4.20. Provisions

Provisions are recognised when the
Company has 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. When the Company expects some

or all of a provision to be reimbursed, the
reimbursement is recognised as a separate
asset, but only when the reimbursement is
virtually certain. The expense relating to a
provision is presented in the statement of
profit or loss net of any reimbursement.

If the effect of the time value of money is
material, provisions are discounted using
a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability.
When discounting is used, the increase in
the provision due to the passage of time is
recognised as a finance cost.

Contingencies

Provision in respect of contingencies relating
to claims, litigation, assessment, fines,
penalties etc. are recognised when it is
probable that a liability has been incurred and
the amount can be estimated reliably.

Contingent liabilities and contingent assets:

A contingent liability exists when there is
a possible but not probable obligation, or a
present obligation that may, but probably
will not, require an outflow of resources, or
a present obligation whose amount cannot

be estimated reliably. Contingent liabilities
do not warrant provisions, but are disclosed
unless the possibility of outflow of resources
is remote. Contingent assets are neither
recognised nor disclosed in the financial
statements. However, contingent assets
are assessed continually and if it is virtually
certain that an inflow of economic benefits
will arise, the asset and related income are
recognised in the period in which the change
occurs.

4.21. Recent pronouncements

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, relevant 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.

Goodwill arising on Amalgamation

Goodwill represents the value arising on amalgamation of Avenues (India) Private Limited.

Goodwill is tested for impairment on annual basis and whenever there is an indication that the recoverable amount
is less than its carrying amount based on a number of factors including business plan, operating results, future cash
flows and economic conditions. The recoverable amount is determined based on higher of value in use and fair value
less cost to sell.

The Company uses discounted cash flows method to determine the recoverable amount. These discounted cash
flow calculations use five-year projections that are based on financial forecasts with terminal growth rate of 4 %
and discount rate (post-tax) of 15.36%. Cash flow projections take into account past experience and represent
managements's best estimate about future developments. Management determined budgeted gross margin based
on past performance and its expectations of market development. The calculations performed indicate that there is
no impairment of Goodwill of the company.

10.8. Dividend distribution made and proposed

The final dividend on shares is recorded as a liability on the date of approval by the shareholders. Interim dividends
are recorded as a liability on the date of declaration by the Company's Board. Income tax consequences of dividends
on financial instruments classified as equity will be recognized according to where the entity originally recognized
those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian Rupees. Companies are required to pay / distribute dividend
after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign
exchange and is also subject to withholding tax at applicable rates.

General reserve

General Reserve is created out of the profits earned by the Company by way of transfer from surplus in the Statement
of Profit and Loss as also on account of lapse of employee stock options. The Company can use this reserve for
payment of dividend and issue of fully paid-up bonus shares.

Securities premium

Where the Company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate
amount of the premium received on those shares shall be transferred to "Securities Premium". The Company may
issue fully paid-up bonus shares to its members out of the Securities Premium and the Company can use this
reserve for buy-back of shares

Employees Stock Options Outstanding

The share based option outstanding account is used to recognise the grant date fair value of options issued to
employees under group's employee stock option schemes.

Money received against share warrants

The Board of Directors in its meeting held on August 25, 2022 and the Shareholders in their meeting held on
September 23, 2022 approved issue of 9,50,00,000 Fully Covertible Warrants on Preferential Issue basis to Vybe
Ventures LLP (Other than Promoter & Promoter Group) at an issue price of ? 17/- (including premium of ? 16/- each)
per warrant. The said Warrants were allotted during FY 2022-23 upon receipt of ? 403.75 millions (being 25% of
the total consideration) as upfront payment. During the FY 2023-24, the said warrants were converted into equity
shares upon receipt of balance consideration.

Retained earnings

Retained Earnings are profits that the Company has earned till date less dividend or other distribution or transaction
with shareholders.

The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax
assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied
by the same tax authority.

In assessing the realizability of deferred income tax assets, management considers whether some portion or all
of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is
dependent upon the generation of future taxable income during the periods in which the temporary differences
become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected
future taxable income, and tax planning strategies in making this assessment. Based on the level of historical taxable
income and projections for future taxable income over the periods in which the deferred income tax assets are
deductible, management believes that the Company will realize the benefits of those deductible differences. The
amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if
estimates of future taxable income during the carry forward period are reduced.

Note 25 : Disclosure pursuant to Employee benefits

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of
qualifying employees towards provident fund and employee state insurance, which is a defined contribution plan.
The Company has no obligations other than to make the specified contributions. The contribution is charged to
the Statement of profit and loss as they accrue. The amount recognised as an expense towards contribution to
provident fund and other funds for the year are as follows:

ii. Market Risk (Interest Rate)

Market risk is a collective term for risks that are related to the changes and fluctuations of the financial
markets. The discount rate reflects the time value of money. An increase in discount rate leads to decrease
in Defined Benefit Obligation of the plan benefits & vice versa. This assumption depends on the yields on the
corporate/government bonds and hence the valuation of liability is exposed to fluctuations in the yields as at
the valuation date.

iii. Liquidity Risk

Employees with high salaries and long durations or those higher in hierarchy,accumulate significant level of
benefits.If some of such employees resign/retire from the company there can be strain on the cashflows.

iv. Actuarial Risk

a. Salary Increase Assumption

Actual Salary increases that are higher than the assumed salary escalation, will result in increase to the
Obligation at a rate that is higher than expected.

b. Attrition/Withdrawal Assumption

If actual withdrawal rates are higher than assumed withdrawal rates, the benefits will be paid earlier than
expected. Similarly if the actual withdrawal rates are lower than assumed, the benefits will be paid later
than expected. The impact of this will depend on the demography of the company and the financials
assumptions.

v. Regulatory Risk

Any Changes to the current Regulations by the Government, will increase (in most cases) or Decrease the
obligation which is not anticipated. Sometimes, the increase is many fold which will impact the financials quite
significantly.

Note 28: Share based payments
Employee stock option (ESOP) scheme (2013-14):

The scheme has been adopted by the Board of Directors pursuant to resolution passed at its meeting held on
February 17, 2013, read with Special Resolution passed by shareholder of the company at the extra ordinary general
meeting held on March 30, 2013. The plan entitles senior employees to purchase shares in the Company at the
stipulated exercise price, subject to compliance with vesting conditions. All exercised options shall be settled in
demat mode. As per the plan, holders of vested options are entitled to purchase one equity share for every option
at an exercise price of Re 1 which is 93% to 98% below the market price at the date of grant.

Employee stock option (ESOP) scheme (2014-15)

The scheme has been adopted by the Board of Directors pursuant to resolution passed at its meeting held on
February 27, 2014, read with Special Resolution passed by shareholder of the company at the extra ordinary general
meeting held on March 31, 2014. The plan entitles senior employees to purchase shares in the Company at the
stipulated exercise price, subject to compliance with vesting conditions. All exercised options shall be settled in
demat mode. As per the plan, holders of vested options are entitled to purchase one equity share for every option
at an exercise price of Re 1 which is 93% to 98% below the market price at the date of grant.

Employee Stock Appreciation Rights (SAR)

Pursuant to the resolution passed by the Board of Directors of the Company, at its meeting held on July 13, 2017 and
the special resolution passed by the Members of the Company on August 11, 2017, the Infibeam Stock Appreciation
Rights Scheme 2017 ("SAR Scheme 2017") was approved in accordance with the provisions of SEBI (SBEB)
Regulations, having face value of ? 1.00 each. The Company has created "Infibeam Employees Welfare Fund" ("IEW
Trust") by way of a trust on September 5, 2017 which will be involved in the execution of Infibeam Stock Appreciation
Rights Scheme 2017 (SAR). Barclays Wealth Trustees (India) Private Limited (Barclays) are appointed as trustees
of the same. Each SAR shall confer the right to the eligible employee to receive appreciation (cash settled / equity
settled) with respect to the underlying Equity Share on the entitled shares after it has been exercised in accordance
with terms of the Scheme.

(a) Treasury shares

Upon consolidation, the investment in the Parent Company's equity shares made by IEW Trust is debited to the
Group's equity as treasury shares amounting to ? 413.51 million as at March 31, 2025 (previous year: ? 413.51
million).

(b) Dividend Income

The dividend income of the Trust is debited to the Group's retained earning amounting to ? 0.62 million as at
March 31, 2025 (previous year: ? 0.62 million) (shown as deduction from dividend paid).

(c) Other Non Current Financial Assets and other income

Loan advanced to the Trust is eliminated on consolidation amounting to ? 420.75 million as at March 31, 2025
(previous year: ? 420.75 million) forming a part of current loans.

(d) Interest Expenses

Due to significant difference in the purchase price of the shares accquired and prevailing market price of
the share, the Group foresees inability of the IEW Trust to service its loan obligations and interest payment
temporirly. Accordingly the Group has reduced the interest on loan to zero.

Note 30: Segment reporting

"Based on the "management approach" as defined in Ind AS-108 - ""Operating Segments"" and evaluation by the
Chief Operating Decision Maker, the Company operates in two business segments:

(1) Payment Business includes Payment Gateway business with CC Avenue business brand and payment
infrastructure including CPGS towards banks, and Credit & Lending related business and

(2) E-Commerce Platform Business includes robust software framework and infrastructure designed to support
e-commerce for large enterprises, along with related services such as advertising and infrastructure
rental solutions.

Segment assets and liabilities:

Segment information is prepared in conformity with the accounting policies adopted for preparing and presenting
the standalone financial statements of the Company as a whole. Segment assets include all operating assets used
by a segment and principally consists of operating cash, trade receivables, other assets and fixed assets, net of
allowances and provisions which are reported as direct offsets in the balance sheet. While most such assets can
be directly attributed to individual segments, the carrying amount of certain assets used jointly by two segments
is allocated to the segments on a reasonable basis. Segment liabilities include all operating liabilities and consist
principally of trade payables, other liabilities and accrued liabilities. Segment assets and liabilities do not include
those relating to income taxes.

Segment Expense:

Segment expense comprises the expense resulting from the operating activities of a segment that is directly

this operations include management of cash resources, borrowing strategies, and ensuring compliance
with market risk limits and policies.

The Company's risk management policies are established to identify and analyse the risks faced by the
Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk
management policies and systems are reviewed regularly to reflect changes in market conditions and
the Company's activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand
their roles and obligations.

The audit committee oversees how management monitors compliance with the company's risk
management policies and procedures, and reviews the adequacy of the risk management framework in
relation to the risks faced by the Company.

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 and investments in debt securities. The carrying amount of following financial assets
represents the maximum credit exposure.

Financial Instruments and Cash Deposits

The credit risk from balances/deposits with Banks, current investments and other financial assets are
managed in accordance with company's policy. Investment of surplus funds are primarily made in Liquid/
Short Term Plan of Mutual Funds and in Bank Deposits which carry a high external rating.

Trade receivables

Trade receivables of the company are typically unsecured. Credit risk is managed through credit
approvals and periodic monitoring of the creditworthiness of customers to which company grants credit
terms in the normal course of business. The allowance for impairment of Trade receivables is created to
the extent and as and when required, based upon the expected collectability of accounts receivables.

The above receivables which are past due but not impaired are assessed on individual case to case basis and relate
to a number of independent third party customers from whom there is no recent history of default. These financial
assets were not impaired as there had not been a significant change in credit quality and the amounts were still
considered recoverable based on the nature of the activity of the customer portfolio to which they belong and the
type of customers. There are no other classes of financial assets that are past due but not impaired except for Trade
receivables as at March 31, 2025 and March 31, 2024.

iii. Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and
collateral obligations without incurring unacceptable losses. The Company's objective is to, at all times
maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company closely
monitors its liquidity position and deploys a robust cash management system.

The table below summarises the maturity profile of the Company's financial liabilities based on contractual
undiscounted payments:

(a) 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. Financial instruments affected by market risk include loans and
borrowings, deposits.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate
because of changes in foreign exchange rates. The Company transacts business in local currency and
in foreign currency, primarily in USD, AED, SAR,OMR. The Company has foreign currency trade payables
and receivables and is, therefore, exposed to foreign exchange risk. The Company does not use any
derivative instruments to hedge its risks associated with foreign currency fluctuations.

Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD, AED, SAR
and OMR rates to the functional currency of the Company, with all other variables held constant. The
Company's exposure to foreign currency changes for all other currencies is not material. The impact on
the Company's profit before tax is due to changes in the fair value of monetary assets and liabilities.

Equity price sensitivity analysis

If prices of quoted equity securities had been 5% higher / (lower), the effect on Profit before tax for the
year ended March 31, 2025 and 2024 would increase / (decrease) by ? 18.59 million and ? 12.63 million
respectively.

If prices of quoted equity securities had been 5% higher / (lower), the effect on OCI for the year ended
March 31, 2025 and 2024 would increase / (decrease) by ? Nil and ? 2.92 million respectively.

Note 34 : 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 ensure that it maintains an efficient capital structure in order to support its business and maximise
shareholder value.

The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions
or its business requirements. To maintain or adjust the capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a
gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest
bearing loans and borrowings less cash and short-term deposits (including other bank balance).

Note 35 : Dues to micro, small and medium suppliers

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated August 26, 2008
which recommends that the Micro 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 MSMED 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 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 not received any claim for interest from any supplier as at the balance-sheet date.

On basis of information and records available with the Company, the above disclosures are made in respect of
amount due to the micro, small and medium enterprises, which have been registered with the relevant competent
authorities. The above information takes into account only those suppliers who have submitted their registration
details or has responded to the inquiries made by the Company for this purpose.

Note 36 : Additional Regulatory Information

A There are no proceedings that have been initiated or pending against the Company for holding any benami
property under the Prohibition of Benami Property Transactions Act, 1988 (as amended from time to time)
(earlier Benami Transactions (Prohibition) Act, 1988) and the rules made thereunder.

B The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

C The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act

read with Companies (Restriction on number of Layers) Rules, 2017, and there are no companies beyond the
specified layers.

D Utilisation of Borrowed funds and share premium;

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

The Company has not received any fund from any person(s) or entity(ies), including foreign entities ("Funding
Party") with the understanding (whether recorded in writing or otherwise) that the company shall (i) directly
or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries); or (ii) provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

E Undisclosed Income : The Company do not have any transaction not recorded in the books of accounts that
has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax
Act, 1961 (such as, search or survey or any other relevant provisions of the Income-tax Act, 1961). Further,
there was no previously unrecorded income and no additional assets were required to be recorded in the
books of account during the year.

F Details of Crypto Currency or Virtual Currency : The Company has neither traded nor invested in Crypto
currency or Virtual Currency during the financial year ended March 31, 2025 & year ended March 31,2024.
Further, the Company has also not received any deposits or advances from any person for the purpose of
trading or investing in Crypto Currency or Virtual Currency.

J Disclosures pursuant to regulation 34 (3) of the Securities and Exchange Board of India (Listing Obligations

and Disclosure Requirements) regulations, 2015 and section 186 of the Companies Act, 2013.

i) Investment in Non convertible Debentures - Unquoted (note 7(C))

Surplus funds had been invested with corporate (un-related party) during FY 2023-24. It was repayable
within 2 years and carried interest rate of 8.00% p.a. Maximum balance outstanding during the year is Nil
(Previous year : ? 750 million)

ii) Inter-corporate Deposit (note 7)

Surplus funds have been invested with corporate (un-related party). It is repayable upon 1 year or such
other date mutually agreed and carries interest rate of 8.25% p.a. Maximum balance outstanding during
the year is ? 1050 million (Previous year : ? 750 million)

The Company maintains escrow account with ICICI Bank and HDFC Bank. The escrow accounts are operated as
per RBI guidelines pertaining to settlement of payment for electronic payment transactions for payment gateway
business. The balance in the escrow accounts represents money collected from customers on transaction undertaken
and is used for settling of dues to various merchants as per RBI guidelines.

Receivable for settlement of transactions:

The balance in receivable for settlement of transaction represents the amount pending to be received from pooling
bank account and payment gateway for successful online transaction completed by the customer of the merchant
into the escrow accounts. These amounts once collected in escrow account will be utilized for payment to the
merchants.

Payable for settlement of transactions:

The balance in payable for settlement of transaction represents the amount pending to be paid to merchant for
successful online transaction completed by the customer of the merchant. The amount for the escrow accounts
are transferred to the merchant designated bank account as per RBI guidelines, after deducting applicable charges.

Note 38 : The Company's transactions with associated enterprises are at arm's length. Management believes that
company's domestic transactions with associated enterprises post March 31, 2025 continue to be at arm's length
and that the transfer pricing legislation will not have any impact on the financial statements particularly on the
amount of the tax expense for the year and the amount of the provision for the taxation at the period end.

Digital Payments and Checkout Web Services

It comprises revenue from providing complete, simple and secure online payment gateway and checkout
web services, with a real-time Credit Card, Debit Card, Net Banking, Digital and Mobile Wallet including UPI
Payments, Recharge, Cash Card and Mobile Payment transaction validation process and platforms. This
enables eCommerce websites to sell products and services online, and accept payments in real time.

E-Commerce Related Web Services

These primarily include a comprehensive suite of E-Commerce related web services including technical
analysis and testing of software web services, digital advertising, and infrastructure related services.

ii) Refer note 30 for disaggregation of revenue by geographical segments

iii) The Company believes that this disaggregation best depicts how the nature, amount, timing of its
revenues and cash flows are affected by industry, market and other economic factors.

b) Transaction price allocated to remaining performance obligation

The aggregate value of performance obligations that are completely or partially unsatisfied as of March
31, 2025 is ? 12.69 million (March 31, 2024 is ? 14.82 million*) which is expected to be recognize as
revenue within the next one or more than one year. Remaining performance obligation estimates are
subject to change and are affected by several factors, including changes in the scope of contracts,
periodic revalidations, and adjustments for currency.

The Hon'ble National Company Law Tribunal, Ahmedabad Bench, vide its order dated August 29, 2024, sanctioned the
Composite Scheme of Arrangement amongst Infibeam Avenues Limited ('Infibeam'), Odigma Consultancy Solutions
Limited ('Odigma'),Infibeam Projects Management Private Limited ('IPMPL') and their respective shareholders and
creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ('Scheme') leading
to demerger of Global Top Level Domain (GTLD) Undertaking from Infibeam to Odigma and transfer of the Project
Management Undertaking as a going concern on slump sale basis. The Scheme became effective upon filing of
certified copy of the order with the Registrar of Companies (RoC) on September 14, 2024. The Appointed Date for
the Composite Scheme of Arrangement was April 1, 2023 and the Record Date was set as September 11, 2024 for
the purpose of determining the shareholders for issuance of Equity Shares.

Demerger of Global Top Level Domain(gTLD) Undertaking :

In accordance with the provisions of the aforesaid scheme, upon the coming into effect of this Scheme and in
consideration of the transfer and vesting of the Global Top Level Domain(gTLD) Undertaking into Odigma pursuant
to the provisions of this Scheme, Odigma has, without any further act or deed, to issue and allot to each equity
shareholder of lnfibeam, whose name is recorded in the register of members and records of the depositories as
members of Infibeam, on the Record Date in the following ratio:

1 (One) equity share of ? 1/- (Rupee One Only) each of Odigma credited as fully paid-up for every 89 (Eighty Nine)
equity shares of ? 1/- (Rupee One Only) each held by such equity shareholder in Infibeam.Further,as per the Order,
Equity Shares issued to Infibeam Avenues Limited comprising of 43,90,400 shares of ? 1 each stand cancelled.

In accordance with the scheme, the demerger ofgTLD undertaking has been accounted as prescribed by Ind AS 103
"Business Combinations"considering it as an adjusting event.

Accordingly, the accounting treatment has been given as under:

All the assets and liabilities of gTLD undertaking as at 1 April 2023 have been transferred at their book values from
the financial statements of the Company and the net assets value have been adjusted against Capital Reserves and
Retained earnings under Other Equity.

Further, the gTLD Undertaking has been disclosed as discontinued operations and financial results of FY 2022¬
23 and FY 2023-24 presented have been restated accordingly, to disclose the results of demerged undertakings
separately from the Company's continuing business operations.

Slump sale of Project Management Undertaking:

In accordance with the provisions of the aforesaid scheme, upon the coming into effect of this Scheme and in
consideration of the transfer and vesting, of the Project Management Undertaking into Infibeam Projects management
private limited , IPMPL shall pay consideration equal to the Net worth of the Project Management undertaking.
IPMPL shall pay the consideration by way of issuance and allotment to the Infibeam Avenues Limited 55,78,114
equity shares of face value of INR 10 each at share premium of INR 203 as fully paid up.

In accordance with the scheme, the slump sale of Project Management undertaking has been accounted as
prescribed by Ind AS 103 "Business Combinations"considering it as an adjusting event.

Accordingly, the accounting treatment has been given as under:

All the assets and liabilities of Project Management undertaking as at 1 April 2023 have been transferred at their
book values from the financial statements of the Company.

Further, the Project Management Undertaking have been disclosed as discontinued operations and financial results
of FY 2022-23 and FY 2023-24 presented have been restated accordingly, to disclose the results of slump sale of
Project Management undertakings separately from the Company's continuing business operations.

In view of demerger of gTLD undertaking and Project management undertaking as well as Odigma ceased
to be Subsidiary, the previous year's figures were restated to give the impact of scheme of arrangement as
mentioned above and as a result, the profit before tax was higher by ? 59.88 Million, Profit after tax was higher by
? 44.20 Million and Total Comprehensive income was higher by ? 44.19 Million for the year ended 31 March 2024.
Consequently,the earnings per share (EPS)(Basic and diluted) was higher by ? 0.02 per share for the year ended 31
March 2024.

As per our report of even date

For Shah & Taparia For and on behalf of the Board of Directors of

Chartered Accountants Infibeam Avenues Limited

ICAI Firm Registration No. 109463W ^{CIN: L64203GJ2010PLC061366}

Ramesh Joshi Vishal Mehta Vishwas Patel

Partner Chairman & Managing Director Joint Managing Director

Membership No.: 033594 DIN: 03093563 DIN: 00934823

Gandhinagar Gandhinagar Gandhinagar

Date: May 26, 2025 Date: May 26, 2025 Date: May 26, 2025

Sunil Bhagat Shyamal Trivedi

Chief Financial Officer Sr. Vice President and

Gandhinagar Company Secretary

Date: May 26, 2025 Gandhinagar

Date: May 26, 2025