b. Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having a par value of ' 10 per share. Every share holder is entitled to participate in dividends. Each shareholder of equity shares is entitled to one vote per share.

The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend which is approved by the Board of Directors.

In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their share holding.

Nature and purpose of reserves:Securities Premium

Securities Premium is used to record the premium received on issue of shares. The reserve can be utilised only in accordance with the provisions of the Act.

General Reserve

Under the erstwhile Companies Act 1956, General Reserve was created through an annual transfer from net profit after tax at a specified percentage in accordance with applicable regulations. The purpose of these transfers was to ensure that in a year in which dividend distribution is more than 10% of the paid-up capital of the Company, then the total dividend distribution is lower than the total distributable profits for that year.

Consequent to introduction of Companies Act 2013, the requirement to mandatorily transfer a specified percentage of the net profit to General Reserve has been withdrawn. However, the amount previously transferred to the General Reserve can be utilised only in accordance with the specific requirements of the Companies Act, 2013.

d) Significant Judgement and Estimates

The allocation of the transaction price over timing of satisfaction of performance obligation:

As per the revenue recognition standard Ind AS 115 revenue has been recognised when control over the services transfers to the customer i.e., when the customer has the ability to control the use of the transferred services provided and generally derive their remaining benefits.

The revenue from logistics service is recognised over a period of time. The Company has recognized the revenue in respect of undelivered shipments to the extent of completed activities undertaken with respect to delivery. The Company has taken incurrence of cost incurred at stages of delivery (First mile, Network and Last mile) as base to identify the percentage of service completion in respect of undelivered shipments as at year end. At year end, the Company, based on its tracking systems classifies the ongoing deliveries into stages of delivery and applies estimated percentages as calculated above to recognise revenue.

33 LEASES

The Company has lease contracts for various items of Buildings and Vehicles used in its operations. Leases of buildings generally have lease terms between 2 and 15 years, while vehicles generally have lease terms of 5 years. The Company's obligations under its leases are secured by the lessor's title to the leased assets.

The Company also has certain leases of buildings with lease terms of 12 months or less and leases of office equipment with low value. The Company applies the 'short-term lease' and 'lease of low-value assets' recognition exemptions for these leases.

Refer note 4 for carrying amount of right-of-use assets recognised and the movements during the year.

The maturity analysis of lease liability is disclosed in note 35(B).

The effective interest rate for lease liabilities is from 5.36 % to 8.68 %, with maturity between 2025-2033.

Rent concession

The Company has applied the practical expedient in paragraph 46A of IndAS 116 to all rent concessions that meet the conditions of in paragraph 46B of IndAS 116. An amount of ' Nil (Previous year- ' Nil) has been netted off against rent expenses in Statement of Profit and Loss account for the year ending March 31, 2025 to reflect changes in lease payments that arise from rent concessions to which the lessee has applied practical expedient in paragraph 46A.

34 SEGMENT INFORMATION

The Company has only one operating segment, which is integrated air and ground transportation and distribution. All assets of the Company are domiciled in India and the Company earns its entire revenue from its operations in India. There is no single customer which contributes more than 10% of the Company's total revenues.

Fair Value Hierarchy:

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are:

(a) recognised and measured at fair value and

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

To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed in Ind AS 113 - Fair Value Measurement. An explanation of each level follows underneath the table.

Level 1: It represents units of mutual funds measured using the closing Net Asset Value (NAV).

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. The fair value forward foreign exchange contracts is determined using forward exchange rates at the Balance Sheet date.

Level 3: If one or more of the significant inputs is not based on observable market data (Security Deposits), the instrument is included in level 3. The fair value of the security deposits with definite maturity period is determined using discounted cash flow analysis using an adjusted lending rate.

B Financial Risk management

i) Risk management framework

The Company's activities expose it to a variety of financial risks, including market risk, credit risk and liquidity 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 assessment and policies and processes are established to identify and analyze the risks faced by the Company to set appropriate risk limits and controls and to monitor such risks and compliance with the policies and processes. Risk assessment and policies and processes are reviewed regularly to reflect changes in market conditions and the Company's activities. The Board of Directors and the management is responsible for overseeing the Company's risk assessment and policies and processes.

ii) 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 the Company's receivables from customers. 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 expected credit loss in respect of trade and other receivables and investments. The management uses a simplified approach for the purpose of computation of expected credit loss for trade receivables . An impairment analysis is performed at each reporting date on an individual basis for major parties. In addition, a large number of minor receivables are combined into homogenous categories and assessed for impairment collectively. The calculation is based on historical data of actual losses.

Trade and other 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 in which the customer operates also have an influence on credit risk assessment. Concentrations of credit risk with respect to trade receivables are limited, due to the Company's customer base being large and diverse and also on account of realisation of receivables with in six months. All trade receivables are reviewed and assessed for default on a regular basis.

Our historical experience of collecting receivables, supported by the level of default, is that credit risk is low.

Cash and cash equivalents

The Company held cash and cash equivalents with credit worthy banks amounting to ' 15,849 Lakhs and ' 14,246 Lakhs as at March 31, 2025 and March 31, 2024 respectively. The credit worthiness of such banks is evaluated by the management on an ongoing basis and is considered to be good.

Bank Balance other then above and current investment

The Company has invested ' 38,578 lakhs (Previous year- ' 30,728 lakhs) in unquoted investments of credit worthy mutual funds and Other bank balances of ' 1 lakhs (Previous year - ' 7 lakhs). The credit worthiness of such mutual funds is evaluated by the management on an ongoing basis and is considered to be good.

Security deposits given to lessors

The Company has given security deposit to lessors for premises leased by the Company as at March 31, 2025 and March 31, 2024. The credit worthiness of such lessors is evaluated by the management on an ongoing basis and is considered to be good.

Loans and Inter Corporte Deposit and Payload deposit with Blue Dart Aviation Limited

The Company has an outstanding loans of ' 60,750 Lakhs and ' 42,750 Lakhs as at March 31,2025 and March 31,2024 respectively. The Company has given interest free payload deposit of ' 9,650 Lakhs and ' 9,650 Lakhs as at March 31, 2025 and March 31, 2024 respectively.

During the year ended March 31, 2025, the Company extended Inter Corporate Deposits aggregating to ' 11,000 lakhs under bridge financing arrangement which got settled in full as at year end. The Company has not extended any Inter Corporate Deposits during and as at year ended March 31, 2024.

The operation of Blue Dart Aviation Limited is integral part of Company's operations. Considering the operations, future business plan and cash flow projections of wholly owned subsidiary the recoverability of the payload deposit is considered to be good.

iii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to 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 has access to funds through various debt instruments option.

As of March 31, 2025, the Company had working capital of ' 34,069 Lakhs including loans of ' 9,086 Lakhs, cash and cash equivalents including other bank balance of ' 16,489 Lakhs, trade receivables of ' 78,489 Lakhs, other assets of ' 46,815 Lakhs, provision - employee benefit obligations of ' 10,663 Lakhs, trade payables of ' 71,181 Lakhs and other liabilities of ' 34,966 Lakhs. As of March 31, 2024, the Company had working capital of ' 29,161 Lakhs including loans of ' 5,022 Lakhs, cash and cash equivalents including other bank balance of ' 16,579 Lakhs, trade receivables of ' 66,832 Lakhs, other assets of ' 37,864 Lakhs, provision - employee benefit obligations of ' 12,000 Lakhs, trade payables of ' 56,108 Lakhs and other liabilities of ' 29,028 Lakhs.

iv) Market risk

Market risk is the risk of loss of future earnings, fair values of 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. Thus, the Company's exposure to market risk is a function of investing and borrowing activities and it's revenue generating and operating activities.

(a) Currency risk

The fluctuation in foreign currency exchange rates may have potential impact on the Statement of Profit and Loss account and equity, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the entity.

Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in U.S. dollar and Euro against the functional currency of the Company.

a) Demand includes order under Section 201(1)/201(1A) of the Income Tax Act, 1961 alleging non-deduction of TDS on payments made to certain transport vehicle vendors and a penalty order under Section 270A(9) of the Income Tax Act, 1961 towards demand u/s 14A / excess claim of deduction u/s 80JJAA. The Company has filed appeals before the Commissioner of Income Tax (Appeals) against the said orders.

b) Indirect tax matters are mainly due to disallowance of input tax credit from vendors whose registration has been cancelled or GSTR-3B not filed by the vendors or differences on account of tax payment under incorrect head.

(ii) Pursuant to Aircraft Crew Maintenance and Insurance (“ACMI”) agreement entered into between the Company and its wholly owned subsidiary Blue Dart Aviation Limited, the Company has supported Blue Dart Aviation Limited by issuing Letter of Comfort in favour of various Banks / Financial Institutions to facilitate its borrowings. As at March 31, 2025, the Company has issued letter of comfort of ' 14,500 Lakhs (previous year ' 14,500 Lakhs) of which outstanding as on even date is ' 8,300 Lakhs (previous year ' 8,805 Lakhs).

41 During the year ended March 31, 2025, the Company has extended unsecured loan of ' 23,000 lakhs (Previous year- ' Nil) to Blue Dart Aviation Limited, its wholly owned subsidiary for capital expenditure. The Company has received a repayment of ' 5,000 lakhs (Previous year- ' 2,250 lakhs) from Blue Dart Aviation Limited. As at March 31, 2025 the outstanding loan balance is ' 60,750 lakhs (Previous year -' 42,750 lakhs) which is repayable as per defined payment schedule and the Non current loan is ' 51,750 lakhs (Previous year -' 37,750 lakhs) and Current loan is ' 9,000 lakhs (Previous year - ' 5,000 lakhs) as on balance sheet date. The loan carries an interest equivalent to 5 year Government Security Bond Rate plus 50 basis point.

43 CAPITAL MANAGEMENT

The Company's objective for Capital management is to maximise shareholder's value and support the strategic objectives of the Company. The Company determines the capital requirements based on its financial performance, operating and long term investment plans. The funding requirements for current financial year are largely met through operating cash flows generated.

The Company monitors capital using a ratio of 'Adjusted net debt' to 'equity'. For this purpose, adjusted net debt is defined as total borrowings less cash and cash equivalents (excluding collection on cash on delivery shipments held on behalf of customers). Equity comprises all components of equity. Debt equity ratio as at March 31, 2025 is nil as the cash and cash equivalents (excluding collection on cash on delivery shipments held on behalf of customers) are more than the total borrowings and as at March 31, 2024 is nil.

47 In the previous financial year, the Company had identified an incident of fraud, involving an employee, who had taken undue favours from certain customers and channel partners and collected short amounts from them against invoices raised. The short amount collected of ' 731 lakhs was accounted as TDS receivable in the books, which had been rectified and reinstated to respective customers' accounts as on March 31, 2024. The company initiated recovery proceedings including filing of recovery suits against the defaulting parties and collected ' 382 lakhs as on March 31, 2025.

The Company has also implemented certain controls in the systems and processes to prevent future occurrence of such event.

The management has been informed that a report under sub-section (12) of section 143 of the Companies Act has been filed by the statutory auditor in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government during the year.

48 (i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries)

with the understanding that the Intermediary shall:

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

b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(ii) 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:

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

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

(iii) The Company do not have any Benami property, where any proceeding has been initiated or pending against company for holding any Benami property.

(iv) The Company do not have any charges or satisfaction which are yet to be registered with ROC beyond the statutory period.

(v) The Company have not traded or invested in Crypto currency or virtual currency during the financial year.

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

48 (a) The Company has used accounting softwares for maintaining its books of account for the year ended March 31, 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 softwares. Additionally audit trail has been preserved by the Company as per the statutory requirements for record retention.

49 Events after the reporting period

The Company has evaluated subsequent events from the balance sheet date through May 26, 2025 the date at which the financial statements were available to be issued, and determined that there are no material items to be discussed other than those discussed above.