financial instruments or a shorter period, where appropriate, to the net carrying amount of the financial asset or
liability. Interest income is included in other income in the Restated Consolidated Statement of Profit and Loss.

Finance lease interest expense is recognized upon commencement of the finance lease agreement using constant
periodic rate of return over the period of the agreement.

Foreign currency transactions
Initial recognition

Foreign currency transactions are recorded in the functional currency, by applying to the foreign currency
amount the exchange rate between the functional currency and the foreign currency at the date of the
transaction.

Subsequent measurement

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at
the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a
foreign currency are translated into the functional currency at the exchange rate when the fair value was
determined. Non-monetary assets and liabilities that are measured based on historical cost in a foreign currency
are translated at the exchange rate at the date of the transaction. Exchange differences are recognized in the
Restated Consolidated Statement of Profit and Loss in the period in which they arise.

Foreign operations

In case of foreign operations whose functional currency is different from the parent’s functional currency, the
assets and liabilities of such foreign operations, including goodwill and fair value adjustments arising upon
acquisition, are translated to the reporting currency at exchange rates at the reporting date. The income and
expenses of such foreign operations are translated to the reporting currency at the average exchange rates
prevailing during the period. Resulting foreign currency differences are recognized in OCI / (loss) and presented
within equity as part of foreign currency translation reserve (“FCTR”). When a foreign operation is disposed of,
in part or in full, the relevant amount in the FCTR is transferred to the Restated Consolidated Statement of Profit
and Loss.

Fair value gain / (loss) of derivative contracts

Foreign exchange difference on foreign currency borrowings, settlement gain/ (loss) and fair value gain/ (loss)
on derivative contracts relating to borrowings are accounted and disclosed under finance cost.

Employee benefits
Short-term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified short-term
employee benefits and they are recognized in the year in which the employee renders the related services. For
the amount expected to be paid, we recognize an undiscounted liability if we have a present legal or constructive
obligation to pay the amount as a result of past service provided by employees, and the obligation can be
estimated reliably.

Defined contribution plan

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions
into a separate entity and will have no legal or constructive obligation to pay further amounts. We make
specified monthly contributions towards Government-administered provident fund scheme and employee state
insurance corporations. We have no further legal or constructive obligation to pay once contributions are made.
Contributions made are charged to employee benefit expenses in the year in which the employment services
qualifying for the benefit are provided. Some of our foreign subsidiaries make specified contributions towards.
pension schemes. These contributions are recognized as an expense in the Consolidated Statement of Profit and
Loss, during the period in which the employee renders the related services.

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