d. Terms and rights attached to Equity Shares

The Company has a single class of equity shares having face value of t 10 per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The voting rights of an equity shareholder are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of share on which any call or other sums presently payable have not been paid.

The company declares and pays dividend in Indian rupees. The holders of the equity shares are entitled to receive dividends as declared from time to time.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

^AA During the year 2023-24, as a result of the disinvestment of 14.55% of paid-up equity capital in the Company through Offer for Sale (OFS), the EbixCash World Money Limited’s holding in the Company has been reduced to 75.00% from 89.55%.

h. Shares reserved for issue under options

The Company has not reserved any shares in relation issue of shares under options.

i. Issue of bonus shares

The Company has not issued any bonus shares in the last five years immediately preceeding the balance sheet date. There are no securities which are convertible into equity shares

j. Buy back of shares and shares allotted as fully paid up pursuant to contract(s) without payment being received in cash:

The company has not done any buyback of shares during last 5 years.

e. Nature and purpose of Reserves General Reserve

General Reserve is created pursuant to the demerger of forex business undertaking from the then parent company in FY-201011 and transfer from retained earnings for appropriate purposes.

Capital Redemption Reserve:

Capital Redemption Reserve is created in accordance with section 68, 69 & 70 of Companies Act, 2013 and the Buyback regulations.

Retained Earnings:

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained Earnings is a free reserve available to the Company Other Comprehensive Income:

Other Comprehensive Income includes re-measurement profit/loss on defined benefit plans and Fair Valuation of Quoted and Unquoted Equity Investments, net of taxes that will not be reclassified to profit and loss.

Note 30.1: Revenue from from Foreign currencies

Income from forex services comprises of sale of currency, traveller's cheques, travel cards etc. In line with established international practice, the income arising from the buying and selling of foreign currencies is included on the basis of margins achieved, since inclusion on the basis of their gross value would not be meaningful and potentially misleading for use as an indicator of the level of the Company's business.

ii. The Company renders services to the customers domiciled in India, which company considers as one geography. Therefore, revenue disaggregation by geography is not applicable.

iii. The Company generates its entire revenue from contracts with customers for the services at a point in time.

iv. Disclosure of contract balances

Contract assets are recognized when there is excess of revenue earned over billings on contracts. Contract assets are transferred to unbilled revenue when there is an unconditional right to receive cash, and only passage of time is required, as per contractual terms.

The contract liabilities primarily relate to the advance consideration received from the customers which are referred as 'advances from customers'.

Advance Collections is recognized when payment is received before the related performance obligation is satisfied. This includes advances received from the customer towards tour / holiday packages. Revenue on tours / holiday’s packages are recognized on the completion of the performance obligation which is on the date of departure of the tour.

v. Information about major customers:

A major customer is defined as a customer that represents 10% or greater of total revenues. As at March 31, 2025 and March 31, 2024, there was no customer with more than 10% of accounts. The Company does not believe that the risk associated with these customers or vendors will have an adverse effect on the business.

¹¹ Other Legal Matters & Regulatory matters

^a' Litigation under FEMA with the Directorate of Enforcement

The Enforcement Directorate (ED) has levied a monetary penalty of ^329.07 million on the Company and ^35.20 million on its Principal Officer for alleged non-compliance with certain provisions of the Foreign Exchange Management Act, 1999 ("FEMA"). Aggrieved by the adjudication orders, the Company has filed appeals before the Hon’ble Appellate Tribunal under SAFEMA, contesting the said penalties. Pursuant to the directions of the Hon’ble Appellate Tribunal, the Company has deposited 15% of the penalty amount as a precondition for hearing. The appeals are currently pending, and the matters have been listed for further proceedings.

These proceedings relate to the period prior to the acquisition of the Company by EbixCash World Money Limited (the Holding Company) under the Share Purchase Agreement dated December 31, 2018. The Company believes it has substantial grounds to challenge the adjudication orders. Further, under the terms of the Share Purchase Agreement, any potential liability arising from these matters is covered by indemnities provided by the erstwhile Promoters. In view of the pending adjudication and the indemnity protection available, no provision has been made in these financial statements in respect of the said penalties.

b. Litigation under Service Tax and GST - Inward Money Transfer Services

The Company has received demand orders from the Service Tax and GST authorities for various periods, alleging tax liabilities on revenue earned from Inward Money Transfer Services (MTS) rendered to overseas entities. The demands are based on the classification of such services as "intermediary services," thereby denying them export status.

• For the Service Tax periods (2005-2008 and October 2014 to June 2017), the Company has contested the demands. The Hon’ble Tribunal has already ruled in the Company’s favour for part of the period, for which the Department’s appeal is pending before the Hon’ble Supreme Court. The remaining matters are under adjudication.

• For the GST period (July 2017 to March 2021), the authorities have raised a demand of ^456.98 million and a penalty of ^44.26 million, for which the Company has appealed before the GST Appellate Tribunal. The Company believes it has a substantial ground supporting its position that the services provided qualify as export of services and do not fall under the scope of intermediary services. Accordingly, no provision has been made in the financial statements in respect of these matters, which are currently under litigation.

⁽ⁱⁱ⁾ Defined benefit plan :

(a)

In respect of non funded defined benefit scheme of gratuity (Based on actuarial valuation) :

The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the said Act an employee who has completed five years of services is entitled to specific benefit. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Company.

The Company is exposed to various risks in providing the above gratuity benefit which are as follows:

Interest Rate risk : The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).

Salary escalation risk : The present value of the defined benefit plan is calculated with the assumption of salary increase 5.00% per annum of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan’s liability.

Actual mortality & disability : Deaths & disability cases proving lower or higher than assumed in the valuation can impact the liabilities.

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.

The sensitivity analysis above has been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring as at the balance sheet date.

All sensitives are calculated using the same actuarial method as for the disclosed present value of the defined benefits obligation at year end.

Note 47: Financial instruments - Accounting, classification and fair value measurementI. Financial instruments by category

The criteria for recognition of financial instruments is explained in accounting policies for Company:

II Method and assumptions used to estimate fair values:

1. Fair value of cash and cash equivalents, bank balances other than cash and cash equivalents, trade and other receivables, loans and other current financial assets, short term borrowings from banks and financial institutions, trade and other payables and other current financial liabilities approximate their carrying amounts due to the short-term nature of these instruments.

2. Borrowings (non-current) consists of loans from banks and government authorities, other financial liabilities (non-current) consists of interest accrued but not due on deposits, Loans (non-current) consists of deposits given where the fair value is considered based on the discounted cash flow.

3. The fair value of forward foreign exchange contracts is calculated as the present value determined using forward exchange rates, currency basis spreads between the respective currencies and interest rate curves.

III Fair Value Hierarchy

The fair value of the financial assets and financial liabilities are 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 table provides the fair value measurement hierarchy of Company's asset and liabilities, grouped into Level 1 to Level 3 as described below :-

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

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

Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative of the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of financial instruments subsequent to the reporting dates may be different from the amounts reported at each reporting date. In respect of investments as at the transaction date, the Company has assessed the fair value to be the carrying value of the investments as these companies are in their initial years of operations.

Note 48: Financial Risk Management

The company has in place comprehensive risk management policy in order to identify measure, monitor and mitigate various risks pertaining to its business. Along with the risk management policy, an adequate internal control system, commensurate to the size and complexity of its business, is maintained to align with the philosophy of the company. Together they help in achieving the business goals and objectives consistent with the Company’s strategies to prevent inconsistencies and gaps between its policies and practices. The Board of Directors/committees reviews the adequacy and effectiveness of the risk management policy and internal control system. The Company's financial risk management is an integral part of how to plan and execute its business strategies. The Company has exposure to the following risks arising from financial instruments:

• Credit risk

• Liquidity risk and

• Market risk

Treasury management

The Company's treasury function provides services to the business, coordinates access to domestic and international financial markets, and monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyses exposures by degree and magnitude of risks. These risks include market risk (including currency risk and interest rate risk), credit risk and liquidity risk. Treasury management focuses on capital protection, liquidity maintenance and yield maximisation.

I. Credit risk

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from trade receivables, unbilled revenue, cash and cash equivalents and deposits with banks and financial institutions. The carrying amounts of financial assets represent the maximum credit risk exposure. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables.

(i) Trade receivables & Unbilled Revenue

The company provide services related to foreign exchange i.e. sale of foreign currency, prepaid forex card etc. Credit limit of customers are set in the operating software on the basis of review of financials of the customers. A default occurs when in the view of management there is no significant possibility of recovery of receivables after considering all available options for recovery. An impairment analysis is performed at each reporting date. The expected credit losses over lifetime of the asset are estimated by adopting the simplified approach using a provision matrix. The provision matrix takes into account historical credit loss experience and is based on the ageing of the receivable days and the rates as given in the provision matrix. The Company has not experienced any significant impairment losses in respect of trade receivables in the past years.

Unbilled revenue primarily relates to the Company’s right to consideration for sale effected but not billed at the reporting date and have substantially the same risk characteristics as the trade receivables for the same type of contracts.

(ii) Cash and bank balances

The Company held cash and cash equivalents and other bank balances of ^ 816.34 Million (PY: ^ 557.63 Million). The same are held with bank and financial institution counterparties with good credit ratings. Also, company invests its short term surplus funds in bank fixed deposit which carry no market risks for short duration, therefore does not expose the company to credit risk.

(iii) The Company monitors each loans and advances given and makes any specific provision wherever required.

(iv) Others

Other than trade financial assets reported above , the Company has no other financial assets which carries any significant credit risk.

II. Liquidity Risk

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

The Company's activities are exposed to market risk, credit risk and liquidity risk. The Company principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial liabilities is to manage finances for the Company’s operations. The Company principal financial asset includes loan , trade and other receivables, and cash and other financial assets that arise directly from its operations.

III. 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 comprises three types of risk: interest rate risk, currency risk and other risks, such as regulatory risk and commodity price risk. Financial instruments affected by market risk include loans and borrowings, trade receivables and trade payables involving foreign currency exposure, and inventories.

The sensitivity analysis in the following sections relate to the position as at March 31, 2025 and March 31, 2024. 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, 2025 and March 31, 2024.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

As the Company does not have exposure to any floating-interest bearing assets, or any significant long-term fixed interest bearing assets, its interest income and related cash inflows are not affected by changes in market interest rates. Consequently, the Company's

interest rate risk arises mainly from borrowings obligations with floating interest rates.

(b) 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. A) The Company used foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments. The use of foreign currency forward contracts is governed by the Company’s strategy approved by the Board of Directors, which provide principles on the use of such forward contracts consistent with the Company's Risk Management. The outstanding forward exchange contracts entered into by the company at the year end and thereafter disclosed.

The Foreign Exchange industry is regulated by the Central Government and the Reserve Bank of India (RBI). Central government's and RBI's, rules, regulations, and policies affect the industry and the Company’s operations and profitability.

Note 49: Capital Management

For the purpose of the Company's capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders of the Company. The Company's capital management is intended to maximize the return to shareholders for meeting the long-term and short-term goals of the Company through the optimization of the debt and equity balance.

The Company manages its capital structure and makes adjustments in light of changes in the financial condition 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 (buy back its shares) or issue new shares. The Capital structure of the company consist of net debt (borrowings offset by cash and bank balances) and equity of the Company (Comprising issued capital, reserves and retained earnings).

In order to achieve this overall objective , the Company's capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. The Company has complied with these covenants and there have been no breaches in the financial covenants of any interest-bearing loans and borrowings.

The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The primary objective of the Company's Capital Management is to maximize the shareholder's value. Management also monitors the return on capital. The Board of Directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowing and the advantages and security afforded by a sound capital position. The Company monitors capital using a gearing ratio calculated as below:

No adjusting or significant non adjusting events have occurred between the reporting date and date of authorization of financial statements.

Note 52: Offsetting financial instruments

There are no financial instruments which are offset, or subject to enforceable master netting arrangements and other similar agreements but not offset, as at each reporting date.

The Company has evaluated its operating segments in accordance with Ind AS 108, and has concluded that it is engaged in a single operating segment viz. Foreign Exchange services on the basis of decisions taken for the allocation of resources by the Chief Operating Decision Makers (CODM) and the internal business reporting; system for evaluation of operational results. Further, the Company does not have reportable geographical segment.

Note 54: Borrowings secured against the current assets

The Company had availed working capital facilities from HDFC Bank, which were secured against current assets, up to May 15, 2024. These facilities were subject to the submission of periodic statements (such as stock and debtor statements) to the bank.

Effective from May 16, 2024, the Company has transitioned to an overdraft facility secured against fixed deposits. As the overdraft facility is not secured against current assets, the requirement to submit periodic stock and debtor statements to the bank no longer applies.

Note 55: Other Statutory Information

(i) The Company did not have any transactions with struck-off companies under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

(ii) The Company does not have any creation, modification or satisfaction of charges that are yet to be registered with the ROC beyond the statutory period, except for the case below:

The Company had availed of working capital facilities from HDFC Bank, which were secured against current assets. Effective from May 16, 2024, the Company has transitioned to an overdraft facility secured against fixed deposits. The earlier created charge for HDFC needs to be modified/satisfied.

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

(iv) The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) any funds to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(v) The Company has not received any funds from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vi) The Company has not raised funds on short term basis which have been utilised for long term purposes.

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

(viii) The Company had not been declared a wilful defaulter by any bank or financial institution or other lender (as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India. The company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(ix) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017, as amended.

(x) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

(xi) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

Note 56.1: Change in Ultimate Holding Company and Business Reorganisation of Parent Entity

On December 17, 2023, Ebix, Inc.—the ultimate holding company of the Company, incorporated in the United States and listed on NASDAQ—along with eleven of its affiliates, voluntarily filed for business reorganisation under Chapter 11 of the United States Bankruptcy Codebefore the U.S. Bankruptcy Courtforthe NorthernDistrictofTexas, due to its inabilityto meetdebtobligations in the U.S.

Subsequently, on August2,2024, the U.S. Bankruptcy Court approved thePlan ofReorganisation. A consortiumledby Eraaya Lifespaces Limited (Eraaya) emerged as the successful bidder in the auction process, acquiring 97.58% equity interest in Ebix, Inc., including its subsidiaries,step-downsubsidiaries,and associates (referred to as 'EbixGroup'). Upon payment ofthe remainingbid amounton August 30, 2024, the Chapter 11 proceedings concluded, and Eraaya Lifespaces Limited became the ultimate holding company of Ebix Group.

Eraaya obtained effective control over Ebix Group on September 1, 2024, and post that, Eraaya has compiled the necessary financial information and has consolidated the financial results of Ebix Group from that date onwards.

Note 56.2: Inter-Corporate Deposits (ICDs) to Group Companies

As of March 31, 2025, the Company has outstanding Inter-Corporate Deposit (ICD) receivables amounting to ^1,332.11 million, extended to group entities. These include ^1,314.60 million due from Ebix Travels Private Limited, a group company which have weak financial strength. Further, during the year, there has been positive progress with respect to recoveries. Ebix Smartclass Educational Services Private Limited, another group company, has fully repaid its outstanding ICD balance of ^222.62 million as of March 31, 2024.

The management remains confident in the recoverability of the ICDs, based on the financial strength and asset base of EbixCash Limited (ECL), the immediate parent of the Company, and Eraaya Lifespaces Limited (ELL), the ultimate holding company of the Group, continuing to support its subsidiaries. The Company believes that ECL has sufficient revenue-generating assets to provide financial support to the borrower companies, as required. Accordingly, based on the ongoing support from ECL and recent positive developments in recoveries, no provision has been considered necessary in the financial statements for the outstanding ICDs.

Note 56.3: Disclosure on Suspension of Former CEO of Holding Company Ebix, Inc.

On September 27, 2024, Eraaya Lifespaces Limited, the ultimate holding company of the Group, made a public announcement through the Indian stock exchanges regarding the suspension of Mr. Robin Raina from his role as Director and Chief Executive Officer of Ebix, Inc., in connection with certain alleged financial irregularities. The suspension is pending the outcome of an internal inquiry.

The Board of Directors of the Company, based on discussions with the Board of Eraaya Lifespaces Limited and a review of the matter, has concluded that the alleged irregularities do not relate to the affairs of the Company. Accordingly, there is no impact on the Company's financial statements for the year ended March 31, 2025.

Note 57: Other Notes

(i) In the opinion of the Board of Directors, Trade Receivables, other current financial assets, and other current assets have a value on realization in the ordinary course of the company’s business, which is at least equal to the amount at which they are stated in the balance sheet.

(ii) The balances of some ofthe accounts classified as Trade Payables, and Trade Receivables, etc. are in the process of reconciliations/

confirmation. In the opinion of Board of directors, the result of such exercise will not have any material impact on the carrying value.

(iii) Any differences in casting may be on account of rounded off.

(iv) The Board of Directors at its meeting held on April 29, 2025, has approved the Financial Statement for the year ended March 31, 2025.