1) Includes '0.33 relating to 1,30,000 shares included in share capital of fully paid up shares and which were forfeited.

2) . And '0.05 relating to 6,334 forfeited shares which were included in partly paid up shares.

13.2 Rights attached to Equity Shares

The Company has only one class of equity shares having par value of Re.1 per share (March 31, 2022 - Re.1/-). Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

During the year ended March 31, 2023, the amount of per share dividend recognised as distributions to equity shareholders was '6.00 /- (March 31, 2022: '6.00). Also Refer Note 34

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential payments. The distribution will be in proportion to the number of equity shares held by the shareholders.

13.5 There are no shares reserved for issue under any options.

13.6 Pursuant to the approval of the Board of Directors of the Company at its Meeting held on September 19, 2022 approving the Issue of Equity Shares under Rights Issue for an amount not exceeding '40,000.00 the Rights Issue Committee of the Board, approved the Issue of 71,85,444 Equity Shares of the Company for an amount aggregating to '30,107.02 at its Meeting held on December 03, 2022. Based on the number of valid applications, the Rights Issue Committee, at its Meeting held on January 14, 2023 approved the basis of allotment and allotted 71,84,945 Rights Equity Shares to the eligible Shareholders out of the total issued Rights Shares aggregating to 71,85,444. The balance of 499 Rights Equity Shares are kept in abeyance as the determination of the ownership of these equity shares are under Court proceedings.

Secured cash credit facility is secured by a first charge on all the current assets and pari-passu first charge over selected fixed assets by the Company. Further, this facility has been personally guaranteed by the Chairman.

Unsecured/Secured cash credit carries an interest ranging from 7.25% to 9.25% (March 31, 2022 - 7.20% to 8.50%).

Secured short term loans are secured by charge on plant and equipment, land and building, inventories, trade receivable and other current assets of the Company. Further, these facilities have been personally guaranteed by the Chairman and the Managing Director. Interest rate on secured short term loans range from 4.35% to 7.68% (March 31, 2022 - 4.05% to 7.40%) during the year.

Unsecured short term loans obtained from various bank carries an interest rate ranging from 4.00% to 8.50% (March 31,2022 - 3.83% to 9.60% ) during the current year.

The Company had not committed any default in the repayment of loan or payment of interest.

Note: 22.1 Disaggregated revenue information

Based on the management approach as defined in IND AS 108 - Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments. The Company had hitherto identified Milk and milk products as its reportable segment and others primarily consisted of Cattle Feed and Ready to Eat (RTE) product segments. Consequent to the discontinuance of RTE business during the quarter ended March 31, 2022, the CODM of the Company, effective April 01, 2022, has combined the feed business with Milk and milk products in the review of Company's operations. Accordingly, the Company operates in single segment viz., Milk and milk products.

Note: 22.2 Trade Receivables and Contract Balances

A receivable is a right to consideration that is unconditional upon passage of time. The company sells goods on advance payment terms. In case of customers with certain nature of products where the credit is allowed, the same is disclosed in Note 9 - Trade Receivables.

Note 22.3 Transaction price allocated to the remaining performance obligation

Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the remaining performance obligation related disclosures for contracts where the revenue recognised corresponds directly with the value to the customer of the entity's performance completed to date, typically those contracts where invoicing is on time and material basis.

Note 22.4 Information about major customers

Company has no single customer from whom the revenue is not more than 10 % of the revenue from external customers of the Company.

Note: The tax rate used for the year ended March 31, 2023 and March 31, 2022 reconciliations above is the corporate tax rate of 25.17 % payable by corporate entities in India on book profits under Indian Income Tax Laws. Pursuant to Taxation Laws (Amendment) Ordinance, 2019 issued on September 20, 2019, corporate assesses have been given an option to apply a lower income tax rate with effect from April 1, 2019, subject to certain conditions specific therein. The Company had opted for the lower income tax rate in the previous year with effect from April 1, 2021 and impact of deferred tax has been considered accordingly.

Note:

1. During the year ended March 31,2022, the Company has received order demanding penalty u/s 271G of the Income tax Act 1961 for Rs.3,587.72 from the Income tax department on the grounds that the Company has failed to keep, maintain and furnish the information or documents as required by sub-section 3 of section 92D of the Income Tax Act, 1961 r.w sub-rules (1)(e), (g), (h) and (j) of Rule 10D of the Income Tax Rules 1962. Subsequent to the year ended March 31,2022, the Company has made an appeal to the CIT(Appeals) requesting absolute stay of demand.

Based on the professional advice obtained, the Company believes that they maintain adequate information/ documentation which can be furnished and hence have a good case and the chances of favorable outcome is high. Further, during the year the Company has paid Rs.179.38 as payment and the Principal Commissioner of Income tax has given six months stay of demand.

2. During the year the Company has received order from the GST Department in the state of Tamil Nadu with regard to classification and GST rates of certain products sold by the company for an amount of Rs.1,282.34 (including interest and penalty). Further the Company has also received the show cause notices on similar matter in certain other states. The Company has filed an appeal with Commissioner (Appeals) against the order received. The Company has paid an amount of Rs.706.79. The Company based on professional advise contends that the amount has been paid out of abundant caution and without prejudice to the Company's position that the products were hitherto appropriately classified and should therefore be subject to lower rates of tax.

3. The Company has received a notice us 143(1a) on September 22, 2022 from Income Tax Department for the AY 21-22 seeking a demand of Rs.641.35 on wrong assumption of ICDS calculation, TDS credit mismatch and interest calculation us 234A, B and C. The company has submitted for a rectification petition with the department on October 13, 2022 which is pending further action from the department. Based on the professional advice obtained, the Company believes that they maintain adequate information/documentation which can be furnished and hence have a good case and the chances of favorable outcome is high.

4. (i) The Company received a for demand for Rs.5,101.97 on the grounds that the Company has availed and utilised ineligible ITC for FY 2021-22 which has been blocked under the provisions of TNGST Act 2017. The Company strongly contends the demand and based on the professional advice, the Company believes that the Company has good case and the chance of favorable outcome is high. The Company is in the process of filing the writ in the Honorable High Court of Madras.

(ii) The Company has received notices during the year from Customs department for differential duty on import of Ice cream machinery for Rs.1,238.34. The Company has filed an appeal with Honorable High Court of Madras and obtained interim stay order. Based on the professional advice, the Company maintain adequate information/documentation which can be furnished and hence have a good case and the chances of favorable outcome is high.

36. Employee benefits

(a) Gratuity benefits provided by the Company

In accordance with applicable Indian laws, the Company has a defined benefit plan which provides for gratuity payments (the "Gratuity Plan") and covers certain categories of employees in India. The Gratuity Plan provides a lump sum gratuity payment to eligible employees at retirement or termination of their employment. The amount of the payment is based on the respective employee's last drawn salary and the years of employment with the Company. Liabilities in respect of the Gratuity Plan are determined by an actuarial valuation, based upon which the Company makes contributions to the Gratuity Fund maintained with Life Insurance Corporation of India (LIC).

These plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk.

Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. When there is a deep market for such bonds; if the return on plan asset is below this rate, it will create a plan deficit. Currently, for these plans, investments are made in government securities, debt instruments, short term debt instruments, equity instruments and Asset Backed, Trust Structured securities as per notification of Ministry of Finance.

Interest risk: A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan's investments.

Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan's liability.

Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.

(b) Provident Fund benefits

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying employees towards provident fund, which is defined contribution plan. The Company has no obligations other than to make the specified contributions. The contributions are charged to the statement of profit and loss as they accrue. The amount recognised as an expense towards contribution to provident fund for the year aggregated to Rs.1,108.05 (March 31, 2022: Rs.1,080.50) and is included in "contribution to provident and other funds".

(c) Employee State Insurance benefits

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying employees towards Employee State Insurance, which is defined contribution plan. The Company has no obligations other than to make the specified contributions. The contributions are charged to the statement of profit and loss as they accrue. The amount recognised as an expense towards contribution to Employee state Insurance for the year aggregated to Rs.186.32 (March 31,2022: Rs.193.13) and is included in "Staff Welfare Expenses".

b) Foreign currency sensitivity:

The Company is mainly exposed to fluctuations in US Dollar and EURO. The following table details the Company's sensitivity to a 5% increase and decrease against the US Dollar and EURO. 5% is the sensitivity used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only net outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% change in foreign currency rates. A positive number below indicates an increase in profit or equity where the Rupee strengthens by 5% against the US Dollar, EURO. For a 5% weakening against the US Dollar,EURO,there would be a comparable impact on the profit or equity.

40. SEGMENT INFORMATION

1. Products from which reportable segments derive their revenues

Based on the management approach as defined in IND AS 108 - Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments. The Company had hitherto identified Milk and milk products as its reportable segment and others primarily consisted of Cattle Feed and Ready to Eat (RTE) product segments. Consequent to the discontinuance of RTE business during the quarter ended March 31, 2022, the CODM of the Company, effective April 01, 2022, has combined the feed business with Milk and milk products in the review of Company's operations. Accordingly, the Company operates in single segment viz., Milk and milk products.

The management assessed that trade receivables, cash and cash equivalents, borrowings, trade payables and other liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

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.

42. Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

43. Financial risk management objective and policiesThe Company'sprincipal financial liabilities, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance its operation. The Company's principal financial assets include trade and other receivables, cash and cash equivalents and bank balances that are derived directly from its operation. The Company also holds FVTOCI investments and enters into derivative transactions.

The Company's activities are expose to a variety of financial risks, like credit risk, market risk and liquidity risk. The Company's primary risk management focus is to minimise potential adverse effects of market risk on its financial performance. The Company's risk management assessment and policies and processes are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions and the Company's activities. The Board of Directors and the Audit Committee is responsible for overseeing the Company's risk assessment and management policies and processes.

a. Credit riskCredit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Credit risk encompasses of "both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals for credit. Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, investments, derivative financial instruments, cash and cash equivalents, bank deposits and other financial assets. None of the financial instruments of the Company result in material concentration of credit risk.

Trade and other receivablesThe Company sells goods on advance payment terms. In cases of customers with certain nature of products where credit is allowed, the average credit period on such sale of goods ranges from 1 day to 45 days depending on the nature of the product. The customer credit risk is managed by the Company's established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on the individual credit limits are defined in accordance with this assessment and outstanding customer receivables are regularly monitored. The Company's receivables turnover is quick and historically, there was no significant defaults on account of those customer in the past.

Ind AS requires an entity to recognise in profit or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognised in accordance with Ind AS 109. The Company assesses at each date of statements of financial position whether a financial asset or a group of financial assets is impaired. Expected credit losses are measured at an amount equal to the 12 month expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.

The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information. Currently the Company has not provided any provision in the books as per Ind AS 109 due to the fact that there are no historical credit losses observed in the past.

Exposure to credit risk:The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk is INR. 780.15 and 777.81 as of March 31, 2023 and March 31, 2022 being the total of the carrying amount of balances with trade receivables.

b. Liquidity riskLiquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company has established an appropriate liquidity risk management framework for it's short term, medium term and long term funding requirement.

The following tables detail the Company's remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows.

c. Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest rates, credit, liquidity and other market changes.

i) Foreign Currency risk

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or loss and other comprehensive income and equity, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the respective entities. Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in US Dollar against the functional currencies of the Company. The Company, as per its risk management policy, uses derivative instruments primarily to hedge foreign exchange wherever applicable. The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. It hedges a part of these risks by using derivative financial instruments in line with its risk management policies.

44. Capital management

The Company manages its capital to ensure that it is able to continue as a going concern while maximising the return to the stakeholders through the optimisation of the debt and equity balance. The Company determines the amount of capital required on the basis of an annual budgeting exercise, future capital projects outlay etc. The funding requirements are met through equity, internal accruals and borrowings (short term/long term).

1. Represents contribution to HAP Sports trust to support promotion of Sports.

47. Other Statutory Information

(i) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(ii) The Company reviewed the status of all its customers and vendors Company, as at March 31, 2023 and March 31, 2022, in MCA portal, and observed that the Company does not have any transaction or outstanding with struckoff Companies under Section 248 of Companies Act, 2013 or Section 560 of Companies Act,1956.

(iii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the

statutory period.

(iv) The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

v) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(vi) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with any oral or written understanding that the Intermediary shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with any oral or written understanding (whether recorded in writing or otherwise) that the Company shall: (a) 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 (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(viii) The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

(ix) During the Financial year, the Company has not revalued any of its Property, Plant and Equipment, Right of Use Asset and Intangible Assets

(x) The Company does not have any investment properties as at March 31,2023 and March 31,2022 as defined in

Ind AS 40.

(xi) The Company has not granted any loans or advance in the nature of loans to promoters, directors, Key Managerial Personnel and the related parties (as defined under Companies Act, 2013), either severally or jointly with any other person.

48. In connection with the preparation of the financial statements for the year ended March 31, 2023, the Board of Directors have confirmed the propriety of the contracts/agreements entered into by/on behalf of the Company and the resultant revenue earned/expenses incurred arising out of the same after reviewing the levels of authorisation and the available documentary evidences and the overall control environment. Further, the Board of Directors have also reviewed the realisable value of all the current assets of the Company and have confirmed that the value of such assets in the ordinary course of business will not be less than the value at which these are recognised in the financial statements. In addition, the Board has also confirmed the carrying value of the non-current assets in the financial statements. The Board, duly taking into account all the relevant disclosures made, has approved these financial statements in its meeting held on May, 09 2023 in accordance with the provisions of Companies Act, 2013.

49. Previous year's figures have been regrouped/reclassified wherever applicable to facilitate comparability.