f. Provisions
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, for example, under
an insurance contract, the reimbursement is
recognised as a separate asset, but only when
the reimbursement is virtually certain. The
expense relating to a provision is presented
in the statement of profit 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.

g. Retirement and other employee benefits

Retirement benefit in the form of provident
fund is a defined contribution scheme. The
Company has no obligation, other than the
contribution payable to the provident fund.
The Company recognizes contribution payable
to the provident fund scheme as an expense,
when an employee renders the related service.
If the contribution payable to the scheme for
service received before the balance sheet date
exceeds the contribution already paid, the
deficit payable to the scheme is recognized
as a liability after deducting the contribution
already paid. If the contribution already paid
exceeds the contribution due for services
received before the balance sheet date, then

excess is recognized as an asset to the extent
that the pre-payment will lead to, for example,
a reduction in future payment or a cash refund.

In accordance with Indian law, the Company
provides for gratuity, a defined benefit
retirement plan (the "Gratuity Plan") covering
all employees. The Gratuity Plan provides a
lump sum payment to vested employees on
retirement or on termination of employment
for an amount based on the respective
employee''s salary and the years of employment
with the Company.

The cost of providing benefits under the
defined benefit plan is determined using
the projected unit credit method based on
an actuarial valuation performed by an
independent actuary.

Remeasurements, comprising of actuarial
gains and losses, the effect of the asset ceiling,
excluding amounts included in net interest on
the net defined benefit liability and the return
on plan assets (excluding amounts included in
net interest on the net defined benefit liability),
are recognised immediately in the balance
sheet with a corresponding debit or credit to
retained earnings through OCI in the period
in which they occur. Remeasurements are
not reclassified to profit or loss in subsequent
periods and the return on plan assets (excluding
amounts included in net interest on net defined
benefit liability).

Past service costs are recognised in profit or
loss on the earlier of:

- The date of the plan amendment or
curtailment, and

- The date that the Company recognises
related restructuring costs.

Net interest is calculated by applying the
discount rate to the net defined benefit liability
or asset. The Company recognises the following
changes in the net defined benefit obligation
as an expense in the standalone statement of
profit and loss:

- Service costs comprising current service
costs, past-service costs, gains and
losses on curtailments and non routine
settlements; and

- Net interest expense or income

Accumulated leave, which is expected to be
utilized within the next 12 months, is treated as
short-term employee benefit. The Company
measures the expected cost of such absences
as the additional amount that it expects to
pay as a result of the unused entitlement that
has accumulated at the reporting date. The
Company recognizes expected cost of short¬
term employee benefit as an expense, when an
employee renders the related service.

The Company treats accumulated leave
expected to be carried forward beyond twelve
months, as long-term employee benefit for
measurement purposes. Such long-term
compensated absences are provided for
based on the actuarial valuation using the
projected unit credit method at the reporting
date. Actuarial gains/losses are immediately
taken to the statement of profit and loss and
are not deferred.

The obligations are presented as current
liabilities in the balance sheet since the entity
does not have an unconditional right to defer
the settlement for at least twelve months after
the reporting date.

h. Earnings per share

Basic earnings per share is calculated by
dividing the net profit or loss attributable to
equity holders of Company (after deducting
preference dividends and attributable taxes)
by the weighted average number of equity
shares outstanding during the period.

For the purpose of calculating diluted earnings
per share, the net profit or loss for the period
attributable to equity shareholders of the
Company and the weighted average number
of shares outstanding during the period
are adjusted for the effects of all dilutive
potential equity shares.

2.4 Recent Pronouncements

A. New and amended standards adopted by the
company

Certain amendments to Indian Accounting
Standards have been notified by the Ministry
of Corporate Affairs (MCA) which amended
certain accounting standards (see below),
and are effective for annual reporting periods
beginning on or after 1 April 2025

1. Classification of Liabilities as Current or
Non-current and Non-current Liabilities
with Covenants - Amendments to Ind

AS 1 - Borrowings are classified as current
liabilities unless, at the end of the reporting
period, the company has a right to defer
settlement of the liability for at least 12
months after the reporting period.

Covenants that the company is required
to comply with, on or before the end of
the reporting period, are considered
in classifying loan arrangements with
covenants as current or non-current.
Covenants that the company is required
to comply with after the reporting period
do not affect the classification.

The company did have any borrowings.
Hence the amendements is not applicable
to the company.

2. Supplier Finance Arrangements -
Amendments to Ind AS 7 and Ind AS
107: The Company does not have any
supplier finance arrangements. Hence,
the amendement is not applicable
to the company.

3. International tax reform - Pillar Two
model rules - Amendments to Ind AS 12,
Income Taxes: The company is not within
the scope of the OECD Pillar Two Model
Rules, as Pillar Two legislation has not yet
been enacted in any of the jurisdictions in
which the company operates.

4. Lack of exchangeability - Amendments
to Ind AS 21, The Effects of Changes in
Foreign Exchange Rates: The standard
has been amended to help entities
to determine whether a currency is
exchangeable into another currency,
and which spot exchange rate to use
when it is not.

These amendments did not have any material
impact on the amounts recognised in prior
periods and are not expected to significantly
affect the current or future periods.

B. New amendments to Indian Accounting
Standards that are not yet effective

Amendments effective for the annual reporting
periods beginning on or after 1 April 2026:

1. Classification of Liabilities as Current or
Non-current and Non-current Liabilities
with Covenants - Under the existing Ind
AS 1, where there is a breach of a material
provision of a long-term loan arrangement
on or before the end of the reporting period
with the effect that the liability becomes
payable on demand on the reporting date,
the entity does not classify the liability
as current, if the lender agreed, after the
reporting period and before the approval
of the financial statements for issue, not
to demand payment as a consequence
of the breach. However, the amended
requirements stipulate that entities
will no longer be permitted to consider
lender waivers that are granted after the
reporting date but before the financial
statements are approved for the purpose
of classification of loans. This amendment
is required to be applied retrospectively in
accordance with Ind AS 8.

The company does not expect this
amendment to have an impact on its
operations or financial statements.

(a) Terms/ Rights Attached to Equity Shares

The Company has only one class of equity shares having a face value of H 1 per share. Each holder of equity shares
is entitled to one vote per share.

In the event of liquidation of the Company,the holders of equity shares will be entitled to recieve 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 shareholder.

(b) Terms/ Rights attached to Preference Shares

Series A

The Series A preference shares shall have a face value of H 100/- (Rupees hundred only)

The Series A Compulsorily convertible preference shares (Series A CCPS) confer on the holders a right to receive,
in priority to the holders of equity shares in the capital of the Company, a preference dividend equal to 0.01% (the
"preference dividend") per financial year. The right to receive the preference dividend is cumulative. The preference
dividend shall become due and payable to the holder of a Series A CCPS from the date of shareholders'' meeting
of the Company in which the preference dividend has been declared but in no event later than 30^th September of
each financial year. The Series A CCPS are entitled to receive pro-rata in any dividends paid on the equity shares
on an "as if converted" basis. Series A CCPS have the same rights as the rights of a holder of equity shares on

11. Share Capital (Contd..)

all matters. Series A CCPS, upon the occurrence of liquidation event or winding up, will be entitled to receive in
preference to the other holders of equity shares or of other securities in the Company, the capital and preference
dividend that has been earned or accrued. Each of the Series A CCPS would convert into one equity share of the
Company at a conversion price determined in accordance with Article 12 of the Articles of Association. Article 12
states "The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall
not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied
by the creation or issue of further shares ranking pari passu therewith".

These CCPS are convertible into equity shares at the option of the holder till December 17, 2031. These CCPS shall
be automatically converted into equity shares on December 18, 2031. Further, if mandated by applicable law,
Series A Preference shares shall automatically convert to equity shares prior to listing of the Company''s shares on
any stock exchange.

Pursuant to the Board Resolution and Shareholders'' resolution, each dated October 27, 2023, sub-divided equity
shares having face value of H 10 each into 10 Equity Shares having face value of Re 1 each. Further, our Company
has pursuant to the Board and Shareholders'' resolutions, both dated October 27, 2023 approved the issuance of

58.180.800 bonus Equity Shares ("Bonus Equity Shares") at a ratio of 255 Equity Shares for one Equity Share held by
our Shareholders.Further, pursuant to the sub-division and the bonus issuance, appropriate adjustments to the
conversion ratio of outstanding Preference Shares have been made and the conversion ratio accordingly stands
adjusted to 2,560:1, i.e., 2,560 Equity Shares for every Preference Share held by such Preference Share holder. These
shares were converted into equity shares during the year ended March 31, 2025.

Series B

The Series B preference shares shall have a face value of H 100/- (Rupees hundred only)

The Series B Compulsorily convertible preference shares (Series B CCPS) confer on the holders a right to receive,
in priority to the holders of equity shares in the capital of the Company, a preference dividend equal to 0.01%
(the "preference dividend") per financial year. The right to receive the preference dividend is cumulative. The
Series B preference dividend shall become due and payable to the holder of a Series B CCPS from the date of
shareholders'' meeting of the Company in which the preference dividend has been declared but in no event later
than 30^th September of each financial year. The Series B CCPS are entitled to receive pro-rata in any dividends
paid on the equity shares on an "as if converted" basis. Series B CCPS have the same rights as the rights of a
holder of equity shares on all matters. Series B CCPS, upon the occurrence of liquidation event or winding up, will
be entitled to receive in preference to the other holders of equity shares or of other securities in the Company, the
capital and preference dividend that has been earned or accrued. Each of the Series B CCPS would convert into
one equity share of the Company at a conversion price determined in accordance with Article 13 of the Articles
of Association. These CCPS are convertible into equity shares at the option of the holder till April 09, 2035. These
CCPS shall be automatically converted into equity shares on April 10, 2035. Further, if mandated by applicable law,
Series B Preference shares shall automatically convert to equity shares prior to listing of the Company''s shares on
any stock exchange.

Pursuant to the Board Resolution and Shareholders'' resolution, each dated October 27, 2023, sub-divided equity
shares having face value of H 10 each into 10 Equity Shares having face value of Re 1 each. Further, our Company
has pursuant to the Board and Shareholders'' resolutions, both dated October 27, 2023 approved the issuance of

5.81.80.800 bonus Equity Shares ("Bonus Equity Shares") at a ratio of 255 Equity Shares for one Equity Share held by
our Shareholders. Further, pursuant to the sub-division and the bonus issuance, appropriate adjustments to the
conversion ratio of outstanding Preference Shares have been made and the conversion ratio accordingly stands
adjusted to 2,560:1, i.e., 2,560 Equity Shares for every Preference Share held by such Preference Share holder. These
shares were converted into equity shares during the year ended March 31, 2025.

Notes:

i) The shareholders of the Company, vide its extraordinary general meeting on October 27, 2023 approved :

a) Sub-divide 1 equity share of face value of H 10 each fully paid up into 1 equity share of H 1 each fully paid
up, resulting to 10 equity shares of H 1 each fully paid up.

b) Issuance and allotment of bonus shares to its equity shareholders in the ratio of 1:255 equity shares of
face value of H 1 for every equity share of face value of H 1, and authorised the Board of Directors to make
appropriate adjustments with respect to such issue of bonus shares to the outstanding options granted
to the employees of our Company under the ESOP 2019, and accordingly, all the outstanding options are
adjusted subsequent to the reporting date.

ii) Pursuant to the sub-division and the bonus issuance of Equity shares inclusing the impact of bonus shares
in the board meeting held on July 06, 2024, appropriate adjustments to the conversion ratio of outstanding
preference shares have been made and the conversion ratio accordingly stands adjusted to 2,560:1, i.e.,
2,560 equity shares for every compulsory convertible cumulative preference share held by the compulsory
convertible cumulative preference shareholder.

(f) Shares reserve for issue under options

The Company has reserved issuance of 53,740 (March 31, 2025: 53,740) options of Re 1 each for offering to Eligible
Employees of the Company under Employees Stock Option Scheme (ESOS). During the year the Company has
granted 6,169 options (March 31, 2025: 650 options). Cumulative number of equity shares oustanding under
Employee Stock Option Scheme (ESOS) are 30,545 (March 31, 2025: 37,717).

For details of shares reserved for issue under the Share based payment plan of the Company, please refer note 30.

The Company''s shareholders approved and ratified amendment in articles of association vide dated December
11, 2024 wherein AceVector Limited ("Holding Company") being the Promoter of the Company, shall with effect
from the Date of Initial Public Offering by the Company, be entitled to nominate and appoint majority of Directors
on the Board of the Company and such nominees of AceVector Limited shall be appointed as Director(s) by
the Board. AceVector Limited shall, subject to oversight of the Board and the Shareholders as required under
applicable law, exercise control over the day to day management and operations of the Company and its right
to control the management and policy decisions of the Company.

(iii) Share based payment reserve

Share option schemes /Share based payment reserve

The Company has share option schemes under which options to subscribe for the Company''s shares have been
granted to certain executives and employees.

The share-based payment reserve is used to recognise the value of equity-settled share-based payments
provided to employees, including key management personnel, as part of their remuneration.

Nature and purpose of reserves

(i) Securities premium : Securities premium is used to record the premium on issue of shares. The amount is
utilised in accordance with the provisions of the Act.

(ii) 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
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.

(iii) Share base payment reserve : The share options based payment reserve is used to recognise the grant date
fair value of options issued to employees under employee stock option plan.

(iv) Contribution to equity from parent : The holding company has provided share based payment schemes to
employees of all the Companies in the group including Unicommerce eSolutions Limited in accordance with
para 43A of Ind AS 102 "Share Based Payments", H 1.59 millions have been cross charged by AceVector Limited
till date for options outstanding as on March 31, 2026.

13. Provisions (Contd..)

The entire amount of the provision for compensated absences of H 10.01 million (31 March 2025 - H 13.92 million) is
presented as current, since the company does not have an unconditional right, at the end of the reporting period, to
defer settlement for any of these obligations beyond 12 months. However, based on past experience, the company
does not expect all employees to avail the full amount of accrued leave or require payment for such leave within the
next 12 months.

Due to its defined benefit plans, the company is exposed to the following significant risk
Change in Discount Rate- A decrease in discount rate will increase plan liability.

Salary Risk- The present value of the defined benefit plan liability is calculated by reference to the future salaries of
the plan participants. As such, an increase in the salary of the plan participants will increase the plans liability.

Mortality & Morbidity rates- 100% of IALM (2012-14) rates have been assumed which also includes the allowance for
disability benefits.

Withdrawal rate- A decrease in withdrawal rate will increase plan liability.

Demographical Assumption used

Assumption regulating future mortality are based on published statistics and mortality table (IALM (2012-14)
Retirement Age- The employees of the company are assumed to retire at the age of 60 years.

26. Earnings per share (EPS)

Basic EPS amounts are calculated by dividing the profit/(loss) for the year attributable to equity holders of the
Company by the weighted average number of Equity shares outstanding during the year.

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

i) The carrying value of bank deposits, trade receivables, cash and cash equivalents, trade payables and other
financial assets and financial liabilities measured at amortised cost approximate their fair value, due to their
short term nature.

ii) Fair value of unquoted mutual funds is based on market prices at the reporting date.

29. Fair value hierarchy

The following table provides the fair value measurement hierarchy of the Company''s assets and liabilities.

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).

Note : No assets or liabilities are measured under Level 2 and Level 3 for the year ended March 31, 2026 and March 31,
2025 and hence disclosure not given.

The Company has following share based payment schemes for its employees. The relevant details of schemes and
grants made there under are as follows:

ESOP Scheme of the Company :

The shareholders of the Company, in their general meeting held on March 29, 2019 have approved this ESOS 2019. As
per the resolution 595 options in addition to the 3,784 options out of the 2014 ESOP Pool, that have not been granted
as of the Effective Date and additionally those options shall form part of Options available for this ESOS 2019 ("2019
ESOP Pool") and accordingly shall no longer be available for grant under ESOP 2014. Hence, the shareholders of the
Company, in their extraordinary general meeting held on March 29, 2019 approved the grant of ESOP exercisable into
not more than 4,320 nos equity shares of H 10 each to the employees of the Company and granted the authority of
designing, implementing and administering such a scheme to the Board.

Further, as per the special resolution passed by the shareholders of the Company at their extraordinary general
meeting held on December 13, 2022 the total number of Options available under 2019 ESOP Pool will be 5,374 ("ESOP
Pool 2019"), the overall ESOP Pool approved by the Board and the Shareholders of the Company will accordingly be
increased to 5,374 Options in aggregate.

As per the terms, all the option holders are entitled to exercise their vested options in case of resignation / retirement
within 3 months from the last working day with the company and unvested options shall stand cancelled with effect
from date of resignation / retirement. In case of permanent incapacity / death vested options can be exercised by
the option grantee or his nominee within 12 months from the date of termination or death and unvested options shall
stand cancelled with effect from date of such termination / death.

i) The shareholders of the Company, vide its extraordinary general meeting on October 27, 2023 approved :

a) Sub-divide 1 equity share of face value of H 10 each fully paid up into 1 equity share of H 1 each fully paid up,
resulting to 10 equity shares of H 1 each fully paid up.

b) Issuance and allotment of bonus shares to its equity shareholders in the ratio of 1:255 equity shares of
face value of H 1 for every equity share of face value of H 1, and authorised the Board of Directors to make
appropriate adjustments with respect to such issue of bonus shares to the outstanding options granted to
the employees of our Company under the ESOP 2019, and accordingly, the all the outstanding options are
adjusted subsequent to the reporting date.

Accordingly, all the outstanding options are adjusted to take impact of shares split. However, the impact of bonus
issue will be considered only once the option holder excercises its right. Similarly, previous year numbers are
adjusted for impact of shares split.

The Company has given stock option to certain employees and the corresponding compensation cost for the
same is borne by the Company.The relevant terms of the grant are as below:

Vesting period 0-4 years

Exercise period At any time upto listing and for a period of 5 years from the date of listing

Exercise price H 1

Contractual life 4 years and at any time upto listing and for a period of 5 years from the date of listing

30. Employee stock option plan (Contd..)

ESOP Scheme of Holding Company :

The shareholders of the Holding Company AceVector Limited, in their general meeting held on February 7, 2011
approved the grant of ESOP exercisable into not more than 3,223 nos equity shares of H 10 each to the employees
of Unicommerce eSolutions Limited and granted the authority of designing, implementing and administering
such a scheme to the Board.

The Board in its meeting held on February 7, 2011 had resolved to issue to employees under ESOP 2011, employee
stock options exercisable into not more than 3,223 nos. equity shares of H 10 each, with each such option conferring
a right upon the employee to apply for one equity share of the Holding company, in accordance with the terms
and conditions of such issue. The Holding company with the unanimous consent of all the shareholders, modified
such ESOP scheme on March 15, 2013, August 12, 2014, among other things, to increase the number of shares of
equity shares reserved for issuance under the Plan to 4,108 nos, 5,528 nos and 9,209 nos, respectively. Later on in
February 09, 2015 with the unanimous consent of all the shareholders, such ESOP scheme was further modified,
and in lieu of such modification increased the number of equity shares reserved for issuance under the Plan to
11,189 nos. equivalent to 111,890 nos post considering the impact of share spilt.

As per the modified terms, all the option holders are entitled to exercise their vested options in case of resignation
/ retirement / permanent incapacity / death and unvested options in case of permanent incapacity / death
within a year of 10 years from the date of last working by self / nominee / legal heir, which earlier was 6 months
from the date of last working. Further the vesting year was also modified. . On October 6, 2015, ESOP Scheme
was further modified in order to restate the definition of the Investor Director and delegate the power to and
authorize the Chief Executive Officer for administration of ESOP Scheme 2011 and also to empower and delegate
the authority to Chief Executive Officer to further delegate his power to administer ESOP 2011 to a senior competent
employee of the Holding company.

Further, the ESOP 2011 is established with effect from February 7, 2011 and shall continue to be in force until (i) its
termination by the Board or the duly constituted Nomination and Remuneration Committee or (ii) the date on
which all of the options available for issuance under the ESOP 2011 have been issued and exercised. Pursuant to
the notification of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021 dated 13^th August 2021 ("SEBI (SBEB and SE) Regulations"), the Plan was further amended with the
approval of shareholders at their meeting held on November 30, 2021.

ESOP 2016 Scheme

On August 24, 2016, ESOP 2016 Scheme was introduced whereby total number of options reserved for issuance
under both the plans combined together shall be restricted to 111,890 (23,230 no of options for ESOP 2016 Scheme),
other conditions remaining the same. Later on March 10, 2017 with the unanimous consent of all the shareholders,
such ESOP scheme was further modified, and in lieu of such modification increased the number of employee
stock options that may be granted under the ESOS 2016, from 23,230 to 29,916 stock options exercisable into Equity
Shares of the Holding company of H 1/- each through transfer of 6,686 stock options cancelled under ESOP 2011.
Further the vesting year was also modified for ESOP 2016 whereas the option holders are entitled to exercise their
vested options in case of resignation / retirement / permanent incapacity / death and unvested options in case
of permanent incapacity / death within a year of 3 months from the date of last working.

The Holding company with unanimous consent of all shareholders on February 25, 2019, increased Employee
stock options from 111,890 to 198,890 that may granted under ESOP Scheme 2016 by addition of 87,000 options
exercisable into equity shares of the Holding company of H 1 each/-.

The holding company in the shareholders meeting increased the pool from 1,98, 890 to 5,00,000 option. Further,
the ESOP 2016 was amended with the approval of shareholders at their meeting held on November 30, 2021. The
Plan is compliant with the Companies Act, 2013 Securities and Exchange Board of India (Share Based Employee

Benefits and Sweat Equity) Regulations, 2021 dated 13^th August, 2021 ("SEBI (SBEB and SE) Regulations"), whereas
the option holders are entitled to exercise their vested options in case of resignation / retirement within a year of
one (l) year from the date of last working day of the employment and in case of termination due to the permanent
incapacity & death within five (5) years. However such modification did not have any impact on the fair value of
the options or is not otherwise beneficial to the employee.

Further, the Holding company, vide its extraordinary general meeting on November 30, 2021, approved the issuance
and allotment of bonus shares to its equity shareholders in the ratio of 159 equity shares of face value of H for
every equity share of face value of H 1, and authorised the Board of Directors to make appropriate adjustments
with respect to such issue of bonus shares to the outstanding options granted to the employees of our Holding
company under the ESOP 2011, ESOP 2012 and ESOP 2016. Accordingly, the all the outstanding options are adjusted
subsequent to the reporting date.

The weighted average remaining contractual life for the stock options outstanding as at March 31, 2026 is 0.88
years (March 31, 2025 :1.88 years)

The range of exercise price for options outstanding at the end of the year was H 1 to H 3,500 (March 31, 2025 :
1 to H 3,500).

No employee stock options were granted by the Holding Company to the employees of the Company during the
year ended March 31, 2026 and March 31, 2025.

31. Financial risk management objectives and policies

The Company financial liabilities comprises of lease liabilities, trade and other payables, and other financial liabilities.
The purpose of these financial liabilities is to finance & support its operations. The Company''s principal financial
assets include trade and other receivables, investments, and cash and cash equivalents that derive directly from its
operations. Further the Company also holds FVTPL investments.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s management is supported by a
financial advisory committee that advises on financial risks and the appropriate financial risk governance framework.
The management assures that the Company''s financial risk activities are governed by appropriate policies and
procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies
and risk objectives.The Board of Directors reviews and agrees policies for managing each of these risks, which are
summarised below.

a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other
price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include
borrowings, deposits, FVTPL investments and derivative financial instruments.

The sensitivity analysis in the following sections relate to the position as at March 31, 2026 and March 31, 2025.

The analysis exclude the impact of movements in market variables on the carrying values of gratuity and other
post-retirement obligations and provisions.

The following assumptions have been made in calculating the sensitivity analysis:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks.
This is based on the financial assets and financial liabilities held at March 31, 2026 and March 31, 2025.

i) 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. As majority of the financial assets and liabilities of the Company
are either non interest bearing or fixed interest bearing instruments, the Company''s net exposure to interest
risk is negligible.

ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because
of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange
rates relates primarily to the Company''s operating activities (when revenue or expense is denominated in a
foreign currency).

The Company current does not hedge any receivable or payable in foreign currency.

Foreign currency sensitivity

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

b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks and financial institutions,
foreign exchange transactions and other financial instruments. The Company only deals with parties which has
good credit rating/worthness given by external rating agencies or based on groups internal assessment.

Trade receivables and contract asset

Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and
control relating to customer credit risk management. Outstanding customer receivables are regularly monitored.

An impairment analysis is performed at each reporting date using a provision matrix to measure
expected credit losses.

The calculation reflects the probability-weighted outcome, the time value of money and reasonable and
supportable information that is available at the reporting date about past events, current conditions and
forecasts of future economic conditions. The maximum exposure to credit risk at the reporting date is the carrying
value of each class of financial assets disclosed in Note 28. The Company does not hold collateral as security.
The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are
located in several jurisdictions and industries and operate in largely independent markets.

31. Financial risk management objectives and policies (Contd..)

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury
department in accordance with the Company''s policy. Investments of surplus funds are made only with approved
counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by
the Company''s Board of Directors on an annual basis. The limits are set to minimise the concentration of risks and
therefore mitigate financial loss through counterparty''s potential failure to make payments.

The Company''s maximum exposure to credit risk for the components of the balance sheet at March 31, 2026 and
March 31, 2025 is the carrying amounts as mentioned in Note 8. The Company''s maximum exposure relating to
financial guarantees and financial derivative instruments is noted in note 28 and the liquidity table below.

c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage
of funds. The Company''s exposure to liquidity risk arises primarily from mismatches of the maturities of financial
assets and liabilities. The Company maintains a balance between continuity of funding and flexibility.

31. Financial risk management objectives and policies (Contd..)

Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities
in the same geographical region, or have economic features that would cause their ability to meet contractual
obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate
the relative sensitivity of the Company''s performance to developments affecting a particular industry.

In order to avoid excessive concentrations of risk, the Company''s policies and procedures include specific
guidelines to focus on the maintenance of a diversified portfolio. Identified concentrations of credit risks are
controlled and managed accordingly.

32. Capital management :

The primary objective of the Company''s capital management is to ensure that it maintains an efficient capital
structure and healthy capital ratios in order to support its business and maximise shareholder value. The Company
monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. Net debt is calculated
as loans and borrowings, lease liability less cash and cash equivalents.

The preparation of the Standalone Financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in
future periods.

Other disclosures relating to the Company''s exposure to risk and uncertainties includes

• Capital management Note 32

• Financial risk management objectives and policies Note 31

• Sensitivity analyses disclosures Note 31
Judgements/Significant assumptions

In the process of applying the Company''s accounting policies, management has made the following estimates, which
have the most significant effect on the amounts recognised in the Standalone Financial Statements.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are described below. The Company has based its assumptions and estimates on parameters available
when the Standalone Financial Statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are beyond the control of
the Company. Such changes are reflected in the assumptions when they occur.

a) Share-based payments

Employees of the Company receive remuneration in the form of share based payment transactions, whereby
employees render services as consideration for equity instruments (equity-settled transactions). In accordance
with the Ind AS 102 Share Based Payments, the cost of equity-settled transactions is measured using the fair
value method. The cumulative expense recognized for equity-settled transactions at each reporting date until
the vesting date reflects the extent to which the vesting period has expired and the Company best estimate of
the number of equity instruments that will ultimately vest. The expense or credit recognized in the statement of
profit and loss for a period represents the movement in cumulative expense recognized as at the beginning of
the period and end of that period and is recognized in employee benefits expense. These assumptions and mode
issued for estimates fair value for share based payment transactions are disclosed in Note 30.

b) Estimation of defined benefits and compensated leave of absence

The present value of the gratuity and compensated absences obligation are determined using actuarial valuations.
An actuarial valuation involves making various assumptions that may differ from actual developments in the
future. These include the determination of the discount rate, future salary increases and mortality rates. Due to
the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive
to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. The Company''s interest rates of government bonds
in currencies consistent with the currencies of the post-employment benefit obligation. The mortality rate is
based on publicly available mortality tables for the specific countries. Those mortality tables tend to change only
at interval in response to demographic changes. Future salary increases and gratuity increases are based on
expected future inflation rates.

Further details about gratuity and compensated absences obligations are given in note 13.

34. Significant accounting judgements, estimates and assumptions (Contd..)

c) Impairment allowances for financial asset

The Company has a policy of creating loss allowance for expected credit loss of trade receivables for the
outstanding amount for more than 180 days based on its past experience. The Company also uses a provision
matrix to calculate loss allowance for trade receivables which is based on the Company''s historically observed
default rates. The Company accordingly adjusts the historical credit loss experience with forward looking
information. At every reporting date, the historical observed default rates are updated and changes in the
forward-looking estimates are analysed.

The amount of ECL is sensitive to changes in circumstances and accordingly Company''s actual default in the
future may be different. The Company has created a loss allowance in books of accounts after considering
aforesaid, however the Company may record additional charge/benefit in profit and loss account due to the
error in the judgement. The information about the ECL on Company''s trade receivable is disclosed in note no. 8.

d) Leases

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgement. The Company uses significant judgement in assessing
the lease term (including anticipated renewals) and the applicable discount rate.

The Company determines the lease term as the non-cancellable period of a lease, together with both periods
covered by an option to extend the lease if the Company is reasonably certain to exercise that option; and periods
covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. In
assessing whether the Company is reasonably certain to exercise an option to extend a lease, or not to exercise an
option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive
for the Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease.
The Company revises the lease term if there is a change in the non-cancellable period of a lease.

The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental
borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay
to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to
the right-of-use asset in a similar economic environment. The discount rate is generally based on the incremental
borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.

e) Estimated useful life of property, plant & equipment and intangible assets

The Company reviews the useful life of property, plant and equipment and intangible assets at the end of each
reporting period. This reassessment may result in change in depreciation and amortisation expense in future
periods. The Company estimates the useful life based on the expected technical obsolescence of such assets.
However, the actual useful life may be shorter or longer than estimated, depending on technical innovations and
competitor actions.

f) Impairment test of financial assets (investment in wholly-owned subsidiary company)

The Company assesses at each reporting date whether there is an indication that an investment in wholly-owned
subsidiary companies may be impaired. If any indication exists, or when annual impairment testing for an asset
is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher
of an asset''s CGU''S fair value less cost of disposal and its value in use. Where the carrying amount of an asset
or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable
amount. In assessing value in use, the estimated future cash flows are estimated based on past trends and
discounted to their present value using a post-tax discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent
market transactions are taken into account. If no such transactions can be identified, an appropriate valuation
model is used. These calculations are corroborated by valuation multiples, or other fair value indicators.

36. Segment Information

The Chief Executive officer (Chief Operating Decision Maker"CODM") primarily focuses on software and platform service
relating to supply chain management across geographies which are reported in the monthly financial information for
making the decisions on operating matters. Accordingly, the Company operates only in one reportable segment i.e.
providing solutions related to supply chain management.

Terms and conditions of transactions with related parties

The transactions with related parties are made on terms equivalent to those that prevail in arm''s length transactions.
Outstanding balances if any, at the year-end are unsecured and interest free and settlement occurs in cash. There
have been no guarantees provided or received for any related party receivables or payables. For the year ended March
31, 2026 the Company has not recorded any impairment of receivables relating to amounts owed by related parties
(March 31, 2025: Nil). This assessment is undertaken each financial year through examining the financial position of the
related party and the market in which the related party operates.

39. Right of use assets (ROU) and lease liability (Contd..)

Extension and termination options:

Extension and termination options are included in leases across the company. These are used to maximize
operational flexibility in terms of managing the assets used in the company''s operations. The majority of extension
and termination options held are exercisable only by the company and not by the respective lessor.

(b) Company as lessor

The Company does not have any lease contracts as ''Lessor''.

40. Impairment reviews of subsidiary

As at March 31, 2026, investments in equity shares and compulsorily convertible preference shares of Shipway
Technology Private Limited amounted to H 1,200.19 millions and H 436.75 millions respectively. The networth as at March
31, 2026 amounts to H (54.26) millions. Management periodically assesses whether there is an indication that such
investment may be impaired. For investment, where impairment indicators exist, management compares its carrying
amount with the recoverable amount. Recoverable amount is value in use of the investment computed based upon
discounted projected profitability. As on the reporting date, the recoverable amount, determined by independent
valuer is more than the carrying amount and accordingly no adjustments to the carrying amount is required in the
books of accounts. Key assumptions underlying the value in use calculation are those regarding expected revenues,
a post-tax discount rate of 18.10% per annum. The management believes that any reasonably possible change in the
key assumptions would not cause the carrying amount to exceed the recoverable amount of the cash generating unit.

41. During the year ended March 31, 2026, the Company has paid/provided for excess remuneration amounting to
H 1.50 million to the independent directors in reference to the provisions of Section 197 of the Companies Act, 2013 read
with Schedule V thereto. The Company is in the process of getting approval for the waiver of such excess remuneration
provided, by way of special resolution in the ensuing general meeting.

42. Other statutory information

(i) 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 and rules
made thereunder.

(ii) The Company do not have any transactions with companies struck off,

(iii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory year,

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

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

42. Other statutory information (Contd..)

(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(vii) The Company has not 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

(viii) The Company has not been declared wilful defaulter by any bank or financial Institution or other lender.

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

(x) The Company does not have any immovable property, therefore this is not applicable to the Company.

(xi) The Company does not have any working capital limits from any banks and financail institutions, on the basis of
security of current assets. Therefore this is not applicable to the Company.

(xii) The Company has not revalued its property, plant and equipment (including ROU assets) or intangible assets or
both during the current year.

(xiii) The Company has not entered into any scheme of arrangements.

(xiv) The Company has not granted any loans or advances to the promoters, directors, KMPs and the related parties
during the year.

j. Provisions
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, for example, under
an insurance contract, the reimbursement is
recognised as a separate asset, but only when
the reimbursement is virtually certain. The
expense relating to a provision is presented
in the statement of profit 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.

k. Retirement and other employee benefits

Retirement benefit in the form of provident
fund is a defined contribution scheme. The
Company has no obligation, other than the
contribution payable to the provident fund.
The Company recognizes contribution payable
to the provident fund scheme as an expense,
when an employee renders the related service.
If the contribution payable to the scheme for
service received before the balance sheet date
exceeds the contribution already paid, the
deficit payable to the scheme is recognized
as a liability after deducting the contribution
already paid. If the contribution already paid
exceeds the contribution due for services
received before the balance sheet date, then
excess is recognized as an asset to the extent
that the pre-payment will lead to, for example,
a reduction in future payment or a cash refund.

In accordance with Indian law, the Company
provides for gratuity, a defined benefit
retirement plan (the “Gratuity Plan”) covering
all employees. The Gratuity Plan provides a
lump sum payment to vested employees on
retirement or on termination of employment
for an amount based on the respective
employee’s salary and the years of employment
with the Company.

The cost of providing benefits under the
defined benefit plan is determined using
the projected unit credit method based on
an actuarial valuation performed by an
independent actuary.

Remeasurements, comprising of actuarial
gains and losses, the effect of the asset ceiling,
excluding amounts included in net interest on
the net defined benefit liability and the return on
plan assets (excluding amounts included in net
interest on the net defined benefit liability), are
recognised immediately in the balance sheet
with a corresponding debit or credit to retained
earnings through OCI in the period in which they
occur. Remeasurements are not reclassified to
profit or loss in subsequent periods and the return
on plan assets (excluding amounts included in
net interest on net defined benefit liability).

Past service costs are recognised in profit or
loss on the earlier of:

- The date of the plan amendment or
curtailment, and

- The date that the Company recognises
related restructuring costs.

Net interest is calculated by applying the
discount rate to the net defined benefit liability
or asset. The Company recognises the following
changes in the net defined benefit obligation
as an expense in the consolidated statement
of profit and loss:

- Service costs comprising current service
costs, past-service costs, gains and
losses on curtailments and non routine
settlements; and

- Net interest expense or income

Accumulated leave, which is expected to be
utilized within the next 12 months, is treated as
short-term employee benefit. The Company
measures the expected cost of such absences
as the additional amount that it expects to
pay as a result of the unused entitlement that
has accumulated at the reporting date. The
Company recognizes expected cost of short¬
term employee benefit as an expense, when an
employee renders the related service.

The Company treats accumulated leave
expected to be carried forward beyond twelve
months, as long-term employee benefit for
measurement purposes. Such long-term
compensated absences are provided for
based on the actuarial valuation using the
projected unit credit method at the reporting
date. Actuarial gains/losses are immediately
taken to the statement of profit and loss and
are not deferred.

The obligations are presented as current
liabilities in the balance sheet if the entity does
not have an unconditional right to defer the
settlement for at least twelve months after the
reporting date.

l. Share-based payments

Employees (including senior executives) of the
Company receive remuneration in the form of
share-based payments, whereby employees
render services as consideration for equity
instruments (equity-settled transactions).

Certain employees of the Company are
entitled to shares of AceVector Limited , the
holding Company, upon the exercise of stock
options which are granted under the stock
incentive plan. The cost related to such grants
is raised as a charge by AceVector Limited
on the Company, while the corresponding
credit is recorded as contribution to equity
from parent. The Holding Company will be
responsible for settelment and the Company
do not have any responsibility for settlement
of Employee Stock Option Scheme 2019 given
by Holding Company. Therefore, the ESOP’s
has been classified as an equity settled share-
based payment. The grant date fair value of
ESOP’s related to employees of the Company
are recognised as employee’s expenses, over
vesting period while the corresponding credit is
recorded as contribution to equity from parent.

Equity Settled Transactions

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, together with a
corresponding increase in share-based
payment (SBP) reserves in equity, over the
period in which the performance and/or
service conditions are fulfilled in employee
benefits expense. The cumulative expense
recognised for equity-settled transactions
at each reporting date until the vesting date
reflects the extent to which the vesting period
has expired and the Company’s best estimate
of the number of equity instruments that will
ultimately vest. The statement of profit and loss
expense or credit for a period represents the
movement in cumulative expense recognised
as at the beginning and end of that period and
is recognised in employee benefits expense.

Service and non-market performance
conditions are not taken into account when
determining the grant date fair value of awards,
but the likelihood of the conditions being met
is assessed as part of the Company’s best
estimate of the number of equity instruments
that will ultimately vest. Market performance
conditions are reflected within the grant date
fair value. Any other conditions attached to
an award, but without an associated service
requirement, are considered to be non¬
vesting conditions. Non-vesting conditions
are reflected in the fair value of an award
and lead to an immediate expensing of an
award unless there are also service and/or
performance conditions.

No expense is recognised for awards that
do not ultimately vest because non-market
performance and/or service conditions have
not been met. Where awards include a market
or non-vesting condition, the transactions are
treated as vested irrespective of whether the
market or non-vesting condition is satisfied,
provided that all other performance and/or
service conditions are satisfied.

When the terms of an equity-settled award are
modified, the minimum expense recognised
is the expense had the terms had not been
modified, if the original terms of the award are
met. An additional expense is recognised for
any modification that increases the total fair
value of the share-based payment transaction,
or is otherwise beneficial to the employee as
measured at the date of modification. Where
an award is cancelled by the entity or by the
counterparty, any remaining element of the fair
value of the award is expensed immediately
through profit or loss.

The dilutive effect of outstanding options is
reflected as additional share dilution in the
computation of diluted earnings per share.

m. Financial instruments

A financial instrument is any contract that
gives rise to a financial asset of one entity
and a financial liability or equity instrument of
another entity.

Financial assets

Initial recognition and measurement

Financial assets are classified, at initial
recognition, as subsequently measured at
amortised cost, fair value through other
comprehensive income (oci), and fair value
through profit or loss. The classification of
financial assets at initial recognition depends
on the financial asset’s contractual cash flow
characteristics and the Companies business
model for managing them.With the exception
of trade receivables that do not contain a
significant financing component or for which
the Company has applied the practical
expedient, the Company initially measures a
financial asset at its fair value plus, in the case of
a financial asset not at fair value through profit
or loss, transaction costs. Trade receivables
that do not contain a significant financing
component or for which the Company has
applied the practical expedient are measured
at the transaction price determined under
Ind AS 115. Refer to the accounting policies in
section (e) Revenue recognition.

In order for a financial asset to be classified and
measured at amortised cost or fair value through
OCI, it needs to give rise to cash flows that are
‘solely payments of principal and interest (SPPl)’
on the principal amount outstanding. This
assessment is referred to as the SPPl test and
is performed at an instrument level. Financial
assets with cash flows that are not SPPl are
classified and measured at fair value through
profit or loss, irrespective of the business model.
Financial assets classified and measured at
amortised cost are held within a business model
with the objective to hold financial assets in
order to collect contractual cash flows while
financial assets classified and measured at fair
value through OCI are held within a business
model with the objective of both holding to
collect contractual cash flows and selling.

The Companies business model for managing
financial assets refers to how it manages its
financial assets in order to generate cash flows.
The business model determines whether cash
flows will result from collecting contractual
cash flows, selling the financial assets, or both.

Purchases or sales of financial assets that
require delivery of assets within a time frame
established by regulation or convention in
the market place (regular way trades) are
recognised on the trade date, i.e., the date
that the Company commits to purchase or
sell the asset.

Subsequent measurement

For purposes of subsequent measurement,
financial assets are classified in four categories:

- Financial assets at amortised cost

(debt instruments)

- Financial assets at fair value through other

comprehensive income (FVTOCl) with

recycling of cumulative gains and losses
(debt instruments)

- Financial assets designated at fair value
through OCI with no recycling of cumulative
gains and losses upon derecognition
(equity instruments)

- Financial assets at fair value

through profit or loss

Financial assets at amortised cost (debt
instruments)

A financial asset is measured at the amortised
cost if both the following conditions are met:

a) The asset is held within a business model
whose objective is to hold assets for
collecting contractual cash flows, and

b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPl)
on the principal amount outstanding.

After initial measurement, such financial assets
are subsequently measured at amortised
cost using the effective interest rate (EIR)
method. Amortised cost is calculated by
taking into account any discount or premium
on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation
is included in finance income in the profit or
loss. The losses arising from impairment are
recognised in the profit or loss. The Company’s
financial assets at amortised cost includes
trade receivables included under other current
financial assets. For more information on
receivables, refer to Note 10.

Financial assets at fair value through profit or loss

FVTPL is a residual category for debt instruments.
Any debt instrument, which does not meet the
criteria for categorization as at amortized cost
or as FVTOCI, is classified as at FVTPL. Financial
assets at fair value through profit or loss are
carried in the balance sheet at fair value with
net changes in fair value recognised in the
statement of profit and loss.

In addition, the Company may elect to
designate a debt instrument, which otherwise
meets amortized cost or FVTOCI criteria, as at
FVTPL. However, such election is allowed only if
doing so reduces or eliminates a measurement
or recognition inconsistency (referred to as
‘accounting mismatch’). The Company has not
designated any debt instrument as at FVTPL.

Debt instruments included within the FVTPL
category are measured at fair value with all
changes recognized in the P&L. Equity instruments
included within the FVTPL category are measured
at fair value with all changes recognized in the P&L.

Derecognition

A financial asset (or, where applicable, a part of
a financial asset or part of a Company of similar
financial assets) is primarily derecognised
(i.e. removed from the Company’s
balance sheet) when:

- The rights to receive cash flows from the
asset have expired, or

- The Company has transferred its rights
to receive cash flows from the asset or
has assumed an obligation to pay the
received cash flows in full without material
delay to a third party under a ‘pass¬
through’ arrangement; and either (a) the
Company has transferred substantially
all the risks and rewards of the asset, or
(b) the Company has neither transferred
nor retained substantially all the risks and
rewards of the asset, but has transferred
control of the asset.

When the Company has transferred its rights to
receive cash flows from an asset or has entered
into a pass-through arrangement, it evaluates
if and to what extent it has retained the risks
and rewards of ownership. When it has neither
transferred nor retained substantially all of the
risks and rewards of the asset, nor transferred
control of the asset, the Company continues to
recognise the transferred asset to the extent
of the Company’s continuing involvement. In
that case, the Company also recognises an
associated liability. The transferred asset and
the associated liability are measured on a
basis that reflects the rights and obligations
that the Company has retained.

Continuing involvement that takes the form
of a guarantee over the transferred asset is
measured at the lower of the original carrying
amount of the asset and the maximum amount
of consideration that the Company could be
required to repay.

Impairment of financial assets

Further disclosures relating to impairment
of financial assets are also provided in the
following notes:

• Disclosures for significant

assumptions - see Note 36

• Trade receivables and contract
assets - see Note 10

The Company recognises an allowance for
expected credit losses (ECLs) for all debt
instruments not held at fair value through
profit or loss. ECLs are based on the difference
between the contractual cash flows due in
accordance with the contract and all the cash
flows that the Company expects to receive,
discounted at an approximation of the original
effective interest rate. The expected cash
flows will include cash flows from the sale of
collateral held or other credit enhancements
that are integral to the contractual terms.

ECLs are recognised in two stages. For credit
exposures for which there has not been a
significant increase in credit risk since initial
recognition, ECLs are provided for credit losses
that result from default events that are possible

within the next 12-months (a 12-month ECL).
For those credit exposures for which there has
been a significant increase in credit risk since
initial recognition, a loss allowance is required
for credit losses expected over the remaining
life of the exposure, irrespective of the timing of
the default (a lifetime ECL).

For trade receivables and contract assets, the
Company applies a simplified approach in
calculating ECLs. Therefore, the Company does
not track changes in credit risk, but instead
recognises a loss allowance based on lifetime
ECLs at each reporting date. The Company has
established a provision matrix that is based on
its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors
and the economic environment.

The Company considers a financial asset in
default when contractual payments are 180
days past due. However, in certain cases,
the Company may also consider a financial
asset to be in default when internal or external
information indicates that the Company is
unlikely to receive the outstanding contractual
amounts in full before taking into account any
credit enhancements held by the Company.
A financial asset is written off when there
is no reasonable expectation of recovering
the contractual cash flows. The companay
does not have any purchased or orginiated
credit-impaired (POCI) financial assets, i.e.
financial assets which are credit impaired on
purchase/origination.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings,
payables as appropriate.

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

The Company’s financial liabilities include
trade and other payables.

Subsequent measurement

For purposes of subsequent measurement,
financial liabilities are classified in
two categories:

• Financial liabilities at fair value
through profit or loss

• Financial liabilities at amortised cost
(loans and borrowings)

Offsetting of financial instruments

Financial assets and financial liabilities are
offset and the net amount is reported in
the consolidated balance sheet if there is a
currently enforceable legal right to offset the
recognised amounts and there is an intention
to settle on a net basis, to realise the assets and
settle the liabilities simultaneously.

Compulsory Convertible Preference Shares
(ccps)

The Company had raised capital by issuing
Compulsory Convertible Preference Shares
(CCPS) through Series A to Series B. As per the
terms of CCPS, the Company does not have
any buyback obligation/contractual obligation
to pay/repurchase CCPS/equity Shares in any
circumstances. The conversion options in CCPS
satisfies fixed-to-fixed criterion under IND AS-
32 and therfore classified as equity.

n. Cash and cash equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand and
short-term deposits with an original maturity
of three months or less, which are subject
to an insignificant risk of changes in value.
For the purpose of the statement of cash flows,
cash and cash equivalents consist of cash
and short-term deposits, as defined above,
net of outstanding bank overdrafts as they are
considered an integral part of the Company’s
cash management.

o. Goods and Services Tax (GST) paid on
acquisition of assets or on incurring expenses

Goods and Services Tax (GST) paid on
acquisition of assets or on incurring expenses
and assets are recognised net of the amount of
GST/ value added taxes paid, except:

- When the tax incurred on a purchase of
assets or services is not recoverable from
the taxation authority, in which case, the
tax paid is recognised as part of the cost
of acquisition of the asset or as part of the
expense item, as applicable

- When receivables and payables are stated
with the amount of tax included

The net amount of tax recoverable from, or
payable to, the taxation authority is included
as part of other current/non-current assets/
liabilities in the balance sheet.

p. Earnings per share

Basic earnings per share is calculated by
dividing the net profit or loss attributable to
equity holders of Company (after deducting
preference dividends and attributable taxes)
by the weighted average number of equity
shares outstanding during the period.

Partly paid equity shares are treated as a
fraction of an equity share to the extent that they
are entitled to participate in dividends relative
to a fully paid equity share during the reporting
period. The weighted average number of equity
shares outstanding during the period is adjusted
for events such as bonus issue, bonus element in
a rights issue, share split, and reverse share split
(consolidation of shares) that have changed the
number of equity shares outstanding, without a
corresponding change in resources.

For the purpose of calculating diluted earnings
per share, the net profit or loss for the period
attributable to equity shareholders of the
Company and the weighted average number
of shares outstanding during the period
are adjusted for the effects of all dilutive
potential equity shares.

Accounting policy for mandatory convertible
instrument is included in FS appropriately as
per requirement of Ind AS 33, Para 23: Ordinary
shares that will be issued upon the conversion
of a mandatorily convertible instruments are
included in the calculation of basic earning per
share from the date the contract is entered into.

q. Foreign currencies

The Company’s Standalone financial
statements are presented in H, which is also the
Company’s functional currency.

Transactions and balances

Transactions in foreign currencies are initially
recorded by the Company at functional
currency spot rates at the date the transaction
first qualifies for recognition. However, for
practical reasons, the Company uses average
rate if the average approximates the actual
rate at the date of the transaction.

Monetary assets and liabilities denominated
in foreign currencies are translated at the
functional currency spot rates of exchange at
the reporting date.

Exchange differences arising on settlement or
translation of monetary items are recognised in
profit or loss.

2.3 Recent Pronouncements

A. New and amended standards

The Ministry of Corporate Affairs has notified
Companies (Indian Accounting Standards)
Amendment Rules, 2023 dated 31 March 2023 to
amend the following Ind AS which are effective
for annual periods beginning on or after 1 April
2024. The Company applied for the first-time
these amendments.

(i) Ind AS 117 Insurance Contracts

Ind AS 117 Insurance Contracts is a
comprehensive new accounting
standard for insurance contracts
covering recognition and measurement,
presentation and disclosure. Ind AS 117
replaces Ind AS 104 Insurance Contracts.
Ind AS 117 applies to all types of insurance
contracts, regardless of the type of entities
that issue them as well as to certain
guarantees and financial instruments with
discretionary participation features; a few
scope exceptions will apply.

The amendments have had minimal
impact on the Company’s disclosures of
accounting policies and no impact on the
measurement, recognition or presentation
of any items in the Company’s
financial statements.

(ii) Amendments to Ind AS 116 Leases - Lease
Liability in a Sale and Leaseback

The amendment specifies the
requirements that a seller-lessee uses in
measuring the lease liability arising in a
sale and leaseback transaction, to ensure
the seller-lessee does not recognise any
amount of the gain or loss that relates to
the right of use it retains.

The amendments had no impact on the
Company’s financial statements.

B. Standards issued/notified but not yet effective

There are no standards that are notified and
not yet effective as on the date."

13 Share Capital (Contd..)

(a) Terms/ Rights Attached to Equity Shares

The Company has only one class of equity shares having a face value of H1 per share. Each holder of equity shares
is entitled to one vote per share.

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

(b) Terms/ Rights attached to Preference Shares
Series A

The Series A preference shares shall have a face value of H100/- (Rupees hundred only)

The Series A Compulsorily convertible preference shares (Series A CCPS) confer on the holders a right to receive,
in priority to the holders of equity shares in the capital of the Company, a preference dividend equal to 0.01% (the
“preference dividend”) per financial year. The right to receive the preference dividend is cumulative. The preference
dividend shall become due and payable to the holder of a Series A CCPS from the date of shareholders’ meeting
of the Company in which the preference dividend has been declared but in no event later than 30^th September of
each financial year. The Series A CCPS are entitled to receive pro-rata in any dividends paid on the equity shares
on an “as if converted” basis. Series A CCPS have the same rights as the rights of a holder of equity shares on
all matters. Series A CCPS, upon the occurrence of liquidation event or winding up, will be entitled to receive in
preference to the other holders of equity shares or of other securities in the Company, the capital and preference
dividend that has been earned or accrued. Each of the Series A CCPS would convert into one equity share of the
Company at a conversion price determined in accordance with Article 12 of the Articles of Association. Article 12
states ""The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall
not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied
by the creation or issue of further shares ranking pari passu therewith"".

These CCPS are convertible into equity shares at the option of the holder till December 17, 2031. These CCPS shall
be automatically converted into equity shares on December 18, 2031. Further, if mandated by applicable law,
Series A Preference shares shall automatically convert to equity shares prior to listing of the Company''s shares on
any stock exchange.

Pursuant to the Board Resolution and Shareholders’ resolution, each dated October 27, 2023, sub-divided equity
shares having face value of H10 each into 10 Equity Shares having face value of Re 1 each. Further, our Company
has pursuant to the Board and Shareholders’ resolutions, both dated October 27, 2023 approved the issuance of
5,81,80,800 bonus Equity Shares (“Bonus Equity Shares”) at a ratio of 255 Equity Shares for one Equity Share held by
our Shareholders.Further, pursuant to the sub-division and the bonus issuance, appropriate adjustments to the
conversion ratio of outstanding Preference Shares have been made and the conversion ratio accordingly stands
adjusted to 2,560:1, i.e., 2,560 Equity Shares for every Preference Share held by such Preference Share holder.

Series B

The Series B preference shares shall have a face value of H100/- (Rupees hundred only)

The Series B Compulsorily convertible preference shares (Series A CCPS) confer on the holders a right to receive,
in priority to the holders of equity shares in the capital of the Company, a preference dividend equal to 0.01%
(the “preference dividend”) per financial year. The right to receive the preference dividend is cumulative. The
Series B preference dividend shall become due and payable to the holder of a Series B CCPS from the date of
shareholders’ meeting of the Company in which the preference dividend has been declared but in no event later
than 30^th September of each financial year. The Series B CCPS are entitled to receive pro-rata in any dividends

paid on the equity shares on an “as if converted” basis. Series B CCPS have the same rights as the rights of a
holder of equity shares on all matters. Series B CCPS, upon the occurrence of liquidation event or winding up, will
be entitled to receive in preference to the other holders of equity shares or of other securities in the Company, the
capital and preference dividend that has been earned or accrued. Each of the Series B CCPS would convert into
one equity share of the Company at a conversion price determined in accordance with Article 13 of the Articles of
Association. These CCPS are convertible into equity shares at the option of the holder till April 09, 2035. These CCPS
shall be automatically converted into equity shares on April 10, 2035. Further, if mandated by applicable law, Series
B Preference shares shall automatically convert to equity shares prior to listing of the Company''s shares on any
stock exchange.

Pursuant to the Board Resolution and Shareholders’ resolution, each dated October 27, 2023, sub-divided equity
shares having face value of H10 each into 10 Equity Shares having face value of Re 1 each. Further, our Company
has pursuant to the Board and Shareholders’ resolutions, both dated October 27, 2023 approved the issuance of
5,81,80,800 bonus Equity Shares (“Bonus Equity Shares”) at a ratio of 255 Equity Shares for one Equity Share held by
our Shareholders.Further, pursuant to the sub-division and the bonus issuance, appropriate adjustments to the
conversion ratio of outstanding Preference Shares have been made and the conversion ratio accordingly stands
adjusted to 2,560:1, i.e., 2,560 Equity Shares for every Preference Share held by such Preference Share holder.

b) Issuance and allotment of bonus shares to its equity shareholders in the ratio of 1:255 equity shares of
face value of H1 for every equity share of face value of H1, and authorised the Board of Directors to make
appropriate adjustments with respect to such issue of bonus shares to the outstanding options granted
to the employees of our Company under the ESOP 2019, and accordingly, the all the outstanding options
are adjusted subsequent to the reporting date.

ii) Pursuant to the share purchase agreement and shareholders agreement dated December 19, 2023, our
Holding Company, AceVector Limited has sold 11,464,384 Equity Shares (post considering impact of split of
shares & issue of bonus shares) and other shareholder SB Investment Holdings (uk) Limited [SIHL] has sold
1,492 Series A CCPS held in the Company to the new incoming investors (“Financial Investors”)

iii) Pursuant to the sub-division and the bonus issuance of Equity shares in the board meeting held on July
06, 2024, appropriate adjustments to the conversion ratio of outstanding preference shares have been
made and the conversion ratio accordingly stands adjusted to 2,560:1, i.e., 2,560 equity shares for every
compulsory convertible cumulative preference share held by the compulsory convertible cumulative
preference shareholder.

(f) Shares reserve for issue under options

The Company has reserved issuance of 53,740 (March 31, 2024: 53,740) options of Re 1 each for offering to Eligible
Employees of the Company under Employees Stock Option Scheme (ESOS). During the year the Company has
granted 650 options (March 31, 2024: 4,250 options). Cumulative number of equity shares oustanding under
Employee Stock Option Scheme (ESOS) are 37,717 (March 31, 2024 : 45,970).

For details of shares reserved for issue under the Share based payment plan of the Company, please refer note 32.

31. Fair value hierarchy

The following table provides the fair value measurement hierarchy of the Company''s assets and liabilities.

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).

Note : No assets or liabilities are measured under Level 2 and Level 3 for the year ended March 31, 2025 and March 31,
2024 and hence disclosure not given.

32 Employee stock option plan

The Company has following share based payment schemes for its employees. The relevant details of schemes and
grants made there under are as follows:

ESOP Scheme of the Company :

The shareholders of the Company, in their general meeting held on March 29, 2019 have approved this ESOS 2019. As
per the resolution 595 options in addition to the 3,784 options out of the 2014 ESOP Pool, that have not been granted
as of the Effective Date and additionally those options shall form part of Options available for this ESOS 2019 (“2019
ESOP Pool”) and accordingly shall no longer be available for grant under ESOP 2014. Hence, the shareholders of the
Company, in their extraordinary general meeting held on March 29, 2019 approved the grant of ESOP exercisable into
not more than 4,320 nos equity shares of H10 each to the employees of the Company and granted the authority of
designing, implementing and administering such a scheme to the Board.

Further, as per the special resolution passed by the shareholders of the Company at their extraordinary general
meeting held on December 13, 2022 the total number of Options available under 2019 ESOP Pool will be 5,374 (“ESOP
Pool 2019”), the overall ESOP Pool approved by the Board and the Shareholders of the Company will accordingly be
increased to 5,374 Options in aggregate.

As per the terms, all the option holders are entitled to exercise their vested options in case of resignation / retirement
within 3 months from the last working day with the company and unvested options shall stand cancelled with effect
from date of resignation / retirement. In case of permanent incapacity / death vested options can be exercised by
the option grantee or his nominee within 12 months from the date of termination or death and unvested options shall
stand cancelled with effect from date of such termination / death.

32 Employee stock option plan (Contd..)

i) The shareholders of the Company, vide its extraordinary general meeting on October 27, 2023 approved :

a) Sub-divide 1 equity share of face value of H10 each fully paid up into 1 equity share of Re 1 each fully paid up,
resulting to 10 equity shares of Re 1 each fully paid up.

b) Issuance and allotment of bonus shares to its equity shareholders in the ratio of 1:255 equity shares of face
value of Re 1 for every equity share of face value of Re 1, and authorised the Board of Directors to make
appropriate adjustments with respect to such issue of bonus shares to the outstanding options granted to
the employees of our Company under the ESOP 2019, and accordingly, the all the outstanding options are
adjusted subsequent to the reporting date.

Accordingly, all the outstanding options are adjusted to take impact of shares split. However, the impact of bonus
issue will be considered only once the option holder excercises its right. Similarly, previous year numbers are
adjusted for impact of shares split.

The weighted average remaining contractual life for the stock options outstanding as at March 31, 2025 is 4.52 years
(March 31, 2024: 5.50 years). The weighted average share price at the date of exercise for stock options exercised
during the year was H42,146 per option (March 31, 2024: H16,748). The range of exercise prices for options outstanding
at the end of the year was Re 1 for all years.

The weighted average fair value of options granted during the year was H41,956 per option (March 31, 2024:
H11,555 per option)

The expected life of the stock is based on historical data and current expectations and is not necessarily indicative of
exercise patterns that may occur. The Company has chosen to use a near zero volatility, in the absence of any history,
over volatility of listed comparable companies.

* After considering impact of share split but before considering the impact of bonus shares approved in the extra ordinary general meeting of
the company held on October 27, 2023.

ESOP Scheme of Holding Company :

"The shareholders of the Holding Company AceVector Limited, in their general meeting held on February 7, 2011
approved the grant of ESOP exercisable into not more than 3,223 nos equity shares of H10 each to the employees
of Unicommerce eSolutions Limited (Formerly known as Unicommerce eSolutions Private Limited) and granted the
authority of designing, implementing and administering such a scheme to the Board.

The Board in its meeting held on February 7, 2011 had resolved to issue to employees under ESOP 2011, employee stock
options exercisable into not more than 3,223 nos. equity shares of H10 each, with each such option conferring a right
upon the employee to apply for one equity share of the Holding company, in accordance with the terms and conditions
of such issue. The Holding company with the unanimous consent of all the shareholders, modified such ESOP scheme
on March 15, 2013, August 12, 2014, among other things, to increase the number of shares of equity shares reserved
for issuance under the Plan to 4,108 nos, 5,528 nos and 9,209 nos, respectively. Later on in February 09, 2015 with the
unanimous consent of all the shareholders, such ESOP scheme was further modified, and in lieu of such modification
increased the number of equity shares reserved for issuance under the Plan to 11,189 nos. equivalent to 111,890 nos post
considering the impact of share spilt.

As per the modified terms, all the option holders are entitled to exercise their vested options in case of resignation /
retirement / permanent incapacity / death and unvested options in case of permanent incapacity / death within a
year of 10 years from the date of last working by self / nominee / legal heir, which earlier was 6 months from the date
of last working. Further the vesting year was also modified. On October 6, 2015, ESOP Scheme was further modified
in order to restate the definition of the Investor Director and delegate the power to and authorize the Chief Executive
Officer for administration of ESOP Scheme 2011 and also to empower and delegate the authority to Chief Executive
Officer to further delegate his power to administer ESOP 2011 to a senior competent employee of the Holding company.
Further, the ESOP 2011 is established with effect from February 7, 2011 and shall continue to be in force until (i) its

termination by the Board or the duly constituted Nomination and Remuneration Committee or (ii) the date on which all
of the options available for issuance under the ESOP 2011 have been issued and exercised. Pursuant to the notification of
the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 dated
13^th August 2021 (“SEBI (SBEB and SE) Regulations”), the Plan was further amended with the approval of shareholders at
their meeting held on November 30, 2021.

ESOP 2016 Scheme

On August 24, 2016, ESOP 2016 Scheme was introduced whereby total number of options reserved for issuance under
both the plans combined together shall be restricted to 1,11,890 (23,230 no of options for ESOP 2016 Scheme), other
conditions remaining the same. Later on March 10, 2017 with the unanimous consent of all the shareholders, such
ESOP scheme was further modified, and in lieu of such modification increased the number of employee stock options
that may be granted under the ESOS 2016, from 23,230 to 29,916 stock options exercisable into Equity Shares of the
Holding company of H1/- each through transfer of 6,686 stock options cancelled under ESOP 2011. Further the vesting
year was also modified for ESOP 2016 whereas the option holders are entitled to exercise their vested options in case
of resignation / retirement / permanent incapacity / death and unvested options in case of permanent incapacity /
death within a year of 3 months from the date of last working.

The Holding company with unanimous consent of all shareholders on February 25, 2019, increased Employee stock
options from 111,890 to 198,890 that may granted under ESOP Scheme 2016 by addition of 87,000 options exercisable
into equity shares of the Holding company of Re 1 each/-.

The holding company in the shareholders meeting increased the pool from 1,98,890 to 5,00,000 option. Further, the
ESOP 2016 was amended with the approval of shareholders at their meeting held on November 30, 2021. The Plan is
compliant with the Companies Act, 2013 Securities and Exchange Board of India (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021 dated 13^th August, 2021 (“SEBI (SBEB and SE) Regulations”), whereas the option holders are
entitled to exercise their vested options in case of resignation / retirement within a year of one (1) year from the date
of last working day of the employment and in case of termination due to the permanent incapacity & death within
five (5) years. However such modification did not have any impact on the fair value of the options or is not otherwise
beneficial to the employee.

Further, the Holding company, vide its extraordinary general meeting on November 30, 2021, approved the issuance
and allotment of bonus shares to its equity shareholders in the ratio of 159 equity shares of face value of H for every
equity share of face value of H1, and authorised the Board of Directors to make appropriate adjustments with respect
to such issue of bonus shares to the outstanding options granted to the employees of our Holding company under
the ESOP 2011, ESOP 2012 and ESOP 2016. Accordingly, the all the outstanding options are adjusted subsequent to the
reporting date.

The weighted average remaining contractual life for the stock options outstanding as at March 31, 2025 is 1.88 years
(March 31, 2024 :2.88 years)

The range of exercise price for options outstanding at the end of the year was H1 to H3,500 (March 31, 2024 : 1 to H3,500).
No employee stock options were granted by the Holding Company to the employees of the Company during the year
ended March 31, 2025 and March 31, 2024.

33. Financial risk management objectives and policies

The Company financial liabilities comprises of lease liabilities, trade and other payables, and other financial liabilities.
The purpose of these financial liabilities is to finance & support its operations. The Company’s principal financial
assets include trade and other receivables, investments, and cash and cash equivalents that derive directly from its
operations. Further the Company also holds FVTPL investments.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s management is supported by a
financial advisory committee that advises on financial risks and the appropriate financial risk governance framework.
The management assures that the Company’s financial risk activities are governed by appropriate policies and
procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies
and risk objectives.The Board of Directors reviews and agrees policies for managing each of these risks, which are
summarised below.

a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other
price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include
borrowings, deposits, FVTPL investments and derivative financial instruments.

The sensitivity analysis in the following sections relate to the position as at March 31, 2025 and March 31, 2024.

The analysis exclude the impact of movements in market variables on the carrying values of gratuity and other
post-retirement obligations; provisions; and the non-financial assets and liabilities of foreign operations. The
analysis for the contingent consideration liability is provided in Note 29.

The following assumptions have been made in calculating the sensitivity analysis:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks.
This is based on the financial assets and financial liabilities held at March 31, 2025 and March 31, 2024.

33. Financial risk management objectives and policies (Contd..)

i) 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. As majority of the financial assets and liabilities of the Company
are either non interest bearing or fixed interest bearing instruments, the Company’s net exposure to interest
risk is negligible.

ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because
of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange
rates relates primarily to the Company’s operating activities (when revenue or expense is denominated in a
foreign currency).

The Company current does not hedge any receivable or payable in foreign currency.

Foreign currency sensitivity

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

iii) Equity price risk

The Company''s non-listed equity securities are susceptible to market price risk arising from uncertainties
about future values of the investment securities. The Company manages the equity price risk through
diversification and by placing limits on individual and total equity instruments. The Company’s Board of
Directors reviews and approves all equity investment decisions.

At the reporting date, the exposure to unlisted equity securities at fair value was H684.09.

33. Financial risk management objectives and policies (Contd..)

b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks and financial institutions,
foreign exchange transactions and other financial instruments. The Company only deals with parties which has
good credit rating/worthness given by external rating agencies or based on groups internal assessment.

Trade receivables and contract asset

Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and
control relating to customer credit risk management. Outstanding customer receivables are regularly monitored.

An impairment analysis is performed at each reporting date using a provision matrix to measure
expected credit losses.

The calculation reflects the probability-weighted outcome, the time value of money and reasonable and
supportable information that is available at the reporting date about past events, current conditions and forecasts
of future economic conditions. The maximum exposure to credit risk at the reporting date is the carrying value
of each class of financial assets disclosed in Note 30. The Company does not hold collateral as security. The
Company evaluates the concentration of risk with respect to trade receivables and contract assets as low, as its
customers are located in several jurisdictions and industries and operate in largely independent markets.

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury
department in accordance with the Company''s policy. Investments of surplus funds are made only with approved
counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by
the Company’s Board of Directors on an annual basis. The limits are set to minimise the concentration of risks and
therefore mitigate financial loss through counterparty’s potential failure to make payments.

The Company''s maximum exposure to credit risk for the components of the balance sheet at March 31, 2025 and
March 31, 2024 is the carrying amounts as mentioned in Note 10. The Company''s maximum exposure relating to
financial guarantees and financial derivative instruments is noted in note 30 and the liquidity table below.

The preparation of the Company’s financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result
in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Othe disclosures relating to the Company''s exposoure to risk and uncertainities includes

• Capital management Note 34

• Financial risk management objectives and policies Note 33

• Sensitivity analyses disclosures Note 33
Judgements/Significant assumptions

In the process of applying the Company’s accounting policies, management has made the following judgements,
which have the most significant effect on the amounts recognised in the financial statements.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are described below. The Company has based its assumptions and estimates on parameters available
when the financial statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising that are beyond the control of the Company.
Such changes are reflected in the assumptions when they occur.

a) Share-based payments

Employees of the Company receive remuneration in the form of share based payment transactions, whereby
employees render services as consideration for equity instruments (equity-settled transactions). In accordance
with the Ind AS 102 Share Based Payments, the cost of equity-settled transactions is measured using the fair
value method. The cumulative expense recognized for equity-settled transactions at each reporting date until
the vesting date reflects the extent to which the vesting period has expired and the Company best estimate of
the number of equity instruments that will ultimately vest. The expense or credit recognized in the statement of
profit and loss for a year represents the movement in cumulative expense recognized as at the beginning of the
year and end of that year and is recognized in employee benefits expense. These assumptions and mode issued
for estimates fair value for share based payment transactions are disclosed in Note 32.

b) Estimation of defined benefits and compensated leave of absence

The present value of the gratuity and compensated absences obligation are determined using actuarial valuations.
An actuarial valuation involves making various assumptions that may differ from actual developments in the
future. These include the determination of the discount rate, future salary increases and mortality rates. Due to
the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive
to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. The Company''s interest rates of government bonds in
currencies consistent with the currencies of the post-employment benefit obligation. The mortality rate is based on publicly
available mortality tables for the specific countries. Those mortality tables tend to change only at interval in response to
demographic changes. Future salary increases and gratuity increases are based on expected future inflation rates.

Further details about gratuity and compensated absences obligations are given in note 15.

c) Impairment allowances for bad and doubtful advances

The Company has a policy of creating provision for expected credit loss of trade receivables and contract assets
for the amount outstading for more than 180 days based on its past experience. The Company has created a

provison in books of accounts based on the policy, however the Company may record additional charge/benefit
in profit and loss account due to the error in the judgement. The information about the ECL on company''s trade
receivable is dislcosed in note no. 10.

d) Income taxes

The Company is subject to income tax laws as applicable in India. Significant judgment is required in determining
provision for income taxes. There are many transactions and calculations for which the ultimate tax determination
is uncertain during the ordinary course of business. The Company recognises liabilities for anticipated tax issues
based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is
different from the amounts that were initially recorded, such differences will impact the income tax provisions in
the period in which such determination is made.

e) Deferred taxes