Indegene Ltd. ಖಾತೆಯ ಉಪಯುಕ್ತ ಮಾಹಿತಿ

Mar 31, 2026

(i) Provisions

A provision is recognised in the Standalone balance
sheet when the Company has a present legal or

constructive obligation as a result of a past event
that can be estimated reliably, and it is probable that
an outflow of economic benefits will be required to
settle the obligation.

Provisions are determined by discounting the
expected future cash flows at a pre-tax rate that
reflects current market assessments of the time
value of money and the risks specific to the liability.
The unwinding of the discount is recognised as
finance cost. The amount recognised as a provision
is the best estimate of the consideration required
to settle the present obligation at the end of the
reporting period, taking into account the risks and
uncertainties surrounding the obligation.

Provisions for onerous contracts are recognised
when the expected benefits to be derived by
the Company from a contract are lower than the
unavoidable costs of meeting the future obligations
under the contract. Provisions for onerous contracts
are measured at the present value of lower of the
expected net cost of fulfilling the contract and the
expected cost of terminating the contract.

(j) Revenue

Revenue is recognized upon transfer of control
of promised products or services to customers
in an amount that reflects the consideration the
Company expects to receive in exchange for those
products or services. To recognize revenues, the
Company applies the following five step approach:
(1) identify the contract with a customer, (2) identify
the performance obligations in the contract, (3)
determine the transaction price, (4) allocate the
transaction price to the performance obligations in
the contract, and (5) recognize revenues when a
performance obligation is satisfied.

At contract inception, the Company assesses
its promise to transfer products or services to
a customer to identify separate performance
obligations. The Company applies judgement
to determine whether each product or service
promised to a customer is capable of being distinct,
and are distinct in the context of the contract, if not,
the promised products or services are combined and
accounted as a single performance obligation. The
Company allocates the arrangement consideration

to separately identifiable performance obligation
based on their relative stand-alone selling price
or residual method. Stand-alone selling prices are
determined based on sale prices for the components
when it is regularly sold separately, in cases where
the Company is unable to determine the stand¬
alone selling price the Company uses third-party
prices for similar deliverables or the Company uses
expected cost-plus margin approach in estimating
the stand-alone selling price.

For performance obligations where control is
transferred over time, revenues are recognized
by measuring progress towards completion of
the performance obligation. The selection of the
method to measure progress towards completion
requires judgment and is based on the nature of the
promised products or services to be provided.

The method for recognizing revenues and costs
depends on the nature of the services rendered:

A. Time and materials contracts

Revenues and costs relating to time and
materials are recognized as the related
services are rendered.

B. Fixed-price contracts

Revenues related to fixed-price contracts viz.
maintenance and testing and business process
services are recognized based on our right to
invoice for services performed for contracts
in which the invoicing is representative of
the value being delivered. When services are
performed through an indefinite number of
repetitive acts over a specified period, revenue
is recognized on a straight-line basis over the
specified period unless some other method
better represents the stage of completion.

In certain projects, a fixed quantum of service
or output units is agreed at a fixed price for
a fixed term. Revenue is recognized based
on the achievement of the output. Any
residual service unutilized by the customer
is recognized as revenue on completion of
the term.

Revenue from other fixed price contracts
is recognized using the percentage-of-
completion method, calculated as the
proportion of the cost of effort incurred up
to the reporting date to estimated cost of
total effort.

A contract asset is a right to consideration
that is conditional upon factors other than the
passage of time. Contract assets primarily
relate to unbilled amounts on fixed-price
development contracts and are classified as
non-financial asset as the contractual right to
consideration is dependent on completion of
contractual milestones.

A contract liability is an entity''s obligation to
transfer goods or services to a customer for
which the entity has received consideration (or
the amount is due) from the customer.

Unbilled revenues on other than fixed price
development contracts are classified as a
financial asset where the right to consideration
is unconditional upon passage of time.

Volume based contracts

Revenues and costs are recognized as the
related services are rendered.

C. Others

Any change in scope or price is considered as a
contract modification. The Company accounts
for modifications to existing contracts by
assessing whether the services added are
distinct and whether the pricing is at the
stand-alone selling price. Services added
that are not distinct are accounted for on a
cumulative catch up basis, while those that are
distinct are accounted for prospectively, either
as a separate contract if the additional services
are priced at the stand-alone selling price, or
as a termination of the existing contract and
creation of a new contract if not priced at the
stand-alone selling price.

Revenue from sale of services is measured
based on the transaction price, which is

the consideration, adjusted for variable
considerations like, volume discounts,
rebates and pricing incentives to customers
as reduction of revenue on a systematic and
rational basis over the period of the contract.
The Company estimates an amount of such
variable consideration using expected value
method or the single most likely amount in
a range of possible consideration depending
on which method better predicts the amount
of consideration to which the Company may
be entitled.

Revenues are shown net of allowances/
returns, goods and services tax and
applicable discounts.

The Company accrues the estimated cost
of warranties at the time when the revenue
is recognized. The accruals are based on the
Company''s historical experience of material
usage and service delivery costs.

I ncremental costs that relate directly to a
contract and incurred in securing a contract
with a customer are recognized as an asset
when the Company expects to recover these
costs and amortized over the contract term.

The Company recognizes contract fulfilment
cost as an asset if those costs specifically relate
to a contract or to an anticipated contract, the
costs generate or enhance resources that will
be used in satisfying performance obligations
in future; and the costs are expected to
be recovered. The asset so recognized is
amortized on a systematic basis consistent
with the transfer of goods or services to
customer to which the asset relates.

The Company assesses the timing of the
transfer of goods or services to the customer
as compared to the timing of payments to
determine whether a significant financing
component exists. As a practical expedient,
the Company does not assess the existence
of a significant financing component when the
difference between payment and transfer of
deliverables is a year or less. If the difference

recognizes the lease payments as an operating
expense on a straight-line basis over the term of
the lease.

The Company determines the lease term as the
noncancellable period of a lease, together with
periods covered by an option to extend the lease,
where the Company is reasonably certain to exercise
that option. The Company makes an assessment
on the expected lease term on a lease-by-lease
basis. In evaluating the lease term, the Company
considers factors such as any significant leasehold
improvements undertaken during the lease term,
cost relating to the termination of the lease and
location of the underlying assets and the availability
of suitable alternatives. The lease term in future
periods is reassessed to ensured that the lease term
reflects the current economic circumstances.

The ROU 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. ROU 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. The Company applies Ind AS 36
to determine whether a ROU asset is impaired and
accounts for the identified impairment loss, if any.

The lease liability is initially measured at amortized
cost 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 right of
use 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 timing arises for reasons other than the
provision of finance to either the customer or
us, no financing component is deemed to exist.

The Company may enter into arrangements
with third party suppliers to resell products
or services. In such cases, the Company
evaluates whether the Company is the
principal (i.e. report revenues on a gross basis)
or agent (i.e. report revenues on a net basis). In
doing so, the Company first evaluates whether
the Company controls the good or service
before it is transferred to the customer. If the
Company controls the good or service before it
is transferred to the customer, the Company is
the principal; if not, the Company is the agent.

Revenues in excess of invoicing are classified
as contract assets (which we refer as unbilled
revenue) while invoicing in excess of revenues
are classified as contract liabilities (which we
refer to as unearned revenues).

D. Interest Income

Interest income is recognised using the
effective interest method.

(k) Leases

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: (1) the
contract involves the use of an identified asset, (2)
the Company has substantially all of the economic
benefits from use of the asset through the period of
the lease and (3) 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

(l) Finance cost

Finance costs comprises of interest expenses
including interest on tax and other charges.

(m) Income tax

Tax expense comprises current and deferred tax.
Current tax and deferred tax expense is recognised
in the statement of profit and loss and other
comprehensive income except to the extent that it
relates to items recognised directly in equity.

Current income tax assets and liabilities are
measured at the amount expected to be recovered
from or paid to the taxation authorities. The tax
rates and tax laws used to compute the amount
are those that are enacted or substantively enacted
at the reporting date in the countries where the
Company operates and generates taxable income.

Current income tax relating to items recognised
directly in equity is recognised in equity and not
in the statement of profit and loss. Management
periodically evaluates positions taken in the tax
returns with respect to situations in which applicable
tax regulations are subject to interpretation and
establishes provisions where appropriate.

Deferred tax is provided using the liability method
on temporary differences between the tax bases of
assets and liabilities and their carrying amounts for
financial reporting purposes at the reporting date.
Deferred tax is measured at the tax rates that are
expected to be applied to temporary differences
when they reverse, using tax rates enacted or
substantively enacted at the reporting date.

Deferred tax liabilities are recognised for all taxable
temporary differences, except:

• When the deferred tax liability arises from the
initial recognition of an asset or liability , at the
time of the transaction, affects neither the
accounting profit nor taxable profit or loss

• I n respect of taxable temporary differences
associated with investments in subsidiaries,
when the timing of the reversal of the
temporary differences can be controlled and

it is probable that the temporary differences
will not reverse in the foreseeable future.

A deferred tax asset is recognised for unused
tax losses, tax credits and deductible temporary
differences to the extent that it is probable that
future taxable profits will be available against
which they can be utilised. Deferred tax assets are
reviewed at each reporting date and are reduced
to the extent that it is no longer probable that the
related tax benefit will be realised.

Deferred tax assets and liabilities are offset if there
is a legally enforceable right to offset current tax
liabilities and assets, and they relate to taxes levied
by the same tax authority on the same taxable
entity, or on different tax entities, but they intend
to settle current tax liabilities and assets on a
net basis or their tax assets and liabilities will be
realised simultaneously.

(n) Determination of fair values

Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date, regardless of whether that price
is directly observable or estimated using another
valuation technique.

In estimating the fair value of an asset or a liability,
the Company considers the characteristics of the
asset or liability if market participants would take
those characteristics into account when pricing the
asset or liability at the measurement date.

For financial reporting purposes, fair value
measurements are categorized into Level 1, 2,
or 3 based on the degree to which the inputs to
the fair value measurements are observable and
the significance of the inputs to the fair value
measurement in its entirety, which are described
as follows:

- Level 1 inputs are quoted prices (unadjusted)
in active markets for identical assets or
liabilities that the Standalone can access at
the measurement date.

- Level 2 inputs are inputs, other than quoted
prices included within Level 1, that are
observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived
from prices), and

- Level 3 inputs for the asset or liability that are
not based on unobservable data (unobservable
inputs).

When measuring the fair value of an asset or a
liability, the Company uses observable market data
as far as possible. If the inputs used to measure
the fair value of an asset or a liability fall into
different levels of the fair value hierarchy, then
the fair value measurement is categorized in its
entirety in the same level of the fair value hierarchy
as the lowest level input that is significant to the
entire measurement.

(o) Contingent liability and Asset

A disclosure for contingent liabilities is made
where there is a possible obligation that arises
from past events and whose existence will
be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future
events not wholly within the control of the entity.
A contingent asset is a possible asset that arises
from past events and whose existence will be
confirmed only by the occurrence or non-occurrence
of one or more uncertain future events not wholly
within the control of the entity.

(p) Earnings per share

Basic earnings per share is computed using
the weighted average number of equity shares
outstanding during the period adjusted for treasury
shares held. Diluted earnings per share is computed
using the weighted-average number of equity and
dilutive equivalent shares outstanding during the
period, using the treasury stock method for options
and warrants, except where the results would be
anti-dilutive.

Once classified as held-for-distribution, intangible
assets, plant and equipment and investment
properties are no longer amortised or depreciated,
and any equity- accounted investee is no longer
equity accounted.

(q) Cash flow statement

Cash flows are reported using the indirect method,
whereby profit for the period is adjusted for the
effects of transactions of a non-cash nature, any
deferrals or accruals of past or future operating
cash receipts or payments and item of income or
expenses associated with investing or financing
cash flows. The cash from operating, investing and
financing activities of the Company are segregated.

(r) Exceptional items

The Company considers exceptional items to be
those which derive from events or transactions
which are significant for separate disclosure by
virtue of their size or incidence in order for the user
to obtain a proper understanding of the Company''s
financial performance. These items include, but are
not limited to, acquisition costs, restructuring costs
and profits and losses on disposal of subsidiaries,
contingent consideration and other one off items
which meet this definition. To provide a better
understanding of the underlying results of the
period, exceptional items are reported separately
in the Standalone financial Statement of Profit
and Loss.

(s) Current versus non-current classification

The Company presents assets and liabilities in
the balance sheet based on current/ non-current
classification. An asset is treated as current when
it is:

- Expected to be realized or intended to be sold
or consumed in normal operating cycle

- Held primarily for the purpose of trading

- Expected to be settled within twelve months
after the reporting period or

- Cash or cash equivalents unless restricted
from being exchanged or used to settle a
liability for at least twelve months after the
reporting period.

All other assets are classified as non-current.

A liability is current when:

- It is expected to be settled in normal operating
cycle or due to be settled within twelve months
after the reporting period

- It is held primarily for the purpose of trading

- There is no unconditional right to defer the
settlement of the liability for at least twelve
months after the reporting period

The Company classifies all other liabilities as non¬
current.

Deferred tax assets and liabilities are classified as
non-current assets and liabilities.

The operating cycle is the time between the
acquisition of assets for processing and their
realization in cash and cash equivalents. The
Company has identified period of twelve months
as its operating cycle.

(v) 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.

i. New amendments adopted by the Company
effective from 1 April 2025:

In May 2025, MCA notified amendments
to Ind AS 21 - The Effects of Changes in
Foreign Exchange Rates, applicable w.e.f 01
April 2025. The Company has reviewed the
amendment and based on the evaluation
it has determined that it does not have any
significant impact on the financial statements.

In August 2025, MCA notified the following
amendments to:

a) Ind AS 1 - Presentation of Financial
Statements, applicable w.e.f 01 April
2025. The amendment relates to clarify
the classification of liabilities as current
or non-current and the treatment of
non-current liabilities with covenants.
In classifying a liability as current, it
removes the requirement of existence
of a right to defer settlement for at least
12 months after the reporting date

and instead requires that the said right
should exist on the reporting date and
have substance. The amendment also
introduces guidance on classification of
liabilities with covenants. The Company
based on the evaluation has determined
that it does have any impact due to these
amendments in classification criteria of
current and non-current liabilities.

b) Ind AS 7 - Statement of Cash Flows
and Ind AS 107 - Financial Instruments:
Disclosures, applicable w.e.f 01 April
2025. The amendment in Ind AS 7
requires to inform users of financial
statements of the existence of supplier
finance arrangements and explain the
nature of arrangements, the carrying
amount of liabilities and the range of
payment due dates. Ind AS 107 has
been amended to add supplier finance
arrangements as a factor that may
cause concentration of liquidity risk.
The Company based on the evaluation
has determined that these amendments
does not have any significant impact on
the financial statements.

c) Ind AS 12 - Income Taxes, International
Tax Reform - Pillar two Model Rules
appliable immediately. The amendments
provide a temporary mandatory relief
from deferred tax accounting for top-up
tax disclose that they have applied for
relief. The Group based on the evaluation
has determined that these amendments
does not have any significant impact on
the financial statements.

. New amendments not yet adopted:
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 31
March 2026, MCA has not notified any new
standards or amendments to the existing
standards applicable to the Company which
are not yet adopted.

Notes:

1. Property, plant and equipment have been offered as security against the working capital facilities provided by the
bank. (refer note 35).

2. The Company had while transiting to Ind AS, applied the exemption to continue with the carrying value for all of its
property, plant and equipment at deemed cost.

4a. Capital work-in-progress

As of 31 March 2026, Capital work -in-progress is ^118 (2025 : ^36). There are no projects as on 31 March 2026
where the project timelines are overdue or exceeded its cost compared to its original plan and where the ageing is
more than 1 year from balance sheet date.

C) Shareholding of Promoters : NIL

D) Bonus shares, shares buyback and issue of shares for consideration other than in cash during five years immediately
preceding 31 March 2026.

During the five years immediately preceding 31 March 2026, neither any shares have been bought back nor any
shares have been issued for consideration other than cash. Pursuant to resolution passed by the shareholders of the
Company on 06 July 2022 the Company has allotted by way of bonus issue to its shareholders shares in the ratio of
1:125 on 06 July 2022.

E) Employee share-based compensation

Employees covered under Indegene Limited Company Share Option CSOP 2022 (“CSOP Sub-Plan"), Employee Stock
Option Plan 2020 (“ESOP 2020"), Employee Restricted Stock Unit Plan 2020'' (“RSU 2020"), Employee Stock Option
Scheme Plan 2007 (“ESOP 2007"), Employee Restricted Stock Unit Plan, 2015 (“RSU 2015") (collectively “stock
option plans") are granted an option to purchase shares of the Company at the respective exercise prices, subject to
requirements of vesting conditions. These options generally vest in tranches over a period of three to five years from
the date of grant. Upon vesting, the employees can acquire one equity share for every option.

The stock compensation cost is computed under the Fair value method and amortized on accelerated vesting period.
The intrinsic value on the date of grant approximates the fair value. For the year ended 31 March 2026, the Company
has recorded stock compensation expense of T84 (2025 : T74).

The compensation committee of the board evaluates the performance and other criteria of employees and approves the
grant of options. These options vest with employees over a specified period subject to fulfillment of certain conditions.
Upon vesting, employees are eligible to apply and secure allotment of Company''s shares at a price determined on the
date of grant of options. The particulars of options granted under various plans are tabulated below.

In 2020, the Company established a controlled trust called the Indegene Employee Welfare Trust (“IEWT"). IEWT
purchases shares of the Company from the existing shareholders, out of funds borrowed from the Company. The
Company''s equity shares held by the controlled trust, which is consolidated as a part of the Group are classified as
Treasury shares. The Company has 2,958 treasury shares (excluding bonus shares of 369,750) as of 31 March 2026
and 31 March 2025.Treasury shares are recorded at acquisition cost.

Nature and purpose of other equity
Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised only for limited purposes
such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

Share based payment reserve

Share based payment reserve is used to recognise the grant date fair value of options issued to employees under various
ESOP and RSU plans.

Foreign currency translation reserve

Exchange differences arising on translation of the foreign operations are recognised in other comprehensive income as
described in accounting policy and accumulated in a separate reserve within equity. The cumulative amount is reclassified
to statement of profit and loss when the net investment is disposed off.

Retained earnings

Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders. Retained earnings includes re-measurement loss / (gain) on defined
benefit plans, net of taxes that will not be reclassified to Standalone Statement of Profit and Loss. Retained earnings is
a free reserve available to the Company and eligible for distribution to shareholders, in case where it is having positive
balance representing net earnings till date.

Share application money pending allotment

The Company has received the money towards exercise of ESOP options in the month of March 2026 and the allotment
is done against the same on 29 April 2026, upon which the Company has issued 23,752 equity shares. As at 31 March
2026 these shares were shown as shares pending issuance in these Standalone financial statements.

Notes:

The fair value of cash and cash equivalents, trade receivables, unbilled receivables, trade payables, other current financial
assets and liabilities approximate their carrying amount largely due to the short-term nature of these instruments.

The fair value of derivative financial instruments is determined based on observable market inputs including currency spot
and forward rates, yield curves, currency volatility etc.

Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been
defined as follows:

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

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

There were no transfers between Level 1, 2 and 3 during the year ended 31 March 2026 and 31 March 2025.

The carrying values of financial instruments such as short-term trade receivables and payables, reasonably approximates
to fair value and hence separate disclosure of the fair values are not made.

The Company enters into derivative financial instruments with various counter-parties, primarily banks with investment
grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate
swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing,
swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate
various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves
and forward rate curves of the underlying. As at 31 March 2026 and 31 March 2025, the changes in counterparty credit
risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and
other financial instruments recognized at fair value.

22(a). Financial risk management

The Company has exposure to the credit, liquidity and market risks from its use of financial instruments. This note presents
information about the Company''s exposure to each of the above risks, the Company''s objectives, policies and processes
for measuring and managing risk, and the Company''s management of capital. Further quantitative disclosures are included
in these standalone financial statements.

Risk management framework

The Board of Directors have the overall responsibility for the establishment and oversight of the Company''s risk
management framework. 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 develop a disciplined and constructive
control environment in which all employees understand their rules and obligations.

Derivative assets and liabilities:

The following table presents the aggregated contracted principal amounts of the Company''s outstanding derivative
contracts, which have been designated as cash flow hedges:

The related hedge transactions for balance in cash flow hedging reserves as at 31 March 2026. are expected to occur and
be reclassified to the statement of profit and loss over a period of 12 months.

As at 31 March 2026 there were no gains or losses on derivative transactions or portions thereof that have ineffective as
hedges or associated with an underlying exposure that did not occur.

The Company has entered into derivative instruments not in hedging relationship by way of foreign exchange forward and
currency options. As at 31 March 2026 and 2025, the notional amount of outstanding contracts aggregated to USD 108
and USD 116 respectively, and the respective fair value of these contracts have a net loss of ^586 and ^37.

(i) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations and arises principally from the Company''s receivables from customers. The carrying
amount of financial assets represents the maximum credit exposure. Refer Note 8 for movement in expected credit
loss allowance.

(a) Trade receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
The majority of the revenue of the Company is derived from customers located in North America, European
Union & Asia region. The Company derives significant portion of its revenue from a limited number of customers.
The following table gives details in respect of percentage of revenue generated from top customer and top ten
customers excluding related party.

The Company has established a credit policy under which each new customer is analysed individually for
credit worthiness before the Company''s standard payment and deliver terms and conditions are offered. The
Company''s review includes external ratings, when available, and in some cases bank references. The Company
analyses trade receivables periodically and allowances for doubtful receivables are created on a customer specific
basis if required.

Financial assets that are neither past due nor impaired

Cash and cash equivalents are neither past due nor impaired. Cash and cash equivalents with banks which have
high credit-ratings assigned by domestic credit-rating agencies. Of the total trade receivables ^ 2,787 and ^
868 as at 31 March 2026 and 31 March 2025 respectively were neither past due nor impaired.

Financial assets that are past due but not impaired

The Company''s credit period is generally 75 to 90 days. The ageing analysis of the trade receivables has been
considered from the date the invoice falls due. The age wise break up of receivables, net of allowances that are
past due, is given below:

The Company believes that the unimpaired amount that are past due are still collectible in full, based on historic
payment behaviour and extensive analysis of customer credit risk, including underlying customer''s credit ratings.

(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due.
The Company''s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the Company''s reputation.

Management monitors the Company''s net liquidity position through rolling forecasts on the basis of expected cash
flows. As of 31 March 2026, cash and cash equivalents are held with major banks and financial institutions.

The table below provides details regarding the remaining contractual maturities of significant financial liabilities,
including the estimated interest payments, at the reporting date.

risk include trade receivables, trade payables and borrowings. The objective of market risk management is to manage
and control market risk exposures within acceptable parameters while optimizing the return.

(a) Foreign currency risk

The Company operates internationally and a major portion of its business is transacted in several currencies.
Consequently, the Company is exposed to foreign exchange risk through receiving payment for sales and services
in the India and elsewhere, and making purchases from overseas suppliers in various foreign currencies. The
exchange rate risk primarily arises from foreign exchange revenue, receivables, cash balances, forecasted cash
flows and payables. A significant portion of the Company''s revenue is in the U.S. Dollar and the Euro, while a large
portion of costs are in Indian rupees. The exchange rate between the rupee and these currencies has fluctuated
significantly in recent years and may continue to fluctuate in the future. Appreciation of the rupee against these
currencies can adversely affect the Company''s results of operations.

The Company evaluates exchange rate exposure arising from these transactions and enters into foreign currency
derivative instruments to mitigate such exposure. The Company follows established risk management policies,
including the use of derivatives like foreign exchange forward/option contracts to hedge forecasted cash flows
denominated in foreign currency.

The below table presents foreign currency risk from non-derivative financial instruments as of 31 March 2026
and 31 March 2025 :

Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur
significantly earlier, or at significantly different amounts.

(iii) 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 interest rate risk and currency risk financial instruments affected by market

(b) Interest rate risk

Interest rate risk primarily arises from floating rate borrowing, including various revolving and other lines of credit
upon utilisation. Certain borrowings are also transacted at fixed interest rates.

23. Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all
other equity reserves attributable to the equity holders of the company. The primary objective of the Company''s capital
management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions. The
capital is managed to ensure that the Company will be able to continue as a going concern while maximising the return to
stakeholders through an optimum mix of debt and equity within the overall capital structure.

In order to achieve this overall objective, the Company capital management amongst other things, aims to maintain investor,
creditor and market confidence and to sustain future development of the business.

24. Employee benefits :

The Company has classified various benefits provided to employees as under :

Defined contribution plans

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

Defined benefit plan

The Company provides for gratuity, a defined benefit retirement plan (“the Gratuity Plan") covering eligible employees.
The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination
of employment, of an amount based on the respective employee''s salary and the tenure of employment with the company.
Under the Company''s gratuity scheme every employee who has completed 5 years or more of service, is eligible for gratuity
on separation, worked out at 15 days salary (last drawn salary) for each completed year of service. There is no defined
benefit plan applicable to the employees of the foreign subsidiary.

The present value of the obligation under such defined benefit plan is determined based on an actuarial valuation as at the
reporting date using the projected unit credit method. The Company recognizes the net obligation of a defined benefit plan
in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability
/ (asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods.

I n assessing the realizability of deferred tax assets, the Company considers the extent to which it is probable that the
deferred tax asset will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future
taxable profits during the periods in which those temporary differences and tax loss carry forwards become deductible.
The Company considers the expected reversal of deferred tax liabilities, projected future taxable income and tax planning
strategies in making this assessment. Based on this, the Company believes that it is probable that the Company will realize
the benefits of these deductible differences. The amount of deferred tax asset considered realizable, however, could be
reduced in the near term if the estimates of future taxable income during the carry-forward period are reduced.

The Company elected to move to new tax regime in financial year 2022-2023 as per Section 115 BAA of Income Tax
Act, 1961.

26. Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the
weighted average number of equity shares outstanding during the year.

Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company
by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the
weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity
shares, except where the results would be anti-dilutive. Dilutive potential equity shares are deemed converted as at the
beginning of the period, unless issued at a later date.

The transaction with related parties are made on terms equivalent to those that prevail in arm''s length transactions and
within ordinary course of business. Outstanding balances at the year-end are unsecured and interest free and settlement
occurs in cash.

28. Commitments and Contingencies

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a
present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources
embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured
with sufficient reliability.

Additionally, the company believes that other disputes, lawsuits and claims, including commercial matters, which arise
from time to time in the ordinary course of business will not have any material adverse effect on its standalone financial
statements in any given financial year.

Income tax matters

The company has received tax demand orders for various assessment years the company has filed appeals against such
orders at various levels of income tax jurisdiction. The final order against the appeals made are yet be received. The
management is of the view that these will not have any material adverse effect on the company''s financial position or
results of operations.

Transfer Pricing matter

During the year, the Company received a draft transfer pricing order dated 18 March 2026 pertaining to Assessment Year
2023-24, issued by the Transfer Pricing Officer under the provisions of the Income tax Act, 1961, proposing adjustments to
the Company''s returned income in respect of international transactions with associated enterprises. The proposed transfer
pricing adjustment in the draft order aggregates to T 1,114 million, the amount of tax demand will be as per the final order
which is not received as on date. The Company has exercised its option to seek resolution of the proposed adjustment
through the Mutual Agreement Procedure (MAP) in accordance with the applicable tax treaty provisions between India
and the relevant treaty jurisdiction(s). The MAP application has been filed within the prescribed timelines.

Based on management''s assessment, supported by external tax advice, and considering the merits of the case, including
the Company''s transfer pricing documentation, economic analyses, and relevant judicial precedents, management believes
that the matter is effectively contestable and that it is not probable that an outflow of resources will be required to settle
the obligation. Accordingly, no provision has been recognised in the financial statements as at the reporting date, and the
proposed exposure has been disclosed as a contingent liability, pending resolution under the MAP process.

Other commitment liability

Estimated amount of contracts remaining to be executed on capital account and not provided for is T138 (31 March 2025:
T9).

Note- CSR unspent balance as on 31 March 2026 is T11 and as on 31 March 2025 T8 which was subsequently transferred
to CSR unspent bank account on 28 April 2026 and 25 April 2025, respectively.

30. Segment information

The Company publishes this standalone financial statement along with the consolidated financial statements. In accordance
with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the consolidated
financial statements.

31. IPO Fund Utilisation

During the year ended 31 March 2025, the Company had completed Initial Public Offer (IPO) of 40,766,550 equity shares
of face value of T 2 each at an issue price of T452 per share (Issue price of T422, including a share premium of T420 per
share, for employee quota towards fresh issue), comprising fresh issue of 16,833,818 shares aggregating to T7,600 and
offer for sale of 23,932,732 shares by selling shareholders aggregating to T10,818. The equity shares of the Company
are listed in National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on 13 May 2024. The Company has
received an amount of T7,246⁽¹⁾ (net of Company''s share of IPO expenses of T354, retained in the Public Offer Account
to the extent unpaid) from the proceeds of the fresh issue. Out of the Company''s shares of IPO expenses T319 has been
adjusted to securities premium.

⁽¹⁾ Pursuant to the Special Resolution passed at the Shareholders'' Meeting held on 12 August 2025, the Company has revised the
objects as per offer document. As per the revised objects, an amount of T37 is adjusted from funding capital expenditure requirements
towards repayment of indebtedness of ILSL Holdings, Inc for the difference arising due to exchange rate fluctuation as on the date of
offer document and as on the date of repayment. Further, an amount of T350 is reclassified from funding capital expenditure requirement
towards utilization for services including cloud infrastructure and security services, productivity tools, cybersecurity and support services
availed by the Company and Indegene Inc. Further, the Board of Directors of the Company has approved the transfer of unutilized IPO
expense towards funding capital expenditure requirement by way of Board Resolution passed on 29 January 2026. The unutilized
amount of T2 has been transferred to the net IPO proceeds, thereby increasing it from T7244 to T7246 and earmarked for funding
capital expenditure requirements at the Company''s office premises.

⁽²⁾ During the year ended 31 March 2025, the Company has repaid loan of USD 47.20 Million (T3,950) outstanding in the books of ILSL
Holdings Inc. (material subsidiary), in line with Object 1 of the offer document. The amount of T37 utilised over and above the maximum
amount specified as per the original amount as per offer document of T3,913 was due to exchange rate fluctuation as on the date of
offer document and as on the date of payment. The Special Resolution passed on 12 August 2025 revises the object amount to adjust
this difference.

Out of the net proceeds which were unutilised as at 31 March 2026, T151 (31 March 2025: T980) are temporarily invested
in fixed deposits, T19 (31 March 2025: T41) is held in the Company''s monitoring account, while the balance amount of T2
(31 March 2025: Nil) is held in the public offer account.

⁽²⁾ Variance is on account of increase in lease liability

⁽³⁾ Variance is on account of increase in cost of current year compared to previous year

Debt service coverage ratio and Inventory turnover ratio are not applicable to the Company.

b) The company has not entered into any scheme of arrangement which has an accounting impact during the current
or previous financial year.

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

d) The Company did not have any material transactions with companies struck off under Section 248 of the Companies
Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.

e) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets
or both during the current or previous year.

f) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

g) The Company doesn''t have any transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as search
or survey.

h) The Company is not declared as wilful defaulter by any bank or financial institution or government or any
government authority.

i) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

33. No funds have been advanced / loaned / invested (from borrowed funds or from share premium or any other sources
/ kind of funds) by the Company 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 investing 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, other than
the investments made in Indegene Ireland Limited of T 1,453 in the ordinary course of business and in keeping with the
applicable regulatory requirements for investment in subsidiaries.

No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (Funding Parties),
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.

34. On 21 November, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations
Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020,
(‘Labour Codes'') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits
during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform
definition of wages and enhanced benefits relating to leave. The Company has considered restructured compensation of
its employees with effect from 01 April 2026 and assessed the impact of the changes, consistent with the Labour Codes,
draft rules, FAQs and legal opinion. The Company based on the evaluation of the labour code has concluded that these
changes do not have any material impact on the Company''s Financial Statements. In case of any further clarification from

the Government on other aspects of the New Labour Codes, the Company will evaluate and account for differential impact,
if any, in subsequent periods on the Financial Statements.

35. Cash credit facility availed from Bank with the repayment term of 2 months to 12 months at an interest rate in the range
of 7.31 % - 11.55 % p.a, which are secured against charge created on all current and movable assets of the Company and
lien on fixed deposit maintained with the bank at treasury rates prevailing on date of disbursement. As at 31 March 2026
the closing balance : Nil (2025: Nil).

Quarterly returns or statements of current assets filed by the Company, as applicable are in agreement with the books
of account.

36. Subsequent events

The Company has evaluated all events or transactions that occurred after 31 March 2026 up through 29 April 2026, the
date the financial statements were authorised for issue by the Board of Directors.

The Board of Directors, in its meeting on 29 April 2026, have proposed a final dividend of ^2.25 per equity shares for the
financial year ended 31 March 2026. The proposal is subject to the approval of shareholders at the ensuing Annual General
Meeting and if approved would result in a cash outflow of approximately ^542.

---

Mar 31, 2025

The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

During the year ended 31 March 2025, the Company incurred expenses amounting to ^16 (2024 : ^16) towards short-term leases and leases of low-value assets, for which the recognition exemption has been applied and these have therefore been charged to the Standalone Statement of Profit and Loss.

A) Equity shares

a) Rights, preferences and restrictions attached to equity shares

As per the memorandum of association, the Company''s authorized share capital consist of equity shares. All equity shares rank equally with regard to dividends and share in the Company''s residual assets. The equity shares are entitled to receive dividend as declared from time to time. Shareholders are entitled to one vote per equity share held in the Company.

On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

C) Shareholding of Promoters : NIL

D) Bonus shares, shares buyback and issue of shares for consideration other than in cash during five years immediately preceding 31 March 2025.

During the five years immediately preceding 31 March 2025, neither any shares have been bought back nor any shares have been issued for consideration other than cash. Pursuant to resolution passed by the shareholders of the Company on 06 July 2022 the Company has allotted by way of bonus issue to its shareholders shares in the ratio of 1:125 on 06 July 2022.

E) Employee share-based compensation

Employees covered under Indegene Limited Company Share Option CSOP 2022 (“CSOP Sub-Plan"), Employee Stock Option Plan 2020 (“ESOP 2020"), Employee Restricted Stock Unit Plan 2020'' (“RSU 2020"), Employee Stock Option Scheme Plan 2007 (“ESOP 2007"), Employee Restricted Stock Unit Plan, 2015 (“RSU 2015") (collectively “stock option plans") are granted an option to purchase shares of the Company at the respective exercise prices, subject to requirements of vesting conditions. These options generally vest in tranches over a period of three to five years from the date of grant. Upon vesting, the employees can acquire one equity share for every option.

The stock compensation cost is computed under the Fair value method and amortized on accelerated vesting period. The intrinsic value on the date of grant approximates the fair value. For the year ended 31 March 2025, the Company has recorded stock compensation expense of ^74 (2024 : ^71)

The compensation committee of the board evaluates the performance and other criteria of employees and approves the grant of options. These options vest with employees over a specified period subject to fulfillment of certain conditions. Upon vesting, employees are eligible to apply and secure allotment of Company''s shares at a price determined on the date of grant of options. The particulars of options granted under various plans are tabulated below.

In 2020, the Company established a controlled trust called the Indegene Employee Welfare Trust (“IEWT"). IEWT purchases shares of the Company from the existing shareholders, out of funds borrowed from the Company. The Company''s equity shares held by the controlled trust, which is consolidated as a part of the Group are classified as Treasury shares. The Company has 2,958 treasury shares (excluding bonus shares of 369,750) as of 31 March 2025 and 31 March 2024.Treasury shares are recorded at acquisition cost.

(1) Pursuant to a special resolution passed by Shareholders dated 07 July 2023, the members noted that there are no outstanding employee stock options under the ESOP Plan 2007 and restricted share units under the RSU Plan 2015 and authorised to terminate the plans. In case of ESOP 2007 and RSU 2015 authorised shares till 07 July 2023 were 50,000 and 46,302 respectively.

(2) Pursuant to a resolution passed by Shareholders dated 28 November 2022, Board have been authorised to grant RSU 2020 up to 5,849,250 respectively. Out of the total available Options as stated above, 2,973,481 Options shall be Granted only from 01 April 2025 onwards.

(3) Pursuant to a resolution passed by Shareholders dated 28 November 2022, Board have been authorised to grant ESOP 2020 up to 6,014,543 respectively. Out of the total available Options as stated above, 2,973,480 Options shall be Granted only from 01 April 2025 onwards.

The following is the summary of the movement in Company Share Option Plan 2022 (CSOP 2022) during the year:

The Company instituted the Indegene Limited Company Share Option CSOP 2022'' (“CSOP Sub-Plan”) as a part of the Employee Stock Option Plan 2020'' (“ESOP 2020”) plan on 28 November 2022, which provides for the issue of equity shares to employees at an exercise price equivalent to the fair market value of the shares of the Company as on date of the grant of the options plus tax. The maximum number of Options available for Grant under the CSOP Sub-Plan shall be within the limit as prescribed under the ESOP 2020.

During the year ended 31 March 2025 and 31 March 2024, the weighted average grant date fair value under the RSU 2020 was ^657.30 and ^348.62 respectively.

During the year ended 31 March 2025 and 31 March 2024, the weighted average grant date fair value under the ESOP 2020 was ^316.19 and ^156.71 respectively.

During the year ended 31 March 2025 and 31 March 2024, the weighted average grant date fair value under the CSOP 2022 was ^316.19 and ^156.71 respectively.

Effective from 2014, Indegene allocates the subsidiaries for the employee stock option plan cost pertaining to the employees of the subsidiaries.

Nature and purpose of other equity

Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

Share based payment reserve

Share based payment reserve is used to recognise the grant date fair value of options issued to employees under various ESOP and RSU plans.

Foreign currency translation reserve

Exchange differences arising on translation of the foreign operations are recognised in other comprehensive income as described in accounting policy and accumulated in a separate reserve within equity. The cumulative amount is reclassified to statement of profit and loss when the net investment is disposed off.

Retained earnings

Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Standalone Statement of Profit and Loss. Retained earnings is a free reserve available to the Company and eligible for distribution to shareholders, in case where it is having positive balance representing net earnings till date.

Share application money pending allotment

The Company has received the money towards exercise of ESOP options in the month of March 2025 and the allotment is done against the same on 21 April 2025, upon which the Company has issued 24,046 equity shares. As at 31 March 2025 these shares were shown as shares pending issuance in these Standalone financial statements.

17a. Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

The Ministry of Micro, Small and Medium Enterprises has issued an Official Memorandum dated 26 August 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. Accordingly, the disclosure in respect of the amounts payable to such enterprise as at 31 March 2025 and 31 March 2024, has been made in the financial statements based on information received and available with the Company. The Company has not received any claim for interest from any supplier under the Micro, Small and Medium Enterprises Development Act, 2006 (“MSMED Act, 2006”).

During the year ended 31 March 2025 and 31 March 2024, ^84 and ^123 of unbilled revenue pertaining to fixed price and fixed time frame contracts as of 01 April 2024 and 1 April 2023, respectively has been reclassified to Trade receivables upon billing to customers on completion of milestones.

During the year ended 31 March 2025 and 31 March 2024, the Company recognized revenue of ^67 and ^66 arising from opening unearned revenue as of 1 April 2024 and 1 April 2023, respectively

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

There were no transfers between Level 1, 2 and 3 during the year ended 31 March 2025 and 31 March 2024.

The carrying values of financial instruments such as short-term trade receivables and payables, reasonably approximates to fair value and hence separate disclosure of the fair values are not made.

The fair value of cash and cash equivalents, trade receivables, unbilled receivables, trade payables, other current financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these instruments.

The fair value of derivative financial instruments is determined based on observable market inputs including currency spot and forward rates, yield curves, currency volatility etc.

Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

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

The Company enters into derivative financial instruments with various counter-parties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing, swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As at 31 March 2025 and 31 March 2024, the changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value.

22(a). Financial risk management

The Company has exposure to the credit, liquidity and market risks from its use of financial instruments. This note presents information about the Company''s exposure to each of the above risks, the Company''s objectives, policies and processes for measuring and managing risk, and the Company''s management of capital. Further quantitative disclosures are included in these standalone financial statements.

Risk management framework

The Board of Directors have the overall responsibility for the establishment and oversight of the Company''s risk management framework. 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 develop a disciplined and constructive control environment in which all employees understand their rules and obligations.

(i) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company''s receivables from customers. The carrying amount of financial assets represents the maximum credit exposure. Refer Note 8 for movement in expected credit loss allowance.

(a) Trade receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The majority of the revenue of the Company is derived from customers located in North America, European Union & Asia region. The Company derives significant portion of its revenue from a limited number of customers. The following table gives details in respect of percentage of revenue generated from top customer and top ten customers excluding related party.

Management monitors the Company''s net liquidity position through rolling forecasts on the basis of expected cash flows. As of 31 March 2025, cash and cash equivalents are held with major banks and financial institutions.

The table below provides details regarding the remaining contractual maturities of significant financial liabilities, including the estimated interest payments, at the reporting date.

The Company has established a credit policy under which each new customer is analysed individually for credit worthiness before the Company''s standard payment and deliver terms and conditions are offered. The Company''s review includes external ratings, when available, and in some cases bank references. The Company analyses trade receivables periodically and allowances for doubtful receivables are created on a customer specific basis if required.

Financial assets that are neither past due nor impaired

Cash and cash equivalents are neither past due nor impaired. Cash and cash equivalents with banks which have high credit-ratings assigned by domestic credit-rating agencies. Of the total trade receivables ^ 868 and ^ 1,136 as at 31 March 2025 and 31 March 2024 respectively were neither past due nor impaired.

The Company believes that the unimpaired amount that are past due are still collectible in full, based on historic payment behaviour and extensive analysis of customer credit risk, including underlying customer''s credit ratings.

(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.

(iii) 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 interest rate risk and currency risk financial instruments affected by market risk include trade receivables, trade payables and borrowings. The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimizing the return.

(a) Foreign currency risk

The Company operates internationally and a major portion of its business is transacted in several currencies. Consequently, the Company is exposed to foreign exchange risk through receiving payment for sales and services in the India and elsewhere, and making purchases from overseas suppliers in various foreign currencies. The exchange rate risk primarily arises from foreign exchange revenue, receivables, cash balances, forecasted cash flows and payables. A significant portion of the Company''s revenue is in the U.S. Dollar and the Euro, while a large portion of costs are in Indian rupees. The exchange rate between the rupee and these currencies has fluctuated significantly in recent years and may continue to fluctuate in the future. Appreciation of the rupee against these currencies can adversely affect the Company''s results of operations.

The Company evaluates exchange rate exposure arising from these transactions and enters into foreign currency derivative instruments to mitigate such exposure. The Company follows established risk management policies, including the use of derivatives like foreign exchange forward/option contracts to hedge forecasted cash flows denominated in foreign currency.

24. Employee benefits :

The Company has classified various benefits provided to employees as under :

Defined contribution plans

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

As at 31 March 2025 and 31 March 2024, respectively, every 1% increase/decrease of the USD and EURO currencies compared to functional currency of the Company would impact results by approximately ^9 and ^4 respectively.

(b) Interest rate risk

Interest rate risk primarily arises from floating rate borrowing, including various revolving and other lines of credit. Certain borrowings are also transacted at fixed interest rates. If interest rates were to increase by 75 bps from 31 March 2025, additional net annual interest expense on floating rate borrowing would amount to approximately Nil (2024: Nil).

23. Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the company. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The capital is managed to ensure that the Company will be able to continue as a going concern while maximising the return to stakeholders through an optimum mix of debt and equity within the overall capital structure.

In order to achieve this overall objective, the Company capital management amongst other things, aims to maintain investor, creditor and market confidence and to sustain future development of the business.

The Company monitors capital using the metric of Net Debt to Equity. Net Debt is defined as borrowings less cash and cash equivalents, fixed deposits and readily redeemable investments. As on balance sheet date there is no net debt.

Defined benefit plan

The Company provides for gratuity, a defined benefit retirement plan (“the Gratuity Plan") covering eligible employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''s salary and the tenure of employment with the company. Under the Company''s gratuity scheme every employee who has completed 5 years or more of service, is eligible for gratuity on separation, worked out at 15 days salary (last drawn salary) for each completed year of service. There is no defined benefit plan applicable to the employees of the foreign subsidiary.

The present value of the obligation under such defined benefit plan is determined based on an actuarial valuation as at the reporting date using the projected unit credit method. The Company recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability / (asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods.

In assessing the realizability of deferred tax assets, the Company considers the extent to which it is probable that the deferred tax asset will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profits during the periods in which those temporary differences and tax loss carry forwards become deductible. The Company considers the expected reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on this, the Company believes that it is probable that the Company will realize the benefits of these deductible differences. The amount of deferred tax asset considered realizable, however, could be reduced in the near term if the estimates of future taxable income during the carry-forward period are reduced.

The Company elected to move to new tax regime in financial year 2022-2023 as per Section 115 BAA of Income Tax Act, 1961. 26. Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the year.

Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares, except where the results would be anti-dilutive. Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date.

⁽¹⁾ Pursuant to resolution passed by the shareholders of the Company on 06 July 2022, the Company has allotted 217,792,121 equity shares of face value of ^ 2 each by way of bonus issue to its shareholders bonus shares in the ratio of 1:125 effective 06 July 2022. Accordingly, basic and diluted earning per share for the current year and for earlier year have been calculated / restated after considering the above bonus issue and appropriate adjustments on bonus shares to the outstanding options granted to the employees under the ESOP scheme of Ind AS-33 “’’Earnings Per Share”” (refer note 13(a)).

Transfer of Business

The UK Branch of the Company, effective 01 January 2025, has entered into an Agreement for “Transfer and Succession of Business" (“the Agreement") with Indegene Healthcare UK Ltd. Pursuant to the Agreement, Indegene Healthcare UK agrees to purchase the Acquired Business (as defined in the Agreement) of UK Branch on a going concern basis by way of slump sale, resulting in a common control transaction. The transaction was executed at book value with consideration aggregating to GBP 931,923 (^100).

28. Commitments and Contingencies

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

Additionally, the company believes that other disputes, lawsuits and claims, including commercial matters, which arise from time to time in the ordinary course of business will not have any material adverse effect on its standalone financial statements in any given financial year.

Income tax matters

The company has received tax demand orders for various assessment years the company has filed appeals against such orders at various levels of income tax jurisdiction. The final order against the appeals made are yet be received. The management is of the view that these will not have any material adverse effect on the company''s financial position or results of operations.

Goods and service tax matters

Goods and service tax audit for the FY 2017-18 has been completed in the month of April 2023 with additional statutory liability for various matters decided by Deputy Commissioner of Commercial Taxes (Audit)-1.3, DGSTO-1, Bengaluru. Company has filed response to show cause notice received dated 06 September 2023 from the GST department. The Company received the final order from DGSTO-1 with the demand of ^2 dated 30 October 2023 and the same has been remited on 31 October 2023.

Estimated amount of contracts remaining to be executed on capital account and not provided for is ^9 (2024:Nil).

30. Segment information

The Company publishes this standalone financial statement along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the consolidated financial statements.

31. Code on Social Security 2020

The Code on Social Security, 2020 (“the Code") relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

32. IPO Fund Utilisation

During the year, the Company has completed Initial Public Offer (IPO) of 40,766,550 equity shares of face value of ^2 each at an issue price of ^4-52 per share (Issue price of ^422, including a share premium of ^420 per share, for employee quota towards fresh issue), comprising fresh issue of 16,833,818 shares aggregating to ^7,600 and offer for sale of 23,932,732 shares by selling shareholders aggreegating to ^10,818. The equity shares of the Company are listed in National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on 13 May 2024. The Company has received an amount of ^7,244 (net of Company''s share of IPO expenses of ^356, retained in the Public Offer Account to the extent unpaid) from the proceeds of the fresh issue. Out of the Company''s shares of IPO expenses ^319 has been adjusted to securities premium.

⁽¹⁾The Company has repaid loan of USD 47.20 Million (^3,950) outstanding in the books of ILSL Holdings Inc. (material subsidiary), in line with Object 1 of the offer document. The amount utilised over and above the maximum amount specified as per the offer document is due to exchange rate fluctuation as on the date of offer document and as on the date of payment.

Out of the net proceeds which were unutilised as at 31 March 2025, ^980 are temporarily invested in fixed deposits, ^41 is held in the Company''s monitoring account, while the balance amount is held in the public offer account towards the Company''s share of expenses related to issue.

Debt service coverage ratio and Inventory turnover ratio are not applicable to the Company.

b) The company has not entered into any scheme of arrangement which has an accounting impact during the current or previous financial year.

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

d) The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.

e) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

f) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

g) The Company doesn''t have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as search or survey.

h) The Company is not declared as wilful defaulter by any bank or financial institution or government or any government authority.

i) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

34. No funds have been advanced / loaned / invested (from borrowed funds or from share premium or any other sources / kind of funds) by the Company 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 investing 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.

No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (Funding Parties), 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.

35. Cash credit facility availed from Kotak Mahindra Bank Ltd, The Hongkong and Shanghai Banking Corporation Limited, HDFC Bank Limited, Barclay''s Bank PLC and Citibank N.A with the repayment term of 2 months to 12 months at an interest rate in the range of 5.88 % - 11.55 % p.a, which are secured against charge created on all current and movable assets of the Company and lien on fixed deposit maintained with the bank at treasury rates prevailing on date of disbursement. As at 31 March 2025 the closing balance : Nil (2024: Nil).

Quarterly returns or statements of current assets filed by the Company, as applicable are in agreement with the books of account.

36. Subsequent events

The Company has evaluated all events or transactions that occurred after 31 March 2025 up through 28 April 2025, the date the financial statements were authorised for issue by the Board of Directors.

The Board of Directors, in its meeting on 28 April 2025, have proposed a final dividend of ^2 per equity shares for the financial year ended 31 March 2025. The proposal is subject to the approval of shareholders at the ensuing Annual General Meeting and if approved would result in a cash outflow of approximately ^480.

---

Mar 31, 2024

(i) Provisions

A provision is recognised in the Standalone balance sheet when the Company has a present legal or constructive obligation as a result of a past event that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Provisions for onerous contracts are recognised when the expected benefits to be derived by the Company from a contract are lower than

the unavoidable costs of meeting the future obligations under the contract. Provisions for onerous contracts are measured at the present value of lower of the expected net cost of fulfilling the contract and the expected cost of terminating the contract.

(j) Revenue

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. To recognize revenues, the Company applies the following five step approach:

(1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenues when a performance obligation is satisfied.

At contract inception, the Company assesses its promise to transfer products or services to a customer to identify separate performance obligations. The Company applies judgement to determine whether each product or service promised to a customer is capable of being distinct, and are distinct in the context of the contract, if not, the promised products or services are combined and accounted as a single performance obligation. The Company allocates the arrangement consideration to separately identifiable performance obligation based on their relative stand-alone selling price or residual method. Stand-alone selling prices are determined based on sale prices for the components when it is regularly sold separately, in cases where the Company is unable to determine the standalone selling price the Company uses third-party prices for similar deliverables or the Company uses expected cost-plus margin approach in estimating the stand-alone selling price.

For performance obligations where control is transferred over time, revenues are recognized by measuring progress towards completion of

the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the promised products or services to be provided.

The method for recognizing revenues and costs depends on the nature of the services rendered:

A. Time and materials contracts

Revenues and costs relating to time and materials are recognized as the related services are rendered.

B. Fixed-price contracts

Revenues related to fixed-price contracts viz. maintenance and testing and business process services are recognized based on our right to invoice for services performed for contracts in which the invoicing is representative of the value being delivered. When services are performed through an indefinite number of repetitive acts over a specified period, revenue is recognized on a straight-line basis over the specified period unless some other method better represents the stage of completion.

In certain projects, a fixed quantum of service or output units is agreed at a fixed price for a fixed term. Revenue is recognized based on the achievement of the output. Any residual service unutilized by the customer is recognized as revenue on completion of the term.

Revenue from other fixed price contracts is recognized using the percentage-of-completion method, calculated as the proportion of the cost of effort incurred up to the reporting date to estimated cost of total effort.

A contract asset is a right to consideration that is conditional upon factors other than the passage of time. Contract assets primarily relate to unbilled amounts on fixed-price

development contracts and are classified as non-financial asset as the contractual right to consideration is dependent on completion of contractual milestones.

A contract liability is an entity''s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.

Unbilled revenues on other than fixed price development contracts are classified as a financial asset where the right to consideration is unconditional upon passage of time.

Volume based contracts

Revenues and costs are recognized as the related services are rendered.

C. Others

Any change in scope or price is considered as a contract modification. The Company accounts for modifications to existing contracts by assessing whether the services added are distinct and whether the pricing is at the stand-alone selling price. Services added that are not distinct are accounted for on a cumulative catch up basis, while those that are distinct are accounted for prospectively, either as a separate contract if the additional services are priced at the stand-alone selling price, or as a termination of the existing contract and creation of a new contract if not priced at the stand-alone selling price.

Revenue from sale of services is measured based on the transaction price, which is the consideration, adjusted for variable considerations like, volume discounts, rebates and pricing incentives to customers as reduction of revenue on a systematic and rational basis over the period of the contract. The Company estimates an amount of such variable consideration using expected value method or the single most likely amount in

a range of possible consideration depending on which method better predicts the amount of consideration to which the Company may be entitled.

Revenues are shown net of allowances/ returns, goods and services tax and applicable discounts.

The Company accrues the estimated cost of warranties at the time when the revenue is recognized. The accruals are based on the Company''s historical experience of material usage and service delivery costs

Incremental costs that relate directly to a contract and incurred in securing a contract with a customer are recognized as an asset when the Company expects to recover these costs and amortized over the contract term.

The Company recognizes contract fulfilment cost as an asset if those costs specifically relate to a contract or to an anticipated contract, the costs generate or enhance resources that will be used in satisfying performance obligations in future; and the costs are expected to be recovered. The asset so recognized is amortized on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates.

The Company assesses the timing of the transfer of goods or services to the customer as compared to the timing of payments to determine whether a significant financing component exists. As a practical expedient, the Company does not assess the existence of a significant financing component when the difference between payment and transfer of deliverables is a year or less. If the difference in timing arises for reasons other than the provision of finance to either the customer or us, no financing component is deemed to exist.

The Company may enter into arrangements with third party suppliers to resell products or services. In such cases, the Company evaluates whether the Company is the principal (i.e. report revenues on a gross basis) or agent (i.e. report revenues on a net basis). In doing so, the Company first evaluates whether the Company controls the good or service before it is transferred to the customer. If the Company controls the good or service before it is transferred to the customer, the Company is the principal; if not, the Company is the agent.

Revenues in excess of invoicing are classified as contract assets (which we refer as unbilled revenue) while invoicing in excess of revenues are classified as contract liabilities (which we refer to as unearned revenues).

D. Interest Income

Interest income is recognised using the effective interest method.

(k) Leases

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: (1) the contract involves the use of an identified asset (2) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (3) 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 (shortterm 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.

The Company determines the Lease term as the noncancellable period of a lease, together with periods covered by an option to extend the lease, where the Company is reasonably certain to exercise that option. The Company makes an assessment on the expected lease term on a lease-by-lease basis. In evaluating the lease term, the Company considers factors such as any significant leasehold improvements undertaken during the lease term, cost relating to the termination of the lease and location of the underlying assets and the availability of suitable alternatives. The lease term in future periods is reassessed to ensured that the Lease term reflects the current economic circumstances.

The ROU 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. ROU 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. The Company applies Ind AS 36 to determine whether a ROU asset is impaired and accounts for the identified impairment loss, if any.

The lease liability is initially measured at amortized cost 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 right of use 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.

(l) Finance cost

Finance costs comprises of interest expenses including interest on tax and bank charges.

(m) Income tax

Tax expense comprises current and deferred tax. Current tax and deferred tax expense is recognised in the statement of profit and Loss and other comprehensive income except to the extent that it relates to items recognised directly in equity.

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Company operates and generates taxable income.

Current income tax relating to items recognised directly in equity is recognised in equity and not in the statement of profit and loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.

Deferred tax liabilities are recognised for all taxable temporary differences, except:

• When the deferred tax Liability arises from the initial recognition of an asset or Liability , at the time of the transaction, affects neither the accounting profit nor taxable profit or Loss

• In respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

(n) Determination of fair values

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique.

In estimating the fair value of an asset or a liability, the Company considers the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.

For financial reporting purposes, fair value measurements are categorized into Level 1, 2, or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

- Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date.

- Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices), and

- Level 3 inputs for the asset or liability that are not based on unobservable data (unobservable inputs).

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

(o) Contingent liability and Asset

A disclosure for contingent liabilities is made where there is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the entity. A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

(p) Earnings per share

Basic earnings per share is computed using the weighted average number of equity shares outstanding during the period adjusted for treasury shares held. Diluted earnings per share is computed using the weighted-average number of equity and dilutive equivalent shares outstanding during the period, using the treasury stock method for options and warrants, except where the results would be anti-dilutive.

(q) Non Current assets or disposal groups held for distribution

Non-Current assets, or disposal groups comprising assets and liabilities are classified as held for distribution if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets, or disposal groups are generally measured at the lower of their carrying amount and fair value less costs to sell.

Once classified as held-for-distribution, intangible assets, plant and equipment and investment properties are no longer amortised or depreciated, and any equity- accounted investee is no longer equity accounted.

(r) Cash flow statement

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash from operating, investing and financing activities of the Company are segregated.

(s) Borrowing cost

Borrowing costs are interest and other costs incurred in connection with the borrowing of funds. Borrowing costs directly attributable to acquisition or construction of an asset which necessarily take a substantial period of time to get ready for their intended use are capitalised as part of the cost of

that asset. Other borrowing costs are recognised as an expense in the period in which they are incurred.

(t) Exceptional items

The Company considers exceptional items to be those which derive from events or transactions which are significant for separate disclosure by virtue of their size or incidence in order for the user to obtain a proper understanding of the Company''s financial performance. These items include, but are not limited to, acquisition costs, restructuring costs and profits and losses on disposal of subsidiaries, contingent consideration and other one off items which meet this definition. To provide a better understanding of the underlying results of the period, exceptional items are reported separately in the Standalone financial Statement of Profit and Loss.

(u) Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as current when it is:

- Expected to be realized or intended to be sold or consumed in normal operating cycle

- Held primarily for the purpose of trading

- Expected to be settled within twelve months after the reporting period or

- Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

- It is expected to be settled in normal operating cycle or due to be settled within twelve months after the reporting period

- It is held primarily for the purpose of trading

- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

The Company classifies all other liabilities as noncurrent.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The operating cycle is the time between the acquisition of assets for processing and their

realization in cash and cash equivalents. The Company has identified period of twelve months as its operating cycle.

(v) Recent accounting developments

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. As of 31 March 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company that has not been applied.

C) Shareholding of Promoters : NIL

D) Bonus shares, shares buyback and issue of shares for consideration other than in cash during five years immediately preceding 31 March 2024.

During the five years immediately preceding 31 March 2024, neither any shares have been bought back nor any shares have been issued for consideration other than cash. Pursuant to resolution passed by the shareholders of the Company on 06 July 2022 the Company has allotted by way of bonus issue to its shareholders shares in the ratio of 1:125 on 06 July 2022.

E) Employee share-based compensation

Employees covered under Indegene Limited Company Share Option CSOP 2022 (“CSOP Sub-Plan”), Employee Stock Option Plan 2020 (“ESOP 2020”), Employee Restricted Stock Unit Plan 2020'' (“RSU 2020”), Employee Stock Option Scheme Plan 2007 (“ESOP 2007”), Employee Restricted Stock Unit Plan, 2015 (“RSU 2015”) (collectively “stock option plans”) are granted an option to purchase shares of the Company at the respective exercise prices, subject to requirements of vesting conditions. These options generally vest in tranches over a period of three to five years from the date of grant. Upon vesting, the employees can acquire one equity share for every option.

The stock compensation cost is computed under the Fair value method and amortized on accelerated vesting period. The intrinsic value on the date of grant approximates the fair value. For the year ended 31 March 2024, the Company has recorded stock compensation expense of ''71 (2023 : ''40)

The compensation committee of the board evaluates the performance and other criteria of employees and approves the grant of options. These options vest with employees over a specified period subject to fulfillment of certain conditions. Upon vesting, employees are eligible to apply and secure allotment of Company''s shares at a price determined on the date of grant of options. The particulars of options granted under various plans are tabulated below.

In 2020, the Company established a controlled trust called the Indegene Employee Welfare Trust (“IEWT”). IEWT purchases shares of the Company from the existing shareholders, out of funds borrowed from the Company. The Company''s equity shares held by the controlled trust, which is consolidated as a part of the Group are classified as Treasury shares. The Company has 2,958 treasury shares/excluding bonus shares 3,69,750 as of 31 March 2024 and 31 March 2023.Treasury shares are recorded at acquisition cost.

Nature and purpose of other equity Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

Share based payment reserve

Share based payment reserve is used to recognise the grant date fair value of options issued to employees under various ESOP and RSU plans.

Foreign currency translation reserve

Exchange differences arising on translation of the foreign operations are recognised in other comprehensive income as described in accounting policy and accumulated in a separate reserve within equity. The cumulative amount is reclassified to statement of profit and loss when the net investment is disposed off.

Retained earnings

Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Standalone Statement of Profit and Loss. Retained earnings is a free reserve available to the Company and eligible for distribution to shareholders, in case where it is having positive balance representing net earnings till date.

13(c). Shares pending issuance

The Company has received cash application money during the month of March 2023 and the allotment is done against the same in the month of April 2023, upon which the Company has issued 900 equity shares. As at 31 March 2023 these shares were shown as shares pending issuance in these Standalone financial statements. In the current year, the Company has issued these equity shares, as at 31 March 2024 there is no share pending issuance.

The Company enters into derivative financial instruments with various counter-parties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing, swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As at 31 March 2024 and 31 March 2023, the changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value.

22(a). Financial risk management

The Company has exposure to the credit, liquidity and market risks from its use of financial instruments. This note presents information about the Company''s exposure to each of the above risks, the Company''s objectives, policies and processes for measuring and managing risk, and the Company''s management of capital. Further quantitative disclosures are included in these standalone financial statements.

Risk management framework

The Board of Directors have the overall responsibility for the establishment and oversight of the Company''s risk management framework. 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 develop a disciplined and constructive control environment in which all employees understand their rules and obligations.

(i) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company''s receivables from customers. The carrying amount of financial assets represents the maximum credit exposure. Refer Note 8 for movement in expected credit loss allowance.

(a) Trade receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The majority of the revenue of the Company is derived from customers located in North America, European Union & Asia region. The Company derives significant portion of its revenue from a limited number of customers. The following table gives details in respect of percentage of revenue generated from top customer and top ten customers excluding related party.

(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

Management monitors the Company''s net liquidity position through rolling forecasts on the basis of expected cash flows. As of 31 March 2024, cash and cash equivalents are held with major banks and financial institutions.

The table below provides details regarding the remaining contractual maturities of significant financial liabilities, including the estimated interest payments, at the reporting date.

(iii) 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 interest rate risk and currency risk financial instruments affected by market risk include trade receivables, trade payables and borrowings. The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimizing the return.

(a) Foreign currency risk

The Company operates internationally and a major portion of its business is transacted in several currencies. Consequently, the Company is exposed to foreign exchange risk through receiving payment for sales and services in the India and elsewhere, and making purchases from overseas suppliers in various foreign currencies. The exchange rate risk primarily arises from foreign exchange revenue, receivables, cash balances, forecasted cash flows and payables. A significant portion of the Company''s revenue is in the U.S. Dollar and the Euro, while a large portion of costs are in Indian rupees. The exchange rate between the rupee and these currencies has fluctuated significantly in recent years and may continue to fluctuate in the future. Appreciation of the rupee against these currencies can adversely affect the Company''s results of operations.

The Company evaluates exchange rate exposure arising from these transactions and enters into foreign currency derivative instruments to mitigate such exposure. The Company follows established risk management policies, including the use of derivatives like foreign exchange forward/option contracts to hedge forecasted cash flows denominated in foreign currency.

(b) Interest rate risk

Interest rate risk primarily arises from floating rate borrowing, including various revolving and other lines of credit. Certain borrowings are also transacted at fixed interest rates. If interest rates were to increase by 75 bps from 31 March 2024, additional net annual interest expense on floating rate borrowing would amount to approximately Nil (2023: Nil).

23. Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The capital is managed to ensure that the Company will be able to continue as a going concern while maximising the return to stakeholders through an optimum mix of debt and equity within the overall capital structure.

In order to achieve this overall objective, the Company capital management amongst other things, aims to maintain investor, creditor and market confidence and to sustain future development of the business.

The Company monitors capital using the metric of Net Debt to Equity. Net Debt is defined as borrowings less cash and cash equivalents, fixed deposits and readily redeemable investments. As on balance sheet date there is no net debt.

Defined benefit plan

The Company provides for gratuity, a defined benefit retirement plan (“the Gratuity Plan”) covering eligible employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''s salary and the tenure of employment with the Company. Under the Company''s gratuity scheme every employee who has completed 5 years or more of service, is eligible for gratuity on separation, worked out at 15 days salary (last drawn salary) for each completed year of service. There is no defined benefit plan applicable to the employees of the foreign subsidiary.

The present value of the obligation under such defined benefit plan is determined based on an actuarial valuation as at the reporting date using the projected unit credit method. The Company recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability / (asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods.

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

h) The Company is not declared as wilful defaulter by any bank or financial institution or government or any government authority.

i) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

33. No funds have been advanced / loaned / invested (from borrowed funds or from share premium or any other sources / kind of funds) by the Company 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 investing 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. No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (Funding Parties), 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.

34. Cash credit facility availed from Kotak Mahindra Bank Ltd, The Hongkong and Shanghai Banking Corporation Limited, HDFC Bank Limited, Barclay''s Bank PLC and Citibank N.A with the repayment term of up to 12 months at an interest rate in the range of 7 % - 9 % p.a, which are secured against charge created on all current and movable assets of the Company and lien on fixed deposit maintained with the bank at treasury rates prevailing on date of disbursement. As at 31 March 2024 the closing balance : nil (2023: nil).

Quarterly returns or statements of current assets filed by the Company, as applicable are in agreement with the books of accounts.

35. Subsequent events

The Company has evaluated all events or transactions that occurred after 31 March 2024 up through 29 May 2024, the date the financial statements were authorised for issue by the Board of Directors.

Subsequent to the year ended 31 March 2024, the Company has completed initial public offer (IPO) of 40,766,550 equity shares of face value of '' 2 each at an issue price of '' 452 per share, comprising of fresh issue of 16,833,818 shares out of which 16,537,610 equity shares were issued at an offer price of ''452 per equity share to all allotees and 296,208 equity shares were issued at an offer price of '' 422 per equity share, after a discount of '' 30 per equity share to the employees aggregating to '' 7,600 and offer for sale of 23,932,732 equity shares by the selling shareholders aggregating to '' 10,818. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange (BSE) on 13 May 2024.

As per our report of even date attached for and on behalf of the Board of Directors of

for B S R & Co. LLP Indegene Limited (formerly Indegene Private Limited)

Chartered Accountants

Firm''s registration number: 101248W/W-100022

Vikash Gupta Manish Gupta Dr. Sanjay Parikh

Partner Chief Executive Officer and Executive Director Executive Director

Membership number:064597 DIN: 00219273 DIN: 00219278

Place: Bengaluru Place: Bengaluru Place: Bengaluru

Date: 29 May 2024 Date: 29 May 2024 Date: 29 May 2024

Suhas Prabhu Srishti Kaushik

Chief Financial Officer Company Secretary

Place: Bengaluru Place: Bengaluru

Date: 29 May 2024 Date: 29 May 2024