p. Provisions (other than for employee
benefits) and contingent liabilities

Provisions are recognised when there is a present
obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation and a reliable estimate can be
made of the amount of the obligation.

The expenses relating to a provision is presented in
the standalone statement of profit and loss net of any
reimbursement.

If the effect of the time value of money is material,
provisions are determined by discounting the
expected future cash flows specific to the liability. The
unwinding of the discount is recognised as finance
cost.

A provision for onerous contracts is measured at the
present value of the lower of the expected cost of
terminating the contract and the expected net cost
of continuing with the contract. Before a provision is
established, the Company recognises any impairment
loss on the assets associated with that contract.

A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation
that may, but will probably not, require an outflow of
resources. When there is a possible obligation or a
present obligation in respect of which the likelihood of
outflow of resources is remote, no provision is made.

A contingent asset is not recognised but disclosed in
the Company's standalone financial statements where
an inflow of economic benefit is probable.

Provisions, contingent assets, contingent liabilities and
commitments are reviewed at each reporting date.

q. Segment reporting

An operating segment is a component of the Company
that engages in business activities from which it
earn revenues and incur expenses, whose operating
results are regularly reviewed by the Company's Chief
Operating Decision Maker ("CODM") to make decisions
for which discrete financial information is available.
The Company's chief operating decision maker is the
Board of Directors.

r. Cash dividend

The Company recognises a liability to make cash
distributions to equity holders when the distribution
is authorised and the distribution is no longer at the
discretion of the Company. As per the corporate laws in

India, a distribution is authorised when it is approved
by the shareholders (in the case of interim dividend it
is approved by Board of Directors). A corresponding
amount is recognised directly in equity.

s. Recent pronouncement on Indian
Accounting Standards (Ind AS):

Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules
as issued from time to time. For the year ended March
31, 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. April 1, 2024. The Company has
reviewed the new pronouncements and based on its

evaluation has determined that it does not have any
significant impact in its financial statements.

t. Investment in subsidiaries

Investments in subsidiaries are carried at cost less
accumulated impairment losses, if any. Where an
indication of impairment exists, the carrying amount
of the investment is assessed. Where the carrying
amount of an investment is greater than its estimated
recoverable amount, it is written down immediately
to its recoverable amount and the difference is
transferred to the standalone statement of Profit
and Loss. On disposal of investment, the difference
between the net disposal proceeds and the carrying
amount is charged or credited to the standalone
statement of Profit and Loss.

During the previous year, the Company has completed an Initial Public Offer ("IPO") by way of offer for sale of
28,028,168 Equity Shares of face value of ' 5/-each of the Company by certain selling shareholders for at an issue
price of ' 418/-per equity share aggregating to ' 11,715.77 million. The Equity shares of the Company were listed
on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on 23 January 2024.

b) Terms/rights attached to equity shares

The Company has single class of equity shares having a par value of ' 5 each. Each holder of equity shares is
entitled to one vote per share. Voting rights cannot be exercised in respect of shares on which any call or other
sum presently payable has not been paid. Failure to pay any amount called up on shares may lead to forfeiture
of shares.

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.

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.

Nature and purpose of reserves

(i) Employee stock option reserve

The employee stock option outstanding account is
used to recognise grant date fair value of the options
issued to the employees under the Company's stock
option plan. For further details. Refer note 31 for
employee stock option scheme details.

(ii) Securities premium

Securities premium is used to record premium
received on issue of shares. The reserve is utilized in
accordance with the provision of Companies Act, 2013.

(iii) General reserve

The balance in general reserve has arisen on account
of transfer of debenture redemption reserve.

(iv) Demerger deficit balance

The reserve arising on account of demerger of
consumer health business division during 2019¬
20 as per Sections 230 to 232 and Section 66 of the
Companies Act, 2013.

(v) Other equity

Preference shares and debentures were initially
recognised as financial liability in accordance with the
nature of the instrument at fair value. The difference

between fair value and transaction price was
accounted under other equity.

(vi) Retained earnings

Retained earnings are the profits that the Company has
earned till date less dividends or other distributions
to shareholders. Retained earnings includes re¬
measurement loss/(gain) on defined benefit plans,
net of taxes that will not be reclassified to standalone
statement of profit and loss. Retained earnings is a
free reserve available to the Company.

(vii) Contribution from selling shareholders

In relation to the successful completion of Initial public
offering (''IPO''), the participating shareholders of the
Company introduced the ''Employee Incentive Plan'' to
reward the efforts and contribution of certain eligible
employees of the Company and the employees of one
of its subsidiaries. Also refer to note 47.

(viii) Equity instruments through other
comprehensive income

The Company has elected to recognise the changes in
fair value of certain investments in equity securities
in other comprehensive income. These changes are
accumulated within equity instruments through OCI
within equity. The Company transfers amount to
retained earnings when the relevant equity securities
are de-recognised.

30. Employee benefits

The Company contributes to the following employee benefits plans.

a) Defined contribution plans:

The contributions paid/payable to employee provident fund, employees state insurance scheme, employees
pension schemes and other funds, are determined under the relevant approved schemes and/or statutes and
are recognised as expense in the statement of profit and loss during the period in which the employee renders
the related service. There are no further obligations other than the contributions payable to the approved
trusts/appropriate authorities.

The amount recognised as an expense towards contribution to defined contribution plans for the Company for
the year aggregated to ' 1.97 million (March 31,2024: ' 1.92 million).

b) Defined benefit plans:

The Company has a defined benefit gratuity plan governed by the Payment of Gratuity Act, 1972. The plan
entitles an employee who has rendered at least five years of continuous service to receive 15 days salary for
every completed year of service or part thereof in excess of six months based on the rate of last drawn salary
(basic plus dearness allowance) by the employee concerned. The Company's liability is actuarially determined
(using the Projected Unit Credit method) at the end of each year. Actuarial gains/(losses) are recognised under
other comprehensive income in the statement of profit and loss.

c) Discount rate: Reduction in discount rate in subsequent valuations can increase the plan's liability.

d) Mortality: Actual deaths & disability cases proving lower or higher than assumed in the valuation can impact
the liabilities.

e) Withdrawals: Actual withdrawals proving higher or lower than assumed withdrawals and change of
withdrawal rates at subsequent valuations can impact Plan's liability.

31. Employee share based payment
31. (a) 2013 plan

The Company has introduced Employee Stock Option Scheme 2013 (" ESOS 2013") with effect from October 1,
2013 to enable the employees of the Company to participate in the future growth and success of the Company.
ESOS 2013 is operated at the discretion of the Board of directors.

These options which confer a right but not an obligation on the employee to apply for equity shares of the
Company once the terms and conditions set forth in the ESOS 2013 and the option agreement have been met.
Vesting of options would be subject to continued employment with the Company and meeting the requisite
performance parameters.

C. Financial risk management

Risk management framework

The Company's management has overall responsibility for the establishment and oversight of the risk
management framework.

The Company's management monitors compliance with the risk management policies and procedures, and
reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The
management is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad-hoc
reviews of risk management controls and procedures, the results of which are reported to the management.

The Company's principal financial liabilities comprise of leases, trade and other payables. The main purpose of
these financial liabilities is to finance the Company's operations. The Company's principal financial assets include
investments, trade and other receivables, cash and cash equivalents, other bank balances and security deposits
that are out of regular business operations.

The Company has exposure to the following risks arising from financial instruments:

• Market risk;

• Credit risk; and

• Liquidity risk

(i) Market risk

Market risk is the risk that changes in market prices - such as interest rates, equity prices - will affect the Company's
income or the value of its holdings of financial instruments. The objective of market risk management is to
manage and control market risk exposures within acceptable parameters, while optimising the return. Material
investments within the portfolio are managed on an individual basis and all buy and sell decisions are approved
by the appropriate authority.

Foreign currency risk

The Company primarily renders services and avails goods and services in domestic currencies and hence
exposure to currency risk is minimal.

Equity price risk

The Company's investment in listed and unlisted equity securities are susceptible to market price risk arising
from uncertainties about the future value of investment in these securities. The Company manages these price
risks through strategic investments and placing limits on individual investments. The investments reports are
submitted to the senior management and the Board reviews and approves these investment decisions.

Exposure in mutual funds

The Company manages the surplus funds majorly through investments in mutual fund schemes. The price
of investment in these mutual fund schemes is reflected though Net Asset Value (NAV) declared by the Asset
Management Company on daily basis as reflected by the movement in the NAV of invested schemes. The
Company is exposed to price risk on such Investments. The investments reports are submitted to the senior
management and the Board reviews and approves these investment decisions.

Interest rate risk

The Company has no varaible interest rate borrowings and there is no significant exposure to interest rate risk.

(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.

The carrying amount of following financial assets represents the maximum credit exposure:

a. Trade receivables

b. Unbilled receivables

c. Cash and bank balances

d. Loans receivables

e. Other receivables

f. Other financial assets

Trade receivables and unbilled receivables

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer.
Credit risk is managed through credit approvals and continuously monitoring the creditworthiness of customers
to which the Company grants credit terms in the normal course of business.

The Company individually monitors the sanctioned credit limits as against the outstanding balances. Accordingly,
the Company makes specific provisions against such trade receivables wherever required and monitors the
same at periodic intervals.

33. Capital management

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Company's capital
management is to safeguard the Company's ability to remain as a going concern and maximise the shareholder
value. The Company manages its capital structure and makes adjustments in light of changes in economic
conditions, annual operating plans and long-term and other strategic investment plans. In order to maintain or
adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital
to shareholders or issue new shares. The current capital structure of the Company is equity based with financing
through borrowings and leasing. The Company is not subject to externally imposed capital requirements.

41. Segment reporting

(a) The Company is primarily engaged in the business of Health Benefits Administration and related services,
The CODM reviews these activities under the context of Ind AS 108 Operating Segments as one single
operating segment to evaluate the overall performance of the Company.

(b) Information about major customers (external customers):

(i) For the year ended March 31, 2025, revenue from contract with customers of one customer of the
Company represented approximately 84% of the Company's revenue from contracts with customers.

(ii) For the year ended March 31, 2024, revenue from contract with customers of one customer of the
Company represented approximately 93% of the Company's revenue from contracts with customers.

42. Related party disclosures

In compliance with Ind AS 24 - "Related Party Disclosures", as notified under Rule 3 of the Companies (Indian
Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 the
required disclosures are given below:

44. Micro, small and medium enterprises

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated August 26, 2008
which recommends that the Micro Enterprises and Small Enterprises should mention in their correspondence
with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in
accordance with the 'Micro, Small and Medium Enterprises Development Act, 2006 ('the Act'). Accordingly, the
disclosure in respect of the amounts payable to such enterprises as at March 31, 2025 and March 31, 2024
has been made in the standalone financial statements based on information received and available with the
Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance
with the provisions of the Act is not expected to be material. The Company has the following dues to micro
enterprises and small enterprises as at March 31.2025 and March 31.2024.

43. During the previous year, the Company has completed an Initial Public Offer ("IPO") by way of offer for sale
of 28,028,168 Equity Shares of face value of ' 5/-each of the Company by certain selling shareholders for at an
issue price of ' 418/-per equity share aggregating to ' 11,715.77 million. The Equity shares of the Company were
listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on January 23, 2024.

During the year the Company has incurred expenses aggregating to ' Nil (FY 2023-24: ' 558.06 million) towards
various services availed in connection with aforesaid IPO under terms of agreements executed between the
Company and respective service providers. Such expenses has been reimbursed by the selling shareholders
during the year.

IPO expenses paid/payable under the terms of the Cost Reimbursement Agreement jointly executed by the
Company and the selling shareholders shall be borne by the selling shareholders and are being/will be paid out
of the Public Offer Account directly and hence, not recognised in these financial statements.

The proceeds received in the share escrow account amounting to ' 10,451.75 million on account of offer for sale
made by the selling shareholders. Book running lead manager disbursed ' 38.55 million (FY 2023-24: ' 566.25
million) (Net of issue expenses) to its selling shareholders and the remaining funds amounting to ' 179.91 million
(FY 2023-24: ' 218.46 million) which are yet to be paid to the selling shareholders on account of IPO expenses is
held in share escrow account.

46. Discontinued operations
Consumer health business division

I. During the financial year 2019-20, the Group approved demerger of its Consumer Facing Health and Wellness
division ("CH Business") to a newly incorporated Group i.e. Mandala Wellness Private Limited ("MWPL" or
"Resulting Group"). Further, the Group filed a demerger scheme with National Company Law Tribunal (NCLT),
Bengaluru Bench, with appointed date 1 September, 2019, as per Sections 230 to 232 and Section 66 of the
Companies Act, 2013.

Accordingly, the Group has accounted for demerger of Consumer Facing Health and Wellness division
("CH Business") with effect from its appointed date 1 September 2019.

(iii) Wilful defaulter

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

(iv) Relationship with struck off
companies

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

(v) Compliance with number of layers of
companies

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

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

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

(vii) Utilisation of borrowed funds and
share premium

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.

(viii) Undisclosed income

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

(ix) Details of crypto currency or virtual
currency

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

(x) Valuation of property, plant and
equipment, intangible asset and
investment property

The Company has not revalued its property, plant and
equipment (including right-of-use assets) or intangible

assets or both during the current or previous year.
The Company does not have investment property.

(xi) Registration of charges or satisfaction
with Registrar of Companies

There are no charges or satisfaction which are yet to
be registered with the Registrar of Companies beyond
the statutory period.

(xii) As per the Ministry of Corporate Affairs (MCA)
notification, proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014, for the financial year
commencing April 1, 2023, every company which
uses accounting software for maintaining its books
of account, shall use only such accounting software
which has a feature of recording audit trail of each and
every transaction, creating an edit log of each change
made in the books of account along with the date
when such changes were made and ensuring that the
audit trail cannot be disabled. The interpretation and
guidance on what level edit log and audit trail needs to
be maintained evolved during the previous year and
continues to evolve.

In the Company, the audit trail is enabled at an
application level and database level for all the tables
and fields for maintenance of books of accounts and
relevant transactions. However, the global standard
ERP used by the Company has not been enabled with
the feature of audit trail log at the database layer to
log direct transactional changes, due to present design
of ERP. Also, with respect to one application the audit
trail feature at application and database levels were
enabled with effect from September 27, 2024.

The Company's books of accounts and other relevant
books and papers ("books and papers") are maintained
in electronic mode and accessible at all times in India.
The daily back-up of books and papers in electronic
mode are maintained in servers physically located in
India.

47. Exceptional item

In relation to the successful completion of Initial
public offering ("IPO"), the participating shareholders
of the Company introduced the "Employee Incentive
Plan" to reward the efforts and contribution of certain
eligible employees of the Company and the employees
of one of its subsidiaries which is approved by the
Nomination and Remuneration Committee of total
incentive amount of ' 210.00 million.

Subsequent to the IPO, the participating shareholders
have paid an amount of ' 210.00 million to the

Company and the same have been disbursed by
the Company to the eligible employees as per the
incentive plan on 31 January 2024.

48. The Board of Directors of the Company at their
meeting held on February 05, 2025, have considered
and approved the proposal for raising of funds of
upto and not exceeding ' 3,500.00 million (Rupees
Three thousand five hundred million only) in one or
more tranches by way of an issue of fully paid-up
Equity Shares, fully or partly convertible debentures,
convertible preference shares or any other equity based
instruments or securities and/or any other financial
instruments/securities convertible into and/or linked
to Equity Shares (including warrants (detachable or
not) through permissible modes), including but not
limited to public issue(s), debt issue(s), preferential
issue(s), private placement(s), qualified institutions
placement(s) and/or any combination thereof or any
other method as may be permitted under applicable
laws, including under the applicable provisions of the
Companies Act, 2013 and the Securities and Exchange
Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018, (each as amended),
subject to the receipt of necessary approvals, including
the approval of the shareholders of the Company and
such other regulatory and statutory approvals as may
be required.

49. Pursuant to an application filed by the Company
on 13 October 2024, the Company has received an
Order from the Regional Director (South East Region),
Ministry of Corporate Affairs dated 02 December
2024, which approved the shifting of the Company's
Registered office from the "State of Karnataka" to the
"State of Maharashtra".

50. Acquisition of self funded business of
Alinea Healthcare Private Limited

On 11 May 2023, the Company entered into a Business
Transfer Agreement ("BTA") with Alinea Healthcare
Private Limited ("AHPL") under which AHPL agreed to
transfer the business undertaking relating to the claim
a management for self funded corporate clients on a
going concern on a slump sale basis. The transfer was
executed for a consideration of ' 5.63 million.

51. During the previous year, the subsidiary and
step subsidiary of the Company viz. Medi Assist
Insurance TPA Private Limited and Medvantage
Insurance TPA Private Limited received final approval
for the scheme of amalgamation between Medi Assist
Insurance TPA Private Limited ("Transferee Company")
and Medvantage Insurance TPA Private Limited

("Transferor Company") vide order dated February 01,
2024 from the Regional Director, Ministry of Corporate
Affairs, Hyderabad. The appointed date of the said
scheme of amalgamation is July 01,2023.

52. During the current year on December 18, 2024,
the subsidiary and step-down subsidiary of the
Company viz, Medi Assist Insurance TPA Private
Limited and Raksha Health Insurance TPA Private
Limited received final approval for the scheme of
amalgamation between Medi Assist Insurance TPA
Private Limited ("Transferee Company") and Raksha
Health Insurance TPA Private Limited ("Transferor
Company") vide order dated November 20, 2024 from
the Regional Director, Ministry of Corporate Affairs,
Hyderabad. The appointed date of the said scheme
of amalgamation is 01 April 2024. The amalgamation
did not have any impact on the audited standalone
financial results for the quarter and year ended March
31,2025.

53. Events after the reporting date

i. Subsequent to 31 March 2025, on 04 April
2025, the Directorate of Enforcement (the "ED")
conducted a search and seizure operation under
at certain offices of Medi Assist Insurance TPA
Private Limited Company ("the Company" or
"MAITPA") located in Ranchi, Jharkhand. MAITPA
is one of the third-party administrators (TPAs)
engaged in administering the Ayushman Bharat-
linked health scheme in the state of Jharkhand.

MAITPA has fully co-operated with the officials
during the proceedings and responded to the
clarifications and details sought by them.

ii. On August 26, 2024, Medi Assist Insurance TPA
Private Limited ("Transferee Company"), the
wholly owned subsidiary of the Company entered
into Share Purchase Agreement (''SPA'') with
Paramount Healthcare Services & Insurance
TPA Private Limited ("Transferor Company") and
the Shareholders of the Transferor Company,
to purchase 100% equity shares of Transferor
Company at a total enterprise value of ' 3118.00
million (Rupees Three thousand one hundred
eighteen million only) (subject to closing
adjustments) which is subject to fulfilment of
conditions precedent as defined in the SPA.
Regulatory approval from Insurance Regulatory
and Development Authority of India (IRDAI) was
received on May 13, 2025, and the transaction
is progressing towards completion, pending
fulfilment of remaining conditions precedent.