Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized when the Company has a present obligation as a result of past event and it
is probable that an outflow of resources will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to present value and are determined based
on best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each
Balance Sheet date and adjusted to reflect the current best estimates. Contingent assets and liabilities are
not recognized.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation
that may, but probably will 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 or
disclosure is made. Contingent asset are neither recognised nor disclosed in the financial statements.

Earnings per Share (EPS)

The basic earnings per share is calculated by dividing the net profit after tax by weighted average number
of equity shares outstanding during the reporting period. Number of equity shares used in computing
diluted earnings per share comprises the weighted average number of shares considered for basic earnings
per share and also weighted average number equity shares which would have been issued on conversion
of all dilutive potential shares. In computing diluted earnings per share only potential equity shares that are
dilutive are considered. Dilutive potential equity shares are deemed to be converted as at the beginning of
the period unless issued at a later date. The dilutive potential equity shares are adjusted for the proceeds
receivable had the shares been actually issued at fair value. Dilutive potential equity shares are determined
independently for each period presented.

Leases

Lease of assets/software under which all the risks and benefits of ownership are effectively retained by
the lessor is classified as Operating Leases. The total lease rentals, including escalation, are recognized
in the Revenue account or/and Profit and Loss account, as the case may be, on a straight line basis over
the period of the lease. Initial direct costs incurred specifically for an operating lease are charged to the
Revenue Account.

Foreign Currency Transactions

Initial recognition: Foreign currency transactions are recorded in Indian Rupees, by applying to the foreign
currency amount the exchange rate between the Indian Rupee and the foreign currency at the date of the
transaction.

Conversion: Foreign currency monetary items are translated using the exchange rate prevailing at the
reporting date. Non-monetary items, which are measured in terms of historical cost denominated in a
foreign currency, are reported using the exchange rate at the date of the transaction. Non-monetary
items, which are measured at fair value or other similar valuation denominated in a foreign currency, are
translated using the exchange rate at the date when such value was determined.

Exchange differences: Exchange differences are recognized as income or as expenses in the period in
which they arise.

Allocation of Operating Expenses

For Operating Expenses (Schedule 4), expenses are allocated in Health, Personal Accident and Travel on
the basis of gross direct premium.

Rationale of Expenses allocation between Revenue Account and Profit & Loss Account

Expenses pertaining to Policyholders have been shown in Revenue Account as per the limit prescribed
in Insurance Regulatory and Development Authority of India (Expenses of Management, including
Commission, of Insurers) Regulations, 2024 and excess over the limit has been debited in the Profit &
Loss Account.

Share issue expenses

Share issue expenses are adjusted against share premium account.

Goods and Services Tax

Goods and Services Tax ("GST”) collected is considered as a liability against which GST paid for eligible
inputs services or goods, to the extent claimable, is adjusted and the net liability is remitted to the
appropriate authority as stipulated. Unutilized credits, if any, are carried forward for adjustment in
subsequent periods. GST paid for eligible input services not recoverable by way of credits are recognized
in the Revenue account as expense.

Receipts and payments account

i. Receipts and payments account is prepared and reported as per AS-3 Cash flow statements using
the Direct Method, in conformity with para 2(a)(i) of the Master Circular on Actuarial, Finance and
Investment Functions of Insurers dated May 17, 2024, issued by the IRDAI.

ii. Cash and cash equivalents for the purpose of statement of receipts and payments include cash
and cheques in hand, deposits with banks, bank balances, liquid mutual funds and other short term
investments with original maturity of three months or less which are subject to insignificant risk of
changes in value.

iii. The components of cash and cash equivalents are presented with reconciliation of the amounts in its
cash flow statement with the equivalent items reported in the Balance Sheet.

Note:

1. The Company has disputed the demand raised by Income Tax Authorities of W 12,716 Lakhs (previous year W9,879 Lakhs) the
appeals of which are pending before the appropriate authorities. This includes income tax demand related to Assessment Year
2020-21, 2021-22, 2022-23 and 2023-24 related to disallowance of certain expenses as inadmissible under Section 37(1) of Income
Tax Act, 1961. The Company does not expect the outcome of these proceedings to have a material adverse effect on its financial
statements as at March 31, 2026.

2. The Directorate General of GST Intelligence ("DGGI”) Authorities had initiated inquiry and issued Show Cause and demand notice
of W2,928 lakhs against the Company relating to alleged ineligible input credit availed by the Company in respect of marketing
and advertisement expenses. As directed by DGGI, the Company had deposited W2,500 lakhs under Section 74(5) of the CGST
Act 2017. Subsequently, the Company had received an order from Adjudicating Authority- Meerut that reduced demand from
W2,928 lakhs to W287 lakhs and penalty amounting to W287 lakhs. The Company has decided not to appeal against the same

and paid the penalty/interest amount of W237 lakhs. The Company has recorded W524 lakhs (demand including penalty/interest)
to profit and loss account for the year ended March 31, 2025 and filed application for refund of W 2,213 lakhs. Such refund has
been rejected by the department considering it as time barred. The Company has filed Appeal with Joint Commissioner of
State Tax, Mumbai, against rejection order. As at March 31, 2026, no further hearing has been initiated against this Appeal. The
Company strongly believe that this refund is not time barred and based on legal opinion received by it, no provision is required
to be made in the financial statements for the year ended March 31, 2026. However, the Company has shown this amount in
Contingent Liability.

Pending Litigations

The Company's pending litigations comprise of claims against the Company primarily by customers
and proceedings pending with Tax authorities. The Company has reviewed all its pending litigations and
proceedings and has adequately provided for where provisions are required and disclosed the contingent
liabilities where applicable, in its financial statements. The Company does not expect the outcome of these
proceedings to have a material adverse effect on its financial statements as at March 31, 2026.

2. Actuarial Assumptions

The appointed actuary has certified to the Company that actuarial estimates for Premium deficiency
reserve, IBNR (including IBNER) and estimate of Loss ratio for determining profit commission on re¬
insurance treaties are in compliance with the Insurance Regulatory and Development Authority of India
(Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 and the guidelines issued by
the Institute of Actuaries of India.

Depending upon the Business segment, a suitable actuarial method like Basic Chain Ladder Method,
Bornhuetter Ferguson Method, Expected Ultimate Loss Ratio or a mixture of these have been used for
IBNR/IBNER calculations.

The Company’s Appointed Actuary has determined valuation assumptions in respect of 'Claims incurred
but Not Reported’ and 'Claims incurred but Not Enough Reported’ '(IBNR including IBNER) amounting
to W40,968 Lakhs (net) (Previous year W25,437 Lakhs (net) that conform with Regulations issued by the
IRDAI and professional guidance notes issued by the Institute of Actuaries of India.

a) As at March 31, 2026, the Company has made a provision of W18,460 Lakhs (net) (Previous year W 11,914
Lakhs (net)) towards litigation reserve including incidental claims based on actuarial estimates and the
same is included as a part of IBNR/IBNER reserves.

b) As at March 31, 2026, the Company has provided appropriate IBNR/IBNER with respect to multiyear
policies including policies exceeding 4 years.

3. Encumbrances on Assets

The assets of the Company are free from all encumbrances. The Company has all assets within India.

4. Capital Commitments

Estimated amount of commitments pertaining to contracts remaining to be executed in respect of fixed
assets (net of advances) is W2,793 Lakhs (previous year: W2,723 Lakhs).

5. Other Commitments

Commitment in respect of loans as on March 31, 2026 is W Nil (previous year: W Nil) and Investment is W Nil
(previous year: WNil)

B. Claims settled but not paid to Policyholder/Insured for more than six months is W Nil
(previous year: W Nil).

C. Claims where the claim payment period exceeds four years:

As per "Master Circular on Actuarial, Finance and Investment Functions of Insurers-2024”, the claims
made in respect of contracts where claims payment period exceeds four years, are required to be
recognized on actuarial basis. Accordingly appointed Actuary has certified the fairness of the liability
assessment, assuming 'NIL’ discount rate.

In this context, no claims have been valued on this basis as the company does not offer any product
with long-term claim payout features.

11. As per Master Circular on Operations and Allied Matters of Insurers dated
June 19, 2024

IRDAI has vide circular no. IRDAI/PPGR/CIR/MIS/97/06/2024 dated June 19, 2024 advised all insurers to
disclose under schedule 13 - Current Liabilities amount due to policyholders/ Insured on accounts of claims
settled but not paid, excess collection of the premium / tax which is refundable, cheques issued but not
encashed by policy holders / Insured and Remittance through NEFT/RTGS or any other electronic mode
bounced back.

12. Premium Deficiency Reserve

The Appointed Actuary has reviewed the Unearned premium reserve (UPR) posted in the Financial
statements against the estimated liability of the Company under unexpired obligations (including claims
and claims related expenses) towards policyholders (URR) for all business segments. The UPR provided in
the financials is sufficient to the cover the URR at the Company level thus; no premium deficiency reserve
has been created.

13. Investments

a) There are no contracts outstanding in relation to Purchases where deliveries are pending and Sales
where payments are overdue respectively.

b) All investments are made in accordance with Insurance Act, 1938 and the Insurance Regulatory and
Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations,
2024, except:

1. Commercial papers issued by ILFS Ltd aggregating to W3,000 Lakhs that remained unpaid as on
March 31, 2026. In accordance with IRDAI regulations, the Company had made a 100% provision of
W 3,000 Lakhs and presented as "Other Receivables”.

2. Bonds issued by Reliance Capital aggregating to W1,000 Lakhs. The Company had recovered

W 568 Lakhs as a settlement during financial year ended March 31, 2025 and balance amount of
W432 Lakhs carried as provision as at March 31, 2025. During the year ended March 31, 2026, the
Company has written off W432 Lakhs in the profit & loss account.

14. Managerial Remuneration

A. Qualitative Disclosures

i. Information relating to the composition and mandate of the nomination and
remuneration committee:

Nomination and Remuneration Committee is the Committee of Board of Directors of the Company,
constituted in accordance with the provisions of Section 178 of the Companies Act, 2013.

As on March 31, 2026, the composition of Nomination and Remuneration Committee has been
as follows:

• Ms. Geeta Dutta Goel - Chairperson of NRC, Independent Director

• Mr. Milind Gajanan Barve - Independent Director

• Mr. Carlos Antonio Jaureguizar Ruiz Jarabo - Non-Executive Director

ii. Information relating to the design and structure of remuneration policy and key features and
objective of the policy:

The level and composition of remuneration is reasonable, market competitive and sufficient to
attract, retain and motivate the best talent for positions of the Directors, Key Managerial Persons
(KMPs) and Senior Managerial Persons (SMPs). The relationship of remuneration is linked to
performance. Remuneration involves a balance between Fixed and Variable pay, reflecting short
and long-term performance objectives appropriate to the Measure of Success (MOS) achievement
by the Company.

iii. Description of the ways in which current and future risks are taken into the account in the
remuneration policy.

Nomination and Remuneration Committee (NRC) include following parameters as measurements
to the annual performance evaluation of Directors, Key Managerial Persons (KMPs) and Senior
Managerial Persons (SMPs).

• Remuneration is adjusted for all types of risk

• Remuneration outcomes are symmetric with risk outcomes, and

• Remuneration payouts are sensitive to the time horizon of the risk

• The mix of cash, equity and other forms of remuneration must be consistent with risk alignment

• Credit, Market and Liquidity risks

Among other things, Nomination & Remuneration Committee and the Board also consider
following for assessing performance and suitable risk adjustments.

1. Persistency

2. Solvency

3. Grievance Redressal

4. Expenses of Management

5. Claim settlement

6. Claim repudiations

7. Overall Compliance status

8. Overall financial position such as Net-Worth Position of Insurer, Asset under Management
(AUM) etc.

In matters related to risk and reward, the NRC also considers advice from the members of the
Risk Committee of the Company, as appropriate before making its final determinations and
recommendations to the Board.

iv. Description of the ways in which the insurer seeks to link performance, during a performance
measurement period, with levels of remuneration:

Key Results Areas (KRAs) are established for each member that will be derived from the Guidelines
and overall strategy of the organization and are incorporated as directives as provided by the
Board. The performance against these Key Results Areas (KRAs) are reviewed by the Nomination
and Remuneration Committee (NRC) for MD & CEO, other executive Director if any and Key
Managerial Persons (KMPs) and Senior Managerial Persons (SMPs). Basis the above evaluation, a
final rating shall be provided to the concerned Director / Key Managerial Persons (KMPs) along
with fixed pay revision and variable pay, as applicable.

*As mentioned in Note 44, the cost of equity settled transactions is measured using the intrinsic value method and charged
to Revenue Account/ Profit or Loss Account.

# As per IRDAI approval received under Section 34A of Insurance Act, 1934 for remuneration (Fixed pay & Variable pay) of
the MD & CEO, cash variable payment of W159 Lakhs is to be made in FY 2026-27, with the remaining W135 Lakhs to be paid
equally over the next three financial years.

# As per IRDAI approval received under Section 34A of Insurance Act, 1934 for remuneration (Fixed pay & Variable pay) of
the ED & CBO, cash variable payment of W 67 Lakhs is to be made in FY 2026-27, with the remaining W 45 Lakhs to be paid
equally over the next three financial years.

# As per IRDAI approval received under Section 34A of Insurance Act, 1934 for remuneration (Fixed pay & Variable pay) of
the ED & CFO, cash variable payment of W62 Lakhs is to be made in FY 2026-27, with the remaining W36 Lakhs to be paid
equally over the next three financial years.

25. Expenses of Management

As per expenses of management ("EOM”) forbearance letter dated December 27, 2024 received from
Insurance Regulatory and Development Authority of India ("IRDAI”), the Company submitted the quarterly
EOM plan to IRDAI on March 26, 2025 to bring the EOM within the prescribed limits by FY 2025-26 and
also submitted EOM forbearance application to GI Council on April 25, 2025. The EOM ratio for the year
ended March 31, 2025 is 39.22% on 1/n basis and 37.41% on without 1/n basis; as against maximum allowed
EOM ratio of 35.55 % including additional allowances. The grant of such forbearance is at IRDAI’s discretion
and the impact of the same on the financial statements will depend on the future developments.

Till September 30, 2025, on the basis of discussions with IRDAI and as advised in the forbearance letter
dated December 27, 2024 to adhere with the EOM glide path on "Board approved” three year business
plan which was on without 1/n basis, the Company had computed EOM in accordance with earlier
accounting methodology applied before Master Circular on Actuarial, Finance and Investment Functions
of Insurers dated May 17, 2024 read with clarification dated October 18, 2024 issued by IRDAI for multi¬
year policies and related commissions income and expenses was made applicable. During the quarter
ended December 31, 2025, the Company has received advisory from IRDAI and the letter dated January
27, 2026, the Company is advised to compute the EOM as per 1/n methodology and file the revised return
for the year ended March 31, 2025. During the quarter ended March 31, 2026, the Company has revised
and submitted the return in accordance with the advisory received from IRDAI and computed the EOM
based on 1/n methodology and in accordance with Expenses of Management of Insurers Regulations, 2024,
the Company is not required to transfer any amount, which is in the excess of expenses of management
over the allowable limit, from Revenue Account to Profit and Loss Account for year ended March 31, 2026.
The Company’s EOM ratio computed in accordance with above methodology stands at 33.70% (against
maximum allowed EOM of 35.97% including additional allowances) for year ended March 31, 2026.

Had the Company followed methodology applied till September 30, 2025, EOM ratio for the year ended
March 31, 2026 would have been 32.29% for the year ended March 31, 2026 against maximum allowed EOM
of 35.88% including additional allowances.

27. Micro Small and Medium Enterprises

As at March 31, 2026, there is no Micro, Small and Medium Enterprise to which the Company owes dues,
which are outstanding for more than 45 days. In respect of MSME creditors, where there have been delays
in payments during the year, no interest is paid/payable as the payment was made within the agreed credit
period. This information as required to be disclosed under Micro, Small and Medium Enterprises
Development Act, 2006 has been determined to the extent such parties have been identified on the basis
of information available with the Company.

31. Corporate Social Responsibility

During the year, as per provisions of section 135 of Companies Act, 2013 ("the Act”), the Company was
required to spend W205 Lakhs (previous year: NIL) being 2% of average net profits made during the three
immediately preceding financial years in pursuance of its Corporate Social Responsibility Policy. The details
of the amount spent on ongoing and other than ongoing projects during the year and amount transferred
to unspent CSR account pursuant to Section 135 of the Act are given below:

32. Provision for Free Look period

The provision for Free Look period is W150 lakhs (previous year W159 lakhs), as certified by the
Appointed Actuary.

33.

A. The Company periodically reviews all its long term contracts to assess for any material foreseeable
losses. Based on such review, the Company has made adequate provisions for these long-term
contracts in the books of account as required under any applicable law/ accounting standard.

B. As at March 31, 2026, the Company did not have any outstanding long-term derivative contracts
(previous year W Nil).

34. Foreign exchange gain/loss

The foreign exchange loss (net) debited to Profit and Loss Account for the year ended March 31, 2026 is
W 40 lakhs (previous year W17 lakhs).

35. Investor Education & Protection Fund

For the year ended March 31, 2026 the Company has transferred W Nil (previous year W Nil) to the Investor
Education & Protection Fund.

36.

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 persons or entities, including foreign
entities ("Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, 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.

37.

No funds have been received by the Company from any persons or entities, including foreign entities
("Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company
shall, whether, 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 provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

38.

The Company has not declared or paid any dividend during the year ended March 31, 2026 and March
31, 2025.

39. Risk Management Architecture

The Company is exposed to a variety of risks associated with its insurance business operations and
the investment portfolio. To help define the level of risk that the Company is willing to take, a set of
Risk Appetite Statements have been defined which state in both quantitative and qualitative terms the
Company’s desired risk profile / overall level of risk exposure. These risk appetite statements are reviewed
and approved by the Board to ensure alignment of the Company’s risk strategy to the business plan
approved by the Board.

42. Share Capital and Allotment

The Company has completed Initial Public Offer (IPO) of equity shares of face value W10 each at an
issue price of W 74 per equity share, comprising of fresh issue of 10,81,08,108 shares and offer for sale of
18,91,89,188 shares by 'selling share holders'. The equity shares of the Company were listed on National
Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on November 14, 2024.

43.

During the quarter ended December 31, 2022, the Directorate General of GST Intelligence ("DGGI”)
Authorities had initiated inquiry against the Company relating to alleged ineligible input credit availed
by the Company in respect of marketing and advertisement expenses. Subsequently, DGGI had passed a
Show Cause cum demand notice dated August 18, 2023 and directed reversal of ineligible input tax credit
of ?2,928 lakhs. As directed by DGGI, the Company had deposited ?2,500 lakhs under Section 74(5) of the
CGST Act 2017.

During the quarter ended March 31, 2025, the Company had received an order from Adjudicating
Authority- Meerut that reduced demand from ?2,928 lakhs to ?287 lakhs and penalty amounting to ? 287
lakhs. The Company has decided not to appeal against the same and paid the penalty/interest amount of
?237 lakhs. The Company has recorded ? 524 lakhs (demand including penalty/interest) to profit and loss
account for the year ended March 31, 2025 and filed application for refund of ? 2,213 lakhs. Such refund has
been rejected by the department considering it as time barred. The Company has filed Appeal with Joint
Commissioner of State Tax, Mumbai, against rejection order. As at March 31, 2026, no further hearing has
been initiated against this Appeal. The Company strongly believe that this refund is not time barred and
based on legal opinion received by it, no provision is required to be made in the financial statements for
the year ended March 31, 2026. However, the Company has shown this amount in Contingent Liability.

44. Employee stock option plan

The Company had introduced "Employee Stock Option Plan - 2020 (ESOP 2020)” in the financial year
2020-21 effective from 01st June 2020 (date of grant) and "Employee Stock Option Plan - 2024 (ESOP
2024)” in the financial year 2023-24 effective from December 13, 2023. Under the ESOP Scheme 2020 &
2024 the Company has given options to eligible Employees to acquire equity shares in the Company. The
options have been granted under various tranches.

For options outstanding, the exercise price ranges between W10 to W 81.51 and the weighted average price
of options exercised during the year ended on March 31, 2026 is W 12.26 (Previous year: W 12.96)

In accordance with the "Securities and Exchange Board of India (Share Based Employee Benefits)
regulations 2014” and the "Guidance Note on Accounting for Share-based Payments”, the cost of equity
settled transactions is measured using the intrinsic value method. Compensation cost is recognized as
deferred stock option expense and is charged to Revenue Account on straight line basis over the vesting
period of options.

45. Disclosure of Fire and Marine Revenue accounts

As the Company operates in single insurance business class viz. health insurance business, the reporting
requirements as prescribed by IRDAI with respect to presentation of Fire and Marine insurance revenue
accounts are not applicable.

46. Taxation

Income Tax

Income Tax provision for the year ended March 31, 2026 has been determined by applying lower tax rate
of 25.168% u/s 115BAA of Income Tax Act, 1961. Similarly, deferred Tax is also determined applying the
same rate.

Deferred Tax

In accordance with the Company’s Accounting policy for Deferred Taxation, the net deferred tax Asset of
W3,443 Lakhs has been recognized (previous year: NIL).

47. New Code on Social Security

Pursuant to the notification of the 4 new Labour Codes by the Government of India viz the Code on
Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020, and the Occupational
Safety, Health and Working Conditions Code, 2020 (collectively referred to as the "New Labour Codes")
with effect from November 21, 2025, and pending issuance of the detailed Rules, the Company has
reassessed its employee benefit obligations based on the revised definition of wages and expanded
eligibility criteria under the New Labour Codes. Based on actuarial valuation and management's best
estimates, the Company has recognised an incremental gratuity expense of W 1,198 lakhs & long-term
compensated absences of W254 lakhs as past service cost during the year ended March 31, 2026, resulting
in a corresponding increase in losses and increase in obligations. The Company continue to monitor the
developments and will give appropriate impact, including implementation of structural changes in the
forthcoming periods once the rules under new code are notified.

During the quarter ended March 31, 2026, the Company modified its leave scheme. This structural change
resulted in a reduction of long-term compensated absences by W507 lakhs, recorded as a credit to past
service costs.

48.

In accordance with the IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulation, 2024
and Master circular thereon dated May 17, 2024 and subsequent clarification dated October 18, 2024, with
effect from October 1, 2024 the Company has given the effect to recognize gross written premium on a
1/n basis where "n” denotes the policy duration and commission expenses paid and commission income
accrued on such recorded gross written premium for applicable long-term products. This has resulted in a
decrease in gross written premium by W84,699 lakhs for the year ended March 31, 2026 and net decrease in
commission by W5,985 lakhs for the year ended March 31, 2026 and related effect in operating profit for the

year ended March 31, 2026.

49.

The Company has used five accounting softwares for maintaining its books of account which has the
feature of recording audit trail (edit log) facility and the same has operated throughout the year for all
relevant transactions recorded in the software except that,

a. For accounting software Oracle Health Insurance (OHI) which is operated by a third-party software
service provider, in the absence of relevant details in service provider report, we are unable to assess
whether audit trail feature was enabled and operated throughout the year for all relevant transactions
recorded in the software,

b. OHI is a new platform implemented with audit trails for front end transactions created and preserved.
While the SOC report does not contain controls around direct database audit trails, as per submissions
from Oracle backend access is highly restricted with multiple authorizations required even for any
Oracle personnel.

c. For accounting software Credence, audit trail feature is not enabled for direct changes to data when
using certain access rights.

Further, no instance of audit trail feature being tampered with was noted by the Company, in respect of
accounting softwares where the audit trail has been enabled.

The Company has enabled audit trail feature from February 28, 2024 for Beacon, from March 03, 2024
for Maximus, from March 04, 2024 for Phoenix and from July 03, 2023 for Credence. Thus, the audit trail

has been preserved by the Company as per statutory requirements for record retention from the date of
enablement of audit trail for the respective accounting software except for the period where the audit
trail feature was not enabled. The Company has effective control mechanism with respect to access and
database management which creates logs and monitors any change to database, including direct data
change and object level changes to database. Also, User Interface (UI) based access and activities on
the server, including database are being monitored through PAM system (Privilege Access Management).
Access to database and server are only allowed through PAM and restricted to application administrator
through strict access controls and monitoring process.

50.

The comparative financial information of the Company for year ended March 31, 2025 included in the
financial statements were audited by one of the joint auditors i.e. S.R. Batliboi & Co. LLP and one of the
predecessor auditors i.e. T.R. Chadha & Co. LLP who expressed unmodified opinion on those financial
statements on May 7, 2025.