Allocation of goodwill to cash generating units:

Goodwill acquired in a business combination and relates to Automotive CGU. Automotive CGU has intangible assets under development which are subject to mandatory annual impairment testing in accordance with the requirements of IND AS 36.

The recoverable amount of these CGUs was based on fair value less costs of disposal, estimated using discounted cash flows. The fair value measurement was categorised as a Level 3 fair value based on the inputs in the valuation technique used.

The key assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represent management’s assessment of future trends in the relevant industries and have been based on historical data from both external and internal sources.

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

Budgeted EBITDA was estimated taking into account past experience and adjusted for as follows:

a. Projected sales volumes for the next five years based on industry reports. This is in line with market expectations of demand for the next five years.

b. Continuous improvement on technology planned to reduce the material costs.

c. Improvement in productivity and efficiency across manufacturing and sales planned to reduce costs.

The estimated recoverable amount of the CGUs exceeded its carrying amount for the Automotive segment.

(a) ‘The Board of Directors, vide resolution dated 30 March 2025, approved conversion of outstanding receivable aggregating to ? 321 crores (outstanding financial assets of ? 167 crores, Trade receivables of 83 Crores and intercompany loan of ? 71 crores) from Ola Electric technologies Private Limited into 32,05,50,000 CCPS of face value ? 10 per share.

'The Board of Directors, vide resolution dated 30 March 2025, approved conversion of outstanding financial assets of ? 61 crores from Ola Cell technologies Private Limited into 6,12,00,000 CCPS of face value ? 10 per share.

'The Board of Directors, vide resolution dated 30 March 2025, approved conversion of outstanding financial assets of ? 3 crores from Ola Electric Charging Private Limited into 26,00,000 CCPS of face value ? 10 per share.

These allotment was made on a rights basis, in accordance with the terms and conditions set forth in the offer letters dated 31 March 2025.

(a) Cash and bank balances include restricted bank balances of f 566 crore (including interest accrued on deposits f 15 crores) (31 March 2024: f 578 crores). The restrictions are primarily on account of bank balances held as lien against non-fund based letter of credit facilities and Bank Overdraft availed by wholly-owned subsidiary, Ola Electric Technologies Private Limited.

(b) As on 31 March 2025, proceeds from Initial Public Offer (IPO) included in current accounts of f 4 crores, in deposit accounts (with original maturity of more than three months but less than twelve months) of f 1,237 crores (refer note 40).

b. Rights, preference and restrictions attached to:

b.(i) Equity shares of w 10 each

The Company has only one class of equity shares having a par value of f 10 per share. Each holder of equity is entitled to one vote per share. Dividends (including proposed dividends), if any, are declared and paid or proposed in Indian rupees. The dividend proposed if any by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

On winding up of the Company, the holders of equity shares, subject to the provisions of articles of association of the Company, will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts, if any in proportion to the number of equity shares held.

Below mention terms for rights, preference and restrictions attached to equity shares before conversion of Class B equity shares on 08 December 2023.

Prior to conversion of Class B Equity shares on 08 December 2023, 76% of the voting rights in the Company were reserved for the Founder (including through any of his affiliates and as a trustee of any trust that holds Equity Securities) and together with such other Shareholders as may had been identified by him at his sole discretion. Remaining 24% voting rights were in the same inter se proportion as the capital paid up by the other shareholders holding equity securities and preferred securities in the Company. Voting rights could not be exercised in respect of shares on which any call or other sums presently payable had not been paid.

b.(ii) Compulsorily Convertible Preference shares of w 10 each

As at 31st March 2025

The Board of Directors of the Company vide its meeting held on 15 June 2024 had approved for the conversion of 2,97,33,19,947 Compulsory Convertible Preference Shares (Series A, Series A1, Series B, Series C, Series C1, Series D & Series E), each with value of f 10 to 1,73,16,22,286 Equity Shares with a par value of f 10 each. The shareholders of the Company at their meeting held on 17 June 2024 had approved for the conversion of 2,97,33,19,947 Compulsory Convertible Preference Shares (Series A, Series A1, Series B, Series C, Series C1, Series D & Series E), each with value of f 10 to 1,73,16,22,286 Equity Shares with a par value of f 10 each, out of which 1,54,55,37,269 Compulsorily Convertible Preference Shares (Series C, C1, D, and E), each with value of f 10 were converted into 43,64,16,377 Equity Shares with a par value of f 10 each and balance 142,77,82,678 Compulsory Convertible Preference Shares (Series A, Series A1 and Series B), each with value of f 10 were converted into 129,52,05,909 Equity Shares with a par value of f 10 each as on 19 July 2024.

Below mention terms of conversion/ redemption/ existing before their conversion on the dates mentioned above and as at 31 March 2024:

The Board of Directors of the Company, vide its meeting held on 19 December 2023 had approved the classification of Series A preference shares into Series A and Series A1 preference shares having face value of f 10/- each.

14,25,44,269 series A preference shares having face value of ? 10/- were reclassified from Series A to Series A1 CCPS. The Company had issued Compulsorily Convertible Preference Shares (CCPS) under Series A, Series A1, Series B, Series C1, Series C, Series D and Series E, having a face value of ? 10 per share. At the end of the term of each class of CCPS, these would be converted into Ordinary Equity shares. These preference shareholders were entitled to receive on their respective Preference Shares, the higher of (a) dividend at 0.001% per annum on the face value of each share or (b) any actual dividend on the Preference Shares, if declared by the Company. All dividends to the Preferred Shareholders shall be non-cumulative.

The Company was under an obligation to convert each Preference Share into Ordinary Equity shares in the ratio in accordance with the respective shareholders agreement (as amended) for Series A, Series A1, Series B, Series C1, Series C, Series D and Series E, subject to adjustments for stock dividends, splits, anti-dilution provisions and other similar events, in the following circumstances (each, a Conversion Event):

• Upon the receipt of a Notice of Conversion at least 30 days prior to the anticipated conversion date.

• if the holders of Preference Shares are required under Applicable Law to convert the Preference Shares, including pursuant to an IPO, provided that in event of IPO the holder of Preference Shares, at its sole option, shall have the right to hold on to conversion of its Preference Shares until maximum period permissible under Applicable Law for IPO process; and

• Upon expiry of the term of 19 years from the date of issuance of the CCPS.

These CCPS were convertible into Ordinary equity shares of the Company and carried several rights and obligations including, but not limited to, anti-dilution and down-round protective rights. Accordingly, under the terms of the agreement, in the event that the Company offers any shares to a new investor at a price less than their respective issue price, then the conversion price/ ratio of the CCPS would be adjusted to compensate the existing shareholders for the dilution suffered. This down-round protection had been separated from the host preference shares and was recognized as a derivative liability per Ind AS 32, Presentation of financial instruments. This financial liability is measured at Fair value through profit and loss account in these financial statements per Ind AS 109, Financial Instruments. Value of derivative liability as of 31 March 2024 is Nil.

e. Nature and purpose of reserves

(i) Securities Premium: Securities premium is used to record the premium on issue of shares. It is utilised in accordance with the provisions of the Companies Act, 2013.

(ii) Other components of equity: Other components of equity represents derivative component of compulsorily convertible preference shares on the date of issuance of such preference shares and it has been transferred to retained earnings post conversion of CCPS into equity shares.

(iii) Share Options Outstanding Account: The Company has established equity-settled share-based payment plan for certain employees of the Company. The fair value of the equity-settled share based payment transactions is recognised in Statement of Profit and Loss with corresponding credit to Employee Stock options outstanding Account.

(iv) Retained Earnings: Retained earnings are the profits / (losses) that the Company has made till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss. Retained earnings is a free reserve available to the Company and eligible for distribution to shareholders.

Prior to 31 March 2023, the Company, Ola Electric Mobility Limited ('OEM') was selling the off-board chargers of Ola scooters separately as an accessory. Effective 31 March 2023, the Company's wholly-owned subsidiary, Ola Electric Technologies Private Limited ('OET') has included the off-board chargers to be sold as part of the scooters. Based on various discussions, OET on its own volition has decided to reimburse the price of the off-board chargers aggregating to around ? 145 crores (31 March 2023: ? 142 crores), to all eligible customers who had bought the same as an accessory at the time of purchasing the Ola scooters from inception. During the current year, reimbursements have been made from the said amount of which ? 11 crores is due as at 31 March 2025 (31 March 2024: ? 18 crores). Since the off-board chargers were sold by OEM, the refund obligation towards sale of off-board chargers to the eligible customers has been created in OEM with a corresponding receivable from OET as OET has agreed to reimburse these amounts. Accordingly, OEM has recorded an amount of ? Nil (31 March 2024: ? 7 crores) to be recovered from OET as other operating revenue and the corresponding cost of chargers has been accounted as cost of chargers in other expenses.

Alteria Capital India Fund II- Scheme I and/or Alteria Capital Fund III- Scheme A (“Alteria Fund”):

The Company has raised f 100 Crores by way of issuing 10,000 Redeemable Non-Convertible Debentures(NCDs) at the face value of f 1,00,000 each from Alteria Fund by paying upfront fees of 1% of facility amount for a tenure of 30 months at an interest rate of 13.80% p.a on 24^th June 2024 (date of drawdown).

The repayment structure for the Debentures issued by equal quarterly instalments commencing from 01 July 2025. Effective Interest rate used by the company is 16.87% p.a

Debenture Redemption Reserve

In accordance with Section 71 of the Companies Act, 2013, the Company is required to create debenture redemption reserve amounting to 25% of the value of Redeemable debentures out of profits of the company.

However, during the year end 31 March 2025, the Company has not made any profits during the year, hence no amount has been transferred to the Debenture Redemption Reserve.

(ii) Debenture are secured by:

EvolutionX Fund- f 369 crores (31 March 2024: f 410 Crores)

(a) first ranking pari passu fixed charge, on all its rights, title, interest, benefit, claims and demands whatsoever (both present and future) over the Fixed Assets;

(b) first ranking pari passu fixed charge, on all rights, title, interest, benefits, claims and demands whatsoever (both present and future) of the Company in, to, under and in respect of the Charged Accounts Assets;

(c) first ranking pari passu floating charge, on all its rights, title, interest, benefit, claims and demands whatsoever (both present and future) over the Current Assets; and

(d) first ranking pari passu fixed charge, on all its rights, title, interest, benefit, claims and demands whatsoever (both present and future) over the Intellectual Property Assets.

(e) Pre listing, Non disposal undertaking (NDU) over unencumbered shares of Material Subsidiaries, exclusive Share Pledge of 5% stake (on fully-diluted basis) of Ola Electric Mobility Limited in Ola Electric Technologies Private Limited ('OET'). Additional 5% stake (on fully-diluted basis) of Ola Electric Mobility Limited in Ola Electric Technologies Private Limited to be under NDU and Power of Attorney (PoA), to be exercised only in case of default on the Facility.

Strides Fund- ? 100 crores (31 March 2024: Nil)

(a) first ranking pari passu fixed charge, on all its rights, title, interest, benefit, claims and demands whatsoever (both present and future) over the Fixed Assets;

(b) first ranking pari passu fixed charge, on all rights, title, interest, benefits, claims and demands whatsoever (both present and future) of the Company in, to, under and in respect of the Charged Accounts Assets;

(c) first ranking pari passu floating charge, on all its rights, title, interest, benefit, claims and demands whatsoever (both present and future) over the Current Assets; and

(d) first ranking pari passu fixed charge, on all its rights, title, interest, benefit, claims and demands whatsoever (both present and future) over the Intellectual Property Assets.

(e) 10% of the investment amount to be maintained with the Strides fund as DSRA which will be released at the end of tenor.

Alteria Fund- ? 100 crores (31 March 2024: Nil)

First ranking pari-passu charge on Company's existing, future, fixed, non-current and current assets, including any and all Intellectual Property and the Intellectual Property Rights with respect to these movables present and future, accounts, cash flows, receivables, book debts, revenues, equipment, inventory, contract rights or rights to payment of money, teases, license agreements, franchise agreements, goodwill, uncalled capital, general intangibles, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, whether installed or not and whether now lying loose or in cases or held by any party to the order or disposition of the Company, including in the course of transits, whether in ship or land as enlisted below, and all Company's books relating to the foregoing, and any and all claims, rights and interests in any of the above and alt substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing.

Fair value hierarchy

The section explains the judgement and estimates made in determining the fair value of the financial instruments that are:

a) recognised and measured at fair value.

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

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 as mentioned under Indian accounting standards.

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of quoted equity share, quoted debt instruments and mutual fund investments. The fair values of investments in units of mutual fund are based on the Net Asset Value (NAV) as per the fund statement ;

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. This includes preference shares investments at cost as an appropriate estimate of fair value.

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

There are no changes in fair value hierarchy during the previous year.

Financial assets:

The Company has not disclosed the fair values of Cash and cash equivalents including other bank balances, trade receivables, loans and other financial assets because their carrying amounts are a reasonable approximation of their fair value.

Financial liabilities:

Borrowings:

It includes Redeemable non-convertible debentures (current and non-current borrowings). Current and non-current borrowings are measured at amortised cost. The carrying amounts of the current and non current borrowings would be a reasonable approximation of their fair value.

Trade Payables and Other financial liabilities:

The Company has not disclosed the fair values of trade payables and other financial liabilities because their carrying amounts are a reasonable approximation of their fair value.

B. Measurement of fair values

The following methods and assumptions were used to estimate the fair values:

The fair value of investment in units of unquoted mutual funds is determined by reference to their prevailing net asset values and the investments in preference shares at cost as an appropriate estimate of fair value.

The carrying amount of borrowings, trade payables and other financial liabilities and other financial assets(current) measured at cost in the financial statements, are considered to be the same as their fair values, due to their short term nature.

Financial risk management

The Company's activities expose it to a variety of financial risks, market risk, credit risk and liquidity risk.

Risk Management Framework

The Company's Board of Directors have overall responsibility for the establishment and oversight of the Company's risk management framework. 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 responsibilities.

C. Credit risk

Credit risk is managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company recognises loss allowances for expected credit losses on financial assets measured at amortised cost, debt investments measured at FVOCI and contract assets.

Financial assets that are neither past due nor impaired

Cash and cash equivalents, trade receivables, investments (other than those carried at cost) and other bank balances are neither past due nor impaired. Cash and cash equivalents include short-term highly liquid deposits account with banks having a maturity of less than three months.

Credit risk on cash and cash equivalents and other bank balances is limited as the Company generally invests in deposits with banks. Further, credit risk on investments is also limited since the Company primarily invests in liquid mutual fund units having high credit rating.

In investment in preferential instruments and other financial assets that are not past dues and not impaired, there were no indication of default in repayment as at the year end. The Company has provided for the financial assets based on the best estimate.

Sales to other than related parties are received in advance hence there are no credit default risk. Trade receivables are intercompany receivables and it is restricted within India for which there are no credit risk perceived and hence no provision for receivables are considered and accordingly ECL disclosure are not given for the same. The Company has used a practical expedient and analysed the recoverable amount of receivables on an individual basis by computing the expected loss allowance for financial assets based on historical credit loss experience.

D. 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 always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. The Company believes that the working capital is sufficient to meet its current requirements. Accordingly, no significant liquidity risk is perceived. (read along with note no 2.6)

As of 31 March 2025, the Company had a working capital of f 2,211 crores (31 March 2024: f 1,748 crores) which represents surplus arising out of balance held in current investment of f 2 crores (31 March 2024: f 26 crores), cash and cash equivalents of f 34 crores (31 March 2024: f 35 crores) and other bank balances of f 1,854 crores (31 March 2024: f 1,225 crores). Out of this, f 1,241 crores are pertaining to IPO Funds which can be used for the purpose as specified in the Prospectus.

The table below provides details regarding the contractual maturities of significant financial liabilities as of 31 March 2025:

E. Capital management :

For the purpose of the Company's capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity holders. The primary objective of the Company's capital management is to maximise the shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic conditions. The Company monitors capital using a gearing ratio, which is net debt divided by total equity.

F. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprises two types of risk: currency rate risk and interest rate risk. Financial instruments affected by market risks include loans and borrowings, deposits, investments and foreign currency receivables and payables.

a. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company does not have any borrowings with floating interest rate and hence the Company does not have any exposure to the risk of changes in market interest rate. However, the Company constantly monitors the credit markets and rebalances its financing strategies to achieve an optimal maturity profile and financing cost.

Interest rate sensitivity has been calculated assuming the borrowings outstanding at reporting date have been outstanding for the entire reporting period.

b. Foreign currency risk

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the USD, CNY and Euro. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the Company's functional currency. The functional currency of the Company is the Indian Rupee ?.

The following table details the Company's sensitivity to a 1% increase and decrease in the ? against the relevant foreign currencies. ( )(-) 1% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year end for a 1% change in foreign currency rates. A positive number below indicates an increase in loss or decrease in equity where the ? strengthens 1% against the relevant currency. For a 1% weakening of the ? against the relevant currency, there would be a comparable impact on the profit or equity (and hence not separately disclosed), and the balances below would be negative. Impact of sensitivity on equity is not material and hence not disclosed.

The above sensitivity analysis is based on a reasonably possible change in the underlying foreign currency against the Indian Rupee computed from historical data and is representative of the foreign exchange currency risk inherent in financial assets and financial liabilities reported at the reporting date.

30. Employee benefits

Contribution to provident fund (Defined contribution):

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of employees towards Provident Fund, which is a defined Contribution plan. The Company has no obligations other than to make the specified contributions. The contribution are charged to the statement of profit and loss as they accrue. The amount recognised as an expense towards contribution to Provident Fund for the year aggregated to f 0 Crores (31 March 2024: f 0 Crores)

Compensated absences (other short-term employee benefit):

The Company provides compensated absences benefit subject to certain rules. The liability is provided based on the number of days of unutilized leave at each balance sheet date on the basis of current salary. The amount recognised in the statement of profit and loss on account of provision for compensated absence is f 0 Crores (31 March 2024: f 0 Crores)

Gratuity (Defined benefit plan):

The Company has a defined benefit gratuity plan as per the Payment of Gratuity Act, 1972 ('Gratuity Act'). Under the Gratuity Act, employees who have completed five years of service is entitled to specific benefit. The level of benefit provided depends on the employee's length of service and salary at retirement age/ termination.

The present value of the obligation under such defined benefit plan is determined based on an actuarial valuation as at the reporting date using the projected unit credit method. The Company recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability / (asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods.

Company's gratuity scheme for employees is unfunded.

Based on an actuarial valuation, the following tables set out the amounts recognised in the Company's financial statements:

The Company also paid director's sitting fees of f 1 crores (31 March 2024: f 0 crores) to non-executive directors & non-executive independent directors.

* The aforesaid amounts does not include provision for gratuity as the same is determined for the Company as a whole based on actuarial valuation and actual liability respectively. For the purpose of compliance with respect to managerial remuneration, share based payment will be considered at the time of exercise.

#The Company's Board of directors, during its meeting on 10 November 2023, approved service consideration to Mr. Bhavish Aggarwal for the years ended 31 March 2023 and 31 March 2024. An amount of f 6 crores has been approved for the year ended 31 March 2023 and has been reported in the financial statements for the year ended 31 March 2024. This is in addition to an amount of f 3 crores which has been paid by ANI Technologies Private Limited to Mr. Bhavish Aggarwal for the year ended 31 March 2023 and cross charged to Ola Electric Technologies Private Limited (a wholly owned subsidiary of the company).

The Board of directors during its meeting on 10 November 2023 has approved an overall service consideration of f 9 crores. Accordingly, an amount of 5 crores related to the service provided for the year ended 31 March 2024.

Further, the annual remuneration of f 9 crores payable to the Executive Director and f 0.5 crores payable to each Independent Director was approved by the shareholders through a resolution dated 8 December 2023.

32. Dues to micro enterprises and small enterprises

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

34. Segment reporting

The Company publishes Standalone Financial Statements along with Consolidated Financial Statements. In accordance with Ind AS 108, Operating segments, the Company has disclosed the segment information in the Consolidated Financial Statements. Accordingly, the segment information is given in the Consolidated Financial Statements of Ola Electric Mobility Limited and its subsidiaries for the year ended March 31, 2025.

36. Employees’ share-based payment plan a) Description of share-based payment arrangements

The Company has the following share-based payment arrangement for employees:

2019 Employees’ Equity Linked Incentive Plan 2019 (‘the 2019 plan’)

The 2019 plan was approved by the Board of Directors on 18 January 2019 and by the shareholders on 21 January 2019. The 2019 plan was subsequently amended by shareholder resolutions passed on 08 December 2023 and 01 October 2024. The 2019 Plan is administered and monitored by the OEM Employees Welfare Trust and is in

compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (“SBEB Regulations”). Under the 2019 plan, eligible employees of the Company and its subsidiaries are granted options that provide a right, but not an obligation, to purchase or subscribe to the Company's shares at a future date, at a pre-determined exercise price, subject to compliance with vesting conditions. All exercised options shall be settled by the issue of equity shares or as provided under the 2019 plan. As per the terms of the 2019 plan, holders of vested options are entitled to purchase one equity share of ? 10 each for every thousand options at an exercise price of ? Nil. The maximum term of the options granted is 5 years. Stock option cost recorded in these financial statements is based on the fair value of the stock options which is measured using the Black-Scholes formula.

37. Long-term contracts

The Company does not have any long-term contracts including derivative contracts for which there are any material foreseeable losses.

38. Impairment

The Company's Management assesses the operations of the subsidiaries, including the future projections, to identify indications of impairment, in the value of the investments recorded in the books of account. The Company based on market conditions and business projections, assessed the recoverable amount for the investments in Etergo B.V. (wholly owned subsidiary of Ola Electric Mobility B.V. Netherlands) and Ola Electric Mobility Inc, US which individually represent cash generating units (CGUs). Accordingly, during the year ended 31 March 2025, the Company recognised a provision of ^ 48 Crores (31 March 2024: ^ 37 Crores) for impairment in the value of investments made in Etergo B.V. (wholly owned subsidiary of Ola Electric Mobility B.V. Netherlands) amounting to ^ 18 Crores (31 March 2024: ^ 2 Crores) and Ola Electric Mobility Inc, US amounting to ^ 30 Crores (31 March 2024: ^ 35 Crores).

40. Intial public offerings (IPO)

During the year ended March 31, 2025, The Company had completed an initial public offering (IPO) of 808,699,624 equity shares with a face value of ? 10 each at an issue price of ? 76 per share (includes 797,101 equity shares with a face value of ? 10 each at an issue price of ? 69 per share), comprising fresh issue of 723,757,627 shares and an offer for sale of 84,941,997 shares. The Company's equity shares were listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on 09 August 2024.

41. Other matters

a. During the current year, the Central Consumer Protection Authority (CCPA) has requested information with respect to various consumer grievances, registered on the National Consumer Helpline from 1 September 2023 to 30 August 2024, on which the Company has provided its response to the CCPA. Subsequently, the Company has received notice under Section 19(3) of the Consumer Protection Act, 2019, seeking additional information, which was also furnished by the Company. The management does not expect any material impact of this matter on the financial statements of the company for the year ended 31 March 2025.

b. During the current year, the Company has received email communications from the National Stock Exchange Limited, dated 24 March 2025 and 28 March 2025 respectively, seeking information with respect to variance in the number of vehicles sold as per Vahan Portal and as mentioned in the Company's press announcement dated 28 February 2025. The Company, vide its response dated 26 March 2025, and 08 April 2025, has provided all the requested information to the stock exchanges which includes a clarification stating that the press announcement of 25,000 units of vehicles sold was with respect to order bookings and not on the basis of sales recorded by the Company. The Company has further clarified that as per the Company's revenue recognition policy, revenue

is recognized by the Company on the basis of delivery of the scooter to the customers after completion of the registration process. The management does not expect any material impact of these communications on the financial statements of the Company.

41. Regulatory information

A) Other than in the normal and ordinary course of business, the Company has not advanced or loaned or invested funds to any persons or entities, including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

1) 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

2) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

B) Other than in the normal and ordinary course of business, the Company has not received any fund from any persons or entities, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

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

b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

C) The Company does not fall under the ambit of Section 135 of the Companies Act, 2013 with respect to corporate social responsibility.

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

E) The Company has not traded or invested in Crypto Currency or virtual currency during the current year.

F) The Company does not have any 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).

G) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond statutory period.

H) The Company does not have any transactions with the companies struck off under section 248 of the companies act, 2013 or section 560 of the companies act, 1956.

I) 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.

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

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

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

42. Events after Reporting period

Subsequent to the year end, the Board of directors of the Company, vide resolution dated 22 May 2025, has approved to avail an indebtedness upto an aggregate amount of w 1,700 crores in one or more tranches, not exceeding its borrowing limit as approved by shareholders.