i. Provisions and contingencies

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation and a reliable estimate can be
made of the amount of the obligation. When the
Company expects some or all of a provision to be
reimbursed, the reimbursement is recognised as a
separate asset, but only when the reimbursement is
virtually certain. The expense relating to a provision is
presented in the statement of profit and loss net of
any reimbursement.

If the effect of the time value of money is material,
provisions are discounted using a current pre¬
tax rate that reflects, when appropriate, the risks
specific to the liability. When discounting is used,
the increase in the provision due to the passage of
time is recognised as a finance cost.

Contingent liabilities are disclosed when there
is a possible obligation arising from past events,
the existence of which will be confirmed only by
occurrence or non-occurrence of one or more
uncertain future events not wholly within the
control of the Company or a present obligation
that arises from past events where it is either
not probable that an outflow of resources will
be required to settle or a reliable estimate of the
amount cannot be made. Contingent liabilities are
disclosed in the note 31.c.

j. Retirement and other employee benefits

Defined Contribution plan
Provident Fund

Retirement benefit in the form of provident fund
is a defined contribution plan. Both the employee

and the employer make monthly contributions to
the plan at a predetermined rate of the employees’
basic salary. These contributions are made to
the fund administered and managed by the
Government of India. The Company recognises
contribution payable to the provident fund
scheme as an expense, when an employee renders
the related service. The Company has no further
obligations under these plans beyond its monthly
contributions.

Defined benefit plan
Gratuity

The Company operates a defined benefit gratuity
plan, which requires contributions to be made to
a separately administered fund with the insurance
service provider. The cost of providing benefits
under the defined benefit plan is determined using
the projected unit credit method, with actuarial
valuations being carried out at periodic intervals.

Re-measurements, comprising of actuarial gains
and losses and the return on plan assets (excluding
amounts included in net interest on the net defined
benefit liability), are recognised immediately in
the balance sheet with a corresponding charge
or credit to retained earnings through OCI in the
period in which they occur. Re-measurements are
not reclassified to statement of profit and loss in
subsequent periods.

Past service costs are recognised in profit or loss
on the earlier of:

• The date of the plan amendment or curtailment,
and

• The date that the Company recognises related
restructuring costs or termination benefits.

Net interest is calculated by applying the discount
rate to the net balance of the defined benefit
obligations and fair value of the plan assets. The
Company recognises the following changes in
the net defined benefit obligation as an expense
in the statement of profit and loss:

• Service costs comprising current service costs;
and

• Net interest expense or income
Compensated Absences

Accumulated leave, which is expected to be
utilised within the next 12 months, is treated
as short-term employee benefit. The Company
measures the expected cost of such absences
as the additional amount that it expects to pay
as a result of the unused entitlement that has
accumulated at the reporting date. The Company
treats accumulated leave expected to be carried

forward beyond twelve months, as long-term
employee benefit for measurement purposes.
Such long-term compensated absences are
provided for based on the actuarial valuation using
the projected unit credit method at the year-end.
The Company treats the entire leave as current
liability in the balance sheet, since it does not have
an unconditional right to defer its settlement for 12
months after the reporting date.

k. Share - based payments

Employees of the Company receive remuneration
in the form of share-based payments, whereby
employees render services as consideration for
equity instruments (equity-settled transactions).

The cost of equity-settled transactions is
determined by the fair value at the date when
the grant is made using an appropriate valuation
model. The cost is recognised, together with a
corresponding increase in share-based payment
(“SBP”) reserves in equity, over the period in
which the performance and/or service conditions
are fulfilled in employee benefits expense. The
cumulative expense recognised for equity-
settled transactions at each reporting date until
the vesting date reflects the extent to which the
vesting period has expired and the Company’s
best estimate of the number of equity instruments
that will ultimately vest. The statement of profit
and loss expense or credit for a period represents
the movement in cumulative expense recognised
as at the beginning and end of that period and is
recognised in employee benefits expense.

In case of forfeiture of unvested option, portion
of amount already expensed is reversed. In a
situation where the vested option forfeited or
expires unexercised, the related balance standing
to the credit of the “Share based payment reserve”
are transferred to the “Retained Earnings”.

l. Financial instruments

A financial instrument is any contract that gives
rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
The Company recognises a financial asset or a
liability in its balance sheet only when the entity
becomes party to the contractual provisions of the
instrument.

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at
fair value plus, in the case of financial assets
not recorded at fair value through profit or loss,

transaction costs that are attributable to the
acquisition of the financial asset, except trade
receivables that do not contain a significant
financing component or for which the Company
has applied the practical expedient are
measured at the transaction price determined
under Ind AS 115. The Company has accounted
for its investment in subsidiaries at cost, less
impairment, if any.

Subsequent measurement

For purposes of subsequent measurement
financial assets are classified into three categories:

• Financial assets at fair value through OCI

• Financial assets at fair value through profit or
loss

• Financial assets at amortised cost

Where assets are measured at fair value, gains
and losses are either recognised entirely in
the statement of profit and loss (i.e. fair value
through profit or loss), or recognised in other
comprehensive income (i.e. fair value through
other comprehensive income).

A financial asset that meets the following two
conditions is measured at amortised cost (net of
any write down for impairment) unless the asset
is designated at fair value through profit or loss
(“FVTPL”) under the fair value option.

• Business model test: The objective of the
Company’s business model is to hold the
financial asset to collect the contractual cash
flows (rather than to sell the instrument prior to
its contractual maturity to realise its fair value
changes).

• Cash flow characteristics test: The contractual
terms of the financial asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (“SPPI”) on
the principal amount outstanding.

This category is the most relevant to the
Company. After initial measurement, such
financial assets are subsequently measured at
amortised cost using the effective interest rate
(“EIR”) method. The EIR amortisation is included
in finance income in the profit or loss. The losses
arising from impairment are recognised in the
profit or loss.

A financial asset is classified as at the Financial
assets measured at Fair value through other
comprehensive income (“FVTOCI”) if both of the
following criteria are met:

• The objective of the business model is achieved
both by collecting contractual cash flows and
selling the financial assets, and

• The asset’s contractual cash flows represent
SPPI.

A financial asset included within the FVTOCI
category are measured initially as well as at
each reporting date at fair value. Fair value
movements are recognised in the OCI. On
derecognition of the asset, cumulative gain or
loss previously recognised in OCI is reclassified
from the equity to P&L.

FVTPL is a residual category for financial assets.
Any instrument, which does not meet the
criteria for categorization as at amortized cost or
as FVTOCI, is classified as at FVTPL.

In addition, the Company may elect to
designate a financial asset, which otherwise
meets amortized cost or FVTOCI criteria, as at
FVTPL. However, such election is allowed only if
doing so reduces or eliminates a measurement
or recognition inconsistency (referred to as
‘accounting mismatch’).

Financial assets included within the FVTPL
category are measured at fair value with all
changes recognised in the P&L.

Derecognition

A financial asset (or, where applicable, a part
of a financial asset or part of a group of similar
financial assets) is primarily derecognised (i.e.
removed from the Company’s statement of
financial position) when:

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

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

When the Company has transferred its rights to
receive cash flows from an asset or has entered
into a pass-through arrangement, it evaluates
if and to what extent it has retained the risks
and rewards of ownership. When it has neither
transferred nor retained substantially all of the
risks and rewards of the asset, nor transferred

control of the asset, the Company continues to
recognise the transferred asset to the extent of
the Company’s continuing involvement. In that
case, the Company also recognises an associated
liability. The transferred asset and the associated
liability are measured on a basis that reflects the
rights and obligations that the Company has
retained.

Continuing involvement that takes the form of a
guarantee over the transferred asset is measured
at the lower of the original carrying amount of the
asset and the maximum amount of consideration
that the Company could be required to repay.

Impairment of financial assets

The Company assesses impairment based on
expected credit losses (“ECL”) model to the following:

• Financial assets measured at amortised cost;
and

• Financial assets measured at FVTOCI

Expected credit losses (“ECL”) are measured
through a loss allowance at an amount equal to:

• the 12-month expected credit losses (expected
credit losses that result from those default events
on the financial instrument that are possible
within 12 months after the reporting date); or

• full lifetime expected credit losses (expected
credit losses that result from all possible default
events over the life of the financial instrument).

For trade receivables or contract revenue
receivables, the Company follows ‘simplified
approach’ for recognition of impairment loss
allowance.

Under the simplified approach, the Company
does not track changes in credit risk. Rather, it
recognises impairment loss allowance based on
lifetime ECLs at each reporting date, right from
its initial recognition.

As a practical expedient, the Company uses a
provision matrix to determine impairment loss
allowance on the portfolio of trade receivables.
The provision matrix is based on its historically
observed default rates over the expected life of
the trade receivable and is adjusted for forward
looking estimates. At every reporting date, the
historical observed default rates are updated and
changes in the forward-looking estimates are
analysed.

For recognition of impairment loss on other
financial assets and risk exposure, the Company
determines that whether there has been a
significant increase in the credit risk since initial
recognition. If credit risk has not increased

significantly, 12-month ECL is used to provide
for impairment loss. However, if credit risk has
increased significantly, lifetime ECL is used. If,
in a subsequent period, credit quality of the
instrument improves such that there is no
longer a significant increase in credit risk since
initial recognition, then the Company reverts to
recognising impairment loss allowance based on
12-month ECL.

For assessing increase in credit risk and
impairment loss, the Company combines financial
instruments on the basis of shared credit risk
characteristics with the objective of facilitating
an analysis that is designed to enable significant
increases in credit risk to be identified on a timely
basis.

Financial liabilities

Initial recognition and measurement

At initial recognition, all financial liabilities
other than fair valued through profit or loss are
recognised initially at fair value less transaction
costs that are attributable to the issue of financial
liability. Transaction costs of financial liability carried
at fair value through profit or loss is expensed in
profit or loss.

Subsequent measurement

The Company measures all financial liabilities at
amortised cost using the Effective Interest Rate
(“EIR”) method except for financial liabilities held
for trading and financial liabilities designated
upon initial recognition as at fair value through
profit or loss. Amortised cost is calculated by
taking into account any discount or premium on
acquisition and fees or costs that are an integral
part of the EIR. Financial liabilities held for
trading are measured at fair value through profit
and loss. The Company has not designated any
financial liability as at fair value through profit or
loss.

Derecognition

A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires.

Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance
sheet if there is a current enforceable legal right
to offset the recognised amounts and there is an
intention to settle on a net basis, to realise the
assets and settle the liabilities simultaneously.

Trade and other payables

These amounts represent liabilities for goods and
services provided to the Company prior to the
end of financial year which are unpaid. Trade and
other payables are recognized initially at, their fair
value, and subsequently measured at amortized
cost using effective interest rate method.

m. Derivative financial instruments and hedge
accounting

Initial recognition and subsequent measurement

The Company enters into derivative contracts to
hedge foreign currency/price risk on highly probable
forecast transactions. Such derivative financial
instruments are initially recognised at fair value on the
date on which a derivative contract is entered into and
are subsequently remeasured at fair value. Derivatives
are carried as financial assets when the fair value is
positive and as financial liabilities when the fair value is
negative.

Any gains or losses arising from changes in the fair
value of derivatives are recorded in the statement
of profit or loss, except for the effective portion
of cash flow hedges, which is recognised in other
comprehensive income (“OCI”) and later reclassified
to profit or loss when the hedge item affects profit or
loss.

At the inception of a hedge relationship, the
Company formally designates and documents the
hedge relationship to which the Company wishes to
apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
The documentation includes the Company’s risk
management objective and strategy for undertaking
hedge, the hedging/ economic relationship, the
hedged item or transaction, the nature of the risk
being hedged, hedge ratio and how the entity will
assess the effectiveness of changes in the hedging
instrument’s fair value in offsetting the exposure to
changes in the hedged item’s cash flows attributable
to the hedged risk. Such hedges are expected to be
highly effective in achieving offsetting changes in
cash flows and are assessed on an ongoing basis
to determine that they actually have been highly
effective throughout the financial reporting periods
for which they were designated.

Hedges that meet the strict criteria for hedge
accounting are accounted for, as described below:

Cash flow hedges

The effective portion of the gain or loss on the
hedging instrument is recognised in OCI in the
cash flow hedge reserve, while any ineffective
portion is recognised immediately in the
statement of profit and loss.

The Company uses forward currency contracts
as hedges of its exposure to foreign currency
risk in forecast transactions. The ineffective
portion relating to foreign currency contracts is
recognised in other income or expenses.

Amounts recognised as OCI are transferred to
profit or loss when the hedged transaction affects
profit or loss, such as when a forecast sale occurs.

If the hedging instrument expires or is sold,
terminated or exercised without replacement or
rollover (as part of the hedging strategy), or if its
designation as a hedge is revoked, or when the
hedge no longer meets the criteria for hedge
accounting, any cumulative gain or loss previously
recognised in OCI remains separately in equity
until the forecast transaction occurs.

n. Treasury shares

The Company has created a trust namely eClerx
Employee Welfare Trust (“Trust”) for providing
share-based payment to its employees.
The Company uses the Trust as a vehicle for
distributing shares to employees covered under
the employee remuneration schemes. The Trust
buys shares of the Company from the market,
for giving shares to employees under the ESOP
Scheme 2015 and 2022. The shares held by the
Trust are treated as treasury shares.

Treasury shares are the own equity instruments
of the Company that are re-acquired by the
Company. Treasury shares are recognised at cost
and the par value of treasury shares is reduced
from equity share capital whereas the difference
between cost and par value is deducted from
treasury shares held by ESOP trust under ‘Other
Equity’. No gain or loss is recognised in the
statement of profit or loss on the purchase, sale,
issue or cancellation of the Company’s own equity
instruments. Any difference between the carrying
amount and the consideration, if reissued, is
recognised in General Reserve. Treasury shares
are alloted towards excercise of share options.

o. Trade Receivable

Trade receivables are amounts due from customers
for goods sold or services performed in the ordinary
course of business and reflect the company’s
unconditional right to consideration (that is,
payment is due only on the passage of time).

Trade receivables are recognised initially at the
transaction price as they do not contain significant

financing components. The Company holds
the trade receivables therefore measures them
subsequently at amortised cost using the effective
interest method, less loss allowance.with the
objective of collecting the contractual cash flows
and therefore measures them subsequently at
amortized cost using the effective interest method,
less allowance.

For trade receivables and contract assets, the
company applies the simplified approach required
by Ind AS 109, which requires expected lifetime
losses to be recognised from initial recognition of
the receivables.

2.B. Significant accounting judgements, estimates and
assumptions

The preparation of the Company’s standalone
financial statements requires management to make
judgements, estimates and assumptions that affect
the reported amounts of revenues, expenses, assets
and liabilities, and the accompanying disclosures, and
the disclosure of contingent liabilities. Uncertainty
about these assumptions and estimates could result
in outcomes that require a material adjustment to
the carrying amount of assets or liabilities affected in
future periods.

The key assumptions concerning the future and
other key sources of estimation uncertainty at the
reporting date, that have a significant risk of causing
a material adjustment to the carrying amounts of
assets and liabilities within the next financial year, are
described below. The Company based its assumptions
and estimates on parameters available when the
standalone financial statements were prepared.
Existing circumstances and assumptions about future
developments, however, may change due to market
changes or circumstances arising that are beyond the
control of the Company. Such changes are reflected in
the assumptions when they occur.

a. Revenue recognition

The Company uses the percentage-of-completion
method in accounting for its fixed-price contracts.
Use of the percentage-of-completion method
requires the Company to estimate the efforts
expended to date as a proportion of the total
efforts to be expended.

Judgement is also required to determine
transaction price for the contract. The transaction
price could be either a fixed amount of customer
consideration or variable consideration with
elements such as volume discounts, service level
credits etc. The estimated amount of variable
consideration is adjusted in the transaction price
only to the extent that it is highly probable that a

significant reversal in the amount of cumulative
revenue recognised will not occur and is
reassessed at the end of each reporting period.

b. Leases

The Company has entered into commercial property
leases for its offices.The Company evaluates if
an arrangement qualifies to be a lease as per the
requirements of Ind AS 116 ‘Leases’. Identification
of a lease requires significant judgment. The
Company uses significant judgement in assessing
the lease term and the applicable discount rate.
The Company has lease contracts which include
extension and termination option and this
requires exercise of judgement by the Company in
evaluating whether it is reasonably certain whether
or not to exercise the option to renew or terminate
the lease. The lease payments are discounted using
the interest rate implicit in the lease arrangement
or, If that rate cannot be readily determined, the
Company’s incremental borrowing rate is used,
being the rate that the Company would have to pay
to borrow the funds necessary to obtain an asset
of similar value to the right-of-use asset in a similar
economic environment with similar terms, security
and conditions.

c. Share - based payments

The Company measures share-based payments
and transactions at fair value and recognises over
the vesting period using Black Scholes valuation
model. Estimating fair value for share-based
payment transactions requires determination of
the most appropriate valuation model, which is
dependent on the terms and conditions of the
grant. This estimate also requires determination
of the most appropriate inputs to the valuation
model including the expected life of the share
option, volatility and dividend yield and making
assumptions about them. This requires a
reassessment of the estimates used at the end of
each reporting period. The Company is applying
forfeiture rate based on historical trend. The
assumptions and models used for estimating
fair value for share-based payment transactions
are disclosed in note 30.

d. Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and
the present value of the gratuity obligation are
determined using actuarial valuations. An actuarial
valuation involves making various assumptions
that may differ from actual developments in the
future. These include the determination of the
discount rate, future salary increases and mortality
rates. Due to the complexities involved in the
valuation and its long-term nature, a defined

benefit obligation is highly sensitive to changes in
these assumptions. All assumptions are reviewed
at each reporting date.

The parameter most subject to change is the
discount rate. In determining the appropriate
discount rate, the management considers the
interest rates of government bonds in currencies
consistent with the currencies of the post¬
employment benefit obligation.

The mortality rate is based on the rates given
under Indian Assured Lives Mortality (2012-14).
Those mortality tables tend to change only at
interval in response to demographic changes.
Future salary increases and gratuity increases are
based on expected future inflation rates.

Further details about gratuity obligations are
given in note 29.

e. Impairment of non-financial assets

Impairment exists when the carrying value of
an asset or cash generating unit exceeds its
recoverable amount, which is the higher of its fair
value less costs of disposal and its value in use. The
fair value less costs of disposal calculation is based
on available data from binding sales transactions,
conducted at arm’s length, for similar assets or
observable market prices less incremental costs for
disposing of the asset. The value in use calculation
is based on a DCF model. The cash flows are
derived from the projections for the next three to
five years and do not include restructuring activities
that the Company is not yet committed to or
significant future investments that will enhance the
asset’s performance of the CGU being tested. The
recoverable amount is sensitive to the discount rate
used for the DCF model as well as the expected
future cash-inflows and the growth rate used for
extrapolation purposes.

f. Impairment of other financial assets

For recognition of impairment loss on other
financial assets (other than trade receivables or
contract revenue receivables) and risk exposure,
the Company determines that whether there
has been a significant increase in the credit risk
since initial recognition. If credit risk has not
increased significantly, 12-month ECL is used to
provide for impairment loss. However, if credit
risk has increased significantly, lifetime ECL is
used. If, in a subsequent period, credit quality of
the instrument improves such that there is no
longer a significant increase in credit risk since
initial recognition, then the Company reverts to
recognising impairment loss allowance based on
12-month ECL.

2.C. Other accounting policies

a. Dividends

Dividend income is recognised when Company’s
right to receive dividend is established by the
reporting date.

b. Government Grants

Government grants are recognised when there is
reasonable assurance that grant will be received
and all attached conditions will be complied with.

c. Research and development expenses for
software product

Research expenses for software product
are expensed as incurred. Software product
development cost are expensed as incurred unless
technical feasibility of project is established, further
economic benefit are probable, the Company has
an intention and ability to complete and use or
sell the software and the cost can be measured
reliably. The cost which can be captialised include
the cost of material, direct labor and overhead cost
that are directly attributable to preparing the asset
for its intended use.

d. Cash and cash equivalents

Cash and cash equivalents comprise cash at
bank and short term investments with an original
maturity of three months or less which are subject
to an insignificant risk of changes in value.

e. Dividend to equity holders of the Company

Annual dividend distribution to the shareholders
is recognised as a liability in the period in which
the dividends are approved by the shareholders.
Any interim dividend paid is recognised on
approval by Board of Directors. Dividend payable
is recognised directly in equity.

f. Earnings per share

Basic earnings per share is computed using the
net profit for the year (without taking impact of
other comprehensive income) attributable to
the shareholders and weighted average number
of shares outstanding during the year adjusted
for bonus element issued during the year and
excluding treasury shares.

The diluted earnings per share is computed on
the same basis as basic earnings per share, after
adjusting the effect of potential dilutive equity

shares unless the impact is anti-dilutive, using
the net profit for the year attributable to the
shareholders and weighted average number of
equity and potential equity shares outstanding
during the year including share options. Potential

equity shares that are converted during the year
are included in the calculation of diluted earnings
per share, from the beginning of the year or date
of issuance of such potential equity shares, to the
date of conversion.

Terms / rights attached to equity shares

The Company has only one class of equity shares
having a par value of Rs. 10 per share. Each holder
of equity shares is entitled to one vote per equity
share. The Company declares and pays dividends in
Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting.

Subject to the provisions of Companies Act 2013 as
to preferential payments, the assets of the Company
shall, on its winding-up be applied in satisfaction of its
liabilities pari-passu and, subject to such application,
shall, unless the articles otherwise provide, will be
distributed among the members according to their
rights and interests in the Company.

During the five years immediately preceeding
the balance sheet date, the Company had issued
46,097,147 and 16,913,215 fully paid equity shares
by way of bonus shares by capitalising retained
earnings in FY 2025-26 and FY 2022-23 respectively.
During the five years immediately preceeding the
balance sheet date, no shares have been allotted
pursuant to contract for consideration other than cash.

Aggregate number of equity shares bought back
during the period of five years immediately preceding
the reporting date:

During the period of 5 years immediately preceding the
balance sheet date, the Company bought back 625,000
shares in FY 2025-26,

1,375,000 shares in FY 2024-25, 1,714,285 shares in FY
2022-23, 1,063,157 shares in FY 2021-22 and 2,093,815
shares in FY 2020-21.

The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax
assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied
by the same tax authority.

Advance Pricing Agreement:

The Company has filed an application for entering into an Advance Pricing Agreement (APA) with relevant tax
authority under the provisions of Income Tax Act, 1961 for the financial years 2022-23 to 2030-31, in respect of
international transactions with its Associated Enterprises. The APA proceeding is currently under process. Pending
finalization of APA, the company has recognized and measured its tax expense based on best estimates of arm's
length price in accordance with the applicable Transfer Pricing regulations. Any adjustment that may arise upon
conclusion of the APA proceeding will be recognized in the period in which agreement is finalized.

During the year ended March 31, 2026, the Company
recognised revenue of Rs.272.24 million arising from
opening unearned revenue as of April 1, 2025. During
the year ended March 31,2025, the Company recognised
revenue of Rs. 224.93 million arising from opening
unearned revenue as on April 1, 2024.

During the years ended March 31, 2026 and March 31, 2025,
there is no revenue recognised from performance obligations
satisfied (or partially satisfied) in previous periods.

As at March 31, 2026 and March 31, 2025, the Company
does not have assets recognised from the cost incurred
to obtain or fulfil a contract with a customer.

Performance obligations and remaining performance
obligations

The remaining performance obligation disclosure
provides the aggregate amount of the transaction price

yet to be recognised as at the end of the reporting period
and an explanation as to when the Company expects
to recognise these amounts in revenue. Applying the
practical expedient as given in Ind AS 115, the Company
has not disclosed the remaining performance obligation
related disclosures for contracts:

a) where the revenue recognised corresponds directly with
the value to the customer of the entity’s performance
completed to date, typically those contracts where
invoicing is on time and material basis or;

b) where the performance obligation is part of a contract that
has an original expected duration of one year or less.

Remaining performance obligation estimates are subject
to change and are affected by several factors, including
terminations, changes in the scope of contracts, periodic
revalidations, adjustment for revenue that has not
materialised and adjustments for currency.

The aggregate value of performance obligations that are
completely or partially unsatisfied as at March 31, 2026,
other than those meeting the exclusion criteria mentioned
above, is Rs. 22.75 million (March 31, 2025 Rs.9.14 million).
Out of this, the Company expects to recognise revenue
of around 100% (March 31, 2025 100%) within the next
one year and the remaining thereafter. This includes

contracts that can be terminated for convenience without
a substantive penalty since, based on current assessment,
the occurrence of the same is expected to be remote.

Significant changes in contract assets and liabilities:

There has been no significant change in Contract assets
and contract liabilities during the year.

b) Corporate Social Resonsibility Expenditure
Details of CSR expenditure:

Gross amount required to be spent by the Company during the year: Rs.97.94 (March 31,2025: Rs. 96.76) million. Gross
amount approved by the board to be spent during the year: Rs.97.94 (March 31, 2025: Rs. 96.76) million.

Nature of CSR activities:

The Company contributes to NGOs to support initiatives that measurably improve the lives of underprivileged by
one or more of the focus areas such as health, poverty eradication, hunger eradication, education, gender equality,
environmental sustainability and such other causes as notified under Section 135 of the Act and Companies (Corporate
Social Responsibility Policy) Rules 2014 including any statutory amendments and modifications thereto.

28. Earnings per share (“EPS”)

The basic earnings per equity share are computed by dividing the net profit attributable to the equity shareholders for the
year by the weighted average number of equity shares outstanding during the reporting period. The number of shares
used in computing diluted earnings per share comprises the weighted average number of equity shares considered for
deriving basic earnings per equity share, and also the weighted average number of equity shares, which would be issued
on the conversion of all dilutive potential equity shares into equity shares, unless the results would be anti-dilutive.

*The weighted average number of shares takes into account the weighted average effects of changes in treasury
share transaction during the year.

During the year, the Company has issued 47,025,359 fully paid up bonus equity shares in the proportion of 1 fully paid
up equity share of Rs. 10/- each for every existing 1 equity share of Rs. 10/-. Accordingly the basic and diluted earnings
per share have been restated for the previous year to give the effect of bonus equity shares.

29. a. Gratuity benefit plans

The Company operates a defined benefit gratuity plan for its employees in India in accordance with the Payment of
Gratuity Act, 1972.

The new Labour Codes introduced by the Government of India, inter alia, require gratuity to be calculated based on
wages constituting at least 50% of total remuneration. This has resulted in an increase in gratuity benefits in respect
of services rendered in prior periods, and accordingly, the compay has recognised past service cost amounting to Rs.
5.52 million during the year. In accordance with Ind AS 19, the past service cost has been recognised in the statement of
profit and loss in the current year in which the plan amendment became effective.

The gratuity obligation has been actuarially valued by an independent actuary using the projected unit credit method,
considering the revised definition of wages for gratuity computation.

The following tables summarise the components of net benefit expense recognised in the statement of profit or loss
and the funded status and amounts recognised in the balance sheet:

“The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions
occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the Defined Benefit Obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be
correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the Defined Benefit Obligation has been
calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied
in calculating the Defined Benefit Obligation as recognised in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

Risk exposure

Gratuity is a defined benefit plan and entity is exposed to
the Following Risks:

Interest rate risk: A fall in the discount rate which is linked
to the G.Sec. Rate will increase the present value of the
liability requiring higher provision. A fall in the discount
rate generally increases the mark to market value of the
assets depending on the duration of asset.

Salary Risk: The present value of the defined benefit plan
liability is calculated by reference to the future salaries of
members. As such, an increase in the salary of the members
more than assumed level will increase the plan's liability.

Investment Risk: The present value of the defined benefit
plan liability is calculated using a discount rate which is
determined by reference to market yields at the end of
the reporting period on government bonds. If the return
on plan asset is below this rate, it will create a plan deficit.

Currently, for the plan in India, it has a relatively balanced
mix of investments in government securities, and other
debt instruments.

Asset Liability Matching Risk: The plan faces the
ALM risk as to the matching cash flow. Since the plan is
invested in lines of Rule 101 of Income Tax Rules, 1962, this
generally reduces ALM risk

Mortality risk: Since the benefits under the plan is not
payable for life time and payable till retirement age only,
plan does not have any longevity risk

Concentration Risk: Plan is having a concentration risk
as all the assets are invested with the insurance company
and a default will wipe out all the assets. Although
probability of this is very low as insurance companies have
to follow stringent regulatory guidelines which mitigate
risk.

Characteristics of defined benefit plan

The entity has a defined benefit gratuity plan in India
(funded). The entity’s defined benefit gratuity plan
is a final salary plan for employees, which requires
contributions to be made to a separately administered
fund.

The fund is managed by a trust which is governed by the
Board of Trustees. The Board of Trustees are responsible
for the administration of the plan assets and for the
definition of the investment strategy.

Defined benefit liability and employer contributions

A separate trust fund is created to manage the Gratuity
plan and the contributions towards the trust fund is
done as guided by rule 103 of Income Tax Rules, 1962.

Expected contributions to post-employment benefit
plans for the year ending March 31, 2027 are Rs. 41.8
million.

29. b. Leave obligations

The leave obligations cover the company’s liability for earned
leave which are classified as other long-term benefits.

The entire amount of the provision of Rs. 232.20 million
(March 31, 2025: Rs. 183.06 million) is presented as current,
since the group does not have an unconditional right, at
the end of the reporting period, to defer settlement for
any of these obligations beyond 12 months. However,
based on past experience, the group does not expect all
employees to avail the full amount of accrued leave or
require payment for such leave within the next 12 months.

29. c. Defined contribution plans

The Company also has certain defined contribution plans.
Contributions are made to provident fund in India for
employees at the rate of 12% of basic salary as per regulations.
The contributions are made to registered provident fund

administered by the government. The obligation of the
Company is limited to the amount contributed and it has
no further contractual nor any constructive obligation. The
expense recognised during the period towards defined
contribution plan is Rs. 144.96 million (March 31, 2025: Rs. 130.12
million).

30. Share-based payments
Employee Stock Option Plan

Under the employee stock option plan, the Company, grants
options to senior executive employees of the Company

and its subsidiaries as approved by the Nomination and
Remuneration Commitee. Vesting period is three years
from the date of grant. Further, vesting of certain portion
of the stock options is dependent on the Compounded
Annual Growth Rate of the organic operating revenues of
the Company.The fair value of the stock options is estimated
at the grant date using a Black and Scholes model, taking
into account the terms and conditions upon which the
share options were granted. The contractual term of each
option granted is six years. There are no cash settlement
alternatives. The Company does not have a past practice of
cash settlement of these options.

ESOP 2015 and ESOP 2022 scheme:

Pursuant to the applicable requirements of the erstwhile Securities and Exchange Board of India (Employee Stock Option
Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 ("the SEBI guidelines”), the Company had framed
and instituted Employee Stock Option Plan 2015 ("”ESOP 2015””) and Employee Stock Option Plan 2022 ("ESOP 2022”)
(together referred to as "ESOP Scheme”) to attract, retain, motivate and reward its employees and to enable them to
participate in the growth, development and success of the Company.

The ESOP Scheme envisages an eClerx Employee Welfare Trust ("ESOP Trust”) which is authorised for secondary
acquisition. During the year ended March 2026, ESOP trust has bought 719,903 shares ( March 31,2025: 317,978 shares) from
open market. As at March 31, 2026, ESOP Trust holds 2,020,366 shares (March 31, 2025 : 690,010 shares ) of the Company
and it will acquire additional equity shares at prevailing market price to meet requirements of the ESOP scheme.

Movements during the year

The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in,
share options during the year under the ESOP scheme:

Notes:

(a) The Company has received Income tax demands
amounting to Rs. 242.59 million (including interest)
(March 31,2025: Rs. 200.39 million) for financial
years 2011-12 to 2021-22 against which rectifications
applications are pending with jurisditional Income tax
Officers and appeals are pending with Commissioner
of Income Tax (Appeals), Income Tax Appelate Tribunal
and High court.

(b) The Company has received Service tax demands
amounting to Rs.12.02 million (March 31,2025: Rs.
12.02 million) (including interest and penalties) for
the period April 2007 to March 2013 against which
appeal is pending with Central Excise and Service
Tax Appelate Tribunal.

(c) The Company has received GST Assessment
Order for demands amounting to Rs.43 million
(March 31,2025: Rs.43 million) (including interest
and penalties) for the period July 2017 to March
2020 against which appeals are pending with
Commissioner Appeal. There is remote chance to
materialize the demand.

With respect to tax refund claims for the period July 2014
till March 2017 to the extent rejected by the Services Tax
Deparment for Rs. 2.08 million, the Company’s appeals
are pending with Central Excise and Service Tax Appelate
Tribunal and for GST Refund rejected for Rs. 1.65 million
(appeals are pending with Commissioner Appeal)

The amounts represent best possible estimates arrived at
on the basis of available information. The uncertainties and
possible reimbursements are dependent on the outcome
of the different legal processes which have been invoked
by the Company or the claimants as the case may be and
therefore cannot be predicted accurately. The Company
engages reputed professional advisors to protect its interest
and has been advised that it has strong legal positions
against each of such disputes. The Management including
its tax advisors expect that its position will likely be upheld
on ultimate resolution and probability of any tax demand
materialising against the Company is remote. Hence, no
provision has been made in the financial statements for
these disputes except Rs 15.22 million (March 31, 2025: 15.22
million) has been provided as per requirement of Appendix
C to Ind AS 12 Income taxes.

There is no loss allowance for receivable in relation to any outstanding balance and no loss allowance has been recognized
during the year in respect of receivable due from related party

Terms and conditions of transactions with related parties

The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions.
There have been no guarantees provided or received for any related party receivables or payables. Outstanding balances
at the year end are unsecured and interest free and settlement occurs through banks

Note: The remuneration to the key management personnel are on accrual basis and does not include the provisions
made for gratuity, carry forward leave benefits and any long-term benefits payable, as they are determined on an
actuarial basis for the Company as a whole.

The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to
key management personnel except share based payment which is disclosed on the basis of shares exercised.

33. Segment Information

The Company publishes the standalone financial statements
of the Company along with the consolidated financial
statements. In accordance with Ind AS 108 - Operating
Segments, the Company has disclosed the segment
information in the consolidated financial statements.

34. Hedging activities and derivatives

Cash Flow Hedges
Foreign currency risk

Foreign exchange forward contracts measured at

fair value through OCI are designated as hedging
instruments in cash flow hedges of forecast sales
in US Dollars. These forecast transactions are highly
probable, and they comprise about 63.40% of the
Company’s total expected sales for the next 12
months in US dollars from March 31, 2026. The foreign
exchange forward contract balances vary with the
level of expected foreign currency sales and changes
in the foreign exchange forward rate. The terms of
foreign currency forward contracts match with the
terms of the expected highly probable forecast
transactions. As a result, no hedge ineffectiveness
arises requiring recognition through profit or loss.

The cash flow hedges of the expected future sales
during the year ended March 31, 2026 were assessed
to be highly effective and a net unrealised loss
of Rs.1,565.79. million, with deferred tax asset of
Rs.394.07 million relating to the hedging instruments,
is included in OCI. Comparatively, the cash flow
hedges of the expected future sales during the year
ended March 31, 2025 were assessed to be highly
effective and net unrealised loss of Rs.54.53 million,
with a deferred tax asset of Rs. 13.72 million was
included in OCI in respect of these contracts.

The amounts reclassified from OCI to profit or loss for the
year ended March 31, 2026, amounts to loss of Rs.504.34
million (Year ended March 31, 2025: loss of Rs. 16.32 million).

Foreign Currency forwards are denominated in the
same currency as the highly probable future Sales (USD),
therefore the hedge ratio is 1:1.

Change in the value of hedged item used to determine
hedge ineffectiveness amounts to Rs. 2,015.60 million
(March 31, 2025: Rs. 182.74 million).

35. Fair values

Set out below, is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments,
other than those with carrying amounts that are reasonable approximations of fair values:

The management assessed that cash and cash equivalents,
other bank balances, trade receivables, other current financial
assets, trade payables and other financial liabilities approximate
their carrying amounts largely due to the short-term maturities
of these instruments. The fair value and carrying value of non¬
current other financial assets are materially same.

The fair value of the financial assets and liabilities is included
at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than
in a forced or liquidation sale.

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

The fair values of the financial assets carried at fair value
through profit and loss (“FVTPNL”) classified as "Level 1" are

derived from quoted market prices in active markets. The
mutual funds are valued using the closing NAV. The cost
of unquoted investments included in “Level 3" of fair value
hierarchy approximate their fair value because there is a
wide range of possible fair value measurements and the
cost represents estimate of fair value within that range.

The Company enters into derivative financial instruments
with various counterparties. Foreign exchange forward
contracts are valued using valuation techniques, which
employs the use of market observable inputs. The valuation
techniques include forward pricing using present value
calculations. The model incorporates various inputs
including the foreign exchange spot and forward rates, yield
curves of the respective currencies, currency basis spreads
between the respective currencies, interest rate curves

and forward rate curves of the underlying currency. As at
March 31, 2026, the marked-to-market value of derivative
asset / (liability) positions should be net of credit valuation
adjustment attributable to derivative counterparty default
risk. The changes in counterparty credit risk had no material
effect on the hedge effectiveness assessment for derivatives
designated in hedge relationships recognised at fair value.

The fair value of security deposit that carries no interest
is measured at the present value by discounting using
the prevailing market rate of interest for a similar
instrument with a similar credit rating. They are
classified as level 3 fair values in the fair value hierarchy
due to the inclusion of unobservable inputs including
counterparty credit risk.

37. Financial risk management objectives and policies

The Company’s principal financial liabilities, other than
derivatives and lease liabilities, comprises trade and other
payables. The main purpose of these financial liabilities is to
finance the Company’s operations. The Company’s principal
financial assets include trade and other receivables, cash
and cash equivalents and other bank balances that derive
directly from its operations. The Company also holds FVTPNL
investments and enters into derivative transactions.

The Company is exposed to market risk, credit risk and liquidity risk.
The Company’s senior management oversees the management
of these risks. The Company’s senior management provides
assurance to the Board of Directors that the Company’s financial
risk activities are governed by appropriate policies and procedures
and that financial risks are identified, measured and managed in
accordance with the Company’s policies and risk objectives. All
derivative activities for risk management purposes are carried out
by specialist teams that have the appropriate skills, experience
and supervision. It is the Company’s policy that no trading in

derivatives for speculative purposes may be undertaken which is
consistent with the Company’s foreign risk management policy.
The Board of Directors reviews and agrees policies for managing
each of these risks, which are summarised below.

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 risk mainly comprises of currency
risk and other price risk, such as equity price risk. Financial
instruments affected by market risk include deposits,
FVTPNL investments and derivative financial instruments.

The sensitivity analysis in the following sections relate to
the position as at March 31, 2026 and March 31, 2025.

The sensitivity analysis have been prepared on the
basis that the derivatives and the proportion of financial
instruments in foreign currencies are all constant and on
the basis of hedge designations in place at March 31, 2026.

The analysis exclude the impact of movements in market
variables on: the carrying values of gratuity and other
post- retirement obligations; provisions, and the non¬
financial assets and liabilities of foreign operations.

The following assumptions have been made in calculating
the sensitivity analysis:

- The sensitivity of the relevant profit or loss item is
the effect of the assumed changes in respective
market risks. This is based on the financial assets and
financial liabilities held at March 31, 2026 and March
31, 2025 including the effect of hedge accounting.

- The sensitivity of equity is calculated by considering
the effect of any associated cash flow hedges at
March 31, 2026 and March 31, 2025 for the effects of
the assumed changes of the underlying risk.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future
cash flows of an exposure will fluctuate because of changes
in foreign exchange rates. The Company’s exposure to the
risk of changes in foreign exchange rates relates primarily

to the Company’s operating activities (when revenue or
expense is denominated in a foreign currency) and the
Company’s net investment in foreign subsidiaries.

The Company manages its foreign currency risk by
hedging transactions that are expected to occur within a
maximum 24-month period for hedges of forecasted sales.

When a derivative is entered into for the purpose of
being a hedge, the Company negotiates the terms of
those derivatives to match the terms of the hedged
exposure with forecasted sales.

As at March 31, 2026, the Company hedged 63.40% (March
31, 2025: 72.58%) of its expected foreign currency sales for
the next 12 months in US dollars from the balance sheet
date. Those hedged sales were highly probable at the
reporting date. This foreign currency risk is hedged by
using foreign currency forward contracts.

The Company’s exposure to foreign currency risk at
the end of the reporting period expressed in Rs., are as
follows:

Foreign currency sensitivity

The Company operates internationally and portion of the
business is transacted in several currencies and consequently
the Company is exposed to foreign exchange risk through its
sales and services in overseas.

The Company evaluates exchange rate exposure arising
from foreign currency transactions and the Company follows
established risk management policies, including the use of

derivatives like foreign exchange forward contracts to hedge
exposure to foreign currency risk.

The following table demonstrate the sensitivity to a reasonably
possible change in USD and EUR exchange rates, with all other
variables held constant. The impact on the Company's profit
before tax is due to changes in the fair value of monetary assets
and liabilities. The impact on Company's pre-tax equity is due
to changes in the fair value of forward exchange contracts
designated as cash flow hedges.

Equity price risk

The Company’s equity price risk is minimal due to no
investment in listed securities and minimal investment in
non-listed equity securities.

At the reporting date, the exposure to unlisted equity securities
at was Rs. 77.27 million (March 31, 2025: Rs. 63.65 million). The
value stated is based on net asset value shared by the fund and
no sensitivity analysis is done since amount is not material.

Credit risk

Credit risk is the risk that counterparty will not meet its
obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit
risk from its operating activities (primarily trade receivables)
including deposits with banks and financial institutions, foreign
exchange transactions and other financial instruments.

Trade receivables

Customer credit risk is managed by each business unit subject
to the Company’s established policy, procedures and control
relating to customer credit risk management. Outstanding
customer receivables are regularly monitored and followed up.

For trade receivables or contract revenue receivables, the
Company follows ‘simplified approach’ for recognition of
impairment loss allowance.

Under the simplified approach, the Company does
not track changes in credit risk. Rather, it recognises
impairment loss allowance based on lifetime ECLs at each
reporting date, right from its initial recognition.

The Company uses a provision matrix to determine
impairment loss allowance on the portfolio of trade

receivables. The provision matrix is based on its
historically observed default rates over the expected
life of the trade receivable and is adjusted for forward
looking estimates. At every reporting date, the historical
observed default rates are updated and changes in the
forward-looking estimates are analysed.

Financial instruments and bank deposits

Credit risk from balances with banks and financial
institutions is managed by the Company’s treasury
department in accordance with the Company’s
policy. Investments of surplus funds are made only
with approved counterparties and within credit
limits assigned to each counterparty. Counterparty
credit limits are reviewed by the Company’s treasury
department on a periodic basis as per the Board of
Directors approved Investment policy. The limits are
set to minimise the concentration of risks and therefore
mitigate financial loss through counterparty’s potential
failure to make payments.

The Company’s maximum exposure relating to financial
derivative instruments is noted in note 34 and note 35.

Liquidity risk

Liquidity risk refers to the risk that the Company cannot
meet its financial obligations.The objective of liquidity
risk management is to maintian sufficient liquidity
and ensure that funds are available for use as per
requirements.The Company consistently generated
sufficient cash flows from operations to meet its financial
obligations as and when they fall due.

The table below summarises the maturity profile of the
Company’s financial liabilities based on contractual
undiscounted payments.

Excessive risk concentration

Concentrations arise when a number of counterparties are
engaged in similar business activities, or activities in the
same geographical region, or have economic features that
would cause their ability to meet contractual obligations
to be similarly affected by changes in economic, political
or other conditions. Concentrations indicate the relative
sensitivity of the Company’s performance to developments
affecting a particular industry. In order to avoid excessive
concentrations of risk, the Company’s policies and
procedures include specific guidelines to focus on the
maintenance of a diversified portfolio.

38. Capital management

For the purpose of the Company’s capital management,
capital includes issued equity capital and all other
equity reserves attributable to the equity holders of the
Company. The primary objective of the Company’s capital
management is to maximise the shareholder value.

The Company manages its capital structure and makes
adjustments in light of changes in economic conditions

and the requirements of the financial covenants. To
maintain or adjust the capital structure, the Company
may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares. The Company
monitors capital using a gearing ratio, which is net debt
divided by total capital plus net debt. The Company does
not have any external debt.

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

39. Audit trail in accounting softwares

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

Further no instance of audit trail feature being tampered
with was noted where audit trail has been enabled. Further,
the audit trail has been preserved by the Company as per
the statutory requirements for record retention.

41. Additional regulatory requirements under schedule III

(i) Details of Benami Property held

No proceedings have been initiated on or are pending
against the Company for holding benami property
under the Benami Transactions (Prohibition) Act, 1988
(45 of 1988) and Rules made thereunder.

(ii) Borrowing secured against current assets

The Company has borrowing facility from
banks on the basis of security of current assets.
The quarterly returns or statements of current
assets filed by the Company with banks are in
agreement with the books of accounts.

(iii) Wilful defaulter

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

(iv) Relationship with struck off companies

The Company has no transactions with the
companies struck off under Companies Act, 2013
or Companies Act, 1956.

(v) Compliance with number of layers of companies

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

(vi) Compliance with approved scheme(s) of
arrangements

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

(vii) Utilisation of borrowed funds and share
premium

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

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

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

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

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

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

(viii) Undisclosed income

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

(ix) Details of crypto currency or virtual currency

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

(x) Valuation of PP&E, intangible asset and
investment property

The Company has not revalued its property, plant
and equipment (including Right-of-Use assets)
or intangible assets or both during the current or
previous year.

The company does not have any investment
property during the year.

(xi) Title deeds of immovable properties not held
in name of the Company

The Company does not own any immovable
property (other than properties where the
Company is the lessee and the lease agreements
are duly executed in favour of the lessee).

(xii) Registration of Charges or satisfaction with
Registrar of Companies (ROC)

The Company does not have any charge or
satisfaction which are yet to be registered with
the ROC beyond the statutory period.

(xiii) Utilisation of borrowings availed from banks
and financial institutions

The Company has not otained any borrowings
from bank or financial institutions.

(xiv) Loans or advances to specified person

The Company has not granted any loans or
advances in the nature of loans to promoters,
directors, KMPs and related parties (as defined
under Companies Act, 2013) either severally
or jointly with any other person, that are (a)
repayable on demand; or (b) without specifying
any terms or period of repayment.

42. Core Investment Companies (CIC)

Management has assessed that there are no CIC in
the Group (‘Companies in the Group’ is as defined in
Reserve Bank of India (Core Investment Companies)
Directions, 2025).

43. Transfer pricing

The Company has a comprehensive system of
maintenance of information and documents as
required by the transfer pricing legislation under
sections 92-92F of the Income Tax Act, 1961. Since
the law requires existence of such information and
documentation to be contemporaneous in nature,
the Company appoints independent consultants for
conducting a Transfer Pricing Study to determine
whether the transactions with associate enterprises
are undertaken, during the financial year, on an
‘arm’s length basis’. Adjustments, if any, arising
from the transfer pricing study in the respective
jurisdictions shall be accounted for as and when
the study is completed for the current financial year.
However the management is of the opinion that its
international transactions are at arms’ length so that
the aforesaid legislation will not have any impact on
the financial statements.

44. Figures for the previous year have been regrouped
wherever necessary to conform to those of the current
year.