N) Provisions, contingent liabilities and
contingent assets

Provisions are recognised when there is a present
obligation (legal or constructive) as a result of a
past event and it is probable ("more likely than not")
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 amount recognised as a
provision is the best estimate of the consideration
required to settle the present obligation at the
balance sheet date, considering the risks and
uncertainties surrounding the obligation.

If the effect of the time value of money is material,
provisions are determined by discounting the
expected future cash flows at a pre-tax rate that
reflects current market assessments of the time
value of money and the risks specific to the liability.
When discounting is used, the increase in the
provision due to the passage of time is recognised
as a finance cost.

Contingent liabilities are possible obligations
that arise from past events and whose existence
will only be confirmed by the occurrence or non¬
occurrence of one or more uncertain future events
not wholly within the control of the entity or a
present obligation that arises from past events but
is not recognized because it is not probable that
an outflow of resources embodying economic
benefits will be required to settle the obligation, or
the amount of the obligation cannot be measured
with sufficient reliability, The Company does not
recognize a contingent liability but discloses the
same as per the requirements of Ind AS 37, unless
the probability of outflow of resources embodying
economic benefits is remote.

Contingent assets are not recognised in the
Standalone Financial Statements since this may
result in the recognition of income that may
never be realized. However, when the realization of
income is virtually certain, then the related asset is
not a contingent asset and is recognised.

A contract is considered as onerous when the
expected economic benefits to be derived by
the Company from the contract are lower than
the unavoidable cost of meeting its obligations
under the contract. The provision for an onerous
contract is measured at 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.

Provisions, contingent liabilities and contingent
assets are reviewed at each Balance Sheet date.

O) Financial instruments

A financial instrument is any contract that
gives rise to a financial asset of one entity
and a financial liability or equity instrument of
another entity. Financial instruments also include
derivative contracts such as foreign currency
forward contracts, embedded derivatives in the
host contract, etc.

Financial assets

Initial recognition and measurement

The Company initially recognises trade receivables
and debt securities issued on the date on which
they are originated. The Company recognises the
other financial assets on the trade date, which is the
date on which the Company becomes a party to the
contractual provisions of the instrument.

All financial assets are recognised initially at fair value,
plus in the case of financial assets are recorded at fair
value through profit or loss (FVTPL), transaction costs

that are attributable to the acquisition of the financial
asset. However, trade receivables which do not contain
a significant financial component are measured at
transaction value.

Classifications and subsequent measurement
Classifications

The Company classifies its financial assets as
subsequently measured at either amortised cost or fair
value depending on the Company's business model
for managing the financial assets and the contractual
cash flow characteristics of the financial assets.

Business model assessment

The Company makes an assessment of the objective
of a business model in which an asset is held at a
portfolio level because this best reflects the way the
business is managed and information is provided
to management.

Assessment whether contractual cash flows are
solely payments of principal and interest

In assessing whether the contractual cash flows are
solely payments of principal and interest, the Company
considers the contractual terms of the instrument.
This includes assessing whether the financial asset
contains a contractual term that could change the
timing or amount of contractual cash flows such that it
would not meet this condition.

Financial asset at amortised cost

A financial asset is measured at amortised cost if
it meets both of the following conditions and is not
designated as at Fair value though profit and loss
(FVTPL):

a) it is held within a business model whose objective
is to hold assets in order to collect contractual
cash flows; and

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

After initial measurement, such financial assets are
subsequently measured at amortised cost using the
Effective Interest Rate ('EIR') method. Amortised cost is
calculated by considering any discount or premium on
acquisition and fees or costs that are an integral part
of the EIR. The EIR amortisation is included as finance
income in the profit or loss. The losses arising from
impairment are recognised in the profit or loss.

Financial asset at fair value through Other
Comprehensive Income (FVOCI)

A financial asset is measured at FVOCI only if it meets
both of the following conditions and is not designated
as at Fair value though profit and loss (FVTPL):

a) it is held within a business model whose objective
is achieved by both collecting contractual cash
flows and selling financial assets.

b) the contractual terms of the financial asset
represent contractual cash flows that are solely
payments of principal and interest.

After initial measurement, such financial assets are
subsequently measured at fair value with changes
in fair value recognised in other comprehensive
income (OCI). Interest income is recognised basis EIR
method and the losses arising from ECL impairment
are recognised in the Standalone Statement of Profit
and Loss.

Financial asset at fair value through profit and loss
(fvtpl)

Any financial asset, which does not meet the criteria
for categorisation as at amortised cost or as FVOCI as
described above, is classified as at FVTPL.

These assets are subsequently measured at fair value.
Net gains and losses, including any interest or dividend
income are recognized in Standalone Statement of
Profit and Loss.

Reclassification of financial assets

Financial assets are not reclassified subsequent to
their initial recognition, except in the period after the
Company changes its business model for managing
financial assets.

Derecognition of financial assets

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

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

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

Impairment of financial assets

The Company recognises loss allowances for expected
credit losses on financial assets measured at amortised
cost. At each reporting date, the Company assesses
whether financial assets carried at amortised cost are
credit impaired. A financial asset is 'credit impaired'

when one or more events that have a detrimental
impact on the estimated future cash flows of the
financial asset have occurred.

Evidence that a financial asset is credit impaired
includes the following observable data:

• significant financial difficulty of the borrower
or issuer;

• a breach of contract;

• it is probable that the borrower will enter bankruptcy
or other financial reorganization; or

• the disappearance of an active market for security
because of financial difficulties.

The Company measures loss allowances at an amount
equal to lifetime expected credit losses.

Loss allowances for trade receivables are always
measured at an amount equal to lifetime expected
credit losses.

Lifetime expected credit losses are the expected credit
losses that result from all possible default events over
the expected life of a financial instrument.

12-month expected credit losses are the portion of
expected credit losses that result from default events
that are possible within 12 months after the reporting
date (or a shorter period if the expected life of the
instrument is less than 12 months).

In all cases, the maximum period considered when
estimating expected credit losses is the maximum
contractual period over which the Company is exposed
to credit risk.

When determining whether the credit risk of a
financial asset has increased significantly since initial
recognition and when estimating expected credit
losses, the Company considers reasonable and or
effort. This includes both quantitative and qualitative
information and analysis, based on the Company's
historical experience and supportable information
that is relevant and available without undue cost or
effort. This includes both quantitative and qualitative
information and analysis, based on the Company's
historical experience and informed credit assessment
and including forward looking information.

Measurement of expected credit losses

Expected credit losses are a probability weighted
estimate of credit losses. Credit losses are measured
as the present value of all cash shortfalls (i.e. the
difference between the cash flows due to the Company
in accordance with the contract and the cash flows
that the Company expects to receive).

Presentation of allowance for expected credit
losses in the Standalone Balance Sheet

Loss allowances for financial assets measured at
amortised cost are deducted from the gross carrying
amount of the assets.

Write-off

The gross carrying amount of a financial asset is written
off (either partially or in full) to the extent that there is
no realistic prospect of recovery. This is generally the
case when the Company determines that the debtor
does not have assets or sources of income that could
generate sufficient cash flows to repay the amounts
subject to the write off. However, financial assets that
are written off could still be subject to enforcement
activities in order to comply with the Company's
procedures for recovery of amounts due.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition,
as financial liabilities at fair value through profit or loss
or at amortised cost, as appropriate.

All financial liabilities are recognised initially at fair
value and, in the case of amortised cost, net of directly
attributable transaction costs.

Classification and subsequent measurement

The measurement of financial liabilities depends on
their classification, as described below:

Financial liabilities at amortised cost

After initial recognition, financial liabilities are
subsequently measured at amortised cost using
the effective interest rate (EIR) method. Gains and
losses are recognised in profit or loss when the
liabilities are derecognised as well as through the EIR
amortisation process.

Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is
included as finance costs in the Standalone Statement
of Profit and Loss.

Financial liabilities at fair value through profit
or loss

Financial liabilities at fair value through profit or loss
include financial liabilities designated upon initial
recognition as at fair value through profit or loss.

Gains or losses on liabilities held for trading are
recognised in the Standalone Statement of Profit
and Loss.

Financial liabilities designated upon initial recognition
at fair value through profit or loss are designated as such

at the initial date of recognition, and only if the criteria
in Ind AS 109 are satisfied. For liabilities designated
as FVTPL, fair value gains and losses attributable to
changes in own credit risk are recognised in OCI. These
gains and losses are not subsequently transferred to
profit and loss. However, the Company may transfer
the cumulative gain or loss within equity. All other
changes in fair value of such liability are recognised in
the Standalone Statement of Profit and Loss.

Derecognition of financial liabilities

Company derecognizes a financial liability when its
contractual obligations are discharged or cancelled, or
expire. Company also derecognizes a financial liability
when its terms are modified and the cash flows under
the modified terms are substantially different. In this
case, a new financial liability based on the modified
terms is recognized at fair value. The difference
between the carrying amount of the financial liability
extinguished and a new financial liability with modified
terms is recognized in the Standalone Statement of
Profit and Loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and
the net amount is reported in the Standalone Balance
Sheet when there is a legally enforceable right to offset
the recognised amounts and there is an intention to
settle on a net basis, or realise the asset and settle the
liability simultaneously ('the offset criteria').

P) Income taxes

Income tax expense comprises current and
deferred tax. It is recognised in profit or loss
except to the extent that it relates to a business
combination or to an item recognised directly in
equity or in other comprehensive income.

Current tax

Current tax comprises the expected tax payable
or receivable on the taxable income or loss for
the year and any adjustment to the tax payable
or receivable in respect of previous years. The
amount of current tax reflects the best estimate of
the tax amount expected to be paid or received
after considering the uncertainty, if any, related to
income taxes. It is measured using tax rates (and
tax laws) enacted or substantively enacted by the
reporting date.

Current tax assets and current tax liabilities are
offset only if there is a legally enforceable right to
set off the recognised amounts, and it is intended
to realise the asset and settle the liability on a net
basis or simultaneously.

Deferred tax

Deferred tax is recognised in respect of temporary
differences between the carrying amounts of
assets and liabilities in the Standalone Balance
Sheet and the corresponding tax bases used in
the computation of taxable profit. Deferred tax
liabilities are generally recognised for all taxable
temporary differences. Deferred tax assets are
generally recognised for all deductible temporary
differences to the extent that it is probable that
taxable profits will be available against which those
deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the
temporary difference arises from initial recognition
of goodwill or from the initial recognition (other
than in a business combination) of other assets
and liabilities in a transaction that affects neither
the taxable profit nor the accounting profit.

The carrying amount of deferred tax assets
is reviewed at each balance sheet date and
reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.

Unrecognised deferred tax assets are reassessed
at each reporting date and recognised to the
extent that it has become probable that future
taxable profits will be available against which they
can be used.

Deferred tax assets and liabilities are measured
at the tax rates that are expected to apply in the
period in which the liability is settled or the asset
is realised, based on tax rates (and tax laws) that
have been enacted or substantively enacted by
the balance sheet date. The measurement of
deferred tax liabilities and assets reflects the tax
consequences that would follow from the manner
in which the Company expects, at the reporting
date, to recover or settle the carrying amount of its
assets and liabilities.

Deferred tax assets and liabilities are offset when
there is a legally enforceable right to set off current
tax assets against current tax liabilities and when
they relate to income taxes levied by the same
taxation authority and the Company intends to
settle its current tax assets and liabilities on a
net basis.

Current and deferred tax are recognised in the
Standalone Statement of Profit and Loss, except
when they relate to items that are recognised in
other comprehensive income or directly in equity,
in which case, the current and deferred tax are
also recognised in other comprehensive income
or directly in equity, respectively.

Deferred tax liabilities are not recognised for
temporary differences between the carrying
amount and tax bases of investments in
subsidiaries where the Company is able to
control the timing of the reversal of the temporary
differences and it is probable that the differences
will not reverse in the foreseeable future.

Q) Cash and cash equivalents

Cash and cash equivalents are short-term highly
liquid investments that are readily convertible into
cash with original maturities of three months or
less. Cash and cash equivalents consist primarily
of cash and deposits with banks and interest
accrued on deposits.

R) Earnings per share

Basic earnings per share ("EPS") is computed by
dividing the net profit or loss after tax for the year
attributable to equity shareholders by the weighted
average number of equity shares outstanding
during the year. For the purpose of calculating
diluted earnings per share, net profit or loss after
tax for the year and the weighted average number
of shares outstanding during the year are adjusted
for the effects of all dilutive potential equity shares.
Dilutive potential equity shares are deemed to be
converted as of the beginning of the year, unless
they have been issued at a later date.

S) Business combinations

Business combinations have been accounted for
using the acquisition method under the provisions
of Ind AS 103, Business Combinations. The cost of
an acquisition is measured at the fair value of
the assets transferred, equity instruments issued
and liabilities incurred or assumed at the date of
acquisition, which is the date on which control is
transferred to the Company. The cost of acquisition
also includes the fair value of any contingent
consideration. Identifiable assets acquired and
liabilities and contingent liabilities assumed in
a business combination are measured initially
at their fair values on the date of acquisition.
Transaction cost that the Company incurs in
connection with business combination such as
finders fees, legal fees, due diligence and other
professional fees are charged to equity.

Goodwill is initially measured at cost, being the
excess of the aggregate of the consideration
transferred and the amount recognised for non¬
controlling interests, and any previous interest
held, over the net identifiable assets acquired
and liabilities assumed. If the fair value of the net
assets acquired is in excess of the aggregate
consideration transferred, the Company re¬
assesses whether it has correctly identified all

of the assets acquired and all of the liabilities
assumed and reviews the procedures used to
measure the amounts to be recognised at the
acquisition date. If the reassessment still results in
an excess of the fair value of net assets acquired
over the aggregate consideration transferred, then
the gain is recognised in OCI and accumulated in
equity as capital reserve. However, if there is no
clear evidence of bargain purchase, the entity
recognises the gain directly in equity as capital
reserve, without routing the same through OCI.

I n case of business combinations taking under
scheme of amalgamation approved by Courts
in India, the accounting treatment as specified
in the court order is followed for recording such
business combination.

After initial recognition, goodwill is measured at cost
less any accumulated impairment losses. For the
purpose of impairment testing, goodwill acquired
in a business combination is, from the acquisition
date, allocated to each of the Company's cash¬
generating units that are expected to benefit from
the combination, irrespective of whether other
assets or liabilities of the acquiree are assigned to
those units.

A cash generating unit to which goodwill has
been allocated is tested for impairment annually,

or more frequently when there is an indication
that the unit may be impaired. If the recoverable
amount of the cash generating unit is less than its
carrying amount, the impairment loss is allocated
first to reduce the carrying amount of any goodwill
allocated to the unit and then to the other assets
of the unit pro rata based on the carrying amount
of each asset in the unit. Any impairment loss
for goodwill is recognised in profit or loss. An
impairment loss recognised for goodwill is not
reversed in subsequent periods.

T) Recent Pronouncements

The 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 Group 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.

5A Non-current assets held for sale

On October 28, 2024, the Board of the Company has approved the terms of a joint venture agreement ("JVA")
to be entered into by the Company with Computer Age Management Services Limited ("CAMS") with respect to
the incorporation of a joint venture company ("JVCo") by the Company and CAMS, for the purposes of owning,
developing, maintaining and operating the jointly developed investment management platform and ecosystem
named 'MF Central' ("Transaction"). As part of the Transaction, the Board has also approved the proposal for
primary equity capital infusion (in one or more tranches) in the JVCo by the Company, up to an aggregate amount
equivalent to I 135 million in connection with the Transaction.

MF Central is a collaboration between the Company and CAMS in 2021 as per SEBI' directive, to operationalize and
fulfil the objective of investor convenience and to stay fully aligned to the regulatory intent of SEBI.

Accordingly, the JVCo, by name, MFC Technologies Private Limited has been incorporated w.e.f March 8, 2025. As
of March 31, 2025, the Company is yet to make the capital infusion. Accordingly, this amount has been classified
under other commitments (Refer Note 33).

The Company has incurred transaction costs of I 10.87 million, towards legal and consultancy charges, and related
stamp duty charges in connection with JVCo. Considering that these costs are in the nature of transaction costs
incurred by the Company for the purposes of its investment in the JVCo, the same have been included in the
Company's cost of investment in the JVCo. (Refer Note 7)

The Company has developed and capitalized certain intangible assets related to the MF Central platform and
pursuant to the JVA, these assets will be transferred to the JVCo at their fair value less costs to sell. Upon obtaining
approval of the Board, these intangible assets have been classified as non-current assets held for sale.

The details of cost, accumulated amortisation and carrying amount (net) of the intangible assets classified as
non-current assets held for sale are as follows:

F Extension options

Some property leases contain extension options exercisable by the Company up to five years before the end
of the non-cancellable contract period. Where practicable, the Company seeks to include extension options in
new leases to provide operational flexibility. The extension options held are exercisable only by the Company and
not by the lessors. The Company assesses at the lease commencement date whether it is reasonably certain to
exercise the extension options. The Company reassesses whether it is reasonably certain to exercise the options if
there is a significant event or significant changes in circumstances within its control.

The Company has estimated that the potential future lease payments, should it exercise the extension option,
would result in an increase in lease liability of I 237.66 million (31 March 2024: I 219.45 million).

a. Terms and rights attached to equity shares

The Company has a single class of equity shares having a par value of I 10 per equity share. Accordingly, all
equity shares rank equally with regard to dividends and in the Company's residual assets. The equity shares
are entitled to receive dividend as declared from time to time. In the event of liquidation of the Company,
the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after
distribution of all preferential amounts in proportion to the number of equity shares held. Each holder of equity
shares is entitled to one vote per share.

Under the shareholders agreement dated 3 August 2017 executed between the Company and its shareholders,
and as amended subsequently ("SHA 2017"), one of the shareholders of the Company had been granted a
right to subscribe to additional equity shares of the Company upon fulfillment of various performance related
and other milestones as defined in the SHA 2017. During the year ended 31 March 2022, the Company and its
shareholders have entered into a agreement to terminate the SHA 2017 ("Termination Agreement") wherein
each of the Parties has agreed that, notwithstanding anything contained in the Existing SHA, on and from the
Effective Date (as defined in Termination Agreement), the SHA 2017 (including any rights, duties and obligations
of the Parties under or incidental to the SHA 2017) shall stand unconditionally and irrevocably terminated and
shall cease to have any force or effect without any further action being required from any Party.

b. Terms and rights attached to RPS

i) Redeemable Preference Shares (RPS):

On 25 October 2021, the Company issued 1,000 non-convertible redeemable preference shares having
face value of I 200 each share ("RPS") at par on a private placement basis for a maximum period of 20
years from the date of issue. These RPS shall not carry any voting rights. The RPS shall be subordinated to
the existing indebtedness of the Company and any future senior debt that the Company may take.

The RPS shall be redeemed by the Company in accordance with the provisions of the Companies Act, 2013
and the Share Subscription Agreement ("SSA") dated 28 May 2021 on or after 25 October 2023 ("the Target
Redemption Date"") and a redemption premium of I 1,340.00 million shall be payable by the Company
subject to satisfaction of the conditions prescribed under the SSA. These RPS carry preferential non¬
cumulative dividend rate of 0.0001% per annum ("Preferential Dividend"), which shall be applicable until
25 October 2023. The dividend shall be due only when declared by the Board. In the event that the RPS are
not redeemed on the Target Redemption Date or within 60 (sixty) days therefrom, in accordance with the
SSA, then the dividend rate applicable on the RPS for the period after the Target Redemption Date, shall
stand revised to a preferential cumulative dividend rate of 7% per annum, which shall further increase
by 200 bps per annum at every anniversary of the Target Redemption Date, subject to a maximum of
13% per annum. The payment of such dividend shall be subject to deduction and withholding of taxes by
the Company as per applicable law. The RPS shall be non-participating in the surplus funds and surplus
assets. The RPS are transferable subject to the conditions mentioned under SSA.

The Company has bought back these RPS in financial year 2023-24.

ii) Preference shares:

As and when the Board decides to issue these preference shares, the terms and rights attached to them
would be approved.

c. Employee stock options:

The Company has granted certain stock options to its employees and the employees of its subsidiary. For
details of shares reserved for issue under the Employee Stock Options Plan of the Company, refer Note 43.

g. During the period of five years immediately preceding the balance sheet date, no shares were allotted as
fully paid up pursuant to a contract without payment being received in cash.

h. The Company has not allotted any shares as fully paid by way of bonus shares during the five year period
immediately preceding the respective balance sheet date.

i. During the period of previous five years immediately preceding the respective balance sheet date, the
Company has bought back 14,987,846 equity shares under Buy-back Plan 2019 and 1,000 RPS in financial year
2023-24.

j. Enforcement Directorate (ED) vide its order dated 24 September 2021, has instructed the Company not to
facilitate the alienation/ sale/ creation of any lien or liability in respect of shares held by certain shareholders.
On 11 March 2022, the Company has received Provisional Attachment Order No. 06/2022 dated 8 March 2022
issued by the Deputy Director, Directorate of Enforcement, Hyderabad Zonal Office, whereby the ED has
provisionally attached the equity shares held by those shareholders.Additionally, to the Company's knowledge,
these shares are subjected to an encumbrance in favour of certain lenders of those shareholders.

The Company has received a letter dated 09 December 2022, from the Office of Additional Director,
Directorate of Enforcement, Hyderabad Zonal Office on 13 December 2022 ("Authority", and such letter "ED
Letter"). Pursuant to the ED Letter, the Authority has communicated that the attachment made pursuant to the
provisional attachment order dated March 08, 2022, issued by the Attachment Order has been confirmed by
the Adjudicating Authority (PMLA), New Delhi vide its order dated 1 December 2022."

k. (i) In respect of the year ended March 31, 2024, at the Company's Annual General meeting held on August 29,
2024, the shareholders have approved a final dividend of I 5.75 per equity share. The total amount paid
with respect to such dividend is I 985.28 million.

(ii) At the Company's Board of Directors' meeting held on April 28, 2025, the Board has proposed a dividend
of I 7.50 per share which is subject to the approval of the Company's shareholders.

Nature and purpose of other reserves

(a) Capital reserve

Reserve created was on cancellation of equity shares pursuant to Scheme of amalgamation approved by
National Company Law Tribunal during year ended 31 March 2019.

(b) Share application money pending allotment

Amount received in respect of exercise of stock options, pending allotment as of year-end. This will subsequently
be adjusted at the time of allotment of shares.

(c) Securities premium

The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve.
The fair value of employee stock options is recognised in securities premium once the shares have been
alloted on exercise of the options. It can be utilised in accordance with the provisions of the Companies
Act, 2013.

(d) Retained earnings

Retained earnings represents the net profits after all distributions and transfers to other reserves. It can be
utilised or distributed in accordance with the provisions of the Companies Act, 2013.

(e) Share-based payment reserve

The Company has established various equity-settled share based payments plans for certain categories of
employees of the Company and its subsidiaries. Refer Note 43 for further details on these plans.

(f) Capital redemption reserve

The balance as of March 31, 2025 represents the reserve created for cancellation of 14,987,846 equity shares
bought back under buy back plan in financial year 2019-20 and on account of buyback of 1,000 redeemable
preference shares in financial year 2023-24 (Refer Note 17).

(g) General reserve

The general reserve is used time to time to transfer profits/ reserve from retained earning/ other component of
equity such as Debenture Redemption Reserve (DRR) for appropriation purposes. There is no policy of regular
transfer. As the general reserve is created by a transfer from one component of equity to another and is
not an item of other comprehensive income, items included in the general reserve will not be reclassified
subsequently to Standalone statement of profit and loss.

^ During the year, a customer of the Company has called upon the Company to indemnify it against an alleged misconduct by a
former employee. The Company has denied any obligation to indemnify the customer until such allegations are legally established
in a competent court. This matter is currently sub judice. Based on management's assessment, it is unlikely to have a material
impact on the standalone financial statements of the Company.

C. The Company is a party to certain pending cases with regulatory authorities relating to the initial public
offerings of its customers that have taken place in earlier years. These cases are pending at various levels of
legal disposition. In the assessment of the management and as legally advised, these matters are unlikely to
have a material impact on the Standalone financial statements of the Company.

D. The Hon'ble Supreme Court of India ("SC") by their order dated 28 February 2019, in the case of Surya Roshani
Limited & others v/s EPFO, set out the principles based on which allowances paid to the employees should
be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution.
The Company has started complying with this prospectively from the month of March 2019. In respect of
the past period there are significant implementation and interpretative challenges that the management
is facing and is awaiting for clarity to emerge in this regard, pending which, this matter has been disclosed
under the contingent liability section in the Standalone Financial Statements. The impact of the same is
not ascertainable.

E. The Company is party to certain cases relating to customer complaints which are at various levels of
resolution and litigations. The management is confident of resolution of these cases in its favour and does not
expect any material impact on the standalone financial statements. Further, the Company is proforma party
to certain cases relating to succession matters, partition suits etc. which are at various levels of resolution
and litigations. There is no direct involvement of the Company in these matters and accordingly having no
material impact on the standalone financial statements.

The Company is contesting the above mentioned demands and the Management believes that its position
will likely be upheld in the appellate process and accordingly no expense has been accrued in the Company's
standalone financial statements for the demand raised/ show cause notice received as the ultimate outcome
of these proceedings will not have a material adverse effect on the standalone financial statements. Further,
pending resolution of the respective proceedings, it is not practicable for the Company to estimate the timing
of cash outflows, if any, in respect of the above as it is determinable only on receipt of judgement/ decisions
pending with various forums/ authorities.

34 e-amalgamated Company (Refer Note 43(a)) was the Registrar and Transfer Agent (RTA) of a past Client

("the Client") until 5 April 2021. The Client had a demat account ("Escrow Account") with one of the Depository
Participants ("DP") for depositing its shares in escrow for the purposes of its initial public offering. The Company
identified in the financial year 2020-21 that 794,489 shares were transferred by the DP (500,000 shares in
2011 (which translated into 1,000,000 shares pursuant to a bonus issue undertaken by the Client in 2017) and
294,489 shares in 2020) from the Escrow Account to the DP's own demat account and to a third party's demat
account through an off-market transaction without any authorisation from the Client and without knowledge
of the Company. The Board of Directors of the Company after considering legal advice purchased 1,294,489
shares and transferred these shares to the Escrow Account of the Client on a 'good faith and no fault' basis,
after reducing the amount payable upon redemption, in future, of the Redeemable Preference Shares (Refer
Note 17) issued in October 2021, by I 300.00 million (Refer Note 17). The dividend received on such shares by
the Company in the financial year 2021-22 of I 4.08 million was also transferred back to the Client. Intimation
letters were sent to the Client and SEBI on 15 November 2021 informing them of transfer of shares to the Client's
Escrow Account and refund of dividend to the Client.

Further, the Board of Directors of the Company after considering legal advice, approved payment of up to I
70.00 million (based on an estimation of potential losses that may be suffered by the Client) by the Company
to the Client, for the purpose of settlement of any potential claims by the Client (including dividends on such
shares for earlier periods). The Company will initiate proceedings against the concerned parties, including
certain minority shareholders, for recovery of the amount paid and payable by the Company to the Client in
connection with this matter upon completion of final settlement with the Client. Considering the assessment
of recoverability, the Company has made a provision of I 84.25 million as at 31 March 2025. Pending the
final settlement of terms to be agreed with the Client, the Management has measured the provision at its
best estimate.

(ii) Defined benefit plan:

The Company makes annual contribution to a gratuity fund administered by trustees and managed by Life
Insurance Corporation of India (LIC). Every employee is entitled to a benefit equivalent to fifteen days' salary last
drawn for each completed year of service in line with the Payment of Gratuity Act, 1972. The same is payable at
the time of separation from the Company, subject to a service period of 5 years, or retirement, whichever is earlier.

The defined benefit plan exposes the Company to actuarial risks such as longevity risk, interest rate risk and
market/ investment risk.

A. Based on the actuarial valuation obtained in this respect, the following table sets out the status of the
gratuity plan and the amounts recognised in the Company's standalone financial statements as at balance
sheet date:

The weighted average duration of the defined benefit plan obligation as at 31 March 2025: 12.84 years (31
March 2024: 13.41 years)

Expected contribution to the post employee benefit plan during the next financial year is expected to be I 1.84
million (31 March 2024: I 7.53 million).

H. Discount rate: The discount rate is based on the prevailing market yields of Indian government securities as
at the balance sheet date for the estimated term of the obligations.

Expected rate of return on plan assets: This is based on the expectation of the average long-term rate of
return expected on investments of the fund during the estimated term of the obligations.

Salary escalation rate: The estimates of future salary increases considered takes into account the inflation,
seniority, promotion and other relevant factors such as supply and demand in the employment market.

Other long-term employee benefits:

The Company provides compensated absences benefits to the employees of the Company which can be
carried forward to future years. Since the compensated absences do not fall due wholly within twelve months
after the end of the period in which the employees render the related service and are also not expected
to be utilised wholly within twelve months after the end of such period, the benefit is classified as a long¬
term employee benefit. During the year ended 31 March 2025, the Company has incurred an expense on
compensated absences amounting to I 29.29 million (31 March 2024: I 30.79 million). The Company determines
the expense for compensated absences basis the actuarial valuation of the present value of the obligation,
using the Projected Unit Credit Method.

B. Fair value hierarchy

This section explains the judgments and estimates made in determining the fair values of the financial
instruments that are:

(a) recognised and measured at fair value and

(b) measured at amortised cost and for which fair values are disclosed in the financial statements.

To provide an indication about the reliability of the inputs used in determining fair value, the Company
has classified its financial instruments into three levels prescribed under the Indian Accounting Standard
113. An explanation of each level follows underneath the table.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

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

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

There are no transfers between level 1 and level 2 during the year.

The carrying amounts of the financial assets and liabilities measured at amortised cost are considered
to be their fair values as these carrying amounts are a reasonable approximation of their corresponding
fair values.

II. Financial risk management
Risk management framework

The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's
risk management framework. The Board of Directors has constituted a risk management committee which
is responsible for monitoring the Company's risk Management policies. The risk management committee
reports regularly to the board of directors on its activities. The Company's audit committee oversees how
management monitors compliance with the Company's risk management policies and procedures and
reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The
Company's audit committee 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 audit committee. The Company's risk management policies are established to identify and analyse the
risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to
limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions
and the Company's activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their
roles and obligations.

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

a) Credit risk

b) Liquidity risk and

c) Market risk

i. 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 resulting in a financial loss to the Company. Credit
risk encompasses both the direct risk of default and the risk of deterioration of credit worthiness as well
as concentration risks. Credit risk arises principally from trade receivables, security deposits, cash and
cash equivalents and deposits with banks and investments in mutual funds. The carrying amount of
financial assets and contract assets represents the maximum credit exposure. The maximum exposure
to credit risk was I 8,171.64 million and I 5,479.11 million as at March 31, 2025 and March 31, 2024 respectively,
being the total of the carrying amount of Other non current financial assets, Trade receivables, Cash and
cash equivalents, Bank balances other than cash and cash equivalents, Investments in mutual funds and
Other current financial assets.

The Company neither holds any collateral as security nor has obtained letters of credit or other forms of
credit insurance. Also, the Company has not obtained any credit derivatives or instruments for its financial
assets outstanding at the reporting period.

a. Trade receivables

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each
customer. However, management also considers the factors that may influence the credit risk of its
customer base, including the default risk of the industry and country in which customers operate.

The Company establishes an allowance for impairment that represents its expected credit losses in
respect of trade and other receivables. The management uses a simplified approach for the purpose
of computation of expected credit loss for trade receivables. An impairment analysis is performed at
each reporting date.

The management has established a credit policy under which each new customer is analysed
individually for creditworthiness before the standard payments and delivery terms and conditions
are offered. The average credit period provided to customers is around 40 days. The Company
review includes external ratings, customer's credit worthiness, if they are available, and in some
cases bank references.

The customer base of the Company comprises of various corporates, state governments and mutual
fund houses all having sound financial condition. An impairment analysis is performed at each
reporting date on invoice-wise receivable balances.

The Company's exposure to customers is diversified and no single customer contributes to more
than 10% of outstanding trade receivable and contract assets as at March 31, 2025 and March 31, 2024.

c. Cash and cash equivalents and deposits with banks

Cash and cash equivalents and deposits of the Company are held with banks which have high credit
rating. The Company considers that its cash and cash equivalents and deposits with banks have low
credit risk based on the external credit ratings of the counterparties.

d. Investments in mutual funds

The credit risk for the investments in mutual funds is considered as negligible as the counter parties
are mutual fund agencies with high external credit ratings.

e. Stamp duty receivables

There is no credit risk involved as the receivable amounts from customers are intended for the
purpose of onward remittance to the Registration and Stamps department.

During the year, the Company has made write-offs of trade receivables as disclosed in Note 30 as it
does not expect to receive future cash flows or recoveries from collection of receivables previously
written off. The Company's management also pursue all legal options for recovery of dues, wherever
necessary, based on its internal assessment.

Refer Note 12 for Reconciliation of loss allowance provision for Trade receivables.

ii. 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.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
cash flows generated from operations to meet obligations when due and to close out market positions.
Due to the dynamic nature of the underlying businesses, the Company's treasury maintains flexibility in
funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the Company's liquidity position comprising cash and
cash equivalents on the basis of expected cash flows. This is generally carried out in accordance with
practice and limits set by the Company. In addition, the Company's liquidity management policy involves
projecting cash flows in major currencies and considering the level of liquid assets necessary to meet
these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements
and maintaining debt financing plans. The Company has a net current assets of I 6,706.93 million as at 31
March 2025 (31 March 2024: I 4,494.02 million).

b. Security deposits

It consists of rent, electricity, telephone and other deposits. The Company does not expect any
financial loss as the said deposits are given only to credible vendors/ service providers.

Currency risk

The Company is exposed to foreign currency risk on certain transactions that are denominated in a currency
other than entity's functional currency, hence exposure to exchange rate fluctuations arises.

Exposure to currency risk

There are no derivative contracts. The summary quantitative data about the Company's unhedged exposure
to significant currency risk in foreign currency and domestic currency as reported to the management of the
Company is as follows:

iii. Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates and interest rates -
will affect the Company's revenue from operations 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.

Interest rate risk

The Company does not have any borrowings.

Exposure to interest rate risk

The interest rate profile of the Company's interest-bearing financial instruments as reported to the
management of the Company is as follows:

Cash flow sensitivity analysis for variable-rate instruments

There are no variable rate borrowings of the Company. Hence, change in interest rates would not have an
impact on cash flows of the Company.

Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through
profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Price risk

The Company is exposed to price risk arising from investments in mutual funds that are classified as financial
assets at fair value through profit or loss (FVTPL). The value of these investments fluctuates based on changes
in Net Assets Value (NAV) of the underlying schemes which are influenced by movements in market prices of
the underlying securities.

Sensitivity analysis

The table below summarises the impact of increases/decreases of the Net Asset Value (NAV) on the
Company's investment in Mutual fund and profit for the period. The analysis is based on the assumption that
the NAV increased by 5% or decreased by 5% with all other variables held constant, and that all the Company's
investments in mutual funds moved in line with the NAV.

During the year, pursuant to combining of operating segments, Global Business Services with International and
other Investor Solutions to align with the manner in which CODM monitors the Company's operations and allocate
resources, the respective CGUs have been combined. No impairment loss has been recognised as a result of
such combination.

For the year ended 31 March 2025, the goodwill impairment has been assessed at the CGU level. The recoverable
amount of the Goodwill has been determined as per value in use method using discounted cash flows. The values
assigned to the key assumptions represent management's assessment of future trends in the relevant industries
and have been assigned based on historical data both from external and internal sources.

The projections cover a reasonable period that the Company believes this to be the most appropriate timescale
over which to review and consider annual performances before applying a fixed terminal value multiple to the final
year cash flows. The growth rates used to estimate future performance are based on the conservative estimates
from past performance. The Company has performed sensitivity analysis around the base assumptions and have
concluded that no reasonable changes in key assumptions would cause the recoverable amount of the CGUs to
be less than their respective carrying values.

The Company performs an annual impairment test of goodwill. The latest impairment test was performed for the
year ended 31 March 2025 and the actual performance of the CGUs has been monitored against the budgets for
the year ended 31 March 2025.

- The discount rate is a post-tax measure estimated based on the historical industry average weighted-average
cost of capital.

- The cash flow projections include specific estimates for five years and a terminal growth rate thereafter. The
terminal growth rate has been determined based on management's estimate of the long-term compound
annual growth rate, consistent with the assumptions that a market participant would make.

- Budgeted revenue has been estimated taking into account past experience and expected growth in the next
five years.

The Company believes that any reasonably possible change in the key assumptions on which a recoverable
amount is based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount
of the respective cash generating units.

42 Business combination

A) Amalgamation of the 'RTA undertaking' of KCL into the Company and Amalgamation of KCPL
into the Company

The Board of Directors of the Company in their meeting held on 2 August 2017 approved a Composite Scheme
of Arrangement and Amalgamation between Karvy Consultants Limited (KCL), Karvy Computershare Private
Limited (KCPL), the Company and their respective shareholders under the relevant provisions of the Companies
Act, 2013 ('the Scheme'). The Scheme has been approved by the National Company Law Tribunal (NCLT) vide
their order dated 23 October 2018 which has been filed with the Registrar of Companies on 17 November 2018.
Therefore, the Scheme became effective on 17 November 2018.

As per the Scheme, the 'RTA undertaking' of KCL (as explained below) and KCPL were amalgamated into the
Company with effect from 17 November 2018, the details of which are given below:

Amalgamation of the 'RTA undertaking' of KCL into the Company

I n the Scheme, the 'RTA undertaking' of KCL is defined as the assets and liabilities relating to the Registrar
and Transfer Agent (RTA) business of KCL including the investment held by KCL (50% equity stake) in KCPL. In
accordance with the Scheme, this RTA Undertaking of KCL was amalgamated into the Company with effect
from 17 November 2018 in consideration of issue of 110,000,015 equity shares of I 10 each of the Company to the
shareholders of KCL (as per the share swap ratio approved in the Scheme).

As specified in the Scheme, this amalgamation was accounted for in accordance with the Purchase method
of accounting as per Accounting Standard 14 - on 'Accounting for Amalgamations'. Accordingly:

a) all assets and liabilities of the RTA Undertaking of KCL including the investment held by KCL in KCPL were
recorded at their existing book values as at November 16, 2018 (as certified by the independent auditors
of KCL);

b) t he consideration, being the face value of the said equity shares issued by the Company to the
shareholders of KCL was recorded at par value; and

c) the difference between a) and b) above amounting to I 1,093.75 million was recorded as Goodwill.
Amalgamation of KCPL into the Company

On 17 November 2018, the Company acquired a 50% stake in KCPL from an existing shareholder. Further, on 17
November 2018, the 'RTA Undertaking' of KCL was amalgamated into the Company, thus vesting the remaining
50% stake of KCPL to the Company. Accordingly, on 17 November 2018, KCPL became a wholly owned subsidiary
of the Company. However, the amalgamation of KCPL into the Company also became effective on the same
day, and hence, KCPL was merged into KFPL on 17 November 2018.

As specified in the Scheme, the Company accounted for the amalgamation as follows:

a) all assets and liabilities of KCPL were recorded at their existing book values as at 16 November 2018;

b) the difference between the cost of investment in KCPL as appearing in the books of KFPL and the net book
value of assets as per a) above amounting to I 5,655.41 million was recorded as Goodwill.

As per the Scheme, the cumulative goodwill arising on the transaction amounting to I 6,749.16 million was
being amortised over a period of 10 years. Goodwill generated on this transaction largely represents the value
of the businesses acquired by the Company as reduced by the book values of the assets and liabilities of the
acquired businesses.

The accounting treatment as specified in the Scheme relating to amalgamation of the 'RTA Undertaking'
of KCL and of KCPL into the Company and the subsequent measurement of Goodwill is in accordance with
Accounting Standard 14 on 'Accounting for amalgamations' which is different from the accounting as per Ind
AS 103 on 'Business Combinations'. Under Ind AS 103, the Company would have been required to record the
entire business combination (the assets, liabilities acquired, and consideration paid) at fair value.

The excess of fair value of the equity shares issued as consideration over face value of such shares is I 7,046.60
million with a consequential impact of Goodwill/ Intangible assets. While the fair values of assets and liabilities
recognized in the separate financial statements of KCL and KCPL were similar to their respective carrying
values, the goodwill recognized in accordance with the Scheme and such additional goodwill arising on
account of fair value of the consideration would have been required to be allocated to the fair value of the
intangible assets, as applicable first and the balance would have been reflected in goodwill if the Scheme
had been accounted in accordance with the provisions of Ind AS 103.

(B) The Board of Directors of the Company at its meeting held on 01 September 2021, approved the application filed
with National Company Law Tribunal ('NCLT application') on 28 October 2021 for discontinuing amortisation of
goodwill. As per the Scheme approved earlier in October 2018, the goodwill was being amortised over a period
of ten years. Pursuant to the approval of the NCLT application via order dated 2 March 2022, the amortisation of
goodwill was discontinued with effect from 1 April 2021 and the carrying value of goodwill was I 5,148.96 million
on that date. As per Ind AS 36 - Impairment of Assets, the Company continues to annually test the impairment
on goodwill. Also, refer Note 41 for further details of Impairment testing of goodwill.

43 Share Based Payments

The shareholders of the Company vide their meeting held on 31 July 2019 have authorised the Board of Directors
to introduce, offer and provide share-based incentives to eligible employees of the Group under KFPL Employee
Stock Option Plan 2019 ('ESOP Plan 2019'). The maximum number of shares that the Company can issue under
the ESOP plan 2019 were 9,593,839 equity shares. Subsequently, the members of the Company have approved
renaming the plan as Employee Stock Option Plan 2020 ('ESOP Plan 2020') and cancellation of 2,500,000 options in
EGM held on 20 October 2020. During the current year, the Board and Nomination and Remuneration Committee
(NRC) of the Company have approved Employee Stock Option Plan 2024 ('ESOP Plan 2024'). The maximum number
of shares that the Company can issue under the ESOP plan 2024 are 2,500,000 equity shares. The board and NRC
have notified seven schemes under the ESOP Plan 2020 and two schemes under the ESOP Plan 2024 as of 31 March
2025. The revised number of options available under the ESOP Plan 2020 and ESOP Plan 2024 cumulatively are
9,593,839 equity shares as at 31 March 2025 (31 March 2024: 7,093,839). The options under these schemes vest to the
employees based on various performance and other parameters. As at 31 March 2025, the Company has granted
7,039,109 (net) (31 March 2024: 5,811,800) options to eligible employees as identified by the NRC. These options vest
between a minimum of 1 to 4 years from the date of grant.

As of March 31, 2025, there were no options granted under the ESOP plan 2024 and following are the details pertaining
to options granted under the ESOP 2020 plan:

• The expected life of the share options is based on current expectations and is not necessarily indicative of
exercise patterns that may occur.

• For the options granted prior to the Company getting listed, volatility of returns on the BSE500 index for historical
period has been considered. The expected volatility reflects the assumption that the historical volatility
over a period similar to the life of the options is indicative of future trends, which may not necessarily be the
actual outcome.

• The risk free interest rates are determined based on the zero-coupon sovereign bond yields with maturity equal
to the expected term of the option.

• The options outstanding at 31 March 2025 had an exercise price in the range of I 91.98 to I 703.05 (31 March 2024:
I 91.98 to I 703.05) and a weighted-average remaining contractual life of 2.88 years (31 March 2024: 6.40 years).

• The weighted-average share price at the date of exercise for share options exercised during year ended 31
March 2025 was I 938.39 (31 March 2024: I 443.56).

Performance obligation The Company enters into contracts with customers for rendering domestic mutual
fund investor solutions, issuer solutions and international and other investor solutions. The performance
obligation for all of these services is satisfied over the period.

Transaction price :- Contract price is determined as per terms agreed with the customer adjusted for
discounts and other price concessions, if any.

Payment terms :- The amounts receivable from customers become due after expiry of credit period
which on an average is less than 40 days. The contracts entered with customers do not have significant
financing component.

Transaction price allocated to remaining performance obligations :- The Company has applied the practical
expedient in Ind AS 115 for disclosing information about its remaining performance obligations as the Company
has a right to invoice and right to consideration from its customers with respect to the Company performance
completed till the reporting date. The Company does not incur any cost to attain or fulfil a contract with a
customer. Accordingly, the related disclosures are not made.

The Company incurs certain costs to fulfill its performance obligations under certain customer contracts, which
are recognised as an asset when they meet the criteria for capitalisation. These are amortised systematically
over the contract life. During the year ended 31 March 2025, contract fulfillment costs of I 9.17 million (31 March
2024: I Nil) has been amortised in the standalone financial statements.

The Company is into the business of rendering services and therefore, inventory turnover ratio is not applicable
and accordingly, not presented.

46 During the previous financial year, on 19 April 2023, the Company had acquired 100% stake in WebileApps
(India) Private Limited by investing I 110 million. The acquisition would integrate Company's deep domain
knowledge with WebileApps's technical expertise, offering clients with world-class products and platforms
with the potential to unlock new revenue streams and markets. The acquisition offers several advantages,
including accelerated product development in SaaS and PaaS models, brings in additional cloud, artificial
intelligence and design expertise that will differentiate KFintech and help explore untapped segments and
geographies besides adding significant value to its clients.

47 As at 31 March 2025 and 31 March 2024, the Company did not have any long term contracts including derivative
contracts for which there were any material foreseeable losses.

48 The Company has not given any loan or guarantee or provided any security as covered under Section 186 of
the Companies Act, 2013. Accordingly, the disclosure requirements to that extent do not apply to the Company.

Additional regulatory information pursuant to the requirement in Division II of Schedule III to the Companies
Act, 2013

49 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall 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 provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

No funds have been received by the Company from any person(s) or entity(ies), including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall
directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Parties ("Ultimate Beneficiaries") or provide any guarantee, security or the like from or on
behalf of the Ultimate Beneficiaries.

50 The Company does not have any Benami property, where any proceeding has been initiated or pending
against the Company for holding any Benami property.

51 To the best of our knowledge, the Company does not have any transactions with companies struck off.

52 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.

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

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

55 The Company does not have borrowings from banks and financial institutions on the basis of security of
current assets. Hence, no quarterly returns or statements of current assets are being filed by the Company
with banks and financial institutions.

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

57 The Company has complied with the number of layers prescribed under the Companies Act, 2013.

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

59 The Company is in the process of registering charge created on certain lien marked fixed deposits amounting
to I 27.97 million, with the Registrar of Companies, Mumbai.

60 Events after reporting period:

On 16 April 2025, the Company has entered into definitive agreements with Ascent Fund Services (Singapore)
Pte. Ltd. (Ascent), to acquire immediate controlling equity stake of 51% with a defined path to 100% ownership over
the next five years. Headquartered in Singapore, Ascent is a fast growing full-suite global fund administrator.
Presently, the Company will acquire 51% equity stake in the Ascent for a consideration of US$ 34.68 million
comprising of primary capital infusion of US$ 5.00 million and secondary purchase of US$ 29.68 million at an
enterprise valuation of US$ 63.00 million. Post this transaction the Company will become the sole promoter
of Ascent. Residual 49% stake will be acquired over the next 5 years in 3 equal tranches of 16.33% each after
the end of financial year 2027-28, 2028-29, and 2029-30 respectively. The purchase consideration for these
tranches is linked to achievement of EBITDA for the corresponding fiscal year. The transaction is subject to
customary regulatory approvals.

As per our Report of even date attached

for B S R and Co for and on behalf of Board of Directors of

Chartered Accountants KFin Technologies Limited

ICAI Firm Registration No.: 128510W CIN: L72400MH2017PLC444072

Amit Kumar BajajVishwanathan M Nair Venkata Satya Naga Sreekanth Nadella Vivek Narayan Mathur Alpana Uttam Kundu

Partner Chairman Managing Director & Chief Executive Officer Chief Financial Officer Company Secretary

Membership No.: 218685 DIN: 02284165 DIN: 08659728 Membership no.: A089454 Membership no.: F10191

Place: Hyderabad Place: Mumbai Place: Hyderabad Place: Mumbai Place: Mumbai

Date: 28 April 2025 Date: 28 April 2025 Date: 28 April 2025 Date: 28 April 2025 Date: 28 April 2025