Indiqube Spaces Ltd. ಖಾತೆಯ ಉಪಯುಕ್ತ ಮಾಹಿತಿ

Mar 31, 2026

(j) Provision, contingent assets and

contingent liabilities

i General

Provisions are recognised when the
Company has a present obligation (legal
or constructive) as a result of a past
event, it is probable that an outflow of
resources embodying economic benefits
will be required to settle the obligation
and a reliable estimate can be made of
the amount of the obligation. When the
Company expects some or all of a provision
to be reimbursed, the expense relating to a
provision is presented in the Statement of
Profit and Loss net of any reimbursement.

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

ii Contingent liabilities

A disclosure for contingent liabilities is
made where there is a possible obligation
or a present obligation that may probably
not require an outflow of resources.

When there is a possible or a present
obligation where the likelihood of outflow
of resources is remote, no provision or
disclosure is made.

iii Contingent assets

Contingent asset is not recognised in
financial information since this may result
in the recognition of income that may never
be realised. However, when the realisation
of income is virtually certain, then the
related asset is not a contingent asset and
is recognised.

(k) Employee benefits

i Defined contribution plans

A defined contribution plan is a post¬
employment benefit plan under which
an entity pays fixed contributions into
a separate entity and will have no
legal or constructive obligation to pay
further amounts. The Company makes
specified monthly contributions towards
government administered provident fund
scheme. Obligations for contributions to
defined contribution plans are recognised
as an employee benefit expense in profit or
loss in the periods during which the related
services are rendered by employees.

Provident fund

Contribution towards provident fund
for certain employees is made to the
regulatory authorities, where the Company
has no further obligations. Such benefits
are classified as Defined Contribution
Schemes as the Company does not carry
any further obligations, apart from the
contributions made on a monthly basis.

ii Defined benefit plans
Gratuity

Gratuity liability is a defined benefit
obligation and is provided on the basis of
actuarial valuation, based on projected unit
credit method at the balance sheet date,
carried out by an independent actuary.
Actuarial gains and losses comprise
experience adjustments and the effect
of changes in the actuarial assumptions
and are recognised in full in the period in
which they occur in the OCI. The Company
determines the net interest expense /

(income) on the net defined benefit liability
/ (asset) for the period by applying the
discount rate used to measure the defined
benefit obligation at the beginning of the
annual period to the then-net defined
benefit liability/ (asset), taking into
account any changes in the net defined
benefit liability/ (asset) during the period
as a result of contributions and benefit
payments. Net interest expense and other
expenses related to defined benefit plans
are recognised in profit or loss.

When the benefits of a plan are changed
or when a plan is curtailed, the resulting
change in benefit that relates to past
service (''past service cost'' or ''past service
gain'') or the gain or loss on curtailment is
recognised immediately in profit or loss.
The Company recognises gains and losses
on the settlement of a defined benefit plan
when the settlement occurs.

iii. Compensated leave

Benefits under the Company''s
compensated absences scheme constitute
other long-term employee benefits. The
obligation in respect of compensated
absences is provided on the basis of
an actuarial valuation carried out by an
independent actuary using the Projected
Unit Credit Method, which recognises
each period of service as giving rise to
an additional unit of employee benefit
entitlement and measures each unit
separately to build up the final obligation.
The obligation is measured at the present
value of estimated future cash flows.
The discount rates used for determining
the present value of obligation under
defined benefit plan, is based on the
market yields as at balance sheet date on
Government securities, having maturity
periods approximating to the terms of
related obligations.

Actuarial gains and losses are recognised
immediately in the statement of profit
and loss. To the extent the Company
does not have an unconditional right to
defer the utilisation or encashment of the
accumulated compensated absences,
the liability determined based on
actuarial valuation is considered to be a
current liabilities.

(l) Share-based payments

The cost of equity-settled transactions is
determined by the fair value at the date when
the grant is made using an appropriate valuation
model. That cost is recognised in the statement
of profit and loss, together with a corresponding
increase in share option outstanding account
in other equity, over the period in which
the performance and/or service conditions
are fulfilled in employee benefits expense.
The dilutive effect of outstanding options is
reflected as additional share dilution in the
computation of diluted earnings per share.

(m) Segment reporting

The Company has the policy of reporting
the segments in a manner consistent with
the internal reporting provided to the Chief
Operating Decision Maker (CODM). The chief
operating decision maker is considered to be
the Board of Directors who makes strategic
decisions and is responsible for allocating
resources and assessing performance of the
operating segments.

(n) Cash and cash equivalents

Cash and cash equivalents includes cash on
hand, demand deposits with banks, other short¬
term highly liquid investments with original
maturities of three months or less.

(o) Earnings per share

Basic Earnings Per Share (''EPS'') is computed
by dividing the net profit attributable to the
equity shareholders by the weighted average
number of equity shares outstanding during the
year. Diluted earnings per share is computed
by dividing the net profit by the weighted
average number of equity shares considered
for deriving basic earnings per share and also
the weighted average number of equity shares
that could have been issued upon conversion
of all dilutive potential equity shares. Dilutive
potential equity shares are deemed converted
as of the beginning of the year, unless issued
at a later date. In computing diluted earnings
per share, only potential equity shares that are
dilutive and that either reduces earnings per
share or increases loss per share are included.
The number of shares and potentially dilutive
equity shares are adjusted retrospectively for
all periods presented for the share splits.

(p) Share capital

i. Equity shares

Incremental costs directly attributable to
the issue of equity shares are recognised
as a deduction from equity. Income tax
relating to transaction costs of an equity
transaction is accounted for in accordance
with Ind AS 12.

ii. Preference shares

The Company''s compulsorily convertible
preference shares are classified as equity
or financial liabilities, depending upon
the terms of issue of the instruments and
other rights and obligations of the parties
in accordance with requirement of Ind AS
32. Non-discretionary dividends thereon
are recognised accordingly as dividend or
interest expense, as accrued.

(q) Cash flow statement

Cash flows are reported using indirect method,
whereby net profits before tax is adjusted
for the effects of transactions of a non-cash
nature and any deferrals or accruals of past or
future cash receipts or payments and items of
income or expenses associated with investing
or financing cash flows. The cash flows
from regular revenue generating (operating
activities), investing and financing activities of
the Company are segregated.

Bank overdraft is considered as integral part
of cash and cash equivalents in cash flow and
the same is netted off against cash and cash
equivalents in cash flow statement.

(r) Recent accounting pronouncements

The Ministry of Corporate Affairs ("MCA")
notified new standards or amendments to the
existing standards under Companies (Indian
Accounting Standards) Rules, as issued from
time to time. The Company evaluated the
following amendments for the first-time during
the current year which are effective from 1
April 2025.

Ind AS 21 - Lack of exchangeability

MCA via notification dated 7 May 2025,
announced amendments to Ind AS 21, The
Effects of Changes in Foreign Exchange Rates,
This specify how an entity should assess
whether a currency is exchangeable and how

it should determine a spot exchange rate when
exchangeability is lacking. The amendments
also require disclosure of information that
enables users of its financial statements
to understand how the currency not being
exchangeable into the other currency affects,
or is expected to affect, the entity''s financial
performance, financial position and cash flows.

The Company has evaluated the
amendment and there is no impact on its
financial statements.

Ind AS 1 - Classification of Liabilities as
Current or Non-current and Non-current
Liabilities with Covenants

MCA via notification dated 13 August
2025 announced amendments to Ind AS 1,
Presentation of Financial Statements, which
elaborate on guidance set out in Ind AS 1 by:

• clarifying that the right to defer settlement
of a liability for at least 12 months after the
reporting period; a) must have substance,
and b) must exist at the end of the
reporting period;

• stating that management''s expectations
around whether the settlement of a liability
would be deferred or not, does not impact
the classification of the liability;

• i ncluding requirements for liabilities that
can be settled using an entity''s own
instruments; and

• stating that at the reporting date, the
entity does not consider covenants that
will need to be complied with in the future
when considering the classification of the
debt as current or non-current In addition,
an entity is required to disclose when a
liability arising from a loan agreement is
classified as non-current and the entity''s
right to defer settlement is contingent on
compliance with future covenants within
twelve months.

The Company has evaluated the amendment
and there is no material impact on its
financial statements.

Ind AS 7 and Ind AS 107 - Supplier Finance
Arrangements

MCA via notification dated 13 August
2025 announced amendments to Ind AS 7,

Statement of Cash Flows and Ind AS 107,
Financial Instruments:

Introduced disclosure requirements with
the objective to enable users of financial
statements to assess how supplier finance
arrangements affect an entity''s liabilities,
cashflows and exposure to liquidity risk.

The Company has evaluated the amendment
and there is no material impact on its
financial statements.

Ind AS 12 - International Tax Reform -
Pillar Two Model Rules

MCA via notification dated 13 August 2025
announced amendments to Ind AS 12, Income
Taxes, which includes:

• a temporary exception to the recognition
and disclosure of deferred taxes arising
from the implementation of the Pillar Two
model rules; and

• additional disclosure requirements
targeted at a reporting entity''s exposure
to income taxes in periods in which the
pillar Two Model legislation is enacted or
substantively enacted but not yet in effect.

The Company has evaluated the
amendment and there is no impact on its
financial statements.

New standards and amendments to existing
Standards which are issued but are not yet
effective and have not been early adopted by
the Company

Ind AS 1 - Classification of Liabilities as
Current or Non-current and Non-current
Liabilities with Covenants

MCA vide notification dated 13 August 2025,
has introduced amendment, which requires the
entity to classify the liability as current under
the aforementioned situation because, at the
end of the reporting period, it does not have the
right to defer its settlement for at least twelve
months after that date. Such amendment has
been made effective for annual reporting
periods beginning on or after 01 April 2026
retrospectively in accordance with Ind AS 8.

The Company has evaluated the
amendment and there is no impact on its
financial statements.

Notes:

(i) Additions include depreciation on right of use assets capitalised for development period [refer note 6 (A) (iv)]

(ii) For property, plant and equipment offered as security against the borrowings refer note 15.

(iii) The Management has assessed each buildings as a separate CGU for the purpose of impairment analysis. During
the current year, there are no indicators of impairment for any material CGU. Further, during the previous year,
reversal of impairment loss of H20.84 was recognised in the statement of profit and loss.

(iv) Refer note 32 for contractual commitments pending for the acquisition of property, plant and equipment as at
balance sheet date.

(v) Assets include assets given on operating lease

Note 6: Leases

The Company has taken various building premises and furniture and fixtures under lease arrangements from
landlords and other parties for developing managed office spaces and leasehold land for solar project.

Information about leases for which the Company is a lessee is presented below.

A.Leases as lessee
i) Right-of-use assets

The details of the right-of-use asset held by the Company is as follows:

B.Leases as lessor
i. Finance lease

The Company has classified its subleases as finance lease where the sublease covers substantial portion of the
remaining period of head lease. The following table sets out the maturity analysis of lease receivables, showing
undiscounted lease payments to be received after reporting date.

ii. Operating lease

The Company''s significant leasing arrangements are in respect of sublease of commercial premises. The Company
has classified these subleases as operating lease where the sublease does not cover substantial portion of remaining
period of head lease.

Rental income recognised by the Company during the year ended 31 March 2026 H11,743.70 (31 March 2025:
H8,702.50)

(h) The rights, preferences and restrictions attached to equity shares

The Company has only one class of share referred to as equity shares having par value of H1. each holder
of the equity share, as reflected in the records of the Company as of the date of the shareholder meeting, is
entitled to one vote in respect of each share held for all matters submitted to vote in the shareholders'' meeting.
The dividend proposed (if any) by the Board of Directors is subject to the approval of the shareholders in
the ensuing Annual General Meeting. The Company has not declared any dividends during the current year.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the
remaining assets of the Company after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.

(i) The rights, preferences and restrictions attached to 0.001% compulsorily convertible
preference shares

The Company had series A and series B compulsorily convertible preference shares having face value of H1 per
share which is fully paid up. The series A and series B compulsorily convertible preference shareholders were
eligible for one vote per share held, and were entitled to a preferential dividend at the rate of 0.001% per annum
and were cumulative and accrued from year to year whether or not paid. In the event of liquidation, the series
A and series B compulsorily convertible preference shareholders were eligible to receive the remaining assets
of the company after distribution of all preferential amounts, in proportion to their shareholding. The series A
and series B compulsorily convertible preference shares may be converted into Equity Shares at any time at
the option of the holder of the Series A and series B compulsorily convertible preference share in the manner
and extent and be subject to the restrictions and limitations as contained in the share holders agreement.
On 16 May 2025, the Company has allotted 41,467,436 equity shares having face value of H1 each pursuant to
conversion of 60,761,232 0.001% Series A Compulsorily Convertible Preference Shares (CCPS) in the conversion
ratio of 1:0.6824 and 10,927,823 equity shares having face value of H1 each pursuant to conversion of 10,927,823
0.001% Series B Compulsorily Convertible Preference Shares (CCPS) in the conversion ratio of 1:1.

(j) Aggregate number of bonus shares issued during the period of five years immediately
preceding the reporting date:

(i) The Company has issued bonus shares of H 128.35 on issue of 128,350,040 equity shares of H1 each during
the year ended 31 March 2025. Also, the Company had issued bonus shares of H1.54 on issue of 1,541,820
equity shares of H1 each during the year ended 31 March 2020.

(ii) The Company has issued bonus shares of H61.59 on issue of 61,592,005 compulsorily convertible preference
shares of H1 each for the year ended 31 March 2025. The Company had issued bonus shares of H8.02 on
issue of 802,305 compulsorily convertible preference shares of H10 each for the year ended 31 March 2020.

(k) Aggregate number of shares issued for consideration other than cash during the period of five
years immediately preceding the reporting date:

(i) 151,171 equity shares of H1 each have been allotted as fully paid up pursuant to a conversion of loan without

payment being received in cash during the year ended 31 March 2023.

(l) Aggregate number of shares bought back during the period of five years immediately
preceding the reporting date:

(i) There have been no buy back of shares.

(m) Aggregate number of shares split during the period of five years immediately preceding the
reporting date:

(i) During the year ended 31 March 2025, the Company has undertaken a share split, whereby each CCPS of
H10 was sub-divided into 10 CCPS of h1 each.

14.1 Nature and purpose of other reserves
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.

Securities premium

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

Employee stock options outstanding

The share options outstanding account is used to recognise the grant date fair value of options issued under Employee
Stock Option Scheme.

Other reserves

This represents the accumulated fair value change from the date of issuance of preference shares until the date of
the relinquishment of buy back rights, i.e. 27 March 2024 leading to reclassification of the instrument from liability to
equity less the amount recorded under share capital and securities premium.

15.1 Term loan from Axis Bank

The Company has been sanctioned Term loan I, Term loan II, Term loan III, Term loan IV and Term loan V by the Axis
Bank. Term loan I includes 2 tranches (TL1 and TL2) of H230.00 and H520.00 respectively, fully drawn as on 31 March
2023. Term loan II includes three tranches (TL3, TL4 and TL5) of H250.00 each and all three tranches fully drawn as on
31 March 2024. Term loan III includes three tranches (TL6, TL7 and TL8) of H180.00, H150.00 and H150.00 respectively
and TL6, TL7 and TL8 are fully drawn as on 31 March 2025. Term loan IV includes two tranches (TL9, and TL10) of
H250.00 each and TL9, and TL10 are fully drawn as on 31 March 2026 with below terms and conditions. Term loan V
includes three tranches (TL11,TL12 and TL13) of H130.00, H370.00 and H1,000.00 respectively which are not drawn as
on 31 March 2026. Further, TL 01 to TL 06 has been fully repaid as on 31 March 2026.

Purpose

TL1 and TL2: For capex expansion including reimbursement of H230.00 incurred during the last six months from the
date of sanction.

TL3, TL4 and TL5: Towards capital expenditure on interiors, fitouts and pre-operative expenses for the buildings
planned to be occupied.

TL6, TL7 and TL8: For pre-project expenditure including reimbursement of H180.00 incurred during the period August
2023 to August 2024.

TL9, and TL10: Towards capital expenditure on interiors, fitouts and pre-operative expenses for the buildings planned
to be occupied.

Rate of interest

TL1: 1 Year MCLR 0.20%

TL2: 1 Year MCLR 0.20%

TL3, TL4 and TL5: 1 Year MCLR 0.20%

TL6, TL7 and TL8: 1 Year MCLR 0.20%

TL9, and TL10: 1 Year MCLR 0.20%

Tenor / Door to Door tenor

TL1, TL2, TL3, TL4 and TL5: 60 months from the date of first drawdown of each tranche.

TL6, TL7 and TL8: 48 months from the date of first disbursement.

TL9, and TL10: 54 months including moratorium period of 6 months.

Repayment

TL1, TL2, TL3, TL4 and TL5: Principal to be repaid in 60 equal monthly instalments as per tranche drawdown
commencing at the end of one month from the date of first drawdown of each tranche and interest shall be served on
monthly basis as applicable.

TL6, TL7 and TL8: Principal to be repaid in 48 equal monthly instalments as per tranche drawdown commencing at
the end of one month from the date of first disbursement and interest shall be served on monthly basis as applicable.

TL9, and TL10: Principle to be repaid in 48 equal monthly instalments after 6 months from the date of first disbursement
and interest shall be served on monthly basis as applicable.

Security

(1) Primary: (a) First and exclusive charge on the entire current asset and movable property plant and equipment of
the company both present and future. (b) Escrow of current and future rent receivable.

(2) Collateral: (a) First and exclusive charge on below mentioned properties to be cross collateralised
with group entities Hirepro Consulting Private Limited and Careernet Technologies Private Limited.

(b) Exclusive charge on fixed deposits from Corporate guarantor Careernet Technologies Private Limited of H225.00
to be cross collateralised with group entities Hirepro Consulting Private Limited and Careernet Technologies Private
Limited. (c) Exclusive charge on fixed deposits / mutual fund to the extent of H12.50 from Corporate guarantor

Personal guarantee

Irrevocable and unconditional personal guarantee of Rishi Das of H800.00 (31 March 2025: h 1,980.00) Anshuman Das
of H 800.00 (31 March 2025: h1,980). Personal guarantee of Meghna Agarwal and Ashu Agarwal is proposed to the
extent of the value of collateral security of H300.00 for TL-7 and TL-8 and of H500.00 for TL-9, and TL-10.

Corporate guarantee

Irrevocable and unconditional corporate guarantee of Careernet Technologies Private Limited of H800.00 (31 March
2025: h 1,980.00) and Hirepro Consulting Private Limited of H800.00 (31 March 2025: h1,980.00).

Debt service reserve account

2 months interest and principal instalment in the form of FD/Liquid security lien marked in favour of Axis Bank.

Axis Bank term loans TL7, TL8, TL9 and TL10 with a non-current outstanding of H 426.86 (31 March 2025: H829.66
of TL1, TL2, TL3, TL4, TL5, TL6, TL7 and TL8) and current maturities of long-term debt of H195.84 (31 March 2025:
H413.24 of TL1, TL2, TL3, TL4, TL5, TL6, TL7 and TL8).

15.2 Vehicle Loan

Alcazar vehicle loan fully drawn with non-current outstanding of H Nil (31 March 2025: H0.51) and current maturities
of long-term debt H0.45 (31 March 2025: h 0.45) carrying interest rate of 710% per annum, re-payable in 60 equal
monthly instalments H0.05 each beginning from 05 February 2022, primarily secured by exclusive hypothecation of
the vehicle.

15.4 Terms of Short-term borrowings:

The company availed the working capital loan from Axis Bank with below terms & conditions

(a) Short-term loan from banks includes working capital loan with an outstanding of H841.14 against sanctioned
limits of H 1,000.00 (31 March 2025: H233.20 against sanctioned limits of H450.00).

(b) The interest on the facility is 9.25% i.e.,3 months MCLR 0.10% (31 March 2025: 3 month MCLR 0.10% i.e.,
9.5%).

(c) Security:

(1) Primary - (a) First and exclusive charge on the entire current asset and movable fixed assets of the company
both present and future. (b) Escrow of current and future rent receivable.

(2) Collateral - Nil (31 March 2025: (a) First and exclusive charge on residential/commercial properties valued
as detailed out in 15.1 (2) (a) and cross collateralised with group companies Careernet Technologies Private
Limited & Hirepro Consulting Private Limited, (b) Exclusive charge on FD of H 225.00 and on MF/FD to the
extent of H 12.50 from Corporate guarantor Careernet Technologies Private Limited to be cross collateralised
with group companies Careernet Technologies Private Limited & Hirepro Consulting Private Limited).

(d) Personal guarantee: Nil (31 March 2025: Irrevocable and unconditional personal guarantee of Rishi Das,
Anshuman Das, Meghna Agarwal and Ashu Agarwal of H 450.00 each).

(e) Corporate guarantee: Nil (31 March 2025: Irrevocable and unconditional personal guarantee of Careernet
Technologies Private Limited of H 450.00 and Hirepro Consulting Private Limited of H Nil)

(f) Purpose: To meet the working capital requirements.

15.5 Term loan from State bank of India

The Company has been sanctioned Term loan I (Capex) of H 1,000.00 and Term loan II (Solar) of H 560.00 by the State
Bank of India. Term loan I includes disbursement by way of reimbursement of expenditure incurred for a period of 3
months up to the sanction subject to a maximum of H 200.00 fully drawn down as on 31 March 2025 and Term loan II
has been fully drawn down as on 31 March 2026 (31 March 2025: 299.11) with below terms and conditions.

Purpose

Term loan I: Towards financing Fit outs in identified buildings for extending on lease.

Term loan II: Towards setting up of Solar project with capacity of 20 MW at Yadgiri for captive consumption.

Rate of interest

Term loan I: 6 Months MCLR 0.50%

Term loan II: 6 Months MCLR 0.95%

Tenor / Door to Door tenor

Term loan I: 72 months from the date of first drawdown.

Term loan II: 127 months from the date of first drawdown.

Repayment

Term loan I: Principal to be repaid in 20 structured ballooning quarterly instalments and the repayment of principal to
begin after 15 months from the date of first disbursement and interest shall be served on monthly basis as applicable.

Term loan II: Principal to be repaid in 38 structured ballooning quarterly instalments and the repayment of principal to
begin from subsequent quarter after implementation of phase II of the project i.e., from 31 August 2025 and interest
shall be served on monthly basis as applicable.

Security
(1) Primary

Term Loan I: (a) First and exclusive charge on the fixed assets of the Company that is created out of the proposed
loan. (b) First pari-passu charge over designated / escrow account of the Company opened with SBI Bank where in
rent receivables from the project are to be deposited.

Term Loan II: (a) First and exclusive charge on the entire fixed assets of the Company that is created out of the
proposed loan. (b) Mortgage of leasehold rights of land proposed to be acquired for the solar project (c) First pari-
passu charge over designated / escrow account of the Company opened with SBI Bank where in rent receivables
from the project are to be deposited.

Personal guarantee

Personal guarantee of Rishi Das, Meghna Agarwal, Anshuman Das and Ashu Agarwal.

Corporate guarantee

Corporate guarantee of Careernet Technologies Private Limited and Hirepro Consulting Private Limited.

Debt service reserve account

DSRA (Debt Service Reserve Account) equivalent to ensuing 2 months debt service obligations (Principal Interest)
at any point of time for Term loan I and DSRA equivalent to 3 months repayment obligations (Principal Interest)
for Term loan II to be maintained. This amount will be revised and calculated as on 31^st March of each year for the
corresponding financial year.

State bank of India Term loan TL1 and TL2 with a non-current outstanding of H 1,266.31 (31 March 2025: h 1,210.34)
and current maturities of long-term debt H 169.69 (31 March 2025: h 68.45).

15.6 Supplier financing arrangement
Nature of arrangements

The Company has entered into supplier finance arrangements with certain financial institutions ("the finance
providers") to facilitate the early payment of dues on its behalf to the Company''s vendor who may elect to factor
their invoice from the Company. The finance providers shall pay the amounts to a participating vendor in respect of
invoices owed by the Company and receive settlement from the Company at a later date.

By virtue of commercial agreement with the finance providers, the Company shall get extended credit period of 50
to 180 days (i.e. beyond the credit period of 0 to 45 days agreed with vendors) to settle the payment with the finance
providers for which the finance providers shall charge 7% to 9% interest.

As per the terms of the arrangements, the Company gets discharged of its obligations towards a vendor once the
finance providers remit the payment to the vendor at the time of factoring. The economic substance of the transaction
is determined to be financing in nature where the original contract with the vendors shall get substantially modified
upon entering into this arrangement.

The Company has derecognised the original trade payables at the point in time when those balances become part
of supplier financial arrangements. The Company has disclosed the related supplier financial liabilities towards the
finance providers under "Borrowings".

The carrying value of liabilities related to supplier finance arrangement being presented under "Borrowings" are
considered to be reasonable approximation of fair value, largely due to the short-term nature of the arrangement.

Presentation in the Statement of cash flow

The Company has classified the payment made by the finance providers under the aforementioned supplier finance
arrangement as operating cash outflows with corresponding financing cash inflows at the time the finance providers
pays the vendor, as in substance the Company has considered that the finance providers are acting as payment
agent on behalf of the Company. Later, when the Company subsequently pays the outstanding amount to the finance
providers, such cash outflow are presented under cash flows from financing activity.

Refer "Statement of cash flow - Changes in liabilities arising from financing activities" containing disclosure of cash
and non-cash changes arising from liabilities for supplier finance arrangement presented under Borrowings.

(a) The Company has not provided comparative information in respect of the amendments to Ind AS 7 and Ind AS 107
relating to supplier finance arrangements, as it has applied the transitional relief available on initial adoption of these
amendments, which allows entities not to present comparative disclosures for prior periods.

15.7 Information about the Company''s exposure to interest rate and liquidity risks is included in note 30.

Note 28: Earnings per share (EPS)

Basic 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 outstanding during the year.

Diluted earnings per equity share is computed by dividing the net profit attributable to the owners of the parent 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.

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

The fair value of cash and cash equivalents, bank balances, trade receivables, loans, trade payables and other
financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these
instruments. The Company''s loans have been contracted at market rates of interest. Accordingly, the carrying value
of such loans approximate fair value.

(iii) Fair value hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into
three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to
the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data rely as little as possible on entity specific estimates.
If significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. This
includes investment in unquoted shares. The investments in unquoted shares at cost as an appropriate estimate of
fair value.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
level 3.

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

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

¦ Credit risk;

¦ Liquidity risk; and

¦ Market risk

Risk management framework

The Company''s Board of Directors has 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 maintain a
disciplined and constructive control environment in which all employees understand their roles 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. Credit risk
is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness
of customers to which the Company grants credit terms in the normal course of business. Financial instruments
that are subject to concentrations of credit risk principally consist of trade receivables, cash and cash equivalents,
bank deposits and other financial assets. The Company establishes an allowance for doubtful debts and impairment
that represents its estimate of incurred losses in respect of trade and other receivables. None of the other financial
instruments of the Company result in material concentration of credit risk.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.
Trade receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The
demographics of the customer, including the default risk of the industry and country in which the customer operates,
also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit
limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in
the normal course of business.

Financial assets are categorised into the following based on credit risk:

Low credit risk
Moderate credit risk
High credit risk

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

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

a) The Company has obtained term loans and working capital limits from banks (disclosed in note 15).

The table below provides details regarding the contractual maturities of significant financial liabilities as at
reporting dates.

Management of Credit risk

i. Cash and cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only selecting highly rated banks
and diversifying bank deposits and accounts in different banks across the country.

ii. Trade receivables

Customer credit risk is managed by requiring customers to pay advances and security at the time of entering into
contract with customer, therefore, substantially eliminating the Company''s credit risk in this respect. Company
recognises impairment on a specific identification basis for debtors where no security exists.

iii. Other financial assets measured at amortised cost

Other financial assets measured at amortised cost includes security deposits, finance lease receivables, and others.
Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts
continuously, while at the same time internal control system are in place to ensure the amounts are recovered within
defined limits.

The Company has a strong focus on liquidity and maintains a robust cash position to ensure adequate cover for
responding to potential short-term market dislocation. Cash generated through operating activities remains the
primary source for liquidity along with undrawn borrowing facilities and levels of cash and cash equivalents.

b) As stated in note 15.6, the Company has implemented supplier finance arrangements with multiple financial
institutions across the country. The Company''s commercial contracts with vendors take into account several factors
when determining payment terms. These include market conditions, origins of sourcing, and the ability of the vendor
to obtain early financing, for example through supplier finance arrangements or direct arrangements with financial
institutions. These factors lead to a diversity of payment terms throughout the Company, avoiding concentration
of payment terms. This has improved the Company''s working capital. The finance providers are in good financial
condition, and the Company has no significant concentration on liquidity risk with these finance providers.

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices
will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to
all market risk sensitive financial instruments including foreign currency receivables and payables and long-term
debt. The objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimising the return.

a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company''s borrowing comprises of working capital loan and term loans which
carries fixed rate of interest and which do not expose it to interest rate risk.

While certain legal proceedings are currently ongoing against the Company, based on a detailed evaluation of the
facts and circumstances of each case, including, where applicable, legal opinions obtained, the management believes
that the ultimate outcome of these proceedings is expected to be favorable to the Company and hence the likelihood
of an economic outflow is remote. Accordingly, these matters do not meet the recognition or disclosure criteria of a
contingent liability under Ind AS 37 and no provision has been considered necessary in the financial statements in
this regard.

Note 33: Employee Benefits

(a) Defined contribution plans

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of
qualifying employees towards provident 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 statement of profit and loss. The
amount recognised as expense towards contribution to provident fund for the year ended 31 March 2026 aggregates
to H 18.59 (31 March 2025: 5.12)

(b) Defined benefit plans

The Company has a defined benefit gratuity plan for its employees. Under this plan, every employee who has
completed at least five years of service gets a gratuity on departure at 15 days of last drawn salary for each completed
year of service. Gratuity is thus paid to the employees on separation in accordance with the provisions of Payment of
Gratuity Act, 1972. The scheme is unfunded and hence the disclosure with respect to plan assets as per Ind AS - 19
is not applicable to the Company.

The Company is exposed to various risks in providing the above gratuity benefit which are as follows:

Interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result
in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the
liability (as shown in financial statements).

Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity payouts. This may arise
due to non availability of enough cash / cash equivalent to meet the liabilities or holding of illiquid assets not being
sold in time.

Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary
increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from
the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liability.

Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability.
The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.

Regulatory Risk: Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act, 1972
(as amended from time to time). There is a risk of change in regulations requiring higher gratuity payouts (e.g. Increase
in the maximum limit on gratuity of H 20,00,000).

Note:

The above is a standard list of risk exposures in providing the gratuity benefit and not exhaustive list.

The following tables summarises the components of net benefit expense recognised in the statement of profit and
loss and amounts recognised in the balance sheet for the respective plans.

Note 34: Employee stock option plan (''ESOP'')

On 26 July 2022, the board of directors approved the equity settled "ESOP Scheme 2022" for issue of stock
options to various employees (as defined in the policy) of the Company. The Plan entitles key employees and senior
management personnel to purchase shares in the Company at the stipulated exercise price, subject to compliance
with vesting conditions According to the scheme, the employees will be entitled to options, subject to satisfaction of
the prescribed vesting conditions.

The Company measures the compensation cost relating to the stock option using the discounted cash flow method.

Note 35: Additional regulatory information required by Schedule III

(a) The Company does not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property under Benami Transactions (Prohibition) Act, 1988 (45 of 1988)

(b) The Company does not have any material transactions with companies struck off under Section 248 of the
Companies Act, 2013 or Section 560 of Companies Act, 1956.

(c) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies
beyond the statutory period. However the Company is in process of creating the charge with respect to Axis
Bank Car Loan.

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

(e) (i) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any

other sources or kind of funds) by the Company to or in any other persons or entities, including foreign
entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).

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

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

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

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

Note 36: 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 monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The
Company includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents.

In order to achieve this overall objective, the Company''s capital Management, amongst other things, aims to ensure
that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure
requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and
borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in
the current year.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31
March 2026 and 31 March 2025.

Note 38: Corporate social responsibility

During the year ended 31 March 2026, the Company is meeting the applicable threshold and need to spend at least
2% of its average net profits for the immediately preceding three financial years on corporate social responsibility
(CSR) activities as per Section 135 of the Companies Act 2013 ("the Act"). However, the Company was not required to
spend any amount towards corporate social responsibility activities as per the computation of profits in accordance
with section 198 of the Act.

Note 39: Segment reporting

The Board of Directors of the Company has been identified as the Chief Operating Decision Maker (CODM) as
defined by Ind AS 108, Operating Segments. The Company is primarily carrying out leasing of managed commercial
workspaces of equipped premises which according to the management, is considered as the only business segment.
Accordingly, no separate segmental information has been provided herein. The Company''s principal operations,
revenue and decision-making functions are located in India and there are no revenue and non-current assets
outside India.

There is no customer which contributes more than 10% of the Company''s total revenues.

Note 40

Effective November 21, 2025, the Government of India has consolidated multiple existing labour legislations
into a unified framework comprising four Labour Codes collectively referred to as the ''New Labour Codes''. The
corresponding rules under these codes are yet to be notified by state / central authorities.

The Company has assessed the financial implications of the New Labour Codes and has recognised an incremental
expense of H 45.05, during the year ended 31 March 2026.

The Company continues to monitor the developments relating to the implementation of the New Labour Codes and
will review the estimates.

Note 41

During the year ended 31 March 2026, the Company has completed the Initial Public Offering (''IPO'') of 29,542,340
equity shares of face value of H1 each at an issue price of H 237 per equity share (including share premium of H 236
per equity share), (includes 69,767 equity shares - Employee Reservation Portion with a face value of H1 each at an
issue price of H 215 per share), comprising of offer for sale of 2,109,704 equity shares by selling shareholders and
fresh issue of 27,432,636 equity shares.

The equity shares of the Company were listed on the National Stock Exchange of India Limited (NSE) and BSE Limited
(BSE) on 30 July 2025.

Note 42

The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to
Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021
requiring companies, which uses accounting software for maintaining its books of account, shall use only such
accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of
each change made in the books of account along with the date when such changes were made and ensuring that the
audit trail canno

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Mar 31, 2025

B. Leases as lessor i. Finance lease

The Company has classified its subleases as finance lease where the sublease covers substantial portion of the remaining period of head lease. The following table sets out the maturity analysis of lease receivables , showing undiscounted lease payments to be received after reporting date. The Company has sub-leased fit-outs that has been presented as a right-of-use asset - Furniture and fixtures.

The Company recognised interest income on lease receivables of Rs. 21.31 (31 March 2024: Rs. 32.10).

ii. Operating lease

The Company’s significant leasing arrangements are in respect of sublease of commercial premises. The Company has classified these subleases as operating lease where the sublease does not cover substantial portion of remaining period of head lease.

Rental income recognised by the Company during the year ended 31 March 2025 is Rs. 8,702.50 (31 March 2024: Rs. 6,803.95).

(h)    The rights, preferences and restrictions attached to equity shares

The Company has only one class of share referred to as equity shares having par value of Re 1. each holder of the equity share, as reflected in the records of the Company as of the date of the shareholder meeting, is entitled to one vote in respect of each share held for all matters submitted to vote in the shareholders' meeting.

The dividend proposed (if any) by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Company has not declared any dividends during the current year.

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

(i)    The rights, preferences and restrictions attached to 0.001% compulsorily convertible preference shares

The Company has series A and series B compulsorily convertible preference shares having face value of Re. 1 per share which is fully paid up. The series A and series B compulsorily convertible preference shareholders are eligible for one vote per share held, and are entitled to a preferential dividend at the rate of 0.001% per annum and are cumulative and shall accrue from year to year whether or not paid, and accrued dividends shall be paid in full (together with dividends accrued from prior years) and in preference to any dividend or distribution payable upon shares of any other class or series in the same fiscal year. In the event of liquidation, the series A and series B compulsorily convertible preference shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding. The series A and series B compulsorily convertible preference shares may be converted into Equity Shares at any time at the option of the holder of the Series A and series B compulsorily convertible preference share in the manner and extent and be subject to the restrictions and limitations as contained in the share holders agreement.

(j)    Aggregate number of bonus shares issued during the period of five years immediately preceding the reporting date:

(i)    The Company has issued bonus shares of Rs. 128.35 on issue of 128,350,040 equity shares of Re. 1 each during the current year ended 31 March 2025. Also, the Company had issued bonus shares of Rs. 1.54 on issue of 1,541,820 equity shares of Re. 1 each during the year ended 31 March 2020.

(ii)    The Company has issued bonus shares of Rs. 61.59 on issue of 61,592,005 compulsorily convertible preference shares of Re.1 each for the current year ended 31 March 2025. The Company had issued bonus shares of Rs. 8.02 on issue of 802,305 compulsorily convertible preference shares of Rs.10 each for the year ended 31 March 2020.

(k)    Aggregate number of shares issued for consideration other than cash during the period of five years immediately preceding the reporting date:

(i) 151,171 equity shares of Re. 1 each have been allotted as fully paid up pursuant to a conversion of loan without payment being received in cash during the year ended 31 March 2023.

(l)    Aggregate number of shares bought back during the period of five years immediately preceding the reporting date:

(i) There have been no buy back of shares.

(m) Aggregate number of shares split during the period of five years immediately preceding the reporting date:

(i) During the year ended 31 March 2025, the Company has undertaken a share split, whereby each CCPS of Rs. 10 was sub-divided into 10 CCPS of Re. 1 each.

15.1 Nature and purpose of other reserves

Retained earnings

Retained earnings are the profits/(loss) that the Company has eamed/incurred till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Securities premium

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

Employee stock options outstanding

The share options outstanding account is used to recognise the grant date fair value of options issued under Employee Stock Option Scheme.

16.1 Term loan from Axis Bank

The Company has been sanctioned Term loan I, Term loan II and Term loan III by the Axis Bank. Term loan I includes 2 tranches (TL1 and TL2) of Rs. 230.00 and Rs. 520.00 respectively, fully drawn as on 31 March 2023. Term loan II includes three tranches (TL3, TL4 and TL5) of Rs. 250.00 each and all three tranches fully drawn as on 31 March 2024. Term loan III includes three tranches (TL6, TL7 and TL8) of Rs. 180.00, Rs. 150.00 and Rs. 150.00 resepectively. TL6, TL7 and TL8 are fully drawn as on 31 March 2025 with below terms and conditions.

Purpose

TL1 and TL2 : For capex expansion including reimbursement of Rs. 230.00 incurred during the last six months from the date of sanction.

TL3, TL4 and TL5 : Towards capital expenditure on interiors, fitouts and pre-operative expenses for the buildings planned to be occupied.

TL6, TL7 and TL8 : For pre-project expenditure including reimbursement of Rs. 180.00 incurred during the period August 2023 to August 2024.

Rate of interest

TL1 : 3 Months MCLR + 0.30%

TL2 : 3 Months MCLR + 0.30%

TL3, TL4 and TL5 : 3 Months MCLR + 0.30%

TL6, TL7 and TL8 : 3 Months MCLR + 0.30%

Tenor / Door to Door tenor

TL1, TL2, TL3, TL4 and TL5 : 60 months from the date of first drawdown of each tranche.

TL6, TL7 and TL8 : 48 months from the date of first disbursement.

Repayment

TL1, TL2, TL3, TL4 and TL5 : Principal to be repaid in 60 equal monthly instalments as per tranche drawdown commencing at the end of one month from the date of first drawdown of each tranche and interest shall be served on monthly basis as applicable.

TL6, TL7 and TL8 : Principal to be repaid in 48 equal monthly instalments as per tranche drawdown commencing at the end of one month from the date of first disbursement and interest shall be served on monthly basis as applicable.

Security

(1)    Primary : (a) First and exclusive charge on the entire asset and movable property plant and equipment of the company both present and future. (b) Escrow of current and future rent receivable.

(2)    Collateral : (a) First and exclusive charge on below mentioned properties to be cross collateralised with group entities Hirepro Consulting Private Limited and Careernet Technologies Private Limited.

(b)    Exclusive charge on fixed deposits from Corporate guarantor Careernet Technologies Private Limited of Rs. 225.00 to be cross collateralised with group entities Hirepro Consulting Private Limited and Careernet Technologies Private Limited.

(c)    Exclusive charge on fixed deposits / mutual fund to the extent of Rs. 12.50 from Corporate guarantor Careernet Technologies Private Limited to be cross collateralised with group entities Hirepro Consulting Private Limited and Careernet Technologies Private Limited.

(b) Fixed deposit from corporate guarantor Careernet technologies Private Limited with 0.3X cover for TL3, TL4 and TL5 of Rs. 750.00.

Personal guarantee

Irrevocable and unconditional personal guarantee of Rishi Das of Rs. 1,980.00 (31 March 2024: Rs. 1,500.00 ) Anshuman Das of Rs. 1,980.00 (31 March 2024: Rs. 1,500.00 ). Personal guarantee of Meghna Agarwal and Ashu Agarwal is proposed to the the extent of the value of collateral security for TL-1 & TL-2, Rs. 750.00 for TL-3, TL-4 and TL-5 for each and Rs. 480.00 for TL-6, TL-7 and TL-8 for each.

Corporate guarantee

Irrevocable and unconditional corporate guarantee of Careernet Technologies Private Limited of Rs. 1,980.00 (31 March 2024: Rs. 1,500.00 ) and Hirepro Consulting Private Limited of Rs. 1,500.00 (31 March 2024: Rs. 1,500.00).

Debt service reserve account

2 months interest and principal instalment in the form of FD/Liquid security lien marked in favour of Axis Bank.

Axis Bank term loans TL1, TL2, TL3, TL4, TL5, TL6, TL7 and TL8 with a non-current outstanding of Rs. 829.66 (31 March 2024: Rs. 816.32 ) and current maturities of long-term debt Rs. 413.24 (31 March 2024: Rs. 300.00).

16.2 Vehicle Loan

(a)    Mercedes Benz vehicle loan fully drawn with non-current outstanding of Rs. Nil (31 March 2024: Nil) and current maturities of long-term debt Rs. Nil (31 March 2024: Rs. 1.47) carrying interest rate of 7.30% per annum, re-payable in 39 equal monthly instalments Rs. 0.14 each beginning from 05 December 2021, primarily secured by exclusive hypothecation of the vehicle.

(b)    Alcazar vehicle loan fully drawn with non-current outstanding of Rs. 0.51 (31 March 2024: Rs. 0.96) and current maturities of long-term debt Rs. 0.45 (31 March 2024: Rs. 0.47) carrying interest rate of 7.10% per annum, re-payable in 60 equal monthly instalments Rs. 0.05 each beginning from 05 February 2022, primarily secured by exclusive hypothecation of the vehicle.

16.5 Terms of Short-term borrowings:

The company availed the working capital loan from Axis Bank with below terms & conditions

(a)    Short term loan from banks includes working capital loan with an outstanding of Rs. 233.20 against sanctioned limits of Rs. 450.00 from Axis Bank (31 March 2024: Rs. 329.52 against sanctioned limits of Rs. 750.00 from Axis Bank).

(b)    The interest on the facility is 3 months MCLR plus 0.10% as on 31 March 2025 which is 9.50% (31 March 2024: 3 months MCLR plus 0.30% which is 9.50%).

(c)    Security :

(1)    Primary - (a) First and exclusive charge on the entire asset and movable fixed assets of the company both present and future. (b) Escrow of current and future rent receivable.

(2)    Collateral - (a) First and exclusive charge on residential/commercial properties valued as detailed out in 16.1 (2) (a) and cross collateralized with group companies Careernet Technologies Private Limited & Hirepro Consulting Private Limited.

(b) Exclusive charge on FD of Rs. 225.00 and on MF/FD to the extent of Rs. 12.50 from Corporate guarantor Careernet Technologies Private Limited to be cross collateralized with group companies Careernet Technologies Private Limited & Hirepro Consulting Private Limited.

(d)    Personal guarantee : Irrevocable and unconditional personal guarantee of Rishi Das of Rs. 450.00 (31 March 2024: Rs. 200.00), Anshuman Das of Rs. 450.00 (31 March 2024: Rs. 200.00).

Personal guarantee of Meghna Agarwal and Ashu Agarwal is proposed to the the extent of the value of collateral security upto the year ended 31 March 2024 and Rs. 450.00 each for the year ended 31 March 2025.

(e)    Corporate guarantee: Irrevocable and unconditional personal guarantee of Careernet Technologies Private Limited of Rs. 450.00 (31 March 2024: Rs. 200.00) and Hirepro Consulting Private Limited of Rs. Nil (31 March 2024: Rs. 200.00).

(f)    Purpose: To meet the working capital requirements.

16.6 Term loan from State bank of India

The Company has been sanctioned Term loan I (Capex) of Rs. 1,000.00 and Term loan II (Solar) of Rs. 560.00 by the State Bank of India. Term loan I includes disbursement by way of reimbursement of expenditure incurred for a period of 3 months up to the sanction subject to a maximum of Rs. 200.00. Under Term loan I Rs. 1000.00 , fully drawn down and Term loan II Rs. 299.11 has been drawn as on 31 March 2025 (31 March 2024: Nil) with below terms and conditions.

Purpose

Term loan I : Towards financing Fit outs in identified buildings for extending on lease.

Term loan II : Towards setting up of Solar project with capacity of 20 MW at Yadgiri for captive consumption.

Rate of interest

Term loan I : 6 Months MCLR + 0.50%

Term loan II : 6 Months MCLR + 0.95%

Tenor / Door to Door tenor

Term loan I : 72 months from the date of first drawdown.

Term loan II : 127 months from the date of first drawdown.

Repayment

Term loan I : Principal to be repaid in 20 structured ballooning quarterly instalments and the repayment of principal to begin after 15 months from the date of first disbursement and interest shall be served on monthly basis as applicable.

Term loan II : Principal to be repaid in 38 structured ballooning quarterly instalments and the repayment of principal to begin from subsequent quarter after implementation of phase II of the project i.e., from 31 Aug 2025 and interest shall be served on monthly basis as applicable.

Security (1) Primary

Term Loan I : (a) First and exclusive charge on the fixed assets of the Company that is created out of the proposed loan. (b) First pari-passu charge over designated / escrow account of the Company opened with SBI Bank where in rent receivables from the project are to be deposited.

Term Loan II : (a) First and exclusive charge on the entire fixed assets of the Company that is created out of the proposed loan. (b) Mortgage of leasehold rights of land proposed to be acquired for the solar project (c) First pari-passu charge over designated / escrow account of the Company opened with SBI Bank where in rent receivables from the project are to be deposited.

Personal guarantee

Personal guarantee of Rishi Das, Meghna Agarwal, Anshuman Das and Ashu Agarwal.

Corporate guarantee

Corporate guarantee of Careernet Technologies Private Limited and Hirepro Consulting Private Limited.

Debt service reserve account

DSRA (Debt Service Reserve Account) equivalent to ensuing 2 months debt service obligations (Principal + Interest) at any point of time for Term loan I and DSRA equivalent to 3 months repayment obligations (Principal + Interest) for Term loan II to be maintained. This amount will be revised and calculated as on 31st March of each year for the corresponding financial year.

State bank of India Term loan TL1 and TL2 with a non-current outstanding of Rs. 1,210.34 (31 March 2024:Nil ) and current maturities of long-term debt Rs. 68.45 (31 March 2024: Nil).

16.7 The Company has series A and series B 0.001% compulsorily convertible preference shares ("CCPS") having face value of Rs. 10 per share which is fully paid up. Based on the terms mentioned in the agreement, the preference share holders ('investors') are entitled to, at its option, cause the Company to buy-back the preference shares (CCPS), if the Company is not able to provide viable exit to the investors.

The above buy-back rights with investors results in the preference shares being classified as a financial liability in accordance with Ind AS.

As on 27 March 2024, the Company and investors have amended the aforesaid agreement such that the Board of the Company at its sole discretion will decide to give effect to the buy back request raised by the investors. As a result, the company does not have a contractual obligation to buy-back the preference shares.

Accordingly, preference shares issued were reclassified as equity on the date of such reclassification based on the guidance provided under Ind AS and Companies Act, 2013. The face value of the preference shares has been recorded under share capital and the related premium received on issuance of such shares has been recorded under securities premium. The remaining balance has been credited to other equity under a separate head 'other reserves' (as disclosed under note 15).

16.8    Vendor financing arrangement

The Company has entered into an arrangement for discounting of vendor’s invoices. The company discounts the invoices for 60 days to 180 days period and pays the discounting charges for equivalent number of days. The amount outstanding under vendor invoice discounting arrangement is Rs. 499.56 (31 March 2024: Rs. Nil) and the interest on the discounting arrangement ranges between 7.00 % to

9.00 %.

16.9    Information about the Company’s exposure to interest rate and liquidity risks is included in note 30.

28 Earnings per share (EPS)

Basic 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 outstanding during the year.

Diluted earnings per equity share is computed by dividing the net profit attributable to the owners of the parent 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.

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

The fair value of cash and cash equivalents, bank balances, trade receivables, loans, trade payables and other financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these instruments. The Company's loans have been contracted at market rates of interest. Accordingly, the carrying value of such loans approximate fair value.

(iii)    Fair value hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data rely as little as possible on entity specific estimates. If significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. This includes investment in unquoted shares. The investments in unquoted shares at cost as an appropriate estimate of fair value.

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

¦    Credit risk;

¦    Liquidity risk; and

¦    Market risk

Risk management framework

The Company’s Board of Directors has 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 maintain a disciplined and constructive control environment in which all employees understand their roles 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. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, cash and cash equivalents, bank deposits and other financial assets. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables. None of the other financial instruments of the Company result in material concentration of credit risk.

Trade receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

Management of Credit risk

i.    Cash and cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only selecting highly rated banks and diversifying bank deposits and accounts in different banks across the country.

ii.    Trade receivables

Customer credit risk is managed by requiring customers to pay advances and security at the time of entering into contract with customer, therefore, substantially eliminating the Company's credit risk in this respect. Company recognises impairment on a specific identification basis for debtors where no security exists.

iii.    Other financial assets measured at amortised cost

Other financial assets measured at amortised cost includes security deposits, finance lease receivables, and others. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system are in place to ensure the amounts are recovered within defined limits.

ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

The Company has obtained term loans and working capital limits from banks (disclosed in note 16) .

The table below provides details regarding the contractual maturities of significant financial liabilities as at reporting dates.

30 Financial instruments - fair values and risk management (continued)

iii) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company’s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables and long term debt. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's borrowing comprises of working capital loan and term loans which carries fixed rate of interest and which do not expose it to interest rate risk.

31.5 The transactions with related parties, including rendering / availment of services, are made on terms which are on arm’s length after taking into consideration market considerations, external benchmarks and adjustment thereof. The outstanding balances at year-end are unsecured and interest free other than loans from related parties and settlement occurs in cash.

32 Contingent liabilities and commitments
Particulars	As at	As at
	31 March 2025	31 March 2024
Commitments Estimated amount of contracts remaining to be executed on property, plant and equipment and not provided for	235.68	367.91
Contingent liabilities Indirect tax related matter	124.92	Â

33 Employee Benefits

(_a)    Defined contribution plans

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying employees towards provident 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 statement of profit and loss. The amount recognized as expense towards contribution to provident fund for the year ended 31 March 2025 aggregates to Rs. 15.12 (31 March 2024: Rs 13.30)

(b)    Defined benefit plans

The Company has a defined benefit gratuity plan for its employees. Under this plan, every employee who has completed at least five years of service gets a gratuity on departure at 15 days of last drawn salary for each completed year of service. Gratuity is thus paid to the employees on separation in accordance with the provisions of Payment of Gratuity Act, 1972. The scheme is unfunded and hence the disclosure with respect to plan assets as per Ind AS - 19 is not applicable to the Company.

The Company is exposed to various risks in providing the above gratuity benefit which are as follows:

Interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).

Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity payouts. This may arise due to non availabilty of enough cash / cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan's liabilty.

Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.

Regulatory Risk: Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act, 1972 (as amended from time to time). There is a risk of change in regulations requiring higher gratuity payouts (e.g. Increase in the maximum limit on gratuity of Rs. 20,00,000).

Note: The above is a standard list of risk exposures in providing the gratuity benefit and not exhaustive list.

The following tables summarises the components of net benefit expense recognized in the statement of profit and loss and amounts recognized in the balance sheet for the respective plans.

34 Employee stock option plan ('ESOP')

On 26 July 2022, the board of directors approved the equity settled "ESOP Scheme 2022” for issue of stock options to various employees (as defined in the policy) of the Company . The Plan entitles key employees and senior management personnel to purchase shares in the Company at the stipulated exercise price, subject to compliance with vesting conditions According to the scheme, the employees will be entitled to options, subject to satisfaction of the prescribed vesting conditions.

The Company measures the compensation cost relating to the stock option using the discounted cash flow method.

The Board has approved the issue of 40,61,200 options under it's ESOP Plan. Each option comprises one underlying equity share of Re. 1 each. The options granted vest over a period of 1 to 4 years.

35    Additional regulatory information required by Schedule III

(a)    The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property under Benami Transactions (Prohibition) Act, 1988 (45 of 1988)

(b)    The Company does not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956.

(c)    The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period. However the Company is in process of creating the charge with respect to Axis Bank Car Loan.

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

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

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

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

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

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

36    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.

In order to achieve this overall objective, the Company’s capital Management, amongst other things, aims to ensure that it meets financial covenants attached to the interestbearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current year.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2025 and 31 March 2024

38    Note on "Code on Social Securiy 2020"

The Code on Social Security, 2020 ("the Code") relating to employee benefits during employment and post-employment benefits received Presedential 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.

39    Corporate social responsibility

During the year ended 31 March 2025, the Company is meeting the applicable threshold and need to spend at least 2% of its average net profits for the immediately preceding three financial years on corporate social responsibility (CSR) activities as per Section 135 of the Companies Act 2013 ("the Act"). However, the Company was not required to spend any amount towards corporate social responsibility activities as per the computation of profits in accordance with section 198 of the Act.

40    Segment reporting

The Board of Directors of the Company has been identified as the Chief Operating Decision Maker (CODM) as defined by Ind AS 108, Operating Segments. The Company is primarily carrying out leasing of managed commercial workspaces of equipped premises which according to the management, is considered as the only business segment. Accordingly, no separate segmental information has been provided herein. The Company's principal operations, revenue and decision-making functions are located in India and there are no revenue and non-current assets outside India.

There is no customer which contributes more than 10% of the Company's total revenues.

41    The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company, in respect of financial year commencing on 01 April 2024, has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same have been operated throughout the year for all relevant transactions recorded in the software. The Company migrated to a new version of the accounting software in the previous financial year and ensured that the audit trail was preserved from 4 December 2023 onwards as per the statutory requirements for record retention.

Further, the Company has used another software which is operated by a third-party service provider for maintenance of customer billing and records which has a feature of recording audit trail (edit log) facility at the application level and is operated throughout the year for all relevant transactions recorded in the software. The Independent Service Auditor’s Assurance Report on the Description of Controls, their Design and Operating Effectiveness’ (‘Type 2 report’ issued in accordance with SAE 3402, Assurance Reports on Controls at a Service Organization) is not available to provide information on retention period and preservation of audit trail (edit logs) for any direct changes made at the database level.

42    Subsequent to the reporting date, the Board of Directors of the Company, at its meeting held on 16 May 2025, approved the conversion of 6,07,61,232 0.001% Series A Compulsorily Convertible Preference Shares (CCPS) of ^1 each into 4,14,67,436 equity shares of ^1 each at the conversion ratio of 1:0.6824 and 1,09,27,823 0.001% Series B Compulsorily Convertible Preference Shares (CCPS) of ^1 each into 1,09,27,823 equity shares of ^1 each at the conversion ratio of 1:1.