k. Provisions and contingent liabilities

Provisions are recognised when the Company
has a present obligation (legal or constructive)
as a result of a past event, it is probable that an
outflow of resources embodying economic benefits
will be required to settle the obligation and a
reliable estimate can be made of the amount of the
obligation. When the Company expects some or all
of a provision to be reimbursed, the reimbursement
is recognised as a separate asset, but only when
the reimbursement is virtually certain. The expense
relating to a provision is presented in the statement
of profit and loss net of any reimbursement.

If the effect of the time value of money is material,
provisions are discounted using a current pre¬
tax rate that reflects, when appropriate, the risks
specific to the liability. When discounting is used,
the increase in the provision due to the passage of
time is recognised as a finance cost.

These estimates are reviewed at each reporting date
and adjusted to reflect the current best estimates.

Provision for site restoration

The Company records a provision for site restoration
costs associated with the stores opened. Site
restoration costs are provided at the present value
of expected costs to settle the obligation using
estimated cash flows and are recognised as part of
the cost of the particular asset. The cash flows are
discounted at a current pre-tax rate that reflects the
risks specific to the site restoration provision. The
unwinding of the discount is expensed as incurred
and recognised in the statement of profit and loss
as a finance cost. The estimated future costs of site
restoration are reviewed annually and adjusted
as appropriate. Changes in the estimated future

costs or in the discount rate applied are added to or
deducted from the cost of the asset.

Contingent Liability

Contingent liabilities are disclosed when there
is a possible obligation arising from past events,
the existence of which will be confirmed only by
occurrence or non-occurrence of one or more
uncertain future events not wholly within the control
of the Company or a present obligation that arises
from past events where it is either not probable
that an outflow of resources will be required to
settle or a reliable estimate of the amount cannot
be made. The Company does not recognise a
contingent liability but discloses its existence in the
financial statements.

l. Retirement and other employee benefits
Defined Contribution plan

State governed Provident Fund and Employees
State Insurance Corporation are considered as
defined contribution plan and contributions thereto
are charged to the statement of profit and loss for
the year when an employee renders the related
service. There are no other obligations, other
than contribution payable to the respective funds.
The Company recognizes contribution payable to
the provident fund scheme as an expense, when
an employee renders the related service. If the
contribution payable to the scheme for service
received before the balance sheet date exceeds the
contribution already paid, the deficit payable to the
scheme is recognized as a liability after deducting
the contribution already paid. If the contribution
already paid exceeds the contribution due for
services received before the balance sheet date,
then excess is recognized as an asset to the extent
that the pre-payment will lead to.

Defined Benefit plan
Gratuity

Gratuity liability is a defined benefit scheme. The
liability recognised in the balance sheet in respect
of defined benefit gratuity plans is the present value
of the defined benefit obligation at the end of the
reporting period. The defined benefit obligation
is calculated by actuary using the projected unit
credit method.

The present value of the defined benefit obligation
denominated in' is determined by discounting the
estimated future cash outflows by reference to
market yields at the end of the reporting period on

government bonds that have terms approximating
to the terms of the related obligation.

The net interest cost is calculated by applying the
discount rate to the net balance of the defined
benefit obligation. This cost is included in employee
benefit expense in the Statement of Profit and Loss.

Remeasurement gains and losses arising from
experience adjustments and changes in actuarial
assumptions are recognised in the period in
which they occur, directly in other comprehensive
income. They are included in retained earnings
in the statement of changes in equity and in
the balance sheet. Remeasurements are not
reclassified to the Statement of Profit and Loss in
the subsequent periods.

Changes in the present value of the defined benefit
obligation resulting from plan amendments or
curtailments are recognised immediately in
Statement of Profit or Loss as past service cost.

Leave Encashment

Accumulated leaves, which are expected to be
utilised within the next 12 months, are treated as
current employee benefit. The Company treats the
entire leave as current liability in the balance sheet,
since it does not have an unconditional right to defer
its settlement for 12 months after the reporting
date. It is measured based on an actuarial valuation
done by an independent actuary on the projected
unit credit method at the end of each financial year.

m. Share - based payments

Employees (including senior executives) of the
Company receive remuneration in the form of
share-based payment, whereby employees render
services as consideration for equity instruments
(equity-settled transactions).

Equity-settled transactions

The cost of equity-settled transactions is determined
by the fair value at the date when the grant is made
using an appropriate valuation model. Further
details are given in Note 36.

That cost is recognised, together with a
corresponding increase in share-based payment
(SBP) reserves in equity, over the period in which the
performance and/or service conditions are fulfilled
in employee benefits expense.

The cumulative expense recognised for equity-
settled transactions at each reporting date until
the vesting date reflects the extent to which the
vesting period has expired and the company's best
estimate of the number of equity instruments that
will ultimately vest. The statement of profit and
loss expense or credit for a period represents
the movement in cumulative expense recognised
as at the beginning and end of that period and is
recognised in employee benefits expense.

Service and non-market performance conditions
are not taken into account when determining the
grant date fair value of awards, but the likelihood
of the conditions being met is assessed as part
of the Company's best estimate of the number of
equity instruments that will ultimately vest. Market
performance conditions are reflected within the
grant date fair value. Any other conditions attached
to an award, but without an associated service
requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in
the fair value of an award and lead to an immediate
expensing of an award unless there are also service
and/or performance conditions.

When the terms of an equity-settled award are
modified, the minimum expense recognised is
the grant date fair value of the unmodified award,
provided the original vesting terms of the award are
met. An additional expense, measured as at the date
of modification, is recognised for any modification
that increases the total fair value of the share-based
payment transaction, or is otherwise beneficial to
the employee.

Where an award is cancelled by the entity or by the
counterparty, any remaining element of the fair
value of the award is expensed immediately through
profit or loss.

Expense relating to equity-settled options granted
to employees of the subsidiary companies are
recognised as receivable from the subsidiary
companies with a corresponding credit to employee
stock option reserve.

The dilutive effect of outstanding options is reflected
as additional share dilution in the computation of
diluted earnings per share.

n. Financial instruments

A financial instrument is any contract that gives
rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.

Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition,
as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI),
and fair value through profit or loss.

The classificati on of financi al assets at ini tial
recognition depends on the financial asset's
contractual cash flow characteristics and the
Company's business model for managing them. With
the exception of trade receivables that do not contain
a significant financing component or for which the
Company has applied the practical expedient, the
Company initially measures a financial asset at its
fair value plus, in the case of a financial asset not at
fair value through profit or loss, transaction costs.
Trade receivables that do not contain a significant
financing component or for which the Company
has applied the practical expedient are measured
at the transaction price determined under Ind AS
115. Refer to the accounting policies in section (c)
Revenue from contracts with customers.

I n order for a financial asset to be classified and
measured at amortised cost or fair value through
OCI, it needs to give rise to cash flows that are
'solely payments of principal and interest (SPPI)' on
the principal amount outstanding. This assessment
is referred to as the SPPI test and is performed at an
instrument level. Financial assets with cash flows
that are not SPPI are classified and measured at
fair value through profit or loss, irrespective of the
business model.

The Company's business model for managing
financial assets refers to how it manages its financial
assets in order to generate cash flows. The business
model determines whether cash flows will result
from collecting contractual cash flows, selling the
financial assets, or both.

Subsequent measurement

For purposes of subsequent measurement, financial
assets are classified in four categories:

• Financial assets at amortised cost (debt
instruments)

• Financial assets at fair value through other
comprehensive income (FVTOCI) with

recycling of cumulative gains and losses (debt
instruments) Debt instruments, derivatives
and equity instruments at fair value through
profit or loss (FVTPL)

• Financial assets designated at fair value
through OCI with no recycling of cumulative
gains and losses upon derecognition (equity
instruments)

• Financial assets at fair value through profit
or loss

Financial assets at amortised cost

A 'financial asset' is measured at the amortised cost
if both the following conditions are met:

a) The asset is held within a business model
whose objective is to hold assets for collecting
contractual cash flows, and

b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on
the principal amount outstanding.

This category is the most relevant to the Company.
After initial measurement, such financial assets are
subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised cost
is calculated by taking into account any discount or
premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation is
included in finance income in the profit or loss. The
losses arising from impairment are recognised in
the profit or loss. This category generally applies to
trade and other receivables.

Debt instrument at FVTOCI

A 'debt instrument' is classified as at the FVTOCI if
both of the following criteria are met:

a) The objective of the business model is achieved
both by collecting contractual cash flows and
selling the financial assets, and

b) The asset's contractual cash flows represent
SPPI.

Debt instruments included within the FVTOCI
category are measured initially as well as at each
reporting date at fair value. Fair value movements
are recognized in the other comprehensive income
(OCI). However, the Company recognizes interest
income, impairment losses & reversals and foreign
exchange gain or loss in the P&L. On derecognition
of the asset, cumulative gain or loss previously

recognised in OCI is reclassified from the equity to
P&L. Interest earned whilst holding FVTOCI debt
instrument is reported as interest income using the
EIR method.

Financial assets at FVTPL

FVTPL is a residual category for debt and equity
instruments. Any debt and equity instrument,
which does not meet the criteria for categorization
as at amortized cost or as FVTOCI, is classified as
at FVTPL.

I n addition, the Company may elect to designate
a debt and equity instrument, which otherwise
meets amortized cost or FVTOCI criteria, as at
FVTPL. However, such election is allowed only if
doing so reduces or eliminates a measurement or
recognition inconsistency (referred to as 'accounting
mismatch').

Debt and equity instruments included within the
FVTPL category are measured at fair value with all
changes recognized in the P&L.

Equity investments

All equity investments in scope of Ind AS 109 are
measured at fair value. Equity instruments which
are held for trading and contingent consideration
recognised by an acquirer in a business combination
to which Ind AS 103 applies are classified as at FVTPL.
For all other equity instruments, the Company may
make an irrevocable election to present in other
comprehensive income subsequent changes in the
fair value. The Company makes such election on an
instrument-by-instrument basis. The classification
is made on initial recognition and is irrevocable.

If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding dividends,
are recognized in the OCI. There is no recycling
of the amounts from OCI to P&L, even on sale of
investment. However, the Company may transfer
the cumulative gain or loss within equity.

Equity instruments included within the FVTPL
category are measured at fair value with all changes
recognized in the Statement of Profit and Loss.

Investment in Subsidiary

Investment in Subsidiary entities is carried at cost
less accumulated impairment losses, if any. Where
an indication of impairment exists, the carrying

amount of the investment is assessed and written
down immediately to its recoverable amount. On
disposal of investments in subsidiary entity the
difference between net disposal proceeds and the
carrying amounts are recognised in the Statement
of Profit and Loss. Refer Significant accounting
judgements estimates and assumptions.

De-recognition

A financial asset (or, where applicable, a part of a
financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e. removed from
the Company's statement of financial position) when:

• The rights to receive cash flows from the asset
have expired, or

• The Company has transferred its rights to
receive cash flows from the asset or has
assumed an obligation to pay the received cash
flows in full without material delay to a third
party under a 'pass-through' arrangement
and either (a) the Company has transferred
substantially all the risks and rewards of
the asset, or (b) the Company has neither
transferred nor retained substantially all
the risks and rewards of the asset, but has
transferred control of the asset.

When the Company has transferred its rights to
receive cash flows from an asset or has entered into
a pass-through arrangement, it evaluates if and to
what extent it has retained the risks and rewards
of ownership. When it has neither transferred nor
retained substantially all of the risks and rewards
of the asset, nor transferred control of the asset,
the Company continues to recognise the transferred
asset to the extent of the Company's continuing
involvement. In that case, the Company also
recognises an associated liability. The transferred
asset and the associated liability are measured on a
basis that reflects the rights and obligations that the
Company has retained. Continuing involvement that
takes the form of a guarantee over the transferred
asset is measured at the lower of the original
carrying amount of the asset and the maximum
amount of consideration that the Company could
be required to repay.

Impairment of financial assets

The Company assesses impairment based on
expected credit losses (ECL) model to the following:

• Financial assets measured at amortised cost

For trade receivables, other receivables and
other financial assets, the Company follows
'simplified approach' for recognition of impairment
loss allowance.

Under the simplified approach, the Company
does not track changes in credit risk. Rather, it
recognises impairment loss allowance based on
lifetime ECLs at each reporting date, right from its
initial recognition. For assessing increase in credit
risk and impairment loss, the Company combines
financial instruments on the basis of shared credit
risk characteristics with the objective of facilitating
an analysis that is designed to enable significant
increases in credit risk to be identified on a
timely basis.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through profit or loss. All financial liabilities are
recognised initially at fair value.

The Company's financial liabilities include trade and
other payables and borrowings.

Subsequent measurement

The Company measures all financial liabilities at
amortised cost using the Effective Interest Rate
('EIR') method except for financial liabilities held
for trading and financial liabilities designated upon
initial recognition as at fair value through profit
or loss.

Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. Amortised
cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are
an integral part of the EIR.

Financial liabilities held for trading are measured at
fair value through profit and loss.

Financial liabilities designated upon initial
recognition at fair value through profit or loss are
designated as such at the initial date of recognition,
and only if the criteria in Ind AS 109 are satisfied.
For liabilities designated as FVTPL, fair value gains/
losses attributable to changes in own credit risk
are recognized in OCI. These gains/loss are not
subsequently transferred to P&L. However, the

Company may transfer the cumulative gain or loss
within equity. All other changes in fair value of such
liability are recognised in the statement of profit
or loss.

De-recognition

A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires.

Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance sheet
if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to
settle on a net basis, to realise the assets and settle
the liabilities simultaneously.

o. Cash and cash equivalents

Cash and cash equivalents in the balance sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months or
less, that are readily convertible to a known amount
of cash and which are subject to an insignificant risk
of changes in value.

For the purpose of statement of cash flows, cash
and cash equivalents consist of cash and short-term
deposits, as defined above, as they are considered an
integral part of the Company's cash management.

p. Exceptional Items

Exceptional items are transactions, by virtue
of their size or incidence (including but not
limited to impairment charges and acquisition
and restructuring related costs), are separately
disclosed to ensure that the financial information
allows an understanding of the underlying
performance of the business in the year, so as to
facilitate comparison with prior periods. Such items
are material by nature or amount to the year's result
and require separate disclosure in accordance with
Ind AS.

q. Earnings per share

Basic earnings per share is calculated by dividing
the net profit or loss attributable to equity holders
by the weighted average number of equity shares
outstanding during the period. Partly paid equity
shares are treated as a fraction of an equity share
to the extent that they are entitled to participate
in dividends relative to a fully paid equity share
during the reporting period. The weighted average

number of equity shares outstanding during the
period is adjusted for events such as bonus issue,
bonus element in a rights issue, share split, and
reverse share split (consolidation of shares)
that have changed the number of equity shares
outstanding, without a corresponding change in
resources. For the purpose of calculating diluted
earnings per share, the net profit or loss for the
period attributable to equity shareholders and the
weighted average number of shares outstanding
during the period are adjusted for the effects of all
dilutive potential equity shares.

r. Segment reporting

Operating segments are reported in a manner
consistent with the internal reporting provided to
the Chief Operating Decision Maker.

s. Events after the reporting period

Adjusting events are events that provide further
evidence of conditions that existed at the end of
the reporting period. The financial statements are
adjusted for such events before authorisation for
issue of financial statements.

Non-adjusting events are events that are indicative
of conditions that arose after the end of the reporting
period. Non-adjusting events after the reporting
date are not accounted, but disclosed, if material.

2.3 Use of judgements and estimates

The preparation of the Company's financial statements
requires management to make judgements, estimates
and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities, and
the accompanying disclosures, and the disclosure of
contingent liabilities. These estimates and associated
assumptions are based on historical experiences and
various other factors that are believed to be reasonable
under the circumstances. Actual results may differ
from these estimates The estimates and underlying
assumptions are reviewed on an ongoing basis.
Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to
the carrying amount of assets or liabilities affected in
future periods. Revisions to accounting estimates are
recognized in the period in which the estimate is revised
if the revision affects only that period, or in the period
of the revision and future period, if the revision affects
current and future period.

The areas involving critical judgements, estimates and
assumptions are mentioned below:

a) Useful lives of Property, Plant and equipment:

Useful lives of property, plant and equipment,
intangible assets are based on the life prescribed
in schedule II of the Companies Act. In cases, where
useful lives are different from that prescribed
under Schedule II of the Act, they are determined
by the management based on an internal
technical evaluation.

b) Provision for site restoration

The Company has recognised a provision for site
restoration obligation associated with the stores
opened. In determining the fair value of the provision,
assumptions and estimates are made in relation to
discount rates, the expected cost to dismantle and
remove the furniture/fixtures from the stores and
the expected timing of those costs. The Company
estimates that the costs would be incurred upon
the expiration of the lease and calculates the
provision on discounted basis using the current
pre-tax rate that reflects the risk specific to the site
restoration provision.

c) Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and
the present value of the gratuity obligation are
determined using actuarial valuations. An actuarial
valuation involves making various assumptions that
may differ from actual developments in the future.
These include the determination of the discount
rate, future salary increases attrition rates and
mortality rates. Due to the complexities involved
in the valuation and its long-term nature, a defined
benefit obligation is highly sensitive to changes in
these assumptions. All assumptions are reviewed
at each reporting date. The parameter most subject
to change is the discount rate. In determining
the appropriate discount rate, the management
considers the interest rates of government bonds
in currencies consistent with the currencies of the
post-employment benefit obligation. Further details
about gratuity obligations are given in Note 34.

d) Impairment of investment in subsidiaries

Determining whether investments in subsidiaries
are impaired requires assessing the indicators
which may lead to impairment of investment and
then an estimation of the recoverable value. In
considering the recoverable value, the management
have anticipated the future cash flows, length
of forecast of future cash flows, discount rates,
expected growth rates, terminal growth rates
and other factors of the underlying businesses/

companies. In estimating the fair value of an asset
or a liability, the Company uses market-observable
data to the extent it is available. In certain cases,
the Company engages third party qualified valuers
to perform the valuation.

A degree of judgment is required in identification of
impairment indicators and establishing fair values.
Judgements and assumptions include consideration
of inputs such as forecasts of future cash flows,
length of forecast of future cash flows, expected
growth rates, terminal growth rates and discount
rates. Any subsequent changes to the judgments
and assumptions could impact the carrying value
of investments.

In accordance with accounting standard,
management have performed an annual impairment
assessment as at March 31, 2025 of its investment
in its subsidiary, PT Sari Burger Indonesia, using
the discounted cash flow ('DCF') approach to
determine the recoverable value of the business.
The impairment assessment determined that the
recoverable value exceeded the carrying amount
and therefore no impairment was identified. In
estimating the future cash flows management have
given due consideration to the inherent uncertainty
of forecast information and have adjusted some of
the assumptions in the business plan to take into
account possible variation in the amount or timing
of the cash flows. In doing so, management has
incorporated execution risks associated with our
business, as well as other risks that may impact
future cash flows.

e) Taxes

Deferred tax assets are recognised for unused tax
losses to the extent that it is probable that taxable
profit will be available against which the losses can
be utilised. Significant management judgement is
required to determine the amount of deferred tax
assets that can be recognised, based upon the likely
timing and the level of future taxable profits together
with future tax planning strategies. Further details
about Deferred tax assets are given in Note 32.

f) Lease Term

The Company determines the lease term as the
non-cancellable term of the lease, together with any

periods covered by an option to extend the lease if it
is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease, if it is
reasonably certain not to be exercised.

The Company included the renewal period as part
of the lease term for leases of restaurant and
equipment due to the significance of these assets
to its operations and also investments made in
leasehold improvements.

g) Fair Value Measurement

When the fair values of financial assets and
financial liabilities recorded in the balance sheet
cannot be measured based on quoted prices in
active markets, their fair value is measured using
valuation techniques by evaluating fair market value
of underlying assets of the entity. The inputs to these
models are taken from observable markets where
possible, but where this is not feasible, a degree of
judgement is required in establishing fair values.
Judgements include considerations of inputs such
as liquidity risk, credit risk and volatility.

h) Share based payment

Estimating fair value for share-based payment
transactions requires determination of the most
appropriate valuation model, which depends on the
terms and conditions of the grant. This estimate
also requires determination of the most appropriate
inputs to the valuation model including the expected
life of the share option, volatility and dividend yield
and making assumptions about them. For the
measurement of the fair value of equity-settled
transactions with employees at the grant date, the
Group uses Black- Scholes model. The assumptions
used for estimating fair value for share based
payment transactions are disclosed in Note 36 to
the consolidated financial statements.

i) Provision and contingencies

The recognition and measurement of other
provisions are based on the assessment of the
probability of an outflow of resources, and on past
experience and circumstances known at the balance
sheet date. The actual outflow of resources at a
future date may therefore vary from the amount
included in other provisions.