2.9 Provisions and expenses

A provision is recognised when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of
economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Provisions (excluding retirement benefits and compensated absences) are determined at present value based on best estimate required to settle the
obligation at the balance sheet date. These are reviewed at each balance sheet date adjusted to reflect the current best estimates.

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 the obligation or a reliable estimate of the amount cannot
be made.

2.10 Income taxes

Income tax comprises of current tax and deferred tax.

(a) Current Tax

Current income tax for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on
the taxable profit for the period. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted by the reporting
date and applicable for the period. The Company offsets current tax assets and current tax liabilities where it has a legally enforceable right to set off the
recognized amounts and where it intends either to settle on a net basis, or to realise the asset and liability simultaneously.

(b) Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Balance Sheet and their tax bases. Deferred
tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences and incurred
tax losses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such
deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or initial recognition of assets
and liabilities(other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit.

The Company recognises deferred tax liabilities for all taxable temporary differences except those associated with the investments in subsidiaries where the
timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised,
based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.

3 Recent accounting 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. There are no standards of accounting or any addendum thereto, prescribed by Ministry of Corporate Affairs under section 133 of the
Companies Act, 2013, which are issued and not effective as at 31 March 2025.

(B) Rights, Preferences and restrictions attached to the equity shares:

The Company has only one class of equity shares having par value of INR10 per share. Each shareholder is entitled to one vote per share held. The Company
declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.

During the year ended 31 March 2025, the amount of per share dividend recognized as distributions to equity shareholders was Nil (previous year: Nil).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Subsequent to 31 March 2024, the Board of Directors of Company has passed a resolution on 3 May 2024 and approved the issue of bonus equity shares in its
meeting which was further approved by shareholders in the meeting held on 24 May 2024 in the ratio of 1 equity shares of INR 10 each for every 3 equity share of
INR 10 each by capitalization of such sum standing to the credit of free reserves of the Company.

Pursuant to the provisions of section 123 of the Companies Act, 2013, provisions of the Income Tax Act, 1961 as well as other applicable provisions, Board of
Directors passed a resolution at its meeting held on 3 May 2024 approving payment of interim dividend of INR 1 per equity share for shareholders as of the record
date i.e.28 May 2024.

16.2 Current Borrowings

a. Cash credit facility (Secured)

The Company had availed cash credit facility from Union bank of India amounting to INR 2,500 lakhs. This loan is secured against Fixed deposit amounting
1,275 lakhs . The Company had taken cash credit facility for the purpose of Business purpose. The Holding Company has used such borrowings for the purpose
as mentioned in the loan agreement.

b. Cash credit facility (Secured)

The Company had availed cash credit facility from ICICI bank amounting to INR 3,000 lakhs. This loan is secured against the Land and Building of1101/ 02,
11th floor,Vikas Centre, CG Rd,Near Basant Theatre,Vasa, vihar complex,Chembur, Mumbai,MAHARASHTRA, India,400074. The Company had taken cash
credit facility for the purpose of Working Capital Management. The Company has used such borrowings for the purpose as mentioned in the loan agreement.

c. Cash credit (Secured)

The Company had availed cash credit facility from ICICI bank amounting to INR 3,000 lakhs. This loan is secured against the fixed deposit. The Company had
taken cash credit facility for the purpose of working capital management. The Company has used such borrowings for the purpose as mentioned in the loan
agreement.

21 Leases - IND AS 116

The Company has lease contracts for Office Premises used in its operations. Lease terms generally ranges between 1 and 5 years.

The Company assesses, whether the contract is, or contains, a lease at the inception of the contract or upon the modification 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.

29 Earnings per share (EPS)

Basic earnings per share amounts are calculated by dividing the profit/loss for the year attributable to equity holders by the weighted
average number of equity shares outstanding during the year.

Diluted earnings per share amounts are calculated by dividing the profit/loss attributable to equity holders by the weighted average
number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on
conversion of all the dilutive potential equity shares into equity shares.

*The Board of Directors at its meeting held on 3 May, 2024 has approved issue of bonus equity shares, in the proportion of 1:3, i.e. 1
(one) bonus equity share for every 3 (three) fully paid-up equity shares held as on record date, which are approved by shareholder at
the Extraordinary General Meeting (EOGM) held on 24 May 2024. Consequent to this bonus issue, the number of ordinary shares
outstanding has been increased by number of shares issued as bonus shares in current year and the number of ordinary shares
outstanding for the comparative year has been presented as if the event had occurred at the beginning of the earliest year presented.

**Stock options granted to the employees under the ESOP 2022 scheme are considered to be potential equity shares. The same is
considered in the determination of diluted earnings per share to the extent that they are that they are not anti-dilutive. The shares
vested during the year ended 31 March 2025 are anti-dilutive in nature and hence, not considered for the calculation of diluted earning
per share.

Note:

(i) The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period,
while holding all other assumptions constant. The sensitivity analysis presented above may not be representative of the actual change in the Defined Benefit
Obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore,
in presenting the above sensitivity analysis, the present value of the Defined Benefit Obligation has been calculated using the projected unit credit method at
the end of the reporting period, which is the same method as applied in calculating the Defined Benefit Obligation as recognised in the balance sheet.

(ii) There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

(B) Compensated absences

The obligation for compensated absences as at year end amounts to INR 11.28 lakhs (31 March 2024: INR 10.28 lakhs)

b. M/s Bennet, Coleman and Co. Ltd. (“Plaintiff”) has filed a civil suit bearing number 510 of 2023 against the Company and certain
individuals (collectively, the “Defendants”) before the High Court of Judicature at Bombay under sections 43(a) and 43(b) of the
Information Technology Act, 2000, as amended, seeking (i) damages by way of compensation aggregating to INR 717.50 lakhs at the rate
of 21% per annum from the date of filing of the suit till the actual date of payment to the Plaintiff for unauthorized access and data
theft from the Plaintiff’s computer system and (ii) grant of injunction against the Defendants from the use or access to the said data. In
addition, the Plaintiff has also filed an interim application dated 17 July 2023 to restrain the Defendants by an order of injunction from
accessing and transferring in any manner the confidential information from the computer systems of the Plaintiff and the Defendants
filed an written statement on 9 November 2023 rejecting the claims of the Plaintiff seeking dismissal of the matter. The matter was
subsequently transferred to the Court of Additional Sessions Judge, City Civil Court, Mumbai and is currently pending. As neither the
plaintiff nor the defendant appeared for the hearing scheduled on 20th August 2024, the matter has been adjourned to 3rd December
2024.

Currently, the hearing is in progress and the next date of hearing is scheduled on 25th September 2025.

B Commitments

There are no Commitments existing as on 31 March 2025 & 31 March 2024.

d) Terms and conditions:

(i) All transaction were made on normal commercial terms and conditions and at market rates.

(ii) All outstanding balances are unsecured and repayable in cash.

33 Segment reporting

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to transactions with any of the Company’s other components, and for which
discrete financial information is available.The Company has determined its business segment as "Education Program Services" which
includes two business verticals, namely Student Enrolment Services and Program Management Services. Operating segment's results
are reviewed regularly by the Company’s Managing Director and CEO to make decisions about resources to be allocated to the
segments and assess their performance.

The Chief Operating Decision Maker ("CODM") which is Board of Directors evaluates the Company’s performance and allocates
resources based on an analysis of various performance indicators at operational unit level. Since the Company's business is from
single business reporting segment, there are no other primary reportable segments. Thus, the segment revenue, segment results,
total carrying amount of segment assets, total carrying amount of segment liabilities, total cost incurred to acquire segment assets,
total amount of charge for depreciation during the year is as reflected in the Financial Statement.

The Company's customers are domiciled in India and also the non-current assets are situated in India. Thus, the geographical segment
disclosures of the Company are not given.

As per Section 135 of the Companies Act, 2013, during the year, Company is required to comply with the CSR requirements which is
formation of the CSR committee, identification of the CSR projects and funding such projects for at least two percent of the average
net profits of the Company made during the three immediately preceding financial years The Company has initiated the process for
meeting these compliance requirements and made a donation towards Global Education Trust. The purpose of the trust is to provide
upliftment of education sector and providing employment opportunities.

C Fair value hierarchy

The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either
Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable

As per Ind AS 107 "Financial Instrument: Disclosure", fair value disclosures are not required when the carrying amounts reasonably
' ' approximate the fair value. Accordingly fair value disclosures have not been made for the following financial instruments:-

1. Trade Receivables

2. Cash and Cash Equivalents

3. Other Bank Balances

4. Loans

5. Other Financials Assets

6. Borrowings

7. Lease Liabilities

8. Trade Payables

9. Other Financial Liabilities

In the course of its business, the Company is exposed primarily to liquidity risk, interest rate fluctuation risk, credit risk and foreign exchange fluctuation risk.
A Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by
delivering cash or another financial asset. The Company’s approach to managing liquidity risk is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under normal and stressed conditions, without incurring unacceptable losses or risking damage to itsreputation.
Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses and service financial obligations.

B 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 three types of risk: Foreign currency risk, interest rate risk and credit risk. The details are given below :

(i) Interest Rate Risk

The Company’s exposure to interest rate risk arises from borrowings which have a floating rate of interest, which is MCLR.The risk is managed by the Company
by maintaining an appropriate mix of fixed and floating rate borrowings. The costs of floating rate borrowings may be affected by the fluctuations in the
interest rates.

(ii) Credit Risk

Credit risk arises from the possibility that customers may not be able to settle their obligations as agreed. Trade receivables are typically unsecured and are
derived from revenue earned from customers located in India. Credit risk is managed through periodic assessment of the financial reliability of customers,
taking into account the financial condition, current economic trends, analysis of historical bad debts and ageing of trade receivables. Other financial
instruments that are subject to credit risk includes cash and cash equivalents, bank deposits, loans and security deposits.

The maximum exposure to credit risk at the reporting date is primarily from trade receivables which amounted to INR 3,621.78 and INR 1,169.10 lakhs as at
31 March 2025 and 31 March 2024 respectively. The Company provides impairment allowance using the ECL model on trade receivables by following simplified
approach. An impairment analysis is performed at each reporting date on an individual customer basis.

The credit risk on cash and cash equivalents and bank deposits is limited because the counterparties are banks with high credit ratings.

The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent
losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other
factors.

The Company does a credibility check on the landlords before taking any property on lease and hasn’t had a single instance of non-refund of security deposit
on vacating the leased property. The Company also in some cases ensure that the notice period rentals are adjusted against the security deposits and only
differential, if any, is paid out thereby further mitigating the non-realization risk.

37 Capital management policies and procedures

The Company's capital comprises equity share capital, securities premium and all other equity reserves
attributable to the equity holders.

The Company's objectives when managing capital are to :

- safeguard their ability to continue as a going concern, so that they can continue to provide returns for
shareholders and benefits for other stakeholders, and

- maintain an optimal capital structure to reduce the cost of capital.

The Company monitors capital using a ratio of ‘adjusted net debt’ to ‘equity’. For this purpose, adjusted net
debt is defined as total borrowings less cash and bank balances. Total equity comprises all components of
equity.

No changes were made in the objectives, policies or processes for managing capital of the Company during the
current year and previous years.

The ComDany’s adjusted net debt to equity ratio was as follows:

40 Additional regulatory information

i. Title deeds of Immovable Properties not held in name of the Company

There are no immovable properties held by the Company.

ii. Details of loans given, investment made and guarantee given covered u/s 186(4) of the Companies Act, 2013

There are no loans given, investment made and guarantee given by the Company u/s 186(4) of the Companies Act, 2013

iii. Utilisation of Borrowed funds

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or
in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).

The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or
invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.

iv. Revaluation of property, plant and equipment (including right-of-use assets) and intangible assets

The Company has not revalued its property, Plant and Equipment (including Right of use Assets), thus valuation by a registered valuer as defined under rule 2 of
the Companies (Registered Valuers and Valuation) Rules, 2017 is not applicable.

The Company does not have any Intangible Assets, thus, disclosures relating to revaluation of Intangible Assets is not applicable.

v. Details of benami property held

The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

vi. Wilful Defaulter

The Company has neither defaulted nor been declared wilful defaulter by any bank or financial institution or other lender.

vii. Quarterly Returns

Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of account.

viii. Relationship with struck off companies

The Company does not have any transactions with the Companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act,
1956.

ix. Registration of charges or satisfaction with Registrar of Companies (ROC)

The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

x. Compliance with number of layers of companies

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

xi Compliance with approved Scheme(s) of Arrangements

The Company has not entered into any scheme of arrangements as approved by the competent authority in terms of Section 230 to 237 of the Companies Act,
2013, thus, the disclosures relating to compliance with approved scheme of arrangements is not applicable to the Company.

xii Undisclosed income

The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered or disclosed as income during the
year (previous year) in the tax assessments under the Income Tax Act, 1961.

xiii 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.

41 Susequent Event

No Significant Subsequent events have been observed which may require an adjustments to the financial statements.

42 Daily backup note

The Company has used an accounting software for maintaining its books of account. The accounting software has daily backup scheduler activated in the system
which keeps records of daily backups of last 15 days. However the logs of daily backup for the period beginning 1 April 2024 and ending on 31 March 2025 is not
available with the Company.

43 Previous year figures have been regrouped/ reclassified to confirm presentation as per Ind AS and as required by Schedule III of the Act.

44 These financial statements have been approved for issue by the board of directors at its meeting held on 21 August 2025.

As per our report of even date attached

For M S K A & Associates For and on behalf of the Board of Directors

Chartered Accountants Jaro Institute of Technology Management and Research Limited

ICAI Firm Registration No: 105047W CIN: U80301MH2009PLC193957

Bhavik L. Shah Sanjay Salunkhe Ranjita Raman Sankesh Mophe Ms. Kirtika Chauhan

Partner Managing Director Director & CEO Chief Financial Officer Company Secretary

Membership No: 122071 DIN-01900632 DIN-07132904 Membership Number: A65797

Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai

Date: 21 August 2025 Date: 21 August 2025 Date: 21 August 2025 Date: 21 August 2025 Date: 21 August 2025