అకౌంట్స్ గమనికలుInventurus Knowledge Solutions Ltd.

2.1.8 Provisions and Contingent Liabilities

Provisions are recognised when the Company has
a present obligation (legal or constructive) as a
result of a past event for which a reliable estimate
can be made of the amount of obligation and it
is probable that the Company will be required to
settle the obligation. When a provision is measured
using cash flows estimated to settle the present
obligation its carrying amount is the present value
of those cash flows; unless the effect of time value
of money is immaterial.

Contingent liabilities are disclosed when the
Company has a possible obligation 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.

Contingent liabilities are disclosed in the financial
statements unless the possibility of an outflow of
economic resources is remote.

2.1.9 Employee benefits

Post-employment obligations

The Company operates the following post¬
employment schemes:

(a) defined benefit plans such as gratuity, and

(b) defined contribution plans such as
provident fund

Define benefit plans - Gratuity obligations

The Company provides for gratuity, a defined
benefit plan (the "Gratuity Plan") covering eligible
employees in India. The Gratuity Plan provides
a lump sum payment to vested employees at
retirement, death, incapacitation or termination of
employment, of an amount based on the respective
employee''s salary and the tenure of employment.

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 annually by actuary using
the projected unit credit method. The present value
of the defined benefit obligation is determined by
discounting the estimated future cash outflows
by reference to yields on government securities
at the end of the reporting period that have terms
approximating to the terms of the related obligation.

The net interest cost is calculated by applying the
discount rate to the 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. Changes in the present value of the defined
benefit obligation resulting from plan amendments
or curtailments are recognised immediately in
profit or loss as past service cost.

Defined contribution plans
Provident fund

Contribution towards provident fund for employees
is made to the regulatory authorities, where
the Company has no further obligations. Such
contribution to the provident fund for all employees,
are charged to the profit or loss as incurred. Such
benefits are classified as Defined Contribution
Schemes as the Company does not carry any
further obligations, apart from the contributions
made on a monthly basis.

Short term obligations

Liabilities for salaries, including non-monetary
benefits that are expected to be settled wholly
within 12 months after the end of the period in
which the employees render the related service
are recognised at the amounts expected to be paid
when the liabilities are settled. Short term employee
benefits are recognised in statement of profit and
loss in the period in which the related service is
rendered. The liabilities are presented as employee
benefit payable in the balance sheet.

2.1.10 Share based compensation

The company operates shared based
compensation plans that provide for the grant of
stock-based awards to its officers and employees,
including that of its subsidiaries. A stock option
gives an employee, the right to purchase common
stock of the company at a fixed price for a specific
period of time.

The fair value of all options granted is recognised as
an employee benefits expense with a corresponding
increase in equity. The total amount to be expensed
is determined by reference to the fair value of the
options granted.

The total expense is recognised over the vesting
period, which is the period over which all of the
specified vesting conditions are to be satisfied.
At the end of each period, the entity revises its
estimates of the number of options that are
expected to vest based on the non-market vesting
and service conditions. It recognises the impact of
the revision to original estimates, if any, in profit or
loss, with a corresponding adjustment to equity.

2.2 Summary of other accounting policies

This note provides a list of other accounting policies
adopted in the preparation of these financial
statements. These policies have been consistently
applied to all the periods presented, unless
otherwise stated.

2.2.1 Contributed Equity

Equity shares are classified as equity.

Incremental costs directly attributable to the issue
or re-purchase of equity shares, net of any tax
effects, are recognised as a deduction from equity.

2.2.2 Dividends

Provision is made for the amount of any dividend
declared, being appropriately authorised and no
longer at the discretion of the entity, on or before
the end of the reporting period but not distributed
at the end of the reporting period.

2.2.3 Earning per share
Basic Earnings per Share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the Company

• by the weighted average number of equity shares
outstanding during the financial year, adjusted
for bonus elements in equity shares issued during
the year.

Diluted Earnings per Share

Diluted earnings per share adjusts the figures used
in the determination of basic earnings per share to
take into account:

• the after tax effect of interest and other financing
costs associated with dilutive potential equity
shares, and

• the weighted average number of additional
equity shares that would have been outstanding
assuming the conversion of all dilutive potential
equity shares or options.

2.2.4 Statement of Cash Flows

Cash flows are reported using the indirect method,
whereby the profit before tax is adjusted for the
effects of transactions of a non-cash nature, any
deferrals or accruals of past or future operating
cash receipts or payments and item of income or
expenses associated with investing or financing
cash flows. The cash flows from operating,
investing and financing activities of the Company
are segregated.

2.2.5 Non derivative financial instruments

Financial assets and liabilities are recognised when
the Company becomes a party to the contractual
provisions of the instrument. Financial assets
and liabilities are initially measured at fair value.
Transaction costs that are directly attributable
to the acquisition or issue of financial assets and
financial liabilities (other than financial assets and

financial liabilities at fair value through profit or
loss) are added to or deducted from the fair value
measured on initial recognition of financial asset or
financial liability.

A Financial assets and financial liabilities -
subsequent measurement

(i) Financial assets at amortised cost

Financial assets are subsequently measured
at amortised cost if these financial assets
are held within a business whose objective
is to hold these assets in order to collect
contractual cash flows and the contractual
terms of the financial asset give rise on
specified dates to cash flows that are solely
payments of principal and interest on the
principal amount outstanding.

(ii) Financial assets at fair value through other
comprehensive income

Financial assets are measured at fair value
through other comprehensive income if these
financial assets are held within a business
model whose objective is achieved by both
collecting contractual cash flows and selling
financial assets and the contractual terms
of the financial asset give rise on specified
dates to cash flows that are solely payments
of principal and interest on the principal
amount outstanding. For investments in equity
instruments that are not held for trading,
the Company''s management has made an
irrevocable election to present fair value gains
and losses on equity investments in other
comprehensive income. In such cases, there
is no subsequent reclassification of fair value
gains and losses to profit or loss following the
derecognition of the investment.

(iii) Financial assets at fair value through profit or

loss

Financial assets are measured at fair value
through profit or loss unless it is measured at
amortised cost or at fair value through other
comprehensive income. The transaction
costs directly attributable to the acquisition
of financial assets and liabilities at fair value
through profit and loss are immediately
recognised in statement of profit and loss.

(iv) Financial liabilities

Subsequent to initial recognition, these
liabilities are measured at amortised cost
using the effective interest method.

B Cash and cash equivalents

The Company considers all highly liquid
financial instruments, which are readily
convertible into known amounts of cash that
are subject to an insignificant risk of change
in value and having original maturities of three
months or less from the date of purchase, to be
cash equivalents. Cash and cash equivalents
consist of balances with banks which are
unrestricted for withdrawal and usage. For the
purposes of the statement of cash flow, cash
and cash equivalents is net of outstanding
working capital loan which are integral part of
cash management activities. In the balance
sheet, working capital loans are shown within
borrowings in current liabilities.

Remittance in transit includes the money
received from customers in USD and
temporarily held in the Nostro account with the
bank. The amount is credited to the Company''s
bank account on submission of relevant
documents, which is generally completed
within 5 to 6 days.

C Trade receivables

Trade receivables are amounts due from
customers for goods sold or services
performed in the ordinary course of business.
Trade receivables are recognised initially at the
amount of consideration that is unconditional
unless they contain significant financing
components, when they are recognised at fair
value. The entity holds the trade receivables
with the objective to collect the contractual
cash flows and therefore measures them
subsequently at amortised cost using the
effective interest method, less loss allowance.

D Trade payables

These amounts represent liabilities for goods
and services provided to the entity prior to the
end of financial year which is unpaid. Trade
payables are presented as current liabilities
unless payment is not due within 12 months
after the reporting period. They are recognised
initially at the fair value and subsequently
measured at amortised cost using the effective
interest method.

E Derecognition of financial assets

A financial asset is derecognised only when:

a) t he entity has transferred the rights to
receive cash flows from the financial
assets or

b) retains the contractual right to receive
the cash flows of the financial asset, but
assumes a contractual obligation to pay
the cash flows to one or more recipients.

Where the entity has transferred an asset, the
entity evaluates whether it has transferred
substantially all risks and rewards of ownership
of financial assets. In such cases, financial
asset is derecognised.

F Derecognition of financial liabilities

A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the
terms of an existing liability are substantially
modified, such an exchange or modification
is treated as the derecognition of the original
liability and the recognition of a new liability.
The difference in the respective carrying
amounts is recognised in the statement of
profit or loss.

G Income recognition

Interest income

Interest income from financial assets at
amortised cost is calculated using the effective
interest method is recognised in the statement
of profit and loss as part of other income.

Dividends

Dividends are recognised as other income in
profit or loss, when the right to receive payment
is established.

.2.6 Impairment

Financial assets (other than at fair value)

The entity assesses on a forward looking basis
the expected credit losses associated with its
assets carried at amortised cost. The impairment
methodology applied depends on whether there
has been a significant increase in credit risk. The
Company applies simplified approach which
requires lifetime expected loses for all the contracts
assets and/or all trade receivables to be recognised
from initial recognition of the receivable. For all
other financial assets, 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.

2.2.7 Property, plant and equipment

Property, plant and equipment ("PPE") are stated at
cost of acquisition less accumulated depreciation
and impairment loss, if any. Cost comprises of the
purchase price including import duties and non¬
refundable taxes and directly attributable expenses
incurred to bring the asset to the location and
condition necessary for it to be capable of being
operated in the manner intended by management.

Subsequent costs are included in the asset''s
carrying amount or recognised as a separate asset,
as appropriate, only when it is probable that future
economic benefits associated with the item will
flow to the Company and the cost of the item can
be measured reliably. The carrying amount of any
component accounted for as a separate asset is
derecognised when replaced. All other repairs and
maintenance are charged to profit or loss during
the reporting period in which they are incurred.

2.2.8 Intangible assets

a) Acquired Intangible Assets

Intangible assets with finite useful lives that are
acquired are initially recognised at cost in case
of separately acquired assets and at fair value
in case of acquisition in business combination.
Subsequent to initial recognition, intangible
assets are reported at cost less accumulated
amortisation and impairment loss, if any.
Amortisation is recognised on a straight-line
basis over their estimated useful lives.

Amortisation method, estimated useful lives
and residual values are reviewed at the end
of each year and adjusted prospectively
where appropriate.

An intangible asset is derecognised on
disposal or when no future economic benefits
are expected to arise from the continued
use of the assets. Any gain or loss arising on
derecognition is determined as the difference
between the sales proceeds and the carrying
amount of the assets and is recognised in
profit or loss.

b) Internally Developed Intangible Assets -
Computer Software

Development costs that are directly
attributable to the design and testing of
identifiable and unique software products
controlled by the Company are recognised as
intangible assets when the following criteria
are met:

a) it is technically feasible to complete the
software so that it will be available for use

b) management intends to complete the
software and use or sell it

c) there is ability to use or sell the software

d) it can be demonstrated how the
software will generate probable future
economic benefits

e) adequate technical, financial and other
resources to complete the development
and to use or sell the software are
available, and

f) the expenditure attributable to the
software during its development can
be reliably measured.

Directly attributable costs that are capitalised
of the software include employee costs and an
appropriate portion of relevant overheads.

Capitalised development costs are recorded
as intangible assets and amortised from the
point at which the asset is available for use.

c) Research and Development Costs

Research and development expenditure
that do not meet the criteria in (b) above
are recognised as an expenses as incurred.
Development costs previously recognised as
an expense are not recognised as an asset in
a subsequent period.

2.2.9 Borrowings

Borrowings are initially recognised at fair value,
net of transaction costs incurred. Borrowings are
subsequently measured at amortised cost. Any
difference between the proceeds (net of tra nsaction
costs) and the redemption amount is recognised
in profit or loss over the period of the borrowings
using the effective interest method. Fees paid on
the establishment of loan facilities are recognised
as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be
drawn down.

2.2.10 Finance Cost

Borrowing costs include exchange differences
arising from foreign currency borrowings to the
extent they are regarded as an adjustment to the
interest cost.All borrowing costs are charged to the

Statement of Profit and Loss for the period for which
they are incurred.

2.2.11 Derivatives and hedging activities

Derivatives are only used for economic hedging
purposes and not as a speculative instruments.
They are presented as current assets or liabilities
to the extent they are expected to be settled within
12 months after the end of the reporting period.

Derivatives are initially recognised at fair value on
date a derivative contract is entered into and are
subsequently re-measured to their fair value at
the end of each reporting period. The accounting
for subsequent changes in fair value depends on
whether the derivative is designated as a hedging
instrument, and if so, the nature of the item
being hedged.

The Company designates certain derivatives as
hedges of a particular risk associated with the
cash flows of highly probable forecast transactions
(cash flow hedges).

The Company documents at the inception of the
transaction the relationship between hedging
instruments and hedged items, as well as its
risk management objectives and strategy for
undertaking various hedging transactions. The
Company also documents the nature of the risk
being hedged and how the Company will assess
whether the hedging relationship meets the hedge
effectiveness requirements (including its analysis
of the sources of hedge ineffectiveness and how it
determines the hedge ratio).

The full fair value of a hedging derivative is
classified as a non-current asset or liability when
the remaining maturity of the hedged item is more
than 12 months; it is classified as a current asset or
liability when the remaining maturity of the hedged
item is less than 12 months.

The Company uses forward contracts to hedge
forecast transactions. The Company designates
the full fair value of the forward contract as the
hedging instrument.

Cash flow hedges that qualify for hedge
accounting

The effective portion of changes in the fair value of
derivatives that are designated and qualify as cash
flow hedges is recognised in other comprehensive
income and accumulated under the heading cash
flow hedging reserve. The gain or loss relating to the

ineffective portion is recognised immediately in the
profit or loss, and is included within other expenses
or other income.

Amounts previously recognised in other
comprehensive income and accumulated in equity
are reclassified to the profit or loss in the periods
when the hedged item affects the statement of
profit and loss, in the same line as the recognised
hedged item.

Hedge accounting is discontinued when the hedging
instrument expires, or is sold or terminated, or when
a hedge no longer meets the criteria for hedge
accounting. Any gain or loss recognised in other
comprehensive income and accumulated in equity
at that time remains in equity and is recognised when
the forecast transaction is ultimately recognised in the
profit or loss. When a forecast transaction is no longer
expected to occur, the gain or loss accumulated in
equity is recognised immediately in the profit or loss.

2.2.12 Offsetting Financial Instruments

Financial assets and liabilities are offset and the
net amount is reported in the balance sheet when
there is a legally enforceable right to offset the
recognised amounts and there is an intention to
settle on a net basis, or realise the asset and settle
the liability simultaneously. The legally enforceable
right must not be contingent on future events
and must be enforceable in the normal course of
business and in the event of default, insolvency or
bankruptcy of the Company or the counterparty.

2.2.13 Employee benefits
Compensated Absences

The Company has liabilities for earned leave that are
not expected to be settled wholly within 12 months
after the end of the period in which the employees
render the related service. These obligations
are therefore measured as the present value of
expected future payments to be made in respect
of services provided by employees up to the end of
the reporting period using the projected unit credit
method. The benefits are discounted using the
appropriate market yields at the end of the reporting
period that have terms approximating to the terms
of the related obligation. Remeasurements as a
result of experience adjustments and changes
in actuarial assumptions are recognised in profit
or loss.

The obligations are presented as current liabilities
in the balance sheet if the entity does not have
an unconditional right, at the end of the reporting

period, to defer settlement for at least twelve
months after the reporting period, regardless of
when the actual settlement is expected to occur.

2.2.14 Segment Reporting

Operating segments are reported in a manner
consistent with the internal reporting provided to
the Chief Operating Decision Maker ("CODM"). The
CODM is responsible for allocating resources and
assessing performance of the operating segments.
Chief executive officer ("CEO") is identified as
the CODM for the Company. Wherever relevant,
the company will aggregate multiple operating
segments into a single segment if it aligns with
Indian Accounting Standard 108''s core principle, if
they share similar economic characteristics and
the segments are similar in each of the following
respects: services provided, nature of delivery of
services, customer types, methods used to provide
their services and regulatory environment, ensuring
consistency in segment reporting. Refer note 39 for
segment information presented.

2.2.15Foreigncurrencytranslationandtransactions
Functional and presentation currency

Items included in the financial statements of the
Company are measured using the currency of the
primary economic environment in which the entity
operates (''the functional currency''). The financial
statements are presented in Indian currency (f or
INR or Rs.), which is the Company''s functional and
presentation currency.

Foreign currency transactions and balances

Foreign currency transactions are translated
into the functional currency using the exchange rates
at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such
transactions and from the translation of monetary
assetsandliabilitiesdenominatedinforeigncurrencies
at the period end exchange rates are recognised in
profit or loss. They are deferred in equity if they relate
to qualifying cash flow hedges and qualifying net
investment hedges or are attributable to part of the net
investment in a foreign operation. A monetary item for
which settlement is neither planned nor likely to occur
in the foreseeable future is considered as a part of the
entity''s net investment in that foreign operation.

Non-monetary items that are measured at fair
value in a foreign currency are translated using
the exchange rates at the date when the fair value
was determined. Translation differences on assets
and liabilities carried at fair value are reported
as part of the fair value gain or loss. For example,

translation differences on non-monetary assets
and liabilities such as equity instruments held at
fair value through profit or loss are recognised in
profit or loss as part of the fair value gain or loss and
translation differences on non-monetary assets
such as equity investments classified as at FVOCI
are recognised in other comprehensive income.

2.3 Significant judgements and critical
estimates

The preparation of the financial statements requires
management to make estimates and assumptions
that affect the reported amounts of revenue,
expense, assets, liabilities, equity and disclosures
relating to contingent liabilities on the date of the
financial statements. Actual results could differ
from those estimates.

Estimates and underlying assumptions are
reviewed on an ongoing basis. Revision to
accounting estimates is recognised in the period
in which the estimate is revised and in any future
period affected.

This note provides an overview of the areas
that involved a higher degree of judgement or
complexity, and of items which are more likely
to be materially adjusted due to estimates and
assumptions turning out to be different than those
originally assessed. The areas involving critical
estimates and judgements are:

1. Revenue Recognition — Identification and
Allocation of Performance Obligations
(Refer Note 2.1.1 and Note 22)

The Company enters into certain contracts
with customers with multiple deliverables.
Identifying distinct performance obligations
and allocating the transaction price requires
significant judgement. Where standalone
selling prices are not directly observable,
management estimates them using market
data for comparable goods or services,
expected cost plus a margin approach, or
observable contract prices. Judgement
is also applied in determining whether
revenue is recognised at a point in time or
over time. Changes in these estimates could
materially affect the timing and amount of
revenue recognised.

2. Defined Benefit Obligations (Refer Note

2.1.9 and Note 17)

The Company''s defined benefit retirement
plans, primarily gratuity, are measured by
an independent actuary using the Projected
Unit Credit method. Key assumptions include
the discount rate (based on market yields of
high-quality government bonds), future salary
growth rate (reflecting inflation, seniority, and
historical trends), employee attrition rate, and
mortality rates (based on standard tables).
Changes in these assumptions directly affect
the recognised liability and net defined
benefit cost. Quantitative sensitivity analysis
is disclosed in Note 19.

3. Share-Based Payments (Refer Note 2.1.10
and Note 35)

Equity-settled share-based awards are
measured at fair value at the grant date
and recognised over the vesting period. The
valuation model is selected based on the
award''s features. Key inputs include expected
option life, share price volatility, risk-free
interest rate, expected dividend yield, and
estimated forfeiture rate. Changes in these
inputs affect the charge recognised in profit
or loss and the corresponding equity reserve.

4. Fair Value of Derivative Financial
Instruments (Refer Note 2.2.11, Note 15 and
Note 40)

Foreign exchange forward contracts,
designated as cash flow hedges of highly
probable forecast sales, are measured at
fair value using observable market inputs:
spot exchange rates, forward premiums/
discounts based on interest rate differentials,
and remaining tenor. Hedge effectiveness
assessment depends on estimates of future
foreign-currency revenue based on approved
projections. Changes in exchange rates or
hedged volumes affect hedge effectiveness
and amounts reclassified from other
comprehensive income to profit or loss.

Estimates and judgements are continually
evaluated. They are based on historical
experience and other factors, including
expectations of future events that may have
a financial impact on the Company and
that are believed to be reasonable under
the circumstances.

(i) The Company has set up a trust for welfare of employees and named Inventurus Employees Welfare Foundation
which is controlled by the Company and therefore consolidated in these financial statements. Such trust hold
39,55,795 (March 31, 2025 - 44,28,309) equity shares representing 2.31% (March 31, 2025 - 2.58%) of equity shares
in the Company.

(ii) During the year, the Inventurus Employees Welfare Foundation has re-purchased Nil shares (March 31, 2025 -
305,589 shares) issued to Company''s employees pursuant to a scheme of stock option.

(iii) As part of the acquisition of Aquity Holding Inc. ("Aquity"), the Company agreed to discharge certain portion
of the consideration towards selling shareholders who were also part of the Aquity Management (hereinafter
referred to as "Management Equity Holders"), in the form of the Company''s shares to be subscribed by such
Management Equity Holders. Of the total 761,239 shares, 688,496 shares have been issued during the year
ended March 31, 2025. There are certain restrictions imposed on these shares on account of which these shares
has to be repurchased by the Company during the period of restriction and hence these were classified as
financial liabilities rather than equity share capital. Over the period of three years from the date of acquisition,
these restrictions will be phased out at the end of each year, and shares will be reclassified as share capital
once the restrictions are lifted as part of the deal.The Company got listed on December 19, 2024 and hence the
restrictions on the shares were released as part of the acquisition deal. Thus, these shares were subsequently
classified as equity shares during the year ended March 31, 2025.

b. Rights, preferences and restrictions attached to shares

Equity Shares: The Company has issued only one class of equity shares with each share representing one vote
per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets
of the Company after distribution of all preferential amounts, in proportion to their shareholding. None of the
holders of equity shares shall be entitled to transfer any of their shares in the Company in contravention of the
term contained in the Article of Association or any shareholders agreement.

c. Shares reserved for issue under options

Information relating to Employee Option Plan, including details of options issued, exercised and lapsed during
the financial year and options outstanding at the end of the reporting period is set out in note 35.

e. The Company during the preceding 5 years:

1) has issued 8,55,75,310 shares by way of bonus shares of f1 each fully paid in the year ended March 31, 2022.

2) has not bought back any shares except 38,65,957 shares bought back during the year ended March 31, 2023.

3) in the Extra-ordinary general meeting of the shareholders held on December 3, 2021, the shareholders of
the Company approved the sub-division of equity shares, where in each equity share with a face value
of f 10 has been subdivided into 10 equity shares with a face value of f 1 each. The effective date of the
sub-division was December 20, 2021.

Nature and purpose of reserves

Share application money pending allotment

Share application money pending allotment represents amount received from employees who have exercised ESOP
for which shares are pending allotment as on Balance Sheet date. The Inventurus Employees Welfare Foundation
(Inventurus ESOP Trust) received amounts from the employees on exercise of options during the year, however the
shares had not been issued as on Balance Sheet date. The Company has shown the amount received on exercise
of these shares as Share application money pending allotment as on Balance Sheet date.

Securities premium

Securities premium account comprises of the premium on issue of shares. The reserve is utilised in accordance with
the specific provision of the Companies Act, 2013.

Capital Reserve

The Company had a wholly owned subsidiary in Hyderabad, which was incorporated in 2008 and subsequently in
the year 2012 merged with the Company. At the time of merger, the net reserves of the subsidiary were transferred
to capital reserve.

Share option outstanding account

Share options outstanding account is used to recognise the grant date fair value of option issued to the employees
under Employees stock option ownership plan 2022, as described in note 35.

Capital redemption reserve

As per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares out of
free reserves or securities premium. A sum equal to the nominal value of the shares so purchased is transferred to
capital redemption reserve. The reserve is utilised in accordance with the provisions of section 69 of the Companies
Act, 2013.

Cash flow hedging reserve

The cash flow hedging reserve is used to recognise the effective portion of gains or losses on derivatives that are
designated and qualified as cash flow hedges, as described in note 40. Amounts are subsequently reclassified to
profit or loss on maturity of the instruments.

Retained Earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to capital redemption
reserve, share options outstanding account, dividends or other distributions paid to shareholders. The accumulated
amount in this reserve is available for distribution of dividends.

Note 17 - Provisions

a) Compensated absences

Provision for Compensated absences is presented as current, since the Company does not have an unconditional
right to defer settlement of these obligations. However, based on past experience, the Company does not expect
all employees to avail the full amount of accrued leave or require payment for such leave within the next 12
months. Leave obligation not expected to be settled within the next 12 months for the period ended March 31,
2026 and March 31, 2025 amounts to f 67.30 million and f 38.39 million respectively.

The Company''s liability is actuarially determined (using the Projected Unit Credit method) by an Independent
actuary at the end of each year. Actuarial losses/ gains are recognised in the Statement of Profit and Loss in
the year in which they arise.

b) Post employment obligations
Gratuity - Defined benefit plan

The Company complies with the relevant laws in India and computes the amount payable towards gratuity
accordingly. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The
amount of gratuity payable on retirement/termination is the employees last drawn wages per month computed
proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is unfunded.
The weighted average duration of defined benefit obligation is Four years (March 31, 2025 - Four years).

Provident fund - Defined contribution plan

The Company has certain defined contribution plans. Contributions are made to provident fund in India for
employees as per regulations. The contributions are made to registered provident fund administered by
the government. The obligation of the Company is limited to the amount contributed and it has no further
contractual nor any constructive obligation. The expense recognised during the year towards provident fund
is f 329.42 million (March 31, 2025- f 259.17 million).

Employee state insurance fund - Defined contribution plan

The Company provides for employee state insurance as per the relevant laws in India. Employees with gross
salary below f 21,000 per month are eligible for state insurance fund. Contributions are made to employee state
insurance funds in India for employees as per the regulation. The obligation of the Company is limited to the
amount contributed and it has no further contractual nor any constructive obligation. The expense recognised
during the year ESIC is f 15.41 million (March 31, 2025 - f 16.18 million).

The sensitivity analysis have been determined based on reasonably possible changes of the respective
assumptions occurring at the end of reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumption would occur in isolation of one another as some of
the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has
been calculated using the projected unit credit method at the end of the reporting period, which is the same
method as applied in calculating the defined benefit obligation as recognised in the balance sheet.

There was no change in the method and assumptions used in preparing the sensitivity analysis from prior years.

Risk exposure

Through its defined benefit plan, the Company is exposed to a number of risks, the most significant of which
are detailed below:

1. Interest rate risk: A fall in the discount rate which is linked to the Government Security will increase the
present value of the liability requiring higher provision.

2. Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future
salaries of members. As such, an increase in the salary of the members more than assumed level will
increase the plan''s liability.

3. Asset Liability Matching (ALM) Risk: The plan faces the ALM risk as to the matching cash flow. Company
has to manage pay-out based on pay as you go basis from own funds.

4. Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age
only, plan does not have any longevity risk.

Note 30 - Contingent liabilities

(i) The Company has evaluated the Supreme Court Judgment in case of Vivekananda Vidya Mandir And Others Vs
The Regional Provident Fund Commissioner (II) West Bengal and the related circular (Circular No. C-I/1(33)2019/
Vivekananda Vidya Mandir/284) dated March 20, 2019 issued by the Employees'' Provident Fund Organisation in
relation to non-exclusion of certain allowances from the definition of "basic wages" of the relevant employees
for the purposes of determining contribution to provident fund under the Employees'' Provident Funds &
Miscellaneous Provisions Act, 1952. Based on the assessment of the management, the aforesaid matter is not
likely to have significant impact in respect of earlier periods.

(ii) Pending litigations in respect of various years related to transfer pricing and direct taxes may result in a tax
incidence of f 49.33 million (March 31, 2025 - f 49.33 million). Based on the advice obtained and assessment
in favour of the Company in the past on similar matters, management has disclosed the litigated amount as
contingent liability.

(iii) Subsequent to the balance sheet date, the Company received a demand notice from the Income Tax Department
for Financial Year 2021-22 amounting to INR 161.01 million pursuant to transfer pricing adjustments. Based on
its assessment and advice from tax consultants, the Company expects a favorable outcome and intends to
contest the demand through appropriate appellate proceedings. Accordingly, no adjustment has been made
in these financial statements.

(iv) Also refer note 32 of the Financial Statements.

In the previous years, the Company had received summons from the Directorate of Revenue Intelligence (''DRI'')
alleging that the Company had claimed and availed export benefits under Service export from India scheme
(SEIS) in excess of its eligibility. As a result, the Company had deposited f 174.05 million under protest, additionally
paid interest and duty amounting to f 87.26 million and decided not to claim f 47.81 million of balance of export
benefits, which has been disclosed as an exceptional item of f309.12 million in the statement of profit and loss
for the year ended March 31, 2023. Further, the Company received a show cause notice dated December 15, 2024
from Office of the Development Commissioner, Seepz Special Economic Zone. Pursuant to receipt of the SCN, the
Company filed a detailed reply and participated in a personal hearing before the Development Commissioner,
wherein comprehensive oral submissions were advanced, followed by written submissions. Thereafter, the Office of
Development Commissioner, vide order dated February 24, 2026, imposed a penalty of f 1.75 million on the Company.
While the Company has sought a review of the said order, it has, without prejudice made payment of the penalty
amount on March 26, 2026. The Office of the Development Commissioner has not responded to the review request.
The proceedings have therefore attained finality and is not expected to have any further impact. Thus, in view of
the management there is no further liability expected.

Note 33 - Earning per share

The number of equity shares used in computing Basic Earnings Per Share is the weighted average number of equity
shares outstanding during the year.

ESOP scheme 2022 was introduced on April 22, 2022 to align the provisions of the ESOP scheme with SEBI guidelines,
to add few additional definitions, to grant Power to the Board/NRC to modify the scheme to the extent not prejudicial
to the interest of the employees, to allow additional disclosures to be made in grant letters etc. and subsumes the
previous ESOP schemes (The employee stock option plan 2008, 2013, 2019, 2022) run by the Company. There are no
changes in the terms of options granted under previous schemes and the same has not been modified and will
continue to be guided by the terms mentioned in those respective schemes.

(A) Employee Stock Ownership Plan 2022 (''the 2022 Plan'')

The Board at their meeting held on April 22, 2022 approved the 2022 Plan, for issue of shares / options to key
employees of the Company and its subsidiaries. The cumulative aggregate number of equity shares issued by
the Company under this plan and existing 2008, 2013 and 2019 Stock Option Plans shall not exceed 2,10,00,000
equity shares (12% of post issuance share capital).

All granted options under the 2022 Plan, will vest and be available to respective employees to exercise into
equity shares upon completion of 12 (10% of granted options), 24 (15% of granted options), 36 (25% of granted
options) and 48 (50% of granted options) months. All options vested but not exercised as per the scheme will
be forfeited.

The fair value at grant date of options granted during the period ended March 31, 2026 and March 31, 2025 is as
follows. The fair value at grant date is determined using the Black Scholes Model which takes into account the
exercise price, the term of the option, the share price at grant date and expected price volatility of the underlying
share, the expected dividend yield and the risk free interest rate for the term of the option.

This section explains the judgements and estimates made in determining the fair values of the financial instruments
that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are
disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining
fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting
standard. An explanation of each level follows below the table.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes mutual funds
which are valued using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the counter
derivatives) is determined using valuation techniques which maximize the use of observable market data and rely
as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included
in level 3. This is the case for unlisted equity securities.

Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

For foreign currency forward contracts, fair valuation is done using present value of future cash flows based on the
forward exchange rates at the balance sheet date. They are classified as level 2 in the hierarchy due to the inclusion
of observable inputs including counterparty credit risk.

The carrying amounts of trade and other receivables & payables, cash and cash equivalents, other bank balances,
term deposits, security deposits, current borrowings and other financial liabilities approximate their fair values due
to their short term nature, therefore fair value disclosure for the same has not been given.

Note 37 - Financial risk management

The Company''s activities expose it to a variety of financial risks such as market risk, credit risk and liquidity risk. The
Company''s overall risk management programme focuses on the unpredictability of financial markets and seeks
to minimise potential adverse effects on its financial performance. The Company hedges its exposure to foreign
currency risk by entering into forward contracts.

The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s
risk management framework. The board of directors has established the Risk Management Committee, which is
responsible for developing and monitoring the Company''s risk management policies. The committee reports to the
board of directors on its activities.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company,
to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies
and systems are reviewed periodically to reflect changes in market conditions and the Company''s activities. The
Company, through its training, standards and procedures, aims to maintain a disciplined and constructive control
environment in which all employees understand their roles and obligations.

The board of directors monitor compliance with the Company''s risk management policies and procedures, and
reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

(A) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company''s trade and other receivables
from customers.

Trade receivables

The Company''s accounts receivables are concentrated in the healthcare industry. However, the Company''s
clients typically are well-established hospitals, medical facilities or major health system companies with good
credit histories. Payments from clients have been received generally within normal time frames for the industry.
The management continuously monitors the credit exposure towards the customers outstanding at the end
of each reporting period to determine incurred and expected credit losses. Given that the macroeconomic
indicators affecting customers of the Company have not undergone any substantial change, the Company
expects the historical trend of minimal credit losses to continue. The Company has also evaluated the expected
credit loss requirement under Ind AS 109. Based on the assessment performed, the expected credit loss
determined is insignificant and does not have a material impact on the financial statements.

The Company''s Trade receivable is concentrated on two major customers whose outstanding balance at March
31, 2026 is INR 3,632.92 million. The Company has assessed that there is no risk in relation to these customers
with regards to its recoverability.

Cash & cash equivalents and other bank balances

Cash and cash equivalents are maintained with reputable financial institutions only so as to minimize the
associated credit risk. The Company believes these assets to be of high quality with negligible credit risk hence
no provision for expected credit loss is made.

Other bank balances are held with bank and financial institution counterparties with good credit rating.
Derivatives

The derivatives are entered into with bank and financial institution counterparties with good credit rating.
Other financial assets

Other financial assets are neither past due nor impaired.

The Company is also subject to risk of healthcare sector and geographic concentration as the entire business
operation is in the United States of America.

(B) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company''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 Company''s reputation.

The risk is managed through cash flow forecasts, the optimisation of daily cash management and by ensuring
that adequate borrowing facilities are available.

(i) Financing arrangements

The Company also has access to following undrawn borrowing facilities at the end of reporting period.

Note 38 - Capital Management

(a) Risk Management

The Company''s objectives when managing capital are to safeguard the Company''s ability to continue as a
going concern in order to provide returns for the shareholder and benefits for other stakeholders.

The Company considers

2.1.8 Provisions and Contingent Liabilities

Provisions are recognised when the Company has a present
obligation (legal or constructive) as a result of a past event
for which a reliable estimate can be made of the amount
of obligation and it is probable that the Company will be
required to settle the obligation. When a provision is
measured using cash flows estimated to settle the present
obligation its carrying amount is the present value of
those cash flows; unless the effect of time value of money
is immaterial.

Contingent liabilities are disclosed when the Company has a
possible obligation 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.

Material contingent liabilities are disclosed in the financial
statements unless the possibility of an outflow of economic
resources is remote.

2.1.9 Employee benefits

Post-employment obligations

The Company operates the following post¬
employment schemes:

(a) defined benefit plans such as gratuity, and

(b) defined contribution plans such as provident fund

Define benefit plans - Gratuity obligations

The Company provides for gratuity, a defined benefit plan
(the “Gratuity Plan") covering eligible employees in India
accordance with the Payment of Gratuity Act, 1972 of
India. The Gratuity Plan provides a lump sum payment to
vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the
respective employee’s salary and the tenure of employment.

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 annually by
actuary using the projected unit credit method. The present
value of the defined benefit obligation is determined
by discounting the estimated future cash outflows by
reference to yields on government securities at the end of
the reporting period that have terms approximating to the
terms of the related obligation.

The net interest cost is calculated by applying the discount
rate to the 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. Changes in the present value of the defined
benefit obligation resulting from plan amendments or
curtailments are recognised immediately in profit or loss
as past service cost.

Defined contribution plans
Provident fund

Contribution towards provident fund for employees is
made to the regulatory authorities, where the Company has
no further obligations. Such contribution to the provident
fund for all employees, are charged to the profit or loss. Such
benefits are classified as Defined Contribution Schemes as
the Company does not carry any further obligations, apart
from the contributions made on a monthly basis. Such
contribution to the provident fund for all employees, are
charged to the statement of profit and loss as incurred.

Short term obligations

Liabilities for salaries, including non-monetary benefits that
are expected to be settled wholly within 12 months after
the end of the period in which the employees render the
related service are recognised at the amounts expected to
be paid when the liabilities are settled. Short term employee
benefits are recognised in statement of profit and loss in
the period in which the related service is rendered. The
liabilities are presented as employee benefit payable in the
balance sheet.

2.1.10 Share based compensation

The company operates shared based compensation plans
that provide for the grant of stock-based awards to its
officers and employees, including that of its subsidiary.
A stock option gives an employee, the right to purchase
common stock of the company at a fixed price for a specific
period of time.

The fair value of all options granted is recognised as an
employee benefits expense with a corresponding increase
in equity. The total amount to be expensed is determined by
reference to the fair value of the options granted.

The total expense is recognised over the vesting period,
which is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each period,
the entity revises its estimates of the number of options
that are expected to vest based on the non-market vesting
and service conditions. It recognises the impact of the
revision to original estimates, if any, in profit or loss, with a
corresponding adjustment to equity.

2.1.11 Rounding of amounts

All amounts disclosed in the financial statements and notes
have been rounded off to the nearest Millions as per the
requirement of Schedule III, unless otherwise stated.

2.1.12 Exceptional items

An item of income or expenses, pertaining to the ordinary
activities of the Company, is classified as an exceptional
item, when the size, type or incidence of the item merits
separate disclosure in order to provide better understanding
of the performance of the Company. Accordingly
the same is disclosed in the notes accompanying the
financial statements.

2.2 Summary of other accounting policies

This note provides a list of other accounting policies
adopted in the preparation of these financial statements.
These policies have been consistently applied to all the
periods presented, unless otherwise stated.

2.2.1 Financialassetsand financial liabilities - subsequent
measurement

Trade payables

These amounts represent liabilities for goods and services
provided to the entity prior to the end of financial year
which is unpaid. Trade payables are presented as current
liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at the fair
value and subsequently measured at amortised cost using
the effective interest method.

2.2.2 Contributed Equity

Equity shares are classified as equity.

Incremental costs directly attributable to the issue or
re-purchase of equity shares, net of any tax effects, are
recognised as a deduction from equity.

2.2.3 Dividends

Provision is made for the amount of any dividend
declared, being appropriately authorised and no longer
at the discretion of the entity, on or before the end of
the reporting period but not distributed at the end of the
reporting period.

2.2.4 Earning per share

Basic Earnings per Share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the Company

• by the weighted average number of equity shares
outstanding during the financial year, adjusted for bonus
elements in equity shares issued during the year.

Diluted Earnings per Share

Diluted earnings per share adjusts the figures used in
the determination of basic earnings per share to take
into account:

• the after tax effect of interest and other financing costs
associated with dilutive potential equity shares, and

• the weighted average number of additional equity
shares that would have been outstanding assuming the
conversion of all dilutive potential equity shares or options.

2.2.5 Statement of Cash Flows

Cash flows are reported using the indirect method, whereby
the profit before tax is adjusted for the effects of transactions
of a non-cash nature, any deferrals or accruals of past or
future operating cash receipts or payments and item of
income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing
and financing activities of the Company are segregated.
For the purposes of the statement of cash flow, cash and
cash equivalents is net of outstanding bank overdrafts
which are integral part of cash management activities.
In the balance sheet, bank overdrafts are shown within
borrowings in current liabilities.

2.2.6 Non derivative financial instruments

Financial assets and liabilities are recognised when the
Company becomes a party to the contractual provisions of
the instrument. Financial assets and liabilities are initially
measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss) are
added to or deducted from the fair value measured on initial
recognition of financial asset or financial liability.

A Financial assets and financial liabilities -
subsequent measurement

(i) Financial assets at amortised cost

Financial assets are subsequently measured at
amortised cost if these financial assets are held within a
business whose objective is to hold these assets in order
to collect contractual cash flows and the contractual
terms of the financial asset give rise on specified dates
to cash flows that are solely payments of principal and
interest on the principal amount outstanding.

(ii) Financial assets at fair value through other
comprehensive income

Financial assets are measured at fair value through
other comprehensive income if these financial assets
are held within a business model whose objective is
achieved by both collecting contractual cash flows and
selling financial assets and the contractual terms of
the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest

B Derecognition of financial assets

A financial asset is derecognised only when:

a) the entity has transferred the rights to receive cash
flows from the financial assets or

b) retains the contractual right to receive the
cash flows of the financial asset, but assumes a
contractual obligation to pay the cash flows to one or
more recipients.

Where the entity has transferred an asset, the entity
evaluates whether it has transferred substantially all risks
and rewards of ownership of financial assets. In such cases,
financial asset is derecognised.

C Derecognition of financial liabilities

A financial liability is derecognised when the obligation
under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another
from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified,
such an exchange or modification is treated as the
derecognition of the original liability and the recognition
of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit or loss.

D Income recognition
Interest income

Interest income from financial assets at amortised cost is
calculated using the effective interest method is recognised
in the statement of profit and loss as part of other income.

Dividends

Dividends are recognised as other income in profit or loss,
when the right to receive payment is established.

2.2.7 Impairment

Financial assets (other than at fair value)

The entity assesses on a forward looking basis the expected
credit losses associated with its assets carried at amortised
cost. The impairment methodology applied depends on
whether there has been a significant increase in credit risk.
The Company applies simplified approach which requires
lifetime expected loses for all the contracts assets and/or all
trade receivables to be recognised from initial recognition of
the receivable. For all other financial assets, 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.

2.2.8 Property, plant and equipment

Property, plant and equipment (“PPE") are stated at cost of
acquisition less accumulated depreciation and impairment
loss, if any. Cost comprises of the purchase price including
import duties and non-refundable taxes and directly

attributable expenses incurred to bring the asset to the
location and condition necessary for it to be capable of
being operated in the manner intended by management.

Subsequent costs are included in the asset’s carrying
amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits
associated with the item will flow to the Company and the
cost of the item can be measured reliably. The carrying
amount of any component accounted for as a separate
asset is derecognised when replaced. All other repairs
and maintenance are charged to profit or loss during the
reporting period in which they are incurred.

2.2.9 Intangible assets

a) Acquired Intangible Assets

Intangible assets with finite useful lives that are acquired
are initially recognised at cost in case of separately acquired
assets and at fair value in case of acquisition in business
combination. Subsequent to initial recognition, intangible
assets are reported at cost less accumulated amortisation
and impairment loss, if any. Amortisation is recognised on a
straight-line basis over their estimated useful lives.

Amortisation method, estimated useful lives and residual
values are reviewed at the end of each year and adjusted
prospectively where appropriate.

An intangible asset is derecognised on disposal or when
no future economic benefits are expected to arise from
the continued use of the assets. Any gain or loss arising on
derecognition is determined as the difference between the
sales proceeds and the carrying amount of the assets and is
recognised in profit or loss.

b) Internally Developed Intangible Assets -
Computer Software

Development costs that are directly attributable to the
design and testing of identifiable and unique software
products controlled by the Company are recognised as
intangible assets when the following criteria are met:

a) it is technically feasible to complete the software so
that it will be available for use

b) management intends to complete the software and
use or sell it

c) there is ability to use or sell the software

d) it can be demonstrated how the software will generate
probable future economic benefits

e) adequate technical, financial and other resources
to complete the development and to use or sell the
software are available, and

f) the expenditure attributable to the software during
its development can be reliably measured.

Directly attributable costs that are capitalised of the
software include employee costs and an appropriate
portion of relevant overheads.

Capitalised development costs are recorded as intangible
assets and amortised from the point at which the asset is
available for use.

c) Research and Development Costs

Research and development expenditure that do not meet
the criteria in (b) above are recognised as an expenses
as incurred. Development costs previously recognised
as an expense are not recognised as an asset in a
subsequent period.

2.2.10 Borrowings

Borrowings are initially recognised at fair value, net of
transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the
proceeds (net of transaction costs) and the redemption
amount is recognised in profit or loss over the period of
the borrowings using the effective interest method. Fees
paid on the establishment of loan facilities are recognised as
transaction costs of the loan to the extent that it is probable
that some or all of the facility will be drawn down.

2.2.11 Finance Cost

Borrowing costs include exchange differences arising
from foreign currency borrowings to the extent they
are regarded as an adjustment to the interest cost.All
borrowing costs are charged to the Statement of Profit and
Loss for the period for which they are incurred.

2.2.12 Derivatives and hedging activities

Derivatives are only used for economic hedging purposes
and not as a speculative instruments. They are presented
as current assets or liabilities to the extent they are
expected to be settled within 12 months after the end of
the reporting period.

Derivatives are initially recognised at fair value on date a
derivative contract is entered into and are subsequently re¬
measured to their fair value at the end of each reporting
period. The accounting for subsequent changes in fair
value depends on whether the derivative is designated
as a hedging instrument, and if so, the nature of the item
being hedged.

The Company designates certain derivatives as hedges of
a particular risk associated with the cash flows of highly
probable forecast transactions (cash flow hedges).

The Company documents at the inception of the transaction
the relationship between hedging instruments and hedged
items, as well as its risk management objectives and strategy
for undertaking various hedging transactions. The Company
also documents the nature of the risk being hedged and how

the Company will assess whether the hedging relationship
meets the hedge effectiveness requirements (including its
analysis of the sources of hedge ineffectiveness and how it
determines the hedge ratio).

The full fair value of a hedging derivative is classified as a
non-current asset or liability when the remaining maturity
of the hedged item is more than 12 months; it is classified
as a current asset or liability when the remaining maturity
of the hedged item is less than 12 months.

The Company uses forward contracts to hedge forecast
transactions. The Company designates the full fair value of
the forward contract as the hedging instrument.

Cash flow hedges that qualify for hedge accounting

The effective portion of changes in the fair value of
derivatives that are designated and qualify as cash flow
hedges is recognised in other comprehensive income and
accumulated under the heading cash flow hedging reserve.
The gain or loss relating to the ineffective portion is
recognised immediately in the profit or loss, and is included
within other expenses or other income.

Amounts previously recognised in other comprehensive
income and accumulated in equity are reclassified to the
profit or loss in the periods when the hedged item affects
the statement of profit and loss, in the same line as the
recognised hedged item.

Hedge accounting is discontinued when the hedging
instrument expires, or is sold or terminated, or when a
hedge no longer meets the criteria for hedge accounting.
Any gain or loss recognised in other comprehensive income
and accumulated in equity at that time remains in equity and
is recognised when the forecast transaction is ultimately
recognised in the profit or loss. When a forecast transaction
is no longer expected to occur, the gain or loss accumulated
in equity is recognised immediately in the profit or loss.

2.2.13 Offsetting Financial Instruments

Financial assets and liabilities are offset and the net amount
is reported in the balance sheet when there is a legally
enforceable right to offset the recognised amounts and
there is an intention to settle on a net basis, or realise the
asset and settle the liability simultaneously. The legally
enforceable right must not be contingent on future events
and must be enforceable in the normal course of business
and in the event of default, insolvency or bankruptcy of the
Company or the counterparty.

2.2.14 Employee benefits

Compensated Absences

Accumulated compensated absences, which are expected
to be availed or encashed within 12 months from the end
of the year are recognised as undiscounted liability at the
balance sheet date and treated as short term employee
benefits. The obligation towards the same is measured at

the expected cost of accumulating compensated absences
as the additional amount expected to be paid as a result
of the unused entitlement as at the year end. Material
compensated absences which are not expected to occur
within twelve months after the end of the period in which
the employee renders the related services are recognised
as an actuarially determined liability at the present value
of the defined benefit obligation at the balance sheet date.

2.2.15 Segment Reporting

Operating segments are reported in a manner consistent
with the internal reporting provided to the Chief Operating
Decision Maker (“CODM"). The CODM is responsible for
allocating resources and assessing performance of the
operating segments. Chief executive officer (“"CEO"")
is identified as the CODM for the Company. Wherever
relevant, the company will aggregate multiple operating
segments into a single segment if it aligns with Indian
Accounting Standard 108’s core principle, if they share
similar economic characteristics and the segments are
similar in each of the following respects: services provided,
nature of delivery of services, customer types, methods
used to provide their services and regulatory environment,
ensuring consistency in segment reporting.

The Company operates in one reportable segment
i.e. “’’Healthcare””. Refer note 39 for segment
information presented.

2.2.16 Foreign currency translation and transactions

Functional and presentation currency

Items included in the financial statements of the Company
are measured using the currency of the primary economic
environment in which the entity operates (‘the functional
currency’). The financial statements are presented in Indian
currency (^ or ^ or ^), which is the Company’s functional and
presentation currency.

Foreign currency transactions and balances

Foreign currency transactions are translated into the
functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the
translation of monetary assets and liabilities denominated
in foreign currencies at the period end exchange rates are
recognised in profit or loss. They are deferred in equity if
they relate to qualifying cash flow hedges and qualifying
net investment hedges or are attributable to part of the
net investment in a foreign operation. A monetary item for
which settlement is neither planned nor likely to occur in
the foreseeable future is considered as a part of the entity’s
net investment in that foreign operation.

Non-monetary items that are measured at fair value in a
foreign currency are translated using the exchange rates
at the date when the fair value was determined. Translation
differences on assets and liabilities carried at fair value

are reported as part of the fair value gain or loss. For
example, translation differences on non-monetary assets
and liabilities such as equity instruments held at fair value
through profit or loss are recognised in profit or loss as part
of the fair value gain or loss and translation differences on
non-monetary assets such as equity investments classified
as at FVOCI are recognised in other comprehensive income.

2.2.17 Critical accounting judgements and key sources of
estimation uncertainty

The preparation of the financial statements requires
management to make estimates and assumptions that
affect the reported amounts of revenue, expense, assets,
liabilities, equity and disclosures relating to contingent
liabilities on the date of the financial statements. Actual
results could differ from those estimates.

Estimates and underlying assumptions are reviewed on
an ongoing basis. Revision to accounting estimates is
recognised in the period in which the estimate is revised
and in any future period affected.

Key source of estimation uncertainty which may cause
material adjustments:

This note provides an overview of the areas that involved
a higher degree of judgement or complexity, and of items
which are more likely to be materially adjusted due to
estimates and assumptions turning out to be different
than those originally assessed. The areas involving critical
estimates or judgements are:

- Significant judgement on Identification of performance
obligation and recognition of revenue

Other estimates and judgements

- Estimation of defined benefit obligation (note 17)

- Recognition of deferred tax assets (note 21)

- Fair value of share-based payments (note 35)

- Fair value of derivatives (note 15)

- Estimation of provision and contingent liability

- Determination of lease term and discount rate (note 3(b))

Estimates and judgements are continually evaluated.
They are based on historical experience and other factors,
including expectations of future events that may have a
financial impact on the Company and that are believed to
be reasonable under the circumstances.

(i) The Company has set up a trust for welfare of employees and named Inventurus Employees Welfare Foundation which
is controlled by the Company and therefore consolidated in these financial statements. Such trust hold 44,28,309
(March 31, 2024 - 47,70,722) equity shares representing 2.58% (March 31, 2024 - 2.79%) of equity shares in the Company.

(ii) During the year, the Inventurus Employees Welfare Foundation has re-purchased 305,589 shares (March 31,2024 - 4,400 shares)
issued to Company’s employees pursuant to a scheme of stock option.

(iii) As part of the acquisition of Aquity Holding Inc. (“Aquity’''), the Company agreed to discharge certain portion of the consideration
towards selling shareholders who were also part of the Aquity Management (hereinafter referred to as “Management Equity
Holders"), in the form of the Company’s shares to be subscribed by such Management Equity Holders. There are certain
restrictions imposed on these shares on account of which these shares has to be repurchased by the Company during the period
of restriction and hence these were classified as financial liabilities rather than equity share capital. Over the period of three
years from the date of acquisition, these restrictions will be phased out at the end of each year, and shares will be reclassified as
share capital once the restrictions are lifted as part of the deal. During the year, the Company got listed on December 19, 2024
and hence the restrictions on the shares were released as part of the acquisition deal. Thus, these shares were subsequently
classified as equity shares during the year ended March 31, 2025.

b. Rights, preferences and restrictions attached to shares

Equity Shares: The Company has issued only one class of equity shares with each share representing one vote per share held. In
the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of
all preferential amounts, in proportion to their shareholding. None of the holders of equity shares shall be entitled to transfer any
of their shares in the Company in contravention of the term contained in the Article of Association or any shareholders agreement.

c. Shares reserved for issue under options

Information relating to Employee Option Plan, including details of options issued, exercised and lapsed during the financial year
and options outstanding at the end of the reporting period is set out in note 35.

Nature and purpose of other reserves

Share application money pending allotment

Share application money pending allotment represents amount received from employees who have exercised ESOP for which shares
are pending allotment as on Balance Sheet date. The Inventurus Employees Welfare Foundation (Inventurus ESOP Trust) received
amounts from the employees on exercise of options during the year, however the shares had not been issued as on Balance Sheet date.
The Company has shown the amount received on exercise of these shares as Share application money pending allotment.

Securities premium

Securities premium account comprises of the premium on issue of shares. The reserve is utilised in accordance with the specific
provision of the Companies Act, 2013.

Capital Reserve

The Company had a wholly owned subsidiary in Hyderabad, which was incorporated in 2008 and subsequently in the year 2012 merged
with the Company. At the time of merger, the net reserves of the subsidiary were transferred to capital reserve.

Share option outstanding account

Share options outstanding account is used to recognise the grant date fair value of option issued to the employees under Employees
stock option ownership plan 2008, Employees stock option ownership plan 2013, Employees stock option ownership plan 2019 and
Employees stock option ownership plan 2022 as well as the grant date fair value of the option given to the directors under the share
warrants issued as described in note 35.

Capital redemption reserve

As per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares out of free reserves or
securities premium. A sum equal to the nominal value of the shares so purchased is transferred to capital redemption reserve. The
reserve is utilised in accordance with the provisions of section 69 of the Companies Act, 2013.

Cash flow hedging reserve

The cash flow hedging reserve is used to recognise the effective portion of gains or losses on derivatives that are designated and
qualified as cash flow hedges, as described in note 40.

Provident fund - Defined contribution plan

The Company has certain defined contribution plans. Contributions are made to provident fund in India for employees as per
regulations. The contributions are made to registered provident fund administered by the government. The obligation of the
Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense
recognised during the year towards defined contribution plan is ^259.17 Million (March 31, 2024- ^218.81 Millions).

Employee state insurance fund - Defined contribution plan

The Company provides for employee state insurance as per the Employee State Insurance Act, 1948. Employees with gross
salary below ^21,000 are eligible for state insurance fund. Contributions are made to employee state insurance funds in India
for employees as per the regulation. The obligation of the Company is limited to the amount contributed and it has no further
contractual nor any constructive obligation. The expense recognised during the year towards defined contribution plan is ^16.18
Millions (March 31, 2024 - ^15.48 Millions).

Company complies with the Payment of Gratuities Act, 1972 and computes the amount payable towards gratuity accordingly.
The liability is certified by an actuary as on balance sheet date.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at
the end of reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it
is unlikely that the change in assumption would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated
using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the
defined benefit obligation as recognised in the balance sheet.

Risk exposure

Through its defined benefit plan, the Company is exposed to a number of risks, the most significant of which are detailed below:

1. Interest rate risk: A fall in the discount rate which is linked to the Government Security will increase the present value of
the liability requiring higher provision.

2. Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members.
As such, an increase in the salary of the members more than assumed level will increase the plan’s liability.

3. Asset Liability Matching (ALM) Risk: The plan faces the ALM risk as to the matching cash flow. Company has to manage
pay-out based on pay as you go basis from own funds.

4. Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does
not have any longevity risk.

Note 30 - Contingent liabilities

(i) The Company has evaluated the Supreme Court Judgment in case of Vivekananda Vidya Mandir And Others Vs The Regional
Provident Fund Commissioner (II) West Bengal and the related circular (Circular No. C-I/1(33)2019/Vivekananda Vidya
Mandir/284) dated March 20, 2019 issued by the Employees’ Provident Fund Organisation in relation to non-exclusion of
certain allowances from the definition of “basic wages" of the relevant employees for the purposes of determining contribution
to provident fund under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952. Based on the assessment of the
management, the aforesaid matter is not likely to have significant impact in respect of earlier periods.

(ii) Pending litigations in respect of direct taxes may result in a tax incidence of ^0.23 Millions (March 31, 2024 - ^0.23 Millions).
Based on the advice obtained and assessment in favour of the Company in the past on similar matters, management has disclosed
the litigated amount as contingent liability.

(iii) Also refer note 32 of the Financial Statements.

(iv) The Company received a tax order for AY 2022-23 dated March 17, 2025 from the jurisdictional Assessing Officer making certain
transfer pricing adjustments. The company has filed an appeal against the same with the Commissioner of Income Tax Appeals.
The total demand raised is of ^49.10 Million.

Note 32

In the previous years, the Company had received summons from the Directorate of Revenue Intelligence (‘DRI’) alleging that the
Company had claimed and availed export benefits under Service export from India scheme (SEIS) in excess of its eligibility. As a result,
the Company had deposited ^174.05 Million under protest, additionally paid interest and duty amounting to ^87.26 Million and decided
not to claim ^47.81 Million of balance of export benefits, which has been disclosed as an exceptional item of ^309.12 Million in the
statement of profit and loss for the year ended March 31, 2023. Further, the Company received a show cause notice dated December
15, 2024 from Office of the Development Commissioner, Seepz Special Economic Zone. The Company filed a response against the
notice asking for additional information. The Company is awaiting a response on aforesaid matter.

Note 35 - Share based payments

ESOP scheme 2022 was introduced on April 22, 2022 to align the provisions of the ESOP scheme with SEBI guidelines, to add few
additional definitions, to grant Power to the Board/NRC to modify the scheme to the extent not prejudicial to the interest of the
employees, to allow additional disclosures to be made in grant letters etc. and subsumes the previous ESOP schemes (The employee
stock option plan 2008, 2013, 2019, 2022) run by the Company. There are no changes in the terms of options granted under previous
schemes and the same has not been modified and will continue to be guided by the terms mentioned in those respective schemes.

(A) Employee Stock Ownership Plan 2022 (‘the 2022 Plan'')

The Board at their meeting held on April 22, 2022 approved the 2022 Plan, for issue of shares / options to key employees of the
Company and its subsidiaries. The cumulative aggregate number of equity shares issued by the Company under this plan and
existing 2008, 2013 and 2019 Stock Option Plans shall not exceed 2,10,00,000 equity shares (12% of post issuance share capital).

All granted options under the 2022 Plan, will vest and be available to respective employees to exercise into equity shares upon
completion of 12 (10% of granted of options), 24 (15% of granted of options), 36 (25% of granted of options) and 48 (50% of
granted of options) months. All options vested but not exercised as per the scheme will be forfeited.

Note 37 - Financial risk management

The Company’s activities expose it to a variety of financial risks such as market risk, credit risk and liquidity risk. The Company’s overall
risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on
its financial performance. The Company hedges its exposure to foreign currency risk by entering into forward contracts.

The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management
framework. The board of directors has established the Risk Management Committee, which is responsible for developing and
monitoring the Company’s risk management policies. The committee reports to the board of directors on its activities.

The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed periodically
to reflect changes in market conditions and the Company’s activities. The Company, through its training, standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The board of directors monitor compliance with the Company’s risk management policies and procedures, and reviews the adequacy
of the risk management framework in relation to the risks faced by the Company.

(A) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company’s trade and other receivables from customers.

Trade receivables

The Company’s accounts receivables are concentrated in the healthcare industry. However, the Company’s clients typically
are well-established hospitals, medical facilities or major health system companies with good credit histories. Payments from
clients have been received generally within normal time frames for the industry. The management continuously monitors the
credit exposure towards the customers outstanding at the end of each reporting period to determine incurred and expected
credit losses. Given that the macroeconomic indicators affecting customers of the Company have not undergone any substantial
change, the Company expects the historical trend of minimal credit losses to continue.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes mutual funds which are valued
using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the counter derivatives) is
determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is
the case for unlisted equity securities.

Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

For foreign currency forward contracts, fair valuation is done using present value of future cash flows based on the forward exchange
rates at the balance sheet date. They are classified as level 2 in the hierarchy due to the inclusion of observable inputs including
counterparty credit risk.

The carrying amounts of trade and other receivables & payables, cash and cash equivalents, other bank balances, term deposits,
security deposits and other financial liabilities approximate their fair values due to their short term nature, therefore fair value
disclosure for the same has not been given.

Cash & cash equivalents and other bank balances

Cash and cash equivalents are maintained with reputable financial institutions only so as to minimize the associated credit risk.
The Company believes these assets to be of high quality with negligible credit risk hence no provision for expected credit loss
is made.

Other bank balances are held with bank and financial institution counterparties with good credit rating.

Derivatives

The derivatives are entered into with bank and financial institution counterparties with good credit rating.

Other financial assets

Other financial assets are neither past due nor impaired.

The Company is also subject to risk of healthcare sector and geographic concentration as the entire business operation is in the
United states.

(B) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The Company’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 Company’s reputation.

The risk is managed through cash flow forecasts, the optimisation of daily cash management and by ensuring that adequate
borrowing facilities are maintained.

(i) Financing arrangements

The Company also has access to following undrawn borrowing facilities at the end of reporting period in nature of bank
overdraft facilities.

(ii) Currency risk

The Company is exposed to currency risk on account of its operations in USA. The functional currency of the Company is Indian
Rupee. The exchange rate between the Indian rupee and foreign currencies has changed substantially in recent periods and may
continue to fluctuate substantially in the future. Consequently, the Company uses derivative instruments, i.e, foreign exchange
forward contracts to mitigate the risk of changes in foreign currency exchange rates in respect of its highly probable forecasted
transactions and recognized assets and liabilities.

The Company enters into foreign currency forward contracts which are not intended for trading or speculative purposes but for
hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables/
receivables.

The Company also enters into derivative contracts in order to hedge and manage its foreign currency exposures towards future
export earnings. Such derivatives contracts are entered into by the Company for hedging purposes only, and are accordingly
classified as cash flow hedge.

Note 38 - Capital Management
(a) Risk Management

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order
to provide returns for the shareholder and benefits for other stakeholders.

The Company considers total equity i.e. retained profit, other reserves, share capital, share premium of its balance sheet to be
managed as capital. The Company has financing arrangements as described in note 37(B)(i).

The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

e) All the non-current assets of the Company except investments (wholly owned subsidiary located in USA) are
located in India.

Note 40 - Hedge accounting

The Company’s risk management policy is to hedge its estimated net foreign currency exposure in respect of highly probable forecast
sales over the following 12 months at any point in time. The Company uses forward exchange contracts to hedge its currency risk. Such
contracts are generally designated as cash flow hedges. The fair values of all such derivative financial instruments are recognised as
assets or liabilities at the Balance Sheet date.

The forward exchange forward contracts are denominated in the same currency as the highly probable forecast sales, therefore the
hedge ratio is 1:1. Most of these contracts have a maturity of 1-12 months from the reporting date. The Company’s policy is for the
critical terms of the forward exchange contracts to align with the hedged item.

The Company determines the existence of an economic relationship between the hedging instrument and hedged item based on the
currency, amount and timing of their respective cash flows. The Company assesses whether the derivative designated in each hedging
relationship is expected to be and has been effective in offsetting changes in the cash flows of the hedged item using the hypothetical
derivative method.

Note 42 - Additional regulatory information required by schedule III

(i) Details of benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(ii) Borrowing facility secured against current assets

The Company has borrowing facility from banks and financial institutions on the basis of security of current assets. The quarterly
returns or statements of current assets filed by the Company with banks and financial institutions are in agreement with the
books of accounts.

(iii) Wilful defaulter

The Company has never been declared wilful defaulter by any bank or financial institution or other lender.

(iv) Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

(v) Compliance with number of layers of companies

The company has complied with the number of layers prescribed under the Companies Act, 2013, read with the Companies
(Restriction on number of Layers) Rules, 2017.

(vi) Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

(vii) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person or entity, including foreign entities (“Intermediaries") with the understanding (whether
recorded in writing or otherwise) that the Intermediaries shall, whether, directly or indirectly end or invest in other persons /
entities identified in any manner whatsoever by or on behalf of the Company (‘Ultimate Beneficiaries’) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

The Company has not received any fund from any person(s) or entity(ies), including foreign entities (“Funding Pa