p. Provisions (other than for employee benefits)
and contingent liabilities

Provisions are recognised when there is a present
obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation and a reliable estimate can be
made of the amount of the obligation.

The expenses relating to a provision is presented in
the Standalone Statement of Profit and Loss net of
any reimbursement. If the effect of the time value
of money is material, provisions are determined by
discounting the expected future cash flows specific
to the liability. The unwinding of the discount is
recognised as finance cost.

A provision for onerous contracts is measured
at the present value of the lower of the expected
cost of terminating the contract and the expected
net cost of continuing with the contract. Before a
provision is established, the Company recognises
any impairment loss on the assets associated with
that contract.

A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation
that may, but will probably not, require an outflow of
resources. When there is a possible obligation or a
present obligation in respect of which the likelihood
of outflow of resources is remote, no provision is
made.

A contingent asset is not recognised but disclosed
in the Company''s Standalone Financial Statements
where an inflow of economic benefit is probable.

Provisions, contingent assets, contingent liabilities
and commitments are reviewed at each reporting
date.

q. Segment reporting

An operating segment is a component of the
Company that engages in business activities
from which it earn revenues and incur expenses,
whose operating results are regularly reviewed
by the Company''s Chief Operating Decision Maker
("CODM") to make decisions for which discrete
financial information is available. The Company''s
chief operating decision maker is the Board of
Directors.

r. Cash dividend

The Company recognises a liability to make cash
distributions to equity holders when the distribution
is authorised and the distribution is no longer at the
discretion of the Company. As per the corporate
laws in India, a distribution is authorised when it is
approved by the shareholders (in the case of interim
dividend it is approved by Board of Directors). A
corresponding amount is recognised directly in
equity.

s. Recent pronouncement on Indian Accounting
Standards (Ind AS):

The Company applied for the first-time certain
standards and amendments, which are effective for
annual periods beginning on or after April 01, 2025.
The Company has not early adopted any standard,
interpretation or amendment that has been issued
but is not yet effective.

(i) Amendments to Ind AS 21 - Lack of exchangeability
The Ministry of Corporate Affairs (MCA) notified
the Companies (Indian Accounting Standards)
Amendment Rules, 2025, which amend Ind AS
21, The Effects of Changes in Foreign Exchange
Rates to specify how an entity should assess
whether a currency is exchangeable and how
it should determine a spot exchange rate when
exchangeability is lacking. The amendments also
require disclosure of information that enables
users of its financial statements to understand
how the currency not being exchangeable
into the other currency affects, or is expected
to affect, the entity''s financial performance,
financial position and cash flows.

The amendments are effective for annual
reporting periods beginning on or after April 01,
2025. When applying the amendments, an entity
cannot restate comparative information.

The amendments do not have a material
impact on the Company''s Standalone Financial
Statements.

(ii) Amendments to Ind AS 1 - Classification of
Liabilities as Current or Non-current and Non¬
current Liabilities with Covenants

In August 2025, the MCA notified amendments
to paragraphs 69 to 76 of Ind AS 1 to specify the
requirements for classifying liabilities as current
or non-current. The amendments clarify:

• What is meant by a right to defer settlement.

• That a right to defer must exist at the end of
the reporting period.

• That classification is unaffected by the
likelihood that an entity will exercise its
deferral right.

• That only if an embedded derivative in
a convertible liability is itself an equity
instrument would the terms of a liability not
impact its classification.

In addition, a requirement has been introduced
to require disclosure when a liability arising from
a loan agreement is classified as non-current
and the entity''s right to defer settlement is
contingent on compliance with future covenants
within twelve months.

If there is a breach of a material covenant of a
long term loan arrangement on or before the
end of the reporting period, resulting in the
liability becoming payable on demand as at
the reporting date, and the lender agree after
the reporting period but before the financial
statements are approved for issue not to
demand repayment for at least 12 months as a
consequence of the breach, this shall be treated
as an adjusting event. Accordingly, the entity is
not required to classify the liability as current.

The amendments are effective for annual
reporting periods beginning on or after April 01,
2025 retrospectively in accordance with Ind AS 8.

The amendments have not had an impact on the
classification of Company''s liabilities.

(iii) Amendments to Ind AS 7 and Ind AS 107 -
Supplier Finance Arrangements

In August 2025, the MCA notified amendments
to Ind AS 7 "Statement of Cash Flows" and Ind
AS 107 "Financial Instruments": Disclosures
to clarify the characteristics of supplier
finance arrangements and require additional
disclosure of such arrangements. The disclosure
requirements in the amendments are intended
to assist users of financial statements in
understanding the effects of supplier finance
arrangements on an entity''s liabilities, cash
flows and exposure to liquidity risk.

The Company has reviewed the amendment and
based on its evaluation has determined that it
does not have any significant impact on the
Standalone Financial Statements.

(iv) International Tax Reform-Pillar Two Model
Rules - Amendments to Ind AS 12

In August 2025, the MCA notified amendments
to Ind AS 12 Income Taxes in response to the
OECD''s BEPS Pillar Two rules and include:

• A mandatory temporary exception to the
recognition and disclosure of deferred taxes
arising from the jurisdictional implementation
of the Pillar Two model rules; and

• Disclosure requirements for affected entities
to help users of the financial statements
better understand an entity''s exposure to

Pillar Two income taxes arising from that
legislation, particularly before its effective
date.

The mandatory temporary exception - the
use of which is required to be disclosed -
applies immediately. The remaining disclosure
requirements apply for annual reporting periods
beginning on or after April 01, 2025, but not for
any interim periods ending on or before March
31, 2026.

The amendments had no impact on the
Company''s Standalone Financial Statements as
the Company is not in scope of the Pillar Two
model rules.

:. Investment in subsidiaries

Investments in subsidiaries are carried at cost less
accumulated impairment losses, if any. Where
an indication of impairment exists, the carrying
amount of the investment is assessed. Where the
carrying amount of an investment is greater than
its estimated recoverable amount, it is written
down immediately to its recoverable amount and
the difference is transferred to the Standalone
Statement of Profit and Loss. On disposal of
investment, the difference between the net disposal
proceeds and the carrying amount is charged or
credited to the Standalone Statement of Profit
and Loss.

D. Amount recognised in Standalone Statement of Profit and Loss

The Company has applied weighted average incremental borrowing rate of 9% per annum for lease
liabilities recognised in the Standalone Balance Sheet. The Company does not face a significant liquidity
risk with regards to its lease liability as the current assets are sufficient to meet the obligations related to
lease liabilities as and when they falls due. The following are the amounts recognised in the Standalone
Statement of Profit and Loss:

Also refer note 32 for disclosure relating to fair values and financial risk management.

(a) The Company has acquired 2,400 shares representing 60% shares of Mayfair We Care Ltd having its
principle place of business in United Kingdom on November 25, 2022 for a purchase consideration of
Rs. 128.64 million. Under the terms of the Sale and Purchase Agreement ("SPA"), the sellers have the
right to exercise a put option that would require the Company to purchase the seller''s remaining 40%
ownership interest. The terms of the SPA also includes a reciprocal call option, which would require
the sellers to sell their 40% ownership interest to the Company. The fair value of option contracts on
initial recognition amounting to Rs. 15.22 million has been adjusted from the cost of investments.
The option contracts are subsequently carried at fair value through Standalone Statement of Profit or
Loss.

# The Company designated these investments as equity instruments at FVOCI because the Company
intends to hold these equity securities for the long-term for strategic purposes.

* The above includes bank deposits amounting to Rs. Nil (March 31, 2025: Rs 87.16 million) placed with
bankers against which bank guarantees have been issued to customers and lien against corporate credit
cards.

** Balance with self-funded schemes represent funds received from corporates for the purpose of providing
health benefit services to their employees.

^A Deposits with original maturity of more than twelve months and remaining maturity of less than twelve
months have been disclosed under bank balances other than cash and cash equivalents.

^A These other receivable pertaining to amount receivable from plan sponsors under self-funded schemes
where the Company is acting solely as a self-funded scheme administrator or network facilitator
and is not an insurer, fiduciary, or guarantor of benefit payments under any self-funded health plan
utilizing this network. The Company does not have any obligation to pay the Provider (Hospitals) for
services rendered, and any such payments are the sole responsibility of the applicable Plan Sponsor
(Employer or Health Benefit Plan) and the Company shall not be held liable in the event of nonpayment,
underpayment, or delayed payment resulting from insufficient or unavailable funds from the Plan Sponsor.

Based on the contractual arrangements and the Company''s role as a facilitator without payment
obligations, the amounts are appropriately classified as "Other Receivables" representing the Company''s
intermediary position in collecting and remitting funds between plan sponsors and healthcare providers.

The Company has a legally enforceable right to set off receivables from Plan Sponsors against corresponding
payables to healthcare providers under the contractual arrangements; however, such balances of Rs. 136.00
million were presented gross as at March 31, 2025. As at March 31, 2026, such balances have been set off
in the books, as the Company acts only in an intermediary capacity and does not control or have beneficial
interest in such restricted funds.

And also the Board of Directors of the Company at its meeting held on August 07, 2025 approved the issuance
of equity shares by way of preferential allotment and constitution of Fund Raising Committee. The same was
subsequently approved by the Shareholders of the Company at the Extraordinary General Meeting of the
Company (''EGM'') held on September 04, 2025. Pursuant to the above approvals, on October 10, 2025, Fund
Raise Committee allotted 37,01,000 (Thirty Seven Lakh and One Thousand) fully paid-up equity shares of face
value Rs. 5 each at a price of Rs. 535 per share (including a share premium of Rs. 530 per share), for an aggregate
consideration of Rs. 1,98,00,35,000 (Rupees One Hundred Ninety-Eight Crore and Thirty-Five Thousand only).
The equity shares were allotted on a private placement basis to identified investors as per the details set forth
below:

b) Terms/rights attached to equity shares:

The Company has single class of equity shares having a par value of Rs. 5 each. Each holder of equity shares is
entitled to one vote per share. Voting rights cannot be exercised in respect of shares on which any call or other
sum presently payable has not been paid. Failure to pay any amount called up on shares may lead to forfeiture
of shares.

The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing
annual general meeting, except in case of interim dividend.

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

f) The Company has not bought back any class of equity shares during the period of five years immediately
preceding the balance sheet date.

g) The Company has not allotted any fully paid-up equity share by way of bonus shares, or in pursuant to contract
without payment being received in cash nor has bought back any class of equity shares during the period of five
years immediately preceding the balance sheet date.

*Proposed dividends on equity shares are subject to approval at the annual general meeting and are not
recognised as a liability.

@ During the FY 2024-25, the Company has paid final dividend of FY 2023-24 at the rate of 80 [i.e. Rs.4/- (Rupees
Four only)] per Equity Share of face value of Rs. 5/- (Rupees Five Only).

# On May 09, 2026, the Company has proposed final dividend for the FY 2025-26 in its Board of Directors Meeting
at the rate of 40.00% [i.e. Rs.2.00/- (Rupees Two rupee only)] per Equity Share of face value of Rs. 5/- (Rupees
Five Only).

Nature and purpose of reserves(i) Employee stock option reserve

The employee stock option outstanding account is used to recognise grant date fair value of the options
issued to the employees under the Company''s stock option plan. For further details. Refer note 31 for
employee stock option scheme details.

(ii) Securities premium

Securities premium is used to record premium received on issue of shares. The reserve is utilized in
accordance with the provision of Companies Act, 2013.

(iii) General reserve

The balance in general reserve has arisen on account of transfer of debenture redemption reserve.

(iv) Demerger deficit balance

The reserve arising on account of demerger of consumer health business division during 2019-20 as per
Sections 230 to 232 and Section 66 of the Companies Act, 2013.

(v) Other equity

Preference shares and debentures were initially recognised as financial liability in accordance with the
nature of the instrument at fair value. The difference between fair value and transaction price was accounted
under other equity.

(vi) Retained earnings

Retained earnings are the profits that the Company has earned till date less dividends or other distributions
to shareholders. Retained earnings includes re-measurement loss/(gain) on defined benefit plans, net of
taxes that will not be reclassified to Standalone Statement of Profit and Loss. Retained earnings is a free
reserve available to the Company.

(vii) Contribution from selling shareholders

During the year ended March 31,2024, the Board has announced an Employee Incentive Plan (EIP) to reward
the efforts and contribution of certain eligible employees of the of the Company and one of its subsidiaries
upon successful completion of its Offer For Sale (OFS) - Initial Public Offer (IPO). The incentive payable
under the plan is approved by Nomination and Remuneration Committee on its meeting dated November
30, 2023. Certain shareholders of the Holding Company has agreed to pay the incentive announced by the
Management, in proportionate to the equity shares sold by them through the proceeds of OFS IPO which is
estimated at Rs. 210.00 million, subject to the condition that the eligible employee is in active employment
with the Group on successful completion of Initial Public Offer (IPO) or on the actual payout as per EIP.

The award incentive is recognised at cost, initially measured on the basis of mostly likely outcome of the
condition of the plan i.e. successful completion of Initial Public Offer (IPO) at the time of filing UDRHP RHP.
The estimate is subsequently remeasured by the management till successful completion of IPO and actual
payout. The expense is recognised in Standalone Statement of Profit and Loss on approval of the plan and
the corresponding and the proposed settlement by the shareholders is reflected in other component of
equity as contribution from shareholders.

This Plan shall automatically terminate lapse in the event that the IPO of the Company is not successfully
completed prior to June 30, 2024 or the date on which the board of directors of the Company decides not
to undertake the IPO, whichever is earlier."

(viii) Equity instruments through other comprehensive income

The Company has elected to recognise the changes in fair value of certain investments in equity securities
in Other Comprehensive Income. These changes are accumulated within equity instruments through OCI
within equity. The Company transfers amount to retained earnings when the relevant equity securities are
de-recognised.

During the previous financial year, the Company had availed a term loan from a bank, carrying an interest rate
of 9.10% per annum. Interest on the said borrowing was payable on a monthly basis, and the principal amount
was repayable in quarterly installments.

During the current financial year, the Company has fully repaid the aforesaid term loan, including all accrued
interest using proceeds from preferential allottment, in accordance with the agreed terms.

* Refer note 42 for payables to related parties and refer note 32 for disclosure relating to fair values and
financial risk management.

^AThese other payable pertaining to amount payable to hospitals under self-funded schemes where the
Company is acting solely as a self-funded scheme administrator or network facilitator and is not an insurer,
fiduciary, or guarantor of benefit payments under any self-funded health plan utilizing this network. The
Company does not have any obligation to pay the Provider (Hospitals) for services rendered, and any such
payments are the sole responsibility of the applicable Plan Sponsor (Employer or Health Benefit Plan) and
the Company shall not be held liable in the event of non-payment, underpayment, or delayed payment
resulting from insufficient or unavailable funds from the Plan Sponsor.

Based on the contractual arrangements and the Company''s role as a facilitator without payment obligations,
the amounts are appropriately classified as "Other Payables" representing the Company''s intermediary
position in collecting and remitting funds between plan sponsors and healthcare providers.

The Company has a legally enforceable right to set off corresponding receivables and payables under these
arrangements; however, such balances of Rs. 197.94 million were presented gross as at March 31, 2025. As at
March 31, 2026, such balances have been set off in the books, as the Company acts only in an intermediary
capacity without control or beneficial ownership over such restricted funds.

(A) Disaggregated revenue information

In the following table, revenues from contracts with customers is disaggregated by major service lines and timing
of transfer of goods and services. The Company believes that this disaggregation best depicts how the nature,
amount, timing and uncertainty of their revenues and cashflows are effected by industry, market and other
economic factors:

Also refer note 7(c) for details of put and call options relating to non-controlling interests in Mayfair We Care

Ltd.

(a) The Payment of Bonus (Amendment) Act, 2015 was notified by the Government of India with retrospective
effect from April 01,2014. The Hon''ble High Court of Karnataka based on the writ petition no. 5272/2016 and
5311/ 2016, has vide its order dated February 02, 2016, stayed the operation of the said notification for the
FY 2014-15. The obligation to pay the bonus for the FY 2014-15 will arise only if the High Court disposes off
the writ petition in favour of the Government. Hence, the management has taken a view and an amount of
Rs 0.44 million which is the approximate statutory bonus liability for the eligible employees in respect of FY
2014-15, has been considered as contingent liability.

(b) The Company had filed a statement of claim before the Arbitration Centre, Bangalore comprising a Sole
Arbitrator on March 30, 2023 against an ex-employee of the Company ("Respondent") for breach of
confidentiality and other violations ("Arbitration Case"). The Respondent filed a counter claim of Rs 8.50
million against the Company towards employee stock options/vesting of shares and compensation.
Consequently, the Sole Arbitrator passed an order dated December 29, 2023 ("Interim Arbitral Order")
restraining the Company from making any changes or alterations in its share holding pattern and listing
the shares of the Company before stock exchanges pending disposal of the Arbitration Case. Company filed
an appeal before The City Civil and Sessions Court, Bangalore (''Court") seeking stay on the Interim Arbitral
Order and also deposited Rs 8.50 million as deposit for the appeal ("Appeal Case"). The said Arbitral Order
was stayed by the Court pursuant to its order dated January 05, 2024 pending disposal of Appeal Case.
The Arbitration Case has now been amicably settled between the parties and a final Compromise Arbitral
Award dated March 14, 2025 was passed by the Sole Arbitrator effectively disposing of the Arbitration Case.

In view of the amicable settlement of the Arbitration Case, the Appeal Case has also been disposed of
pursuant to a joint memo for withdrawal dated March 26, 2025 filed by the parties before the Court and
a final order dated March 26, 2025 was passed by the Court disposing of the Appeal Case with a direction
to refund Rs 8.50 million to the Company, which has been realised during the year ended March 31, 2026."

(c) In respect of the contingent liabilities set out above, pending resolution of the respective proceedings, it is
not practicable for the Company to estimate the timing of cash outflows, if any.

and are recognised as expense in the Standalone Statement of Profit and Loss during the period in which the
employee renders the related service. There are no further obligations other than the contributions payable to
the approved trusts/ appropriate authorities.

The amount recognised as an expense towards contribution to defined contribution plans for the Company for
the year aggregated to Rs. 6.61 million (March 31, 2025: Rs. 1.97 million).

b) Defined benefit plans:

The Company has a defined benefit gratuity plan governed by the Payment of Gratuity Act, 1972. The plan
entitles an employee who has rendered at least five years of continuous service to receive 15 days salary for
every completed year of service or part thereof in excess of six months based on the rate of last drawn salary
(basic plus dearness allowance) by the employee concerned. The Company''s liability is actuarially determined
(using the Projected Unit Credit method) at the end of each year. Actuarial gains/ (losses) are recognised under
other comprehensive income in the Standalone Statement of Profit and Loss.

31 Employee share based payment
2013 plan

The Company had introduced Employee Stock Option Scheme 2013 (" ESOS 2013") with effect from October 1,
2013 to enable the employees of the Company to participate in the future growth and success of the Company.
ESOS 2013 is operated at the discretion of the Board of directors.

These options which confer a right but not an obligation on the employee to apply for equity shares of the
Company once the terms and conditions set forth in the ESOS 2013 and the option agreement have been met.
Vesting of options would be subject to continued employment with the Company and meeting the requisite
performance parameters.

vi. Description of Risk Exposures:

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such, the

Company is exposed to various risks as follows -

a) Salary increases - Actual salary increases will increase the Plan''s liability. Increase in salary increase rate
assumption in future valuations will also increase the liability.

b) Investment risk - If plan is funded then assets liabilities mismatch and actual investment return on assets
lower than the discount rate assumed at the last valuation date can impact the liability.

c) Discount rate - Reduction in discount rate in subsequent valuations can increase the plan''s liability.

d) Mortality - Actual deaths & disability cases proving lower or higher than assumed in the valuation can
impact the liabilities.

e) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of
withdrawal rates at subsequent valuations can impact Plan''s liability."

Modification of Employee Stock Option Scheme

The Company had made capital restructuring by way of right issues to existing shareholder on March 21, 2017.
In accordance with the ESOS 2013 scheme, non-discretionary anti-dilution provisions exists, resulting in terms
of modification of the scheme, there by additional options have been given to option grantees by the Company.
Due to existence of non-discretionary provision, this has not resulted in any incremental share based payment
expense reason being the fair value of the options immediately before and after the rights issue were the
same.

A one percentage change in the unobservable inputs used in the fair valuation of level 3 assets does not have a
significant impact in the fair value of the financial instrument.

C. Financial risk management
Risk management framework

The Company''s management has overall responsibility for the establishment and oversight of the risk
management framework.

The Company''s management monitors compliance with the risk management policies and procedures, and
reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The
management is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad-hoc
reviews of risk management controls and procedures, the results of which are reported to the management.

The Company''s principal financial liabilities comprise of leases, trade and other payables. The main purpose of
these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include
investments, trade and other receivables, cash and cash equivalents, other bank balances and security deposits
that are out of regular business operations.

The Company has exposure to the following risks arising from financial instruments:

• Market risk;

• Credit risk; and

• Liquidity risk

(i) Market risk

Market risk is the risk that changes in market prices - such as interest rates, equity prices - will affect
the Company''s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising
the return. Material investments within the portfolio are managed on an individual basis and all buy and sell
decisions are approved by the appropriate authority.

Equity price risk

The Company''s investment in listed and unlisted equity securities are susceptible to market price risk arising
from uncertainties about the future value of investment in these securities. The Company manages these
price risks through strategic investments and placing limits on individual investments. The investments
reports are submitted to the senior management and the Board reviews and approves these investment
decisions.

Exposure in mutual funds

The Company manages the surplus funds majorly through investments in mutual fund schemes. The price
of investment in these mutual fund schemes is reflected though Net Asset Value (NAV) declared by the Asset
Management Company on daily basis as reflected by the movement in the NAV of invested schemes. The
Company is exposed to price risk on such Investments. The investments reports are submitted to the senior
management and the Board reviews and approves these investment decisions.

Interest rate risk

The Company has no borrowings and there is no significant exposure to interest rate risk.

(ii) 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 receivables from customers.
The carrying amount of following financial assets represents the maximum credit exposure:

a. Trade receivables

b. Unbilled receivables

c. Cash and bank balances

d. Other receivables

e. Loans receivables

f. Other financial assets

Trade receivables and unbilled receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
Credit risk is managed through credit approvals and continuously monitoring the creditworthiness of
customers to which the Company grants credit terms in the normal course of business.

The Company individually monitors the sanctioned credit limits as against the outstanding balances.
Accordingly, the Company makes specific provisions against such trade receivables wherever required and
monitors the same at periodic intervals.

Management assessment of recoverability of trade receivables and unbilled receivables

Trade receivables and unbilled receivables forms a significant part of the financial assets carried at amortised
cost. The Company has performed detailed customer wise specific assessment of recoverability of the trade
receivables and unbilled receivables and has accordingly recognised the Impairment loss. Further, the
Company is closely monitoring the developments across various business lines. Basis the aforesaid detailed
assessment made by Management, provision made towards trade receivables and unbilled receivables is
considered adequate.

Cash and cash equivalents and other bank balances

The cash and cash equivalents and other bank balances are held with banks and financial institutions
counterparties with good credit rating.

Other receivables

These represents mainly other receivables and security deposits given towards office premises taken on
lease under contractual arrangement and earnest money deposits for participation in tender.

Loans receivables

These represents loan receivable from Medi Assist Insurance TPA Private Limited, wholly owned subsidiary
which were extended to support its working capital requirements.

Other financial assets

The Company has performed detailed party wise specific assessment of recoverability of the other financial
assets and has accordingly recognised the impairment loss. Further, the Company is closely monitoring the
developments across various business lines. Basis the aforesaid detailed assessment made by management,
provision made towards other financial assets is considered adequate.

(iii) 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.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The
amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of
netting agreements:

33. Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital
management is to safeguard the Company''s ability to remain as a going concern and maximise the shareholder''s
value. The Company manages its capital structure and makes adjustments in light of changes in economic
conditions, annual operating plans and long-term and other strategic investment plans. In order to maintain or
adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital
to shareholders or issue new shares. The current capital structure of the Company is equity based with financing
through borrowings and leasing. The Company is not subject to externally imposed capital requirements.

No changes were made in the objectives, policies or processes for managing capital during the year ended March
31, 2026 and March 31, 2025.

41 Segment reporting

(a) The Company is primarily engaged in the business of Health Benefits Administration and related services, The
Chief Operating Decision Maker (CODM) reviews these activities under the context of Ind AS 108 "Operating
Segments" as one single operating segment to evaluate the overall performance of the Company.

(b) Information about major customers (external customers):

(i) For the year ended March 31, 2026, revenue from contract with customers of one customer of the
Company represented approximately 81% of the Company''s revenue from contracts with customers.

(ii) For the year ended March 31, 2025, revenue from contract with customers of one customer of the
Company represented approximately 84% of the Company''s revenue from contracts with customers.

42. Related party disclosures

In compliance with Ind AS 24 - "Related Party Disclosures", as notified under Rule 3 of the Companies (Indian
Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 the
required disclosures are given below:

43 Micro, small and medium enterprises

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated August 26, 2008
which recommends that the Micro Enterprises and Small Enterprises should mention in their correspondence
with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum
in accordance with the ''Micro, Small and Medium Enterprises Development Act, 2006 (''the Act''). Accordingly,
the disclosure in respect of the amounts payable to such enterprises as at March 31, 2026 and March 31, 2025
has been made in the Standalone Financial Statements based on information received and available with the
Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance
with the provisions of the Act is not expected to be material. The Company has the following dues to micro
enterprises and small enterprises as at March 31, 2026 and March 31, 2025.

44 The Company has long-term contracts including derivative contracts for which there are no material
foreseeable losses.

45 Additional Regulatory Information required under 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 secured against current assets

The Company has no borrowings from financial institutions on the basis of security of current assets.

(iii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government or
any government authority.

(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 clause (87) of section 2 of the Act
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 approved scheme of arrangement which has an accounting impact
in current or previous financial year.

(vii) Utilisation of borrowed funds and share premium

I The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies),
including foreign entities (Intermediaries) with the understanding that the Intermediary shall: a) directly
or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on

*Refer note 48 for total purchase consideration paid.

II The Company has not received any fund from any person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company
shall: a) directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or b) provide any guarantee,
security or the like on behalf of the ultimate beneficiaries except as mentioned below:

(viii) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax
assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(ix) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto-currency or virtual currency during the current or previous
year.

(x) Valuation of property, plant and equipment, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or
intangible assets or both during the current or previous year. The Company does not have investment
property.

(xi) Registration of charges or satisfaction with Registrar of Companies

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies
beyond the statutory period.

46. Exceptional item

Effective November 21, 2025, the Government of India consolidated 29 existing labour regulations into four
Labour codes, namely, The Code on Wages, 2019, The Industrial Relations Code, 2020, The Code on Social
Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, collectively referred to
as the ''New Labour Codes''. The New Labour Codes has resulted in material increase in provision for employee
benefits on account of recognition of past service costs.

Based on the requirements of New Labour Codes, internal management assessment, actuary report and the
best information available, accounting standards and in line with ICAI guidance, the Company has assessed and
accounted the estimated incremental impact of Rs. 0.52 million as Exceptional Item in the Standalone Financial
Statements for the year ended March 31, 2026. Upon notification of the related Rules to the New Labour Codes
by the Government and any further clarification from the Government on other aspects of the New Labour
Codes, the Company will evaluate and record additional accounting impact if any, in subsequent periods as
needed.

47. During the previous year on December 18, 2024, the subsidiary and step-down subsidiary of the Company viz,
Medi Assist Insurance TPA Private Limited and Raksha Health Insurance TPA Private Limited received final approval
for the scheme of amalgamation between Medi Assist Insurance TPA Private Limited ("Transferee Company")
and Raksha Health Insurance TPA Private Limited ("Transferor Company") vide order dated November 20, 2024
from the Regional Director, Ministry of Corporate Affairs, Hyderabad. The appointed date of the said scheme of
amalgamation is April 01, 2024. The amalgamation did not have any impact on the audited standalone financial
statements for the year ended March 31, 2025.

48. On August 26, 2024, Medi Assist Insurance TPA Private Limited ("Transferee Company"/"MAITPA"), the wholly
owned subsidiary of the Company had entered into Share Purchase Agreement ("SPA") with Paramount Health
Services and Insurance TPA Private Limited ("Transferor Company"/"Paramount TPA") and the Shareholders of
the Transferor Company, to purchase 100% equity shares of Transferor Company at a total enterprise value of
Rs. 3,118.00 million (Rupees three thousand one hundred eighteen million only) (subject to closing adjustments)
which is subject to fulfilment of conditions precedent as defined in the SPA. Regulatory approval from Insurance
Regulatory and Development Authority of India (IRDAI) was received on May 31, 2025.

On July 01, 2025, MAITPA has completed acquisition of 100% equity stake in Paramount TPA upon payment of
the purchase consideration of Rs. 4,124.40 million after closing adjustments as per share purchase agreement,
and the share transfer was duly executed. Consequently, Paramount Health Services and Insurance TPA Private
Limited became a wholly-owned subsidiary of MAITPA and step-down subsidiary of the Company.

49. During the financial year ended March 31,2025, pursuant to an application filed by the Company on October 13,
2024, the Company has received an Order from the Regional Director (South East Region), Ministry of Corporate
Affairs dated December 02, 2024, which approved the shifting of the Company''s Registered office from the
"State of Karnataka" to the "State of Maharshtra".

50. During the financial year ended March 31, 2026, on April 04, 2025, the Enforcement Directorate (the "ED")
conducted a search and seizure operation at certain offices of Medi Assist Insurance TPA Private Limited
("MAITPA"), a wholly owned subsidiary of the Company, located in Ranchi, Jharkhand. MAITPA is one of the third-
party administrators (TPAs) engaged in administering the Ayushman Bharat-linked health scheme in the state of
Jharkhand.

MAITPA has fully co-operated with the officials during the proceedings and responded to the clarifications and
details sought by them.

As on the date of issuance of these Standalone Financial Statements, MAITPA has not received any
communication from the ED regarding the outcome of the search. The Management, after considering all
available records and facts known to it, is of the view that there is no adverse impact on the Company, and
no adjustment is required in these Standalone Financial Statements for the financial year ended March 31,
2026 in this regard.

51. During the year ended March 31, 2026, Paramount Health Services and Insurance TPA Private Limited
("Paramount TPA"), a material step-down subsidiary of the Company, experienced a cyber-security incident that
impacted certain systems and services. The incident was fully contained at the Paramount TPA level and did not
affect the Company or any of its other subsidiaries. The Company had reported to and intimated the relevant
authorities including the stock exchanges of this event.

Pursuant to the above, Paramount TPA undertook certain security and business continuity measures including
engaging external experts to support system restoration, cyber-forensic activities, etc.

Additionally, Paramount TPA has lodged an insurance claim under its cyber-insurance policy for recovery of the
eligible costs incurred towards the above incident. The Management, after considering all available information
believes no additional adjustments are considered necessary in the Standalone Financial Statements for the
year ended March 31, 2026.

52. During the year ended March 31, 2026, Medi Assist Insurance TPA Private Limited (''MAITPA'') - wholly owned
subsidiary of the Company and Paramount Health Services & Insurance TPA Private Limited (''Paramount TPA'') - a
step down subsidiary of the Company in their respective meeting(s) held on December 29, 2025, had considered
and approved the Scheme of Amalgamation/ merger of Paramount TPA with MAITPA under the provisions of
Section 233 of the Companies Act, 2013 and the rules made thereunder.

Subsequently, the Board of Directors of MAITPA and Paramount TPA, at the respective meetings held on
February 06, 2026, have approved the withdrawal of the aforementioned merger, and in place of the above,
noted and approved the transfer of the TPA business of Paramount TPA w.e.f February 01,2026, to MAITPA,
by way of a Business Transfer Agreement (''BTA''), the BTA constituted transfer of all assets and liabilities
relating to the TPA business except for certain balances including treasury assets by way of slump transfer
for nil consideration.

Further the Company, has considered and approved a Scheme of Merger by Absorption of Paramount TPA
("Transferor Company") with the Company ("Transferee Company") and their respective shareholders and
creditors, pursuant to the provisions of Sections 230 to 232 and other applicable provisions of the Companies
Act, 2013 ("Scheme"), subject to receipt of requisite statutory, regulatory and other approvals, as applicable.

53. During the year ended March 31, 2026, the Boards of Directors of International Healthcare Management
Services Private Limited - wholly owned subsidiary of the Company ("IHMS" or the Transferor Company)
and Mayfair Consultancy Services India Private Limited wholly owned subsidiary of the Company ("MCSI" or
the Transferee Company), at their respective meetings held on February 06, 2026, have approved a Scheme
of Amalgamation of IHMS with MCSI, in accordance with the provisions of Section 233 of the Companies
Act, 2013 and the rules made thereunder. The appointed date of the said scheme of amalgamation is
April 01, 2025.

54. Quarterly statements

The company have filed quarterly returns or statements with the banks according to the sanctioned working
capital facilities, which were in agreement with books of accounts, other than those mentioned below:

p. Provisions (other than for employee
benefits) and contingent liabilities

Provisions are recognised when there is a present
obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation and a reliable estimate can be
made of the amount of the obligation.

The expenses relating to a provision is presented in
the standalone statement of profit and loss net of any
reimbursement.

If the effect of the time value of money is material,
provisions are determined by discounting the
expected future cash flows specific to the liability. The
unwinding of the discount is recognised as finance
cost.

A provision for onerous contracts is measured at the
present value of the lower of the expected cost of
terminating the contract and the expected net cost
of continuing with the contract. Before a provision is
established, the Company recognises any impairment
loss on the assets associated with that contract.

A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation
that may, but will probably not, require an outflow of
resources. When there is a possible obligation or a
present obligation in respect of which the likelihood of
outflow of resources is remote, no provision is made.

A contingent asset is not recognised but disclosed in
the Company''s standalone financial statements where
an inflow of economic benefit is probable.

Provisions, contingent assets, contingent liabilities and
commitments are reviewed at each reporting date.

q. Segment reporting

An operating segment is a component of the Company
that engages in business activities from which it
earn revenues and incur expenses, whose operating
results are regularly reviewed by the Company''s Chief
Operating Decision Maker ("CODM") to make decisions
for which discrete financial information is available.
The Company''s chief operating decision maker is the
Board of Directors.

r. Cash dividend

The Company recognises a liability to make cash
distributions to equity holders when the distribution
is authorised and the distribution is no longer at the
discretion of the Company. As per the corporate laws in

India, a distribution is authorised when it is approved
by the shareholders (in the case of interim dividend it
is approved by Board of Directors). A corresponding
amount is recognised directly in equity.

s. Recent pronouncement on Indian
Accounting Standards (Ind AS):

Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules
as issued from time to time. For the year ended March
31, 2025, MCA has notified Ind AS - 117 Insurance
Contracts and amendments to Ind AS 116 - Leases,
relating to sale and leaseback transactions, applicable
to the Company w.e.f. April 1, 2024. The Company has
reviewed the new pronouncements and based on its

evaluation has determined that it does not have any
significant impact in its financial statements.

t. Investment in subsidiaries

Investments in subsidiaries are carried at cost less
accumulated impairment losses, if any. Where an
indication of impairment exists, the carrying amount
of the investment is assessed. Where the carrying
amount of an investment is greater than its estimated
recoverable amount, it is written down immediately
to its recoverable amount and the difference is
transferred to the standalone statement of Profit
and Loss. On disposal of investment, the difference
between the net disposal proceeds and the carrying
amount is charged or credited to the standalone
statement of Profit and Loss.

During the previous year, the Company has completed an Initial Public Offer ("IPO") by way of offer for sale of
28,028,168 Equity Shares of face value of '' 5/-each of the Company by certain selling shareholders for at an issue
price of '' 418/-per equity share aggregating to '' 11,715.77 million. The Equity shares of the Company were listed
on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on 23 January 2024.

b) Terms/rights attached to equity shares

The Company has single class of equity shares having a par value of '' 5 each. Each holder of equity shares is
entitled to one vote per share. Voting rights cannot be exercised in respect of shares on which any call or other
sum presently payable has not been paid. Failure to pay any amount called up on shares may lead to forfeiture
of shares.

The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing
annual general meeting, except in case of interim dividend.

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

Nature and purpose of reserves

(i) Employee stock option reserve

The employee stock option outstanding account is
used to recognise grant date fair value of the options
issued to the employees under the Company''s stock
option plan. For further details. Refer note 31 for
employee stock option scheme details.

(ii) Securities premium

Securities premium is used to record premium
received on issue of shares. The reserve is utilized in
accordance with the provision of Companies Act, 2013.

(iii) General reserve

The balance in general reserve has arisen on account
of transfer of debenture redemption reserve.

(iv) Demerger deficit balance

The reserve arising on account of demerger of
consumer health business division during 2019¬
20 as per Sections 230 to 232 and Section 66 of the
Companies Act, 2013.

(v) Other equity

Preference shares and debentures were initially
recognised as financial liability in accordance with the
nature of the instrument at fair value. The difference

between fair value and transaction price was
accounted under other equity.

(vi) Retained earnings

Retained earnings are the profits that the Company has
earned till date less dividends or other distributions
to shareholders. Retained earnings includes re¬
measurement loss/(gain) on defined benefit plans,
net of taxes that will not be reclassified to standalone
statement of profit and loss. Retained earnings is a
free reserve available to the Company.

(vii) Contribution from selling shareholders

In relation to the successful completion of Initial public
offering (''''IPO''''), the participating shareholders of the
Company introduced the ''''Employee Incentive Plan'''' to
reward the efforts and contribution of certain eligible
employees of the Company and the employees of one
of its subsidiaries. Also refer to note 47.

(viii) Equity instruments through other
comprehensive income

The Company has elected to recognise the changes in
fair value of certain investments in equity securities
in other comprehensive income. These changes are
accumulated within equity instruments through OCI
within equity. The Company transfers amount to
retained earnings when the relevant equity securities
are de-recognised.

30. Employee benefits

The Company contributes to the following employee benefits plans.

a) Defined contribution plans:

The contributions paid/payable to employee provident fund, employees state insurance scheme, employees
pension schemes and other funds, are determined under the relevant approved schemes and/or statutes and
are recognised as expense in the statement of profit and loss during the period in which the employee renders
the related service. There are no further obligations other than the contributions payable to the approved
trusts/appropriate authorities.

The amount recognised as an expense towards contribution to defined contribution plans for the Company for
the year aggregated to '' 1.97 million (March 31,2024: '' 1.92 million).

b) Defined benefit plans:

The Company has a defined benefit gratuity plan governed by the Payment of Gratuity Act, 1972. The plan
entitles an employee who has rendered at least five years of continuous service to receive 15 days salary for
every completed year of service or part thereof in excess of six months based on the rate of last drawn salary
(basic plus dearness allowance) by the employee concerned. The Company''s liability is actuarially determined
(using the Projected Unit Credit method) at the end of each year. Actuarial gains/(losses) are recognised under
other comprehensive income in the statement of profit and loss.

c) Discount rate: Reduction in discount rate in subsequent valuations can increase the plan''s liability.

d) Mortality: Actual deaths & disability cases proving lower or higher than assumed in the valuation can impact
the liabilities.

e) Withdrawals: Actual withdrawals proving higher or lower than assumed withdrawals and change of
withdrawal rates at subsequent valuations can impact Plan''s liability.

31. Employee share based payment
31. (a) 2013 plan

The Company has introduced Employee Stock Option Scheme 2013 (" ESOS 2013") with effect from October 1,
2013 to enable the employees of the Company to participate in the future growth and success of the Company.
ESOS 2013 is operated at the discretion of the Board of directors.

These options which confer a right but not an obligation on the employee to apply for equity shares of the
Company once the terms and conditions set forth in the ESOS 2013 and the option agreement have been met.
Vesting of options would be subject to continued employment with the Company and meeting the requisite
performance parameters.

C. Financial risk management

Risk management framework

The Company''s management has overall responsibility for the establishment and oversight of the risk
management framework.

The Company''s management monitors compliance with the risk management policies and procedures, and
reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The
management is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad-hoc
reviews of risk management controls and procedures, the results of which are reported to the management.

The Company''s principal financial liabilities comprise of leases, trade and other payables. The main purpose of
these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include
investments, trade and other receivables, cash and cash equivalents, other bank balances and security deposits
that are out of regular business operations.

The Company has exposure to the following risks arising from financial instruments:

• Market risk;

• Credit risk; and

• Liquidity risk

(i) Market risk

Market risk is the risk that changes in market prices - such as interest rates, equity prices - will affect the Company''s
income or the value of its holdings of financial instruments. The objective of market risk management is to
manage and control market risk exposures within acceptable parameters, while optimising the return. Material
investments within the portfolio are managed on an individual basis and all buy and sell decisions are approved
by the appropriate authority.

Foreign currency risk

The Company primarily renders services and avails goods and services in domestic currencies and hence
exposure to currency risk is minimal.

Equity price risk

The Company''s investment in listed and unlisted equity securities are susceptible to market price risk arising
from uncertainties about the future value of investment in these securities. The Company manages these price
risks through strategic investments and placing limits on individual investments. The investments reports are
submitted to the senior management and the Board reviews and approves these investment decisions.

Exposure in mutual funds

The Company manages the surplus funds majorly through investments in mutual fund schemes. The price
of investment in these mutual fund schemes is reflected though Net Asset Value (NAV) declared by the Asset
Management Company on daily basis as reflected by the movement in the NAV of invested schemes. The
Company is exposed to price risk on such Investments. The investments reports are submitted to the senior
management and the Board reviews and approves these investment decisions.

Interest rate risk

The Company has no varaible interest rate borrowings and there is no significant exposure to interest rate risk.

(ii) 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 receivables from customers.

The carrying amount of following financial assets represents the maximum credit exposure:

a. Trade receivables

b. Unbilled receivables

c. Cash and bank balances

d. Loans receivables

e. Other receivables

f. Other financial assets

Trade receivables and unbilled receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
Credit risk is managed through credit approvals and continuously monitoring the creditworthiness of customers
to which the Company grants credit terms in the normal course of business.

The Company individually monitors the sanctioned credit limits as against the outstanding balances. Accordingly,
the Company makes specific provisions against such trade receivables wherever required and monitors the
same at periodic intervals.

33. Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital
management is to safeguard the Company''s ability to remain as a going concern and maximise the shareholder
value. The Company manages its capital structure and makes adjustments in light of changes in economic
conditions, annual operating plans and long-term and other strategic investment plans. In order to maintain or
adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital
to shareholders or issue new shares. The current capital structure of the Company is equity based with financing
through borrowings and leasing. The Company is not subject to externally imposed capital requirements.

41. Segment reporting

(a) The Company is primarily engaged in the business of Health Benefits Administration and related services,
The CODM reviews these activities under the context of Ind AS 108 Operating Segments as one single
operating segment to evaluate the overall performance of the Company.

(b) Information about major customers (external customers):

(i) For the year ended March 31, 2025, revenue from contract with customers of one customer of the
Company represented approximately 84% of the Company''s revenue from contracts with customers.

(ii) For the year ended March 31, 2024, revenue from contract with customers of one customer of the
Company represented approximately 93% of the Company''s revenue from contracts with customers.

42. Related party disclosures

In compliance with Ind AS 24 - "Related Party Disclosures", as notified under Rule 3 of the Companies (Indian
Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 the
required disclosures are given below:

44. Micro, small and medium enterprises

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated August 26, 2008
which recommends that the Micro Enterprises and Small Enterprises should mention in their correspondence
with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in
accordance with the ''Micro, Small and Medium Enterprises Development Act, 2006 (''the Act''). Accordingly, the
disclosure in respect of the amounts payable to such enterprises as at March 31, 2025 and March 31, 2024
has been made in the standalone financial statements based on information received and available with the
Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance
with the provisions of the Act is not expected to be material. The Company has the following dues to micro
enterprises and small enterprises as at March 31.2025 and March 31.2024.

43. During the previous year, the Company has completed an Initial Public Offer ("IPO") by way of offer for sale
of 28,028,168 Equity Shares of face value of '' 5/-each of the Company by certain selling shareholders for at an
issue price of '' 418/-per equity share aggregating to '' 11,715.77 million. The Equity shares of the Company were
listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on January 23, 2024.

During the year the Company has incurred expenses aggregating to '' Nil (FY 2023-24: '' 558.06 million) towards
various services availed in connection with aforesaid IPO under terms of agreements executed between the
Company and respective service providers. Such expenses has been reimbursed by the selling shareholders
during the year.

IPO expenses paid/payable under the terms of the Cost Reimbursement Agreement jointly executed by the
Company and the selling shareholders shall be borne by the selling shareholders and are being/will be paid out
of the Public Offer Account directly and hence, not recognised in these financial statements.

The proceeds received in the share escrow account amounting to '' 10,451.75 million on account of offer for sale
made by the selling shareholders. Book running lead manager disbursed '' 38.55 million (FY 2023-24: '' 566.25
million) (Net of issue expenses) to its selling shareholders and the remaining funds amounting to '' 179.91 million
(FY 2023-24: '' 218.46 million) which are yet to be paid to the selling shareholders on account of IPO expenses is
held in share escrow account.

46. Discontinued operations
Consumer health business division

I. During the financial year 2019-20, the Group approved demerger of its Consumer Facing Health and Wellness
division ("CH Business") to a newly incorporated Group i.e. Mandala Wellness Private Limited ("MWPL" or
"Resulting Group"). Further, the Group filed a demerger scheme with National Company Law Tribunal (NCLT),
Bengaluru Bench, with appointed date 1 September, 2019, as per Sections 230 to 232 and Section 66 of the
Companies Act, 2013.

Accordingly, the Group has accounted for demerger of Consumer Facing Health and Wellness division
("CH Business") with effect from its appointed date 1 September 2019.

(iii) Wilful defaulter

The Company has not been declared wilful defaulter
by any bank or financial institution or government or
any government authority.

(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 clause (87) of section 2 of the Act
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 approved
scheme of arrangement which has an accounting
impact in current or previous financial year.

(vii) Utilisation of borrowed funds and
share premium

I. The Company has not advanced or loaned or
invested funds to any other person(s) or entity(ies),
including foreign entities (Intermediaries) with
the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Company
(Ultimate Beneficiaries); or

(b) provide any guarantee, security or the like to
or on behalf of the ultimate beneficiaries.

II. The Company has not received any fund from
any person(s) or entity(ies), including foreign
entities (Funding Party) with the understanding
(whether recorded in writing or otherwise) that
the Company shall:

(a) directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries); or

(b) provide any guarantee, security or the like
on behalf of the ultimate beneficiaries.

(viii) Undisclosed income

There is no income surrendered or disclosed as
income during the current or previous year in the tax
assessments under the Income Tax Act, 1961, that has
not been recorded in the books of account.

(ix) Details of crypto currency or virtual
currency

The Company has not traded or invested in crypto
currency or virtual currency during the current or
previous year.

(x) Valuation of property, plant and
equipment, intangible asset and
investment property

The Company has not revalued its property, plant and
equipment (including right-of-use assets) or intangible

assets or both during the current or previous year.
The Company does not have investment property.

(xi) Registration of charges or satisfaction
with Registrar of Companies

There are no charges or satisfaction which are yet to
be registered with the Registrar of Companies beyond
the statutory period.

(xii) As per the Ministry of Corporate Affairs (MCA)
notification, proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014, for the financial year
commencing April 1, 2023, every company which
uses accounting software for maintaining its books
of account, shall use only such accounting software
which has a feature of recording audit trail of each and
every transaction, creating an edit log of each change
made in the books of account along with the date
when such changes were made and ensuring that the
audit trail cannot be disabled. The interpretation and
guidance on what level edit log and audit trail needs to
be maintained evolved during the previous year and
continues to evolve.

In the Company, the audit trail is enabled at an
application level and database level for all the tables
and fields for maintenance of books of accounts and
relevant transactions. However, the global standard
ERP used by the Company has not been enabled with
the feature of audit trail log at the database layer to
log direct transactional changes, due to present design
of ERP. Also, with respect to one application the audit
trail feature at application and database levels were
enabled with effect from September 27, 2024.

The Company''s books of accounts and other relevant
books and papers ("books and papers") are maintained
in electronic mode and accessible at all times in India.
The daily back-up of books and papers in electronic
mode are maintained in servers physically located in
India.

47. Exceptional item

In relation to the successful completion of Initial
public offering ("IPO"), the participating shareholders
of the Company introduced the "Employee Incentive
Plan" to reward the efforts and contribution of certain
eligible employees of the Company and the employees
of one of its subsidiaries which is approved by the
Nomination and Remuneration Committee of total
incentive amount of '' 210.00 million.

Subsequent to the IPO, the participating shareholders
have paid an amount of '' 210.00 million to the

Company and the same have been disbursed by
the Company to the eligible employees as per the
incentive plan on 31 January 2024.

48. The Board of Directors of the Company at their
meeting held on February 05, 2025, have considered
and approved the proposal for raising of funds of
upto and not exceeding '' 3,500.00 million (Rupees
Three thousand five hundred million only) in one or
more tranches by way of an issue of fully paid-up
Equity Shares, fully or partly convertible debentures,
convertible preference shares or any other equity based
instruments or securities and/or any other financial
instruments/securities convertible into and/or linked
to Equity Shares (including warrants (detachable or
not) through permissible modes), including but not
limited to public issue(s), debt issue(s), preferential
issue(s), private placement(s), qualified institutions
placement(s) and/or any combination thereof or any
other method as may be permitted under applicable
laws, including under the applicable provisions of the
Companies Act, 2013 and the Securities and Exchange
Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018, (each as amended),
subject to the receipt of necessary approvals, including
the approval of the shareholders of the Company and
such other regulatory and statutory approvals as may
be required.

49. Pursuant to an application filed by the Company
on 13 October 2024, the Company has received an
Order from the Regional Director (South East Region),
Ministry of Corporate Affairs dated 02 December
2024, which approved the shifting of the Company''s
Registered office from the "State of Karnataka" to the
"State of Maharashtra".

50. Acquisition of self funded business of
Alinea Healthcare Private Limited

On 11 May 2023, the Company entered into a Business
Transfer Agreement ("BTA") with Alinea Healthcare
Private Limited ("AHPL") under which AHPL agreed to
transfer the business undertaking relating to the claim
a management for self funded corporate clients on a
going concern on a slump sale basis. The transfer was
executed for a consideration of '' 5.63 million.

51. During the previous year, the subsidiary and
step subsidiary of the Company viz. Medi Assist
Insurance TPA Private Limited and Medvantage
Insurance TPA Private Limited received final approval
for the scheme of amalgamation between Medi Assist
Insurance TPA Private Limited ("Transferee Company")
and Medvantage Insurance TPA Private Limited

("Transferor Company") vide order dated February 01,
2024 from the Regional Director, Ministry of Corporate
Affairs, Hyderabad. The appointed date of the said
scheme of amalgamation is July 01,2023.

52. During the current year on December 18, 2024,
the subsidiary and step-down subsidiary of the
Company viz, Medi Assist Insurance TPA Private
Limited and Raksha Health Insurance TPA Private
Limited received final approval for the scheme of
amalgamation between Medi Assist Insurance TPA
Private Limited ("Transferee Company") and Raksha
Health Insurance TPA Private Limited ("Transferor
Company") vide order dated November 20, 2024 from
the Regional Director, Ministry of Corporate Affairs,
Hyderabad. The appointed date of the said scheme
of amalgamation is 01 April 2024. The amalgamation
did not have any impact on the audited standalone
financial results for the quarter and year ended March
31,2025.

53. Events after the reporting date

i. Subsequent to 31 March 2025, on 04 April
2025, the Directorate of Enforcement (the "ED")
conducted a search and seizure operation under
at certain offices of Medi Assist Insurance TPA
Private Limited Company ("the Company" or
"MAITPA") located in Ranchi, Jharkhand. MAITPA
is one of the third-party administrators (TPAs)
engaged in administering the Ayushman Bharat-
linked health scheme in the state of Jharkhand.

MAITPA has fully co-operated with the officials
during the proceedings and responded to the
clarifications and details sought by them.

ii. On August 26, 2024, Medi Assist Insurance TPA
Private Limited ("Transferee Company"), the
wholly owned subsidiary of the Company entered
into Share Purchase Agreement (''''SPA'''') with
Paramount Healthcare Services & Insurance
TPA Private Limited ("Transferor Company") and
the Shareholders of the Transferor Company,
to purchase 100% equity shares of Transferor
Company at a total enterprise value of '' 3118.00
million (Rupees Three thousand one hundred
eighteen million only) (subject to closing
adjustments) which is subject to fulfilment of
conditions precedent as defined in the SPA.
Regulatory approval from Insurance Regulatory
and Development Authority of India (IRDAI) was
received on May 13, 2025, and the transaction
is progressing towards completion, pending
fulfilment of remaining conditions precedent.

n. Provisions (other than for employee benefits) and contingent liabilities

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The expenses relating to a provision is presented in the standalone statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows specific to the liability. The unwinding of the discount is recognised as finance cost.

A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognises any impairment loss on the assets associated with that contract.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but will probably not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision is made.

A contingent asset is not recognised but disclosed in the Company''s standalone financial statements where an inflow of economic benefit is probable.

Provisions, contingent assets, contingent liabilities and commitments are reviewed at each reporting date.

o. Segment reporting

An operating segment is a component of the Company that engages in business activities from which it earn revenues and incur expenses, whose operating results are regularly reviewed by the Company''s Chief Operating Decision Maker ("CODM") to make decisions for which discrete financial information is available. The Company''s chief operating decision maker is the Board of Directors.

p. Cash dividend

The Company recognises a liability to make cash distributions to equity holders when the distribution is authorised and the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is authorised when it is approved by the shareholders (in the case of interim dividend it

is approved by Board of Directors). A corresponding amount is recognised directly in equity.

q. Recent pronouncement on Indian Accounting Standards (Ind AS)

The following Indian Accounting Standards have been modified on miscellaneous issues with effect from April 1, 2023. Such changes include clarification/ guidance on:

(i) Ind AS 101 - First time adoption of Ind AS - Deferred tax assets and deferred tax liabilities to be recognized for all temporary differences associated with right-of-use assets, lease liabilities, decommissioning/ restoration/similar liabilities.

(ii) Ind AS 107 - Financiallnstruments: Disclosures - Information about the measurement basis for financial instruments shall be disclosed as part of material accounting policy information.

(iii) Ind AS 1 - Presentation of Financial Statements & Ind AS 34 - Interim Financial Reporting - Material accounting policy information (including focus on how an entity applied the requirements of Ind AS) shall be disclosed instead of significant accounting policies as part of financial statements.

(iv) Ind AS 8 - Accounting policies, changes in accounting estimate and errors - Clarification on what constitutes an accounting estimate provided.

(v) Ind AS 12 - Income Taxes - In case of a transaction which give rise to equal taxable and deductible temporary differences, the initial recognition exemption from deferred tax is no longer applicable and deferred tax liability & deferred tax asset shall be recognized on gross basis for such cases.

None of the above amendments had any material effect on the Company''s financial statements except for disclosure of Material Accounting Policies instead of Significant Accounting Policies in the Financial Statements.

r. Investment in subsidiaries

Investments in subsidiaries are carried at cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed. Where the carrying amount of an investment is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount and the difference is transferred to the standalone statement of Profit and Loss. On disposal of investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to the standalone statement of Profit and Loss.

Also refer note 29 for disclosure relating to fair values and

financial risk management.

(a) The Company has acquired 10,000 equity shares representing 100% shares of International Healthcare Management Services Private Limited having its principle place of business in India on November 18, 2022 for a purchase consideration of '' 46.66 million. The acquisition is of significant strategic value for the Company.

(b) The Company has acquired 11,484 equity shares representing 100% shares of Mayfair Consultancy Services India Private Limited having its principle place of business in India on November 18, 2022 for a purchase consideration of '' 38.90 million. This acquisition is of significant strategic value for the Company.

(c) The Company has acquired 2,400 shares representing 60% shares of Mayfair We Care Ltd. having its principle place of business in United Kingdom on November 25, 2022 for a purchase consideration of '' 128.64 million. Under the terms of the Sale and Purchase Agreement ("SPA"), the sellers have the right to exercise a put option that would require the Company to purchase the sellers'' remaining

40% ownership interest. The terms of the SPA also includes a reciprocal call option, which would require the sellers to sell their 40% ownership interest to the Company. The fair value of option contracts on initial recognition amounting to '' 15.22 million has been adjusted from the cost of investments. The option contracts are subsequently carried at fair value through profit or loss.

*During the year ended 31 March 2023, management has carried out a detailed assessment on the performance of Healthvista India Private Limited and basis such assessment (considering the erosion of net worth, past losses and low likelihood of future profits), management has determined the fair value of such investment to be '' Nil.

**During the year ended 31 March 2024, management has carried out an assessment of Investment in Swasth Digital Health Foundation and basis such assessment have determined the fair value of such investment to be '' Nil.

^#The Company designated these investments as equity instruments at FVOCI because the Company intends to hold these equity securities for the long-term for strategic purposes.

b) Terms/rights attached to equity shares

The Company has single class of equity shares having a par value of '' 5 each. Each holder of equity shares is entitled to one vote per share. Voting rights cannot be exercised in respect of shares on which any call or other sum presently payable has not been paid. Failure to pay any amount called up on shares may lead to forfeiture of shares.

The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting, except in case of interim dividend.

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

Nature and purpose of reserves

(i) Employee stock option reserve

The employee stock option outstanding account is used to recognise grant date fair value of the options issued to the employees under the Company''s stock option plan. For further details. Refer note 28 for employee stock option scheme details.

(ii) Securities premium

Securities premium is used to record premium received on issue of shares. The reserve is utilized in accordance with the provision of Companies Act, 2013.

(iii) General reserve

The balance in general reserve has arisen on account of transfer of debenture redemption reserve.

(iv) Demerger deficit balance

The reserve arising on account of demerger of consumer health business division during 2019-20 as per Sections 230 to 232 and Section 66 of the Companies Act, 2013.

(v) Other equity

Preference shares and debentures were initially recognised as financial liability in accordance with the nature of the instrument at fair value. The difference

between fair value and transaction price was accounted under other equity.

(vi) Retained earnings

Retained earnings are the profits that the Company has earned till date less dividends or other distributions to shareholders. Retained earnings includes remeasurement loss/(gain) on defined benefit plans, net of taxes that will not be reclassified to standalone statement of profit and loss. Retained earnings is a free reserve available to the Company.

(vii) Contribution from selling shareholders

In relation to the successful completion of Initial public offering ("IPO"), the participating shareholders of the Company introduced the "Employee Incentive Plan'''' to reward the efforts and contribution of certain eligible employees of the Company and the employees of one of its subsidiaries. Also refer to note 43(ii).

(viii) Equity instruments through OCI

The Company has elected to recognise the changes in fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated within equity instruments through OCI within equity. The Company transfers amount to retained earnings when the relevant equity securities are de-recognised.

Also refer note 7(c) for details of put and call options relating to non-controlling interests in Mayfair We Care Ltd.

(a) The Payment of Bonus (Amendment) Act, 2015 was notified by the Government of India with retrospective effect from 1 April 2014. The Hon''ble High Court of Karnataka based on the writ petition no 5272/2016 and 5311/2016, has vide its order dated 2 February 2016, stayed the operation of the said notification for the FY 2014-15. The obligation to pay the bonus for the FY 2014-15 will arise only if the High Court disposes off the writ petition in favour of the Government. Hence, the management has taken a view and an amount of '' 0.44 million which is the approximate statutory bonus liability for the eligible employees in respect of FY 2014-15, has been considered as contingent liability.

(b) In light of the judgment of Honourable Supreme Court dated 28 February 2019 on the definition of "Basic Wages" under the Employees Provident Funds & Misc. Provisions Act, 1952 and based on Company''s evaluation, there are significant uncertainties and numerous interpretative issues relating to the judgement and hence it is unclear as to whether the clarified definition of Basic Wages would be applicable prospectively or retrospectively.

The amount of the obligation therefore cannot be measured with sufficient reliability for past periods. The Company will evaluate its position and update its provision, if required, on receiving further clarity on the subject. The Company does not expect any material impact of the same.

(c) During the year ended March 31, 2024, an exemployee of the Company filed a petition with the Sole Arbitrator praying for a direction that the Company vest the ex-employee with shares and/or compensation of '' 8.50 million. Consequently, the Sole Arbitrator passed an order dated December 29, 2023 ("Arbitral Order") against which the Company has filed a memorandum of appeal with The City Civil and Sessions Court, Bengaluru for stay on the arbitral order before the Sole Arbitrator until the disposal of appeal and also submitted a demand draft of '' 8.50 million as deposit for the appeal. Accordingly The City Civil and Sessions Court, Bengaluru has taken the demand draft on record and passed an order on staying the Arbitral Order of the Sole Arbitrator until the next date of hearing i.e. May 28, 2024.

(d) In respect of the contingent liabilities set out above, pending resolution of the respective proceedings, it is not practicable for the Company to estimate the timing of cash outflows, if any.

27. EMPLOYEE BENEFITS

The Company contributes to the following employee benefits plans.

a) Defined contribution plans

The contributions paid/payable to employee provident fund, employees state insurance scheme, employees pension schemes and other funds, are determined under the relevant approved schemes and/or statutes and are recognised as expense in the statement of profit and loss during the period in which the employee renders the related service. There are no further obligations other than the contributions payable to the approved trusts/appropriate authorities.

The amount recognised as an expense towards contribution to defined contribution plans for the Company for the year aggregated to '' 1.92 million (March 31, 2023: '' 1.71 million).

b) Defined benefit plans

The Company has a defined benefit gratuity plan governed by the Payment of Gratuity Act, 1972. The plan entitles an employee who has rendered at least five years of continuous service to receive 15 days salary for every completed year of service or part thereof in excess of six months based on the rate of last drawn salary (basic plus dearness allowance) by the employee concerned. The Company''s liability is actuarially determined (using the Projected Unit Credit method) at the end of each year. Actuarial gains/(losses) are recognised under other comprehensive income in the statement of profit and loss.

vi. Description of Risk Exposures

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such, the Company is exposed to various risks as follows:

a) Salary increases: Actual salary increases will increase the Plan''s liability. Increase in salary increase rate assumption in future valuations will also increase the liability.

b) Investment risk: If plan is funded then assets liabilities mismatch and actual investment return on assets lower than the discount rate assumed at the last valuation date can impact the liability.

c) Discount rate: Reduction in discount rate in subsequent valuations can increase the plan''s liability.

d) Mortality: Actual deaths & disability cases proving lower or higher than assumed in the valuation can impact the

liabilities.

e) Withdrawals: Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at subsequent valuations can impact Plan''s liability.

28. EMPLOYEE SHARE BASED PAYMENT 28(a) 2013 plan

The Company has introduced Employee Stock Option Scheme 2013 (" ESOS 2013") with effect from October 1, 2013 to enable the employees of the Company to participate in the future growth and success of the Company. ESOS 2013 is operated at the discretion of the Board of Directors.

These options which confer a right but not an obligation on the employee to apply for equity shares of the Company once the terms and conditions set forth in the ESOS 2013 and the option agreement have been met. Vesting of options would be subject to continued employment with the Company and meeting the requisite performance parameters.

Expenses summary of Employee share based payments

During the year, '' 29.44 (March 31, 2023: '' 21.12 million) has been recognised as an expense for the year.

Further an amount of '' 9.00 million (March 31, 2023: '' 11.68 million) has been debited to cost of investments in a subsidiary relating to Employee Stock Options (ESOPs) provided to employees of such subsidiary.

28(b) Employee stock option scheme of a subsidiary (Medi Assist Insurance TPA Private Limited)

Employee Stock Option Scheme 2012 ("ESOS 2012")

The subsidiary has introduced Employee Stock Option Scheme 2012 ("ESOS 2012") with effect from April 30, 2012 to enable the employees of the subsidiary Company and the employees of the Parent to participate in the future growth and success of the subsidiary Company ESOS 2012 is operated at the discretion of the subsidiary Company''s Board of Directors.

The subsidiary Company has granted 87,842 employee stock options on April 30, 2012, 17,333 employee stock options on April 30, 2013, 28,198 employee stock options on June 1, 2014, 6,374 employee stock options on June 1, 2015, 13,500 employee stock options on September 15, 2015, 29,000 employee stock options on July 15, 2016 and 45,394 employee stock options on July 1, 2017. These options which confer a right but not an obligation on the employee to apply for equity shares of the subsidiary Company once the terms and conditions set forth in the ESOS 2012 and the option agreement have been met. Vesting of options would be subject to continued employment with the subsidiary Company/Parent and meeting the requisite performance parameters.

C. Financial risk management

Risk management framework

The Company''s management has overall responsibility for the establishment and oversight of the risk management framework.

The Company''s management monitors compliance with the risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The management is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad-hoc reviews of risk management controls and procedures, the results of which are reported to the management.

The Company''s principalfinancial liabilities comprise of leases, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principalfinancialassets include investments, trade and other receivables, cash

and cash equivalents, other bank balances and security deposits that are out of regular business operations.

The Company has exposure to the following risks arising from financial instruments:

• Market risk;

• Credit risk; and

• Liquidity risk

(i) Market risk

Market risk is the risk that changes in market prices - such as interest rates, equity prices - will affect the Company''s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. Material investments within the portfolio are managed on an individual basis and all buy and sell decisions are approved by the appropriate authority.

(ii) 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 receivables from customers. The carrying amount of following financialassets represents the maximum credit exposure:

a. Trade receivables

b. Unbilled receivables

c. Cash and bank balances

d. Other receivables

e. Other financial assets

Trade receivables and unbilled receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. Credit risk is managed through credit approvals and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The Company individually monitors the sanctioned credit limits as against the outstanding balances. Accordingly, the Company makes specific provisions against such trade receivables wherever required and monitors the same at periodic intervals.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables and unbilled receivables.

Management assessment of recoverability of trade receivables and unbilled receivables

Trade receivables and unbilled receivables forms a significant part of the financial assets carried at amortised cost. The Company has performed detailed customer wise specific assessment of recoverability of the trade receivables and unbilled receivables and has accordingly recognised the Impairment loss. Further, the Company is closely monitoring the developments across various business lines. Basis the aforesaid detailed assessment made by Management, provision made towards trade receivables and unbilled receivables is considered adequate.

Cash and cash equivalents and other bank balances

The cash and cash equivalents and other bank balances are held with banks and financial institutions counterparties with good credit rating.

Other receivables

These represents mainly security deposits given towards office premises taken on lease under contractual arrangement and earnest money deposits for participation in tender.

Other financial assets

The Company has performed detailed party wise specific assessment of recoverability of the other financial assets and has accordingly recognised the impairment loss. Further, the Company is closely monitoring the developments across various business lines. Basis the aforesaid detailed assessment made by management, provision made towards other financial assets is considered adequate.

(iii) 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 financialasset. 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.

39.1 During the year, the Company has completed an Initial Public Offer ("IPO") by way of offer for sale of 28,028,168 Equity Shares of face value of '' 5/- each of the Company by certain selling shareholders for at an issue price of '' 418/- per equity share aggregating to '' 11,715.77 million. The Equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on January 23, 2024.

During the year the Company has incurred expenses aggregating to '' 558.06 million (up to FY 2022-23: '' 134.83 million) towards various services availed in connection with aforesaid IPO under terms of agreements executed between the Company and respective service providers. Such expenses has been reimbursed by the selling shareholders during the year.

IPO expenses paid/payable under the terms of the Cost Reimbursement Agreement jointly executed by the Company and the selling shareholders shall be borne by the selling shareholders and are being/will be paid out of the Public Offer Account directly and hence, not recognised in these financial statements.

40. MICRO, SMALL AND MEDIUM ENTERPRISES

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated August 26, 2008 which recommends that the Micro Enterprises and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with the ''Micro, Small and Medium Enterprises Development Act, 2006 (''the Act''). Accordingly, the disclosure in respect of the amounts payable to such enterprises as at March 31, 2024 and March 31, 2023 has been made in the standalone financial statements based on information received and available with the Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Company has the following dues to micro enterprises and small enterprises as at March 31,2024 and March 31,2023.

42. ADDITIONAL REGULATORY INFORMATION REQUIRED UNDER 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 secured against current assets

The Company has no borrowings from financial institutions on the basis of security of current assets.

(iii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(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 clause (87) of Section 2 of the Act 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 approved scheme of arrangement which has an accounting impact in current or previous financial year.

(vii) Utilisation of borrowed funds and share premium

I) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries); or

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

II) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

(viii) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(ix) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(x) Valuation of property, plant and equipment, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year. The Company does not have investment property.

(xi) Registration of charges or satisfaction with Registrar of Companies

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period.

43. EXCEPTIONAL ITEM

(i) Pursuant to board resolution, an amount of '' Nil ('' 26.11 million) was credited to the standalone statement of profit and loss (as an exceptional item) relating to proposed InitialPublic Offering (IPO) expenses incurred by the Company on behalf of certain selling shareholders and agreed to be reimbursed by them in proportion to their shares offered for sale at the time of the proposed IPO.

(ii) In relation to the successful completion of Initial public offering (''''IPO''''), the participating shareholders of the Company introduced the ''''Employee Incentive Plan'''' to reward the efforts and contribution of certain eligible employees of the Company and the employees of one of its subsidiaries which is approved by the Nomination and Remuneration Committee of total incentive amount of '' 210.00 millions.

Subsequent to the IPO, the participating shareholders have paid an amount of '' 210.00 millions to the Company and the same have been disbursed by the Company to the eligible employees as per the incentive plan on January 31,2024.

44. ACQUISITION OF SELF FUNDED BUSINESS OF ALINEA HEALTHCARE PRIVATE LIMITED

On 11 May 2023, the Company entered into a Business Transfer Agreement ("BTA") with Alinea Healthcare Private Limited ("AHPL") under which AHPL agreed to transfer the business undertaking relating to the claim a management for self funded corporate clients on a going concern on a slump sale basis. The transfer was executed for a consideration of '' 5.63 million.

45. During the year, the subsidiary and step subsidiary of the Company viz. Medi Assist Insurance TPA Private Limited and Medvantage Insurance TPA Private Limited received final approval for the scheme of amalgamation between Medi Assist Insurance TPA Private Limited ("Transferee Company") and Medvantage Insurance TPA Private Limited ("Transferor Company") vide order dated February 01,2024 from the Regional Director, Ministry of Corporate Affairs, Hyderabad. The appointed date of the said scheme of amalgamation is July 01, 2023.

46. EVENTS AFTER THE REPORTING DATE

The Company evaluated all events or transactions that occurred after the balance sheet date through, the date at which the financial statements were available to be issued and determined that there are no other items to disclose except those already disclosed in the financial in earlier notes.

47. THE CODE ON SOCIAL SECURITY 2020

The Code on Social Security 2020 (''the Code'') relating to employee benefits, during the employment and postemployment, has received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. Further, the Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. However, the effective date from which the changes are applicable is yet to be notified and rules for quantifying the financial impact are also not yet issued. The Company will assess the impact of the Code and will give appropriate impact in the financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.

48. Previous year figures have been regrouped/reclassified to conform presentation as per Ind AS and as required by Schedule III of the Act.

The notes referred to above form an integral part of these standalone financial statements.

As per our report of even date attached.

For M S K A & Associates For and on behalf of the Board of Directors of

Chartered Accountants Medi Assist Healthcare Services Limited

Firm Registration Number: 105047W CIN: L74900KA2000PLC027229

Pankaj S Bhauwala Dr. Vikram Jit Singh Chhatwal Satish V N Gidugu

Partner Chairman and Director Whole-Time Director and CEO

Membership Number: 233552 DIN: 01606329 DIN: 06643677

Mathew George Simmi Bisht

Chief Financial Officer Chief Compliance Officer and

Company Secretary ICSI Membership No: A23360

Place: Bengaluru Place: Bengaluru Place: Bengaluru

Date: May 15, 2024 Date: May 15, 2024 Date: May 15, 2024