3.13 Provisions, contingent liabilities and contingent
assets

A provision is recognised when the Company has
a present obligation as a result of past events and it
is probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation, in respect of which a reliable estimate can
be made. Provisions are reviewed at each balance
sheet date and are adjusted to reflect the current best
estimate.

The amount recognised as a provision is the best
estimate of the consideration required to settle the
present obligation at the end of the reporting period,
taking into account the risks and uncertainties
surrounding the obligation. Provisions are determined
by discounting the expected future cash flows at a pre¬
tax rate that reflects current market assessments of
the time value of money and the risks specific to the
liability. When there is a possible obligation or a present
obligation in respect of which the likelihood of outflow
of resources is remote, no provision or disclosure is
made.

Contingent liabilities are disclosed in respect of
possible obligations that arise from past events, whose
existence would be confirmed by the occurrence
or non-occurrence of one or more uncertain future
events beyond the control of the Company or a present
obligation that is not recognised because it is not
probable that an outflow of resources will be required
to settle the obligation.. Contingent liability also arises
in extremely rare cases where there is a liability that
cannot be recognised because it cannot be measured
reliably.

Contingent assets are not recognised in the financial
statements. However, it is disclosed only when an
inflow of economic benefits is probable.

Contingent liabilities and Contingent assets are
reviewed at each balance sheet date.

3.14 Leases

Contracts/arrangements, or part of a contract/
arrangement meeting the definition of "lease" and
falling within the scope of Ind AS 116 "Leases" to follow
accounting policies mentioned below

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

The Company as a lessee

The Company accounts for each lease component
within the contract as a lease separately from non¬
lease components of the contract and allocates the
consideration in the contract to each lease component
on the basis of the relative stand-alone price of the
lease component and the aggregate stand-alone price
of the non-lease components.

The Company recognises right-of-use asset
representing its right to use the underlying asset for the
lease term at the lease commencement date. The cost
of the right-of-use asset measured at inception shall
comprise of the amount of the initial measurement
of the lease liability adjusted for any lease payments
made at or before the commencement date less any
lease incentives received, plus any initial direct costs
incurred. The right-of-use assets is subsequently
measured at cost less any accumulated depreciation,
accumulated impairment losses, if any and adjusted
for any remeasurement of the lease liability. The
right-of-use assets is depreciated using the straight¬
line method from the commencement date over the
shorter of lease term or useful life of right-of-use asset.
The estimated useful lives of right-of-use assets are
determined on the same basis as those of property,
plant and equipment. Right-of-use assets are tested for
impairment whenever there is any indication that their
carrying amounts may not be recoverable. Impairment
loss, if any, is recognised in the Statement of Profit and
Loss.

The Company measures the lease liability at the
present value of the lease payments that are not paid
at the commencement date of the lease. The lease
payments are discounted using incremental borrowing
rate (because the implicit rate in the lease contracts is
not available). The lease payments shall include fixed
payments, variable lease payments, residual value
guarantees, exercise price of a purchase option where
the Company is reasonably certain to exercise that
option and payments of penalties for terminating the
lease, if the lease term reflects the lessee exercising an
option to terminate the lease.

The lease liability is subsequently remeasured by
increasing the carrying amount to reflect interest on
the lease liability, reducing the carrying amount to
reflect the lease payments made and remeasuring the
carrying amount to reflect any reassessment or lease
modifications or to reflect revised in-substance fixed
lease payments.

The Company has elected not to apply the requirements
of Ind AS 116 to short-term leases of all assets that
have a lease term of 12 months or less, and leases for
which the underlying asset is of low value. The lease
payments associated with these leases are recognised
as an expense on a straight-line basis over the lease
term.

The Company as a lessor

Leases where the Company does not transfer
significantly all of the risk and benefits of ownership
of the asset are classified as operating leases. Rental
income arising from operating leases is accounted
for on a straight-line basis over the lease terms and is
included in rental income in the Statement of Profit and
Loss, unless the increase is in line with expected general
inflation, in which case lease income is recognised
based on contractual terms. When the Company is an
intermediate lessor it accounts, for its interests in the
head lease and the sub-lease separately. It assesses
the lease classification of a sub-lease with reference to
the right-of-use asset arising from the head lease, not
with reference to the underlying asset. If a head lease
is a short-term lease to which the Company applies the
exemption described above, then it classifies the sub¬
lease as an operating lease.

3.15 Earnings per share

Basic earnings per share is calculated by dividing the
net profit or loss for the period attributable to equity

shareholders by the weighted average number of
equity shares outstanding during the period. Earnings
considered in ascertaining the Company’s earnings
per share is the net profit for the period after deducting
preference dividends and any attributable tax thereto
for the period. The weighted average number of equity
shares outstanding during the period and for all periods
presented is adjusted for events, such as bonus
shares, sub-division of shares etc. that have changed
the number of equities shares outstanding, without a
corresponding change in resources.

For the purpose of calculating diluted earnings per
share, the net profit or loss for the period attributable to
equity shareholders is divided by the weighted average
number of equity shares outstanding during the period,
considered for deriving basic earnings per share
and weighted average number of equity shares that
could have been issued upon conversion of all dilutive
potential equity shares.

3.16 Cash flow statement

Cash flows are reported using the indirect method,
whereby profit before tax is adjusted for the effects of
transactions of a non-cash nature and any deferrals or
accruals of past or future cash receipts or payments.
The cash flows from regular revenue generating,
investing and financing activities of the Company are
segregated.

| 17 | BORROWINGS (OTHER THAN DEBT SECURITIES) (Contd.)

17.2 During the year ended 31^st March, 2025, the Company had availed total External Commercial Borrowing (ECBs) of US$ 30
Mn for financing prospective borrower as per the ECB guidelines issued by Reserve Bank of India ("RBI") from time to time.
The borrowing has a maturity of three years. In terms of the RBI guidelines, borrowings have been swapped into rupees
and fully hedged for the entire maturity by way of cross currency swaps. The Company has not borrowed any Foreign
Currency (US$) denominated Term Loan other than rollover of existing foreign currency borrowing facility (March 31 2024,
' Nil). Such borrowings are currently carried at ' 1 1,250 Lakhs as at 31^st March, 2025 (March 31 2024: ' 16,257 Lakhs).

The foreign currency exposure on these borrowings have been economically hedged through forward contracts. (Refer
note 48.03).

| 40 | CAPITAL MANAGEMENT

The Company’s objectives when managing capital are to

(!) safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and
benefits for other stakeholders, and

(2) maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders.

The Company maintains its capital base to cover the risks inherent in the business and in meeting the capital adequacy
requirements of the Reserve Bank of India (RBI) of India. The adequacy of the company’s capital is monitored using,
among other measures, the regulations issued by RBI.

The Company has complied in full with all its externally imposed capital requirements over the reported year

The primary objectives of the Company’s capital management policy are to ensure that the Company complies with
externally imposed capital requirements and maintains strong credit ratings and healthy capital ratios in order to support
its business and to maximise shareholder value. The Company manages its capital structure and makes adjustments to it
according to changes in economic conditions and the risk characteristics of its activities. In order to maintain or adjust the
capital structure, the Company may adjust the amount of dividend payment to shareholders, return capital to shareholders
or issue capital securities. No changes have been made to the objectives, policies and processes from the previous years.
However, they are under constant review by the Board.

| 41 | FAIR VALUE MEASUREMENT

41.1 Fair value hierarchy

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are

(a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in
the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the
Company has classified its financial instruments into the three levels prescribed under the Indian Accounting standard.
An explanation of each level is given below.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. For example, listed equity
instruments that have quoted market price.

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

Level 3: This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on
observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model
based on assumptions that are neither supported by prices from observable current market transactions in the same
instrument nor are they based on available market data

41.4 Valuation methodologies of financial instruments not measured at fair value

Below are the methodologies and assumptions used to determine fair values for the above financial instruments which
are not recorded and measured at fair value in the Company’s financial statements. These fair values were calculated for
disclosure purpose only. The below methodologies and assumptions relate only to instruments in the above tables and as
such may differ from the techniques and assumptions explained in the notes.

(i) Short term and other financial assets and liabilities

For financial assets and financial liabilities that have a short-term maturity (less than twelve months) and for other financial
assets and other financial liabilities, the carrying amounts, net of impairment, if any, are a reasonable approximation of
their fair value. Such instruments include cash and cash equivalents, bank balances other than cash and cash equivalents,
trade receivables, other receivables and trade payables.

(ii) Financial assets meaured at amortised cost and fair value through other comprehensive income (FVOCI)

Valuation technique: Fair values of loans are based on discounted cash flows using a discount rate determined considering
the Company’s incremental lending rate.

Sensitivity: There is an inverse correlation. Higher the discount rate i.e average lending rate for the disbursed loans, lower
the fair value of the assets.

(iii) Debt securities, borrowings and subordinated liabilities

Fair value is estimated by a discounted cash flow model incorporating incremental borrowing rate and the Company’s
own credit risk. The fair value of the long term borrowings carrying floating-rate of interest is not impacted due to interest
rate changes and will not be significantly different from their carrying amounts. The significant unobservable inputs are
incremental borrowing rate incorporating the counterparties’ credit risk.

- Set-up concentration limits & portfolio caps to ensure prudent diversification.

- Account level review of high value accounts & NPAs and provide necessary guidelines.

- Audit Committee of the Board (ACB) oversees the effective implementation of the Lending Policies approved by the
Board.

(ii) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.
Liquidity risk arises because of the possibility that the Company might be unable to meet its payment obligations when
they fall due, as a result of mismatches in the timing of cash flows.

RBI vide Circular No. RBI/2019-20/88 DOR.NBFC (PD) CC. No.102/03.10.001/2019-20 has issued with guidelines on
Liquidity Risk Management (LRM) Framework for NBFCs. It covers various aspects of LRM in NBFCs such as granular
level classification of buckets in structural liquidity statement and tolerance limits thereupon, Liquidity risk management
tools and principles. The Company has integrated the LRM framework into its Asset Liability Management (ALM) Policy to
manage liquidity risk by use of various tools such as Stuctural Liquidity Statement to assess the bucket wise mismatches
between inflows and outflows, stress testing of bucket wise mismatches between inflows and outflows in the short term
buckets (up to 30 days) by discounting inflows under various stress scenarios, Review of Unencumbered Assets available
for future secured borrowing, Review of current & projected (for next 3 months) liquidity position, review of varous financials
ratios under the stock approach of LRM, Liquidity Coverage Ratio (LCR), Review of Liqudity in the Banking System. These
tools are reviewed by the ALCO every month. To mitigate the liquidity risk further, the Company also has a Contingency
Funding Plan which is reviewed by the ALCO at periodic interval.

The Company maintains Liquidity buffers sufficient to meet all its near term obligations. The Liquidity buffers are
maintained by a combination of liquid assets (such as Cash & Cash Equivalent, Liquid Investments in callable FDs and
Overnight/Liquid Mutual Funds) and Undrawn Committed Credit Lines.

(iii) Market Risk

Market Risk is the Risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in
market variables such as Gold prices (relevant to Lending against Gold business of the Company), interest rates, foreign
currency rates. Refer note 44.3 for details.

44.1 Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counter party for financial instrument fails to meet
its contractual obligation, and arises principally from the company’s placements and balances with other banks, loans to
customers, government securities and other financial assets.

The RMC reviews and approves Loan Product programs on an on-going basis. These product programs outline the
framework of any Credit Financial Product being offered by the Company. Within this framework, credit policies are
incorporated to manage the sourcing of proposals, channels of business acquisition, process of underwriting, information
systems involved, verification, documentation, disbursement procedures, portfolio quality triggers, recovery mechanism,
NPA management etc.

The impact of Macroeconomic, regulatory, competition and other high impact variables and portfolios underwritten within
the credit policy framework are reviewed on an ongoing basis.

Underwriting comprises of record verification through digital and external agencies, credit bureau check, financial analysis,
cash flow assessments, assessing net-worth, leverage and debt service ability etc. through submitted records, personal
discussion with borrowers, market reference etc. Collateral verification through independent legal & valuation agencies is
a critical aspect in case of secured loans. Legal documentation to create proper charge on mortgaged security, under legal
guidance, is another critical aspect.

Whilst ability of a customer to repay a loan can be adequately determined through assessment of financials and cash
flows, defaults with the intention of fraud or misreported information are additional challenges to the Company.

Gold loans are originated basis value of under-lying collateral rather than financial background of the borrower.
The underlying collateral are highly liquid and as a consequence the credit impairment risk is primarily on account of
insufficiency of margin/Loan to Value (LTV) if any. The maximum Loan to Value does not exceed the limit stipulated by
the Reserve Bank of India. As a result, there is only distant possibility of losses due to adequate margin of 25% or more
retained while disbursing loan. Past empirical evidence of realisation/recoveries from the liquidation of collateral have
materialized insignificant Loss Given Default (LGD) rates for the gold loan portfolio.

(a) Impairment Assessment

The Company applies the expected credit loss model for recognising impairment loss. The expected credit loss allowance
is computed taking into account historical credit loss experience and/or external benchmarks on loss rates and further
adjusted for forward looking information.

The expected credit loss is a product of Exposure at Default (EAD), Probability of Default (PD) and Loss Given Default
(LGD). The Company uses an internal model to compute the PD & LGD based on parameters set out in Ind AS. Accordingly,
loans are classified into various stage as follows:

(b) Probability of Default (PD)

The probability of default is the estimation of the likelihood of a loan defaulting over a time horizon. A rebuttable presumption
is that a default event cannot be later than 90 days past due. The probability of default analysis should consider not only
past history but also current economic conditions and forecasts about the future. Incorporating such economic factors is
sometimes done using scientific modelling techniques.

Historical DPD data is utilized to calculate Through the Cycle Probability of Default (TTC PD). PD analysis tracks the
migration behaviour of a static pool of loans active at the end of each month across different buckets- Stage 1, Stage 2
and Stage 3 over the 12 month and lifetime period. Transition matrix method is used wherein the historical defaults are
mapped in monthly intervals for each of cohort months and then the TTC PD is calculated as the weighted average of
default rates with number of loans outstanding as the weights.

Vasicek model is one of the accepted models globally for converting the TTC PD into Point in Time PD (PIT PD). The model
calculates an AC (Asset Correlation) factor and converts the probability using the macro-economic variable selected. The
basic premise of the model is that the higher the TTC probability the lower the correlation with the macro variable and vice
versa. Once the asset correlation is determined, the historical PD is calibrated using the readings of the macro-economic
variable for a number of years up to the balance sheet date and for a number of years after the balance sheet date. This
calibration reflects the relative macro-economic performance in the respective years with reference to the historical mean.

(c) Loss Given Default (LGD)

LGD is defined as the percentage risk of exposure that is not expected to be recovered in the event of default.
LGD is one of the key components of the credit risk parameters based ECL model. In the context of lifetime ECL calculation,
an LGD estimate has to be available for all periods that are part of the lifetime horizon (and not only for the case of a default
within the next 12 months).

Wherever possible, workout LGD model is applied to estimate LGD based on past data. The LGD component of ECL is
independent of deterioration of asset quality, and thus applied uniformly across various stages with the applicable PD for
stage 1, 2 and 3.

44.3 Market Risk

Market Risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in
market variables such as Gold prices (relevant to lending against gold business of the Company), interest rates, Foreign
Currency Rates.

a) Gold Price Fluctuation Risk:- The Risk Management Committee of the Board does a periodic review of the Gold price
movement and trends & its impact on the gold loan margins in present condition as well as under stress scenarios.

b) Interest Rate Risk:- Interest Rate Risk is the risk of change in market interest rates which might adversely affect the
Company’s profitability.

c) Foreign Currency rate Fluctuation Risk:- The Company is exposed to risk in fluctuation of Foreign Currency Rates as
the Company has borrowings in foreign currency.

44.3.1 Gold Price Fluctuation Risk

Sudden fall in the gold price and fall in the value of the pledged gold ornaments can result in some of the customers to default if
the loan amount and interest exceeds the market value of gold. This risk is in part mitigated by a minimum 25% margin retained
on the value of gold jewellery for the purpose of calculation of the eligible loan amount. Further, the Company appraises the
gold jewellery collateral solely based on the weight of its gold content, excluding weight and value of the stone studded in the
jewellery. In addition, the sentimental value of the gold jewellery to the customers may induce repayment and redemption of the
collateral even if the value of gold ornaments falls below the value of the repayment amount. An occasional decrease in gold
prices will not increase price risk significantly on account of our adequate collateral security margins. However, a sustained
decrease in the market price of gold can additionally cause a decrease in the size of the loan portfolio and interest income.

44.3.2 Interest Rate Risk

The immediate impact of changes in interest rates is on the Company’s earnings by impacting the Net Interest Income. The
Company has set up an Earnings at Risk limit for monitoring and controlling the Interest Rate Risk which is monitored by the
Asset Liability Management Committee (ALCO) of the Company.

The following table demonstrates the sensitivity to reasonably possible change in interest rates (all other variables being
constant) of the Company’s Statement of Profit and Loss

44.3.3 Exposure to Currency Risks

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

The Company has hedged its foreign currency exposure through appropriate derivative instruments in such a manner that
it has fixed determinate outflows in its functional currency and as such there would be no impact of movement in foreign
currency rates on the Company’s profit before tax (PBT).

| 46 | ACCOUNTING FOR EMPLOYEE SHARE BASED PAYMENTS

Shareholders of the Company had approved "Fedbank Financial Services Limited Employee Stock Option Plan 2018" ("ESOP
Plan"), the result of which was announced on 13^th November, 2018, enabling the Board and/or the "Nomination and Remuneration
Committee" (NRC) to grant such number of equity shares, including options, to eligible employee(s) of the Company each of
which is convertible into one equity share, not exceeding 6% of the aggregate number of paid up equity shares of the Company.
Post Listing, the ESOP 2018 was ratified by the shareholders vide special resolution passed in the EGM on 22^nd February, 2024.

Further, Shareholders of the Company had approved a new scheme titled as "Fedbank Financial Services Limited- ESOS, 2024"
("ESOP 2024 Plan"), on 19^th September, 2024, enabling the Board and/or the "Nomination and Remuneration Committee" (NRC)
to grant such number of equity shares, including options, to eligible employee(s) of the Company each of which is convertible
into one equity share, not exceeding 3% of the aggregate number of paid up equity shares of the Company.

Such options vest at definitive date, save for specific incidents, prescribed in scheme as framed/approved by NRC. Such
options are exercisable for period following vesting at the discretion of the NRC, subject to maximum of 3 years from the date
of Vesting of Options

The LCR is calculated by dividing the company’s stock of HQLA by its total net cash outflows over a 30-day stress period. "High
Quality Liquid Assets (HQLA)" means liquid assets that can be readily sold or immediately converted into cash at little or no loss
of value or used as collateral to obtain funds in a range of stress scenarios. Total Net cash outflows is defined as total expected
cash outflows minus total expected cash inflows in the specified stress scenario for the subsequent 30 calendar days. The
main drivers of LCR are adequate HQLAs and lower net cash outflow. Major source of borrowings for the Company are Term
loans/Working capital limits from Banks, Non-Convertible Debentures and Commercial papers and ECBs.

Note: The above ratio is computed in line with RBI Guideline.

| 52 | TRANSFER OF FINANCIAL ASSETS

The Company has transferred a pool of loans arising from financing activities through securitisation transaction. In this
transaction, the Company has provided credit enhancements to the transferee. Because of the existence of credit enhancements
in this transaction, the Company continues to have the obligation to pay to the transferee, limited to the extent of credit
enhancement, even if it does not collect the equivalent amounts from the original asset and continues to retain significantly all
risks and rewards associated with the receivables, and hence, such transfer does not meet the derecognition criteria resulting
into the transfer not being recorded as sale. Consequently, the proceeds received from the transfer has been recorded as
collateralized debt obligation.

1. The Assessing Officer has disagreed with the treatment of certain expenses in connection with the return of income tax
return filed by the Company and accordingly raised a demand of ' 32 Lakhs for AY 2011-12, and short refund has been
received anounting to ' 9 Lakhs and ' 62 for AY 2017-18 and AY 2022-23 respectively. This has been challenged by the
Company before the Commissioner of Income Tax (Appeals) and adequate provision has been made.

2. The GST Officer has disallowed some of the GST input credit taken in GST return for non reconciliation of Input tax credit
with GSTR 2B and incorrect demand raised for Input tax credit already reversed u/r 38 by the Company and accordingly
raised a demand of ' 9 Lakhs, ' 15 Lakhs for FY 2017-18 and ' 6 Lakhs for FY 2020-21 for Delhi, Gujarat and Uttar
Pradesh respectively, this has been challenged by the Company before the Appellate Authority.

| 56 | DISCLOSURE AS REQUIRED UNDER RULE 11 (E) AND RULE 11 (F) OF THE COMPANIES (AUDIT AND AUDITORS)
RULES, 2014

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

2. The Company has not received any fund from any party(s) with the understanding that the Company shall whether, directly
or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries")
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

3. There is no dividend declared or paid during the year by the Company.

| 57 [ADDITIONAL REGULATORY INFORMATION PURSUANT TO THE REQUIREMENT OF SCHEDULE III TO THE
COMPANIES ACT 2013

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

(ii) 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.

(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(iv) 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 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 company (Ultimate Beneficiaries) or

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

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

(vi) The Company has borrowings from banks and financial institutions on the basis of security of current assets. The quarterly
returns or statements of current assets filed by the Company with banks and financial institutions are in agreement with
the books of accounts.

(vii) The Company have not been declared wilful defaulter by any bank or financial institution or government or any government
authority.

(viii) The Company has complied with the number of layers prescribed under the Companies Act, 2013, to the extent applicable.

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

(x) Disclosure of transactions with the companies struck off under section 248 of Companies Act, 2013 or section 560 of
Companies Act, 1956

| 58 |' 0 Lakhs indicates values are lower than ' 0.5 Lakhs, where applicable.

| 59 | Previous year numbers have been regrouped/reclassified, wherever considered necessary, to correspond with current
year presentation.

As per our report of even date attached

For KKC & Associates LLP For and on behalf of Board of Directors of Fedbank Financial Services Limited

Chartered Accountants
FRN: 105146W/W-100621

C. V. Ganesh S. Rajaraman

Chief Financial Officer Company Secretary

M.No.F3514

Hasmukh B Dedhia Parvez Mulla Sonal Dave

Partner MD & CEO Independent Director

Membership No. 033494 DIN:08026994 DIN:00017710

Place: Mumbai Place: Mumbai

Date: 29^th April, 2025 Date: 29^th April, 2025