(i) Compensated absences

The leave obligations cover the Company's privilege leave. The entire amount of provision of compensated absences of
H 40.05 million (March 31, 2024: H 42.99 million) is presented as current, since the Company does not have an unconditional
right to defer settlement for these obligations. However, based on past experience, the Company does not expect all employees
to avail the full amount of accrued leave or require payment for such leave within the next 12 months.

11. Provisions
Accounting policy

Gratuity obligations

The liability recognised in the Standalone Balance Sheet in respect of defined benefit gratuity plan is the present value of the
defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The defined benefit obligation
is calculated annually by actuary using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference
to market yields at the end of the reporting period on government securities that have terms approximating to the terms of the
related obligation.

The interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. This cost is included in
employee benefit expense in the Standalone Statement of Profit and Loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in
the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the Standalone
Statement of Changes in Equity and in the Standalone Balance Sheet. Changes in the present value of the defined benefit
obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service cost.
Refer note 39(vi) and (x) for other accounting policies.

(ii) Gratuity

The Company provides for gratuity to employees as per the Payment of Gratuity Act, 1972, as amended from time to time.
Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on
retirement/ termination is the employees last drawn basic salary per month computed proportionately for 15 days salary
multiplied for the number of years of service. The Company does not externally fund these liabilities but instead creates an
accounting provisions in its books of accounts and pay the gratuity to its employees directly from its own resources as and
when the employee leaves the Company.

Notes:

(a) The discount rate is based on the prevailing market yields of Indian Government Securities as at the reporting dates for
the estimated term of obligations.

(b) The estimated future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion
and other relevant factors such as supply and demand in the employment market.

(iii) Others

The Company provides privilege leaves to contract employees. The liability is actuarially determined and the entire amount
of provision is presented as current, since the Company does not have an unconditional right to defer settlement for these
obligations and presented under other provisions. However, based on past experience, the Company does not expect all
employees to avail the full amount of accrued leave or require payment for such leave within the next 12 months.

C. Sensitivity analysis

When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method
(present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting
period) has been applied as when calculating the defined benefit liability recognised in the Standalone Balance Sheet. Any
reasonable changes to discount rate, salary escalation rate and attrition rate are not expected to have a material impact
on profit or loss.

D. Risk exposure
Inherent risk:

The plan is of a final salary defined benefit in nature which is sponsored by the Company and hence it underwrites all the
risks pertaining to the plan. In particular, there is a risk for the Company that any adverse salary growth or demographic
experience can result in an increase in cost of providing these benefits to employees in future. Since the benefits are lump
sum in nature, the plan is not subject to any longevity risks.

Change in bond yields:

A decrease in the bond interest rate will increase the defined benefit obligation.

Life expectancy:

The present value of the defined benefit plan liability is calculated by reference to future salaries of the plan participants.
As such, an increase in the salary of then plan participants will increase the plan's liability.

14. Revenue from operations
Accounting policy

The Company owns digital platforms which are used by truck operators (customers) to digitally manage payments for tolling and fueling,
monitordriversandfleetsusingtelematics,findloadsonplatform(marketplace)andgetaccesstofinancingforthepurchaseofusedvehicles.
Revenue is measured based on the consideration specified in a contract with a customer net of variable consideration e.g. incentives
or any payments made to a customer (unless the payment is for a distinct good or service received from the customer) and excludes
amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over a service to a customer.
Revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.

Where the Company acts as an agent for selling services, only the commission income is included within revenue. The specific
revenue recognition criteria described below must also be met before revenue is recognized. Typically, the Company has a right
to payment before or at a point services are delivered. Cash received before the services are delivered is recognised as a contract
liability. The amount of consideration generally does not contain a significant financing component as payment terms are less than
one year, except in relation to commission income on sourcing, servicing and collection of loans on behalf of the financial institutions.

Commission income:

Commission income includes commission income from Oil Marketing Companies (OMC's) for distribution and management of fuel cards
and commission from banks for distribution and management of Fastags. The Company considers OMCs and banks as its customers.

The Company facilitates distribution and management of fuel cards and Fastags and earns commission for respective services. In
both these services, the Company stands ready to provide the services and the commission income is based on the usage of the
services by the end consumers. Revenue for these services is recorded in the period in which it accrues.

Subscription fee:

The Company charges subscription fees from its customers for telematics based fleet management solutions and subscription to
access specific services on the platform. Such income is recognised over the period of the subscription as the Company satisfies its
performance obligation as services are rendered.

The Company enters into subscription contracts typically for a period of one month to three years. As the Company fulfil its obligations over
the tenure of subscription, these are presented as deferred revenue under contract liability in the Standalone balance sheet. Eventhough the
Company offers plans of more than one year to its customers where the subscription price is received upfront, the Company has determined that
the purpose of such terms is not financing. Accordingly it is determined that there are no significant financing components in such arrangements.

The Company also earns subsription fees from fleet operators for the use of fuel cards issued under the OMC 's membership plan
for services such as recharge of fuel cards, issue resolution through dedicated customer support, notification alerts, transaction
history. Revenue from such services are recognized over the estimated period of usage of the fuel cards. Further, the Company
grants certain loyalty points to the fleet owners based on the recharges made on the fuel card. Such points can be used by the fleet
owners for purchasing the fuel from OMCs. The Company has determined payments to OMCs on utilisation of such points by the fleet
owners as consideration payable to customer and thus has netted it off against such subscription fees collected from the customers.

Service fees:

Service fees comprises of following streams of income:

a. The Company earns fees from issuance/replacement, activation and installation convenience of Fastags to the fleet operators.
The revenue for this service is recognized at a point in time when the service is provided to the customers.

b. The Company charges certain transaction fees from the fleet owners on recharges of the Fastags. The revenue from this service
is recognised at a point in time when the service is provided to the customer.

c. The Company provides access to the platform for buying and selling of second-hand commercial vehicles. The Company
charges fees to the customer which is recognised at a point in time when the transaction between the parties is executed. The
Company is an agent in such arrangement.

d. Sourcing, loan servicing and collection fees: The Group acts as a business correspondent for financial institutions/ bank where
the Group provides services such as sourcing loans, loan servicing, collection services and onboarding of the borrowers. The
Group receives processing fees for onboarding the borrowers which is recognized at a point in time when the onboarding
services are completed.

e. The Company earns revenue from installation, servicing or replacement of telematics devices to customers. The revenue for
this service is recognised at a point in time when the service is provided to the customer.

f. The Company provides access to the platform for placing loads with fleet operators. The Company earns platform fee for
managing these loads which is recognised at a point in time when the transaction between parties is executed.

The consideration from sourcing loans, loan servicing, collection services is based on a pre-determined fixed percentage of interest. The
Company receives consideration from sourcing loans only when the equated monthly installments are paid by the borrowers. Revenue
from providing this service is recognised over the period of time in which the services are rendered and as the customer benefits from
the service. Consideration is variable and is highly susceptible to factors outside the entity's influence. Revenue is recognised only when
it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. Amount receivable from
the financial institutions for which the Company has fulfilled its obligations is classified under ""trade receivables"" as the Company has
unconditional right over such consideration (i.e. if only the passage of time is required before payment of such consideration is due).

Freight services:

The Company operates a trucking network through its freight and fleet management services. Revenue from such contracts is
recognised over the period of the services as the customer simultaneously receives benefits as the services are performed by the
Company. The Company is assessed as principal in this arrangement. (Refer note 36 (a)(ii) for discontinued operations)

(i) Represents incentives to customers under the customer loyalty programme of the Company.

(ii) Represents payments to customers which are not towards distinct services in the context of the contract and hence, are netted
off with revenue recognised.

(c) Contract liability

The Company has certain subscription income and an aggregate amount of transaction price allocated to such subscription
agreement that are partially or fully unsatisfied as at the reporting date is H 776.25 million (March 31,2024: H 550.58 million).
Management expects H 723.49 million to be recognised in the financial year 2025-26. The remaining is expected to be
recognised in the next 2 years.

(d) Critical judgement in revenue recognition:

The Company has entered into agreement with banks to provide services to distribute and manage Fastags for which the
Company earns commission from banks as and when the services are rendered. The Company also delivers and assists
fleet operators install and activate Fastags and onboards them on to the Company's platform and earns fees from issuance/
replacement, activation and installation convenience of Fastags. The Company has considered the services described above as
two distinct services.

21. Employee Stock Option Plan (ESOP)

Accounting policy

Share based compensation benefits are provided to certain employees under the Employee Stock Option Plan 2016, Employee
Stock Option Plan 2019 and Management Stock Options Plan (MSOP) (collectively called as ""ESOP plan"").

The fair value of options granted under the ESOP plan, which are equity settled plans, are recognised as an employee benefits
expense with the corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of
the options granted.

The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are
to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based
on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or
loss, with a corresponding adjustment to equity, where shares are forfeited due to a failure by the employee to satisfy the vesting
conditions, any expenses previously recognised in relation to such shares are reversed effective from the date of the forfeiture. In
case where the Company re-purchases vested equity instruments, the payment made to employees are accounted as a deduction
from equity, except to the extent that payment exceeds the fair value of the equity instruments re-purchased, measured at the re¬
purchased date. Any such excess are recognised as an expense in the Standalone Statement of Profit and Loss.

\) ESOP Plan 2016

(i) The Company has reserved 5,221,276 equity shares of Re. 1/- each for Employee Stock Option Plan ("ESOP") under the
"ESOP Plan 2016". Eligible employees are granted an option to purchase equity shares of the Company, subject to vesting
conditions as set out in the ESOP Plan 2016. The said stock options vest in a graded manner over a period of 4 years as
set out in the option holder's Stock Option Agreement, subject to minimum period of 12 months between the grant date
of the option and the vesting date of the option.

Options granted under the plan are equity settled. The holder of the options is entitled to receive one equity share for
each option. Unvested options are forfeited upon separation.

Number of outstanding options granted under the ESOP plan 2016 post impact of bonus options as at the year
end are as below:

B) ESOP Plan 2019

(i) The Company has reserved 4,380,450 equity shares of Re. 1/- each for ESOP under "ESOP Plan 2019". Eligible employees
are granted an option to purchase equity shares of the Company, subject to vesting conditions as set out in the ESOP Plan
2019. The said stock options vest in a graded manner over a period of 4-5 years as set out in the option holder's Stock Option
Agreement, subject to minimum period of 12 months between the grant date of the option and the vesting date of the option.

Options granted under the plan are equity settled. The holder of the options is entitled to receive one equity share for
1,000 options. Unvested options are forfeited upon separation.

22. Fair value measurement

(i) Financial instruments by category and 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 through Other Comprehensive Income or fair value through Profit and Loss and

(b) measured at amortised cost and for which fair values are disclosed in the Standalone financial statements. To provide
an indication about the reliability of the inputs used in determining the fair value, the Company has classified its financial
instruments into the three levels prescribed under the Ind AS. An explanation of each level follows underneath the table.

C) MSOP plan

The shareholders of the Company had consented to a proposed MSOP plan, under which the Company had proposed to
grant stock options equivalent to 10,750 equity shares (pre bonus) of Re. 1/- each, subject to applicable laws out of which stock
options equivalent to 3,485 equity shares (pre bonus) were deemed to be vested immediately on grant date and remaining
stock options equivalent to 7,265 equity shares (pre bonus) would vest on achievement of a specified valuation event.

The Company has not taken any corporate actions or any other steps including obtaining necessary board and shareholders
approvals as required under the Act and applicable rules and issuing grant letter for giving effect to the commercial
understanding with one of the founder director. However, the grant date was established on consent by the shareholders, as
there was a shared understanding on the general terms and conditions of the awards.

Considering that the services were already rendered for stock options equivalent to 3,485 equity shares, and considering that
the founder director had started rendering the services towards stock options equivalent to 7,265 equity shares, the Company
had recognised the expenses towards such awards under Ind AS 102, Share based payments.

The fair value of the award for 7,265 (pre bonus) options has been determined under the Binomial mode in the year of grant.

The Board of Directors of the Company, on March 19, 2024 passed a resolution to revoke and cancel the above options. As per the
requirements of Ind AS 102, this cancellation of the said unvested options, resulted into an accelerated stock option compensation
charge of H 800.45 million has been accounted in the Standalone Statement of Profit and Loss for the year ended March 31,2024.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes quoted bonds that
have quoted price.

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

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
There are no transfers between Level 1, Level 2 and Level 3 during the year.

The Company's policy is to recognise transfer into and transfers out of fair value hierarchy levels as at the end of the
reporting period.

(ii) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include;

- The use of available net assets value per unit for investments in mutual funds.

- The Right to subscribe CCPS arrangements with lenders - have been valued using Black Scholes model during the year
ended March 31,2024. Refer note 10(c) for details of inputs used in the valuation.

22. Fair value measurement (Contd..)

(iii) Fair value of financial assets and liabilities measured at amortised cost

The carrying amounts of borrowings and lease liabilities are considered to be the same as their fair values since the rate of
interest is at market rate.

For security deposits and inter-corporate deposits, interest rates are evaluated by the Company based on parameters such
as interest rates and individual credit worthiness of the counterparty. Fair value of such instruments is not materially different
from their carrying amounts.

The carrying amounts of trade receivables, trade payables, cash and cash equivalents, other bank balances, other financial
assets and other financial liabilities are considered to be the same as their fair values, due to their short-term nature.

The fair value is determined base on discounted cash flows using current rate.

23. Capital management

The Management assesses the Company's capital requirements in order to maintain an efficient overall financing structure
while avoiding excessive leverage. This takes into account the subordination levels of the Company's various classes of debt.

The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and
the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust
the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

The Company monitors capital on the basis of gearing ratio. However, as the Company does not have debt as at the year end,
the gearing ratio is not presented.

24. Financial risk management

The Company's activities expose it to credit risk, liquidity risk and market risk. The following notes explain the source of risk which the
entity is exposed to and how the entity manages the risk.

24. Financial risk management (Contd..)

off when there is no reasonable expectation of recovery, such as a borrower declaring bankruptcy or a litigation decided
against the Company. The Company continues to engage with parties whose balances are written off and attempts to enforce
repayment. Recoveries made are recognised in Standalone Statement of Profit and Loss.

Impairment of financial assets

The Company has three types of financial assets that are subject to the expected credit loss model:

a) Trade receivables

b) Loans to subsidiary

c) Security deposits

While cash and cash equivalents are also subject to the impairment requirements of Ind AS 109, the identified impairment loss
was immaterial.

(i) Deposits with banks and financial institutions, inter-corporate deposits and cash and cash equivalents

Deposits, inter-corporate deposits and cash and cash equivalents with banks and other financial institutions are
considered to be having negligible risk or nil risk, as they are maintained with high rated banks or financial institutions.
Deposits with banks where its outlook changes to negative, the Company reassesses its deposit strategy.

(ii) Investment in bonds

No expected credit loss allowance has been created for investments in bonds as these investments are placed with
institutions with high credit rating and hence, carry low credit risk.

(iii) Security deposits

Security deposit paid to customers carry certain amount of credit risk. The Company considers past history of recovery
of such deposits, considers whether the Company continues to have transactions with these parties and also future
recoverability basis which a loss allowance is made in the Standalone Statement of Profit and Loss.

A. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations. The
Company is exposed to credit risks from its operating activities, primarily loans, trade receivables, cash and cash equivalents,
deposits with banks/ financial institutions, inter-corporate deposits, security deposits and investments in bonds.

Based on business environment in which the Company operates, a default on a financial asset is considered when the counter
party fails to make payments within the agreed time period as per contract. Loss rates reflecting defaults are based on actual
credit loss experience and considering differences between current and historical economic conditions. Assets are written

(iv) Trade receivables

The Company applies the simplified approach to provide for expected credit loss prescribed by Ind AS 109, which permits
the use of lifetime expected loss provision for all the trade receivables. Determination of expected credit losses includes
consideration of forward looking information. The loss allowance is determined as follows:

Expected credit loss for trade receivables is computed as per the simplified approach based on ageing of receivables,
information about past events, current conditions and forward looking information.

In respect of trade receivables from truck operator services, collection is received within an average of 30-45 days.
Historically, such receivables have carried insignificant risk of credit loss. In respect of receivables from customer for
corporate freight business, considering there is a higher risk of credit loss, the Company monitors these separately.

Refer note 36(a)(iv) for receivables from discontinued operations.

(i) Securities price risk

The Company's exposure to price risk arises from investments held and classified in the Standalone Balance Sheet
as fair value through profit or loss. To manage the price risk arising from investments, the Company diversifies its
portfolio of assets in the form of investing in short and long term deposits and diversified mutual funds.

Sensitivity

Below is the sensitivity of profit or loss on account of investments in mutual funds. The analysis is based on the
assumption that NAV has increased/ decreased by 5% with all other variables held constant, and that all the
Company's instruments moved in line with the NAV.

B. Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by
delivering cash or another financial asset. Liquidity risk management implies maintenance of sufficient cash including availability
of funding through an adequate amount of committed credit facilities to meet the obligations as and when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to meet its short term
and long term liabilities as and when due. Anticipated future cash flows, undrawn committed credit facilities are expected to be
sufficient to meet the liquidity requirements of the Company. The Company has a credit facility of H 2,960.00 million (March 31,
2024: H 4,070.00 million) in the form of bills discounting and overdraft facility. The bank overdraft facilities may be drawn at any
time and may be terminated by the bank without notice.

C. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises of securities price risk, such as equity price risk. The Company's treasury team manages
the market risk, which evaluates and exercises independent control over the entire process of market risk management. The
Company does not have any significant foreign currency transactions and hence is not exposed to the foreign currency risks.
The Company also does not have borrowings with variable interest and hence is not exposed to the interest rate risks.

25. Impairment of investments in subsidiaries

The Company performs an assessment for impairment of its investments in subsidiaries impairment whenever events or changes
in circumstances indicate that the carrying amount may not be recoverable. The Company has determined recoverable values of its
investments as value in use. Company has used the 'cost approach' valuation technique for determining fair value of its investment
in subsidiaries using Level 3 inputs.

(A) No transactions during the year.

(B) All related party transactions are inclusive of discontinued operations and assets and liabilities held for sale.

(C) Excludes employee shared-based payment expense recognised as per note 35

(D) Receivable from subsidary, pending repatriations on liquidation of Blackbuck Netherlands B.V.

(E) All related party transactions entered during the year were in ordinary course of business and at arms length price.

(F) Refer Note 8(a)(viii) for issue of bonus shares.

27. Segment information

The Company publishes the Standalone financial statements of the Company along with the Consolidated financial statements.
In accordance with IND AS 108 - Operating segments, the Company has disclosed segment information in the Consolidated
financial statements.

29.Leases

Accounting policy

The Company's lease asset classes primarily consist of leases for office premises. The Company assesses whether a contract contains
a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an
identified asset, the Company assesses whether:

(i) the contact involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of
the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset ("ROU") and a corresponding lease liability
for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short term leases) and low
value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a
straight-line basis over the term of the lease.

Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and
lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are
subsequently measured at cost less accumulated depreciation and impairment losses, if any.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and
useful life of the underlying asset. Right-ofuse assets are evaluated for recoverability whenever events or changes in circumstances
indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e.
the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not
generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined
for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at the present value of the future lease payments. The lease payments are discounted using
the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile
of these leases.

Lease liabilities are remeasured with a corresponding adjustment to the related ROU asset if the Company changes its assessment
if whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Standalone Balance Sheet and lease payments have been
classified as financing cash flows in the Standalone Statement of Cash Flows.

Refer note 39(xi) for other accounting policies.

Rental contracts for leases of office premises and residential accommodations are typically entered for fixed periods of 11 months
to 5 years, but may have extension options as explained below.

(c) Total cash outflow for leases for the year ended March 31,2025 amounted to H 36.09 million (including interest payments of H
9.11 million); [March 31,2024 amounted to H 41.50 million (including interest payments of H 12.10 million)]

Extension and termination options are included in a number of property leases across the Company. These terms are used to
maximise operational flexibility in terms of managing contracts. The majority of termination options held are exercisable only
by the Company and not by the respective lessor.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise
an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only
included in the lease term if the lease is reasonably certain to be extended (or not terminated).

For leases of office premises the factor which is normally most relevant is - historical lease duration and the cost of business
disruption required to replace the leased asset.

31. Earnings/ (Loss) per equity share
Accounting policy

(i) Basic earnings/ (loss) per share

Basic earnings/ (loss) per share is calculated by dividing:

* the profit/ (loss) (attributable to owners of the Group.

* by the weighted average number of equity shares outstanding during the year.

(ii) Diluted earnings/ (loss) per share

Diluted earnings/ (loss) per share adjusts the figures used in the determination of basic earnings per share to take into account:

* the after income tax effect of interest, other gains/ losses and other financing costs associated with dilutive potential
equity shares, and

* the weighted average number of additional equity shares that would have been outstanding assuming the conversion of
all dilutive potential equity shares.

35. During the year ended March 31,2025, the shareholders of the Company entered into a waiver cum amendment agreement
to the existing amended and restated Shareholders' Agreement wherein among other things, the conversion ratio for the Series
A, Series B, Series B1, Series C, Series C1, Series C2, Series D and Series E CCPS Compulsorily Convertible Preference Shares were
agreed to be modified and adjusted downwards [Refer note 8(a)(xi)]. Further, certain equity shareholders of the Company have
transferred 5,850,277 equity shares (including certain equity shares by two promoter directors) to one of the Promoter directors.

The aforementioned modification and the transfer of equity shares have resulted in a benefit of increased shareholding to the
existing equity shareholders which consists of promoter directors of the Company. The benefit received by the promoter directors
through this arrangement has been accounted under Ind AS 102 ""Share Based Payment"" and the Company has recognised a share
based payment expense of H 3,901.81 million as it is determined to be in respect of past services. These expenses for the period
have been presented under 'Exceptional items'.

36. Discontinued operations and sale of subsidiaries
Accounting policy

Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through
a sale transaction rather than through continuing use. This condition is regarded as met only when the asset (or disposal group) is
available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such asset (or
disposal group) and its sale is highly probable. Management must be committed to the sale, which should be expected to qualify for
recognition as a completed sale within one year from the date of classification.

Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value
less costs to sell except for those assets that are specifically exempt under relevant Ind AS. Once the assets are classified as "Held
for sale", those are not subjected to depreciation till disposal.

An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to
sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess
of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non¬
current asset (or disposal group) is recognised at the date of derecognition.

Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately
from the other assets in the Standalone Balance Sheet.

A discontinued operation is a component of an entity that either has been disposed off or is classified as held for sale and that
represents a separate line of business or geographical area of operations, is part of a single coordinated plan to dispose of such
a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued
operations are presented separately in the Consolidated Statement of Profit and Loss.

(a) Disposal of corporate freight business:

(i) Description

Pursuant to an approved plan of the Board of Directors on January 25, 2024, the Company entered into a Business
Transfer Agreement dated August 05, 2024 and completed the transfer of its corporate freight business to a buyer on
August 22, 2024 for a total estimated consideration of H 958.54 million. The Company had determined that corporate
freight business met the criteria to be classified as held for sale and discontinued operations and the related assets
and liabilities were classified as held for sale in the Standalone Balance Sheet as at March 31,2024 and the results of
corporate freight business were classified as discontinued operations in the Standalone Profit and Loss for the year
ended March 31, 2025 and March 31, 2024. Accordingly, the Company has presented net gain/ (loss) from corporate
freight business under discontinued operations as below:

39. Summary of other accounting policies

The material accounting policies adopted in preparation of
financial statements have been disclosed in the pertinent note
along with other information. Other accounting policies are
described below. All accounting policies has been consistent
applied to all the period presented in the financial statements
unless otherwise stated.

(i) Property, plant and equipment and Intangible assets

Property, plant and equipment are stated at historical
cost, net of accumulated depreciation and accumulated
impairment losses if any.

Cost of property, plant and equipments and intangible
assets comprises of the purchase price including import
duties and non-refundable taxes, and directly attributable
expenses incurred to bring the asset to the location and
condition necessary for it to be capable of being operated
in the manner intended by management. Subsequent costs
related to an item of PPE are recognised in the carrying
amount of the item if the recognition criteria are met.

An item of property, plant and equipment is derecognised
on disposal or when no future economic benefits are
expected from its use or disposal. The gain or loss
arising on derecognition is recognised in the Standalone
Statement of Profit and Loss.

Intangible assets

Costs associated with maintaining software programmes
are recognised as an expense as incurred.

Impairment of property, plant and equipment

Assessment is done at each balance sheet date as to
whether there is any indication that an asset may be
impaired. For the purpose of assessing impairment, the
smallest identifiable Company of assets that generate cash
inflows from continuing use that are largely independent
of the cash inflows from other assets or Company of
assets, is considered as a cash generating unit. If any such
indication exists, an estimate of the recoverable amount
of the asset/ cash generating unit is made. Assets whose
carrying value exceeds their recoverable amount are
written down to the recoverable amount. Recoverable
amount is higher of an asset's or cash generating unit's net
selling price and its value in use. Value in use is the present
value of estimated future cash flows expected to arise
from the continuing use of an asset and from its disposal
at the end of its useful life. Assessment is also done at each
Standalone Balance Sheet date as to whether there is any
indication that an impairment loss recognised for an asset
in prior accounting periods may no longer exist or may
have decreased. An impairment loss is reversed to the
extent that the asset's carrying amount does not exceed
the carrying amount that would have been determined if
no impairment loss had previously been recognised.

(ii) Financial assets

(a) Recognition

Regular way purchases and sale of financial assets are
recognised on trade-date, being the date on which the
Company commits to purchase or sale the financial assets.

(b) Classification of financial assets

A) Classification of financial assets at amortised cost:

The Company classifies its financial assets at
amortised cost only if both of the following
criteria are met:

a) the asset is held within a business model
whose objective is to collect the contractual
cash flows, and

b) the contractual terms give rise to cash flows that
are solely payments of principal and interest

B) Classification of financial assets at fair value
through other comprehensive income

Financial assets at fair value through other
comprehensive income (FVOCI) comprise:

a) Equity securities (listed and unlisted) which are
not held for trading, and for which the Company
has irrevocably elected at initial recognition to
recognise changes in fair value through OCI
rather than profit or loss. There are currently no
equity securities which are carried at FVOCI.

b) Debt securities where the contractual cash
flows are solely principal and interest and the
objective of the Company's business model
is achieved both by collecting contractual
cash flows and selling financial assets. There
are currently no debt securities which are
carried at FVOCI.

C) Classification of financial assets at fair value
through profit or loss

The Company classifies the following financial assets
at fair value through profit or loss (FVPL):

a) debt investments (mutual funds) that do
not qualify for measurement at either
amortised cost or FVOCI,

b) equity investments that are held for trading, and

c) equity investments for which the entity has
not elected to recognise fair value gains and
losses through OCI.

The classification depends on the entity's business
model for managing the financial assets and the
contractual terms of the cash flows.

For assets measured at fair value, gains and losses
will either be recorded in profit or loss or other
comprehensive income. For investments in equity

instrument that are not held for trading, this will
depend on whether the Company has made an
irrecoverable election at the time of initial recognition
to account for equity investment at FVOCI.

(c) Impairment of financial assets

The Company assesses on a forward looking basis the
expected credit losses associated with its financial assets
carried at amortised cost. The impairment methodology
applied depends on whether there has been a significant
increase in credit risk. Refer note 24.

(d) Derecognition of financial assets

A financial asset is derecognised only when the Company
has transferred the rights to receive cash flows from the
financial asset or retains the contractual rights to receive the
cash flows of the financial asset, but assumes a contractual
obligation to pay the cash flows to one or more recipients.
Where the entity has transferred an asset, the Company
evaluates whether it has transferred substantially all risks
and rewards of ownership of the financial asset. In such
cases, the financial asset is derecognised. Where the entity
has not transferred substantially all risks and rewards of
ownership of the financial asset, the financial asset is not
derecognised. Where the entity has neither transferred
a financial asset nor retains substantially all risks and
rewards of ownership of the financial asset, the financial
asset is derecognised if the Company has not retained
control of the financial asset. Where the Company retains
control of the financial asset, the asset is continued to be
recognised to the extent of continuing involvement in the
financial asset.

(e) Interest income

Interest income is recognised using effective interest rate
method. The effective interest rate is rate that exactly
discounts estimated future cash receipts through the
expected life of the financial asset to the gross carrying
amount of a financial asset.

(f) Offsetting financial instruments

Financial assets and liabilities are offset and the net
amount is reported in the Standalone Balance Sheet where
there is a legally enforceable right to offset the recognised
amount and there is an intention to settle on a net basis
or realise the asset an settle the liability simultaneously.

(g) Subsequent measurement

Subsequent measurement of financial assets depends on
the Company's business model for managing the financial
asset and the cash flow characteristics of the financial
asset. There are two measurement categories into which
the Company classifies its financial instruments:

Subsequently measured at amortised cost:

Financial assets that are held for collection of contractual
cash flows where those cash flows represent SPPI are
measured at amortised cost e.g. investments in bonds,
loans, trade receivables etc. After initial measurement,
such financial assets are subsequently measured at
amortised cost using the effective interest rate (EIR)
method. Amortised cost is calculated by taking into
account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The losses
arising from impairment are recognised in the Standalone
Statement of Profit and Loss. A gain or loss on a financial
asset that is subsequently measured at amortised cost is
recognised in the Standalone Statement of Profit and Loss
when the asset is derecognised or impaired.

Subsequently measured at FVTPL:

Financial assets that do not meet the criteria for amortised
cost and FVTOCI are measured at fair value through profit
or loss e.g. investments in mutual funds. A gain or loss
on a financial asset that is subsequently measured at
fair value through profit or loss is recognised in profit or
loss and presented net in the Standalone Statement of
Profit and Loss within other gains/ (losses) in the period in
which it arises.

(iii) Cash and cash equivalents

For the purpose of presentation in the information of cash
flows, cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other short¬
term, highly liquid investments with original maturities
of three months or less that are readily convertible to
known amounts of cash and which are subject to an
insignificant risk of changes in value. Bank overdrafts
are shown within borrowings in current liabilities in the
Standalone Balance Sheet.

(iv) Trade payables

The amounts represent liabilities for goods and services
procured prior to the end of financial year. The amounts
are unsecured and are usually paid within the credit
period given by the vendors. Trade payables are presented
as current liabilities unless payment is not due within 12
months after the reporting period. They are recognised
initially at their transactional value which represents the
fair value and subsequently measured at amortised cost
using the effective interest method.

(v) Financial liabilities

Initial recognition and measurement of financial liabilities
All financial liabilities are recognised initially at fair value
and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs.

Subsequent measurement of financial liabilities

Financial liabilities are classified as either financial liabilities
'at FVTPL' or 'amortised cost'.

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:

* it has been acquired or 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 for which there is evidence of
a recent actual pattern of short-term profit-taking; or

* it is a derivative that is not designated and effective
as a hedging instrument.

A financial liability other than a financial liability held for
trading may also 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 Company 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; or

* it forms part of a contract containing one or more
embedded derivatives, and Ind AS 109 Financial
Instruments permits the entire combined contract to
be designated as at FVTPL.

Financial liabilities at FVTPL are stated at fair value, with
any gains or losses arising on remeasurement recognised
in the Statement of Profit and Loss, except for the amount
of change in the fair value of the financial liability that is
attributable to changes in the credit risk of that liability
which is recognised in other comprehensive income.

The net gain or loss recognised in the Standalone
Statement of Profit and Loss incorporates any interest
paid on the financial liability.

Financial liabilities at amortised cost:

Financial liabilities, including borrowings, are initially
measured at fair value, net of transaction costs.

Financial liabilities are subsequently measured at
amortised cost using the effective interest method, with
interest expense recognised on an effective yield basis.
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 through the expected life of the
financial liability, or (where appropriate) a shorter period,
to the net carrying amount on initial recognition.

(vi) Employee benefits obligations

(a) Short-term obligations

Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within 12 months after the end of the period in
which the employees render the related service are
recognised in respect of employees' services up to
the end of the reporting period and are measured at
the amounts expected to be paid when the liabilities
are settled. Refer note 10(c) for details.

(b) Other long-term employee benefit obligations

The liabilities for earned leave are presented as
current liabilities in the Standalone Balance Sheet
if the entity does not have an unconditional right
to defer settlement for at least twelve months after
the reporting period, regardless of when the actual
settlement is expected to occur. They are therefore
measured as the present value of expected future
payments to be made in respect of services provided
by employees up to the end of the reporting period
using the projected unit credit method. The benefits
are discounted using the market yields at the end
of the reporting period on government bonds that
have terms approximating to the terms of the related
obligation. Remeasurements as a result of experience
adjustments and changes in actuarial assumptions are
recognised in profit or loss. Refer note 11 for details.

(c) Post-employment obligations

The Company operates the following post¬
employment schemes:

* defined benefit plans such as gratuity and

* defined contribution plans such as
provident fund.

Defined contribution plans

The Company pays provident fund contributions to
publicly administered provident funds, employee
state insurance and labour welfare fund as per
local regulations. The Company has no further

payment obligations once the contributions have
been paid. The contributions are accounted for as
defined contribution plans and the contributions
are recognised as employee benefit expense
when they are due.

(vii) Income tax

The income tax expense or credit for the year is the tax
payable on the current period's taxable income based
on the applicable income tax rate adjusted by changes in
deferred tax assets and liabilities attributable to temporary
differences and to unused tax losses.

The current income tax charge is calculated on the basis of
the tax laws enacted or substantively enacted at the end of
the reporting period in the countries where the Company
operates and generates taxable income. Management
periodically evaluates positions taken in tax returns with
respect to situations in which applicable tax regulation is
subject to interpretation. It establishes provisions where
appropriate on the basis of amounts expected to be paid
to the tax authorities.

Deferred income tax is provided in full, using the liability
method, on temporary differences arising between
the tax bases of assets and liabilities and their carrying
amounts in the financial statements. Deferred income
tax is determined using tax rates (and laws) that have
been enacted or substantially enacted by the end of the
reporting period in the countries where the Company
operates and generates taxable income and are expected
to apply when the related deferred income tax asset is
realised or the deferred income tax liability is settled.

Deferred tax assets and liabilities are offset when there
is a legally enforceable right to offset current tax assets
and liabilities and when the deferred tax balances relate
to the same taxation authority. Current tax assets and
tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on
a net basis, or to realise the asset and settle the liability
simultaneously.

Current and deferred tax is recognised in profit or loss,
except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. In this
case, the tax is also recognised in other comprehensive
income or directly in equity, respectively.

(viii) Finance cost

Borrowing costs include interest and other costs incurred
in connection with borrowings. All borrowing costs are
recognised in Standalone Statement of Profit and Loss in
the period in which they are incurred.

(ix) Freight expenses

Incidental expenses relating to freight revenue i.e. freight
expenses are recorded over the period of services
delivered to the fleet owners.

(x) Provisions and contingent liabilities

Provisions: Provisions are recognised when there is a
present legal or constructive obligation 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 of the amount of
the obligation can be made. Provisions are measured at
the best estimate of the expenditure required to settle the
obligation at the standalone balance sheet date.

Contingent Liabilities: Contingent liabilities are disclosed when
there is a possible obligation arising from past events, the
existence of which will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future events
not wholly within the control of the Company or a present
obligation that arises from past events where it is either not
probable that an outflow of resources will be required to
settle or a reliable estimate of the amount cannot be made.

(xi) Lease liabilities

As a lessee:

Assets and liabilities arising from a lease are initially
measured on a present value basis. Lease liabilities include
the net present value of the following lease payments:

* fixed payments (including in-substance fixed
payments), less any lease incentives receivable

* variable lease payments that are based on an index
or a rate, initially measured using the index or rate as
at the commencement date

* amounts expected to be payable by the Company
under residual value guarantees

* the exercise price of a purchase option if the Company
is reasonably certain to exercise that option, and

* payments of penalties for terminating the
lease, if the lease term reflects the Company
exercising that option.

Lease payments to be made under reasonably certain
extension options are also included in the measurement
of the liability.

Lease payments are allocated between principal and
finance cost. The finance cost is charged to Standalone
Statement of Profit and Loss over the lease period so
as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.

(xii) Foreign currency translation

(a) Functional and presentation currency

Items included in the financial statements are
measured using the currency of the primary economic
environment in which the entity operates("the
functional currency"). The financial statements are
presented in Indian Rupee ("INR") which is functional
and presentation currency of the Company.

(b) Transactions and balances

Foreign currency transactions are translated into
the functional currency using the exchange rates
at the dates of transaction. Foreign exchange gains
and losses arising from the settlement of such
transactions and from the translation of monetary
assets and liabilities denominated in foreign
currencies at year end exchange rates are recognised
in the Standalone Statement of Profit and Loss.

Non-monetary items that are measured at fair
value in a foreign currency are translated using the
exchange rates at the date when the fair value was
determined. Translation differences on assets and
liabilities carried at fair-value are reported as part of
the fair value gain or loss.

(xiii) Borrowings

Borrowings are initially recognised at fair value, net of
transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the
proceeds (net of transaction costs) and the redemption
amount is recognised in profit or loss over the period of
the borrowings using the effective interest method. Fees
paid on the establishment of loan facilities are recognised
as transaction costs of the loan to the extent that it is
probable that some or all of the facility will be drawn down.
In this case, the fee is deferred until the draw down occurs.
To the extent there is no evidence that it is probable that
some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and
amortised over the period of the facility to which it relates.

Borrowings are removed from the Standalone Balance
Sheet when the obligation specified in the contract is
discharged, cancelled or expired. The difference between
the carrying amount of a financial liability that has been
extinguished or transferred to another party and the
consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in profit or
loss as other gains/(losses).

Borrowings are classified as current liabilities unless the
Company has an unconditional right to defer settlement
of the liability for at least 12 months after the reporting

40. Additional disclosures as mentioned under Schedule III to the Act (Contd..)

(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 not entered into any transactions with companies struck off under section 248 of the Act or section 560 of
Companies Act, 1956.

(v) Compliance with number of layers of companies

The company has complied with the number of layers prescribed under Sec 2(85) the Act.

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

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

(vii) Utilisation of borrowed funds and share premium

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

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) Registration of charges or satisfaction with Registrar of Companies

The Company does not have any charges or satisfaction, which is yet to be registered with Registrar of Companies (ROC)
beyond the statutory period for the years ended March 31,2025 and March 31,2024, except for one modification, where the
Company is in proces of registering the modification in amount of the charge.

(xi) Title deeds of immovable properties not held in name of the Company

The Company did not own any immovable properties during the year.

(xii) Audit Trail and Back-up

The Company has used an accounting software for maintaining its books of account, which has a feature of recording audit
trail (edit log) facility and that has operated throughtout the year for certain books of account at the application level. The
feature of recording audit trail was not enabled for certain other books of account at the appication level. Further, the feature
of recording audit trail was not enabled at the database level for all books of account maintained on this accounting software
to log any direct data changes throughout the year.

40. Additional disclosures as mentioned under Schedule III to the Act (Contd..)

In respect of another accounting software which has a feature of recording audit trail (edit log) facility:

(a) For certain books of account, it has operated throughout the year;

(b) For certain books of account it has operated from April 15, 2024/ April 16, 2024;

(c) For certain books of account it has not operated throughout the year.

(d) For books of account where audit trail has operated, the edit log does not capture old values.

The backup of books of account and other books and papers maintained in electronic mode:

(a) is maintained in India and on a daily basis throughout the year for certain books of accounts and other books and papers

(b) is maintained in India and on a daily basis from June 13, 2024 for certain books of accounts and other books and papers

(c) is maintained on a daily basis outside India

(d) is maintained on a third party system for which the Company has not received service organisation auditor's report.

(xiii) Utilisation of borrowings availed from banks and financial institutions

The borrowings obtained by the Company from banks and financial institutions have been applied for the purposes for which
such loans were taken.

(xiv) Core investment companies (CIC)

The Company does not have any CICs which are registered/ required to be registered with the Reserve Bank of India.

(xv) The Company has not incurred cash losses in the current financial year. However the Company has incurred cash losses of
H167.47 million in the immediately preceding financial year. The Company has adjusted depreciation and amortisation expense
and employee shared-based payment expense to arrive at the amount.

For Price Waterhouse Chartered Accountants LLP For and on behalf of Board of Directors
Firm Registration Number: 012754N/N500016

Amit Kumar Agrawal Rajesh Kumar Naidu Yabaji Chanakya Hridaya

Partner Chairman, Managing Director and Executive Director and Chief

Chief Executive Officer Operating Officer

Membership Number: 064311 DIN: 07096048 DIN: 07151464

Place: Bengaluru Place: Bengaluru Place: Bengaluru

Date: May 27, 2025 Date: May 27, 2025 Date: May 27, 2025

Satyakam G N Barun Pandey

Chief Financial officer Company Secretary

Membership Number: A39508

Place: Bengaluru Place: Bengaluru

Date: May 27, 2025 Date: May 27, 2025