2.23 Provisions, Contingent Liabilities and
Contingent Assets
A provision is recognised when the Company has
a present obligation (legal or constructive) as a
result of past events and it is probable that an
outflow of resources will be required to settle the
obligation in respect of which a reliable estimate
can be made. Provisions are determined based on
the best estimate required to settle the obligation
at the balance sheet date and measured using the
present value of cash flows estimated to settle the
present obligations (when the effect of time value
of money is material). These are reviewed at each
reporting date and adjusted to reflect the current
best estimates.
Contingent liability is disclosed for
(i) Possible obligations which will be confirmed
only by future events not wholly within the
control of the Company or
(ii) Present obligations arising from past events
where it is not probable that an outflow
of resources will be required to settle the
obligation or a reliable estimate of the amount
of the obligation cannot be made.
The Company does not recognise a contingent
liability but discloses its existence in the Financial
Statements. Contingent assets are only disclosed
when it is probable that the economic benefits will
flow to the entity.
2.24 Insurance claims
Insurance claims are accounted for on the basis of
claims admitted / expected to be admitted and to
the extent that the amount recoverable can be
measured reliably and it is reasonable to expect
ultimate collection.
2.25 Financial Instruments
Initial Recognition
Financial assets and financial liabilities are
recognised when the Company becomes a party
to the contractual provisions of the instrument.
Financial assets and liabilities are initially measured
at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial
assets and financial liabilities (other than financial
assets and financial liabilities at fair value through
profit or loss (FVTPL)) are added to or deducted from
the fair value measured on initial recognition of
financial asset or financial liability. The transaction
costs directly attributable to the acquisition of
financial assets and financial liabilities at fair value
through profit and loss are immediately recognised
in the statement of profit and loss.
2.25.1 Financial Assets
(a) Recognition and initial measurement
(i) The Company initially recognises loans
and advances, deposits and subordinated
liabilities on the date on which they
originate. All other financial instruments
(including regular way purchases and
sales of financial assets) are recognised
on the trade date, which is the date on
which the Company becomes a party
to the contractual provisions of the
instrument. A financial asset or liability is
initially measured at fair value plus, for an
item not at FVTPL, transaction costs that
are directly attributable to its acquisition
or issue.
(b) Classification of financial assets
On initial recognition, a financial asset is
classified to be measured at amortised cost,
fair value through other comprehensive
income (FVTOCI) or FVTPL.
A financial asset is measured at amortised cost
if it meets both of the following conditions and
is not designated at FVTPL:
• The asset is held within a business model
whose objective is to hold assets to collect
contractual cash flows; and
• The contractual terms of the financial
asset give rise on specified dates to
cash flows that are solely payments of
principal and interest on the principal
amount outstanding.
For the impairment policy in financial assets
measured at amortised cost, refer Note
2.25.1(e)
A debt instrument is classified as FVTOCI
only if it meets both of the following
conditions and is not recognised at FVTPL:
• The asset is held within a business model
whose objective is achieved by both
collecting contractual cash flows and
selling financial assets; and
• The contractual terms of the financial
asset give rise on specified dates to
cash flows that are solely payments of
principal and interest on the principal
amount outstanding.
All other financial assets are subsequently
measured at fair value.
(c) Effective interest method
The effective interest method is a method
of calculating the amortised cost of a debt
instrument and of allocating interest income
over the relevant period. The effective
interest rate is the rate that exactly discounts
estimated future cash receipts (including all
fees and points paid or received that form an
integral part of the effective interest rate,
transaction costs and other premiums or
discounts) through the expected life of the
debt instrument, or where appropriate, a
shorter period, to the gross carrying amount
on initial recognition.
I ncome is recognised on an effective interest
basis for debt instruments other than those
financial assets classified as at FVTPL. Interest
income is recognised in profit or loss and is
included in the "Other Income" line item.
(d) Financial assets at fair value through
profit or loss (FVTPL)
Debt instruments that do not meet the
amortised cost criteria or FVTOCI criteria (see
above) are measured at FVTPL. In addition,
debt instruments that meet the amortised
cost criteria or the FVTOCI criteria but are
designated as at FVTPL are measured at FVTPL.
A financial asset that meets the amortised
cost criteria or debt instruments that meet
the FVTOCI criteria may be designated as
at FVTPL upon initial recognition if such
designation eliminates or significantly reduces
a measurement or recognition inconsistency
that would arise from measuring assets or
liabilities or recognising the gains and losses on
them on different bases. The Company has not
designated any debt instrument as at FVTPL.
Financial assets at FVTPL are measured at fair
value at the end of each reporting period, with
any gains or losses arising on remeasurement
recognised in profit or loss. The net gain or loss
recognised in profit or loss incorporates any
dividend or interest earned on the financial
asset and is included in the 'Other income' line
item. Dividend on financial assets at FVTPL is
recognised when the Company's right to receive
the dividends is established, it is probable that
the economic benefits associated with the
dividend will flow to the entity, the dividend
does not represent a recovery of part of cost
of the investment and the amount of dividend
can be measured reliably.
(e) Impairment of financial assets
The Company applies the expected credit loss
model for recognising impairment loss on
financial assets measured at amortised cost,
debt instruments at FVTOCI, trade receivables
and other contractual rights to receive cash or
other financial asset.
Expected credit losses are the weighted
average of credit losses with the respective
risks of default occurring as the weights. Credit
loss is the difference between all contractual
cash flows that are due to the Company in
accordance with the contract and all the cash
flows that the Company expects to receive (i.e.
all cash shortfalls), discounted at the original
effective interest rate (or credit-adjusted
effective interest rate for purchased or
originated credit-impaired financial assets). The
Company estimates cash flows by considering
all contractual terms of the financial instrument
(for example, prepayment, extension, call and
similar options) through the expected life of
that financial instrument.
The Company measures the loss allowance for
a financial instrument at an amount equal to
the lifetime expected credit losses if the credit
risk on that financial instrument has increased
significantly since initial recognition. If the
credit risk on a financial instrument has not
increased significantly since initial recognition,
the Company measures the loss allowance for
that financial instrument at an amount equal
to 12-month expected credit losses. 12-month
expected credit losses are portion of the life¬
time expected credit losses and represent
the lifetime cash shortfalls that will result if
default occurs within the 12 months after the
reporting date and thus, are not cash shortfalls
that are predicted over the next 12 months.
For trade receivables, the Company always
measures the loss allowance at an amount
equal to lifetime expected credit losses.
Further, for the purpose of measuring lifetime
expected credit loss allowance for trade
receivables, the Company has used a practical
expedient as permitted under Ind AS 109. This
expected credit loss allowance is computed
based on a provision matrix which takes into
account historical credit loss experience and
adjusted for forward-looking information.
(f) Derecognition of financial assets
The Company derecognises a financial asset
when the contractual rights to the cash flows
from the asset expire, or when it transfers
the financial asset and substantially all the
risks and rewards of ownership of the asset
to another party. If the Company neither
transfers nor retains substantially all the risks
and rewards of ownership and continues to
control the transferred asset, the Company
recognises its retained interest in the asset and
an associated liability for amounts it may have
to pay. If the Company retains substantially
all the risks and rewards of ownership of a
transferred financial asset, the Company
continues to recognise the financial asset and
also recognises a collateralised borrowing for
the proceeds received.
On derecognition of a financial asset in
its entirety, the difference between the
asset's carrying amount and the sum of the
consideration received and receivable and
the cumulative gain or loss that had been
recognised in other comprehensive income and
accumulated in equity is recognised in profit or
loss if such gain or loss would have otherwise
been recognised in profit or loss on disposal of
that financial asset.
On derecognition of a financial asset other
than in its entirety (e.g. when the Company
retains an option to repurchase part of a
transferred asset), the Company allocates the
previous carrying amount of the financial asset
between the part it continues to recognise
under continuing involvement, and the part it
no longer recognises on the basis of the relative
fair values of those parts on the date of the
transfer. The difference between the carrying
amount allocated to the part that is no longer
recognised and the sum of the consideration
received for the part no longer recognised and
any cumulative gain or loss allocated to it that
had been recognised in other comprehensive
income is recognised in profit or loss if such gain
or loss would have otherwise been recognised
in profit or loss on disposal of that financial
asset. A cumulative gain or loss that had been
recognised in other comprehensive income is
allocated between the part that continues to
be recognised and the part that is no longer
recognised on the basis of the relative fair
values of those parts.
(g) Foreign exchange gains and losses
The fair value of financial assets denominated
in a foreign currency is determined in that
foreign currency and translated at the spot
rate at the end of each reporting period.
• For foreign currency denominated
financial assets measured at amortised
cost and FVTPL, the exchange differences
are recognised in profit or loss.
• Changes in carrying amount of
investments in equity instruments at
FVTOCI relating to changes in foreign
currency rates are recognised in other
comprehensive income.
• For the purposes of recognising foreign
exchange gains or losses, FVTOCI debt
instruments are treated as financial
assets measured at amortised cost.
Thus, the exchange differences on the
amortised cost are recognised in the
Statement of Profit and Loss and other
changes in the fair value of FVTOCI
financial assets are recognised in other
comprehensive income.
2.25.2 FINANCIAL LIABILITIES AND
EQUITY INSTRUMENTS
(a) Classification as debt or equity:
Financial liabilities and equity instruments
issued by the Company are classified
according to the substance of the contractual
arrangements entered into and the definitions
of a financial liability and an equity instrument.
(b) Equity instruments:
An equity instrument is any contract that
evidences a residual interest in the assets
of the Company after deducting all of its
liabilities. Equity instruments are recorded
at the proceeds received, net of direct issue
costs. Repurchase of the Company's own
equity instruments is recognised and deducted
directly in equity. No gain or loss is recognised
in profit or loss on the purchase, sale, issue
or cancellation of the Company's own
equity instruments.
(c) Financial Liabilities at FVTPL:
Financial liabilities are classified as at FVTPL
when the financial liability is either held for
trading or it is designated as at FVTPL.
A financial liability is classified as held for
trading if:
• i t has been incurred principally for the
purpose of repurchasing it in the near
term; or
• on initial recognition it is part of a portfolio
of identified financial instruments that
the Company manages together and
has a recent actual pattern of short-term
profit-taking.
A financial liability other than a financial liability
held for trading may be designated as at FVTPL
upon initial recognition if:
• such designation eliminates or
significantly reduces a measurement or
recognition inconsistency that would
otherwise arise; or
• the financial liability forms part of a group
of financial assets or financial liabilities
or both, which is managed and its
performance is evaluated on a fair value
basis, in accordance with the Company's
documented risk management or
investment strategy, and information
about the grouping is provided internally
on that basis.
(d) Financial liabilities subsequently
measured at amortised cost:
Financial liabilities that are not held-for-
trading and are not designated as at FVTPL
are measured at amortised cost at the end
of subsequent accounting periods. The
carrying amounts of financial liabilities that
are subsequently measured at amortised
cost are determined based on the effective
interest method. Interest expense that is
not capitalised as part of costs of an asset is
included in the 'finance costs' line item.
The effective interest method is a method of
calculating the amortised cost of a financial
liability and of allocating interest expense over
the relevant period. The effective interest rate
is the rate that exactly discounts estimated
future cash payments (including all fees and
points paid or received that form an integral part
of the effective interest rate, transaction costs
and other premiums or discounts) through
the expected life of the financial liability, or
(where appropriate) a shorter period, to the net
carrying amount on initial recognition.
(e) Foreign exchange gains and losses:
For financial liabilities that are denominated
in a foreign currency and measured at
amortised cost at the end of each reporting
period, the foreign exchange gains and losses
are determined based on amortised cost of
the instruments and are recognised in the
Statement of Profit and Loss.
The fair value of the financial liabilities
denominated in a foreign currency is
determined in that foreign currency and
translated at the spot rate at the end of the
reporting period. For financial liabilities that
are measured at FVTPL, the foreign exchange
component forms part of the fair value gains
or losses recognised in the Statement of profit
and Loss.
(f) Derecognition of financial liabilities:
The Company derecognises financial liabilities
when, and only when, the Company's
obligations are discharged, cancelled or they
expire. The difference between the carrying
amount of the financial liability derecognised
and the consideration paid and payable is
recognised in the Statement of Profit and Loss.
2.26 Goods & Service Tax Input Credit
Goods & Service Tax Input Credit is accounted for in
the books during the period in which the underlying
service received is accounted and where there is no
uncertainty in availing/utilising the same.
2.27 Exceptional Items
Exceptional items are items of income and expenses
which are of such size, nature or incidence that
their separate disclosure is relevant to explain the
performance of the Company.
2.28 Share Based Payments:
The Company had introduced the employee stock
option scheme in FY 2023. Under the plan, the
employees and doctors of the Company and its
subsidiaries are granted shares and other stock
awards of the Company, in accordance with the
terms and conditions as specified in the plan. The
plan is assessed, managed and administered by the
company, whose shares and share based benefits
have been granted to the employees and doctors of
the Company. The Company currently operates the
plan / scheme of employee stock option ("ESOP").
ESOPs:
Equity settled share based payments to the
employees of the Company are measured at the fair
value of the equity instruments at the grant date.
Compensation expense for the Employee Stock
Option Plan ("ESOP") is measured at the option
value as on grant date and the cost of the option will
be amortised on a systematic basis which reflects
pattern of the vesting of the options over the period
of 2 to 4 years (Refer Note 49.2).
DIP:
Cash settled share based payments to the doctors
of the Company is remeasured at the value of units
at the end of every reporting period. Compensation
expense for the Doctor's Incentive Plan ("DIP") will
be accounted at every reporting date till the date of
exercise of the DIP (Refer Note 49.3).
Critical Accounting
03 Judgements and Key Sources
of Estimation Uncertainty
The preparation of Financial Statements in
conformity with Ind AS requires management to
make judgements, estimates and assumptions that
affect the application of accounting policies and
the reported amounts of assets, liabilities, income
and expenses and the accompanying disclosures.
Uncertainty about the assumptions and estimates
could result in outcomes that require a material
adjustment to the carrying value of assets or
liabilities affected in future periods.
Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in
which the estimates are revised and future periods
are affected.
I n particular, information about significant areas
of estimation, uncertainty and critical judgements
in applying accounting policies that have the most
significant effect on the amounts recognised
in the financial statements are included in the
following notes:
(i) Useful lives of Property, plant and equipment
(Refer Note 2.9)
(ii) Useful lives of Intangible Assets (Refer Note
2.11)
(iii) Assets and obligations relating to employee
benefits (Refer Note 2.16)
(iv) Valuation and measurement of income taxes
and deferred taxes (Refer Note 2.22)
(v) Provisions for disputed statutory and other
matters (Refer Note 2.23)
(vi) Valuation of Goodwill and Intangible assets in
business combinations (Refer Note 2.8)
(vii) Impairment of Goodwill (Refer Note 2.10)
(viii) Allowance for expected credit losses (Refer
Note 2.25.1(e))
(ix) Fair value of Financial Assets and Liabilities
(Refer Note 2.25.1 and 2.25.2)
(x) Lease Term of Leases entered by the Company
(Refer Note 2.20).
04 Application of New and Revised
4 Ind AS
All the Indian Accounting Standards issued and
notified by the Ministry of Corporate Affairs under
the Companies (Indian Accounting Standards) Rules,
2015 (as amended) till the financial statements
are authorised have been considered in preparing
these financial statements. There is no other Indian
Accounting Standard that has been issued as of
that date but was not mandatorily effective.
Ministry of Corporate Affairs (MCA) notifies new
standard or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. For the year
ended 31st March 2025, MCA has notified Ind AS
- 117 Insurance Contracts and amendments to
Ind AS 116 - Leases, relating to sale and leaseback
transactions, applicable to the Company w.e.f.
1st April 2024. The Group has reviewed the new
pronouncements and based on its evaluation has
determined that it does not have any significant
impact in its financial statement.
There are no significant incremental acquisition costs incurred by the Company for the above acquisitions.
8.3 Impairment testing
Goodwill balances have been tested for impairment at every reporting period as per the requirements of
Ind AS 36.
During the year ended 31st March 2022, the Company has fully impaired the non-compete fee and customer
relationship recognised in relation to the acquisition of Vinayaka Nethralaya hospital located at Janjeerwala square,
which had a net carrying value of H 3.7 Crores. Further, contingent consideration of H 2.29 Crores accrued under
acquisition liability towards this hospital was also written back as this liability is no longer payable. Subsequently,
during the year ended 31st March 2024, the arbitration case that was initiated against the erstwhile owner was
ruled in the Company's favour. Further, the Company was intimated about the appeal against the favourable
order filed by the counter party. The same will be accounted upon final resolution of the matter and receipt from
the counter party.
Further, during the period ended 31st March 2025, the Company has impaired the Goodwill aggregating to H 3.02
Crores which was recognised in relation to the acquisition of hospitals in Indore and Rajkot.
The key assumptions used by management in setting the cash flow projections/budgets for the initial five-year
period were as follows:
Forecast sales growth rates
Forecast sales growth rates are based on past experience adjusted for adjusting the market trends, loyalty/
reputation of the doctor practitioners, geographical location and the strategic decisions made in respect of the
cash-generating unit.
Operating profits
Operating profits are forecast based on historical experience of operating margins, adjusted for the impact of
cost saving due to synergies and initiatives and also revenue pricing changes.
Cash conversion
Cash conversion is the ratio of operating cash flow to operating profit. Management forecasts cash conversion
rates based on historical experience.
Cash flow projections during the budget period are based on the same expected gross margins and inventory price
inflation throughout the budget period. The cash flows beyond five-year period have been extrapolated using a
3.5% (2023-24: 3.5%) per annum growth rate which is the projected long-term average growth rate. Discount rate
of 15.15% to 17.78% (2023-24: 16.79% to 17.97%) determined using Capital Asset Pricing Model.
Sensitivity analysis
The Company has conducted an analysis of the sensitivity of the impairment test to changes in the key
assumptions used to determine the recoverable amount for each of the group of CGUs to which goodwill is
allocated. The management believe that any reasonably possible change in the key assumptions on which the
recoverable amount is based would not cause the aggregate carrying amount to exceed the aggregate recoverable
amount of the related CGUs.
8.4 The Company has not revalued its intangible assets as on each reporting period and therefore Schedule III
disclosure requirements with respect to fair value details is not applicable.
Pursuant to the same, during the year ended 31st March 2012, in accordance with Securities and Exchange Board
of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, the Company had acquired 9,00,000
Equity Shares of H 10 each (being 20% of the total share capital of DAEHL) at a price of H 159 per Equity Share
through Open Offer to the shareholders of DAEHL for a total consideration of H 14.31 Crores.
During the year ended 31st March 2013, post completion of the open offer, the Company had acquired 24,72,408
shares from the promoters of DAEHL in the month of April 2012 at the agreed price of H 79.33 per Equity Share
for a total consideration of H 19.61 Crores and as a result thereof, DAEHL became the subsidiary of the Company
with effect from 2 April 2012. The Company discharged the consideration by way allotting 7,92,089 Equity shares
of H 10 each (at a premium of H 237.62 per Equity Share) of the Company to the promoters of DAEHL at its Board
Meeting held on 26 April 2012. The premium on these Equity Shares amounting to H 18.82 Crores was credited to
the securities premium account.
During the year period ended 31st March 2025, the company purchased 6,690 shares of DAEHL from the existing
shareholders for a consideration of H 2.08 Crores
As at 31st March 2025, the Company is holding 71.90%, of the total Equity Share Capital of DAEHL.
(ii) During the year ended 31 March 2017, the Company has acquired 1 ordinary shares of MUR 1 each, of Orbit
Healthcare Services (Mauritius) Limited, from International Securities Limited on 10th January 2017 for a nil
consideration. The Company also subscribed to additional 1,00,000 Ordinary Shares of MUR 1 each for H 0.02
Crores on 9 February 2017. The same has been approved in the Shareholders meeting held on 2 January 2017.
During the period ended 31st March 2018, the Company has subscribed to 6,43,26,000 ordinary shares of MUR 1
each in various tranches for H 12.57 Crores and the same has been allotted.
Further, during the year ended 31st March 2019, the Company had subscribed to 61,78,94,737 ordinary shares of
MUR 0.57 each for H 70.74 Crores and the same was allotted on 21st March 2019.
As at 31st March 2025, the Company is holding 100% of the total equity share capital of Orbit Healthcare Services
(Mauritius) Limited.
(iii) Pursuant to the Board Resolution dated 3rd September 2019, the Board has approved the transfer of Elisar
Research and Development undertaking of the Company to Elisar Life sciences Private Limited, for a consideration
of 18,05,618 Equity Shares of H 10 each and Face value of H10 each amounting to H 1.81 Crores.
Pursuant to the Board Resolution dated 31st May 2024, the Board has approved for additional investment by the
Company in Elisar Life Sciences Private Limited, by way of subscription of 60,00,000 Equity Shares of H10 each
and Face value of H10 each amounting to H 6.00 Crores.
As at 31st March 2025, the Company is holding 93.18% of the total equity share capital of Elisar Life sciences
Private Limited
(iv) Pursuant to the Share purchase agreement dated 8th October 2021 entered into by the Company with the
promoters of Aditya Jyot Eye Hospital Private Limited ('AJEHPL') and AJEHPL, the Company has entered into the
share purchase agreement of 3,40,020 shares of H 100 each (at a premium of H1400 each).
As at 31st March 2025, the Company is holding 87.75% of the total equity share capital of Aditya Jyot Eye Hospital
Private Limited.
As at 31st March 2024, the Company was holding 75.50% of the total equity share capital of Aditya Jyot Eye
Hospital Private Limited.
(v) Pursuant to an investment agreement dated 12th January 2017 entered into by the Company with the promoters
of Idearx Services Private Limited ('Idearx') and Idearx, the Company has purchased 49,254 shares of H 1 each (at a
premium of H 407.09 each) for H 2.01 Crores approved in its general meeting held on 2nd January 2017.
As at 31st March 2025, the Company is holding 14.71% of the total equity share capital of Idearx Services
Private Limited
(vi) Pursuant to an Share Subscription Agreement dated 4th April 2024 entered into by the Company with the
promoters of Dr Thind Eye Care Private Limited ('TECPL') and TECPL, the Company has subscribed 5,20,408 Equity
shares of H 1 each (at a premium of H 6585.58 each) for H 342.77 Crores.
As at 31st March 2025, the Company is holding 51% of the total equity share capital of Dr Thind Eye Care
Private Limited
The Company has issued a written put option to Dr. Jaswanth Singh Thind for the balance 49% equity shares
in Dr. Thind Eye Care Private Limited in accordance with the terms of the agreement and such put option
is exercisable by Dr. Jaswanth Singh Thind at a future date based on terms and conditions as specified in the
agreement. Should the option be exercised, the Company has to settle such liability by payment of cash or other
financial asset. The Company also has a call option to Dr. Jaswanth Singh Thind in respect of the above acquisition
which is exercisable anytime from the date of the acquisition in accordance with the terms of the agreement
pursuant to which the entire stake of Dr. Jaswanth Singh Thind can be acquired by the Company upon exercise.
The total obligation that may become payable on exercise of these options is based on factors mentioned in the
agreement and is H 329.33 Crores as at 31st March 2025 based on current assessment of the Management.
The call option and put option in a case where the option do not grant present ownership interest to the Company
and is not equity in nature, is accounted as a financial asset/liability recognised at fair value through profit and
loss. Considering the terms of the call and put options that the Company has entered into, the fair value of the call
option asset and put option liability as at the acquisition date is H 42 Crores and H13 Crores respectively and the
differential amount is adjusted against the investments, the same is remeasured as at 31st March 2025 and the
fair value changes in respective of call and put option is recognised in profit & loss account.
The amount that may become payable under the call/put option to acquire the stake held by Dr. Jaswanth Singh
Thind upon exercise amounts to H329.33 Crores.
(vii) The management carried out an impairment analysis of carrying value of investments as of 31st March 2025
and as of 31st March 2024 and recorded an provision for Impairment against the investments made in Elisar Life
Sciences Private Limited and IdeaRx Services Private Limited for H 6 Crores and H 2.01 Crores respectively , as
of 31st March 2025 and H 1.81 Crores as of 31st March 2024 against the investments made in Elisar Life Sciences
Private Limited.
Notes:
(i) Pursuant to the Board resolution dated 31 May 2021, the Company has converted its outstanding short-term
loans into long term loans granted to Elisar Life Sciences Private Limited (Elisar). The management carried out an
impairment analysis of carrying value of investments as at 31st March 2025 H 7.81 Crores (as of 31st March 2024
1.81 Crores) as well as loan as of 31st March, 2025 H 30.14 Crores and accrued interest of H 12.59 Crores (loan as
of 31st March 2024 H 30.01 Crores and accrued interest of H 9.75 Crores) given to Elisar using the discounted cash
flow method. Based on impairment assessment, management has recognised a provision as of 31st March 2025
H 42.74 Crores (as of 31st March 2024 H 39.76 Crores) against the outstanding loan balance and accrued interest
and provision for H 7.81 Crores ( as of 31st March 2024 H 1.81 Crores) against carrying value of investments. The
additional provision of H 8.98 Crores made during the current year has been recognised in the Statement of Profit
and Loss and disclosed as an exceptional item.
17.3 Credit period and risk
Significant portion of the Company's business is against receipt of advance. Credit is provided mainly to Insurance
Companies, Corporate customers and customers covered by Government accorded health benefits. The Insurance
Companies are required to maintain minimum reserve levels and pre-approve the insurance claim, Government
undertakings and the Corporate Customers are enterprises with high credit ratings. Accordingly, the Company
exposure to credit risk in relation to trade receivables is low.
Trade receivables are non-interest bearing and are generally due immediately when the invoice is raised. Of the
Trade Receivable as at 31 March 2025, H 40.47 Crores (As at 31 March 2024: H 37.30 Crores) are due from 5 (as at 31
March 2024: 7) of the Company's customers having more than 5% of the total outstanding trade receivable balance.
No trade receivables are due from directors or other officers of the Company either severally or jointly with any
other person.
Trade receivables amounting to H 15.36 Crores (as at 31 March 2024: H8.78 Crores) are due from firms or private
companies respectively in which any director is a partner, a director or a member.
17.4 Expected credit loss allowance
The Company has used a practical expedient by computing the expected loss allowance for trade receivables
based on provision matrix. The provision matrix takes into account the historical credit loss experience and
adjustments for forward-looking information. The expected credit loss allowance is based on the ageing of the
days the receivables are due and the rates as given in the provision matrix, considering the amounts due from the
government undertakings and the other undertakings.
During the year ended 31 March 2025, the Company has written-off trade receivables balances amounting to H
7.59 Crores and have utilised the existing allowances towards expected credit loss. The Company does not expect
to receive future cash flows/recoveries from trade receivables previously written off.
As per the Management's Policy, dues aged more than 2 years from TPA parties are fully written off. For the year
ended 31st March 2025 the company has identified certain Government parties with dues aged more than 3 years
which have been written off from the outstanding balances. This write offs were carried out of allowance for
doubtful receivables to the extent of provision.
* The Board of Directors ot their meeting held on December 20, 2024 cancelled 4,11,26,400 (Four Crore Eleven Lakhs Twenty Six Thousand
And Four Hundred Only) Equity Shares of H1 each and 22,75,641 (Twenty Two Lakhs Seventy Five Thousand Six Hundred and Forty One
Only) 0.001% fully and compulsorily convertible non-cumulative participating preference shares (CCPS) of H100 each, which were issued/
offered but not subscribed by certain shareholders. Pursuant to the approval of cancellation of such shares by the Board of Directors,
the above mentioned shares were reduced from the Issued capital of the Company. Accordingly, the Issued Equity Capital and Issued
Preference Share Capital are presented in the above table after giving effect to such cancellation of unsubscribed shares.
** During the year ended 31st March 2024, the Company had allotted partly paid 9,22,205,0.001°% Fully and Compulsorily Convertible Non¬
Cumulative Participative Preference Shares of H100 each on rights basis
Further during the year ended 31st March 2024 the Company had allotted 13,98,417 Equity Share of H 10 each on
rights basis.
Further the rights accruing to these shareholders is proportionate to the extent of the amount called and paid.
During the year ended 31 March 2025, vide shareholder's approval dated September 5, 2024, the company has done a
stock split resulting in a change in Face value per share from H 10 per share to H 1 per share. Further, the company issued
bonus shares ("Bonus Equity Shares"), credited as fully paid up, to the Equity Shareholders of the Company whose
names appear in the Register of Members of the Company on the 4 September, 2024, being the Record Date fixed by
the Board of Directors for the purpose, in the proportion of 2 (two) Bonus Equity Shares for every 1 (one) Equity Share
of the Company held by them. The Bonus Equity Shares were allotted by the Board of Directors on 9 September 2024.
Notes:
(i) During the year ended 31st March 2024 the company has allotted equity shares of 5,24,406 numbers (Face
Value of H 10 each) to Arvon Investments Pte Ltd and 8,74,011 (Face Value of H 10 each) numbers to Hyperion
Investments Pte. Ltd aggregating to total Equity shares of 13,98,417 numbers at H 4,576 per share at its Board
Meeting held on 10th August 2023.
(ii) Further, during the year ended 31st March 2025, the company has allotted 9,22,205 equity shares to the
holders of 9,22,205 Compulsorily Convertible Preference shares
(iii) Further, during the year ended 31st March 2024, pursuant to the vesting of Options under the Dr. Agarwal's
Health Care Limited ESOP Scheme 2022, the options aggregating to 4,772 Equity Shares were exercised by
the employees of the Company and its subsidiary. Accordingly, 3,107 Equity Shares were allotted by the
Board at its meeting held on 12th December 2023, 1,436 Equity Shares were allotted by the Board at its
meeting held on 5th February 2024 and 229 Equity Shares were allotted by the Board at its meeting held
on 18th March 2024, upon remittance of the full subscription amounts at the Exercise Price of H 2,548/- per
option by those employees.
Further, during the period ended 31st March 2025, pursuant to the vesting of Options under the Dr. Agarwal's
Health Care Limited ESOP Scheme 2022, the options aggregating to 367 Equity Shares were exercised by 1
employee of the subsidiary. Accordingly, 367 Equity Shares were allotted by the Board at its meeting held
on 31 May 2024 upon remittance of the full subscription amounts at the Exercise Price of H 2,548/- per option
by those employees and 861,240 equity shares were exercised by the employees and were allotted by the
Board at its meeting held on 20th December 2024, upon remittance of the full subscription amounts at the
Exercise Price of H 84.93/- per option.
(iv) The Board of Directors vide resolution dated 18 March 2024 and 14 August 2024 have approved the
amendment of terms of conversion to 1:1 ratio for both series D1 0.001% Fully and Compulsorily Convertible
Non-Cumulative Participating Preference Shares (Series D1) and series D2 0.001% Fully and Compulsorily
Convertible Non-Cumulative Participating Preference Shares (Series D2); (Series D1 and Series D2 shall be
collectively referred to as "Series D CCPS"). The members of the Company vide resolution dated 28 August
2024 have approved the amendment of terms of conversion to 1:1 ratio for Series D CCPS. As a result of the
amendment in the terms, the D2 Series CCPS, which was accounted as Financial Liability is converted as
Equity Component during the year ended 31st March 2025.
(v) During the year ended 31st March 2025, the company has split face value of H 10 each equity shares to face
value of H 1 each on 5 September 2024. Further Bonus shares were issued in the ration of 2:1 to all the equity
shareholders with the equity face value of H 1 each.
(vi) During the year ended 31st March 2025, the company issued bonus shares ("Bonus Equity Shares"), credited
as fully paid up, to the Equity Shareholders of the Company whose names appear in the Register of Members
of the Company on the 4 September, 2024, being the Record Date fixed by the Board of Directors for the
purpose, in the proportion of 2 (two) Bonus Equity Shares for every 1 (one) Equity Share of the Company held
by them. The Bonus Equity Shares were allotted by the Board of Directors on 9 September 2024.
(vii) During the year ended 31 March 2025, the Company has completed its Initial Public Offering (IPO) comprising
a fresh issuance of 74,62,686 equity shares with a face value of H 1 each and Offer for Sale of 6,78,42,284
Equity Shares of face value of H 1 each. These shares were offered at an issue price of H 402 per share, which
also included 15,79,399 equity shares reserved for eligible employees. The Company raised a total of H 3,027
Crores (including H 300 Crores with respect to fresh issuance of equity shares).The equity shares of the
Company were listed on BSE Limited and National Stock Exchange of India Limited on February 4, 2025. The
Company has received gross proceeds from the fresh issue of equity shares amounting to H 300 Crores.
(viii) Subsequent to the year ended 31st March 2025, 1,59,865 & 1,18,646 equity shares were allotted by the board
at its meeting dated 21st April 2025 and 14th May 2025 respectively, upon remittance of the full subscription
amounts at the exercise price of H 129.88/- per option. Accordingly, the subscribed and paid up share capital
of the company post considering the allotment of the above options is H 31.62 Crores (Total no of Equity
Shares 31,61,58,357 shares).
22.2 Terms / rights attached to equity shares
The Company has only one class of equity shares having a par value of H 1 each. Each holder is entitled to one
vote per equity share. Dividends are paid in Indian rupees. Dividend proposed by the Board of Directors, if any,
is subject to the approval of the shareholders at the annual general meeting except in case of interim dividend.
Repayment of capital will be in accordance with the terms of the Articles of Association and in proportion to the
number of equity shares held.
1) The entire shares disclosed above were issued during the year ended 31st March 2024. All the above
shareholders are promoters of the company.
2) As at 31st March 2024, the Company has called for H 1 per CCPS and the balance call to be paid by the
shareholders only upon the time specified in the terms of the conversion or upon the due date as per terms
of final call to be made by the Company. No further calls were made as at 31st March 2024 and considering the
terms of the issue and the Company's articles of association no contractual right to receive the call money
existed as at 31st March 2024 and such rights gets established normally on receipt of the proceeds from the
shareholders thereof for such payment.
3) D1 - CCPS has been accounted as equity considering the terms applicable and the amount of called money is
disclosed accordingly in Note 22.
4) For the year ended 31st March 2024, considering the terms of the issue of the above D2 - CCPS, the Company
has accounted for the Series D2 CCPS as a financial liability in accordance with the requirements of Ind AS 107
and 109 whose fair value is H 6,105 per D2 CCPS, determined on a proportionate basis to the extent of the call
money received.
5) In the Board meeting held on 18 March 2024, the terms of the CCPS agreement has been amended whereby
it has been approved for conversion at a ratio of 1:1 removing the variability in respect of the D2 series CCPS.
(f) Actuarial assumptions
Investment Risk:
The present value of defined benefit plan liability is calculated using a discount rate which is determined by
reference to the prevailing market yields of Indian government securities as at the balance sheet date for the
estimated term of the obligations.
Interest Risk:
A decrease in the bond interest rate will increase the plan liability; However, this will be partially offset by an
increase in the return on the plan's Investments.
Longevity Risk:
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy of
the plan participants will increase the plan's liability.
Salary Risk:
The present value of the defined benefit plan liability is calculated by reference to the future salaries. In
particular, there is a risk for the Company that any adverse salary growth can result in an increase in cost of
providing these benefits to employees in future.
1. The discount rate is based on the prevailing market yields of Indian Government securities as at balance
sheet date for the estimated term of the obligation.
2. The estimates of future salary increases considered takes into account the inflation, seniority,
promotion and other relevant factors.
3. In order to protect the capital and optimise returns within acceptable risk parameters, the plan assets
are maintained with an insurer managed fund (maintained by the Life Insurance Corporation ("LIC")) and
is well diversified.
Sensitivity Analysis:
The benefit obligation results of a such a scheme are particularly sensitive to discount rate, salary growth
and employee attrition, if the plan provision do provide for such increases on commencement of pension.
The following table summarises the impact in financial terms on the reported defined benefit obligation at
the end of the reporting period arising on account changes in these four key parameters:"
These sensitivities have been calculated to show the movement in defined benefit obligation in isolation and
assuming there are no other changes in market conditions at the accounting date. The sensitivity analysis
presented above may not be representative of the actual change in the defined benefit obligations 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 defined benefit obligation has
been calculated using the projected unit credit method at the end of the reporting period which is the same
as that applied in calculating the defined benefit obligation liability recognised in the balance sheet.
There is no change in the methods and assumptions used in preparing the sensitivity analysis from the
prior years.
(g) Asset-Liability Matching Strategies
The Company has purchased insurance policy, which is basically a year-on-year cash accumulation plan in
which the interest rate is declared on yearly basis and is guaranteed for a period of one year. The insurance
Company, as part of the policy rules, makes payment of all gratuity liability occurring during the year (subject
to sufficiency of funds under the policy). The policy, thus, mitigates the liquidity risk. However, being a
cash accumulation plan, the duration of assets is shorter compared to the duration of liabilities. Thus, the
Company is exposed to movement in interest rate.
(h) Effect of Plan on Entity's Future Cash Flows
a) Funding Arrangements and Funding Policy
The Company has purchased an insurance policy to provide for payment of gratuity to the employees.
Every year, the insurance Company carries out a funding valuation based on the latest employee data
provided by the Company. Any deficit in the assets arising as a result of such valuation is funded by
the Company.
49 Share-based payments
49.1 Stock Awards
Under the Company's stock awards programme , the employees and doctors of the Company and its subsidiaries
are granted shares and other stock awards of the Company, in accordance with the terms and conditions as
specified in the plan. The plan is assessed, managed and administered by the company, whose shares and
share based benefits have been granted to the employees and doctors of the Company and its subsidiaries. The
company currently operates an employee stock option ("ESOP"). The Company has accounted for the amount
of expense under Ind AS 102 considering the valuations carried out in respect of the same and has made the
related disclosures required under INDAS 102. The amounts recovered from the subsidiaries in respect of the cost
towards such stock awards given to its employees and doctors are accounted for under Note 20.
49.2 Employee Stock Option Plan
The stock awards granted generally vest over a four service period. The annual stock awards were granted
effective of the 28th November 2022; this effective date is the "award date" used for stock plan administration
purposes and shown in the awards agreement. The maximum number of shares in a stock award is, not exceeding
2% of the Paid Up Capital of the Company, as on August 12, 2022, comprising 1,58,522 Options to or for the benefit
of the employees of the Group.
During the period ended 31st March 2025, the Nomination and Remuneration Committee vide its meeting dated
20th December 2024, approved grant of 806,160 employee stock options ("ESOPs") under the Dr. Agarwal's Health
Care Limited ESOP Scheme 2022. The ESOPs would vest over a period of two to three years and the exercise price
will be equal to 80% of the fair value of the equity share as on the grant date as per the terms of the grant.
49.3 Doctors' Incentive Plan
The Doctors' Incentive Plan (DIP) gives consultant doctors of the Company and it's subsidiares the opportunity to
receive a cash bonus equal to the appreciation in the value of the units which shall, for each unit, be the difference
between fair market value of the equity shares as at Payment Event Trigger (PET)* of the Company and exercise
price as stated under the Plan.
*PET is defined as either 1 of the 3 below:
i. On the occurrence of an Initial Public Offer (IPO) by the Company.
ii. Entry of any new investor in the Company acquiring more than 30% shareholding or change of shareholding
by more than 30% of the paid up capital in any manner.
iii. Any other event that the Board may decide at its own discretion.
However, the payment timing shall not exceed 4 (four) years from the date of grant. If PET occurred only after 4
(four) years from the date of grant, then the 100% of the payment will be made at the end of the fourth year.
There have been no transfers between the levels during the year. The management assessed that cash and
cash equivalents, bank balances other than cash and cash equivalents, trade receivables, trade payables, bank
overdrafts, borrowings, other financial assets, loans and Other financial liabilities approximate their carrying
amounts largely due to the short-term maturities of these instruments.
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).
Details of financial assets and financial liabilities which are valued at fair value as of 31 March 2025 and 31 March
2024 are disclosed in Note 51.2 above.
51.3 Financial risk management framework
The Company's board of directors and the board of directors of the respective subsidiaries/associate have overall
responsibility for the establishment and oversight of the Company's risk management framework. The Company
manages financial risk relating to the operations through internal risk reports which analyse exposure by degree
and magnitude of risk.
The Company's activities expose it to a variety of financial risks: liquidity risk, credit risk and market risk (including
interest rate risk and other price risk). The Company's primary risk management focus is to minimize potential
adverse effects of market risk on its financial performance. The Company's risk management assessment and
policies and processes are established to identify and analyse the risks faced by the Company, to set appropriate
risk limits and controls, and to monitor risks and compliance with the same. Risk assessment and management
policies and processes are reviewed regularly to reflect changes in market conditions and the Company's activities.
The Board of Directors and the Audit Committee is responsible for overseeing the Company's risk assessment
and management policies and processes.
(a) Liquidity Risk Management:
Liquidity risk refers to the risk that the Company cannot meet its financial obligations as they become due.
The Company manages its liquidity risk by ensuring as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risk to the Company's reputation. The Company maintains adequate reserves and
banking facilities, and continuously monitors the forecast and actual cash flows by matching maturing
profiles of financial assets and financial liabilities in accordance with the approved risk management policy of
the Company periodically. The Company believes that the expected future cashflows from the acquisitions
during the year, working capital (including banking limits not utilised) and its cash and cash equivalent are
sufficient to meet its short and medium-term requirements.
Liquidity and Interest Risk Tables:
The following tables detail the Company's remaining contractual maturity for its non-derivative financial
liabilities with agreed repayment periods. The tables include both interest and principal cash flows.
To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate
curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the
Company may be required to pay. The interest bearing financial liabilities were high when compared to non
interest bearing financial assets, which is primarily due to acquisition of hospitals during the year. This risk
will be reduced with the operating cash inflows generated from the newly acquired hospitals and from the
existing hospitals.
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. Credit risk encompasses of both, the direct risk of default and the
risk of deterioration of creditworthiness as well as concentration of risks. Financial instruments that are
subject to concentrations of credit risk principally consist of trade receivables, cash and cash equivalents,
bank deposits and other financial assets. None of the other financial instruments of the Company result in
material concentration of credit risk. Credit risk is controlled by analysing credit limits and creditworthiness
of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals
for credit.
The carrying amount of the financial assets recorded in these financial statements, grossed up for any
allowance for losses, represents the maximum exposures to credit risk.
(i) Trade receivables: The Company's exposure to credit risk is influenced mainly by the individual
characteristics of each customer. The demographics of the customer, including the default risk of the
industry and credit history, also has an influence on credit risk assessment.
Refer Note 34 and Note 17 for the details in respect of revenue and receivable from top customers.
(ii) Credit risk on current investments and cash & cash equivalent is limited as the Company generally
transacts with banks and financial institutions with high credit ratings assigned by international and
domestic credit rating agencies. Investments primarily include investment in Mutual Funds.
(iii) Financial instruments and cash deposits: Credit risk from balances with banks and financial institutions
is managed by the Company in accordance it'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 on an annual basis. The limits are set to minimize the
concentration of risks and therefore mitigate financial loss through a counterparty's potential failure to
make payments.
(iv) Financial guarantees have been provided as corporate guarantees to financial institutions and banks
that have extended credit facilities to the Company's related party/subsidiary. In this regard, the
Company does not foresee any significant credit risk exposure.
Market risk is the risk of loss of any future earnings, in realisable fair values or in future cash flows that may
result from adverse changes in market rates and prices (such as interest rates and foreign currency exchange
rates) or in the price of market risk sensitive instruments as a result of such adverse changes in market rates
and prices. Market risk is attributable to all market risk-sensitive financial instruments, all foreign currency
receivables and payables and all short-term and long-term debt. The Company is exposed to market risk
primarily related to foreign exchange rate risk and interest rate risk and the market value of its investments.
Thus, the Company's exposure to market risk is a function of investing and borrowing activities and revenue
generating and operating activities in foreign currencies.
The Company issued D2 Series CCPS which is classified as financial liability and accordingly measured at fair
value through Profit and Loss. The amount of D2 Series CCPS as at 31 March 2025 is Nil (31 March 2024 H
0.09 Crores). Accordingly, fair value fluctuations arising from market volatility is recognised in Statement of
Profit and Loss. The Company invests in Mutual Fund schemes of leading fund houses. Such investments are
susceptible to market price risk that arise mainly from changes in interest rate which may impact the return
and value of such investments. However, given the relatively short tenure of underlying portfolio of the
Mutual Fund schemes in which the Company has invested, such price risk is not significant. Fixed deposits
are held with highly rated banks and have a short tenure and are not subject to interest rate volatility.
(c.1) Interest rate risk:
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company's exposure to the risk of changes in market
interest rates relates primarily to the Company's debt obligations with floating interest rates.
The Company's management monitors the interest fluctuations, if any, and accordingly, take necessary
steps to mitigate any interest rate risk.
Interest Rate sensitivity analysis:
A change (decrease/increase) of 100 basis points in interest rates at the reporting date would increase/
(decrease) equity and profit or loss by the amounts shown below. This analysis assumes that all other
variables, in particular foreign currency rates, remain constant.
(i) The Company accounts for costs incurred by / on behalf of the Related Parties based on the actual invoices
/ debit notes raised and accruals as confirmed by such related parties. The Related Parties have confirmed
to the Management that as at 31 March 2025 and 31 March 2024, there are no further amounts payable to /
receivable from them, other than as disclosed above. The Company incurs certain costs on behalf of related
parties. These costs have been allocated/recovered from the related parties on a basis mutually agreed
with them.
(ii) An extension of Equitable Mortgage on a property owned by Dr. Agarwal's Eye Institute has also been
provided to HDFC Limited and Axis Bank as a security in respect of the Term loan and Cash Credit facility
availed by the Dr Agarwal's Eye Hospital Limited.
(iii) Dr. Amar Agarwal, Dr. Athiya Agarwal, Dr. Adil Agarwal, Dr. Anosh Agarwal, Dr. Ashar Agarwal, Dr. Ashwin
Agarwal and Dr. Agarwal's Eye Institute have provided personal guarantees for term loans taken by
the Company.
(iv) The Company has provided Corporate Guarantees amounting to H73.98 Crores to Axis bank for the loans taken
by Dr. Agarwals Eye Hospital Limited ("the Subsidiary").The Company has provided Corporate Guarantees
amounting to H 10.22 Crores to HDFC Bank (Previously Kotak bank) for the loans taken by Dr. Aditya Jyot Eye
Hospital. The Company has also provided Corporate Guarantees amounting to H 1.75 Crores (MUR 10,000,000)
to SBM Bank (Mauritius) Limited for the loans taken by Orbit Health Care Services (Mauritius) Limited, its
wholly-owned subsidiary.
(v) The Company has provided Corporate Guarantees amounting to H 1.75 Crores (MUR 10,000,000) to SBM
Bank (Mauritius) Limited for the loans taken by Orbit Health Care Services (Mauritius) Limited, its wholly
owned subsidiary.
(vi) Refer note 11 for the call option asset and refer note 26 for the put option liability accounted as part of
acquisition of Dr Thind Eye Care Private Limited ("DTECPL").
(vii) Refer note 22.1 (vii), for the shares offered for sale through Initial Public Offer during the period ended
31st March 2025.
(i) Excludes gratuity and compensated absences which cannot be separately identifiable from the composite
amount advised by the actuary.
(ii) The remuneration payable to key management personnel of Dr. Agarwals Health Care Limited is determined
by the nomination and remuneration committee having regard to the performance of individuals and
market trends
(iii) The above remuneration for key managerial personnel does not include vehicle, communication expenses &
other expenses for which the perquisite value is determined as Nil.
(iv) Since the figures are reported in Crores, please note that '-' denotes NIL balance and '0' denotes nominal figures.
(v) All the figures disclosed above are excluding Goods and Service Tax
54 Undisclosed Income
The Company does not have any transaction which are not recorded in the books of account that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
55 Transactions with companies whose name is struck-off
The Company has not entered into any transactions with entities whose name has been struck off under
Section 248 of the Act or section 560 of Companies Act, 2013, except for a company named "Bimal Optics
Private Limited" for which transaction during the year was H 0.10 Crores during the year ended 31st March 2025
(Nil during the year ended 31st March 2024) and the outstanding payable is H 0.01 Crores as at 31st March 2025
(Nil as at 31st March 2024).
56 Other disclosures
(i) The Company has used the borrowings from banks and financial institutions for the specific purpose for which it
was taken at the balance sheet date.
(ii) The Company neither has any immovable property nor any title deeds of Immovable Property not held in the
name of the Company.
(iii) During the financial year, the Company has not revalued any of its Property, Plant and Equipment,
Right of Use Asset and Intangible Assets.
(iv) The Company has not granted any Loans or Advances to promoters, directors, KMPs and the 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
(v) There are no proceedings which have been initiated or pending against the company as at 31st March 2025
and 31st March 2024 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988
(45 of 1988) and the rules made thereunder.
(vi) With respect to borrowings from banks or financial institutions on the basis of security of current assets, the
returns or statements comprising the information on unhedged foreign currency exposure and unaudited
provisional financial statements filed by the Company with such banks are in agreement with the books of
account of the Company
(vii) The Company has not been declared as a wilful defaulter by any bank or financial Institution or other lender
(viii) The Company does not have any charges or satisfaction yet to be registered with ROC beyond the statutory
period, as at the year ended 31st March 2025 and 31st March 2024.
(ix) As at 31st March 2025, the Company has subsidiaries and complies with clause (87) of Section 2 of the Companies
Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.
(x) The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any
other sources or kind of 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:-
(i) 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
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(xi) The Company has not received any fund 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:-
(i) 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
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(xii) The Company neither has traded nor invested in Crypto currency or Virtual Currency during the Financial year.
(xiii) The Company does not have any investment properties as at 31st March 2025 and 31st March 2024 as defined in
Ind AS 40.
57 Audit Trail & Backup of accounting records
(i) The Company has used accounting software for maintaining its books of account for the year ended 31 March
2025 which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the software systems. Additionally, audit trail feature is not
tampered with and the audit trail has been preserved by the Company as per the statutory requirements for
record retention for the software systems where the audit trail was enabled and operating.
(ii) The Company has maintained backup on daily basis in electronic mode of its accounting records which is in
servers physically located outside India and other records (related to payroll and patient billing related records) in
servers physically located in India for the year ended 31st March 2025 and 31st March 2024.
58 Approval of Financial Statements
The Board of Directors of the Company has reviewed the realisable value of all the current assets and has confirmed
that the value of such assets in the ordinary course of business will not be less than the value at which these are
recognised in the financial statements. In addition, the Board has also confirmed the carrying value of the non-current
assets in the financial statements. The Board, duly taking into account all the relevant disclosures made, has approved
these financial statements in its meeting held on 28th May 2025.
59 Regrouping/ Reclassification
Previous year's figures have been regrouped/ reclassified wherever necessary to correspond with the current year's
classification / disclosure.
For and on behalf of Board of Directors
Dr. Adil Agarwal Dr. Anosh Agarwal
Whole-time Director Whole-time Director
DIN: 01074272 DIN: 02636035
Place: Chennai Place: Chennai
Date: 28th May 2025 Date: 28th May 2025
Mr. Yashwanth Venkat Mr. Thanikainathan Arumugam
Chief Financial Officer Company Secretary
Place: Chennai Place: Chennai
Date: 28th May 2025 Date: 28th May 2025
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