahadhan AgriTech Limited
(Previously known as Smartchem Technologies Limited.).
Note 34: FINANCE COSTS

31 March 2024 31 March 2023
Interest cost on financial liabilities measured at amortized cost 2,772 3,539
Finance charges on finance leases 252 246
Interest others 677 857
Other borrowing costs 284 435
Exchange differences regarded as an adjustment to borrowing costs - 35
Less: Interest capitalised (33) -
Total 3,952 5,112
Notes
Note 35: DEPRECIATION AND AMORTISATION EXPENSE

31 March 2024 31 March 2023
Depreciation on property, plant and equipment* 6,052 5,149
Amortisation of right of use assets** 1,106 1,253
Amortisation of investment property 444 -
Amortisation on intangible assets 470 291
Total 8,072 6,693
* Net of recharges of ` 1,206 Lakhs (31 March 2023 : ` 1,600 Lakhs) to subsidiary company-Mahadhan AgriTech Limited
(Previously known as Smartchem Technologies Limited.).
** Net of recharges of ` 600 Lakhs (31 March 2023 : NIL) to subsidiary company-Mahadhan AgriTech Limited (Previously known
as Smartchem Technologies Limited.).
Note 36: OTHER EXPENSES

31 March 2024 31 March 2023
Consumption of stores and spares 2,679 3,127
Power, fuel and water* 2,637 1,706
Repairs to :
- Building 171 163
- Plant and machinery 2,507 2,241
- Others 844 874
Rent 51 33
Insurance 896 811
Rates, taxes and duties 1,229 610
Travelling and conveyance 354 238
Legal and professional fees 1,944 1,091
Payments to auditors (note 36(a) below) 44 45
Directors' fees 80 65
Carriage outward (net) 993 472
Warehouse and handling charges 543 528
Commission on sales 62 111
Sales and promotion expenses 400 331
Donations - 11
Notes

31 March 2024 31 March 2023
Utility services 329 300
Communication expenses 32 29
Corporate social responsibility expenditure (refer note 36(b) below) 602 329
Foreign exchange fluctuations loss (net) 15 -
Bad debts written off 118 53
Provision for doubtful debts 118 406
Provision for doubtful loans, advances and other receivable (including write off) 33 -
Miscellaneous expenses 972 1,149
Total 17,653 14,723
Other expenses are net of recharges of ` 5,021 Lakhs (31 March 2023 : ` 4,899 Lakhs) to subsidiary company - Mahadhan
AgriTech Limited (formerly known as Smartchem Technologies Limited).
* MSEB electricity duty provision taken for ` 176 Lakhs (31 March 2023 : ` 175 Lakhs). The same has been reduced from
contingent liability.
Note 36(a): DETAILS OF PAYMENTS TO AUDITORS

31 March 2024 31 March 2023
Payment to auditors
As auditor:
Audit fee 38 38
Certification fees in the capacity of statutory auditors 1 2
In other capacities
Tax Audit 4 4
Remeasurement of expenses 1 2
Total 44 45
Note 36(b): CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE

31 March 2024 31 March 2023
Contributions to Ishanya Foundation 172 153
Others 27 75
Total 199 228
Notes

31 March 2024 31 March 2023
Amount required to be spent as per Section 135 of the Act
(a) amount required to be spent by the company during the year 602 329
(b) amount of expenditure incurred* 199 228
(c) shortfall/(excess) at the end of the year 403 101
(d) total of previous years shortfall/(excess) 101 -
(e) reason for shortfall Ongoing Project Ongoing Project
(f) nature of CSR activities Women Women
empowerment, empowerment,
health and health and
education education
(g) details of related party transactions, e.g., contribution to a trust controlled Contribution to Contribution to
by the company in relation to CSR expenditure as per relevant Accounting Ishanya foundation Ishanya foundation
Standard.
(h) where a provision is made with respect to a liability incurred by entering into Nil Nil
a contractual obligation, the movements in the provision during the year shall
be shown separately.
* Cash outflow related to CSR activity is ` 199 Lakhs (31 March 2023: ` 228 Lakhs)
Note 36(c): EARNINGS PER SHARE (EPS)
Basic EPS amounts are calculated by dividing the profits for the year attributable to equity share holders of the Company by
weighted average number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity share holders of the Company by the weighted
average number of equity shares outstanding during the year plus the weighted average number of Equity shares that would
be issued on conversion of all the dilutive potential Equity Shares into equity shares.
There are no potential equity shares having dilutive effect on the EPS.
The following reflects the profit and share data used in the basic and diluted EPS computation.

31 March 2024 31 March 2023
Numerator for basic and diluted EPS
Net profit after tax attributable to equity shareholders of parent (` in Lakhs) for 31,337 29,134
basic EPS
Net profit after tax attributable to equity shareholders of parent (` in Lakhs) for 31,337 29,134
dilutes EPS
Notes

31 March 2024 31 March 2023
Denominator for basic and diluted EPS
Weighted average number of equity shares for basic EPS 12,62,37,825 12,38,56,151
Add: Adjustment for Foreign currency convertible bonds - -
Weighted average number of equity shares for diluted EPS 12,62,37,825 12,38,56,151
Basic earnings per share of face value of ` 10 each (in `/share) 24.82 23.52
Diluted earnings per share of face value of ` 10 each (in `/share) 24.82 23.52
Note 37: FAIR VALUE MEASUREMENTS
(i) Financial instruments by category
Particulars Fair value Fair value Amortised Fair value Fair value Amortised
through Profit through cost through through OCI cost
& Loss OCI Profit & Loss
Financial assets
Investments
- Equity instruments other than - 245 - - 245 -
investments in subsidiaries and
associates*
- Mutual funds 8,613 - - 13,429 - -
- Optionally convertible debentures - - 50,000 - - 1,00,000
in subsidiary
- Compulsory convertible - - 27,934 - - -
debentures in subsidiary
Trade receivables - - 28,098 - - 16,103
Cash and cash equivalents - - 2,816 - - 2,499
Other bank balances - - 1,356 - - 1,312
Loans - - 36,576 - - 13,802
Other financial assets
- Derivative financial asset, - 455 - - - -
designated as hedges
- Others - - 10,152 - - 10,072
Total financial assets 8,613 700 1,56,932 13,429 245 1,43,788
Notes
through Profit through cost through through OCI cost
& Loss OCI Profit & Loss
Borrowings - - 32,864 - - 33,845
Lease Liabilities - - 3,019 - - 2,728
Trade payables - - 17,996 - - 26,897
Other financial liabilities
- Capital creditors - - 730 - - 1,078
- Security deposits - - 724 - - 649
- Others - - 8,656 1 - 4,130
Total financial liabilities - - 63,989 1 - 69,327
*Investment in Subsidiaries and Associates are shown at Cost in balance sheet as per Ind AS 27 : Separate Financial Statements.
(ii) Fair value hierarchy
The following table summarises financial assets and liabilities measured at fair value on a recurring basis and financial assets
that are not measured at fair value on a recurring basis (but fair value disclosures are required) :
The different levels have been defined as follows:
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within level-1 that are observable for 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). Fair values
are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from
observable current market transactions in the same instrument nor are they based on available market data.
Financial assets and liabilities As at 31 March 2024 As at 31 March 2023

measured at fair value Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial assets
Financial Investments at FVPL
Mutual funds 8,613 - - 8,613 13,429 - - 13,429
Financial Investments at FVOCI
Equity instruments - - 245 245 - - 245 245
Derivatives
Foreign exchange forward contracts/ - - - - - - - -
options
Commodity Hedge contract - 455 - 455 - - - -
Total financial assets 8,613 455 245 9,313 13,429 - 245 13,674
Notes

Derivatives
Foreign currency options - - - - - 1 - 1
Total financial liabilities - - - - - 1 - 1
There are no transfers between Level 1, Level 2 and Level 3 during the year ended 31 March 2024 and 31 March 2023.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale.
(iii) Valuation technique to determine fair value
The following methods and assumptions were used to estimate the fair values of financial instruments:
a) The carrying amount of financial assets and financial liabilities measured at amortised cost in the Financial
Statements are a reasonable approximation of their fair values since the Company does not anticipate that the
carrying amounts would be significantly different from the values that would eventually be received or settled.
b) The investment measured at fair value and falling under fair value hierarchy Level 3 pertains to investment in
equity shares of Avaada MHBudhana Private Limited which is regulated by the terms stated in the share purchase
agreement. These shares held by the Company are subject to specific limitations regarding the Company’s ability
to sell them and the permissible valuation at which they can be sold. Given the nature of these restrictions and
the management’s overall intention concerning the equity shares, the fair value attributed to such shares by the
Company is equivalent to their original cost.
c) The fair values of investments in mutual fund units is based on the net asset value (NAV) as stated by the issuers of
these mutual fund units in the published statements as at Balance Sheet date, NAV represents the price at which the
issuers will issue further units of mutual fund and the price at which issuers will redeem such units from investor.
d) The Company enters into derivative financial instruments with various counterparties, principally banks. The fair
value of derivative financial instrument is based on observable market inputs including currency spot and forward
rate, yield curves, currency volatility, credit quality of counterparties, interest rate and forward rate curves of the
underlying instruments etc. and use of appropriate valuation models.
Note 38 : FINANCIAL RISK MANAGEMENT
Risk management framework
The Company’s Board of Directors have overall responsibility for the establishment and oversight of the Company’s risk
management framework.
The Company, through three layers of defense namely policies and procedures, review mechanism and assurance aims to
maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
The Audit committee of the Board with top management oversee the formulation and implementation of the Risk management
policies. The risk are identified at business unit level and mitigation plans are identified, deliberated and reviewed at appropriate
forums.
Notes
The Company has exposure to the following risks arising from financial instruments:
- credit risk;
- liquidity risk; and
- market risk.
i. 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, and arises principally from the Company’s receivables from customers, loans and
investments.
The carrying amount of financial assets represents the maximum credit risk exposure.
Trade receivables and other financial assets
The Company has established a credit policy under which each new customer is analysed individually for creditworthiness
before the payment and delivery terms and conditions are offered. The Company’s review includes external ratings, if they
are available, financial statements, credit agency information, industry information and business intelligence. Sale limits
are established for each customer and reviewed annually. Any sales exceeding those limits require approval from the
appropriate authority as per policy.
In monitoring customer credit risk, customers are grouped according to their credit characteristics, including whether
they are an individual or a legal entity, whether they are a institutional, dealers or end-user customer, their geographic
location, industry, trade history with the Company and existence of previous financial difficulties.
Expected credit loss for trade receivables:
The Company based on internal assessment which is driven by the historical experience/ current facts available in
relation to default and delays in collection thereof, considers the credit risk for trade receivables to be low. The Company
estimates its allowance for trade receivable using lifetime expected credit loss. The balance past due for more than 6
month (net of expected credit loss allowance) is ` 396 Lakhs (31 March 2023: ` 367 Lakhs).
Movement in the expected credit loss allowance of trade receivables are as follows:
Particulars 31 March 2024 31 March 2023

Balance at the beginning of the year 1,196 790
Add: Provided during the year (net of reversal) 118 406
Less: Amount written off - -
Expected credit loss on financial assets other than trade receivables:
With regards to all financial assets with contractual cash flows other than trade receivable, management believes these to be
high quality assets with negligible credit risk. The management believes that the parties from which these financial assets
are recoverable, have strong capacity to meet the obligations and hence the risk of default is negligible and accordingly no
provision for excepted credit loss has been provided on these financial assets.
Notes
ii. Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulties in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company’s approach to manage liquidity is to
ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal
and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.
The Company’s treasury department is responsible for managing the short term and long term liquidity requirements.
Short term liquidity situation is reviewed periodically by treasury. Longer term liquidity position is reviewed on a regular
basis by the Board of Directors and appropriate decisions are taken according to the situation.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross
and undiscounted, and include contractual interest payments.
31 March 2024 Carrying Payable within Between 1 and More than 5 Total
Amount 1 year 5 years years
Non-derivatives financial liabilities
Borrowings 32,864 7,260 25,604 - 32,864
Lease Liabilities 3,019 1,152 1,867 - 3,019
Trade payables 17,996 17,996 - - 17,996
Other financial liabilities 12,286 10,504 1,782 - 12,286
Total non-derivative liabilities 66,165 36,912 29,253 - 66,165
Derivatives financial liabilities
Foreign exchange forward contracts - - - - -
Total derivative liabilities - - - - -
Borrowings 33,845 10,774 23,071 - 33,845
Lease Liabilities 2,728 1,386 1,336 6 2,728
Trade payables 26,897 26,897 - - 26,897
Other financial liabilities 7,665 6,132 1,128 405 7,665
Total non-derivative liabilities 71,135 45,189 25,535 411 71,135
Foreign exchange forward contracts 1 1 - - 1
Total derivative liabilities 1 1 - - 1
Notes
iii. Market risk
Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates that 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.
a. Currency risk
The Company is exposed to currency risk to the extent that there is a mismatch between the currencies in which sales,
purchases and borrowings are denominated and the functional currency of the Company. The currencies in which the
Company is exposed to risk are USD, AED and EUR.
The Company follows a natural hedge driven currency risk mitigation policy to the extent possible. Any residual risk is
evaluated and appropriate risk mitigating steps are taken, including but not limited to, entering into forward contracts.
Exposure to currency risk
(i) The Company’s exposure to foreign currency risk at the end of the reporting period is presented in Note no 43.
(ii) The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated
financial instruments and forward contracts.
Particulars Impact on profit before tax

31 March 2024 31 March 2023
USD sensitivity
` /USD - appreciated by 1% (31 March 2023 -1%) (7) (20)
` /USD - depreciated by 1% (31 March 2023 -1%) 7 20
b. Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company is exposed to interest rate risk because funds are borrowed at both
fixed and floating interest rates. Interest rate risk is measured by using the cash flow sensitivity for changes in variable
interest rate. The borrowings of the Company are principally denominated in rupees with a floating rates of interest.
The Company has exposure to interest rate risk, arising principally on changes in base lending rate and LIBOR rates.
The risk is managed by the Company by maintaining an appropriate floating rate borrowings.
(i) Exposure to interest rate risk
The interest rate profile of the Company’s interest‑bearing financial instruments as reported to the management of the
Company is as follows:
Notes
The following table provides a break-up of the Company’s fixed and floating rate borrowings:

Variable rate borrowings 32,864 33,845
Fixed rate borrowings - -
Total borrowings 32,864 33,845
The Company has not obtained Interest Rate Swaps (IRS) for variable rate borrowings.
(ii) Sensitivity
The sensitivity analysis below has been determined based on the exposure to interest rates for floating rate liabilities
assuming the amount of the liability outstanding at the year-end was outstanding for the whole year.
If interest rates had been 50 basis points higher / lower and all other variables were held constant, the Company’s profit
for the year ended 31 March 2024 before tax would decrease / increase by ` 164 lakhs (for the year ended 31 March 2023:
decrease / increase by ` 169 lakhs). This is mainly attributable to the Company’s exposure to interest rates on its variable
rate borrowings.
Note 39 : CAPITAL MANAGEMENT
(a) Risk Management
The Company’s objectives when managing capital are to:
- safeguard its ability to continue as a going concern, so that its can continue to provide returns for its shareholders
and benefits for other stakeholders, and
- maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Company monitors capital on the basis of the following gearing ratio:
Net debt (total borrowings net of cash and cash equivalents and other bank balances) and divided by Total equity (as
shown in the Balance Sheet).
Notes
The gearing ratios were as follows:

Net debt 28,692 30,034
Total equity 3,17,558 2,99,487
Net debt to equity ratio 0.09 0.10
(b) Dividends

(i) Equity shares
Final dividend for the year ended 31 March 2023 of ` 10 per fully paid equity 12,624 10,853
share (31 March 2022 of ` 9 per fully paid equity share)
(ii) Dividend not recognised at the end of the reporting period
Since year end the directors have recommended the payment of a final 10,730 12,624
dividend of ` 8.50 per fully paid equity share (31 March 2023 : ` 10 per
fully paid equity share). The proposed dividend is subject to the approval of
shareholders in the ensuring annual general meeting.
Disclousre of Related Party Transactions as per IndAs 24

Note 40(a) : NAMES OF THE RELATED PARTIES AND RELATIONSHIPS WITH WHOM TRANSACTIONS TOOK PLACE
A Subsidiaries E Key management personnel
Direct (Wholly owned subsidiaries) (a) Executive directors
1 Mahadhan AgriTech Limited (Formerly known as Smartchem 1 Mr. Sailesh Chimanlal Mehta
Technologies Limited) (MAL)
2 SCM Fertichem Limited
3 Ishanya Brand Services Limited (b) Non-executive directors
4 Deepak Mining Solutions Limited (formerly known as Deepak Mining 1 Mrs. Parul Sailesh Mehta
Services Private Limited (DMSPL)
5 Deepak Nitrochem Pty Limited 2 Mr. Madhumilan Parshuram Shinde
6 Ishanya Realty Corporation Limited
(c) Non-executive Independent directors
Indirect (Step-down subsidiaries) 1 Mr. Partha Sarathi Bhattacharyya
1 Performance Chemiserve Limited (PCL) 2 Mr. Bhuwan C Tripathi
2 Australian Mining Explosives Pty Ltd (Subsidiary of PBS) 3 Mr. Sujal Shah
3 Platinum Blasting Services Pty Limited [PBS] (Subsidiary of MAL) 4 Ms. Varsha Vasant Purandare
4 Mahadhan Farm Technologies Private Limited (Subsidiary of MAL) 5 Mr. Jayesh Shah
B Jointly Controlled Entity 6 Mr. Sanjay Gupta
1 Yerrowda Investments Limited 7 Mr. Sitaram Kunte
8 Mr. Terje Bakken
9 Dr T.K Chatterjee (Director of subsidiary)
Notes
C Entities over which key managerial personnel are able (d ) Chief Finance Officer
to exercise significant influence:
1 Robust Marketing Services Private Limited Mr. Amitabh Bhargava (upto 31.07.23)
2 Nova Synthetic Limited Mr. Deepak Rastogi (w.e.f. 01.08.23)
3 The Lakaki Works Pvt. Ltd.
4 High Tide Investments Pvt. Ltd. (e ) Company Secretary
5 Deepak Asset Reconstruction Pvt.Ltd. Mr. Gaurav Munoli
6 Ishanya Foundation
7 Deepak Foundation (G) Close member of Key management personnel
8 M/s. Juris Corp, Advocates and Solicitors 1 Mr. Yeshil Mehta
9 Blueplanet Consultancy & Advisory (OPC) Private Limited 2 Ms. Rajvee Mehta
10 Peerless General Finance and Investment Company Ltd 3 Mr. Ajay Chimanlal Mehta
11 Greypoint Investments Private Limited 4 Mr. Deepak Chimanlal Mehta
12 World of Performing Arts Foundation 5 Mr. Andre Luciano Moscoso Arevalo
D Entities over which relatives of key managerial personnel are able
1 Deepak Nitrite Limited
2 Deepak Phenolics Limited
3 Sofotel Infra Private Ltd
4 Blue Shell Investments Pvt. Ltd.
5 Storewell Credits And Capital Pvt. Ltd.
Note 40(b) RELATED PARTY TRANSACTIONS
198
31 March 2024 31 March 2023

Sr. Nature of Transactions Subsidiaries Jointly Key Man- Close Entities Enterprises Total Subsidiaries Jointly Key Man- Close Entities Enterprises Total
No. Controlled agement member of over which Over Which Controlled agement member of over which Over Which
Entity Personnel Key Man- Key Man- Relatives Entity Personnel Key Man- Key Man- Relatives
agement agement Are Able To
Personnel Personnel Exercise
Notes
are able to Significant are able to Significant
exercise Influence exercise Influence
significant significant
Influence Influence
(*) (*)
1 Sale of goods
Mahadhan AgriTech Limited 51,819 - - - - - 51,819 95,580 - - - - - 95,580

(Formerly known as Smartchem
Technologies Limited (STL))**
Deepak Nitrite Limited - - - - - 5,596 5,596 - - - - - 16,977 16,977

Ishanya Brand Services Limited 107 - - - - - 107 522 - - - - - 522
Performance Chemiserve Limited 16,970 - - - - - 16,970 - - - - - - -
2 Rendering of services/
reimbursement of expenses

Performance Chemiserve Limited 674 - - - - - 674 905 - - - - - 905

Mahadhan Farm Technologies 0 - - - - - 0 - - - - - - -

Private Limited
Robust Marketing Services Private - - - - 0 - 0 - - - - - - -

Limited
SCM Fertichem Limited 0 - - - - - 0 2 - - - - - 2
Ishanya Realty Corporation Limited 0 - - - - - 0 - - - - - - -
Ishanya Foundation - - - - 12 - 12 - - - - 7 - 7
Deepak Mining Solutions Limited 0 - - - - - 0 - - - - - - -

(formerly known as Deepak Mining
Solutions Limited (formerly known
as Deepak Mining Services Private
Limited))
Yerrowada Investments Limited - - - - - - - 0 29 - - - - 29
Ishanya Brand Services Limited 0 - - - - - 0 - - - - - - -
Complete Mining Solution Private - - - - - - - 0 - - - - - -

Limited
Nova Synthetic Limited - - - - 0 - 0 - - - - - - -
Hightide Investment Private Limited - - - - 0 - 0 - - - - - - -

31 March 2024 31 March 2023
Notes
agement agement Are Able To agement agement Are Able To
Personnel Personnel Exercise Personnel Personnel Exercise
Influence Influence
(*) (*)
3 Interest on loan given/Investment
Deepak Mining Solutions Limited 3 - - - - - 3 2 - - - - - 2

Services Private Limited)

SCM Fertichem Limited - - - - - - - 3 - - - - - 3
4 Investment
Mahadhan AgriTech Limited (50,000) - - - - - (50,000) 100,000 - - - - - 100,000

[Optionaly Convertible Debentures]
Mahadhan AgriTech Limited 26,734 - - - - - 26,734 - - - - - - -

[Compulsory Convertible
Debentures]
5 Purchase of goods and services
Mahadhan AgriTech Limited (26,483) - - - - - (26,483) (26,200) - - - - - (26,200)

Ishanya Foundation - - - - (0) - (0) - - - - (4) - (4)
Performance Chemiserve Limited (7,992) - - - - - (7,992) - - - - - - -
6 Receiving of services/
reimbursement of expenses
Performance Chemiserve Limited (565) - - - - - (565) (448) - - - - - (448)

Mr. Madhumilan Parshuram Shinde - - (13) - - - (13) - - (25) - - - (25)
T K Chatterjee - - (7) - - - (7) - - (12) - - - (12)
Ishanya Foundation - - - - - - - - - - - (2) - (2)

199
200
31 March 2024 31 March 2023

Notes
Influence Influence
(*) (*)
7 Legal expenses
M/s. Juris Corp, Advocates and - - - - (22) - (22) - - - - (31) - (31)

Solicitors
8 Corporate Social responsibility

Expenses (CSR) [Donation given]
9 Purchase of Equity shares

(Investment)
Ishanya Realty Corporation Limited - - - - - - - (1) - - - - - (1)
10 Remuneration & commission

(including perquisites)*
Mr. Sailesh Mehta - - (3,334) - - - (3,334) - - (699) - - - (699)
Mr Amitabh Bhargava - - (110) - - - (110) - - (475) - - - (475)

Mr. Deepak Rastogi - - (267) - - - (267) - - - - - - -
Mr. Gaurav Munoli - - (35) - - - (35) - - - - - - -
Mr Ritesh Choudhary - - - - - - - - - (97) - - - (97)

Other Directors - - (200) - - - (200) (204) (204)
11 Lease rental income
Deepak Nitrite Limited - - - - - 31 31 - - - - - 44 44
Yerrowda Investments Limited - 8 - - - - 8 - - - - - - -
12 Lease rental expenses
Mr Sailesh Mehta - - (50) - - - (50) - - (50) - - - (50)
Robust Marketing Services Private - - - - (45) - (45) - - - - (50) - (50)

Limited
13 Loan or Advances Given
Mahadhan AgriTech Limited (103,650) - - - - - (103,650) (37,500) - - - - - (37,500)

31 March 2024 31 March 2023
Notes
Influence Influence
(*) (*)
Deepak Mining Solutions Limited (16) - - - - - (16) (2) - - - - - (2)

Ishanya Brand Services Limited (113) - - - - - (113) - - - - - - -

Ishanya Realty Corporation Limited (1) - - - - - (1) - - - - - - -
14 Loan or Advances received back

15 SBLC Given
Performance Chemiserve Limited 12,451 - - - - 12,451 - - - - - - -
16 Amount outstanding
Trade payables
Juris Corp Legal Service - - - - - - - - - - - (4) - (4)
Deposits Payables
Deepak Nitrite Limited - - - - - (4) (4) - - - - - (4) (4)
Remunerations payable
Mr Sailesh Mehta - - (2,394) - - - (2,394) - - - - - - -
Other Directors - - (200) - - - (200) - - (204) - - - (204)
Trade receivables

Deepak Nitrite Limited - - - - - 489 489 - - - - - 2,751 2,751



201
202
31 March 2024 31 March 2023

Notes
Influence Influence
(*) (*)
Performance Chemiserve Limited 5,147 - - - - - 5,147 350 - - - - - 350
Interest Receivable

Deposits Receivables
Mr Sailesh Mehta - - 2,110 - - - 2,110 - - 2,110 - - - 2,110
Robust Marketing Services Private - - - - 350 - 350 - - - - 650 - 650

Limited
Deposits Payables
Deepak Nitrate Limited - - - - - (4) (4) - - - - - - -

Loans recoverable



Optionaly Convertible Debentures
Mahadhan AgriTech Limited 50,000 - - - - - 50,000 1,00,000 - - - - - 1,00,000

Mahadhan AgriTech Limited 1,703 1,703 1,655 1,655

(Interest Accrued)
31 March 2024 31 March 2023
Notes
Influence Influence
(*) (*)
Compulsarily Convertible
Debentures

Mahadhan AgriTech Limited 401 - - - - - 401 - - - - - - -

(Interest Accrued)
Corporate Guarantee Given
Deepak Nitrite Limited - - - - - (1,786) (1,786) - - - - - (1,786) (1,786)
SBLC Given^
Performance Chemiserve Limited (12,451) - - - - - (12,451) - - - - - - -
Note : Figures in bracket are outflows.
Management is of the view that all transactions with related parties are in ordinary course and on an arm’s length basis.
*Remuneration doesn’t include sitting fees paid to non-executive directors of ` 80 Lakhs (31 March 2023 : ` 65.30 Lakhs). As the liability of Leave encashment and Gratuity is provided on
Actuarial basis for company as a whole, the said amounts are not included above.
**During previous year ICD was converted in to Investment in Optionaly Convertible Debentures.
^SBLC Given - Stand by letter of credit issued to Gas vendor for procurement of GAS on behalf of subsidiary Performance Chemiserve Ltd.
Refer note no 42 for Corporate guarantees given on behalf of subsidiaries to banks and financial institutions.
Note :The Company has received Corporate Guarantee from M/s Yerrowda Investments Limited (YIL) (Refer note 21 point no (b)).
Refer note no. 44 related to commodity contract transferred to subsidiary companies.

203
Notes
Note 41: CONTINGENT LIABILITIES AND COMMITMENTS

A. Contingent liabilities
Claims by supplier not acknowledged as debts 8,985 8,574
Income Tax Demands 5,943 6,557
Excise/Service Tax/Custom Demands [Company is in Appeal] 826 1,131
Excise/Service Tax/Custom Demands- [Department is in Appeal] 3,971 3,971
Sales Tax/ VAT Demands 7,861 7,487
Local Body Tax 1,784 1,784
Penalty on Entry Tax 1,891 1,551
Goods and Service Tax Act, 2017* 11,464 -
Total 42,724 31,055
B. Capital commitments
Related to Projects 38,046 3,596
Related to Realty - 44
C. Other Commitments
Commitments to Supplier 1,122 15,672
Total 39,168 19,312
*Includes mainly disallowance of Input Tax Credit, with applicable interest and penalty.
Note 42: DISCLOSURE REQUIRED UNDER SECTION 186(4) OF COMPANIES ACT, 2013 and Schedule V read with Regulations
34(3) and 53(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
A. Loans and advances to related parties includes loan given to a subsidiary. The particulars of which are disclosed below as
required.
Name of the party Rate of Due date Purpose 31 March 31 March

interest and amount 2024 2023
payable
Mahadhan AgriTech 8.25% - Repayable The loan has been granted to the subsidiary 36,374 13,724
Limited 9.50% per within 3 years for working capital requirements.
annum from the date of
disbursement
Deepak Mining 8.25% - Repayable on The loan has been granted to the subsidiary 45 29
Solutions Limited 9.50% per demand for working capital requirements.
annum
Ishanya Brand 9.50% Repayable on The loan has been granted to the subsidiary 113 -
Services Limited demand for working capital requirements.
Ishanya Realty 9.00% Repayable on The loan has been granted to the subsidiary 1 -
Corporation Limited demand for working capital requirements.
Total 36,533 13,753
Notes
B. The Company has issued corporate guarantees on behalf of subsidiaries to banks. Details are as below :
Name of the party 31 March 2024 31 March 2023 Purpose and Remarks
Foreign Amount Foreign Amount
currency currency
(Lakhs) (Lakhs)
Mahadhan AgriTech Limited (Formerly - 191,539 - 235,743 Purpose of this Guarantee is to
known as Smartchem Technologies enable subsidiary for availing loan
Limited (STL)) and other facilities from banks.
Original Guarantee has given for
`191,539 Lakhs. Loan outstanding as
on 31 March 2024 ` 50,024 lakhs of
(31 March 2023 : ` 28,494 Lakhs).
Performance Chemiserve Limited (step - 90,000 - 263,574 Purpose of this Guarantee is to enable
down subsidiary) subsidiary for availing loan and other
facilities from bank and financial
institution. Original Guarantee
has given for `90,000 Lakhs.
Loan outstanding as on 31 March 2024
`90,000 lakhs of (31 March 2023 :
`1,93,758 Lakhs).
C. The Company has made investment in debentures of subsidiary. Details are as below
Name of the party & Instrument Rate of Due date Purpose 31 March 2024 31 March 2023
interest and amount
payable
Mahadhan AgriTech Limited (Formerly 8.22% to Optionally The investment
known as Smartchem Technologies Limited 8.31% per convertible has been 50,000 100,000
(STL)) (Optionally convertible debentures) annum anytime after granted to
1 year from the subsidiary
the date of for working
allotment at capital/capex
the option of requirements.
DFPCL
Maturity
- 10 years
from date of
allotment
Mahadhan AgriTech Limited (Formerly 8% per Conversion Working
known as Smartchem Technologies Limited annum after 10 years capital and 27,934 -
(STL)) (Compulsory convertible debentures) (IRR - from date of maintenance
15.25%) allotment capex
requirement
for fertiliser
business
D. Particulars of Investment in Subsidiaries and other investments are given in note 9.

Notes
Note 43: FOREIGN CURRENCY BALANCES OUTSTANDING
31 March 2024 31 March 2023
Particulars Amount in Equivalent Amount in Equivalent

foreign currency Amount in INR foreign currency Amount in INR
(in Lakhs) (in Lakhs) (in Lakhs) (in Lakhs)
Hedged Position*
Creditors (in USD) - - 11 900
Total - - 11 900
Un-hedged Position
Creditors (in USD) 1 51 0 14
Creditors (in EURO) 0 35 14 1,165
Borrowings and interest (in USD) - - - -
Exports Receivables (in USD) (9) (786) (1) (103)
Total (8) (700) 13 1,076
*The above transactions are hedged by following derivative contracts
31 March 2024 31 March 2023

Particulars Amount in Equivalent Amount in Equivalent
foreign currency Amount in INR foreign currency Amount in INR
Forward Contracts -USD - - - -
Forward Contracts -CHF - - - -
Options Contracts - USD - - 11 900
Total - - 11 900
The Company has chosen not to designate the foreign exchange forward contracts and options contracts as hedges under IND
AS 109 since these contracts do not meet the Hedge accounting requirements.
Unhedged Foreign Currency exposure is as under
Particulars Amount in 31 March 2024 Amount in 31 March 2023

foreign currency foreign currency
Payables and borrowings (including interest) 1 86 14 1,179
Receivables and bank balances (9) (786) (1) (103)
Note 44: Impact of Hedging activities
The company is exposed to commodity price risk because the prices of its purchase of Propylene vary as a result of fluctuations
of the natural gas liquid. So, the company has used option contract to hedge its commodity i.e natural gas liquid. This natural
gas liquid consists of propane and Butane which is formula linked to the prices of propylene.
Notes
For Hedges of this commodity purchases, the company entered into a Hedge relationships where the critical terms of the
Hedging instrument match exactly with the terms of the Hedge item. The company therefore performs a qualitative assessment
of effectiveness. There were no ineffectiveness during financial years ended 31 March 2024 amd 31 March 2023 in relation to
commodity rate hedge.
A. Disclosure of effects of Hedge accounting on Financial position:
As on 31 March 2024
Type of Hedge and risk Gross Notional amounts Carrying amount of Maturity Hedge Weighted average strike
of Hedging instrument Hedging instrument date ratio price
Cash flow Hedge- Commodity price risk Units Quantity Asset Liabilities
Morgan Stanley - Brent Crude Contract Barrels 11,07,400 380 - 31 May 2026 1:1 USD 75 USD69.40
Engie Energy - Brent Crude Contract Barrels 8,52,000 439 - 31 May 2025 1:1 USD 77 USD 70
Engie Energy - Japan Korea Marker MMBTU 12,24,000 74 - 15 Aug 2024 1:1 USD 8.15 USD 9.85
(JKM) Contract
Goldman Sachs - Henry Hub Contract MMBTU 7,13,700 (438) - 30 Jun 2024 1:1 USD 2.70 -
During the year Brent crude and Natural gas transferred to subsidiary companies as per mutual agreed terms 19,59,400 barrel
and 13,73,877 MMBTU respectively.
B. Disclosure of effects of Hedge accounting on financial performance
Type of Hedge Changes in the value Hedge ineffectiveness Amount recognised Line item affected in
of hedging instrument recognised in profit or from Cash Flow hedging statement of profit and loss
recognised in OCI loss reserve to profit or loss because of reclassification
Cash Flow Hedge
Commodity rate risk (264) - - (156) Cost of material consumed
31 March 2024
Commodity rate risk 74 - - 1,431 Cost of material consumed
31 March 2023
C. Movement in cash Flow hedging reserve
Risk category Commodity rate risk

Cash Flow Hedging reserve
As at 1 April 2022 1,016
Add: Changes in fair value of commodity hedge contracts 74
Less: Amount reclassified to profit or loss 1,431
Less: Deferred tax relating to OCI gain (342)
As at 31 March 2023 1
Add: Changes in fair value of commodity hedge contracts (264)
Less: Amount reclassified to profit or loss (156)
Less: Deferred tax relating to above (27)
As at 31 March 2024 (80)
Notes
Note 45: Income Taxes
A. Components of Income Tax Expenses 31 March 2024 31 March 2023

I. Tax expense recognised in the statement of profit and loss
Current Tax
Current Year 9,120 8,855
Adjustments/(credits) related to previous year-(net) - -
Total (A) 9,120 8,855
Deferred tax charge/(credit) 886 1,025
Total (B) 886 1,025
Total (A+B) 10,006 9,880
II. Tax on Other Comprehensive Income
Deferred Tax
(Gain)/Loss on remeasurement of net defined benefit plans (189) 18
(Gain)/Loss on debt instruments through other comprehensive income (27) (342)
Total (216) (324)
Reconciliation of tax expense and accounting profit multiplied by India’s domestic tax rate 31 March 2024 and 31 March 2023

Accounting profit before tax 41,343 39,014
At India’s statutory income tax rate of 25.17% (31 March 2023: 25.17%) (A) 10,406 9,820
Effects of non-deductible business expenses 474 108
Long term capital profit not subjected to income tax - -
Permanent adjustment of PPE Block - -
Others (874) (48)
Total (B) (400) 60
Income Tax expense reported in the statement of profit or loss (A+B) 10,006 9,880
Note 46
Pursuant to the provisions of Section 132 and 133A of the Income-tax Act, 1961, a Search Operation was conducted by the Income
Tax Department during the period from 15 November 2018 to 21 November 2018. The Company has received assessments
orders and necessary appeals/rectification, as is applicable, have been filed which are pending for disposal. Based on advice
of the independent tax experts, management is of the view that aforesaid matters will not have any significant impact on the
Company’s financial position and hence no further provision has been recognised as of 31 March 2024. Appropriate disclosure
have been made under Contingent liabilities (Refer Note 41).
Notes
Note 47
Segment information has been presented in the Consolidated Financial Statements as permitted by Indian Accounting Standard
Ind AS 108, Operating Segments as notified under the Companies (Indian Accounting Standard) Rules, 2015.
Note 48
The management based on legal advise is confident that the demand of Entry Tax to the extent of 9.5% of the purchase price
of the Natural Gas is revenue neutral since full set-off is available under the MVAT Act. The Company, therefore, had made a
provision only of 3% of the demand amount including interest. The penalty on the same had been disclosed under contingent
liabilities.
Note 49
The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post- employment benefits
received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on
which the Code will come into effect has not been notified. The company will assess the impact of the Code when it comes into
effect and will record any related impact in the period the Code becomes effective.
Note 50: Transactions with Struck off Companies
Name of struck off company Nature of transactions Balance Relationship with

outstanding struck off company
SM WATER TREATMENT PRIVATE LIMITED Payable for Water treatment charges 0.36 Vendor
ARC TRENDS SYSTEMS PVT. LTD. Purchase of sliding entrance door 2.03 Vendor
Note 51: Ratio
Particulars 31 March 31 March Items included in Items included in Change in the Explanation for change more
2024 2023 numerator denominator ratio compared than 25%
to the preced-
ing year
(a) Current Ratio 1.35 1.28 Total current assets Total current liabilities 5.31 NA
(b) Debt-Equity 0.11 0.12 Total Debt (Long Term Shareholder's Equity (7.47) NA
Ratio Borrowings, Short Term (Share capital and
Borrowings and Lease Other Equity)
liabilities)
(c) Debt Service 2.90 2.33 Earnings available for Debt Service = 24.35 The change in DSCR is on
Coverage Ratio Debt Service (Net profit Interest and lease account of lower debt service in
after tax + Non cash payments + Principal CY from PY. BOB corp loan of `
operating expenses + repayments 32 cr has been paid in FY 23-24.
interest + other non cash
adjustments)
(d) Return on Equity 10.16 10.18 Profit after tax for Average (0.26) NA
Ratio the current year less Shareholder's Equity
preference dividend
(if any)
Notes
Particulars 31 March 31 March Items included in Items included in Change in the Explanation for change more
2024 2023 numerator denominator ratio compared than 25%
to the preced-
ing year
(e) Inventory 9.72 13.20 Cost of goods sold Average inventory (26.33) Inventory is at same level but
turnover ratio there is drop in consumption of
goods on account of reduction
in revenue and fall in prices of
inventory.
(f) Trade 8.70 16.95 Revenue from operations Average trade (48.67) Reduction in trade receivables
Receivables receivables turnover ratio on account of
turnover ratio decrease in collection of cash
from debtors .
(g) Trade payables 5.67 6.54 Purchase of materials and Average trade (13.38) NA
turnover ratio stock in trade payables
(h) Net capital 12.02 15.63 Revenue from operations Working Capital = (23.11) NA
turnover ratio Current Assets -
Current Liabilities
(i) Net profit ratio 16.30% 12.40% Profit after tax for the Revenue from 31.47 Higher margin on account of
current year operations increase in profit due to sale of
Vashi Land and building.
(j) Return on 12.78% 13.11% Profit before tax and Capital Employed = (2.58) NA
Capital finance costs Tangible Networth +
employed Total Debt + Deferred
tax liability
(k) Return on 4.25% 6.01% Income generated from Average invested (29.28) Due to reduction weighted
investment invested funds funds in treasury average rate of return from
investments previous year.
The Company has also made deposits with banks on which it is earning return of around 5.75% to 7.5% (31 March 2023:
4%-5%).
Notes 3 to 51 form an integral part of the standalone financial statements.

Place: Pune

Consolidated
Independent Auditors’ Report

To the Members of Deepak Fertilisers And Petrochemicals BASIS FOR OPINION
Corporation Limited We conducted our audit in accordance with the Standards
on Auditing (“SAs”) specified under section 143(10) of
REPORT ON THE AUDIT OF THE CONSOLIDATED the Act. Our responsibilities under those Standards are
FINANCIAL STATEMENTS further described in the Auditor’s Responsibilities for the
OPINION Audit of the Consolidated Financial Statements section of
We have audited the accompanying Consolidated Financial our report. We are independent of the Group and its Joint
Statements of Deepak Fertilisers And Petrochemicals Operation in accordance with the Code of Ethics issued by
Corporation Limited (hereinafter referred to as the “Holding the Institute of Chartered Accountants of India together with
Company”), its Subsidiaries (Holding Company and its the ethical requirements that are relevant to our audit of
Subsidiaries together referred to as “the Group”) and its the Consolidated Financial Statements under the provisions
Joint Operation, which comprise the Consolidated Balance of the Act and the Rules thereunder, and we have fulfilled
Sheet as at 31 March 2024, the Consolidated Statement of our other ethical responsibilities in accordance with these
Profit and Loss (including Other Comprehensive Income), requirements and the Code of Ethics.
the Consolidated Statement of Changes in Equity and the
Consolidated Statement of Cash Flows for the year then We believe that the audit evidence obtained by us and other
ended, and notes to the Consolidated Financial Statements, auditors in terms of their reports referred to in “Other
including a summary of material accounting policies and Matters” paragraph, is sufficient and appropriate to provide
other explanatory information (hereinafter referred to as a basis for our opinion.
“the Consolidated Financial Statements”).
EMPHASIS OF MATTER
In our opinion and to the best of our information and We draw attention to Note 46 of the Consolidated Financial
according to the explanations given to us, and based on Statements dealing with assessment and demand orders
the consideration of reports of other auditors on separate issued under the Income Tax Act, 1961 and the appeals
financial statements and on the other financial statements/ filed thereagainst by a material subsidiary Company. The
financial information prepared by the management, the
Company has disclosed the same in contingent liabilities.
aforesaid Consolidated Financial Statements give the
Our opinion is not modified in respect of this matter.
information required by the Companies Act, 2013 (“the Act”)
in the manner so required and give a true and fair view in KEY AUDIT MATTERS
conformity with the accounting principles generally accepted
Key audit matters are those matters that, in our professional
in India, of the consolidated state of affairs of the Group and
judgment, were of most significance in our audit of the
its Joint Operation as at 31 March 2024, of the consolidated
profit and other comprehensive income, consolidated Consolidated Financial Statements of the current period.
changes in equity and its consolidated cash flows for the year These matters were addressed in the context of our audit
then ended. 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.
Key Audit Matter Our Principle Audit Procedures

Contingent Liabilities
The Holding Company operates in various states within i. Obtained an understanding of key internal financial
India, exposing it to a variety of different Central and State controls in respect of assessment of litigations and
laws and regulations and interpretations thereof. In this claims relating to the relevant laws and regulations;
complex regulatory environment, there is a high risk of
litigations and claims. The Holding Company’s tax positions ii. Obtained the Holding Company’s assessment of the
have been challenged by the authorities on a range of pending disputes including where applicable, external
matters. Moreover, resolution of tax and legal proceedings legal counsel opinions, developments during FY 2023-
may span over multiple years and may involve protracted 24 and post year-end status of litigations;
negotiations or litigation.

The Holding Company applies significant judgment in iii. Inquired with the Holding Company’s external legal
estimating the likelihood of the outcome of each case and counsels, where applicable and in case of material
consequently its impact on the Consolidated Financial contingent liabilities, to understand the Holding
Statements. These estimates could change over time as new Company’s assessment of the litigations and claims;
facts emerge and as each matter progresses. Refer note 42,
46 and note 49 to the Consolidated Financial Statements. iv. Evaluated the Holding Company’s assessments by
Accordingly, we identified Contingent Liabilities as a key understanding precedents set in similar cases and
audit matter. assessed the reliability of the Holding Company’s past
estimates/judgements;
v. Performed test checks on the provision made/ contingent

liabilities/ other significant litigations /disclosures
made in the Consolidated Financial Statements; and
vi. Assessed the adequacy of the disclosures relating to

contingent liabilities in the Consolidated Financial
Statements.
Revenue Recognition: As reported by component auditors Principle Audit Procedures by component auditors of
of Mahadhan AgriTech Limited Mahadhan AgriTech Limited
Revenue is measured at the transaction price as reduced by Our audit approach was a combination of test of internal
dealer discounts and other similar allowances. controls and substantive procedures which included the
following:
Subsidy income is booked as revenue when the sale to
dealer/retailer is recognised and is subject to the Company • Understood the policies and procedures applied to
ensuring with compliance with relevant regulatory revenue recognition, as well as compliance therewith,
requirements. including an analysis of the effectiveness of controls
related to revenue recognition processes.
Volume discounts are assessed based on anticipated sales.
Further, timing of revenue recognition is dependent on the • Analysed and discussed with management significant
shipping terms agreed with customers in relation to passing contracts including contractual terms and conditions
of risk and rewards of ownership. related to discounts, incentives, and rebates.
The application of Indian accounting standard (Ind AS • Reviewed the relevant estimates made in connection
115) involves significant judgements /material estimates with volume discounts and its accounting treatment in
relating to identification of distinct performance obligations, the books of account.
determination of transaction price of the identified
performance obligations and the appropriateness of the • Performed procedures to ensure that subsidy is correctly
basis used to measure revenue recognised. and timely booked as revenue at the rates prescribed by
the Department of Fertilizers and in the correct period.
• Performed cut-off procedures to ensure that revenue is

accounted in the correct period.
• Selected a sample of contracts and performed the

following procedures:
(a) Analysed and identified the distinct performance

obligations in these contracts.
(b) Compared such performance obligations with that

identified and recorded by the Company.

(c) Reviewed contracts terms to determine
the transaction price including any variable
consideration to determine the appropriate
transaction price for computing revenue and
to test the basis of estimation of the variable
consideration.
• Reviewed disclosures included in the notes to the

accompanying Financial Statements.
Impairment of Assets: As reported by component auditor Principle Audit Procedures by component auditors of
of Performance Chemiserve Limited Performance Chemiserve Limited
The Company has significant Property, Plant and Equipment Our audit approach and procedures included:
relating to the Ammonia Project.
• Evaluated the reasonableness of management’s
As the amount is significant, an assessment of carrying conclusions on key assumptions, including forecast cash
value of assets of Ammonia Project is required. flows focusing on revenues and earnings, assessing
the appropriateness of discount rates, historical and
budgetary Financial Information, current market
conditions and growth rates.
• Assessed the reliability of management’s forecast,

whilst considering the risk of managements bias.
Evaluated the appropriateness of impairment model
prepared by the management.
OTHER INFORMATION Responsibilities of Management and Those Charged with

The Holding Company’s Board of Directors is responsible for Governance for the Consolidated Financial Statements
the other information. The other information comprises the
Management Discussion and Analysis; Board of Directors’ The Holding Company’s Board of Directors are responsible
Report along with its Annexures and Corporate Governance for the preparation and presentation of these Consolidated
Report included in the Annual Report but does not include Financial Statements in term of the requirements of the Act
the Consolidated Financial Statements and our Auditors’ that give a true and fair view of the consolidated financial
Report thereon. Our opinion on the Consolidated Financial position, consolidated financial performance (including
Statements does not cover the other information and we do other comprehensive income), the consolidated statement of
not express any form of assurance conclusion thereon. changes in equity and consolidated cash flows of the Group
and its Joint Operation in accordance with the accounting
In connection with our audit of the Consolidated Financial principles generally accepted in India, including the Indian
Statements, our responsibility is to read the other Accounting Standards specified under section 133 of the
information and, in doing so, consider whether the other Act read with the Companies (Indian Accounting Standards)
information is materially inconsistent with the Consolidated Rules, 2015, as amended.
Financial Statements, or our knowledge obtained in the audit
or otherwise appears to be materially misstated. If, based The respective Board of Directors of the companies included
on the work we have performed, we conclude that there is in the Group and its Joint Operation are responsible for
a material misstatement of this other information; we are maintenance of adequate accounting records in accordance
required to report that fact. We have nothing to report in this with the provisions of the Act for safeguarding the assets
regard. of the Group and its Joint Operation 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 misstatement resulting from fraud is higher than for
internal financial controls, that were operating effectively one resulting from error, as fraud may involve collusion,
for ensuring accuracy and completeness of the accounting forgery, intentional omissions, misrepresentations, or
records, relevant to the preparation and presentation of the the override of internal control.
Consolidated Financial Statements that give a true and fair
view and are free from material misstatement, whether due • Obtain an understanding of internal control relevant to
to fraud or error, which have been used for the purpose of the audit in order to design audit procedures that are
preparation of the Consolidated Financial Statements by the appropriate in the circumstances. Under section 143(3)
Directors of the Holding Company, as aforesaid. (i) of the Act, we are also responsible for expressing our
opinion on whether the Group and its Joint Operation
In preparing the Consolidated Financial Statements, the has adequate internal financial controls with reference
respective Board of Directors of the companies included in the to the Consolidated Financial Statements in place and
Group and its Joint Operation are responsible for assessing the operating effectiveness of such controls.
the ability of the Group and its Joint Operation to continue as
a going concern, disclosing, as applicable, matters related • Evaluate the appropriateness of accounting policies
to going concern and using the going concern basis of used and the reasonableness of accounting estimates
accounting unless management either intends to liquidate and related disclosures made by management.
the Companies included in the Group and its Joint Operation
or to cease operations, or has no realistic alternative but to • Conclude on the appropriateness of management’s use
do so. of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material
The respective Board of Directors of the companies included uncertainty exists related to events or conditions that
in the Group and its Joint Operation are responsible for may cast significant doubt on the ability of the Group
overseeing the financial reporting process of the Group and and its Joint Operation to continue as a going concern.
its Joint Operation. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF to the related disclosures in the Consolidated Financial
THE CONSOLIDATED FINANCIAL STATEMENTS Statements or, if such disclosures are inadequate, to
Our objectives are to obtain reasonable assurance about modify our opinion. Our conclusions are based on the
whether the Consolidated Financial Statements as a whole audit evidence obtained up to the date of our auditor’s
are free from material misstatement, whether due to fraud report. However, future events or conditions may cause
or error, and to issue an auditor’s report that includes our the Group and its Joint Operation to cease to continue
opinion. Reasonable assurance is a high level of assurance as a going concern.
but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when • Evaluate the overall presentation, structure and content
it exists. Misstatements can arise from fraud or error and of the Consolidated Financial Statements, including the
are considered material if, individually or in the aggregate, disclosures, and whether the Consolidated Financial
they could reasonably be expected to influence the economic Statements represent the underlying transactions and
decisions of users taken on the basis of these Consolidated events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding
As part of an audit in accordance with SAs, we exercise the financial information of the entities or business
professional judgment and maintain professional skepticism activities within the Group and its Joint Operation
throughout the audit. to express an opinion on the Consolidated Financial
Statements. We are responsible for the direction,
We also: supervision and performance of the audit of the
Financial Statements of such entities included in the
• Identify and assess the risks of material misstatement Consolidated Financial Statements of which we are the
of the Consolidated Financial Statements, whether due independent auditors. For the other entities included
to fraud or error, design and perform audit procedures in the Consolidated Financial Statements, which have
responsive to those risks, and obtain audit evidence been audited by other auditors, such other auditors
that is sufficient and appropriate to provide a basis remain responsible for the direction, supervision and
for our opinion. The risk of not detecting a material performance of the audits carried out by them. We
remain solely responsible for our audit opinion. Our Certain of these subsidiaries are located outside
responsibilities in this regard are further described in India whose financial statements have been prepared
section titled ‘Other Matter’ in this audit report. in accordance with accounting principles generally
accepted in their respective countries and which have
We communicate with those charged with governance been audited by other auditors under generally accepted
of the Holding Company and other companies included auditing standards applicable in their respective
in the Consolidated Financial Statements of which we countries. The Holding Company’s Management has
are the independent auditors regarding, among other converted the financial statements of such subsidiaries
matters, the planned scope and timing of the audit located outside India from accounting principles
and significant audit findings, including any significant generally accepted in their respective countries to
deficiencies in internal control that we identify during accounting principles generally accepted in India. We
our audit. have audited these conversion adjustments, if any, made
by the Holding Company’s Management. Our opinion in
We also provide those charged with governance with so far as it relates to the balances and affairs of such
a statement that we have complied with relevant subsidiaries located outside India is based on the report
ethical requirements regarding independence, and to of other auditors and the conversion adjustments
communicate with them all relationships and other prepared by the Management of the Holding Company
matters that may reasonably be thought to bear on and audited by us.
our independence, and where applicable, related
safeguards. 2. The Consolidated Financial Statement include the
financial statements of one subsidiary which has not
From the matters communicated with those charged been audited by us, whose financial statements reflect
with governance and based on audit reports of other total assets of ` 23 Lakhs as at 31 March 2024, revenues
auditors, we determine those matters that were of from operations of Rs Nil Lakhs, total comprehensive
most significance in the audit of the Consolidated income (comprising of profit and other comprehensive
Financial Statements of the current period and are income) of ` (1) Lakhs and net cash outflows of Rs. (1)
therefore the key audit matters. We describe these Lakhs, for the year ended as on that date. The financial
matters in our auditor’s report unless law or regulation statements of this subsidiary are Management drawn.
precludes public disclosure about the matter or when, According to the information and explanations given
in extremely rare circumstances, we determine that to us by the Management and in our opinion, these
a matter should not be communicated in our report financial statements are not material to the Group.
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest 3. We did not audit the financial statements of one joint
benefits of such communication. operation included in the Consolidated Financial
Statements. The Management of the Holding Company
OTHER MATTERS PARAGRAPHS recorded its share based on Management drawn results
1. We did not audit the financial statements of nine of the joint operation. According to the information and
subsidiaries included in the Consolidated Financial explanations given to us by the Management and in our
Statements, whose financial statements reflect total opinion, these financial statements are not material to
assets of ` 14,36,033 Lakhs as at 31 March 2024, the Group.
revenues from operation of ` 8,18,003 Lakhs, total
comprehensive income (comprising of profit and other Our opinion on the Consolidated Financial Statements,
comprehensive income) of ` 25,780 Lakhs and net cash and our report on Other Legal and Regulatory
outflows of ` (5,647) Lakhs, for the year ended as on Requirements below, is not modified in respect of the
that date. These financial statements have been audited above matters with respect to our reliance on the work
by other auditors whose reports have been furnished done and the reports of the other auditors and the
to us by the Management and our opinion on the financial statements certified by the Board of Directors
Consolidated Financial Statement, in so far as it relates of the Holding Company.
to the amounts and disclosures included in respect of
these subsidiaries, is based solely on the reports of the REPORT ON OTHER LEGAL AND REGULATORY
other auditors and the procedures performed by us are REQUIREMENTS
as stated in paragraph above. 1. As required by Section 143(3) of the Act, based on our
audit and on the consideration of reports of the other
auditors on separate financial statements, as noted in subsidiaries incorporated in India and the
the Other Matters paragraph, we report, to the extent operating effectiveness of such controls, refer to
applicable, that: our separate Report in Annexure I.
a) We have sought and obtained all the information h) As required by section 197 (16) of the Act; in our
and explanations which to the best of our knowledge opinion and according to the information and
and belief were necessary for the purposes of explanations given to us, and on the consideration
our audit of the aforesaid Consolidated Financial of reports of the other auditors on separate
Statements. financial statements; the remuneration paid during
the current year to its Directors by the companies
b) In our opinion, proper books of account as required incorporated in India to whom section 197 applies,
by law relating to preparation of the aforesaid included in the Group is in accordance with the
Consolidated Financial Statements have been kept provisions of section 197 of the Act.
so far as it appears from our examination of those
books and the reports of the other auditors except i) With respect to the other matters to be included in
for the matters stated in the paragraph 1 i) (vi) the Auditor’s Report in accordance with Rule 11 of
below on reporting under Rule 11(g). the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
c) The Consolidated Balance Sheet, the Consolidated according to the explanations given to us and on
Statement of Profit and Loss (including Other the consideration of reports of the other auditors
Comprehensive Income), the Consolidated on separate financial statements:
Statement of Changes in Equity and the
Consolidated Statement of Cash Flows dealt with (i) The Consolidated Financial Statements
by this Report are in agreement with the relevant disclose the impact of pending litigations as
books of account maintained for the purpose at 31 March 2024 on the consolidated financial
of preparation of the Consolidated Financial position of the Group and its Joint Operation -
Statements. Refer Note 42, 46 and 49 to the Consolidated
d) In our opinion, the aforesaid Consolidated
Financial Statements comply with the Indian (ii) The Group and its Joint Operation did not have
Accounting Standards specified under Section 133 any long-term contracts including derivative
of the Act, read with Companies (Indian Accounting contracts for which there were any material
Standards) Rules, 2015, as amended. foreseeable losses as at 31 March 2024.
e) On the basis of the written representations received (iii) There is no delay in amounts, required to
from the directors of the Holding Company as on be transferred, to the Investor Education
31 March 2024 taken on record by the Board of and Protection Fund by the companies
Directors of the Holding Company and the reports incorporated in India in the Group and its Joint
of the statutory auditors of companies incorporated Operation during the year ended 31 March
in India included in the Group, none of the directors 2024 except the following in case of Holding
of the companies incorporated in India included in Company:
the Group, is disqualified as on 31 March 2024 from
being appointed as a director in terms of Section Year Type of Dividend Status
164(2) of the Act. dividend unpaid in
Lakhs
f) With reference to the maintenance of accounts and 1997- Final 0.37 Not yet transferred to
other matters connected therewith, refer to our 1998 Investor Education and
comment in Paragraph 1 (b) above and refer to our Protection Fund due
comment in paragraph 1(i)(vi) below, on reporting to legal dispute with
under rule 11 (g). regards to ownership of
shares which remains
g) For our opinion on the internal financial controls unresolved
with reference to Consolidated Financial
Statements of the Holding Company and its
(iv) (a) The respective Managements of the Holding under the Act, nothing has come to our
Company and its subsidiaries which are notice that has caused us to believe that the
companies incorporated in India, whose representations under sub-clause (i) and (ii)
financial statements have been audited of Rule 11(e), as provided under (a) and (b)
under the Act, have represented to us and above, contain any material misstatement.
their respective auditors that, to the best of
their knowledge and belief, no funds (which (v) The dividend declared and paid during the year by
are material either individually or in the the Holding Company is in compliance with Section
aggregate) have been advanced or loaned 123 of the Act.
or invested (either from borrowed funds or
share premium or any other sources or kind (vi) Based on our examination which included test
of funds) by the Company or any of such checks and that performed by the respective
subsidiaries to or in any other person or entity, auditors of the subsidiaries incorporated in India
including foreign entity (“Intermediaries”), whose financial statements have been audited
with the understanding, whether recorded in under the Act, the Holding Company and the
writing or otherwise, that the Intermediary subsidiary companies have used an accounting
shall, directly or indirectly lend or invest software for maintaining its books of account
in other persons or entities identified in which has a feature of recording audit trail (edit log)
any manner whatsoever by or on behalf of facility and the same has operated throughout the
the Company or any of such subsidiaries year for all relevant transactions recorded in the
(“Ultimate Beneficiaries”) or provide any software except that in the Holding Company and
guarantee, security or the like on behalf of two subsidiary companies’ accounting software no
the Ultimate Beneficiaries. audit trail (edit log) facility/feature was enabled at
the database level to log any direct changes.
(b) The respective Managements of the Holding
Company and its subsidiaries which are Further, during the course of our audit so far it
companies incorporated in India, whose relates to audit trail in respect of transactions,
financial statements have been audited we and respective auditors of the above referred
under the Act, have represented to us and subsidiary companies did not come across any
their respective auditors that, to the best of instance of audit trail feature being tampered with.
their knowledge and belief, no funds (which
are material either individually or in the As proviso to Rule 3(1) of the Companies (Accounts)
aggregate) have been received by the Holding Rules, 2014 is applicable from April 1, 2023,
Company or any of such subsidiaries from reporting under Rule 11(g) of the Companies (Audit
any person or entity, including foreign entity and Auditors) Rules, 2014 on preservation of audit
(“Funding Parties”), with the understanding, trail as per the statutory requirements for record
whether recorded in writing or otherwise, retention is not applicable for the financial year
that the Company or any of such subsidiaries ended 31 March 2024.
shall, directly or indirectly, lend or invest in
other persons or entities identified in any 2. With respect to the matters specified in paragraphs
manner whatsoever by or on behalf of the 3(xxi) and 4 of the Companies (Auditor’s Report) Order,
Funding Party (“Ultimate Beneficiaries”) or 2020 (the “Order”/ “CARO”) issued by the Central
provide any guarantee, security or the like on Government in terms of Section 143(11) of the Act, to
behalf of the Ultimate Beneficiaries. be included in the Auditor’s report, according to the
information and explanations given to us, and based
(c) Based on the audit procedures that have been on the CARO report issued by us for the Company
considered reasonable and appropriate in and other auditors of subsidiaries included in the
the circumstances performed by us on the Consolidated Financial Statements of the Company, to
Holding Company and its subsidiaries which which reporting under CARO is applicable, we report
are companies incorporated in India whose that there are no qualifications or adverse remarks in
financial statements have been audited these CARO reports except as given below:
Sr. Name CIN Company/Associate/ Clause number of

No. Joint Venture the CARO report
1 Deepak Fertilisers And L24121MH1979PLC021360 Holding Company Clause i(c)
Petrochemicals Corporation Ltd.
2 Mahadhan Agritech Limited U67120PN1987PLC166034 Subsidiary Clause i(c)
3 Deepak Mining Solutions Limited U14100PN2008PTC132562 Subsidiary Clause ix(d) and
Clause xvii
4 Ishanya Brand Services Limited U74900PN2008PLC131967 Subsidiary Clause xvii and xiv
5 Ishanya Realty Corporation Limited U70101PN2008PLC131330 Subsidiary Clause xvii and xiv
6 SCM Fertichem Limited U24211PN2012PLC145023 Subsidiary Clause xvii and xiv
7 Mahadhan Farm Technologies U01110MH2003PTC140539 Subsidiary Clause xiv
Private Limited
For P G BHAGWAT LLP

Abhijeet Bhagwat
Partner
UDIN: 24136835BKBGVQ4037
Place : Pune
Date : 29 May, 2024
ANNEXURE I TO THE INDEPENDENT AUDITORS’ perform the audit to obtain reasonable assurance about
REPORT whether adequate internal financial controls with reference
Referred to in paragraph 1 (g) under the heading, “Report on to Consolidated Financial Statements was established and
Other legal and Regulatory Requirements” of our report on maintained and if such controls operated effectively in all
even date: material respects.
REPORT ON THE INTERNAL FINANCIAL CONTROLS Our audit involves performing procedures to obtain audit
WITH REFERENCE TO CONSOLIDATED FINANCIAL evidence about the internal financial controls with reference
STATEMENTS UNDER CLAUSE (I) OF SUB-SECTION 3 OF to Consolidated Financial Statements and their operating
SECTION 143 OF THE COMPANIES ACT, 2013 (“THE ACT”) effectiveness. Our audit of internal financial controls with
reference to Consolidated Financial Statements included
In conjunction with our audit of the Consolidated Financial
obtaining an understanding of internal financial with
Statements of the Company as of and for the year ended
reference to Consolidated Financial Statements, assessing
31 March 2024, we have audited the internal financial controls
the risk that a material weakness exists, and testing and
with reference to the Consolidated Financial Statements of
evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures selected
(hereinafter referred to as the ““Holding Company”) and its
depend on the auditor’s judgement, including the assessment
Subsidiaries incorporated in India (Holding Company and its
of the risks of material misstatement of the Consolidated
Subsidiaries incorporated in India together referred to as
Financial Statements, whether due to fraud or error.
“the Group”) and Joint Operation, as of that date.
We believe that the audit evidence we have obtained, and
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL
audit evidence obtained by other auditors of subsidiaries
FINANCIAL CONTROLS
incorporated in India, referred to in other matter paragraph
The management of the companies incorporated in India below is sufficient and appropriate to provide a basis for our
included in the Group and its Joint Operation incorporated in audit opinion on the internal financial controls with reference
India is responsible for establishing and maintaining internal to Consolidated Financial Statements of the Holding
financial controls based on the internal control over financial Company and its subsidiary companies incorporated in India.
reporting criteria established by the respective companies
considering the essential components of internal control MEANING OF INTERNAL FINANCIAL CONTROLS
stated in the Guidance Note on Audit of Internal financial WITH REFERENCE TO THE CONSOLIDATED
controls over financial reporting issued by the Institute FINANCIAL STATEMENTS
of Chartered Accountants of India. These responsibilities
A company’s internal financial control with reference to the
include the design, implementation and maintenance of
Consolidated Financial Statements is a process designed
adequate internal financial controls that were operating
to provide reasonable assurance regarding the reliability
effectively for ensuring the orderly and efficient conduct of
of financial reporting and the preparation of Consolidated
its business, including adherence to company’s policies, the
Financial Statements for external purposes in accordance
safeguarding of its assets, the prevention and detection of
with generally accepted accounting principles. A company’s
frauds and errors, the accuracy and completeness of the
internal financial control with reference to the Consolidated
accounting records, and the timely preparation of reliable
Financial Statements those policies and procedures that (1)
financial information, as required under the Act.
pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
AUDITORS’ RESPONSIBILITY
dispositions of the assets of the company; (2) provide
Our responsibility is to express an opinion on the Group reasonable assurance that transactions are recorded as
internal financial controls with reference to the Consolidated necessary to permit preparation of Consolidated Financial
Financial Statements based on our audit. We conducted Statements in accordance with generally accepted accounting
our audit in accordance with the Guidance Note on Audit principles, and that receipts and expenditures of the company
of Internal financial controls over financial reporting (the are being made only in accordance with authorisations of
“Guidance Note”) and the Standards on Auditing, to the management and directors of the company; and (3) provide
extent applicable to an audit of internal financial controls, reasonable assurance regarding prevention or timely
both issued by the Institute of Chartered Accountants of detection of unauthorised acquisition, use, or disposition of
India. Those Standards and the Guidance Note require the company’s assets that could have a material effect on the
that we comply with ethical requirements and plan and Consolidated Financial Statements.
INHERENT LIMITATIONS OF INTERNAL internal control over financial reporting criteria established
FINANCIAL CONTROLS WITH REFERENCE TO THE by the respective companies considering the essential
CONSOLIDATED FINANCIAL STATEMENTS components of internal control stated in the Guidance Note
Because of the inherent limitations of internal financial on Audit of Internal financial controls over financial reporting
controls with reference to the Consolidated Financial issued by the Institute of Chartered Accountants of India.
Statements, including the possibility of collusion or improper
management override of controls, material misstatements OTHER MATTERS
due to error or fraud may occur and not be detected. Also, Our aforesaid reports under Section 143(3)(i) of the Act on the
projections of any evaluation of the internal financial controls adequacy and operating effectiveness of the internal financial
with reference to the Consolidated Financial Statements controls with reference to Consolidated Financial Statements
to future periods are subject to the risk that the internal in so far as it relates to seven subsidiary companies
financial control with reference to the Consolidated Financial incorporated in India, is based on the corresponding reports
Statements may become inadequate because of changes in of the auditors of such companies incorporated in India.
conditions, or that the degree of compliance with the policies
or procedures may deteriorate. For P G BHAGWAT LLP
OPINION
In our opinion and based on the audit reports of other Abhijeet Bhagwat
auditors, the Holding Company and subsidiaries Partner
incorporated in India have, in all material respects, adequate Membership Number: 136835
internal financial controls with reference to Consolidated UDIN: 24136835BKBGVQ4037
Financial Statements and such internal financial controls
with reference to Consolidated Financial Statements were Place : Pune
operating effectively as at 31 March 2024, based on the Date : 29 May, 2024
Consolidated Balance Sheet

Notes As at As at
31 March 2024 31 March 2023
ASSETS
Non-current assets
Property, plant and equipment 3 5,59,596 2,01,096
Capital work-in-progress 4 74,854 3,52,653
Investment property 5 20,706 20,103
Right of use assets 6 39,521 38,691
Goodwill on consolidation 7 4,327 4,347
Other intangible assets 8 3,225 3,587
Intangible assets under development 4a 526 182
Financial assets
i. Investments 9 248 248
ii. Other financial assets 15 10,745 7,377
Deferred tax assets (net) 26 14,420 -
Income tax assets (net) 15,983 14,967
Other non-current assets 16 23,095 60,465
Total non-current assets 7,67,246 7,03,716
Current assets
Inventories 17 1,19,244 1,25,890
Financial assets
i. Investments 10 25,828 59,714
ii. Trade receivables 11 1,47,575 1,69,053
iii. Cash and cash equivalents 13 22,594 27,925
iv. Other bank balances 14 13,500 21,940
v. Loans 12 106 108
vi. Other financial assets 15 33,104 8,759
Other current assets 18 53,832 25,016
Total current assets 4,15,783 4,38,405
Total assets 11,83,029 11,42,121
EQUITY AND LIABILITIES
Equity
Equity share capital 19 12,624 12,624
Other equity 20 5,28,199 4,94,076
Equity attributable to owners of the Company 5,40,823 5,06,700
Non controlling interest 3,781 12,627
Total equity 5,44,604 5,19,327
Consolidated Balance Sheet

Notes As at As at
31 March 2024 31 March 2023
Liabilities
Non-current liabilities
Financial Liabilities
i. Borrowings 21 3,06,261 3,23,098
iii. Other financial liabilities 23 7,911 6,342
Deferred tax liabilities (net) 26 4,716 84
Total non-current liabilities 3,32,984 3,41,053
Current liabilities
i. Borrowings 22 98,264 38,239
iii. Trade payables
(a) total outstanding dues of micro and small enterprises 25 7,067 5,737
(b) total outstanding dues of creditors other than micro and small 25 1,21,419 1,71,999
enterprises
iv. Other financial liabilities 23 44,892 39,636
Other current liabilities 27 15,255 11,334
Current tax liabilities (net) 9,667 5,794
Total current liabilities 3,05,441 2,81,741
Total liabilities 6,38,425 6,22,794
Total equity and liabilities 11,83,029 11,42,121
The accompanying notes form an integral part of the consolidated 3-52
financial statements

Place: Pune

Consolidated Statement of Profit and Loss

Notes For the year ended For the year ended

31 March 2024 31 March 2023
Income
Revenue from operations 28 8,67,609 11,30,069
Other income 29 12,276 8,402
Total income 8,79,885 11,38,471
Expenses
Cost of materials consumed 30 4,88,219 6,93,859
Purchases of stock-in- trade 31 95,962 1,01,698
Changes in inventories of finished goods and stock-in-trade 32 5,632 (28,634)
Employee benefits expense 33 52,653 59,442
Finance costs 34 40,376 19,473
Depreciation and amortisation expense 35 33,373 23,921
Other expenses 36 96,474 87,160
Total expenses 8,12,689 9,56,919
Profit before tax 67,196 1,81,552
Tax expense
Current tax 45 34,017 55,178
Deferred tax (credit)/charge 26 (12,544) 4,286
Total tax expense 21,473 59,464
Profit for the year 45,723 1,22,088
Other comprehensive income ('OCI')
(A) Items that will not be reclassified to profit or loss
Remeasurement of defined benefit obligations (828) 171
Income tax relating to this items 26 213 (55)
Total (A) (615) 116
(B) Items that will be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations 40 (216)
Cash Flow hedge 11,646 (1,357)
Income tax relating to this item 26 (3,142) 342
Total (B) 8,544 (1,231)
Other comprehensive income for the year (A+B), net of tax liability 7,929 (1,115)
Total comprehensive income for the year 53,652 1,20,973
Consolidated Statement of Profit and Loss

Notes For the year ended For the year ended

31 March 2024 31 March 2023
Profit for the year attributable to:
- Owners of the Company 44,251 1,21,010
- Non controlling interests 1,472 1,078
Other comprehensive income (net of tax) attributable to:
- Owners of the Company 7,915 (1,039)
- Non controlling interests 14 (76)
Total comprehensive income for the year attributable to:
- Owners of the Company 52,166 1,19,971
- Non controlling interests 1,486 1,002
Earnings per equity share of `10 each 37
i) Basic (in ` ) 35.05 97.70
ii) Diluted (in ` ) 35.05 97.70
The accompanying notes form an integral part of the consolidated 3-52
financial statements

Place: Pune

Consolidated Statement of Cash Flows


31 March 2024 31 March 2023
Cash flow from operating activities
Profit before tax as per statement of profit and loss 67,196 1,81,552
Adjustments for
Depreciation and amortisation expense 33,373 23,921
Profit on sale of property, plant and equipment (net) (5,315) (8)
Provision for doubtful trade receivables/advances 201 196
Bad debts 117 414
Gain on sale of investments (3,204) (3,376)
Unwinding of discount on security deposits (255) (175)
Changes in fair value of financial assets at fair value through profit or loss (146) (300)
Other adjustment - (547)
Interest income (2,060) (1,838)
Finance costs 40,376 19,902
Unrealized foreign exchange fluctuations loss/(gain) ( net) 415 231
Cash generated from operations before working capital changes 1,30,698 2,19,972
Change in trade receivables 21,423 (1,07,875)
Change in inventories 6,646 (21,543)
Change in trade payables (49,904) 36,393
Change in other financial liabilities (6,595) 10,241
Change in other financial assets (13,142) (5,534)
Change in other non-current assets 40,741 (17,672)
Change in other current assets (29,079) (9,531)
Change in provisions (195) (793)
Change in other current liabilities 3,921 (735)
Cash generated from operations 1,04,514 1,02,923
Income taxes paid (net) (31,335) (53,609)
Net cash generated from operating activities 73,179 49,314
Cash flows from investing activities
Purchase of property, plant and equipment, intangible assets (including (88,479) (1,20,938)
Capital work-in-progress)
Proceeds from sale of property, plant and equipment 5,872 74
Proceeds from sale of investments in mutual fund (net) 37,236 31,595
Loans to employees and other loans taken/given (net) 2 (18)
Fixed deposit matured/placed (net) 5,424 (10,098)
Interest received 2,425 1,501
Net cash (used in) investing activities (37,520) (97,884)
Consolidated Statement of Cash Flows


31 March 2024 31 March 2023
Cash flows from financing activities
Proceeds from borrowings - non current 2,61,022 1,26,839
Repayment of borrowings - non current (3,08,446) (22,973)
Proceeds from borrowings - current (net) 75,301 8,406
Payment of lease liability (3,512) (2,485)
Interest paid (51,841) (37,981)
Dividends paid (12,643) (10,923)
Dividends paid to non-controlling interests (871) (497)
Net cash (used in)/generated from financing activities (40,990) 60,386
Net (decrease)/increase in cash and cash equivalents (5,331) 11,816
Cash and cash equivalents at the beginning of the year 27,925 16,109
Cash and cash equivalents at end of the year 22,594 27,925
The accompanying notes form an integral part of the consolidated financial statements.
Reconciliation of cash and cash equivalents as per the Cash flow statement
Particulars Year ended Year ended
31 March 2024 31 March 2023
Cash and cash equivalents at the end of year 22,594 27,925
Bank overdraft - -
22,594 27,925
The above statement of Cash Flows has been prepared under the ‘Indirect Method’ as set out in Ind AS 7, ‘’Statement of Cash
Flows’’

Place: Pune

Consolidated Statement of Changes in Equity

A. EQUITY SHARE CAPITAL

As at As at
31 March 2024 31 March 2023
Changes due to prior period errors - -
Restated balance at the beginning of the current reporting period 12,624 12,059
Changes in equity share capital during the year
Shares issued by way of conversion of Foreign currency convertible bonds (FCCB) - 565
B. OTHER EQUITY
Reserves and Surplus Items of Other Comprehensive Total at- Non Con- Total
Income tributable trolling
Securities Capital Capital Equity portion General Retained Remeasure- Fair value Effective por- to Owners Interest
premium redemption Reserve of non-current reserve earnings ment of de- through OCI In- tion of Cash of the
reserve borrowings fined benefit cluding foreign Flow Hedges Company
(FCCB) plans currency trans-
lation reserve
Balance as at 1 April 2022 88,775 1,950 4,167 1,504 17,922 2,62,953 (2,510) 586 1,016 376,363 11,777 3,88,140
Changes in accounting policy or prior period errors - - - - - - - - - - - -
Restated balance at the beginning of the previous 88,775 1,950 4,167 1,504 17,922 2,62,953 (2,510) 586 1,016 3,76,363 11,777 3,88,140
reporting period
Profit for the year - - - - - 1,21,010 - - - 1,21,010 1,078 1,22,088
Other comprehensive income - - - - - - 116 (140) (1,015) (1,039) (76) (1,115)
Total comprehensive income for the year - - - - - 1,21,010 116 (140) (1,015) 1,19,971 1,002 1,20,973
Conversion of foreign currency convertible bonds 10,438 - - (1,504) - - - - - 8,934 - 8,934
Impact of increase in investment in subsidiary - - - - - (339) - - - (339) 339 -
Dividend paid to non-controlling interest - - - - - - - - - - (491) (491)
Dividend paid - - - - - (10,853) - - - (10,853) - (10,853)
10,438 - - (1,504) - (11,192) - - - (2,258) (152) (2,410)
Balance as at 1 April 2023 99,213 1,950 4,167 - 17,922 3,72,771 (2,394) 446 1 4,94,076 12,627 5,06,703
Changes in accounting policy or prior period errors - - - - - - - - - - - -
Restated balance at the beginning of the current 99,213 1,950 4,167 - 17,922 3,72,771 (2,394) 446 1 4,94,076 12,627 5,06,703
reporting period
Profit for the year - - - - - 44,251 - - - 44,251 1,472 45,723
Other comprehensive income - - - - - - (615) 26 8,504 7,915 14 7,929
Total comprehensive income for the year - - - - - 44,251 (615) 26 8,504 52,166 1,486 53,652
Equity shares - - - - - - - - - - - -
Effect of transaction with non controlling interest - - - - - (5,687) - - - (5,687) - (5,687)
Previously charged security premium expense reversed 268 - - - - - - - - 268 268
Effect of acquisition of non controlling interest - - - - - - - - - - (9,461) (9,461)
Dividend paid to non-controlling interest - - - - - - - - - - (871) (871)
Dividend paid - - - - - (12,624) - - - (12,624) - (12,624)
268 - - - - (18,311) - - - (18,043) (10,332) (28,375)
Balance as at 31 March 2024 99,481 1,950 4,167 - 17,922 3,98,711 (3,009) 472 8,505 5,28,199 3,781 5,31,980
Note: Refer note 20 for nature and purpose of other equity.
The accompanying notes form an integral part of the consolidated financial statements

Place: Pune

Notes
to the Consolidated Financial Statements for the year ended 31st March 2024
1. Corporate Information • Employee defined benefits plans – plan assets are

measured at fair value
Deepak Fertlisers And Petrochemicals Corporation
Limited (“the Holding Company or the Parent The consolidated financial statements are
Company”) is a public limited company domiciled in presented in Indian Rupees (“INR”), which is also
India, with its registered office at Pune, Maharashtra, the Group functional currency and all values are
India. The Holding Company has been registered under rounded off to the nearest Lakhs, except when
the provisions of the Indian Companies Act and its equity otherwise indicated. Wherever, an amount is
shares are listed on the National Stock Exchange (NSE) presented as INR ‘0’ (zero) it construes value less
and the Bombay Stock Exchange (“BSE”) in India. than ` 50,000.
The Holding Company and its subsidiaries (together 2.2A Significant accounting estimates, assumptions
referred to as “the Group”) is engaged in the business and judgements
of fertlisers, agri services, bulk chemicals, mining
chemicals and value-added real estate. The preparation of the consolidated financial
statements requires management to make
These consolidated financial statements of the Group estimates and assumptions that affect the
as at and for the year ended on 31 March 2024 were reported amounts of revenues, expenses, assets
approved for issue in accordance with the resolution of and liabilities, and the accompanying disclosures,
the Board of Directors on May 29, 2024. and the disclosure of contingent liabilities.
Uncertainty about these assumptions and
2. Material Accounting Policies estimates could result in outcomes that require
a material adjustment to the carrying amount of
This note provides a list of the material accounting assets or liabilities effected in future periods. .
policies adopted in the preparation of these consolidated
financial statements. These policies have been Estimates and assumptions
consistently applied to all the years presented, unless
otherwise stated. The key assumptions concerning the future and
other key sources of estimation uncertainty at the
2.1 Basis of preparation reporting date, that have a significant risk of causing
a material adjustment to the carrying amount of
The consolidated financial statements of the Group assets and liabilities within the next financial year, are
have been prepared in accordance with Indian described below. The Group has based its assumptions
Accounting Standards (‘Ind AS’) notified under and estimates on parameters available when the
Section 133 of the Companies Act, 2013 (“the consolidated financial statements were prepared.
Act”) read with the Companies (Indian Accounting Existing circumstances and assumptions about future
Standards) Rules, 2015 notified, as amended developments, however, may change due to market
thereafter and other relevant provisions of the Act. changes or circumstances arising that are beyond the
control of the Group. Such changes are reflected in the
The consolidated financial statements have been assumptions when they occur.
prepared on an accrual basis and under the
historical cost convention, except for the following Taxes
assets and liabilities which have been measured at
fair value: There are many transactions and calculations
undertaken during the ordinary course of business
• Derivative financial instruments; for which the ultimate tax determination is uncertain.
Where the final outcome of these matters is different
• Certain financial assets and liabilities measured from the amounts initially recorded, such differences
at fair value (refer accounting policy on financial will impact the current and deferred tax provisions
instruments); and in the period in which the tax determination is made.
Notes
The assessment of probability involves estimation of a Fair value measurement of financial instruments
number of factors including future taxable income.
When the fair values of financial assets and financial
Useful lives of Property, plant and equipment (‘PPE’) liabilities recorded in the Balance Sheet cannot be
measured based on quoted prices in active markets,
The Management reviews the estimated useful lives their fair value is measured using valuation techniques
and residual value of PPE at the end of each reporting including the Discounted Cash flow (“DCF”) model.
period. Factors such as changes in the expected level The inputs to these models are taken from observable
of usage, number of shifts of production, technological markets where possible, but where this is not feasible,
developments and product life-cycle, could significantly a degree of judgement is required in establishing
impact the economic useful lives and the residual their fair values. Judgements include consideration of
values of PPE, consequently leading to a change in the inputs such as liquidity risk, credit risk and volatility.
future depreciation charge. Changes in assumptions about these factors could
affect the reported fair values of financial instruments.
Defined benefit plans
Impairment of financial assets
Employee benefit obligations are determined using
independent actuarial valuations. An actuarial valuation The Group assesses impairment based on the expected
involves making various assumptions that may differ credit loss (“ECL”) model on trade receivables.
from actual results in the future. These include the The Group uses a provision matrix to determine
determination of the discount rate, future salary impairment loss allowance on the portfolio of trade
increases, experience of employee departures and receivables. The provision matrix is based on its
mortality rates. Due to the complexities involved in the historically observed default rates over the expected life
valuation and its long-term nature, employee benefit of the trade receivables.
obligation is highly sensitive to changes in these
assumptions. All assumptions are reviewed at each Impairment of non-financial assets (including PPE,
reporting date. CWIP and intangible assets)
Provisions for Litigations and claims The Group assesses at each reporting date whether
there is an indication that an asset may be impaired.
From time to time, the Group is subject to legal If any indication exists, or when annual impairment
proceedings, the ultimate outcome of each being always testing for an asset is required, the Group estimates
subject to many uncertainties inherent in litigation. that the assets’ recoverable amount. An assets’
A provision for litigation is made when it is considered recoverable amount is the higher of an asset’s fair
probable that a payment will be made and the amount value less costs of disposal and its value in use.
of the charge/ expense can be reasonably estimated. The recoverable amount is determined for an individual
Significant judgement is made when evaluating, among asset unless the asset does not generate cashflows that
other factors, the probability of unfavourable outcomes are largely independent of those from other assets or
and the ability to make a reasonable estimate of the group of assets. Where the carrying amount of an asset
amount of potential loss. Litigation provisions are exceeds its recoverable amount, the asset is considered
reviewed at each accounting period and revisions are impaired and it is written down to its recoverable
made for the changes in facts and circumstances. amount. In assessing value in use, the estimated future
Contingent liabilities are disclosed in the notes cashflows are discounted to their present value using
forming part of the consolidated financial statements. a pre-tax discount rate that reflects current market
Contingent assets are not disclosed in the consolidated assessment of the time value of money and the risk
financial statements unless an inflow of economic specific to the asset. In determining fair value less cost
benefits is probable. of disposal, recent market transactions are taken in
Notes
account. If no such transactions can be identified, an (iii) Joint Arrangements

appropriate valuation model is used. These calculations
are corroborated by valuation multiples, quoted share Under Ind AS 111 Joint Arrangements, investments
price for publicly traded entities or other available fair in joint arrangements are classified as either joint
value indicators. operations or joint ventures. The classification
depends on the contractual rights and obligations
2.2B Principles of consolidation and equity accounting of each investor, rather than the legal structure of
the joint arrangement.
(i) Subsidiaries
Joint Ventures
Subsidiaries are all entities (including structured
entities) over which the Group has control. Interests in joint ventures are accounted for using
The group controls an entity when the Group is the equity method (see (iv) below), after initially
exposed to, or has rights to, variable returns from being recognised at cost in the consolidated
its involvement with the entity and has the ability balance sheet.
to affect those returns through its power to direct
the relevant activities of the entity. Subsidiaries are (iv) Equity method of accounting (equity accounted
fully consolidated from the date on which control is investees)
transferred to the Group. They are deconsolidated
from the date that control ceases. The acquisition Under the equity method of accounting, the
method of accounting is used to account for investments are initially recognised at cost and
business combinations by the Group. The Group adjusted thereafter to recognise the Group’s share
combines the financial statements of the parent of the post-acquisition profits or losses of the
and its subsidiaries line by line adding together investee in profit and loss, and the Group’s share
like items of assets, liabilities, equity, income of other comprehensive income of the investee in
and expenses. Intercompany transactions, other comprehensive income. Dividends received
balances and unrealised gains on transactions or receivable from associates and joint ventures
between group companies are eliminated. are recognised as a reduction in the carrying
Unrealised losses are also eliminated unless the amount of the investment.
transaction provides evidence of an impairment
of the transferred asset. Accounting policies of When the Group’s share of losses in an
subsidiaries have been changed where necessary equity-accounted investment equals or exceeds
to ensure consistency with the policies adopted by its interest in the entity, including any other
the Group. Non-controlling interests in the results unsecured long-term receivables, the Group does
and equity of subsidiaries are shown separately not recognise further losses, unless it has incurred
in the consolidated statement of profit and loss, obligations or made payments on behalf of the
consolidated statement of changes in equity and other entity.
consolidated balance sheet respectively.
Unrealised gains on transactions between the
(ii) Associates Group and its associates and joint ventures are
eliminated to the extent of the Group’s interest
Associates are all entities over which the Group in these entities. Unrealised losses are also
has significant influence but not control or joint eliminated unless the transaction provides
control. This is generally the case where the Group evidence of an impairment of the asset transferred.
holds between 20% and 50% of the voting rights. Accounting policies of equity accounted investees
Investments in associates are accounted for using have been changed where necessary to ensure
the equity method of accounting (see (iv) below), consistency with the policies adopted by the
after initially being recognised at cost. Group. The carrying amount of equity accounted
investments are tested for impairment.
Notes
Changes in ownership interests: the initial carrying amount for the purposes of
subsequently accounting for the retained interest
The Group treats transactions with non-controlling as an associate, joint venture or financial asset.
interests that do not result in a loss of control as In addition, any amounts previously recognised
transactions with equity owners of the Group. in other comprehensive income in respect of
A change in ownership interest results in an that entity are accounted for as if the Group had
adjustment between the carrying amounts of directly disposed of the related assets or liabilities.
the controlling and non-controlling interests to
This may mean that amounts previously recognised
reflect their relative interests in the subsidiary.
in other comprehensive income are reclassified to
Any difference between the amount of the
profit or loss.
adjustment to non-controlling interests and any
consideration paid or received is recognised within
If the ownership interest in a joint venture or an
equity.
associate is reduced but joint control or significant
influence is retained, only a proportionate share
When the Group ceases to consolidate or equity
of the amounts previously recognised in other
account for an investment because of a loss of
control, joint control or significant influence, any comprehensive income are reclassified to profit or
retained interest in the entity is remeasured to loss where appropriate.
its fair value with the change in carrying amount
The details of consolidated entities are as follows:
recognised in profit or loss. This fair value becomes
Sr. Name of the Companies Country of Percentage of

No. incorporation ownership interest
1 Mahadhan AgriTech Limited (MAL) (formerly Smartchem India 100.00%
Technologies Limited)
2 Deepak Nitrochem Pty Limited Australia 100.00%
3 Deepak Mining Solutions Limited (formerly Deepak Mining Services India 100.00%
Private Limited)
4 Ishanya Realty Corporation Limited India 100.00%
5 SCM Fertichem Limited India 100.00%
6 Platinum Blasting Services Pty Limited (PBS)[Subsidiary of MAL] Australia 65.00%
7 Australian Mining Explosives Pty Limited (AME)[ Subsidiary of PBS] Australia 65.00%
8 Performance Chemiserve Limited (formerly known as Performance India 100%
Chemiserve Private Limited) [Subsidiary of MAL]
9 Ishanya Brand Services Limited India 100.00%
10 Mahadhan Farm Technologies Private Limited (Subsidiary of MAL) India 100.00%
Goodwill on consolidation is measured as the loss and each component of Other comprehensive
excess of the sum of the consideration transferred, income (OCI) are attributed to the equity holders of
the amount of NCI in the acquiree, and the fair the Holding Company and to the NCI, even if this
value of the acquiror’s previously held equity results in the NCI having a deficit balance.
instruments in the acquiree (if any) over the net
of acquisition date fair value of identifiable net The results of subsidiaries acquired or disposed
assets acquired and liabilities assumed. Profit or off during the year are included in the consolidated
Notes
financial statements from the effective date of The Group classifies all other liabilities as
acquisition and up to the effective date of disposal, non-current.
as appropriate.
Deferred tax assets and liabilities are classified as
Non-controlling interests (NCI) in the net assets non-current assets and liabilities respectively.
of the subsidiaries that are consolidated consist of
the amount of equity attributable to non-controlling The operating cycle is the time between the
shareholders at the date of acquisition. acquisition of assets for processing and their
realisation in cash and cash equivalents. The Group
2.3 Summary of material accounting policies has identified twelve months as its operating
cycle for the purpose of current and non-current
(a) Current versus non-current classification classification of assets and liabilities.
The Group presents assets and liabilities in the (b) Revenue recognition
Balance Sheet based on current/ non-current
classification. Revenue from contracts with customers is
recognised when control of the goods or services
An asset is treated as current when: are transferred to the customer i.e. when the
customer is able to direct the use of the transferred
• It is expected to be realised or intended to be sold goods or rendering of services and obtains
or consumed in the normal operating cycle; substantially all of the remaining benefits at an
amount that reflects the consideration entitled in
• It is held primarily for the purpose of trading; exchange for those goods or services. The policy
of recognizing the revenue is determined by the
• It is expected to be realised within twelve months five-stage model specified in Ind AS 115 “Revenue
after the reporting period; or from contracts with customers”.
• It is a cash or cash equivalent unless restricted Sale of Goods:

from being exchanged or used to settle a liability
for at least twelve months after the reporting Revenue is recognised upon transfer of control of
period. promised goods to customers for an amount that
reflects the consideration which the Group expects to
The Group classifies all other assets as non-current. receive in exchange for those goods. Revenue from the
sale of goods is recognised at the point in time when
A liability is current when: control is transferred to the customer which is usually
on dispatch/ delivery of goods, based on contracts with
• It is expected to be settled in normal operating the customers. Revenue is measured based on the
cycle; transaction price, which is the consideration, adjusted
for volume discounts, price concessions, incentives,
• It is held primarily for the purpose of trading;
and returns, if any, as specified in the contracts with
the customers. Revenue excludes taxes collected from
• It is due to be settled within twelve months after
customers on behalf of the government. Accruals
the reporting period; or
for discounts/incentives and returns are estimated
(using the most likely method) based on accumulated
• There is no unconditional right to defer the
experience and underlying schemes and agreements
settlement of the liability for at least twelve months
with customers. Due to the short nature of credit period
after the reporting period.
given to customers, there is no financing component in
the contract.
Notes
Sale of Services: The present value of the expected cost for the
decommissioning of an asset after its use is
Sale of services are recognised on satisfaction of included in the cost of the respective asset if
performance obligation towards rendering of such the recognition criteria for a provision is met.
services. Machinery spares that meet the definition of PPE
are capitalised and depreciated over the useful life
Interest Income: of the principal item of an asset. All other repair and
maintenance costs, including regular servicing,
Interest Income from a financial asset is recognised are recognised in the consolidated Statement of
when it is probable that the economic benefits will Profit and Loss as incurred. When a replacement
flow to the Group and the amount of income can be occurs, the carrying value of the replaced part is
measured reliably. Interest income is accrued on a time de-recognised. Where an item of property, plant
basis, by reference to the principal outstanding and at and equipment comprises major components
the effective interest rate applicable. having different useful lives, these components
are accounted for as separate items.
Dividend Income:
An item of property, plant and equipment is
Dividend income from investments in shares is derecognized upon disposal or when no future
recognised when the owner’s right to receive the benefits are expected from its use or disposal.
payment is established. Gains and losses on disposal of an item of property,
plant and equipment are determined by comparing
(c) Property, plant and equipment the proceeds from disposal with the carrying
amount of property, plant and equipment, and are
An item of property, plant and equipment (‘PPE’) recognised within other income/expenses in the
is recognised as an asset if it is probable that the statement of profit and loss.
future economic benefits associated with the item
will flow to the Group and its cost can be measured PPE acquired and put to use for projects are
reliably. These recognition principles are applied capitalised and depreciation thereon is included
to the costs incurred initially to acquire an item in the project cost till the project is ready for
of PPE, to the pre-operative and trial run costs commissioning. Depreciation on PPE (except
incurred (net of sales), if any and also to the costs leasehold improvements) is calculated using
incurred subsequently to add to, replace part of, the straight-line method to allocate their cost,
or service it and subsequently carried at cost net of their residual values, over their estimated
less accumulated depreciation and accumulated useful lives. However, leasehold improvements
impairment losses, if any. are depreciated on a straight-line method over
the shorter of their respective useful lives or the
The cost of PPE includes interest on borrowings tenure of the lease arrangement. Freehold land is
directly attributable to the acquisition, construction not depreciated. Schedule II to the Act prescribes
or production of a qualifying asset. A qualifying the useful lives for various class of assets.
asset is an asset that necessarily takes a For certain class of assets, based on technical
substantial period of time to be made ready for its evaluation and assessment, Management believes
intended use or sale. Borrowing costs and other that the useful lives adopted by it reflect the
directly attributable cost are added to the cost periods over which these assets are expected
of those assets until such time as the assets are to be used. Accordingly, for those assets, the
substantially ready for their intended use, which useful lives estimated by the management are
generally coincides with the commissioning date different from those prescribed in the Schedule.
of those assets. Management’s estimates of the useful lives for
various class of PPE are as given below:
Notes

Computers – Servers and Networks 3–6
End User Devices such as desktops and laptops 3–6
Vehicles 4–7
Buildings (other than factory buildings) with RCC frame 61
structure
Factory buildings Various estimated lives upto 30 years.
Plant and equipment including office and laboratory Various estimated lives up to 25 years. WNA III plant is
equipments depreciated at 25.88% on the WDV method
Windmill 19
Plant & machinery used for generation of power through 40
gas
Furnitures and Fixtures 5-10
Capital work in progress (CWIP) period. Gains or losses arising from de-recognition
of an intangible asset are measured as the
Projects under commissioning and other CWIP difference between the net disposal proceeds
are carried at cost, comprising direct cost, related and the carrying amount of the asset and are
incidental expenses and attributable borrowing cost.
recognized in the consolidated Statement of Profit
Subsequent expenditures relating to property, plant and
and Loss when the asset is derecognized.
equipment are capitalised only when it is probable that
future economic benefit associated with these will flow
Goodwill
to the Group and the cost of the item can be measured
reliably. Advances given to acquire property, plant and
Goodwill on acquisitions of subsidiaries is included
equipment are recorded as non-current assets and
subsequently transferred to CWIP on acquisition of in intangible assets. Goodwill is not amortised
related assets. but it is tested for impairment annually, or more
frequently if events or changes in circumstances
(d) Intangible assets indicate that it might be impaired, and is carried
at cost less accumulated impairment losses.
Intangible assets are initially recognized at cost. Gains and losses on the disposal of an entity
Following initial recognition, intangible assets include the carrying amount of goodwill relating to
with finite useful life are carried at cost less any
the entity sold.
accumulated amortization and accumulated
impairment losses. Internally generated
Goodwill is allocated to cash-generating units for
intangibles, excluding capitalized development
the purpose of impairment testing. The allocation
costs, are not capitalized and the related
is made to those cash-generating units or groups
expenditure is reflected in the consolidated
Statement of Profit and Loss in the period in which of cash-generating units that are expected to
the expenditure is incurred. benefit from the business combination in which
the goodwill arose. The units or groups of units
The amortization period and the amortization are identified at the lowest level at which goodwill
method for an intangible asset with a finite useful is monitored for internal management purposes,
life is reviewed at least at the end of each reporting which in our case are the operating segments.
Notes
(f) Borrowing costs

Name of intangible assets Estimated useful
life (in years)
Borrowing costs that are directly attributable to the
Computer software 3 to 8 acquisition, construction or production of an asset,
License fees 3 to 8 that necessarily takes a substantial period of time
Technical knowhow/ engineering 3 to 8 to get ready for its intended use, are capitalised as
fees a part of the cost of the asset. All other borrowing
costs are expensed in the period in which they
Operating rights 10
occur. Borrowing costs consist of interest and
other costs that an entity incurs in connection
(e) Bearer plant
with the borrowing of funds. Borrowing cost
Bearer plants are living plants used in the also includes exchange differences to the extent
production or supply of agricultural produce; regarded as an adjustment to the borrowing costs.
are expected to bear produce for more than one Investment income earned on the temporary
period; and have a remote likelihood of being investment of specific borrowings is deducted
sold as agricultural produce, except for incidental from the borrowing costs eligible for capitalisation.
scrap sales. Bearer plants mainly include
(g) Investment property
mature and immature pomegranate plantations.
Immature plantations are stated at acquisition cost
Investment properties are land and buildings that
which includes costs incurred for field preparation,
are held for long term lease rental yields and/ or
planting, fertilising and maintenance, and an
for capital appreciation. Investment properties are
allocation of other indirect costs based on planted
initially recognised at cost including transaction
hectares.
costs. Subsequently investment properties
comprising buildings are carried at cost less
Mature plantations are stated at acquisition cost
accumulated depreciation and accumulated
less accumulated depreciation and impairment.
impairment losses, if any. Subsequent expenditure
Mature plantations are depreciated on a
is capitalised to the asset’s carrying amount only
straight-line basis and over its estimated useful
when it is probable that future economic benefits
life of 6 years, upon commencement of commercial
associated with expenditure will flow to the Group
production.
and the cost of the item can be measured reliably.
The carrying values of bearer plants are reviewed All other repairs and maintenance costs are
for impairment when events or changes in expensed when incurred.
circumstances indicate that the carrying value may
Depreciation on buildings is provided over the
not be recoverable. The residual values, useful life
estimated useful lives as specified in note (c)
and depreciation method are reviewed at each
above. The residual values estimated useful lives
financial year end to ensure that the amount,
and depreciation method of investment properties
method and period of depreciation are consistent
are reviewed, and adjusted on prospective basis
with previous estimates and the expected pattern
as appropriate, at each reporting date. The effects
of consumption of the future economic benefits.
of any revision are included in the consolidated
A bearer plant is derecognised upon disposal or
Statement of Profit and Loss when the changes
when no future economic benefits are expected
arise.
from its use or disposal. Any gain or loss arising
on derecognition of the bearer plant is included in
An investment property is de-recognised when
the income statement in the year the bearer plant
either the investment property has been disposed
is derecognized.
of or do not meet the criteria of investment
Notes
property i.e. when the investment property is in which the Group operates) is the Indian
permanently withdrawn from use and no future Rupee (Rs.). On initial recognition, all foreign
economic benefit is expected from its disposal. currency transactions are recorded at exchange
The difference between the net disposal proceeds rates prevailing on the date of the transaction.
and the carrying amount of the asset is recognised Monetary assets and liabilities, denominated in a
in the consolidated Statement of Profit and Loss in foreign currency, are translated at the exchange
the period of de-recognition. rate prevailing on the Balance Sheet date and the
resultant exchange gains or losses are recognised
Transfers to (or from) investment property are in the consolidated Statement of Profit and Loss.
made only when there is a change in use. If the Non-monetary items, which are measured in
significant ancillary income is generated from terms of historical cost denominated in a foreign
services provided along with the rental income currency, are reported using the exchange rate at
and/or the Group creates any assets or facilitates the date of the transaction.
activities that generate service income, such
investment property shall be reclassified as Foreign operations
property, plant, and equipment. If the ancillary
and/or service income remains insignificant, the Assets and liabilities of entities with functional
asset shall continue to remain as investment currencies other than presentation currency have
property. The classification may also change if the been translated to the presentation currency using
management decides to sell the property. exchange rates prevailing on the Balance Sheet
date. The Statement of Profit and Loss has been
Transfers between investment property, translated using the average exchange rates.
owner-occupied property and inventories do The net impact of such translation are recognised
not change the carrying amount of the property in OCI and held in foreign currency translation
transferred and they do not change the cost of that reserve (‘FCTR’), a component of Equity.
property for measurement or disclosure purposes.
On the disposal of a foreign operation (i.e.
(h) Non-current assets held for sale a disposal of the Group’s entire interest in a foreign
operation, a disposal involving loss of control, over
Non-current assets are classified as held for sale if a subsidiary that includes a foreign operation,
their carrying amount will be recovered principally or a partial disposal of an interest in a joint
through a sale transaction rather than through arrangement that includes a foreign operation of
continuing use and a sale is considered highly which the retained interest becomes a financial
probable. Non-current assets classified as held for asset), the exchange differences accumulated in
sale are measured at lower of their carrying amount equity in respect of that operation attributable to
and fair value less cost to sell. Non-current assets the owners of the Group are reclassified to the
classified as held for sale are not depreciated or consolidated Statement of Profit and Loss as part
amortised from the date when they are classified of the gain or loss on disposal.
as held for sale. Non-current assets classified as
held for sale are presented separately from the In case of a partial disposal of interests in a
other assets and liabilities in the consolidated subsidiary that includes a foreign operation that
balance sheet. does not result in the Group losing control over the
subsidiary, the proportionate share of accumulated
(i) Foreign currency transactions and balances exchange differences are re-attributed to NCI and
are not recognised in the consolidated Statement
TThe functional currency of the Group (i.e. of Profit and Loss. For all other partial disposal
the currency of the primary economic environment (i.e. partial disposals of joint arrangements that do
Notes
not result in the Group losing significant influence a) The asset is held within a business model whose
or joint control), the proportionate share of the objective is to hold assets for collecting contractual
accumulated exchange differences is reclassified cash flows; and
to the consolidated Statement of Profit and Loss.
b) Contractual terms of the asset give rise on specified
(i) Financial instruments dates to cash flows that are solely payments of
principal and interest (SPPI) on the principal
A Financial instrument is any contract that gives amount outstanding. After initial measurement,
rise to a financial asset of one entity and a financial such financial assets are subsequently measured
liability or equity instrument of another entity. at amortised cost using the effective interest rate
(EIR) method. Amortised cost is calculated by
Financial assets: Initial recognition and taking into account any discount or premium on
measurement acquisition and fees or costs that are an integral
part of the EIR. The EIR amortisation is included
All financial assets are recognised initially at fair in other income in the consolidated Statement of
value (except for trade receivables not containing Profit and Loss. The losses arising from impairment
significant financing component are initially are recognised in the consolidated Statement of
measured at transaction price) plus, in the case Profit and Loss. This category generally applies to
of financial assets not recorded at fair value trade and other receivables.
through profit or loss, transaction costs that are
attributable to the acquisition of the financial asset. Debt instrument at FVOCI
Purchases or sales of financial assets that require
delivery of assets within a time frame established A ‘debt instrument’ is classified as at the FVOCI if both
by regulation or convention in the market place of the following criteria are met:
(regular way trades) are recognised on the trade
a) The objective of the business model is achieved
date, i.e., the date that the Group commits to
both by collecting contractual cash flows and
purchase or sell the asset.
selling the financial assets; and
Subsequent measurement
b) The asset’s contractual cash flows represent
For purposes of subsequent measurement, SPPI. Debt instruments included within the FVOCI
financial assets are classified in four categories: category are measured initially as well as at each
reporting date at fair value. Fair value movements
• Debt instruments at amortised cost are recognised in the other comprehensive income
(OCI). On derecognition of the asset, cumulative
• Debt instruments at fair value through other gain or loss previously recognized in OCI is
comprehensive income (FVOCI) reclassified to the consolidated Statement of Profit
and Loss. Interest earned whilst holding FVTOCI
• Debt instruments, derivatives and equity debt instrument is reported as interest income
instruments at fair value through profit or using the EIR method.
loss (FVPL)
Debt instrument at FVPL
• Equity instruments measured at fair value
through other comprehensive income (FVOCI) FVPL is a residual category for debt instruments.
Any debt instrument, which does not meet the criteria
Debt instruments at amortised cost for categorisation as at amortised cost or as FVOCI,
is classified as at FVPL. In addition, the Group may
A ‘debt instrument’ is measured at the amortised cost if elect to designate a debt instrument, which otherwise
both the following conditions are met: meets amortised cost or FVOCI criteria, as at FVPL.
Notes
However, such election is allowed only if doing so Derecognition

reduces or eliminates a measurement or recognition
inconsistency (referred to as ‘accounting mismatch’). A financial asset (or, where applicable, a part of a
Debt instruments included within the FVPL category are financial asset or part of a group of similar financial
measured at fair value with all changes recognised in assets) is primarily derecognized (i.e., removed from
the consolidated Statement of Profit and Loss. the Group balance sheet) when:
Equity investments • The rights to receive cash flows from the asset
have expired, or
All equity investments in scope of Ind AS 109 are
measured at fair value. Equity instruments which are • The Group has transferred its rights to receive
held for trading and contingent consideration recognised cash flows from the asset or has assumed an
by an acquirer in a business combination to which Ind obligation to pay the received cash flows in full
AS 103 applies are classified as at FVPL. For all other without material delay to a third party under a
equity instruments, the Group may make an irrevocable ‘pass-through’ arrangement and either (a) the
election to present in other comprehensive income Group has transferred substantially all the risks
subsequent changes in the fair value. The Group makes and rewards of the asset, or (b) the Group has
such election on an instrument-by-instrument basis. neither transferred nor retained substantially
The classification is made on initial recognition and is all the risks and rewards of the asset, but has
irrevocable. If the Group decides to classify an equity transferred control of the asset.
instrument as at FVOCI, then all fair value changes on
the instrument, excluding dividends, are recognised When the Group has transferred its rights to
in the OCI. There is no recycling of the amounts from receive cash flows from an asset or has entered
OCI to the consolidated Statement of Profit and Loss, into a pass-through arrangement, it evaluates
even on sale of investment. However, the Group may if and to what extent it has retained the risks
transfer the cumulative gain or loss within equity. and rewards of ownership. When it has neither
Equity instruments included within the FVPL category transferred nor retained substantially all of the
are measured at fair value with all changes recognised risks and rewards of the asset, nor transferred
in the consolidated Statement of Profit and Loss. control of the asset, the Group continues to
recognise the transferred asset to the extent of
Impairment of financial assets the Group continuing involvement. In that case,
the Group also recognises an associated liability.
The Group recognizes loss allowance using the expected The transferred asset and the associated liability
credit loss (ECL) model for the financial assets which are measured on a basis that reflects the rights
are not fair valued through profit or loss. Loss allowance and obligations that the Group has retained.
for trade receivables with no significant financing
component is measured at an amount equal to lifetime Financial liabilities
ECL. For all financial assets with contractual cash flows
other than trade receivable, ECLs are measured at an Financial liabilities are classified and measured
amount equal to the 12-month ECL, unless there has at amortised cost or FVPL. A financial liability
been a significant increase in credit risk from initial is classified as at FVPL if it is classified as
recognition in which case those are measured at lifetime held‑for‑trading, or it is a derivative or it is
ECL. The amount of ECLs (or reversal) that is required designated as such on initial recognition.
to adjust the loss allowance at the reporting date to Financial liabilities at FVPL are measured at fair
the amount that is required to be recognised as an value and net gains and losses, including any
impairment gain or loss in the consolidated Statement interest expense, are recognised in Statement
of Profit and Loss. of Profit and Loss. Other financial liabilities are
Notes
subsequently measured at amortised cost using on which a derivative contract is entered into
the effective interest method. Interest expense and and are subsequently re-measured at fair value.
foreign exchange gains and losses are recognised Derivatives are carried as financial assets when
in consolidated Statement of Profit and Loss. the fair value is positive and as financial liabilities
Any gain or loss on derecognition is also recognized when the fair value is negative.
in consolidated Statement of Profit and Loss.
Offsetting
Borrowings
Financial assets and financial liabilities are offset
Borrowings are initially recognised at fair and the net amount presented in the consolidated
value, net of transaction costs incurred. Balance Sheet when, and only when, the Group
Borrowings are subsequently measured at currently has a legally enforceable right to set off
amortised cost. Any difference between the the amounts and it intends either to settle them
proceeds (net of transaction costs) and the on a net basis or to realise the asset and settle the
redemption amount is recognised in profit or loss liability simultaneously.
over the period of the borrowings using the effective
interest method. Fees paid on the establishment Financial guarantee contracts
of loan facilities are recognised as transaction
costs of the loan to the extent that it is probable Financial guarantee contracts are recognised
that some or all of the facility will be drawn down. as a financial liability at the time of issuance of
In this case, the fee is deferred until the drawdown guarantee. The liability is initially measured at fair
occurs. To the extent there is no evidence that it value and is subsequently measured at the higher
is probable that some or all of the facility will be of the amount of loss allowance determined, or the
drawn down, the fee is capitalised as a prepayment amount initially recognised less, the cumulative
for liquidity services and amortised over the period amount of income recognised.
of the facility to which it relates.
Fair value of financial instruments
Derecognition
In determining the fair value of its financial
Financial liability is derecognised when the instruments, the Group uses a variety of methods
obligation under the liability is discharged or and assumptions that are based on market
cancelled or expires. When an existing financial conditions and risks existing at each reporting
liability is replaced by another from the same date. The methods used to determine fair value
lender on substantially different terms, or the include discounted cash flow analysis, available
terms of an existing liability are substantially quoted market prices and dealer quotes.
modified, such an exchange or modification is All methods of assessing fair value result in
treated as the derecognition of the original liability general approximation of value.
and the recognition of a new liability. The difference
in the respective carrying amounts is recognised in (k) Leases
the consolidated Statement of Profit and Loss.
The Group assesses whether a contract contains
Derivative financial instruments a lease, at inception of a contract. A contract is, or
contains, a lease if the contract conveys the right
The Group uses various types of derivative financial to control the use of an identified asset for a define
instruments to hedge its currency and interest period of time in exchange for consideration.
risk etc. Such derivative financial instruments To assess whether a contract conveys the right to
are initially recognised at fair value on the date control the use of an identified assets, the Group
assesses whether: (i) the contact involves the use
Notes
of an identified asset (ii) the Group has substantially a lease term of 12 months or less and leases of
all of the economic benefits from use of the asset low-value assets. The Group recognises the lease
through the period of the lease and (iii) the Group payments associated with these leases as an
has the right to direct the use of the asset. expense on a straight-line basis over the lease
term. The Group has applied a single discount rate
As a lessee, the Group recognises a right of use asset
to a portfolio of leases of similar assets in similar
and a lease liability at the lease commencement
economic environment with a similar end date.
date. The right of use asset is initially measured
at cost, which comprises the initial amount of the The determination of whether an arrangement is
lease liability adjusted for any lease payments (or contains) a lease is based on the substance
made at or before the commencement date, plus of the arrangement at the inception of the
any initial direct costs incurred and an estimate lease. The arrangement is, or contains, a lease
of costs to dismantle and remove the underlying if fulfilment of the arrangement is dependent
asset or to restore the underlying asset or the site on the use of a specific asset or assets and the
on which it is located, less any lease incentives arrangement conveys a right to use the asset or
received. The right of use asset is subsequently assets, even if that right is not explicitly specified
depreciated using the straight-line method from in an arrangement.
the commencement date to the earlier of the
end of the useful life of the right of use asset or The lease liability is initially measured at the
the end of the lease term. The estimated useful present value of the lease payments that are not
lives of right of use assets are determined on the paid at the commencement date, discounted using
same basis as those of property and equipment. the interest rate implicit in the lease or, if that
In addition, the right of use asset is periodically rate cannot be readily determined, the Company’s
reduced by impairment losses, if any, and adjusted incremental borrowing rate. For leases with
for certain remeasurements of the lease liability. reasonably similar characteristics, the Company,
on a lease by lease basis, may adopt either
The lease liability is initially measured at the the incremental borrowing rate specific to the
present value of the lease payments that are not lease or the incremental borrowing rate for the
paid at the commencement date, discounted portfolio as a whole. Lease payments included in
using the interest rate implicit in the lease or, the measurement of the lease liability comprise
if that rate cannot be readily determined, the the fixed payments, including in-substance fixed
Group incremental borrowing rate. For leases payments and lease payments in an optional
with reasonably similar characteristics, the renewal period if the Company is reasonably
Group, on a lease by lease basis, may adopt either certain to exercise an extension option.
the incremental borrowing rate specific to the
lease or the incremental borrowing rate for the The lease liability is measured at amortised cost
portfolio as a whole. Lease payments included in using the effective interest method. The Company
the measurement of the lease liability comprise has elected not to recognise right of use assets
the fixed payments, including in-substance fixed and lease liabilities for short-term leases that
payments and lease payments in an optional have a lease term of 12 months or less and leases
renewal period if the Group is reasonably certain of low-value assets. The Company recognises the
to exercise an extension option. lease payments associated with these leases as
an expense on a straight-line basis over the lease
The lease liability is measured at amortised cost term. The Company has applied a single discount
using the effective interest method. The Group has rate to a portfolio of leases of similar assets in
elected not to recognise right of use assets and similar economic environment with a similar end
lease liabilities for short-term leases that have date.
Notes
The determination of whether an arrangement is • Net realizable value is the estimated selling price
(or contains) a lease is based on the substance in the ordinary course of business, less estimated
of the arrangement at the inception of the costs of completion and the estimated costs
lease. The arrangement is, or contains, a lease necessary to make the sale.
if fulfilment of the arrangement is dependent
on the use of a specific asset or assets and the (m) Impairment of non-financial assets
arrangement conveys a right to use the asset or
The Group assesses at each reporting date,
assets, even if that right is not explicitly specified
whether there is an indication that an asset may be
in an arrangement.
impaired. If any indication exists, or when annual
impairment testing for an asset is required, the
(l) Inventories
Group estimates the assets’ recoverable amount.
An assets’ recoverable amount is the higher of an
Cost of raw materials, traded goods, packing
asset’s fair value less costs of disposal and its value
materials and stores and spares comprises in use. The recoverable amount is determined
cost of purchases and cost of finished goods for an individual asset unless the asset does not
comprises direct materials, direct labour and generate cashflows that are largely independent
an appropriate proportion of variable and fixed of those from other assets or group of assets.
overhead expenditure, the latter being allocated Where the carrying amount of an asset exceeds
on the basis of normal operating capacity. The cost its recoverable amount, the asset is considered
of inventories also include all other costs incurred impaired, and it is written down to its recoverable
in bringing the inventories to their present location amount.
and condition.
In assessing value in use, the estimated future
Costs of purchased inventory are determined after cashflows are discounted to their present value
deducting rebates and discounts. using a pre-tax discount rate that reflects current
market assessment of the time value of money
• Raw materials, packing materials and stores and and the risk specific to the asset. In determining
spares are valued at the lower of cost and net fair value less cost of disposal, recent market
realisable value. Cost is determined on the basis transactions are taken in account. If no such
of moving weighted average method. The aforesaid transactions can be identified, an appropriate
valuation model is used. These calculations are
items are valued below cost if the finished products
corroborated by valuation multiples, quoted share
in which they are to be incorporated are expected
price for publicly traded entities or other available
to be sold at a loss.
fair value indicators. For assets excluding goodwill,
an assessment is made at each reporting date
• Finished goods and by-products including those
to determine whether there is an indication that
held for captive consumption are valued at the
previously recognised impairment loss no longer
lower of cost and net realisable value. Cost is exist or has decreased. If such indication exists, the
determined on an actual cost basis. Cost of finished Group estimates the assets’or CGU’s recoverable
goods includes taxes and duties, as applicable. amount. A previously recognised impairment loss
Variances, exclusive of abnormally low volume and is reversed only if there has been a change in
operating performance, are adjusted to inventory. the assumptions used to determine the assets’
Stock-in-trade is valued at lower of cost and net recoverable amount, since the last impairment
realisable value. loss was recognised. The reversal is limited so that
Notes
the carrying amount of the asset does not exceed Post-employment benefit plans
its recoverable amount, nor exceed the carrying
amount that would have been determined, net Defined contribution plans
of depreciation, had no impairment loss been
recognised for the asset in prior years. Payments to a defined contribution retirement
benefit scheme for eligible employees in the form
Such reversal is recognised in the consolidated of provident fund, pension scheme, employee state
Statement of Profit and Loss. insurance and superannuation fund are charged
as an expense as they fall due. Such benefits are
(n) Provisions classified as Defined Contribution Schemes as the
Group does not carry any further obligations, apart
Provisions are recognised when the Group has a from the contributions made.
present obligation (legal or constructive), as a
result of a past event, it is probable that an outflow Defined benefit plans
of resources embodying economic benefits will
be required to settle the obligation and a reliable For defined benefit schemes in the form of gratuity
estimate can be made of the amount of the fund, the cost of providing benefits is actuarially
obligation. determined using the projected unit credit
method, with actuarial valuations being carried
When the Group expects some or all of a provision out at each Balance Sheet date. The retirement
to be reimbursed, for example, under an insurance benefit obligation recognised in the consolidated
contract, the reimbursement is recognized as a balance sheet represents the present value of
separate asset, but only when the reimbursement is the defined benefit obligation as reduced by the
virtually certain. The expense relating to a provision fair value of scheme assets. The present value of
is presented in the consolidated Statement of the said obligation is determined by discounting
Profit and Loss. net of any reimbursements. the estimated future cash outflows, using market
yields of government bonds of equivalent term
If the effect of time value of money is material, and currency to the liability. The interest income /
provisions are discounted using a current pre-tax (expense) are calculated by applying the discount
rate that reflects, when appropriate, the risks rate to the net defined benefit liability or asset.
specific to the liability. When discounting is
used, the increase in the provision due to the The net interest income / (expense) on the net
passage of time is recognized as a finance cost. defined benefit liability is recognised in the
Provisions are reviewed at each balance sheet consolidated Statement of Profit and Loss.
date and are adjusted to reflect the current best Remeasurements, comprising of actuarial gains
estimates. and losses, the effect of the asset ceiling (if any),
are recognised immediately in the consolidated
(o) Employee benefits Balance Sheet with a corresponding charge or
credit to retained earnings through OCI in the
Employee benefits consist of provident fund, period in which they occur. Remeasurements are
superannuation fund, gratuity fund, compensated not reclassified to the consolidated Statement of
absences, long service awards, post-retirement Profit and Loss in subsequent periods. Changes in
medical benefits, directors’ retirement obligations the present value of the defined benefit obligation
and family benefit scheme. resulting from plan amendments or curtailments
are recognised immediately in the consolidated
Statement of Profit and Loss as past service cost.
Notes
Short-term employee benefits at fair value at the end of each reporting period.
The accounting for subsequent changes in fair
The short-term employee benefits expected to value depends on whether the derivative is
be paid in exchange for the services rendered by designated as a hedging instrument, and if so, the
employees is recognised during the period when nature of the item being hedged and the type of
the employee renders the service. These benefits hedge relationship which is designated.
include compensated absences such as paid
annual leave and performance incentives which Cash flow hedges that qualify for hedge accounting:
are expected to occur within twelve months after The effective portion of changes in the fair value of
the end of the period in which the employee derivatives that are designated and qualify as cash
renders the related services. flow hedges is recognised in ‘other comprehensive
income’ in cash flow hedging reserve within equity,
The cost of compensated absences is accounted as limited to the cumulative change in fair value of
under: the hedged item on a present value basis from the
inception of the hedge. The gain or loss relating to
(a) In case of accumulating compensated the ineffective portion is recognised immediately
absences, when employees render service
in the consolidated Statement of Profit and Loss.
that increase their entitlement of future
Amounts accumulated in equity are reclassified to
compensated absences; and
the consolidated Statement of Profit and Loss in
the periods in which the hedged item affects the
(b) In case of non-accumulating compensated
profit or loss.
absence, when the absences occur.
If the hedging relationship no longer meets
Other long-term employee benefits
the criteria for hedge accounting, then hedge
accounting is discontinued prospectively. If the
Compensated absences which are not expected
to occur within twelve months after the end of the hedging instrument expires or is sold, terminated
period in which the employee renders the related or exercised, the cumulative gain or loss on the
services are recognised as a liability. The cost of hedging instrument recognised in cash flow
providing benefits is actuarially determined using hedging reserve till the period the hedge was
the projected unit credit method, with actuarial effective remains in cash flow hedging reserve until
valuations being carried out at each Balance Sheet the underlying transaction occurs. The cumulative
date. Long Service Awards are recognised as a gain or loss previously recognised in the cash
liability at the present value of the obligation at flow hedging reserve is transferred to the
the Balance Sheet date. All gains/losses due to Statement of Profit and Loss upon the occurrence
actuarial valuations are immediately recognised in of the underlying transaction. If the forecasted
the consolidated Statement of Profit and Loss. transaction is no longer expected to occur, then the
amount accumulated in cash flow hedging reserve
(p) Derivative financial instruments is reclassified in the Statement of Profit and Loss.
The Group uses derivative financial instruments Derivatives that are not designated as hedges:
such as forward currency contracts and interest The Group enters into certain derivative contracts
rate swaps to hedge its foreign currency risks and to hedge foreign exchange risks which are not
interest rate risks respectively. Such derivative designated as hedges. Such derivative contracts
financial instruments are initially recognised at fair are accounted for at each reporting date at fair
value on the date on which the derivative contract value through the consolidated Statement of Profit
is entered into and are subsequently re-measured and Loss.
Notes
(q) Cash and cash equivalents rates and tax laws used to compute the amounts
are those that are enacted or substantively enacted
Cash and cash equivalents in the balance at the reporting date.
sheet comprise cash at banks and on hand and
short-term deposits with an original maturity Current income tax relating to items recognized
of three months or less, which are subject to an outside profit and loss is recognized outside profit
insignificant risk of changes in value. and loss (either in other comprehensive income
or in equity). Current tax items are recognized in
For the purpose of the statement of cash flows, correlation to the underlying transaction either in
cash and cash equivalents consist of cash and OCI or directly in equity. Management periodically
short-term deposits, as defined above. evaluates positions taken in the tax returns
with respect to situations in which applicable
(r) Cash dividend tax regulations are subject to interpretation and
establishes provisions where appropriate.
The Group recognizes a liability to make cash
distributions to equity shareholders when the Deferred income tax is provided using the liability
distribution is authorized and the distribution is no method on temporary differences between the tax
longer at the discretion of the Group. As per the bases of assets and liabilities and their carrying
corporate laws in India, a distribution is authorized amounts for financial reporting purposes at
when it is approved by the shareholders of the the reporting date. Deferred tax liabilities are
Group. recognized for all taxable temporary differences
except when the deferred tax liability arises from
(s) Government Grant the initial recognition of goodwill or an asset or
liability in a transaction that is not a business
Government grants are recognised where there combination and at the time of the transaction,
is reasonable assurance that the grant will be affects neither the accounting profit nor taxable
received and all attached conditions will be profit or loss; or in respect of taxable temporary
complied with. When the grant relates to an differences associated with investment in
expense item, it is recognised as income on a subsidiaries, associates and interests in joint
systematic basis over the periods that the related ventures, when the timing of the reversal of
costs, for which it is intended to compensate, are temporary differences can be controlled and it is
expensed. When the grant relates to an asset, it is probable that the temporary differences will not
recognised as income in equal amounts over the reverse in the foreseeable future.
expected useful life of the related asset.
Deferred tax assets on deductible temporary
When loans or similar assistance are provided by differences, the carry forward of unused tax
governments or related institutions with an interest credits and any unused tax losses are recognized
rate below the current applicable market rate, the to the extent that there is reasonably certainty that
effect of this favourable interest is regarded as a taxable profits will be available against which the
government grant. deductible temporary differences and the carry
forward of unused tax credits and tax losses can be
(t) Income taxes utilized, except when the deferred tax asset relating
to the deductible temporary difference arises from
Current income tax assets and liabilities are the initial recognition of an asset or liability in a
measured at the amounts expected to be recovered transaction that is not a business combination and
from or paid to the taxation authorities in at the time of the transaction, affects neither the
accordance with the Income Tax Act, 1961. The tax accounting profit nor taxable profit or loss.
Notes
The carrying amount of deferred tax assets is Segment policies

reviewed at each reporting period and is reduced
to the extent that it is no longer probable that The Group prepares its segment information in
sufficient taxable profits will be available to allow conformity with the accounting policies adopted for
all or part of the deferred tax asset to be utilized. preparing and presenting the consolidated financial
Unrecognised deferred tax assets are re-assessed statements as a whole. Common allocable costs
at each reporting date and are recognized to the are allocated to each segment on an appropriate
extent that it has become reasonably certain that basis. Revenues, expenses, assets and liabilities,
future taxable profits will allow the deferred tax which are common to the enterprise as a whole
asset to be recovered. and are not allocable to segments on a reasonable
basis, have been treated as “unallocated revenues/
Deferred tax assets and liabilities are measured expenses/ assets/ liabilities”, as the case may be.
at the tax rates that are expected to apply in the
year when the asset or liability is settled based (w) Business combinations
on tax rates and tax laws that have been enacted
or substantively enacted at the reporting date. The Group accounts for its business combinations
Deferred tax relating to items recognized outside under acquisition method of accounting.
profit and loss is recognized outside profit and Acquisition related costs are recognised in the
loss (either in other comprehensive income or consolidated statement of profit and loss, as
in equity). Deferred tax items are recognized in incurred. The acquiree’s indentifiable assets,
correlation to the underlying transaction either in liabilities and contingent liabilities that meet the
OCI or directly in equity. condition for recognition are recognised at their
fair values at the acquisition date except deferred
(u) Earnings per share tax assets or liabilities and assets or liabilities
related to employee benefit arrangements, which
Basic earnings per share is calculated by dividing are recognised and measured in accordance with
the net profit or loss for the period attributable Ind AS 12 Income taxes and Ind AS 19 Employee
to the equity shareholders by the weighted benefits.
average number of equity shares outstanding
during the period. For the purposes of calculating Goodwill is measured as the excess of the sum of
diluted earnings per share, the net profit for the the consideration transferred, the amount of NCI
period attributable to equity shareholders and in the acquiree and the fair value of acquirer’s
the weighted average number of equity shares previously held equity instrument in the acquire
outstanding during the period are adjusted for the (if any) over the net of acquisition date fair value
effects of all dilutive potential equity shares. of identifiable net assets acquired and liabilities
assumed. Where the fair values of identifiable
(v) Segment reporting assets and liabilities exceed the cost of acquisition,
after reassessing the fair values of the net assets
Based on the “Management approach” as defined and contingent liabilities, the excess is recognised
in Ind AS 108: Operating Segments, the Chief as capital reserve.
Operating Decision Maker evaluates the Group
performance and allocates resources based on The interest of non-controlling shareholders is
an analysis of various performance indicators initially measured either at fair value or at the NCI’s
by business segments. Inter-segment sales and proportionate share of the acquiree’s identifiable
transfers are reflected at market prices. net assets. The choice of measurement basis is
made on an acquisition-by-acquisition basis.
Notes
When the consideration transferred by the Group provisional amount for the items for which the
in a business combination includes assets or accounting is incomplete. Those provisional
liabilities resulting in a contingent consideration amount are adjusted during the measurement
arrangement, such contingent consideration, on period, or additional assets or liabilities are
the acquisition date is measured at fair value and recognised, to reflect new information obtained
included as a part of the consideration transferred about facts and circumstances that existed at the
in a business combination. Changes in the fair acquisition date that, if known, would have affected
value of the contingent consideration that qualify the amount recognised at that date.
as measurement period adjustments, are adjusted
retrospectively, with corresponding adjustments Changes in the proportion of the equity held by
against goodwill or capital reserve as the case NCI are accounted for as equity transactions.
may be. Measurement period adjustments are The carrying amount of the controlling interests
adjustments that arise from additional information and NCI are adjusted to reflect the changes in their
during the ‘measurement period’ (which cannot relative interests in the subsidiaries. Any difference
exceed one year from the acquisition date) about between the amount by which the NCI are adjusted
facts and circumstances that existed at the and the fair value of the consideration paid or
acquisition date. received is recognised directly in equity and
attributed to owners of the Group.
The subsequent accounting for changes in the fair
value of the contingent consideration that do not The Group accounts for the common control
qualify as the measurement period adjustments transactions in accordance with the ‘pooling of
depends on how the contingent consideration interests’ method prescribed under Ind AS 103
is classified. Contingent consideration that – Business Combinations for common control
is classified as equity is not remeasured at transactions where all the assets and liabilities
subsequent reporting dates and its subsequent of transferor companies would be recorded at the
settlement is accounted for within equity. book value as at the Appointed date.
Contingent consideration that is classified as an
asset or a liability is remeasured at fair value at (x) Contingent Liability and Contingent Assets
subsequent reporting dates with the corresponding
gain or loss being recognised in consolidated A contingent liability is a possible obligation that
statement of profit and loss. arises from past events whose existence will be
confirmed by the occurrence or non-occurrence
When a business combination is achieved in stages, of one or more uncertain future events not wholly
the Group’s previously held equity interest in the within the control of the Group or a present
acquiree is remeasured to its acquisition-date obligation that is not recognized because it is not
fair value and the resulting gain or loss, if any, is probable that an outflow of economic resources will
recognised in consolidated Statement of Profit be required to settle the obligation. A contingent
and Loss. Amounts arising from interests in the liability also arises in extremely rare cases where
acquiree prior to the acquisition date that have there is a liability that cannot be recognized
previously been recognised in other comprehensive because it cannot be measured reliably. The Group
income are reclassified to consolidated Statement does not recognize a contingent liability but
of Profit and Loss where such treatment would be discloses its existence in the consolidated financial
appropriate if that interest were disposed off. statements.
If the initial accounting for a business combination A contingent asset is not recognized unless
is incomplete by the end of the reporting period in it becomes virtually certain that an inflow of
which the combination occurs, the Group reports economic benefits will arise. When an inflow
Notes
of economic benefits is probable, contingent (z) Recent Pronouncements

assets are disclosed in the consolidated financial
statements. Recent Accounting Pronouncements
Contingent liabilities and contingent assets are Ministry of Corporate Affairs (“MCA”) notifies new
reviewed at each balance sheet date. standard or amendments to the existing standards
under Companies (Indian Accounting Standards)
(y) Changes in material accounting policies Rules as issued from time to time. For the year
ended 31 March 2024, MCA has not notified any
There have been no changes in accounting policies new standards or amendments to the existing
during the Financial year 2023-24. standards applicable to the Company.
Note 3: PROPERTY, PLANT AND EQUIPMENT
Particulars Free-hold Lease-hold Buildings Plant and Electric Furniture Office Laboratory Vehicles Total
Land Improvements Equipment Installation and Fixtures Equipment Equipment
Notes
As at 1 April 2022 17,179 135 53,648 238,738 5,174 2,664 3,620 732 2,962 3,24,889
Additions - 96 1,466 17,785 636 349 351 63 955 21,701
Disposals - (1) (37) (51) (2) (21) (54) - (132) (298)

Exchange differences - (4) - (293) - - (2) - (16) (315)
Adjustment (Transfer to Investment (4,608) - (18,006) - - - - - - (22,614)
property)*
Gross carrying amount as at 31 March 12,571 226 37,071 256,179 5,808 2,992 3,915 795 3,769 3,23,363
2023
Opening accumulated depreciation - (82) (11,437) (87,205) (3,096) (944) (2,581) (444) (2,228) (1,08,054)
Depreciation charge for the year - (14) (2,735) (16,445) (339) (274) (396) (51) (408) (20,662)
On disposals - - 9 31 2 21 49 - 78 190
Adjustment (Transfer to Investment - - 6,150 - - - - - - 6,150
property)*
Exchange differences - 2 - 94 - - 1 - 12 109
Accumulated depreciation as at 31 - (94) (8,013) (103,525) (3,433) (1,197) (2,927) (495) (2,546) (1,22,267)
March 2023
Net carrying amount as on 31 March 12,571 132 29,058 152,654 2,375 1,795 988 300 1,223 2,01,096
2023

As at 1 April 2023 12,571 226 37,071 256,179 5,808 2,992 3,915 795 3,769 3,23,363
Additions 998 17 24,949 358,113 600 778 1,344 394 1,211 3,88,403
Disposals - - (100) (2,351) (40) (152) (106) (8) (661) (3,417)
Exchange differences (3) - - (194) - - (1) - (8) (206)
Adjustment (Transfer to Investment (772) - (408) - - - - - - (1,180)
property)*
Gross carrying amount as at 31 March 12,794 243 61,512 611,747 6,368 3,618 5,152 1,181 4,311 7,06,963
2024
Opening accumulated depreciation - (94) (8,013) (103,525) (3,433) (1,197) (2,927) (495) (2,546) (1,22,267)
249
Note 3: PROPERTY, PLANT AND EQUIPMENT
250
Particulars Free-hold Lease-hold Buildings Plant and Electric Furniture Office Laboratory Vehicles Total
Land Improvements Equipment Installation and Fixtures Equipment Equipment
Depreciation charge for the year - (16) (2,253) (24,724) (347) (311) (564) (75) (505) (28,797) Notes
On disposals - - 25 2,335 37 163 68 7 617 3,252
Adjustment (Transfer to Investment - - 387 - - - - - - 387
property)*
Exchange differences - 1 - 50 - - 1 - 6 58
Accumulated depreciation as at 31 - (109) (9,854) (125,864) (3,743) (1,346) (3,422) (563) (2,428) (1,47,367)
March 2024
Net carrying amount as on 31 March 12,794 134 51,658 485,883 2,625 2,273 1,730 618 1,882 5,59,596
2024
* During the year one property has been transferred from property, plant and equipment to investment property in accordance with Ind AS
40, Investment Property.
1. The above does not include stamp duty on the assets (land and other assets) transferred under a restructuring scheme from Deepak
Fertilisers And Petrochemicals Corporation Limited (Holding Company) to the Subsidiary Company, Mahadhan AgriTech Limited (MAL)
(formerly known as Smartchem Technologies Limited (STL)) for which an application for adjudication has been made to the Collector of
Stamps (Enforcement), Mumbai. The order in respect of the same is awaited. After completion of the aforesaid process, title deeds of
leasehold and freehold land will be transferred in the name of MAL.
2. No proceedings has been initiated or pending against the Group for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
3. Refer Note 21 footnote for information on Property, plant and equipment provided as security by the Group.
4. Refer Note 2.3( c) for policy on depreciation.
Notes
Note 4: CAPITAL WORK-IN-PROGRESS
31 March 2024 31 March 2023
Projects (Mainly comprising of building and plant and machinery)#* 67,482 3,43,483
Others 7,372 9,170
Total 74,854 3,52,653
# Includes borrowing cost of ` 16,030 Lakhs (31st March 2023 ` 74,970 Lakhs)
* Includes salary cost of ` 1,328 Lakhs. (31st March 2023 ` 2,811 Lakhs)
(a) Ageing schedule of Capital-work-in progress (CWIP):

year 3 year
Projects and CWIP Others in progress 23,142 11,785 6,613 33,314 74,854

year 3 year
Projects and CWIP Others in progress 1,11,126 75,641 25,465 1,40,421 3,52,653
1) Projects temporarily suspended during the year ended 31 March 2024 - ` NIL (31 March 2023 - ` NIL).
b) For capital-work-in progress whose completion is overdue or has exceeded its cost compared to its original plan:
For the year ended 31 March 2024
CWIP To be completed in Total

year 3 year
Technical Ammonium Nitrate Project at Gopalpur - - 59,163 - 59,163
Total - - 59,163 - 59,163
For the year ended 31 March 2023
CWIP To be completed in Total

year 3 year
Technical Ammonium Nitrate Project at Gopalpur - - - 46,053 46,053
Ammonia project and others 2,96,092 - - - 2,96,092
Total 2,96,092 - - 46,053 3,42,145
Notes
Note 4a: INTANGIBLE ASSETS UNDER DEVELOPMENT
31 March 2024 31 March 2023
Intangible assets under development 526 182
Total 526 182
Intangible assets under development As on 31 March 2024 Total

year 3 year
Projects in progress 426 82 18 - 526
Intangible assets under development As on 31 March 2023 Total

year 3 year
Projects in progress 90 92 - - 182
2) Projects whose completion is overdue or has exceeded its cost compared to its original plan during the year ended
31 March 2024 ` NIL (31 March 2023 ` NIL)
Note 5: INVESTMENT PROPERTY
Particulars Freehold land Leasehold land Building Total

Opening gross carrying amount 3,607 - - 3,607
Reclassification from Property, plant and equipment 4,608 - 18,006 22,614
Closing balance as on 31 March 2023 8,215 - 18,006 26,221
Opening balance - - - -
Depreciation charge - - - -
Reclassification from Property, plant and equipment - - 6,118 6,118
Closing balance as on 31 March 2023 - - 6,118 6,118
Net carrying amount as on 31 March 2023 8,215 - 11,888 20,103
Opening gross carrying amount 8,215 - 18,006 26,221
Notes
Particulars Freehold land Leasehold land Building Total

Addition during the year - - 33 33
Reclassification from property, plant and equipment and 772 221 21 1,014
Right of use assets*
Closing balance as on 31 March 2024 8,987 221 18,060 27,268
Opening balance - - 6,118 6,118
Depreciation charge - - 444 444
Closing balance - - 6,562 6,562
Net carrying amount as on 31 March 2024 8,987 221 11,498 20,706
*During the current year property has been transferred from property, plant and equipment to investment property in
accordance with Ind AS 40, Investment Property.
(i) Fair value
As at As at
31 March 2024 31 March 2023
Investment properties 67,683 62,421
a) Disclosures relating to fair valuation of investment property
Fair value of the above investment property as at 31 March 2024 is ` 67,683 Lakhs (31 March 2023: ` 62,421 Lakhs)
based on valuation report obtained by management from an independent registered valuer as defined under rule 2 of
Companies (Registered Valuers and Valuation) Rules, 2017.
Fair value Hierarchy
The fair values of investment properties have been determined by an external, independent property valuer, having
appropriate recognised professional qualifications and relevant experience in the category of the land parcel being valued.
The fair value measurement for the investment property has been categorised as a Level 3 fair value based on the inputs
to the valuation techniques used. The investment property constitute of Creaticity mall and land parcels at Panchagini,
Khamgaon, Solapur, Nashik, Paradeep land and vacant land at Yerwada, Pune.
Description of valuation technique used
The Group obtains independent valuations of its investment property periodically every three years. The fair value of the
investment property has been derived using the Direct Comparison Method. The direct comparison approach involves
a comparison of the investment property to similar properties that have actually been sold in arms-length transaction
or are offered for sale in the same region. This approach demonstrates what buyers have historically been willing to
pay (and sellers willing to accept) for similar properties in an open and competitive market, and is particularly useful
in estimating the value of the land and properties that are typically traded on a unit basis. This approach leads to a
reasonable estimation of the prevailing price. Given that the comparable instances are located in close proximity to the
Notes
investment property; these instances have been assessed for their locational comparative advantages and disadvantages
while arriving at the indicative price assessment for investment property.
b) The Company has earned rental income and incurred direct operating expense on the above properties. Details as
below :
i) Rental and incidental income earned of ` 1,806 Lakhs (31 March 2023 ` 1,517 Lakhs)
ii) Direct operating expenses (including repairs and maintenance) arising from investment property that generated rental
income ` 3,489 Lakhs (31 March 2023 ` 2,250 Lakhs).
iii) Direct operating expenses (including repairs and maintenance) arising from investment property that did not generate
rental income ` NIL (31 March 2023 ` NIL).
Note 6: LEASES
A. Right of use assets
Particulars Leasehold Furniture Leasehold Plant and Other Total

Building & fixtures Land Machinery Equipment
Balance as at 1 April 2022 23,597 302 14,718 27 4,540 43,184
Add: Additions 837 18 - 1,835 3,977 6,667
Less: Disposals (324) - - - - (324)
Adjustments (1,202) - - - (3,924) (5,126)
Exchange Difference (89) - - - - (89)
Gross carrying amount as at 31 March 2023 22,819 320 14,718 1,862 4,593 44,312
Balance as at 1 April 2022 (3,192) (152) (894) (3) (1,246) (5,487)
Amortisation for the year (1,589) (96) (498) (239) (615) (3,037)
Less: Disposals 324 - - - - 324
Adjustments 849 - - - 1,694 2,543
Exchange differences 36 - - - - 36
Accumulated depreciation as at (3,572) (248) (1,392) (242) (167) (5,621)
31 March 2023
Net carrying amount as at 31 March 2023 19,247 72 13,326 1,620 4,426 38,691
Balance as at 1 April 2023 22,819 320 14,718 1,862 4,593 44,312
Add: Additions 82 - 459 1,631 2,949 5,121
Less: Disposals (195) - (494) - - (689)
Less: Reclassified to investment property** - - (221) - - (221)
Adjustments* 60 - - - 17 77
Notes
Particulars Leasehold Furniture Leasehold Plant and Other Total

Building & fixtures Land Machinery Equipment
Exchange Difference - - - - - -
Gross carrying amount as at 31 March 2024 22,766 320 14,462 3,493 7,559 48,600
Balance as at 1 April 2023 (3,572) (248) (1,392) (242) (167) (5,621)
Amortisation for the year (1,420) (77) (317) (669) (1,066) (3,549)
Less: Disposals 68 - 35 - - 103
Adjustments* (12) - - - - (12)
Exchange differences - - - - - -
Accumulated depreciation as at (4,936) (325) (1,674) (911) (1,233) (9,079)
31 March 2024
Net carrying amount as at 31 March 2024 17,830 (5) 12,788 2,582 6,326 39,521
Note: Depreciation on right of use assets of ` 70 Lakhs (31 March 2023: ` 398 Lakhs) transferred to capital work in progress.
* Adjustments for lease modification.
**During the year one property has been transferred from property, plant and equipment to investment property in accordance
with Ind AS 40, Investment Property.
B. Lease liabilities
31 March 2024 31 March 2023
Current 2,870 3,109
Non Current 7,490 5,442
Total 10,360 8,551
C. Interest expenses on lease liabilities
31 March 2024 31 March 2023
D. Expenses on short term leases / low value assets
31 March 2024 31 March 2023
Short term leases 2,005 1,468
Notes
E. Amounts recognised in the statement of cash flow
31 March 2024 31 March 2023
a) Short term leases 2,005 1,468
b) Other leases 3,512 2,485
Total cash outflow for leases 5,517 3,953
Other Information:
The Group has leases mainly for Land, Corporate building, furniture items, machinery and other equipments. These lease
contracts provide for payment to increase each year by inflation.
As a Lessor:
The Group has given buildings on operating lease, Leases are renewed only on mutual consent and at a prevalent market price.
Operating lease rent and incidental income recognised in the Statement of Profit and Loss: ` 1,697 Lakhs (31 March 2023: `
1,412 Lakhs).[Refer Note no 28]
Details of undiscounted lease payments receivable after the reporting date:
31 March 2024 31 March 2023
Receivable not later than 1 year 2,040 1,680
Receivable later than 1 year and not later than 2 years 2,142 1,764
Receivable later than 5 years 2,604 -
Total 13,877 9,283
Note 7: GOODWILL ON CONSOLIDATION
31 March 2024 31 March 2023
Opening balance 4,347 4,399
Adjustment for foreign exchange (Platinum Blasting Services Pty Limited) (20) (52)
Total 4,327 4,347
Goodwill of ` 4,327 lakhs (31 March 2023: ` 4,347 lakhs) relates to the CGUs namely Mahadhan Farm Technologies Private
Limited ` 1,542 lakhs (31 March 2023: ` 1,542 lakhs), Performance Chemiserve Limited ` 1,189 lakhs (31 March 2023: ` 1,189
lakhs) and Australian Mining Explosives Pty Ltd ` 1,596 lakhs (31 March 2023: ` 1,615 lakhs) respectively.
Notes
The management has performed the impairment testing of all the companies identified as CGUs based on the revenue
generated, profit earned, return on investment, market valuation of ongoing projects and net worth of these companies.
Based on assessment of all these factors, management is of the view that there is no indicator of impairment in any of the
companies and did not result in any probable scenario in which the recoverable amount of the CGUs would decrease below the
carrying amount.
Note 8: OTHER INTANGIBLE ASSETS
Particulars Computer Technical License Operating Total

Software Know How / Fees Rights
Engineering
fees
Gross carrying amount as on 1 April 2022 3,017 328 1,763 - 5,108
Additions during the year 69 - 28 2,280 2,377
Deletion during the year (6) - - - (6)
Foreign exchange difference (4) - - - (4)
Gross carrying amount as on 31 March 2023 3,076 328 1,791 2,280 7,475
Additions during the year 231 - 61 - 292
Deletion during the year - - - - -
Gross carrying amount as on 31 March 2024 3,306 328 1,852 2,280 7,766
Accumulated Amortisation
Accumulated amortisation as at 1 April 2022 1,477 211 1,583 - 3,271
Amortisation charge for the year 368 117 79 56 620
Closing accumulated amortisation as at 31 March 2023 1,842 328 1,662 56 3,888
Amortisation charge for the year 365 - 60 228 653
Foreign exchange difference - - - - -
Closing accumulated amortisation as at 31 March 2024 2,207 328 1,722 284 4,541
Net Block as at 31 March 2023 1,234 - 129 2,224 3,587
Net Block as at 31 March 2024 1,099 - 130 1,996 3,225
Refer Note 2.3(d) for policy on amortisation

Notes
Note 9: NON-CURRENT INVESTMENTS
31 March 2024 31 March 2023
Investment in equity shares (quoted) (fully paid up) (fair value through profit
and loss)
4,715 (31 March 2023: 4,715) Equity shares of Punjab National Bank Limited of 3 3
` 2/- each fully paid up
Investments in equity shares (unquoted) (fully paid up) (fair value through
other comprehensive income)
24,50,000 (31 March 2023: 24,50,000) equity shares of Avaada MHBuldana 245 245
Private Limited Project of `10 each
88,448 (31 March 2023: 88,448) equity shares of Deepak International Limited of - -
Sterling Pound of 1 each*
Total (equity instruments) 248 248
Aggregate amount of quoted investments and market value thereof 3 3
Aggregate amount of unquoted investments 245 245
* Investment in Deepak International Ltd of ` 69 lakhs has been fair valued at ` Nil
Note 10: CURRENT INVESTMENTS
31 March 2024 31 March 2023
Quoted
Investment in mutual funds (carried at fair value through profit and loss) 20,905 59,714
Unquoted
Investment in commercial paper (carried at amortised cost) 4,923 -
Total 25,828 59,714
Aggregate carrying value of quoted investments 20,905 59,714
Aggregate market value of quoted investments 20,905 59,714
Aggregate carrying value of unquoted investments 4,923 -
Notes
Note 11: TRADE RECEIVABLES
31 March 2024 31 March 2023
Trade Receivables
Unsecured, considered good* 1,47,575 1,69,053
Unsecured, credit Impaired 5,954 6,016
Less: Impairment loss allowance (5,954) (6,016)
Total 1,47,575 1,69,053
Current portion of net trade receivables 1,47,575 1,69,053
Non - current portion of net trade receivables - -
*Trade Receivables include ` 44,437 lakhs (31 March 2023 ` 87,899 Lakhs) towards fertiliser subsidy receivable from the
Government of India.
Movement in allowance for expected credit loss:
31 March 2024 31 March 2023
Balance at beginning of the year 6,016 5,820
Add: Allowance for expected credit loss 265 608
Less: Reversed / utilized during the year (327) (412)
Balance as at the end of the year 5,954 6,016
Trade receivables have been offered as security against the working capital facilities provided by the banks (Refer note 22).
Refer Note 39(i) on credit risk of trade receivables, which explains how the Group manages and measures credit quality of
trade receivables that are neither past due nor impaired.
Refer Note 41(b) for amount receivable from related parties which includes debts due by companies in which any director is a
director or member.
The Group’s exposure to customers is diversified and no other customers, contributes more than 10% of the outstanding
receivables as at 31 March 2024 and 31 March 2023.
Notes
Particulars Outstanding for following periods from

due date of payment as on 31 March 2024
Not Due Less than 6 months 1-2 Years 2-3 years More than Total
6 months -1 year 3 years
(i) Undisputed Trade Receivables – 1,10,277 34,333 2,291 525 106 44 1,47,575
considered good
(ii) Undisputed Trade Receivables – - - - - - - -
which have significant increase
in credit risk
(iii) Undisputed Trade Receivables – 101 133 130 127 373 5,090 5,954
credit impaired
(iv) Disputed Trade Receivables– - - - - - - -
considered good
(v) Disputed Trade Receivables – - - - - - - -
in credit risk
(vi) Disputed Trade Receivables – - - - - - - -
credit impaired
Less: Impairment loss allowance (101) (133) (130) (127) (373) (5,090) (5,954)
Total 1,10,277 34,333 2,291 525 106 44 1,47,575
Particulars Outstanding for following periods from

due date of payment as on 31 March 2023
Not Due Less than 6 months 1-2 Years 2-3 years More than Total
6 months -1 year 3 years
(i) Undisputed Trade Receivables – 54,327 1,11,819 2,611 252 44 - 1,69,053
considered good
(ii) Undisputed Trade Receivables – - - - - - - -
in credit risk
(iii) Undisputed Trade Receivables – 61 14 50 292 658 4,941 6,016
credit impaired
(iv) Disputed Trade Receivables– - - - - - - -
considered good
(v) Disputed Trade Receivables – - - - - - - -
in credit risk
(vi) Disputed Trade Receivables – - - - - - - -
credit impaired
Less: Impairment loss allowance (61) (14) (50) (292) (658) (4,941) (6,016)
Total 54,327 1,11,819 2,611 252 44 - 1,69,053
Notes
Note 12: LOANS

Advances to employees 104 - 105 -
Other loans 2 - 3 -
Unsecured, considered doubtful
Other loans 205 - 205 -
Less: Provision for doubtful loans (205) - (205) -
Total 106 - 108 -
Note 13: CASH & CASH EQUIVALENTS
31 March 2024 31 March 2023
Balances with banks
- in current accounts 22,528 15,259
Deposits with original maturity upto three months 64 12,665
Cash on hand 2 1
Total 22,594 27,925
The Group has not traded or invested in Crypto currency or Virtual currency during the financial year.
Note 14: OTHER BANK BALANCES
31 March 2024 31 March 2023
Earmarked balances with banks
Unclaimed dividend 836 817
Deposits with remaining maturity upto 12 months from the reporting date 12,664 21,123
Total 13,500 21,940
Note 15: OTHER FINANCIAL ASSETS

Particulars
a. Derivative assets
(i) Foreign-exchange option contracts 109 - - -
(ii) Commodity hedge contracts 12,209 - - -
Notes

Particulars
b. Interest receivable
(i) From bank 4 - 27 -
(ii) From others 58 - 423 -
c. Security deposits 168 4,947 860 4,630
d. Bank deposits with more than 12 months maturity - 4,275 - 1,240
e. Amount paid under protest for claims from supplier* - 1,507 - 1,507
f. Incentive receivable from Government 18,877 - 5,430 -
g. Others 1,679 16 2,019 -
Total 33,104 10,745 8,759 7,377
*Included in supplier claim (refer note 42)
Note 16: OTHER NON-CURRENT ASSETS
31 March 2024 31 March 2023
Capital advances 12,761 9,390
Balance with government authorities 7,499 48,084
Prepaid Expenses 335 491
Stamp duty paid under protest 2,500 2,500
Total 23,095 60,465
Note 17: INVENTORIES
31 March 2024 31 March 2023
Raw materials (includes ` NIL Lakhs in transit) (31 March 2023 ` 136 Lakhs) 34,726 35,899
Stock-in-trade 11,058 17,048
Stores and spares 19,160 19,154
Packing material 1,935 1,782
Total 1,19,244 1,25,890
(i) The cost of inventories recognised as an expense includes ` 59 Lakhs (31 March 2023: ` 567.40 Lakhs) in respect of
write-down of inventories to net realisable value.
(ii) Refer Note 2.3(l) for policy on valuation of inventories.
(iii) Inventories has been offered as security against the working capital facilities provided by the banks (refer note 22)

Notes
Note 18: OTHER CURRENT ASSETS
31 March 2024 31 March 2023
Advances for supply of goods and services 5,517 6,356
Balances with government authorities (includes GST, Custom duty etc) 44,597 13,520
Prepaid expenses 2,345 3,112
Other receivables 1,373 2,028
Total 53,832 25,016
Note 19: SHARE CAPITAL
31 March 2024 31 March 2023
Authorised
13,505 13,505
Issued, subscribed and fully paid-up share capital
Fully paid-up share capital as at year end 12,624 12,624
(i) Reconciliation of the number of Equity Shares

Equity Shares
No. of Shares Amount No. of Shares Amount
Balance as at the beginning of the year 12,62,37,825 12,624 12,05,92,948 12,059
Add: Shares issued by way of conversion of foreign - - 56,44,877 565
currency convertible bonds (FCCB)
Balance as at the end of the year 12,62,37,825 12,624 12,62,37,825 12,624
Terms and rights attached to equity shares

The Holding Company has only one class of equity shares having par value of ` 10 per share. Holder of each equity share is
entitled to one vote per share.
The Holding Company declares and pays dividend in Indian Rupees except in the case of overseas shareholders where dividend
is paid in respective foreign currencies considering foreign exchange rate applied at the date of remittance. The dividend
proposed by the Board of Directors is subject to the approval of shareholders in the Annual General Meeting.
In the event of liquidation of the Holding Company the holders of equity share will be entitled to receive remaining assets of the
Holding Company, after distribution of all preferential amounts in proportion to their shareholding. The distribution will be in
proportion to the numbers of equity shares held by the shareholder.
Notes
ii. Details of shareholders holding more than 5% shares in the Holding Company

Particulars Number of % Holding Number of % Holding
shares shares
Nova Synthetic Limited 4,35,92,875 34.53% 4,35,92,875 34.53%
Robust Marketing Services Private Limited 1,10,67,301 8.77% 1,08,52,301 8.60%
Shares held by promoters As on 31 March 2024 As on 31 March 2023 % of Change

No. % of Total No. % of Total during the
of Shares Shares of Shares Shares year
Promoter Name
Class of Shares : Equity shares of ` 10/- each
1) Shri Chimanlal K Mehta - 0.00% 8,78,913 0.70% -100.00%
2) Shri Sailesh C Mehta 1,731 0.00% 1,731 0.00% 0.00%
3) Smt. Parul S Mehta 1,409 0.00% 1,409 0.00% 0.00%
4) Shri Yeshil S. Mehta 1,15,000 0.09% 1,15,000 0.09% 0.00%
5) Nova Synthetic Limited 4,35,92,875 34.53% 4,35,92,875 34.53% 0.00%
6) Sofotel Infra Private Limited 19,41,546 1.54% 19,41,546 1.54% 0.00%
7) Robust Marketing Services Private Limited 1,10,67,301 8.77% 1,08,52,301 8.60% 1.98%
8) Shri Deepak Chimanlal Mehta 8,78,913 0.70% - 0.00% 100.00%
Note 20: OTHER EQUITY (Refer Statement of Changes in Equity for Reserves movement)
(ii) Nature and purpose of other equity
(a) Securities premium: Amount received in excess of face value of the equity shares is recognized in Securities Premium.
The reserve is eligible for utilisation in accordance with the provisions of the 2013 Act.
(b) Capital redemption reserve: The Group had issued redeemable preference shares and as per the provisions of the
Act where preference shares are redeemed out of divisible profits, an amount equal to the nominal value of shares so
redeemed must be transferred to capital redemption reserve, out of divisible profits.
(c) General reserve: This represents appropriation of profits by the Group to General Reserve and is available for distribution
of dividend.
(d) Retained earnings : Retained earnings are the profits that the Group has earned till date, less any transfers to general
reserve, dividends or other distributions paid to shareholder.
(e) Re-measurement of defined benefit plans - This represents the cumulative gains and losses arising on the
re-measurement of defined benefit plans in accordance with Ind AS 19 that have been recognised in other comprehensive
income.
Notes
(f) Equity instruments through OCI - This represents the cumulative gains and losses arising on the revaluation of equity
instruments measured at FVTOCI, under an irrevocable option, net of amounts reclassified to retained earnings when
such assets are disposed off.
(g) Foreign Currency Translation Reserve - Exchange differences relating to the translation of the results and net assets of
the Group’s foreign operations from their functional currencies to the Group’s presentation currency (i.e. `) are recognised
directly in the other comprehensive income and accumulated in foreign currency translation reserve. Exchange difference
previously accumulated in the foreign currency translation reserve are reclassified to profit or loss on the disposal of the
foreign operation.
(h) Hedge Reserve - Effective portion of fair value gain/(loss) on all financial instruments designated in cash flow hedge
relationship are accumulated in hedge reserve.
FINANCIAL LIABILITIES
Note 21: NON-CURRENT BORROWINGS
Particulars Terms of repayment Coupon/ Interest rate As at 31 As at 31

& Maturity date March 2024 March 2023
A. Secured
Term loans
(i) Bank of Baroda Repayable in quarterly 8.15% to 9.40% per
instalments starting from annum - 13,606
October 2023
(ii) Export Import Bank of India Repayable in quarterly 8.00% to 8.80% per 12,395 15,654
instalments starting from annum
June 2021 and end date of
31 March 2028
(iii) Bank of Baroda Repayable in quarterly 8.15% to 9.35% per - 4,585
October 2023
(iv) Bank of Baroda Repayable in quarterly 9.15% to 9.25% per 8,210 -
September 2027
(v) State Bank of India Repayable within 18 months 8.80% per annum 1,498 -
(vi) State Bank of India Repayable in quarterly 8.60% per annum 10,761 -
March 2028
(vii) State Bank of India NPK Repayable in 28 quarterly 9.95% per annum - 5,585
(viii) Export Import Bank Of India instalments starting from 7.95% per annum - 1,432
NPK June 2017 onwards
Notes

(ix) Bank of Baroda Repayable in 20 quarterly 9.55% per annum 37,028 39,903
June 2023 onwards
(x) Export Import Bank Of India Repayable in 28 quarterly 8.80% per annum 19,841 22,733
June 2020 onwards.
(xi Export Import Bank Of India Repayable in 16 quarterly 8.40%-8.80% per 9,241 7,746
installments starting annum
December 2023
(xii) Canara Bank TAN Project 5,795 1,246
(xiii) Union Bank of India TAN 2,820 584
Project Repayable in 40 quarterly
9.30%-10.30% per
(xiv) State Bank of India TAN installments starting 2,878 584
annum
Project December 2026
(xv) Punjab National Bank TAN 2,875 586
Project
(xvi) Canara Bank Limited Repayable in 32 quarterly 9.05% per annum
installments starting from 46,627 -
December 2024
(xvii) State Bank of India Repayable in 32 quarterly 8.39% per annum 39,751 -
installments starting from
December 2024
(xviii) Bank of Baroda Repayable in quarterly 9.90% per annum - 146,022
instalment starting from
March 2023
(xix) Export Import Bank of India Repayable in quarterly 9.90% per annum - 47,736
instalment starting from
March 2023
(xx) Westpac, Australia Repayable from one year to 3.11% - 6.76% per 5,854 3,865
five years annum
External Commercial Borrowings
(i) Asian Development Bank Repayable in 8 semi-annual 8.30% per annum 10,783 12,163
instalments starting 15
December 2023
Debentures
(i) Non-convertible debenture Bullet payment at the end of 3 9.75% per annum 89,178 -
years from date of allotment
Notes

B. Unsecured
Term loans
(i) Standard Chartered Bank Repayable in 2 years starting 10.44% per annum 24,872 -
from FY 2024-2025
Debentures
(i) Compulsory convertible NA 8% per annum - 25,802
debentures - International Finance (IRR - 15.25%)
Corporation (IFC), USA
(ii) Optionally convertible debenture Conversion any time after 1 10 year Gsec + 1% 15,135 -
(OCD) - Robust Marketing Services year from date of allotment at
Private Limited option of holder
Total 3,45,542 3,49,832
Less: Current maturities of long-term debt (included in note 22) 39,281 26,734
Total 3,06,261 3,23,098
Note:
a) The term loan (i), (ii) and (vi) has been availed for financing of Nitric Acid project at Dahej. The term loan is secured by pari
passu charge on the land & building and hypothecation of all the present & future immovable fixed assets and intangible
assets pertaining to Nitric Acid project at Dahej.
b) The term loan (iii) has been availed to shore up the net working capital of the Holding Company. The term loan is secured
by exclusive charge on the immovable property situated at Yerwada Pune belonging to joint operation, M/s Yerrowda
Investments Limited (YIL). Corporate Guarantee of M/s Yerrowda Investments Limited (YIL) to the extent of the value of
Immovable property is offered to Bank of Baroda.
c) The term loan (iv) has been availed to shore up the net working capital of the Company. The term loan is secured by pari
passu charge on immovable property situated at Yerwada Pune belonging to joint operation, M/s Yerrowda Investments
Limited (YIL) with the subsisting mortgage/charge thereon in favour of the Lender for its Corporate Loan of ` 400 cr
sanctioned to Mahadhan AgriTech Limited. Corporate Guarantee of M/s Yerrowda Investments Limited (YIL) to the extent
of the value of Immovable property is offered to Bank of Baroda.
d) The term loan (v) has been availed for financing of Nitric Acid project at Dahej. The term loan is secured by pari passu
charge on project specific assets of upcoming Nitric Acid plant at Dahej, Gujarat.
e) The term loans from State Bank of India (i) and Export Import Bank of India (ii) which were availed for financing Nitro
Phosphate Plant (NPK project) have been repaid in FY 23-24.
f) The term loan from Bank of Baroda (ix) has been availed to shore up the net working capital of the subsidiary Company.
The term loan is secured by exclusive charge on the immovable property situated at Yerwada Pune belonging to joint
operation, Yerrowda Investments Limited (YIL). Corporate Guarantee of YIL to the extent of the value of Immovable
property is offered to Bank of Baroda.
Notes
g) The term loans from Export Import Bank of India (x) are secured by exclusive charge over the movable fixed assets by way
of hypothecation and immovable fixed assets by way of mortgage of the Company situated at Plot No. K7 and K8 at MIDC,
Taloja.
h) The term loans from Canara Bank, Punjab National Bank, State Bank of India and Union Bank of India (xii to xv) have been
availed for financing of TAN Gopalpur Project. The term loan are secured by way of first pari passu charge on TAN Project
movable and immovable assets (present and future).
i) The unsecured term loan from Standard Chartered Bank (i) has been availed by Subsidiary company where the Hodling
Company has provided its Corporate guarantee throughout the tenor of the loan facility along with non-disposable
undertaking and negative pledge over 75% of shares of Company.
j) The External Commercial Borrowing (ECB) from Asian Development Bank (i) has been availed for the purpose of financing
the capital expenditure of fertilisers manufacturing plants located at Taloja, Dist. Raigad. The ECB is to be secured by first
ranking pari passu charge to be created over NPK assets situated at Taloja, Dist. Raigad.
k) The term loans from SBI and Canara Bank (xvi) & (xvii) have been availed for Ammonia Project at Taloja. Further NCD
(iii) has also been availed for Ammonia Project. The said term loans & NCDs are secured by first charge by way of
hypothecation in favour of all lenders of movable assets, immovable properties, and all the intangible assets in relation to
the project, both present and future and second charge on current assets of the project.
l) The term loan availed from Westpac, Australia (xx) is secured by charge on the movable and immovable fixed assets of the
subsidiary and floating charge on current assets of subsidiary.
m) The Group has used the borrowings taken from banks and financial institution for the specific purposes for which they
were taken as at the balance sheet date.
n) The Indian companies in the Group have registered all the required charges with Registrar of Companies within the
statutory period.
Note 22: CURRENT BORROWINGS
Particulars Terms of Coupon/ Interest As at As at

repayment & rate 31 March 2024 31 March 2023
Maturity date
From banks
Secured
- Short-term loans from banks Repayable within Average 8.28% 58,983 3,227
one year per annum
-Current maturities of non-current borrowings 39,281 26,734

-Buyer's credit Repayable within Average 4.16% - 8,278
180 days per annum
Total 98,264 38,239
Notes
(a) Short term loan from banks have been availed to shore up working capital of subsidiaries in the Group. It is secured by
pari passu charge on current assets of the respective subsidiary company.
(b) Buyer’s credits are generally due within 180 days and carry variable rate of interest (average Interest rate for the year
was - Nil (31 March 2023 - 4.16%) and are secured by a first charge by way of hypothecation of stocks of raw materials,
finished goods, consumable stores and book debts.
(c) The Indian Companies in the Group have filed the statements of current assets as per sanction letters with the banks and
are in agreement with books of account.
CHANGES IN FINANCIAL LIABILITIES ARISING FROM FINANCING ACTIVITY AS REQUIRED BY Ind AS 7 ‘’STATEMENT OF
CASH FLOWS’’
31 March 2024 31 March 2023
Non-current borrowings (refer note 21) 3,06,261 3,23,098
Current borrowings (refer note 22) 98,264 38,239
Interest accrued (refer note 23) 2,530 1,640
Non-current Lease liabilities (refer note 6) 7,490 5,442
Current Lease liabilities (refer note 6) 2,870 3,109
4,17,415 3,71,528
Cash and Non-cash adjustments
Conversion of Foreign Currency Conversion Bonds to Equity Share Capital and - (9,499)
Securities Premium
Foreign currency translation differences 154 161
Proceeds from borrowings - non current 261,022 135,245
Repayment of borrowings - non current (308,446) (22,973)
Proceeds from borrowings - current (net) 75,301 -
OCD issued as consderation for purchase of shares 15,135 -
(Decrease)/ Increase in interest accrued 890 598
Interest on lease liability 681 708
Addition on account of new leases 4,662 6,667
Lease payments (3,512) (2,485)
Other - (3,569)
Movement of borrowings (net) 45,887 1,04,853
Notes
Note 23: OTHER FINANCIAL LIABILITIES
31 March 2024 31 March 2023
Non-current
Security deposits 7,911 6,242
Embedded Derivative liability - 100
Total 7,911 6,342
Current
Interest accrued and not due on borrowings 2,530 1,640
Security deposits 2,969 2,718
Capital creditors 22,945 10,012
Commission payable to directors 5,603 19,106
Foreign Currency Options - 231
Salary payables 5,224 5,109
Unclaimed dividend (#) 836 817
Others* 4,785 3
Total 44,892 39,636
(#) ` 99 Lakhs (31 March 2023 ` 74 Lakhs) transferred to the Investor Education and Protection Fund during the year.
There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by
the Company except for ` 0.37 Lakhs (31 March 2023 ` 0.37 Lakhs), wherein legal disputes with regards to ownership have
remained unresolved.
*Includes a liability of ` 4,785 Lakhs (31 March 2023: ` Nil) on account of a channel financing arrangement, where the bank
pays the Group for goods bought by authorized dealers when due and the dealers then pay the bank as per the agreed terms.
The Group recognises financial liability to the extent that it has issued First Loss Default Guarantee.
Note 24: PROVISIONS

Particulars
Current Non-Current Current Non-Current
Provision for employee benefits
Gratuity 927 4,390 880 4,198
Compensated absences 1,241 1,639 1,128 1,546
Defined pension benefits 215 452 343 218
Total (A) 2,383 6,481 2,351 5,962
Provisions for tax contingencies #
3,624 - 3,542 -
Provision for site restoration* - 125 - 125
Total (B) 3,624 125 3,542 125
Total (A+B) 6,007 6,606 5,893 6,087
Notes
Movement in Provisions
Particulars Tax Site Compensated

contingencies# restoration* absences
As at 1 April 2022 3,863 517 2,734
Additional provisions recognised - - -
Unused amounts reversed (321) (392) (60)
As at 1 April 2023 3,542 125 2,674
Additional provisions recognised 82 - 206
Excess amounts reversed/utilised - - -
As at 31 March 2024 3,624 125 2,880
#
The provision is mainly on account of Entry tax, MVAT applicable on purchase of natural gas and income tax provision.
* The site restoration expense and decommissioning charges outflow is expected to be within a period of one to five years
from date of balance sheet.
(A) Defined Contribution Plans (refer Note 33)

The Group has certain defined contribution plans such as provident fund, employee state insurance, employee pension
scheme, employee superannuation fund wherein specified percentage is contributed to them. During the year, the Group has
contributed following amounts to:
31 March 2024 31 March 2023
Employer’s contribution to provident fund 1,178 998
Employer’s contribution to employee’s pension scheme 300 281
Employer’s contribution to superannuation fund 837 793
Employer’s contribution to employee state insurance 6 9
Total 2,321 2,081
(B) Defined Benefit Plans
i. Gratuity
In accordance with Ind AS 19 “Employee Benefits”, an actuarial valuation has been carried out in respect of gratuity.
The discount rate assumed is 7.20% p.a. (31 March 2023: 7.40% p.a) which is determined by reference to market yield
at the Balance Sheet date on Government bonds. The retirement age has been considered at 60 years (31 March 2023:
60 years), withdrawal rate is 10% p.a. (31 March 2023: 10% p.a.) and mortality table is as per IALM (2012-14) ult
(31 March 2023: IALM (2012-14) ult).
The estimates of future salary increases, considered in actuarial valuation is 8% p.a. (31 March 2023: 8% p.a), taking
into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment
market.
Notes
The plans assets are maintained with Life Insurance Corporation of India in respect of gratuity scheme of the Group.
The details of investments maintained by Life Insurance Corporation are not available with the Group, hence not disclosed.
The expected rate of return on plan assets is 7.40% p.a. (31 March 2023: 6.90% p.a).
31 March 2024 31 March 2023
Present value of obligation at the beginning of the year 11,257 10,507
Transfer in/(out) 69 -
Reconciliation of the present value of defined benefit obligation and the fair value of the plan assets:
31 March 2024 31 March 2023
Fair value of plan assets at the end of the year 7,581 6,179
Net liabilities recognised in the Balance Sheet 5,317 5,078
Fair value of Plan assets :
31 March 2024 31 March 2023
Plan assets at the beginning of the year 6,179 5,267
Interest income 148 104
Expected return on plan assets 359 288
Contribution by employer 866 835
Actual benefits paid - (323)
Actuarial gain/(loss) 29 8
Plan assets at the end of the year 7,581 6,179
Notes
31 March 2024 31 March 2023
Transfer in/(out) 51 -
Expense recognised in the Statement of Profit and Loss 1,151 1,067
31 March 2024 31 March 2023
Actuarial loss on defined benefit obligation 860 (60)
Actuarial (gain) on plan assets (47) (21)
Remeasurements for the year (Actuarial (Gain) / Loss)
31 March 2024 31 March 2023
Experience Loss on plan liabilities 765 225
Demographic Loss on plan liabilities - (50)
Financial (Gain) / Loss on plan liabilities 96 (236)
Experience (Gain) / Loss on plan assets (12) (6)
Financial Loss on plan assets (35) (15)
Categories of the fair value of total plan assets:
31 March 2024 31 March 2023
Funds managed by insurer 7,581 6,179
(%) of total plan assets 100% 100%

Impact on defined benefit (decrease)/increase (468) 518 (441) 491
Notes

Assumptions Future salary increase Future salary increase
Impact on defined benefit 414 (382) 384 (351)
The sensitivity analysis above have been determined based on reasonably possible changes of the respective assumptions
occurring at the end of the year and may not be representative of the actual change. It is based on a change in the key
assumption while holding all other assumptions constant.
Maturity profile of defined benefit obligation (Gratuity) is as follows:
31 March 2024 31 March 2023
Within the next 12 months (next annual reporting period) 4,140 3,287
Total expected payments 16,957 13,365
Weighted average duration of the plan (based on discounted cash flows using mortality, withdrawal rate and interest rate) is
7.4 years (31 March 2023: 7.53 years)
RISK EXPOSURE AND ASSET LIABILITY MATCHING
Provision of a defined benefit scheme poses certain risks, some of which are detailed hereunder, as Group takes on uncertain
long term obligations to make future benefit payments.
1. Liability Risks
a. Asset-Liability Mismatch Risk
Risk which arises if there is a mismatch in the duration of the assets relative to the liabilities. By matching duration
with the defined benefit liabilities, the Group is successfully able to neutralize valuation swings caused by interest
rate movements.
b. Discount Rate Risk
Variations in the discount rate used to compute the present value of the liabilities may seem small, but in practise
can have a significant impact on the defined benefit liabilities.
c. Future Salary Escalation and Inflation Risk
Since price inflation and salary growth are linked economically, they are combined for disclosure purposes.
Rising salaries will often result in higher future defined benefit payments resulting in a higher present value of
liabilities especially unexpected salary increases provided at management’s discretion may lead to uncertainties in
estimating this increasing risk.
Notes
2. Asset Risks
Plan assets are maintained in a trust fund partly managed by a public sector insurer viz; LIC of India and partly managed
by a private sector insurer viz; India First Life Insurance.
The Group has opted for a traditional fund wherein all assets are invested primarily in risk averse markets. The Group
has no control over the management of funds but this option provides a high level of safety for the total corpus. A single
account is maintained for both the investment and claim settlement and hence 100% liquidity is ensured. Also interest
rate and inflation risk are taken care of.
ii. Defined pension benefits
The Group has a Post Retirement Benefit plan, which is a defined benefit retirement plan, according to which executives
superannuating from the service after ten years of service are eligible for certain benefits like medical, fuel expenses,
telephone reimbursement, club membership etc. for specified number of year. The liability is provided for on the basis of
an independent actuarial valuation.
In accordance with Ind AS 19 “Employee Benefits”, an actuarial valuation has been carried out in respect of post
retirement benefits. The discount rate assumed is 7.20% p.a. (31 March 2023: 7.40% p.a) which is determined by reference
to market yield at the Balance Sheet date on Government bonds. The retirement age has been considered at 60 years
(31 March 2023: 60 years), withdrawal rate is 10% p.a. (31 March 2023: 8% p.a.) and mortality table is as per IALM
(2012-14) ult (31 March 2023: IALM (2012-14) ult).
31 March 2024 31 March 2023
Present value of obligation at the beginning of the year 561 590
Interest cost 40 39
Present value of obligation at the end of the year 667 561
31 March 2024 31 March 2023
Interest cost 40 39
Notes
31 March 2024 31 March 2023
Remeasurements Cost / (Credit ) 16 (90)

Impact on defined benefit (149) 203 (131) 181
Note 25: TRADE PAYABLES
31 March 2024 31 March 2023
Trade payables
(b) total outstanding dues of creditors other than micro and small enterprises 1,21,419 1,71,999
Total 1,28,486 1,77,736
The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis of information available with the Group. The amount of
principal and interest outstanding during the year is given below :
As at As at
31 March 2024 31 March 2023
The principal amount and the interest due thereon remaining unpaid to any 7,067 5,737
supplier as at the end of each accounting year
- Principal amount outstanding (whether due or not) to micro and small 5,804 5,132
enterprises
- Interest due thereon 19 6
The amount of interest paid by the Group in terms of section 16 of the MSMED - -
Act, 2006 along with the amounts of the payment made to the supplier beyond
the appointed day during each accounting year
The amount of payment made to the supplier beyond the appointed day during 26,532 61,759
the year
Amount of interest due and payable on delayed payments 129 350
Amount of interest accrued and remaining unpaid as at year end 1,263 605
The amount of further interest remaining due and payable even in the - -
succeeding year
Notes
Trade Payables aging schedule

Particulars
Not due Less than 1 1-2 years 2-3 years More than 3 Total
year years
(i) MSME 3,742 2,264 354 388 319 7,067
(ii) Others 15,031 84,185 538 241 1,191 1,01,186
(v) Unbilled dues 20,233 - - - - 20,233
Total 39,006 86,449 892 629 1,510 1,28,486

Particulars
Not due Less than 1 1-2 years 2-3 years More than 3 Total
year years
(i) MSME 240 4,765 404 187 141 5,737
(ii) Others 8,306 1,55,784 759 161 991 1,66,000
(v) Unbilled dues 5,999 - - - - 5,999
Total 14,545 1,60,549 1,163 348 1,132 1,77,736
Note 26: DEFERRED TAX ASSETS (NET)
31 March 2024 31 March 2023
The balance comprises temporary differences attributable to:
(a) Deferred tax assets 14,420 54,236
(b) Deferred tax liabilities (4,716) (54,320)
Net deferred tax liabilities 9,704 (84)
The Group does not have legally enforceable right to set off deferred tax asset amounting to ` 14,420 Lakhs (31 March 2023:
Nil) against deferred tax liabilitiy and therefore shown separately on face of the balance sheet.
Notes
Movements during the year ended 31 March 2024
1 April 2023 Credit/(Charge) in Credit/ Charge/(Credit) As at

the statement of (Charge) in the Other 31 March
Particulars
Profit and Loss in equity Comprehensive 2024
Income
Property, plant and equipment, (54,320) 1,397 - - (52,923)
investment property and intangibles
assets
Business loss 42,417 8,531 - - 50,948
Financial assets at fair value through 478 (21) - - 457
profit or loss
Expenses allowable in the year of 2,242 419 - 213 2,874
payment (section 43B of Income Tax Act
1961)
Foreign Currency Convertible Bonds - - - - -
Impairment Provision - - - - -
Financial assets at fair value through 18 3,537 - (3,142) 413
OCI
Deferred Tax on Consolidation 8,516 (87) - - 8,429
Others 565 (1,059) - - (494)
Net deferred tax liabilities (84) 12,717 - (2,929) 9,704
Movements during the year ended 31 March 2023
1 April 2022 Credit/(Charge) in Credit/ Credit/(Charge) As at

the statement of (Charge) in the Other 31 March
Particulars
Profit and Loss in equity Comprehensive 2023
Income
Property, plant and equipment, investment (52,403) (1,917) - - (54,320)
property and intangibles assets
Business loss 42,916 (499) - - 42,417
Financial assets at fair value through 788 (310) - - 478
profit or loss
Expenses allowable in the year of payment 2,427 (130) - (55) 2,242
Foreign Currency Convertible Bonds (435) 435 - - -
Impairment Provision 375 (375) - - -
Financial assets at fair value through OCI (324) - - 342 18
Deferred Tax on Consolidation 10,139 (1,623) - - 8,516
Others 432 133 - - 565
Net deferred tax assets 3,915 (4,286) - 287 (84)
Notes
Note 27: OTHER CURRENT LIABILITIES
31 March 2024 31 March 2023
Advances from customers 3,156 2,196
Statutory dues payable 8,660 5,937
Other payables 3,439 3,201
Total 15,255 11,334
Note 28: REVENUE FROM OPERATIONS

31 March 2024 31 March 2023
Sale of products
Finished goods 5,92,588 8,00,421
Traded goods 1,15,562 68,180
Subsidy on traded fertilisers 41,449 43,132
Subsidy on manufactured fertilisers 99,437 2,09,129
Revenue from realty business 1,697 1,412
Other operating revenues:
Incentive income* 15,943 6,282
Others 933 1,513
Total 8,67,609 11,30,069
* Incentive under Scheme for incentive to industries (general) 2016-2021 of State of Gujarat for Dahej Plant, State of Maharashtra
for NPK Plant and Ammonia Plant.
Contracts with customer

31 March 2024 31 March 2023
Revenue recognised from contracts with customers 8,67,609 11,30,069
Disaggregation of revenue
Based on type of goods
Sale of finished goods -
(i) Sale of chemicals 4,72,663 6,32,802
(ii) Sale of fertilisers 2,77,080 3,88,881
Sale of traded goods -
(i) Industrial Chemicals 6,572 8,332
(ii) Fertilisers 1,08,990 97,950
(iii) Value added real estate (VARE) - Sale of furniture 607 692
- Income from realty operation 1,697 1,412
Impairment losses recognised on receivables or contract assets arising from an 5,954 6,016
entity’s contracts with customers
Notes
Details of contract balances:

31 March 2024 31 March 2023
Opening balance of receivables 1,69,053 62,004
Closing balance of receivables 1,47,575 1,69,053
Significant changes in the contract liability balances during the year ended are as follows:

31 March 2024 31 March 2023
Contract liabilities at the beginning of the year 2,196 4,749
Revenue recognised in the reporting period that was included in the contract 2,196 4,749
liability balance at the beginning of the period
Increase due to cash received, excluding amounts recognised as revenue during 3,156 2,196
the year
Contract liabilities at the end of the year 3,156 2,196
There is no significant change in the contract asset and contract liabilities.
Performance obligations
The Group satisfies its performance obligations pertaining to the sale of products at point in time when the control of goods
is actually transferred to the customer No significant judgment is involved in evaluating when a customer obtains control of
promised goods. The contract is a fixed price contract subject to refund due to shortages and discounts during the mode of
transportation and do not contain any financing component. The payment is generally due within 30-90 days.
The Group is obliged for refunds due to shortages and discounts. There are no other significant obligations attached in the
contract with customer.
Transaction price
Revenue has been recognised till period end for satisfied performance obligations only. Further, the Group has not applied
the practical expedient as specified in para 121 of Ind AS 115 as the Group does not have any performance obligations that has
an original expected duration of one year or less or any revenue stream in which consideration from a customer corresponds
directly with the value to the customer of the entity’s performance completed to date.
Determining the timing of satisfaction of performance obligations
There is no significant judgement involved in ascertaining the timing of satisfaction of performance obligations, in evaluating
when a customer obtains control of promised goods, transaction price and allocation of it to the performance obligations.
Notes
Determining the transaction price and the amounts allocated to performance obligations
The transaction price ascertained for the only performance obligation of the Group (i.e. Sale of goods) is agreed in the contract
with the customer. There is no variable consideration involved in the transaction price except for refund due to shortages and
discounts which is adjusted with revenue.
Reconciliation of contract price with revenue recognised in statement of profit and loss:

31 March 2024 31 March 2023
Contract price 9,67,769 11,97,102
Less:
Amount recognised as Discounts / shortages 1,00,160 67,033
Revenue recognised in statement of profit and loss 8,67,609 11,30,069
Cost to obtain contract or fulfil a contract
There is no significant cost incurred for obtaining or fulfilling a contract and there is no closing assets recognised from the
costs incurred to obtain or fulfil a contract with a customer.
Note 29: OTHER INCOME

31 March 2024 31 March 2023
Interest income from financial assets measured at amortized cost 2,060 1,838
Fair value gain on financial assets mandatorily measured at fair value through 146 300
profit or loss
Net gain on sale of investments 3,204 3,376
Gain on sale of land and property, plant and equipment* 5,315 11
Unwinding of discount on security deposits 255 175
Interest on Income Tax Refund 56 1,292
Other non-operating income 1,240 1,410
Total 12,276 8,402
* Includes profit on assignment of leasehold rights over the vacant land and building of the company situated at Vashi, Navi
Mumbai, as part of the strategy to divest non-core assets amounting to ` 5,290 lakhs.
Notes
Note 30: COST OF MATERIALS CONSUMED

31 March 2024 31 March 2023
Raw materials as at the beginning of the year 35,899 45,013
Add: Purchases during the year 4,87,046 6,84,745
Less: Raw material as at the end of the year 34,726 35,899
Total 4,88,219 6,93,859
Note 31: PURCHASE OF STOCK-IN-TRADE

31 March 2024 31 March 2023
Purchases of stock-in-trade 95,962 1,01,698
Total 95,962 1,01,698
Note 32: CHANGES IN INVENTORIES OF STOCK-IN-TRADE AND FINISHED GOODS

31 March 2024 31 March 2023
Opening balance
Total opening balance 69,055 40,421
Closing balance
Total closing balance 63,423 69,055
Total changes in inventories of stock-in-trade and finished goods 5,632 (28,634)
Note 33: EMPLOYEE BENEFIT EXPENSES

31 March 2024 31 March 2023
Salaries, wages and bonus 47,431 54,740
Contribution to provident fund & other funds 2,321 2,081
Gratuity (refer note 24) 1,151 1,067
Post-employment pension benefits (refer note 24) 142 118
Staff welfare expenses 1,608 1,436
Total 52,653 59,442
Notes
Note 34: FINANCE COSTS

31 March 2024 31 March 2023
Interest cost on financial liabilities measured at amortized cost 38,941 19,224
Less: Interest capitalised (1,511) (3,501)
Finance charges on finance leases 681 708
Interest others 966 992
Other borrowing costs 1,299 2,015
Exchange differences regarded as an adjustment to borrowing costs - 35
Total 40,376 19,473
Note 35: DEPRECIATION AND AMORTISATION EXPENSE

31 March 2024 31 March 2023
Depreciation on property, plant and equipment 28,797 20,662
Depreciation on right of use asset 3,549 3,037
Depreciation of investment property 444 -
Amortisation on intangible assets 653 620
Total 33,443 24,319
Less: Depreciation on right of use asset transferred to capital work in progress (70) (398)
Total 33,373 23,921
Note 36: OTHER EXPENSES

31 March 2024 31 March 2023
Consumption of stores and spares 12,499 11,739
Power, fuel and water* 11,049 8,303
Repairs to :
- Building 944 1,153
- Plant and machinery 11,014 9,506
- Others 2,466 2,367
Rent 2,005 1,468
Insurance 3,475 3,134
Rates, taxes and duties 2,350 1,758
Travelling and conveyance 2,564 2,107
Legal and professional fees 6,281 5,252
Payments to auditors 115 102
Notes

31 March 2024 31 March 2023
Directors' sitting fees 123 101
Carriage outward (net) 25,763 21,538
Warehouse and handling charges 549 538
Loss on disposal of property, plant and equipment 18 -
Commission on sales 450 371
Sales and promotion expenses 3,215 2,725
Donations 23 28
Utility services 1,802 1,422
Communication expenses 141 175
Corporate social responsibility expenditure 2,097 930
Bad debts 117 414
Provision for doubtful debts (62) 196
Provision for doubtful advances 263 -
Foreign exchange fluctuations loss (net) 2,011 6,529
Miscellaneous expenses 5,202 5,304
Total 96,474 87,160
* MSEB electricity duty provision taken for ` 176 Lakhs (31 March 2023 :` 175 Lakhs). The same has been reduced from
contingent liability.
Note 37: EARNINGS PER SHARE (EPS)
Basic EPS amounts are calculated by dividing the profits for the year attributable to equity share holders of the group by
weighted average number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity share holders of the group by the weighted
average number of equity shares outstanding during the year plus the weighted average number of Equity shares that would
be issued on conversion of all the dilutive potential Equity Shares into equity shares.
The following reflects the profit and share data used in the basic and diluted EPS computation

31 March 2024 31 March 2023
Numerator for basic and diluted EPS
Net profit after tax attributable to equity shareholders of parent (` in Lakhs) for 44,251 1,21,010
basic EPS
Add: Adjustment for interest on Foreign currency convertible bonds post tax - -
Net profit after tax attributable to equity shareholders of parent (` in Lakhs) for 44,251 1,21,010
diluted EPS
Notes

31 March 2024 31 March 2023
Denominator for basic and diluted EPS
Weighted average number of equity shares for basic EPS 12,62,37,825 12,38,56,151
Add: Adjustment for Foreign currency convertible bonds - -
Weighted average number of equity shares for diluted EPS 12,62,37,825 12,38,56,151
Basic earnings per share of face value of ` 10 each (in `/share) 35.05 97.70
Diluted earnings per share of face value of ` 10 each (in `/share) 35.05 97.70
Note 38: FAIR VALUE MEASUREMENTS
(i) Financial instruments by category
through P&L through cost through P&L through cost
OCI OCI
Financial assets
Investments
- Equity instruments other than 3 245 - 3 245 -
investments in associates
- Mutual funds 20,905 - - 59,714 - -
- Commercial Paper - - 4,923 - - -
Trade receivables - - 1,47,575 - - 1,69,053
Cash and cash equivalents - - 22,594 - - 27,925
Other bank balances - - 13,500 - - 21,940
Loans - - 106 - - 108
Other financial assets
- Derivative financial assets, 109 12,209 - - - -
- Others - - 31,531 - - 16,125
Total financial assets 21,017 12,454 2,20,229 59,717 245 2,35,151
Borrowings - - 4,04,525 - - 3,61,337
Lease Liabilities - - 10,360 - - 8,551
Trade payables - - 1,28,486 - - 1,77,736
Other financial liabilities
- Derivative financial liabilities, - - - 231 - -
- Capital creditors - - 22,945 - - 10,012
- Security deposits - - 10,880 - - 8,960
Notes
through P&L through cost through P&L through cost
OCI OCI
- Interest accrued - - 2,530 - - 1,640
- Embedded derivative - - - 100 - -
- Others - - 16,448 - - 25,035
Total financial liabilities - - 5,96,174 331 - 5,93,271
(ii) Fair value hierarchy

The following table summarises financial assets and liabilities measured at fair value on a recurring basis and financial assets
that are not measured at fair value on a recurring basis (but fair value disclosures are required) :
The different levels have been defined as follows:
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within level-1 that are observable for 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). Fair values
are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from
observable current market transactions in the same instrument nor are they based on available market data.

Financial assets
Financial Investments at FVPL
Equity instruments other than 3 - - 3 3 - - 3
investments in associates
Mutual funds 20,905 - - 20,905 59,714 - - 59,714
Financial Investments at FVOCI
Equity instruments - - 245 245 - - 245 245
Derivatives
Foreign exchange forward contracts/ - 109 - 109 - - - -
options
Commodity Hedge contract - 12,209 - 12,209 - - - -
Total financial assets 20,908 12,318 245 33,471 59,717 - 245 59,962
Derivatives
Foreign exchange forward contracts/ - - - - - 231 - 231
options
Embedded derivative - - - - - 100 - 100
Total financial liabilities - - - - - 100 - 100
Notes
There are no transfers between Level 1, Level 2 and Level 3 during the year ended 31 March 2024 and 31 March 2023.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale.
(iii) Valuation technique to determine fair value
The following methods and assumptions were used to estimate the fair values of financial instruments:
a) The management assessed that fair value of cash and cash equivalents, trade receivables, trade payables, bank overdrafts
and other current financial assets and liabilities approximate their carrying amounts largely due to the short-term
maturities of these instruments.
b) The investments measured at fair value and falling under fair value hierarchy Level 3 are valued on basis of valuation
reports provided by external valuers with the exception of certain investments, where cost has been considered as an
appropriate estimate of fair value because of wide range of possible fair value measurements and cost represents the
best estimate of fair values within that ranges.
c) The fair values of investments in mutual fund units is based on the net asset value (NAV) as stated by the issuers of these
mutual fund units in the published statements as at Balance Sheet date, NAV represents the price at which the issuers
will issue further units of mutual fund and the price at which issuers will redeem such units from investor.
d) The Group enters into derivative financial instruments with various counterparties, principally banks. The fair value of
derivative financial instrument is based on observable market inputs including currency spot and forward rate, yield
curves, currency volatility, credit quality of counterparties, interest rate and forward rate curves of the underlying
instruments etc. and use of appropriate valuation models.
e) The investment measured at fair value and falling under fair value hierarchy Level 3 pertains to investment in equity
shares of Avaada MHBudhana Private Limited which is regulated by the terms stated in the share purchase agreement.
These shares held by the Group are subject to specific limitations regarding the Group’s ability to sell them and the
permissible valuation at which they can be sold. Given the nature of these restrictions and the management’s overall
intention concerning the equity shares, the fair value attributed to such shares by the Group is equivalent to their original
cost.
Note 39: FINANCIAL RISK MANAGEMENT
Risk management framework
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management
framework.
The Group, through three layers of defence namely policies and procedures, review mechanism and assurance aims to maintain
a disciplined and constructive control environment in which all employees understand their roles and obligations. The Audit
committee of the Board with top management oversee the formulation and implementation of the Risk management policies.
The risk are identified at business unit level and mitigation plans are identified, deliberated and reviewed at appropriate
forums.
Notes
The Group has exposure to the following risks arising from financial instruments:
- credit risk;
- liquidity risk; and
- market risk.
i. 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, and arises principally from the Group’s receivables from customers, loans, investments and
balances with banks.
The carrying amount of financial assets represents the maximum credit risk exposure.
Trade receivables and other financial assets
The Group has established a credit policy under which each new customer is analysed individually for creditworthiness
before the payment and delivery terms and conditions are offered. The Group’s review includes external ratings, if they
are available, financial statements, credit agency information, industry information and business intelligence. Sale limits
are established for each customer and reviewed annually. Any sales exceeding those limits require approval from the
appropriate authority as per policy.
In monitoring customer credit risk, customers are grouped according to their credit characteristics, including whether
they are an individual or a legal entity, whether they are a institutional, dealers or end-user customer, their geographic
location, industry, trade history with the Group and existence of previous financial difficulties.
There is no substantial concentration of credit risk as the revenue and trade receivables from any of the single customer
do not exceed 10% of Group revenue.
Expected credit loss for trade receivables:
The Group based on internal assessment which is driven by the historical experience/ current facts available in relation
to default and delays in collection thereof, the credit risk for trade receivables is considered low. The Group estimates its
allowance for trade receivable using lifetime expected credit loss. The balance past due for more than 6 month (net of
expected credit loss allowance), ` 3,333 Lakhs (31 March 2023: `2,907 Lakhs). There is no concentration of credit risk in
trade receivables either at 31 March 2024 or 31 March 2023.
Movement in the expected credit loss allowance of trade receivables are as follows:

Add: Provided during the year (net of reversal) 265 608
Less: Amount written off (327) (412)
Notes
Expected credit loss on financial assets other than trade receivables:
With regards to all financial assets with contractual cash flows other than trade receivable, management believes these to be
high quality assets with negligible credit risk. The management believes that the parties from which these financial assets are
recoverable, have strong capacity to meet the obligations and hence the risk of default is negligible and accordingly there are
no significant provisions for expected credit loss on these balance financial assets.
ii. Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to
ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal
and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.
The Group’s treasury department is responsible for managing the short term and long term liquidity requirements.
Short term liquidity situation is reviewed periodically by treasury. Longer term liquidity position is reviewed on a regular
basis by the Board of Directors and appropriate decisions are taken according to the situation.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross
and undiscounted, and include contractual interest payments.
Borrowings 4,04,525 98,264 2,55,655 50,606 4,04,525
Lease Liabilities 10,360 2,870 7,490 - 10,360
Trade payables 1,28,486 1,28,486 - - 1,28,486
Interest accrued 2,530 2,530 - - 2,530
Security deposits 10,880 2,969 7,911 - 10,880
Capital creditors 22,945 22,945 - - 22,945
Other financial liabilities 16,448 16,448 - - 16,448
Total non-derivative liabilities 5,96,174 2,74,512 2,71,056 50,606 5,96,174
Foreign exchange forward contracts - - - - -
Total derivative liabilities - - - - -
Notes
Borrowings 3,61,337 38,239 1,23,267 1,99,831 3,61,337
Lease Liabilities 8,551 3,109 5,436 6 8,551
Trade payables 1,77,736 1,77,736 - - 1,77,736
Interest accrued 1,640 1,640 - - 1,640
Security deposits 8,960 2,718 6,242 - 8,960
Capital creditors 10,012 8,613 1,399 - 10,012
Other financial liabilities 25,134 24,629 - 505 25,134
Total non-derivative liabilities 5,93,370 2,56,684 1,36,344 2,00,342 5,93,370
Foreign exchange forward contracts 231 231 - - 231
Total derivative liabilities 231 231 - - 231
iii. Market risk
Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates that 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.
a. Currency risk
The Group is exposed to currency risk to the extent that there is a mismatch between the currencies in which sales,
purchases and borrowings are denominated and the functional currency of the Group. The currencies in which the
Group is exposed to risk are USD, AED and EUR.
The Group follows a natural hedge driven currency risk mitigation policy to the extent possible. Any residual risk
is evaluated and appropriate risk mitigating steps are taken, including but not limited to, entering into forward
contracts.
Exposure to currency risk
(i) The Group’s exposure to foreign currency risk at the end of the reporting period is presented in Note no 43.
(ii) The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated
financial instruments and forward contracts.
Notes
Particulars Impact on profit before tax

31 March 2024 31 March 2023
USD sensitivity
`/USD - appreciated by 1% (31 March 2023 - 1%) (871) (1,191)
`/USD - depreciated by 1% (31 March 2023 - 1%) 871 1,191
EUR sensitivity
`/EUR - appreciated by 1% (31 March 2023 - 1%) - -
`/EUR - appreciated by 1% (31 March 2023 - 1%) - -
b. Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Group is exposed to interest rate risk because funds are borrowed at both fixed and
floating interest rates. Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest
rate. The borrowings of the Group are principally denominated in rupees and US dollars with a mix of fixed and floating
rates of interest. The Group has exposure to interest rate risk, arising principally on changes in base lending rate. The risk
is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings.
Exposure to interest rate risk
The following table provides a break-up of the Group’s fixed and floating rate borrowings:

Variable rate borrowings 3,15,347 2,72,161
Fixed rate borrowings 89,178 25,802
Total borrowings 4,04,525 2,97,963
(ii) Sensitivity
The sensitivity analysis below has been determined based on the exposure to interest rates for floating rate liabilities
assuming the amount of the liability outstanding at the year-end was outstanding for the whole year.
If interest rates had been 50 basis points higher / lower and all other variables were held constant, the Group’s profit
before tax for the year ended 31 March 2024 would decrease / increase by ` 1,577 Lakhs (for the year ended 31 March 2023:
decrease / increase by ` 1,361 Lakhs). This is mainly attributable to the Group’s exposure to interest rates on its variable
rate borrowings.
Notes
Note 40 : CAPITAL MANAGEMENT
(a) Risk Management
The Group’s objectives when managing capital are to:
- safeguard its ability to continue as a going concern, so that its can continue to provide returns for its shareholders
and benefits for other stakeholders, and
- maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Group monitors capital on the basis of the following gearing ratio:
Net debt (total borrowings net of cash and cash equivalents and other bank balances) and divided by Total ‘equity’ (as
shown in the Balance Sheet).
The gearing ratios were as follows:

Net debt 3,68,431 2,48,098
Total equity 5,44,604 5,19,327
Net debt to equity ratio 0.68 0.48
b) Dividends

(i) Equity shares
Final dividend for the year ended 31 March 2023 of ` 10 per fully paid equity share
(31 March 2022 of ` 9 per fully paid equity share) 12,624 10,853
(ii) Dividend not recognised at the end of the reporting period
Since year end the directors have recommended the payment of a final dividend
of ` 8.50 per fully paid equity share (31 March 2023 : ` 10.00 per fully paid equity 10,730 12,624
share). The proposed dividend is subject to the approval of shareholders in the
ensuring annual general meeting.
Notes
Note 41(a) : NAMES OF THE RELATED PARTIES AND RELATIONSHIPS
A Jointly Controlled Entity (c) Non-executive Independent directors

1 Yerrowda Investments Limited 1 Mr. Partha Sarathi Bhattacharyya
B Entities over which key managerial personnel are able to exercise 2 Mr. Bhuwan C Tripathi
significant influence:
1 Robust Marketing Services Private Limited 3 Mr. Sujal Shah
2 Nova Synthetic Limited 4 Ms. Varsha Vasant Purandare
3 The Lakaki Works Pvt. Ltd. 5 Mr. Jayesh Shah
4 High Tide Investments Pvt.Ltd. 6 Mr. Sanjay Gupta
5 Deepak Asset Reconstruction Pvt.Ltd. 7 Mr. Sitaram Kunte
6 Ishanya Foundation 8 Mr. Terje Bakken
7 Deepak Foundation 9 Mr Ashok Kumar Purwaha [Upto 09.08.2023]
8 M/s. Juris Corp, Advocates and Solicitors 11 Mr. Alok Perti
9 Blueplanet Consultancy & Advisory (OPC) Private Limited (d) Chief Finance Officer
10 Peerless General Finance and Investment Company Ltd Mr. Amitabh Bhargava (upto 31.07.23)
11 Greypoint Investments Private Limited Mr. Deepak Rastogi (w.e.f. 01.08.23)
12 World of Performing Arts Foundation (e) Company Secretary
Mr. Gaurav Munoli
C Entities over which relatives of key managerial personnel are able Mr. Pankaj Gupta
1 Deepak Nitrite Limited E Close member of key management personnel
2 Deepak Phenolics Limited 1 Ms. Rajvee Mehta
3 Sofotel Infra Private Ltd 2 Mr. Ajay Chimanlal Mehta
4 Blue Shell Investments Pvt. Ltd. 3 Mr. Deepak Chimanlal Mehta
5 Storewell Credits And Capital Pvt. Ltd. 4 Mr. Andre Luciano Moscoso Arevalo
6 Deepak Novachem Technologies Limited
D Key management personnel
(a) Executive directors
1 Mr. Sailesh Chimanlal Mehta
2 Mr. Yeshil Sailesh Mehta
(b) Non-executive directors
1 Mrs. Parul Sailesh Mehta
2 Mr. Madhumilan Parshuram Shinde
Note : 41(b) Consolidated Related Party transactions
294
Sr. Nature of Transactions 31 March 2024 31 March 2023

No.
Jointly Key Close Other related Total Jointly Key Close Other related Total
Controlled Management members parties Controlled Management members parties
Entity Personnel of Key Entity Personnel of Key
Management
Personnel
Management
Personnel
Notes
1 Sale of goods
Deepak Nitrite Limited - - - 8,412 8,412 - - - 16,977 16,977
Deepak Novachem Technologies Limited - - - 15 15 - - - - -
2 Rendering of services/reimbursement of
expenses
Ishanya Foundation - - - 12 12 - - - 7 7
Yerrowda Investments Limited - - - - - 29 - - - 29
3 Purchase of goods and services
Ishanya Foundation - - - (0) (0) - - - (4) (4)
4 Receiving of services/reimbursement of
expenses
Mr. Madhumilan Parshuram Shinde - (33) - - (33) - (39) - - (39)
Mr. Tapan Kumar Chatterjee - (7) - - (7) - (12) - - (12)
Deepak Foundation - - - - - - - - (2) (2)
M/s. Juris Corp, Advocates and Solicitors - - - (22) (22) - - - (31) (31)
5 Interest on loan taken
Robust Marketing Services Private Limited - - - (1,079) (1,079) - - - - -
6 CSR contribution
Ishanya Foundation - - - (602) (602) - - - (430) (430)

7 Remuneration & commission (including
perquisites)
Mr. Sailesh Mehta - (3,334) - - (3,334) - (12,999) - - (12,999)
Mr. Yeshil Mehta - (2,974) - - (2,974) - (6,472) - - (6,472)
Mr. Amitabh Bhargava (upto 31.07.23) - (110) - - (110) - (475) - - (475)
Mr. Deepak Rastogi (w.e.f. 01.08.23) - (267) - - (267) - - - - -

Mr. Ritesh Choudhary - - - - - - (97) - - (97)
Mr. Pankaj Gupta - (80) - - (80) - (69) - - (69)
Mr. Gaurav Munoli - (35) - - (35) - - - - -
Ms. Rajvee Sailesh Mehta - - (64) - (64) - - (58) - (58)
Other directors commission - (380) - - (380) - (455) - - (455)
8 Lease rental income -
Deepak Nitrite Limited - - - 31 31 - - - 44 44
Yerrowda Investments Limited - - - 8 8 - - - - -
9 Lease rental expenses
Mr Sailesh Mehta - (50) - - (50) - (50) - - (50)
Robust Marketing Services Private Limited - - - (45) (45) - - - (50) (50)
Note : 41(b) Consolidated Related Party transactions
Sr. Nature of Transactions 31 March 2024 31 March 2023
No.
Jointly Key Close Other related Total Jointly Key Close Other related Total
Controlled Management members parties Controlled Management members parties
Entity Personnel of Key Entity Personnel of Key
Notes
Management Management
Personnel Personnel
10 Loan and Advances (Availed)
Robust Marketing Services Private Limited
(Optionaly Convertible Debentures) - - - 15,135 15,135 - - - - -

11 Equity share of subsidiary company
purchased
Robust Marketing Services Private Limited - - - 15,137 15,137 - - - - -
12 Amount outstanding
Remunerations payable
Mr. Sailesh Mehta - (2,395) - - (2,395) - (12,300) - - (12,300)
Mr. Yeshil Mehta - (2,828) - - (2,828) - (6,350) - - (6,350)

Other directors commission - (380) - - (380) - (455) - - (455)
Trade receivables
Deepak Nitrite Limited - - - 937 937 - - - 2,752 2,752
Yerrowda Investments Limited - - - - - - - - - -
Trade payables
Ishnaya Foundation - - - (1) (1) - - - (2) (2)
Juris Corp Legal Service - - - - - - - - (4) (4)
Deposits Receivables
Mr Sailesh Mehta - 2,110 - - 2,110 - 2,110 - - 2,110
Robust Marketing Services Private Limited - - - 350 350 - - - 650 650
Deposits Payables
Deepak Nitrite Limited - - - (4) (4) - - - (4) (4)
Corporate Guarantee Given
Deepak Nitrite Limited - - - (1,786) (1,786) - - - (1,786) (1,786)
Interest Payable
Robust Marketing Services Private Limited - - - (515) (515) - - - - -
Loan repayable
Robust Marketing Services Private Limited - - - (15,135) (15,135) - - - - -
(Optionaly Convertible Debentures)
Note : Figures in bracket are outflows.

Management is of the view that all transactions with related parties are in ordinary course and on an arm’s length basis.

*Remuneration doesn’t include sitting fees paid to non-executive directors of ` 122 Lakhs (31 March 2023 : ` 101 Lakhs). As the liability of Leave encashment and Gratuity is provided on Actuarial basis for
Group as a whole, the said amounts are not included above.
Note : The Group has received Corporate Guarantee from M/s Yerrowda Investments Limited (YIL) (Refer note 21).

295
Notes
Note 42: CONTINGENT LIABILITIES AND COMMITMENTS

A. Contingent liabilities
Claims by suppliers not acknowledged as debts 17,125 16,183
Income Tax Demands 61,150 60,330
Excise/Service Tax/Custom Demands [Company is in Appeal] 827 1,470
Excise/Service Tax/Custom Demands- [Department is in Appeal] 3,971 3,971
Sales Tax/ VAT Demands/GST 14,164 9,788
Local Body Tax 2,382 2,141
Penalty on Entry Tax 1,891 1,551
Goods and Service Tax Act, 2017* 11,464 -
Total 1,12,974 95,434
B. Capital commitments
Related to Projects 99,806 51,741
Related to Realty - 44
Other Capital Commitments 6,051 -
C. Other Commitments
Commitments to Supplier 1,122 22,771
Total 1,06,979 74,556
*Includes mainly disallowance of Input Tax Credit, with applicable interest and penalty.
Note 43: FOREIGN CURRENCY BALANCES OUTSTANDING

Amount Equivalent Amount Equivalent
in Foreign Amount in Foreign Amount
Currency (in Lakhs) Currency (in Lakhs)
(in Lakhs) (in Lakhs)
Hedged Position*
Creditors (in USD) 908 75,700 1,164 95,679
Interest on borrowing (in USD) 13 1,116 14 1,185
ECB Loan Borrowing (in USD) 131 10,948 150 12,327
Buyers Credit (in USD) - - 101 8,278
Total 1,052 87,764 1,429 1,17,469
Un-hedged Position
Creditors (in USD) 1 51 3 298
Creditors (in EURO) 0 37 17 1,473
Interest accrued (in EURO) - - - -
Notes

Creditors (in GBP) 0 5 - 1
Borrowings and interest (in USD) - - - -
Exports receivable (in USD) (9) (786) (1) (103)
Total (8) (693) 19 1,669
*The above transactions are hedged by following derivative contracts.
31 March 2024 31 March 2023

Forward Contracts (in USD) 3 269 253 20,807
Options Contracts (in USD) 1,049 87,495 1,175 96,562
Forward Contracts (in EURO) - - 1 100
Total 1,052 87,764 1,429 1,17,469
The Group has chosen to not designate the foreign exchange forward contracts and options contracts as hedges under IND AS
109 since these contracts do not meet the Hedge accounting requirements.
Unhedged Foreign Currency exposure is as under:
Particulars Amount in 31 March 2024 Amount in 31 March 2023

foreign currency foreign currency
Payables and borrowings (including interest) 1 93 20 1,772
Receivables and bank balances (9) (786) (1) (103)
Note 44: Impact of Hedging activities
The Group is exposed to commodity price risk because the prices of its purchase of Natural Gas vary as a result of fluctuations
of the natural gas prices linked to Global indexes. So, the Group has used option contract to hedge its commodity i.e natural
gas liquid.
For Hedges of this commodity purchases, the Group entered into a Hedge relationships where the critical terms of the
Hedging instrument match exactly with the terms of the Hedge item. The Group therefore performs a qualitative assessment
of effectiveness. There were no ineffectiveness during financial years ended 31 March 2024 and 31 March 2023 in relation to
commodity rate hedge.
Notes
A. Disclosure of effects of Hedge accounting on Financial position:
As on 31 March 2024
Type of Hedge and risk Gross Notional Carrying amount Maturity Hedge Weighted average strike
amounts of Hedging of Hedging date ratio price
instrument instrument
Cash flow Hedge- Commodity price risk Units Quantity Asset Liabilities
Morgan Stanley - Brent Crude Contract Barrels 11,07,400 6,446 - 31 May 2026 1:1 USD 75 USD69.40
Engie Energy - Brent Crude Contract Barrels 8,52,000 5,643 - 31 May 2025 1:1 USD 77 USD 70
Engie Energy - Japan Korea Marker MMBTU 12,24,000 964 - 15 Aug 2024 1:1 USD 8.15 USD 9.85
(JKM) Contract
Goldman Sachs - Henry Hub Contract MMBTU 7,13,700 (844) - 30 June 2024 1:1 USD 2.70 -
B. Disclosure of effects of Hedge accounting on financial performance
Type of Hedge Changes in the value Hedge ineffectiveness Amount recognised Line item affected in
of hedging instrument recognised in profit or from Cash Flow hedging statement of profit and loss
recognised in OCI loss reserve to profit or loss because of reclassification
Cash Flow Hedge
Commodity rate risk 11,646 - 5,646 Cost of material consumed
31 March 2024
Commodity rate risk -1,357 - 1,431 Cost of material consumed
31 March 2023
C. Movement in cash Flow hedging reserve
Risk category Commodity rate risk

Cash Flow Hedging reserve
As at 1 April 2022 1,015
Add: Changes in fair value of commodity hedge contracts 74
Less: Deferred tax relating to OCI gain (342)
As at 31 March 2023
Add: Changes in fair value of commodity hedge contracts 17,292
Less: Deferred tax relating to above 3,142
As at 31 March 2024 8,504
Notes
Note 45: INCOME TAXES
A. Components of Income Tax Expenses 31 March 2024 31 March 2023

I. Tax expense recognised in the statement of profit and loss
Current Tax
Current tax on profits for the year 34,017 55,178
Total (A) 34,017 55,178
Deferred tax (credit)/charge (12,544) 4,286
Total (B) (12,544) 4,286
Total (A+B) 21,473 59,464
II. Tax on Other Comprehensive Income
Deferred Tax
Gain/loss on remeasurement of defined benefit obligations (213) 55
Cash flow hedge 3,142 (342)
Total 2,929 (287)
Reconciliation of tax expense and accounting profit multiplied by India’s domestic tax rate 31 March 2024 and 31 March 2023

Accounting profit before tax 67,200 1,81,552
At India’s statutory income tax rate of 25.17% (31 March 2023: 25.17%) (A) 16,914 45,697
Effects of non-deductible business expenses 920 5
Permanent adjustment of PPE Block 631 -
Impact on current and deferred tax of earlier years 3,216 -
Deferred tax recognized on reasonable certainty (9,100) 1,845
Tax rate difference 4,367 13,654
Others 4,525 (1,737)
Total (B) 4,559 13,767
Income Tax expense reported in the statement of profit or loss (A+B) 21,473 59,464
Note 46
The appeals filed by the Mahadhan Agritech Limited (MAL), a subsidiary company against its income tax assessments for the
period Assessment Year 2013-2014 to Assessment Year 2018-2019 which had resulted in a demand of ` 48,589 lakhs were
decided against the MAL by the Commissioner of Income Tax (Appeals), Mumbai vide orders dated 31 March 2024. The MAL has
filed appeals against the said orders to the Income tax Appellate Tribunal. The Group continues to believe, based on an expert
opinion, various favourable judgements and amendments in the Income-tax Act, 1961, that it has a good case on merits and
is therefore confident of its positive outcome. Accordingly, the same have been disclosed as contingent liabilities. Pursuant to
the provisions of Section 132 and 133A of the Income-tax Act, 1961, a Search Operation was conducted by the Income Tax
Department during the period from 15 November 2018 to 21 November 2018. The Holding Company has received assessments
orders and necessary appeals/rectification, as is applicable, have been filed which are pending for disposal.
Notes
Note 47 : CONSOLIDATED SEGMENT REPORTING
Sr.
No.
1 Segment revenue
(a) Chemicals
Manufactured 4,72,663 6,32,802
Traded 6,572 8,332
Total 4,79,235 6,41,134
(b) Fertilisers
Manufactured 2,77,080 3,88,881
Traded 1,08,990 97,950
Total 3,86,070 4,86,831
(c) Realty 1,697 1,412
(d) Others 607 692
Total income from operations 8,67,609 11,30,069
2 Segment results [profit / (loss) before tax and finance costs from each
segment]
(a) Chemicals 1,23,217 1,99,170
(b) Fertilisers 52 35,875
(c) Realty (1,347) (838)
(d) Others (576) (135)
Total 1,21,346 2,34,072
Less: i) Finance costs 40,376 19,473
ii) Other unallocable expenditure (net of unallocable income) 13,774 33,047
Profit before share of profit/(loss) of associates and income tax 67,196 1,81,552
3 Segment assets
(a) Chemicals 7,54,425 6,17,203
(b) Fertilisers 2,96,214 3,30,752
(c) Realty 30,508 18,326
(d) Unallocated 1,01,882 1,75,840
Total assets 11,83,029 11,42,121
4 Segment liabilities
(a) Chemicals 3,29,665 3,25,805
(b) Fertilisers 2,59,346 2,52,374
(c) Realty 901 455
(d) Unallocated 48,513 44,160
Total liabilities 6,38,425 6,22,794
Notes
Segment information
1. Primary segment reporting (by business segments)
Composition of business segment
Segment Products covered

Chemicals Ammonia, Methanol, Dilute nitric acid, Concentrated nitric acid, CO2, Technical
ammonium nitrate, 'Iso-propyl alcohol, Propane, Bulk and Speciality Chemical.
Bulk Fertilisers Nitro phosphate, Mutriate of potash, Diammonium phosphateAP, Ammonium
Sulphate, Mixtures, Single super phosphate, Sulphur, Micronutrients, SSF, Bio
Fertilisers.
Realty Real Estate Business
2. Secondary Segment Information: There are no reportable geographical segments since the Group caters mainly to needs
of Indian Markets.
Note 48
Gas Authority of India Limited (GAIL) has claimed a sum of ` 357 crores in respect of supply of domestic natural gas for the
period July 2006 to May 2014 (inclusive of interest till 2016), alleging usage for manufacture of products other than Urea. As per
two contracts entered into 2006 and 2010 between the subsidiary company, Mahadhan Agritech Limited (MAL) (Formerly
known as Smartchem Technologies Limited) and GAIL, the purchase of gas was clearly intended, supplied and utilised for
industrial applications. It has been in the full knowledge of the Department of Fertilisers, Government of India that MAL; as
per the industrial license, since its inception was never engaged in the manufacture of Urea and the dispute was referred to
Arbitration.
Claims by GAIL were divided into two parts by MAL while challenging arbitration. Claim under Gas Sales and Transportation
Agreement of 2006 is non-arbitrable. Similarly, the claim for the period from 2011 to 2013; are barred by limitation. Accepting MAL’s
stand, the Arbitration Tribunal has rejected the claims of GAIL vide orders dated 05.09.2017 and 13.12.2017. Thereafter GAIL
filed Arb Appeal (COMM) NO. 3/2018 challenging the order dated 05.09.2017 and OMP (COMM) No. 31/2018 before Hon’ble
Delhi High Court, which dismissed both the appeals vide its order dated 20.12.2018 and upheld the order of Arbitrator.
Consequently, GAIL has preferred a Special Leave petition before the Hon’ble Supreme Court against dismissal of Arb Appeal
(COMM) 3/2018 and also preferred an appeal before Divisional bench of Hon’ble Delhi High Court against dismissal of OMP
(COMM) No 31/2018. Both the petitions are pending adjudication as at the reporting date.
Note 49
The management based on legal advise is confident that the demand of Entry Tax to the extent of 9.5% of the purchase price
of the Natural Gas is revenue neutral since full set-off is available under the MVAT Act. The Holding company, therefore, had
made a provision only of 3% of the demand amount including interest. The penalty on the same had been disclosed under
contingent liabilities.
Notes
Note 50: Transactions with Struck off Companies
Group entity having transaction Entity relation Name of struck Nature of Balance Relationship
with struck of companies off company transactions outstanding with struck
(` In Lakhs) off company
Deepak Fertilisers And Holding Company SM WATER Payable for Water 0.36 Vendor
Petrochemicals Corporation TREATMENT treatment charges
Limited PRIVATE LIMITED
Deepak Fertilisers And Holding Company ARC TRENDS Purchase of 2.03 Vendor
Petrochemicals Corporation SYSTEMS PVT. sliding entrance
Limited LTD. door
Mahadhan AgriTech Limited Wholly owned R K PROINFRA Recovery of GST 1.34 Vendor
(MAL) (Formerly Smartchem subsidiary PRIVATE LIMITED Credit and interest
Technologies Limited) thereon
Note 51 : ADDITIONAL INFORMATION PURSUANT TO SCHEDULE III OF THE COMPANIES ACT, 2013
Statement of Net Assets and Profit or Loss Attributable to Owners and Non-controlling Interests
For the year ended 31 march 2024
Name of Entities Net Assets Share in profit or loss Other comprehensive Total comprehensive
income (OCI) income
As % of Amount As % of As % of As % of
consolidated consolidated Amount consolidated Amount consolidated Amount
net assets P&L OCI Total
comprehensive
Income
Parent
Deepak Fertilisers And Petrochemicals 58% 3,17,558 69% 31,337 -8% (642) 57% 30,695
Corporation Limited
Subsidiaries
Indian
Mahadhan AgriTech Limited [(MAL) 81% 4,43,045 52% 23,845 17% 1,366 47% 25,211
(Formerly Smartchem Technologies
Limited)]
Deepak Mining Solutions Limited 0% (76) 0% (21) 0% - 0% (21)
SCM Fertichem Limited 0% (1) 0% (2) 0% - 0% (2)
Ishanya Brand Services Limited 0% (355) -1% (447) 0% - -1% (447)
Performance Chemiserve Limited 32% 1,71,944 -23% (10,513) 90% 7,165 -6% (3,348)
Mahadhan Farm Technologies Private 0% 474 0% 143 0% - 0% 143
Limited
Ishanya Realty Corporation Limited 0% 1 0% (1) 0% - 0% (1)
Notes
income (OCI) income
comprehensive
Income
Foreign
Deepak Nitrochem Pty Limited 0% 23 0% (1) 0% - 0% (1)
Platinum Blasting Services Pty Limited 2% 10,801 9% 4,206 1% 40 8% 4,246
(Consolidated)
115% 6,25,856 38% 17,209 108% 8,571 48% 25,780
Non-controlling interests in all 1% 3,781 3% 1,472 0% 14 1% 1,486
subsidiaries
Adjustment arising out of Consolidation -74% (4,02,591) -9% (4,295) 0% (14) -4% (4,309)
Total after elimination on account 100% 5,44,604 100% 45,723 100% 7,929 100% 53,652
of consolidation
For the year ended 31 march 2023
income (OCI) income
comprehensive
Income
Parent
Deepak Fertilisers And Petrochemicals 58% 2,99,487 24% 29,134 87% (965) 23% 28,169
Corporation Limited
Subsidiaries
Indian
Mahadhan AgriTech Limited (MAL) 80% 4,15,831 71% 87,255 -6% 66 72% 87,321
(Formerly Smartchem Technologies
Limited)
Deepak Mining Solutions Limited 0% (55) 0% (3) 0% - 0% (3)
SCM Fertichem Limited 0% 1 0% 80 0% - 0% 80
Ishanya Brand Services Limited 0% 90 0% (162) 0% - 0% (162)
Performance Chemiserve Limited 33% 1,73,205 1% 621 0% - 1% 621
Mahadhan Farm Technologies Private 0% 330 0% 96 0% - 0% 96
Limited
Ishanya Realty Corporation Limited 0% 1 0% (1) 0% - 0% (1)
Notes
income (OCI) income
comprehensive
Income
Foreign
Deepak Nitrochem Pty Limited 0% 24 0% (1) 0% - 0% (1)
Platinum Blasting Services Pty Limited 2% 9,046 2% 2,981 19% (216) 2% 2,765
(Consolidated)
115% 5,98,473 74% 90,866 13% (150) 75% 90,716
Non-controlling interests in all 2% 12,627 1% 1,472 7% (76) 1% 1,002
subsidiaries
Adjustment arising out of Consolidation -75% (3,91,260) 1% 616 -7% 76 1% 1,086
Total after elimination on account 100% 5,19,327 100% 1,22,088 100% (1,115) 100% 1,20,973
of consolidation
Note 52: Group Informations:

Particulars of subsidiaries and joint operation which have been considered in the preparation of the Consolidated Financial
Statements:
Particulars Country of % Equity interest

incorporation Nature of business
31 March 2024 31 March 2023
Subsidiaries
Direct
Mahadhan AgriTech Limited (MAL) India Manufacturing and 100.00 100.00
(Formerly Smartchem Technologies Limited) Trading
Deepak Mining Solutions Limited India Services 100.00 100.00
Deepak Nitrochem Pty Limited Australia Services 100.00 100.00
SCM Fertichem Limited India Farm and Trading 100.00 100.00
Ishanya Brand Services Limited India Trading 100.00 100.00
Ishanya Realty Corporation Limited India Sale of Engineering 100.00 100.00
components & Allied
Activities.
Indirect
Platinum Blasting Services Pty Limited Australia Services 65.00 65.00
Performance Chemiserve Limited India Manufacturing 100.00 94.40
Australian Mining Explosives Pty Ltd Australia Services 65.00 65.00
Mahadhan Farm Technologies Private Limited India Manufacturing and 100.00 100.00
Trading
Notes
Particulars Country of % Equity interest

incorporation Nature of business
31 March 2024 31 March 2023
Entity with joint control
Yerrowda Investments Limited India Realty 85.00 85.00
Material partly owned subsidiaries:
Following is the summarised financial information for each subsidiary that has non-controlling interests that are material to
the group. The amounts disclosed for each subsidiary are before inter-company eliminations:
Proportion of equity interest held by non-controlling interests (NCI):
Name Country of operation 31 March 2024 31 March 2023

Platinum Blasting Services Pty Ltd Australia 35.00% 35.00%
Performance Chemiserve Limited India 0.00% 5.60%
Summarised Balance Sheet
Particulars Platinum Blasting Services Pty Ltd Performance Chemiserve

(Consolidated) Limited
31 March 2024 31 March 2023 31 March 2023
Non current assets 13,355 12,558 3,66,737
Current assets 17,808 14,234 11,715
Total assets 31,163 26,792 3,78,452
Non current liabilities 4,841 6,302 1,96,782
Current liabilities 15,520 11,444 8,465
Total liabilities 20,361 17,746 2,05,247
Net assets 10,802 9,046 1,73,205
Accumulated NCI 3,780 3,166 9,461
Summarised statement of profit and loss

Revenue from operations 60,084 50,454 704
Profit for the year 4,206 2,981 621
Other comprehensive income 40 (216) -
Total comprehensive income 4,246 2,765 621
Total comprehensive income allocated 1,486 967 35
to NCI
Dividend paid to NCI 871 491 -
Notes
Summarised statement of cashflows

Cash flow from operating activities 4,949 4,626 (808)
Cash flow from investing activities (2,582) (3,196) (97,609)
Cash flow from financing activities (2,860) (1,396) 98,979
Notes 3 to 52 form an integral part of the Consolidated Financial Statements.

Place: Pune

Leadership Team
S. C. Mehta Yeshil Mehta Deepak Rastogi Arun Vijayakumar

Chairman & Joint Managing Director – President – President – Projects
Managing Director MAL & DMSL Finance & CFO
Debasish Banerjee Mahesh M. Mukul Agrawal Naresh Kumar Pinisetti

President – CEO – Creaticity President – President –
Strategic Projects Manufacturing Corporate Governance
Pandurang Landge Romy Sahay Samir Biswas Shanmugananth M.

President – Commercial & President – President – President –
Strategic Growth Human Resource Corporate Affairs Industrial Chemicals
Subhash Anand Tarun Sinha

President – Strategy President – Technical
Ammonium Nitrate
Company Information
BOARD OF DIRECTORS BANKERS COST AUDITOR
S. C. Mehta Asian Development Bank Harshad S. Deshpande & Associates
Chairman & Managing Director Cost Accountants
Axis Bank Ltd.
Parul S. Mehta
Bank of Baroda
Non-Executive Woman Director
Bank of India INTERNAL AUDITOR
M. P. Shinde
Non-Executive Canara Bank Ernst & Young LLP
Non-Independent Director Emirates NBD Bank
REGISTERED AND
Partha Bhattacharyya Export Import Bank of India CORPORATE OFFICE
(Up to March 31, 2024) HDFC Bank Ltd. Sai Hira, Survey No. 93, Mundhwa,
Bhuwan Chandra Tripathi IDBI Bank Ltd. Pune - 411 036, Maharashtra.
Independent Director IDFC First Bank Ltd. CIN: L24121MH1979PLC021360
E-mail: investorgrievance@dfpcl.com
Sujal Anil Shah IndusInd Bank Ltd.
Independent Director Website: www.dfpcl.com
Kotak Mahindra Bank Ltd. Phone: +91 20 6645 8000
Varsha Purandare
Independent Woman Director Punjab National Bank
South Indian Bank PLANTS:
Jayesh Shah
Independent Director Standard Chartered Bank Plot K1, K7-K8, E-31,
MIDC Industrial Area,
Sanjay Gupta State Bank of India
Independent Director Taloja, A.V. – 410 208,
Union Bank of India District Raigad,
Sitaram Kunte
Maharashtra.
LEGAL ADVISORS Village Ponnada,
Terje Bakken
Independent Director Zeus Law Associates Etcherla Mandalam,
H&Co. Legal Srikakulam – 532 408,
Andhra Pradesh.
CHIEF FINANCIAL OFFICER Lakshmi Kumaran & Sridharan
Amitabh Bhargava P&P Legal Plot No. 47,
(Up to July 31, 2023) HSIIDC Industrial Estate,
Dentons Link Legal
Deepak Rastogi Refinery Road,
(w.e.f. August 1, 2023)
Juris Corp. Panipat – 132 140,
Haryana.
COMPANY SECRETARY AND AUDITORS
Plot No. D - II / 7A,
COMPLIANCE OFFICER P G BHAGWAT LLP
Dahej GIDC
Gaurav Munoli Chartered Accountants
Industrial Estate,
Company Secretary &
Village Rahiyad,
Compliance Officer
SECRETARIAL AUDITOR Taluka Vagra,
Ashish Garg District Bharuch – 392 130,
Practicing Company Secretary Gujarat.
Industrial/Pharma
Mining Chemicals Crop Nutrition
Chemicals
Sai Hira, Survey No. 93, Mundhwa, Pune – 411 036,

Maharashtra, India. CIN: L24121MH1979PLC021360
www.dfpcl.com

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17th August, 2024

The Secretary Listing Department

Dear Sir/ Madam,

Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)

1. Notice of the 44th Annual General Meeting; and

You are requested to take the same on your record.

For Deepak Fertilisers

Gaurav Umakant Munoli

SECTION 02 STATUTORY REPORTS

SECTION 03 FINANCIAL STATEMENTS

HRSG Plant and Stack

A key fundamental driver of this

Delivering Enriched and

Serving Critical Sectors and Being

The DFPCL Business Edge

Propelling Ourselves from

Navigating Through Our Transformative Journey

Well-aligned with Value partnering to Maintaining focus Migrating from

Continuing market Exhibited track Strengthening the Integrated plant

Reinforcing our Leadership Position in Key Sectors

Strengthening our Position through Key Sectors Served

Crop Nutrition Mining Industrial

• Agriculture • Mining • Pharmaceuticals

KEY OPERATIONAL HIGHLIGHTS

KEY OPERATIONAL HIGHLIGHTS

CROP NUTRITION BUSINESS

KEY OPERATIONAL HIGHLIGHTS

VALUE-ADDED REAL ESTATE

Largest Trampoline Park, Skyjumper at Creaticity

KEY OPERATIONAL HIGHLIGHTS

Enhancing Shareholder Returns

Revenue from Operations (` in Crore) Operating EBITDA (` in Crore)

EBITDA Margin (%) Profit After Tax (` in Crore)

PAT Margin (%) Net Debt to Equity (x)

Dividend (` / share) EPS (`)

Concentrated Nitric Acid Plant and Storage Tank at Dahej

INDUSTRIAL MINING CROP NUTRITION

Setting New Benchmarks,

Toyo India was the EPC partner, and Icons was 01

Ammonia Process Plant - Ammonia Converter

DM Plant and Water Storage Tanks

Main Control Room

Reverse Osmosis (RO) Plant Ammonia Process Plant – Reformer Area

Ammonia Process Plant – Reformer

Awards & Recognitions

Ushering in Tangible and

Social responsibility is a fundamental component of our identity. We are

Finance and Accounting Course conducted at IsFon

RURAL AND URBAN BENEFICIARIES OF OUR INITIATIVES IN FY 2023-24

1. VOCATIONAL SKILL DEVELOPMENT PROJECT • Facilitation of placement opportunities for each

Aspirants of Printed Circuit Board undergoing their practicals

701 Aspirants 618 Aspirants 2. LIVELIHOOD ENHANCEMENT THROUGH

A. INCOME GENERATION PROGRAMME (IGP)

C. YELLOW RIBBON NGO & ARTISAN’S FAIR (YRNF)

Supported by NABARD and Kalavishkar Pradarshini, YRNF

` 8.24 Lakh ` 2.82 Lakh

With this, Muskaan fosters economic empowerment for the

80 Gift Hampers curated by IsFon benefited 10

Traditional and contemporary items were exhibited

701 Aspirants 618 Aspirants 2. LIVELIHOOD ENHANCEMENT THROUGH