2.9 Provisions

Provisions are recognised when the Company has a
present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and the amount can be reliably estimated.
Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the
likelihood that an outflow will be required in settlement
is determined by considering the class of obligations as
a whole. A provision is recognised even if the likelihood
of an outflow with respect to any one item included in the
same class of obligations may be small.

I f the effect of the time value of money is material,
provisions are measured at the present value of
management’s best estimate of the expenditure required
to settle the present obligation at the end of the reporting
period. The discount rate used to determine the present
value is a pre-tax rate that reflects the risks specific to the
liability. The increase in the provision due to the passage
of time is recognised as a finance cost.

2.10 Non-current assets held for sale

Non-current assets are classified as held for sale if their
carrying amount will be recovered principally through a
sale transaction rather than through continuing use and
a sale is considered highly probable. The criteria for held
for sale is considered to have met only when the assets
is available for immediate sale in its present condition,
subject only to terms that are usual and customary for
sales of such assets, its sale is highly probable; and it will
genuinely be sold, not abandoned. They are measured
at the lower of their carrying amount and fair value less
costs to sell.

An impairment loss is recognised for any initial or
subsequent write-down of the asset to fair value less
costs to sell. A gain is recognised for any subsequent
increases in fair value less costs to sell of an asset, but not
in excess of any cumulative impairment loss previously
recognised. A gain or loss not previously recognised by
the date of the sale of the non-current asset is recognised
at the date of de-recognition.

Non-current assets are not depreciated or amortised
while they are classified as held for sale.

Non-current assets classified as held for sale are
presented separately from the other assets in the
balance sheet.

2.11 Leases (as lessee)

The company assesses whether a contract contains a
lease, at inception of a contract. A contract is, or contains,
a lease if the contract conveys the right to control the use
of an identified asset for a period of time in exchange
of consideration.

To assess whether a contract conveys the right to
control the use of an identified asset, the Company
assesses whether:

(i) the Contract involves the use of an identified asset,

(ii) the Company has substantially all of the economic
benefits from use of the asset through the period
of lease

(iii) the Company has the right to direct the use of asset

As at the date of commencement of the lease, the
Company recognises a right of use asset and a
corresponding lease liability for all lease arrangements
in which it is a lessee, except for the leases with a term of
twelve month or less (short term leases). For these short
term leases, the Company recognises the lease payments
as an operating expense on a straight line basis over the
period of lease.

Certain lease arrangements includes the options to extend
or terminate the lease before the end of the lease term.
ROU assets and lease liabilities includes these options
when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognised at cost,
which comprises the initial amount of the lease liability
adjusted for any lease payments made at or prior to the
commencement date of the lease plus any initial direct
costs less any lease incentives. They are subsequently
measured at cost less accumulated depreciation and
impairment losses.

Right-of-use assets are depreciated from the
commencement date on a straight-line basis over the
lease term. The lease liability is initially measured at
amortized cost at the present value of the future lease
payments. Lease liabilities are remeasured with a
corresponding adjustment to the related right of use
asset if the Company changes its assessment if whether
it will exercise an extension or a termination option.

I nd AS 116 sets out the principles for the recognition,
measurement, presentation and disclosure of leases and
requires lessees to account for all leases under a single
on-balance sheet model.

Lease liability and ROU asset have been separately
presented in the Balance Sheet and lease payments have
been classified as financing cash flows.

Effective April 01, 2019 the Company adopted Ind AS 116
and applied the standard to all lease contracts existing on
April 01, 2019 using the modified retrospective approach
and has taken the cumulative adjustment to right of use of
assets, on the date of initial application. Consequently the
Company recorded the lease liability at the present value
of the lease payments discounted at the incremental
borrowing rate at the date of initial application.

On transition; the Company recognised right-of-use
assets and lease liabilities for those leases previously
classified as operating leases, except for short-term
leases and leases of low-value assets. The Company
recognised a lease liability measured at the present
value of the remaining lease payments. The right-of-
use asset is recognised at its carrying amount as if the
standard had been applied since the commencement of
the lease, but discounted using the lessee’s incremental
borrowing rate as at April 1, 2019. The right-of-use
assets were recognised based on the amount equal
to the lease liabilities, adjusted for any related prepaid
and accrued lease payments previously recognised.
Lease liabilities were recognised based on the present
value of the remaining lease payments, discounted
using the incremental borrowing rate at the date of
initial application.

The principle portion of the lease payments have been
disclosed under cash flow from financing activities.
The lease payments for operating leases as per Ind AS
17 - Leases, were earlier reported under cash flow from
operating activities. Refer note 3(b) & 10(c) of financial
statement for detailed disclosure.

The following is the summary of practical expedients
elected on initial application:

1. Single discount rate is applied to a portfolio of leases
of similar assets in similar economic environment
with a similar end date.

2. The exemption for not recognising right-of-use
assets and liabilities for leases with less than 12
months of lease term on the date of initial application
has been availed.

3. The initial direct costs from the measurement of the
right-of-use asset at the date of initial application
have been excluded.

4. Used hindsight in determining the lease term where
the contract contains options to extend or terminate
the lease.

5. On account of Covid-19, the rent concessions are not
considered as a modification to lease, and the rent
concessions are considered as other income.

The incremental borrowing rate applied to lease liabilities
as at April 1, 2019 is taken at 8.50%.

112 Segment Reporting

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

All operating segments’ results are reviewed regularly
by the Company’s Managing Director & Chief Executive
Officer (MD & CEO) who have been identified as the
CODM, to assess the financial performance and position
of the Company and makes strategic decisions.

The Company is primarily in the business of internet
based service delivery operating in four service verticals
through various web portals in respective verticals namely
recruitment solutions comprising primarily naukri.com,
other recruitment related portals and ancillary services
related to recruitment, 99acres.com for real estate related
services, Jeevansathi.com for matrimony related services
and Shiksha.com for education related services.

(a) Description of segments and principal activities

The CODM evaluates the Company’s performance and
allocates resources based on an analysis of various
performance indicators by business segments.
Accordingly, information has been presented along
these business segments. The accounting principles
used in preparing these financial statements are
consistently applied to record revenue & expenditure in
individual segments. The reportable segments represent
"Recruitment Solutions” and "99acres” and the "Others”.

1: Recruitment Solutions: This segment consists of
Naukri (both India and Gulf business) and all other
allied business which together provides complete hiring
solutions which are both B2B as well as B2C. Apart
from all Other Online business, it also includes Offline
headhunting business 'Quadrangle’.

2: Real State- 99acres: 99acres.com derives its revenues
from property listings, builders’ and brokers’ branding
and visibility through micro-sites, home page links
and banners servicing real estate developers, builders
and brokers.

3: Others: This segment comprises primarily Jeevansathi
and Shiksha service verticals since they individually do
not meet the qualifying criteria for reportable segment
as per the Ind AS.

The CODM primarily uses a measure of profit before tax
to assess the performance of the operating segments.
However, the CODM also receives information about the
segments’ revenue and assets on a monthly basis.

(b) Profit before tax

Profit before tax for any segment is calculated by
subtracting all the segment’s expenses (excluding taxes)
incurred during the period from the respective segment’s
revenue earned during the period. To calculate the
segment level expenses, certain common expenditures
which are incurred for the entity as a whole but cannot be
directly mapped to a single segment are allocated basis
best management estimates to all the segments.

I nterest income is not allocated to segments as this
type of activity is driven by the central treasury function.
Similarly, certain costs including corporate expenses
which are not directly related to general functioning of
business are not allocated to segments.

2.13 Cash and cash equivalents

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

For the purpose of the statement of cash flows, cash and
cash equivalents consist of cash and short-term deposits,
as defined above, net of outstanding bank overdrafts as
they are considered an integral part of the company’s
cash management.

2.14 Earnings Per Share (EPS)

(i) Basic earnings per share

Basic earnings per share is calculated by dividing:

• the profit for the period

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

(ii) Diluted earnings per share

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

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

For the purpose of calculating basic EPS, shares allotted
to ESOP trust pursuant to the employee share based
payment plan are not included in the shares outstanding
as on the reporting date till the employees have exercised
their right to obtain shares, after fulfilling the requisite
vesting conditions. Till such time, the shares so allotted
are considered as dilutive potential equity shares for the
purpose of calculating diluted EPS.

The number of shares and potential dilutive equity shares
are adjusted retrospectively for all periods presented
for any event such as bonus shares issues/stock split
including for changes effected prior to the approval of
the financial statements by the Board of Directors.

2.15 Treasury shares (Shares held by the
ESOP Trust)

The Company has created an Employee Stock Option Plan
Trust (ESOP Trust) for providing share-based payment to its
employees and to employees of wholly owned companies.
The Company uses the trust as a vehicle for distributing
shares to employees under the employee remuneration
schemes. The Company allots shares to the ESOP Trust.
The Company treats the ESOP trust as its extension and
shares held by ESOP Trust are treated as treasury shares.
Share options exercised during the reporting period are
satisfied with treasury shares. The cost associated with
share-based payment to employees of wholly owned
companies is apportioned to them on actual basis.

The consideration paid for treasury shares including any
directly attributable incremental cost is presented as a
deduction from total equity, until they are cancelled, sold
or reissued. When treasury shares are sold or reissued
subsequently, the amount received is recognised as an
increase in equity, and the resulting surplus or deficit on
the transaction is transferred to/ from retained earnings.

2.16 Financial Instruments

(i) Classification

The Company classifies its financial assets in the
following measurement categories:

• those to be measured subsequently at fair value
through other comprehensive income,

• those to be measured subsequently at fair value
through profit or loss, and

• those to be measured at amortised cost.

The classification depends on the Company’s business
model for managing the financial assets and the
contractual terms of the cash flows.

For financial assets measured at fair value, gains and
losses are recorded either through profit or loss or
through other comprehensive income. For investments
in equity instruments in subsidiaries, associates and
jointly controlled entities these are carried at cost
less diminution, if any. However, the gains or losses
with respect to Investment in Units of Controlled Trust
and other investments that are not held for trading are
recognised through other comprehensive income.

The Company reclassifies debt investments when
and only when its business model for managing those
assets changes.

(ii) Measurement

At initial recognition, the Company measures a financial
asset at its fair value plus, in the case of a financial asset
not at fair value through profit or loss, transaction costs
that are directly attributable to the acquisition of the
financial asset. Transaction costs of financial assets
carried at fair value through profit or loss are expensed
in profit or loss.

Upon initial recognition, the Company elects to classify
irrevocably its equity investments which are financial
investments in nature, on instrument to instrument basis,
as equity instruments designated at fair value through
OCI that are not held for trading. For other investments
which are required to be carried at fair value are routed

through Profit & loss account. Profit or gain on the
investments in subsidiaries, associates or jointly
controller entities, till the date of conversion to financial
investments, is routed through Profit and Loss account.

Financial assets with embedded derivatives are
considered in their entirety when determining whether
their cash flows are solely payment of principal
and interest.

Debt instruments

Subsequent measurement of debt instruments depends
on the Company’s business model for managing the asset
and the cash flow characteristics of the asset. There are
three measurement categories into which the Company
has classified its debt instruments:

• Amortised cost: Assets that are held for collection
of contractual cash flows and where the contractual
terms give rise on specified dates to cash flows that
represent solely payments of principal and interest,
are measured at amortised cost. A gain or loss on
a debt investment that is subsequently measured at
amortised cost is recognised in profit or loss when
the asset is derecognised or impaired. Interest income
from these financial assets is included in finance
income using the effective interest rate method.

• Fair value through other comprehensive income
(FVTOCI) : Assets that are held for collection of
contractual cash flows and for selling the financial
assets, where the assets’ cash flow represent solely
payments of principal and interest, are measured at fair
value through other comprehensive income (FVTOCI).
Movements in the carrying amount are taken through
OCI, except for recognition of impairment gains or
losses, interest revenue and foreign exchange gains
and losses which are recognised in profit & loss in
the same manner as for financial assets measured at
amortised cost. The remaining fair value changes are
recognised in OCI.

• Fair value through profit or loss (FVTPL): Assets that do
not meet the criteria for amortised cost, are measured
at fair value through profit or loss. A gain or loss on a
debt investment that is subsequently measured at fair
value through profit or loss is recognised in profit or
loss and presented net in the statement of profit and
loss within other income in the period in which it arises.
Interest income from these financial assets is included
in other income.

Equity instruments

The Company subsequently measures all equity
investments which are within the scope of Ind AS 109 at
fair value, other than investments in equity instruments
in subsidiaries, associates and jointly controlled entities,
which are carried at cost less diminution, if any. Dividends

are recognised as other income in the statement of profit
and loss when the right of payment has been established.
The investment in Controlled Trust & financial Investment
which are not held for trade is subsequently measured
at fair value through Other Comprehensive Income.
Upon initial recognition, the Company elects to classify
irrevocably its equity investments, on instrument to
instrument basis, as equity instruments designated at
fair value through OCI that are not held for trading. Gains
and losses on these financial assets are never recycled
to profit or loss.

iii) Impairment of financial assets

The company assesses on a forward looking basis the
expected credit losses associated with its assets carried
at amortized cost. The impairment methodology applied
depends on whether there has been a significant increase
in credit risk.

For trade receivables only, the Company applies the
simplified approach permitted by Ind AS 109 Financial
Instruments, which requires expected lifetime losses to
be recognised from initial recognition of the receivables.

(iv) Derecognition of financial instruments

A financial asset is derecognised only when

• the Company has transferred the rights to receive cash
flows from the financial asset or

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

Where the Company has transferred an asset, the Company
evaluates whether it has transferred substantially all
risks and rewards of ownership of the financial asset. In
such cases, the financial asset is derecognised. Where
the entity has not transferred substantially all risks and
rewards of ownership of the financial asset, the financial
asset is not derecognised.

Where the entity has neither transferred a financial asset
nor retains substantially all risks and rewards of ownership
of the financial asset, the financial asset is derecognised
if the Company has not retained control of the financial
asset. Where the Company retains control of the financial
asset, the asset is continued to be recognised to the
extent of continuing involvement in the financial asset.

(v) Financial Liabilities

Financial liabilities are classified, at initial recognition, as
loans and borrowings, payables, as appropriate.

The Company’s financial liabilities include trade and other
payables, loans and borrowings including bank overdrafts.

For trade and other payables maturing within one year
from the balance sheet date, the carrying amounts
approximate fair value due to short term maturity of
these instruments.

A financial liability (or a part of financial liability) is
derecognised from the Company’s balance sheet when
the obligation specified in the contract is discharged or
cancelled or expires.

(vi) Income recognition

Interest income

For all debt instruments measured at amortized cost,
interest income is recorded using the effective interest
rate (EIR). EIR is the rate that exactly discounts the
estimated future cash payments or receipts over the
expected life of the financial instrument or a shorter
period, where appropriate, to the gross carrying amount
of the financial asset or to the amortized cost of a
financial liability. When calculating the effective interest
rate, the company estimates the expected cash flows
by considering all the contractual terms of the financial
instrument (for example, prepayment, extension, call and
similar options) but does not consider the expected credit
losses. Interest income is included in finance income in
the statement of profit and loss.

Dividends

Dividends are recognised in profit or loss only when the
right to receive the payments is established, it is probable
that the economic benefits associated with the dividend
will flow to the Company, and the amount of the dividend
can be measured reliably, which is generally when the
shareholders approve the dividend.

2.17 Common control business combinations
(CCBC) transactions

Business combinations of entities under common control
are accounted for using the pooling of interests method
as follows:

• The assets and liabilities of the combining entities are
reflected at their carrying amounts from the controlling
parties’ perspective.

• No adjustments are made to reflect fair values, or
recognise any new assets or liabilities. Adjustments
are only made to harmonise accounting policies.

• The financial information in the financial statements in
respect of prior periods is restated as if the business
combination had occurred from the beginning of
the preceding period in the financial statements,

irrespective of the actual date of the combination.
However, where the business combination had
occurred after that date, the prior period information
is restated only from that date.

• The balance of the retained earnings appearing in the
financial statements of the transferor is aggregated
with the corresponding balance appearing in the
financial statements of the transferee or is adjusted
against general reserve.

• The identity of the reserves are preserved and the
reserves of the transferor become the reserves of
the transferee.

• The difference, if any, between the amounts recorded as
share capital issued plus any additional consideration
in the form of cash or other assets and the amount
of share capital of the transferor is transferred to
capital reserve and is presented separately from other
capital reserves.

2.18 Contributed Equity

Equity shares are classified as equity.

Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction, net of tax, from
the proceeds.

2.19 Cash dividends to equity holders

The Company recognizes a liability to make cash
distributions to equity holders when the distribution
is authorised and is no longer at the discretion of the
Company, on or before the end of the reporting period
but not distributed at the end of the reporting period. A
corresponding amount is recognised directly in equity.

2.20 Exceptional items

Exceptional items include income or expense that are
considered to be part of ordinary activities, however are
of such significance and nature that separate disclosure
enables the user of the financial statements to understand
the impact in a more meaningful manner.

Following are considered as exceptional items -

a) Gain or loss on disposal of investments to third party
or to wholly owned subsidiaries at higher or lower
than the cost / book value.

b) Write down of investments in subsidiaries, jointly
controlled entities and associates which are carried
at cost in accordance with IND AS 27 to recoverable
amount, as well as reversals of such write down.

c) Impact of any retrospective amendment requiring
any additional charge to profit or loss.

d) Fair value loss of asset classified as held for sale.

e) Gain or loss on fair valuation of Non¬
current Investment till reclassification as
financial investment.

2.21 Critical estimates and judgements

The preparation of financial statements in conformity
with the recognition and measurement principles of
Ind AS that requires management to make accounting
estimates which, by definition, will seldom equal the actual
results. Management also needs to exercise judgement
in applying the Company’s accounting policies. The
estimates and assumptions used in the accompanying
financial statements are based upon Management’s
evaluation of the relevant facts and circumstances as at
the date of the financial statements. Actual results could
differ from these estimates.

Key sources of estimation of uncertainty at the date of
the financial statements, which may cause a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year, is in respect of
impairment of non-current investments and has been
discussed below. Key source of estimation of uncertainty
in respect of current tax expense and payable, employee
benefits and fair value of unlisted subsidiary entities have
been discussed in their respective policies.

The areas involving critical estimates or judgments are:

a) Estimation of current tax expenses and payable

b) Estimation of Deferred tax Assets

c) Estimation of employee benefits

d) Share based payments

e) Impairment of trade receivable

f) Impairment of Investments in subsidiary/JVs
and associates

g) Estimation of significant influence in investments

2.22 Estimation of Impairment
on Non-Current Investment-

The Company carries reviews its carrying value of
investments carried at amortised cost annually, or more
frequently when there is an indication for impairment. If
the recoverable amount is less than its carrying amount,
the impairment loss is accounted for.

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

Nature and purpose of reserves

a) Securities premium

Securities premium reserve is used to record the premium on issue of shares. The reserve can be utilised only for limited
purposes such as issuance of bonus shares in accordance with the section 52 of the Companies Act, 2013.

b) General reserve

Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a specified
percentage in accordance with applicable regulations. The purpose of these transfers was to ensure that if a dividend
distribution in a given year is more than 10% of the paid-up capital of the Company for that year, then the total dividend
distribution is less than the total distributable results for that year. Consequent to introduction of Companies Act 2013, the
requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However,
the amount previously transferred to the general reserve can be utilised only in accordance with the specific requirements
of Companies Act, 2013

c) Stock options outstanding account

The stock options based payment reserve is used to recognise the grant date fair value of options issued to employees under
Employee stock option plan.

d) Capital reserve

Capital Reserve represents the difference between cost of investment by the company in HighOrbit Careers Pvt Ltd, a wholly
owned subsidiary of the company (which was amalgamated with the company pursuant to H’able NCLT order with appointed
date of April 1, 2020) and carrying value of all assets and liabilities and balances in reserve and surpluses of the transferee
company, in accordance with para 16 "Accounting treatment” of the scheme of amalgamation and para 12 of Appendix C of
IND AS 103.

e) Equity instruments through other comprehensive income

The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive
income. These changes are accumulated within the Equity instruments through Other Comprehensive Income within equity. The
company transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.

f) Retained Earnings

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

B) Information concerning the classification of securities Options

Options granted to employees under the Info edge Employee stock option plan are considered to be potential equity
shares. They have been included in the determination of diluted earnings per share to the extent to which they are
dilutive. The options have not been included in the determination of basic earnings per share.

C) During the previous year ended March 31, 2025, The Board of Directors of the Company at their meeting held on
February 05, 2025, have approved the sub-division/ split of each equity share of face value of 0/- (Rupees Ten only)
each, fully paid-up, into 5 (five) equity shares having face value of ?2/- (Rupees two only) each, fully paid-up.

On April 14, 2025, the approval of the shareholders of the Company was obtained through postal ballot process with
a requisite majority. The record date for the said sub-division/ split was fixed as May 07, 2025. In accordance with the
requirements of Ind AS 33, Earnings per Share, the number of equity shares and potentially dilutive equity shares have
been adjusted retrospectively for all periods presented in the financial statements only for the purpose of calculating
earning per share. Accordingly, the effect of the share split has been considered in the computation of basic and diluted
Earnings Per Share (EPS), and the comparative figures for the prior periods have been restated to reflect the impact of
the sub-division.

(I). Terms & conditions

Transactions related to investment in wholly owned subsidiaries made in debenture/preference share were made at
face value.

All other transactions were made on normal commercial terms and conditions.

All outstanding balances are unsecured and are repayable in cash.

The remuneration to key managerial personnel does not include the provisions made for gratuity and leave benefits, as they
are determined on an actuarial basis for the Company as a whole.

26. SHARE BASED PAYMENTS

The establishment of the Info Edge Limited Employee Option Plan(s) are approved by shareholders at annual general meeting.
ESOP scheme 2015 was approved by shareholders through postal ballot on April 16, 2016. The employee stock option plan
is designed to provide incentives to employees generally at and above the designation of managers to deliver long-term
returns. Under the plan, participants are granted options which vest upon completion of three years of service from the grant
date. Participation in the plan is at the board appointed committee’s discretion and no individual has a contractual right to
participate in the plan or to receive any guaranteed benefits.

The Company has set up a trust to administer the ESOP scheme under which Stock Appreciation Rights (SAR) and Stock
options (ESOP), with substantially similar types of share based payment arrangements, have been granted to employees.
The scheme only provides for equity settled grants to employees whereby the employees can purchase equity shares by
exercising SAR/options as vested at the exercise price specified in the grant, there is no option of cash settlement. The SAR/
options granted have a vesting period of maximum 3 years from the date of grant.

Notes :-

a) Domestic segment revenue includes sales and services to customers located in India and overseas segment (primarily in Gulf countries)
revenue includes sales and services rendered to customers located outside India. Segment revenue is measured in the same way as
in the Statement of Profit and loss.

b) Segment assets includes fixed assets, trade receivables, cash and bank balances (except dividend bank account), loans & advances
and other current assets and are measured in the same way as in the financial statements. These assets are allocated based on the
operations of the segment and the physical location of the assets. Unallocated assets include dividend bank accounts, investments,
Interest accrued and Deferred Tax asset.

c) Segment liabilities includes borrowings, trade payable, other current liabilities, provisions and other financials liabilities. Segment
liabilities are measured in the same way as in the financial statements. These liabilities are allocated based on the operations of the
segment.

29. As at March 31, 2026 the Company had ?NIL (March 31, 2025: ?0.14 Mn ) outstanding with Yes Bank, ?69.94 Mn (March 31, 2025
?1.39 Mn ) outstanding with HDFC Bank and in unclaimed dividend account. These amounts are not available for use by the Company and
will be credited to Investor Education & Protection Fund as and when due.

30. EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:

A. Defined Contribution Plans

The Company has a defined contribution plan in respect of provident fund. The minimum amount of contribution to be made
by the employer is set at a rate of 12% of wages, subject to ceiling of ?1800 per month as defined under the Employees
Provident Fund Scheme,1952. The contributions are made to registered provident fund administered by the Government. The
obligation of the group is limited to the amount contributed and it has no further contractual nor any constructive obligation.

During the year, the Company has recognised the following amounts towards define contribution plan in the Statement of
Profit and Loss -

B. Other Long term benefits
Leave obligations:

The leave obligations cover the Company’s liability for earned leave.

The amount of the provision for ?213.81 Mn (March 31,2025 - ?118.41 Mn) is presented as current, since the Company does
not have an unconditional right to defer settlement for any of these defined obligations. However, based on past experience,
the Company does not expect all employees to take the full amount of accrued leave or require payment with in the next
twelve months.

The estimates of future salary increases considered in the actuarial valuation takes into account factors like inflation,
seniority, promotions and other relevant factors.

C. Defined Benefit Plans

Contribution to Gratuity Funds - Life Insurance Corporation of India, Group Gratuity Scheme

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in
continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination
is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number
of years of service. The gratuity plan is a funded plan and the Company makes contribution to recognised funds in India.

31 . During the year ended March 31, 2026, the Company has issued 500,000 nos. equity shares each fully paid up ?2/- per share

(March 31, 2025: 200,000 nos. equity shares each fully paid up ?10/- per share) to Info Edge Employees Stock Option Plan
(ESOP) Trust, which have been duly listed in the respective Stock Exchanges, ranking pari passu with the existing equity
shares of the Company. The ESOP trust has in turn issued 550,284 nos. equity shares and 307,264 nos. equity shares fully
paid up to the employees during the year ended March 31, 2026 & year ended March 31, 2025 respectively.

32 . Based on the information available with the Company, the Company has following balances due to suppliers registered under

the "The Micro, Small and Medium Enterprises Development Act, 2006”('MSMED Act’). The disclosures pursuant to the said
MSMED Act are as follows:

(F) Risk exposure

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

Asset volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this
yield, this will create a deficit. The gratuity fund is administered through Life Insurance Corporation of India (insurer) under
its group gratuity scheme. Accordingly almost the entire plan asset investments is maintained by the insurer. These are
subject to interest rate risk which is managed by the insurer.

Changes in bond yields

A decrease in bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the
plans’ assets maintained by the insurer.

The gratuity fund is administered through Life Insurance Corporation(LIC) of India under its Group Gratuity Scheme.

(G) Defined benefit liability and employer contribution

The Company generally eliminates the deficit in the defined benefit gratuity plan with in next one year.

Expected contribution to the post employment benefit plan (Gratuity) for the year ending March 31, 2026 is ?650.57 Mn.
The weighted average duration of the defined benefit obligation is 5 years (March 31, 2025 - 6 years).

The expected maturity analysis of undiscounted post employment benefit plan (gratuity) is as follows :

33 . During the year ended March 31, 2021 , the Company had issued 6,067,961 nos. equity shares of ?10/- each fully paid up at
?3,090/- per share (including securities premium of ?3,080/- per share) to qualified institutional buyers on August 08, 2020
pursuant to Qualified Institutional Placement (QIP) document, dated August 07, 2020, as per provisions of section 42 of
Companies Act, 2013 read with rule 14 of the Companies (Prospectus and Allotment of Securities) Rules 2014, and Chapter
VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 which
have been listed in the respective Stock Exchanges on August 10, 2020.

Expenses incurred in relation to QIP paid/provided for amounting to ?459.68 Mn has been adjusted from Securities Premium
Account and the utilisation out of such net amount of ?18,290.32 Mn is given below. The balance amount of QIP proceeds
remains invested in Mutual funds (debt) & Term Deposits with banks.

34 . The Board of Directors in their meeting held on August 09, 2024 approved the Scheme of Amalgamation between Info Edge
(India) Limited ("Transferee Company”) and Axilly Labs Private Limited ("Transferor Company 1”), Diphda Internet Services
Limited ("Transferor Company 2”) & Zwayam Digital Private Limited ("Transferor Company 3”), the wholly owned subsidiaries
of the Transferee Company, and their respective shareholders and creditors. Subsequently, the board of directors on the
meeting held on February 05, 2025 modified the earlier approved merger scheme and approved the inclusion of Allcheckdeals
India Private Limited ("Transferor Company 4”) being wholly owned subsidiary of the Transferee Company in the merger
scheme. The joint first motion application was filed before the Hon’ble National Company Law Tribunal, New Delhi on
July 15, 2025.

Subsequent to the balance sheet date, the Hon’ble NCLT, by its order dated April 07, 2026, has dispensed with the requirement
of convening meetings of the shareholders, debenture holders (as applicable), and secured and unsecured creditors of the
Transferor Companies, while directing the convening of meetings of the equity shareholders and secured and unsecured
creditors of the Transferee Company.The Company has filed an appeal before the Hon’ble National Company Law Appellate
Tribunal ("NCLAT”) against the aforesaid Order passed by the Hon’ble NCLT.

35 . During the Financial year ended March 31, 2022, consequent to transfer of specified investment in Joint Venture and
classification as financial investments, the Company had recorded unrealized mark to market gain of ?89,411.94 Mn as
exceptional item in condensed financial statements along with then applicable deferred tax charge. Subsequent to such
transfer mark to market gain/ losses between fair value on reporting date and cost of conversion are being recorded through
Other Comprehensive Income along with applicable deferred tax charge which ?149,933.23 Mn as at March 31, 2025.

During the year ended March 31, 2025, due to change in Finance Act 2024, the effective tax rate has been revised from
11.44% to 14.30% on long term capital gain. Therefore, the incremental deferred tax charge on account of such increase in
tax rates amounting to ?2,596.77 Mn and ?3,625.23 Mn have accordingly been accounted for in Profit and Loss and Other
Comprehensive Income respectively in Financial Statements in accordance with applicable Ind AS.

36. During the year ended March 31, 2026, National Company Law Tribunal ('NCLT’) through its order dated August 29, 2025
('Approval Date’) approved the scheme of amalgamation between a joint venture of the Company, Makesense Technologies
Limited ('Makesense’) and PB Fintech Limited. Effective Approval date, Makesense ceased to be a Joint venture of the
Company and the shares issued by PB Fintech Limited as consideration of the merger, have been classified as financial
investment to be fair valued at each reporting date in accordance with Ind AS109.

Accordingly, unrealised mark to market gain of ?52,001.12 million along with corresponding deferred tax charge of ?7,436.16
million, as on the Approval Date has been credited to Statement Profit & loss and has been disclosed under exceptional gain
and deferred tax charge respectively. Further, unrealised mark to market loss of ?10,277.46 million with a corresponding
deferred tax credit of ?1,469.68 million from the Approval date till period ended March 31, 2026, has been taken to Other
Comprehensive Income in accordance with one time irrevocable option available under IND AS 109.

37. There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated February 28, 2019. As
a matter of caution, the Company has made a provision on a prospective basis from the date of the SC order. The company
will update its provision, on receiving further clarity on subject.

38. During the current year, the Company received a whistle-blower complaint alleging violations of Company policies and
/ or fraudulent actions committed by certain employees of the Company’s 99acres business segment. Pursuant to the
recommendations of the Board of Directors and the Audit Committee, the Company had appointed an independent law firm
and forensic experts to conduct a comprehensive and thorough investigation cum legal assessment into the allegations
and related transactions, including a review of the Company’s legal liabilities (if any) and compliance with all applicable laws
and regulations.

The independent law firm and forensic experts had submitted their conclusions and assessment to the Audit Committee
and Board of Directors. The outcomes, findings and conclusions thereof, involving a likely amount of ?159.80 million have
been assessed by the Company and noted it does not have a material impact on the Standalone financial Statements. The
management has taken appropriate disciplinary actions against the involved employees and implemented appropriate
remedial measures to strengthen the Company’s internal control environment framework.

39. On November 21, 2025, the Government of India notified the four "Labour Codes”- namely, the Code on Wages, 2019, the
Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working
Conditions Code, 2020-consolidating 29 existing labour laws. These codes, amongst other changes, introduce a uniform
definition of wages and enhanced provisions relating to Leave and gratuity benefits.

For the quarter ended March 31,2026, based on the best available information, read with Central Government rules notified
as at May 08, 2026, the Company has reassessed and remeasured the statutory impact of the new Labour Codes on its
gratuity and leave encashment obligations. Pursuant to this remeasurement, the Company has recognised a reversal impact
of ?142.72 million and ?18.81 million in respect of gratuity and leave encashment, respectively, for the quarter ended

March 31, 2026. This has resulted in an overall impact of ?262.36 million and ?63.70 million for the year ended
March 31, 2026. Given the materiality and non-recurring nature of this adjustment and in line with Guidance note issued by
The Institute of Chartered Accountant of India, the impact has been disclosed under exceptional items.

The company will continue to monitor ongoing developments and reassess the impact, if any, on the measurement of
employee benefit liabilities.

41 . The Company considers that it controls the Alternative investment funds ('AIF’) namely Capital 2B Fund I (Scheme of Capital

2B) & IE Venture Investment Fund II(scheme of Info Edge Capital) even though it owns less than 50.00% out of the total issued
units to its investors i.e., it currently holds 45.19% & 44.70% respectively. This is because the Investment manager, namely,
Smartweb Internet Services Ltd, is Wholly owned subsidiary of the Company and has the power to govern all key financial
and operating policy decisions (relevant activities) including all significant decisions related to forming investment strategy,
its execution, acquisition of investment, making additional investment, holding and disposal of investments including prices
thereof. All members of the Investment Committee are appointed by the Investment manager who has unilateral right for such
appointment/ removal. Investment manager cannot be removed without cause or without the affirmation of the Company.
Thus, the Company along with Investment Manager is acting as principal to Control the Funds.

42 . As per Section 135 of the Companies Act, 2013 ('Act’), a Corporate Social Responsibility (CSR) committee had already

been formed by the Company in earlier years. The main areas for CSR activities, as per the CSR policy of the Company are
promoting education, training to promote sports and contribution to appropriate funds set up by the Central Government,
further the CSR Committee may consider other CSR activities subject to the condition that such activities relate to the
subjects enumerated in Schedule VII of the Act.

Fair value hierarchy

The following section explains the judgements and estimates made in determining the fair values of the financial instruments
that are recognised and measured at fair value through profit or loss. To provide an indication about the reliability of the
inputs used in determining fair value, the Company has classified its financial investments into the three levels prescribed
under the accounting standard. An explanation of each level follows underneath the table.

Level 1 hierarchy includes financial instruments measured using quoted prices (unadjusted) in active market for identical
assets that the entity can access at the measurement date. This includes mutual funds that have price quoted by the
respective mutual fund houses and are valued using the closing Net asset value (NAV).

Level 2 hierarchy includes the fair value of financial instruments measured using quoted prices for identical or similar assets
in markets that are not active.

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

There are no transfers between any of these levels during the year. The Company’s policy is to recognise transfers into and
transfers out of fair value hierarchy levels as at the end of the reporting period.

c) Valuation techniques used to determine fair value

Specific valuation techniques used to value financial instruments include:

• the use of quoted market prices or mutual fund houses quotes (NAV) for such instruments. This is included in Level 1.

• the fair value of the remaining financial instruments is determined using discounted cash flow analysis for which third
party valuer is appointed or NAV published by respective Funds.

This is included in Level 3.

d) Fair value of financial assets and liabilities measured at amortised cost

The carrying amounts of loans, trade receivables, cash and cash equivalents, other bank balances, other financial assets and
trade payables are considered to be the same as their fair values, due to their short-term nature. The fair values for security
deposits , Investment in preference shares & investment in debentures and borrowings are calculated based on cash flows
discounted using a current lending rate, however the change in current rate does not have any significant impact on fair
values as at the current period end.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

(e) Valuation processes

The Company uses third party valuers to perform the valuations of the unquoted equity shares, preference shares and
debentures required for financial reporting purposes for Level 3 purposes other than investment in compulsorily redeemable
preference shares and debentures (Debt instruments) which are done by Finance department of the company.

The main Level 3 inputs for these unlisted securities are derived and evaluated as below.

• Discount rates are determined using a capital asset pricing model to calculate a pre-tax rate that reflects current market
assessments of the time value of money and the risk specific to the asset.

• Earnings growth factor for unlisted equity securities are estimated based on market information for similar types of
companies to the extent available.

Significant estimates

The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The
group uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions
existing at the end of each reporting period. For details of the key assumptions used and the impact of changes to these
assumptions see (c) and (e) above.

48. FINANCIAL RISK AND CAPITAL MANAGEMENT

A) Financial 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 has established the Risk Management Committee, which is responsible for developing
and monitoring the Company’s risk management policies. The Committee holds regular meetings and report to board on
its activities.

The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are
reviewed 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 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
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.

b). Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to
ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

The Company’s treasury maintains flexibility in funding by maintaining liquidity through investments in liquid funds and other
committed credit lines. Management monitors rolling forecasts of the group’s liquidity position (comprising the undrawn
borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.

(i) Financing arrangements

The Company has no undrawn borrowing facilities at the end of the reporting year.

(ii) Maturities of financial liabilities

The amount disclosed in the below table represent the contractual undiscounted cash flows.

(ii). Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk
of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest
rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations
in the interest rates.

Exposure to interest rate risk

The Company’s borrowings and deposits/loans are all at fixed rate and are carried at amortised cost. They are therefore not
subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate
because of a change in market interest rates.

(iii). Price risk
Exposure

The Company’s exposure to securities price risk arises from investments held in mutual funds and classified in the balance
sheet at fair value through profit or loss. To manage its price risk arising from such investments, the Company diversifies
its portfolio. Further these are all debt base securities for which the exposure is primarily on account of interest rate risk.
Quotes (NAV) of these investments are available from the mutual fund houses.

Profit for the year would increase/decrease as a result of gains/losses on these securities classified as at fair value through
profit or loss.

B) Capital management

a) Risk management

The Company’s objectives when managing capital is to safeguard its ability to continue as a going concern, so that they
can continue to provide returns for shareholders and benefits for other stakeholders. The capital of the Company consist of
equity capital and accumulated profits.

The Company avails borrowings only for buying vehicles.

(iii) Ind AS 7, Statement of Cash Flows and Ind AS 107, Financial Instruments: Disclosures, applicable w.e.f.

April 1, 2025

The amendment in Ind AS 7 requires to inform users of financial statements of the existence of supplier finance arrangements
and explain the nature of the arrangements, the carrying amount of liabilities and the range of payment due dates. Ind AS
107 has been amended to add supplier finance arrangements as a factor that may cause concentration of liquidity risk. The
Company has reviewed the amendment and based on its evaluation has determined that it does not have any significant
impact in its financial statements.

(iv) Ind AS 12, International Tax Reform - Pillar Two Model Rules applicable immediately

The amendments provide a temporary mandatory relief from deferred tax accounting for top-up tax and disclose that they
have applied the relief. This relief is immediate and applies retrospectively. The amendments had no impact on the Company’s
financial statements as the Company is not in scope of the Pillar Two model rules.

The Company has as a matter of practical expedient recognised the incremental costs of obtaining a contract as an expense
when incurred, since the amortisation period of the asset that the entity otherwise would have recognised is generally one
year or less.

50. RECENT PRONOUNCEMENTS

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.

In May 2025, MCA notified the following amendments to:

(i) Ind AS 21 - The Effects of Changes in Foreign Exchange Rates, applicable w.e.f. April 1, 2025

The amendment relates to specify how an entity should assess whether a currency is exchangeable and how it should
determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information
that enables users of its financial statements to understand how the currency not being exchangeable into the other
currency affects, or is expected to affect, the entity’s financial performance, financial position and cash flows. The
amendments do not have an impact on the Company’s financial statements.

In August 2025, MCA notified the following amendments to:

(ii) Ind AS 1, Presentation of Financial Statements, applicable w.e.f. April 1, 2025

The amendment relates to classification of liabilities as current or non-current and non-current liabilities with covenants.
In the context of classifying a liability as current, it removes the requirement of existence of a right to defer settlement
for at least 12 months after the reporting date and instead requires that the said right should exist on the reporting
date and have substance. The amendment also introduces guidance on classification of liabilities with covenants. The
Company has no impact of these amendments in its classification criteria of currentand non-current liabilities.