Gaudium IVF and Women Health Ltd Management Discussions

Our fiscal year ends on March 31 of each year, and references to a particular fiscal period are to the 12 months ended
March 31 of that year. All references to a year are to that Fiscal Year, unless otherwise noted.

Some of the information contained in this section, including information with respect to our strategies, contain
forward-looking statements that involve risks and uncertainties. You should read the section titled "Forward Looking
Statements" beginning on page 21 for a discussion of the risks and uncertainties related to those statements and also
the section titled "Risk Factors" and "Our Business" beginning on pages 32 and 156, respectively, for a discussion of
certain factors that may affect our business, results of operations and financial condition. The actual results of the
Company may differ materially from those expressed in or implied by these forward-looking statements.

Unless otherwise stated, references to "the Company", "our Company", "we", "us", and "our" are to Gaudium IVF
and Women Health Limited.

Incorporated in the year 2015, our company is engaged in IVF (In vitro fertilization) treatment in India and has grown
into several states with Hub and spoke model over the years. Gaudium IVF is founded by our Promoter Dr. Manika
Khanna, a specialist with advanced training in gynecological endoscopic surgery from Kiel, Germany, and Melbourne
IVF Gujarat Private Limited. Having a PAN-India presence, the company operates 30+ locations, which comprises of
7 hubs (centers) and 28 spokes (company has entered into a strategic alliance with Spokes i.e Infertility Expert) to
achieve the mutual goal of spreading awareness about ART and IVF treatment). Our Main centers (Hubs) are located
in major cities of which 2 centers are located in Delhi (Janakpuri & Kailash Colony), 1 center in Maharashtra (Mumbai

-Khar West), 1 center in Punjab (Ludhiana), 1 center in Jammu & Kashmir (Srinagar), 1 center in Bihar (Patna) and
1 center in Karnataka (Bangalore), to cater potential locations across India.

Parenthood is a joyful journey, especially for mothers who experiences motherhood. We understand the challenges
couples face in building a family due to infertility, medical issues, or lifestyle factors. Our mission is to help make
their dream of parenthood come true through personalized fertility treatments. From the first consultation to a
successful pregnancy, we provide expert care, support, and a close partnership with our patients, ensuring a hopeful
and joyful future.

For further details, kindly refer "Our Business " on page 156
Key Performance Indicator

The significant accounting policies applied by the Company in the preparation of its financial statements are listed
below. Such accounting policies have been applied consistently to all the periods presented in these financial
statements, unless otherwise indicated.

The Restated Consolidated Financial Information of Gaudium IVF and Women Health Limited and its subsidiaries,
comprising the Restated Consolidated Statement of Assets and Liabilities as at 31^st March 2025, and year ended 31^st
March 2024, and year ended 31^st March 2023, the Restated Consolidated Statement of Profit and Loss (including
Other Comprehensive Income) for the year ended 31^st March 2025 and year ended 31^st March 2024 and year ended
31^st March 2023, the Restated Consolidated Statement of Cash Flows for the year ended 31^st March 2025 and the year
ended 31^st March 2024 and year ended 31^st March 2023, The Restated Consolidated Changes in Equity for the year
ended 31^st March 2025 and the year ended 31^st March 2024, and year ended 31^st March 2023 and the summary
statement of material accounting policies, and other explanatory information (collectively, the "Restated Consolidated
Financial Information"), as approved by the Board of Directors of the Company at their meeting held on 10^th
September 2025 for the purpose of inclusion in the Draft Red Herring Prospectus ("DRHP")/Red Herring

Prospectus/Prospectus has been prepared by the Company in connection with its proposed initial public offer of equity
shares of the Company ("IPO") prepared in terms of the requirements of:

• Section 26 of Part I of Chapter III of the Companies Act, 2013, as amended ("the Act");

• The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018, as amended ("ICDR Regulations"); and

• The Guidance Note on Report in Company Prospectuses (Revised 2019) issued by the Institute of Chartered
Accountants of India (ICAI) as amended from time to time (the "Guidance Note").

These Restated Consolidated Financial Information have been compiled by the Management of the Company from:

• The Restated Consolidated Financial Statements as at and for the years ended 31^st March 2025 and 31^st March
2024 have been compiled by the Management from the audited consolidated financial statements of the
Company as at and for the year ended 31^st March 2025 which include the comparative Ind AS consolidated
financial statements as at and for the year ended 31^st March 2024 prepared in accordance with Indian
Accounting Standards (Ind AS) as prescribed under Section 133 of Companies Act, 2013 read with
Companies (Indian Accounting Standards) Rules 2015, subsequent amendments thereof and other relevant
provisions of the Act; and

• Special Purpose Ind AS Consolidated Financial Statements of the Group, for the year ended 31st March 2023,
which have been prepared in accordance with the Ind AS, as prescribed under Section 133 of the Act read
with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles
generally accepted in India and which have been approved by the Board of Directors at their meeting held
on 10^th September 2025, after making Ind AS adjustments to the audited consolidated financial statements of
the Company as at and for the year ended 31st March, 2023, prepared in accordance with the Indian GAAP
which was approved by the Board of directors at their meeting held on 21st September 2023.

There are no qualifications in the Auditors Reports on the Audited Restated Consolidated Financial Statements of
the Group for the year ended 31^st March 2025, and for the years ended 31^st March 2024 and 31^st March 2023 which
require any adjustments to the Restated Consolidated Financial Information and in the Companies (Auditors
Report) Order, 2020 issued by the Central Government of India in terms of sub-section (11) of section 143 of the
Act, which require any corrective adjustments in the Restated Consolidated Financial Information.

The explanation to Emphasis of Matter Paragraph provided by the Statutory Auditor and Compliance under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended) which do not require any corrective
adjustments in the Restated Consolidated Financial Information have been disclosed in the Restated Consolidated
Financial Information. (Refer Note 39)

The Restated Consolidated Financial Information have been prepared on a historical cost basis, except for the
following:

• Certain financial assets and liabilities (including derivative instruments) and contingent consideration that is
measured at fair value or amortized cost;

• Defined benefit plans - plan assets measured at fair value;

Any asset or liability is satisfied as current if it satisfies any of the following conditions:

• Asset / Liability is expected to be realised / settled in the Groups normal operating cycle

• Asset is intended for sale or consumption

• Asset / Liability is held primarily for the purpose of trading

• Asset is a cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting date

• In case of a Liability, the Group does not have an unconditional right to defer settlement of the liability for at
least twelve months after the reporting date

For the purpose of this classification, the Group has ascertained its normal operating cycle as twelve months, which
is based on the nature of business and time between acquisition of assets and inventories for processing and their
realisation in cash and cash equivalents.

Estimates, assumptions concerning the future and judgements are made in the preparation of the financial
statements. They affect the application of the Groups accounting policies, reporting amounts of assets, liabilities,
income and expense and disclosures made. Although these estimates are based on managements best knowledge
of current events and actions, actual result may differ from those estimates.

The critical accounting estimates and assumptions used and areas involving a high degree of judgements are
described below:

In the process of applying the entitys accounting policies, management had made the following estimation and
assumptions that have the significant effect on the amounts recognized in the financial statements. The estimates
and assumptions used in accompanying financial statements are based upon managements evaluation of the
relevant facts and circumstances as on the date of the financial statements, reviewed on an ongoing basis. Any
revision to accounting estimates is recognized prospectively in current and future periods.

Key estimates related to long-lived assets (property, plant and equipment and intangible assets) include useful
lives, recoverability of carrying values and the existence of any retirement obligations. As a result of future
decisions, such estimates could be significantly modified. The useful lives as mentioned in Note No. 4.2 and Note
No. 4.3 is applied as per Schedule II of Companies Act, 2013 and estimated based upon our historical experience,
technical estimates and industry information. These estimates include an assumption regarding periodic
maintenance and an appropriate level of annual capital expenditures to maintain the assets.

Management assesses post-employment and other employee benefit obligations using the projected unit credit
method based on actuarial assumptions which represent managements best estimates of the variables (such as
standard rates of inflation, medical cost trends, mortality, discount rate and anticipation of future salary increases)
that will determine the ultimate cost of providing post-employment and other employee benefits. Variation in
these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

The Group recognizes tax liabilities based upon self-assessment as per the tax laws. When the final tax outcome
of these matters is different from the amounts that were initially recognized, such differences will impact the
income tax and deferred tax provisions in the period in which such determination is made.

The Group recognizes revenue from contracts with customers based on a five-step model as per Ind AS 115 which
involves judgements such as identification of distinct performance obligation involves judgement to determine the

deliverables and the ability of the customer to benefit independently from such deliverables. The management
exercises judgement in determining whether the performance obligation is satisfied at a point in time or over a
period of time It considers indicators such as how customer consumes benefits as services are rendered or who
controls the asset as it is being created or existence of enforceable right to payment for performance to date and
alternate use of such product or service, transfer of significant risks and rewards to the customer, acceptance of
delivery by the customer, etc.

Revenue from services which is recognized over time using percentage-of-completion method. The management
uses judgement to estimate the services provided as on reporting date as a proportion of total services provided
which is used to determine the degree of the completion of the performance obligation.

The extent to which deferred tax assets can be recognized is based on an assessment of the probability of the future
taxable income against which the deferred tax assets can be utilized. In addition, significant judgement is required
in assessing the impact of any legal or economic limits or uncertainties in various tax jurisdictions.

The extent to which the Group can control the timing of reversal of deferred tax liability on undistributed profits
of its subsidiaries requires judgement.

The evaluation of applicability of indicators of impairment of assets requires assessment of several external and
internal factors which could result in deterioration of recoverable amount of the assets.

Expected credit losses of the Group are based on an evaluation of the collectability of receivables. A considerable
amount of judgement is required in assessing the ultimate realization of these receivables, including their current
credit worthiness, past collection history of each customer and ongoing dealings with them. If the financial
conditions of the counterparties with which the Group contracted were to deteriorate, resulting in an impairment
of their ability to make payments, additional expected credit loss may be required.

Management reviews its estimate of the useful lives of depreciable/amortizable assets at each reporting date, based
on the expected utility of the assets. Uncertainties in these estimates relate to technical and economic obsolescence
that may change the utility of certain software, customer relationships, IT equipment and other plant and
equipment.

Management applies valuation techniques to determine the fair value of financial instruments (where active market
quotes are not available) and non-financial assets. This involves developing estimates and assumptions consistent
with how market participants would price the instrument. Management uses the best information available.
Estimated fair values may vary from the actual prices that would be achieved in an arms length transaction at the
reporting date.

At each balance sheet date, basis the management judgement, changes in facts and legal aspects, the Group assess
the requirement of the provisions. However, the actual future outcome may be different from this judgement.

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered
by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to
terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include
extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain or
not to exercise the option to renew or terminate the lease. That considers all relevant factors that create an economic
incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses
the lease term if there is a significant event or change in circumstances that is within its control and affects its
ability to exercise or not to exercise the option to renew or to terminate.

The Subsidiaries, Gaudium International Private Limited and EKK Global Private Limited, are the Entities over
which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power to direct
the relevant activities of the entity. The Subsidiary is fully consolidated from the date on which control is
transferred to the Group. It is deconsolidated from the date that control ceases. Profit or loss and other
comprehensive income (‘OCI) of subsidiary acquired or disposed of during the period are recognized from the
effective date of acquisition, or up to the effective date of disposal, as applicable. The subsidiary has a consistent
reporting date of that of the Holding Company.

The Group combines the financial statements of the parent and its subsidiaries line by line adding together like
items of assets, liabilities, equity, income and expenses. Intergroup transactions, balances and unrealised gains on
transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the transferred asset. Accounting policies of the subsidiaries is aligned
where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests, if any, presented as part of equity, represent the portion of a subsidiarys profit or loss
and net assets that is not held by the Group. Profit or loss and each component of OCI are attributed to the equity
holders of the Holding Company and to the non-controlling interests, if any, even if this results in the non-
controlling interests having a deficit balance. The Group attributes total comprehensive income or loss of
subsidiaries between the owners of the parent and the non-controlling interests, if any, based on their respective
ownership interests.

The Group treats transactions with non-controlling interests, if any that do not result in a loss of control as
transactions with equity owners of the group. A change in ownership interest results in an adjustment between the
carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the
subsidiaries. Any difference between the amount of the adjustment to non-controlling interests and any
consideration paid or received is recognized within equity.

The Group applies the acquisition method in accounting for business combinations. The consideration transferred
by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets
transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any
asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
measured initially at their acquisition date fair values.

Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the
amount recognized for non-controlling and any previous interest held, over the net identifiable assets acquired and
liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred,
the difference is recognized in OCI and accumulated in equity as capital reserve. However, if there is no clear
evidence of bargain purchase, the entity recognizes the gain directly in equity as capital reserve, without routing
the same through OCI.

Where settlement of any part of cash consideration is deferred, the amount payable in the future is discounted to
their present value as at the date of exchange. The discount rate used is the Groups incremental borrowing rate,
being the rate at which the similar borrowing could be obtained from an independent financier under comparable
terms and condition.

Contingent consideration is classified either as equity or financial liability. Amount classified as financial liability
are subsequently re-measured to fair value with changes in fair value recognized in profit or loss.

Business combinations involving entities or businesses under common control have been accounted for using the
pooling of interests method. The assets and liabilities of the combining entities are reflected at their carrying
amounts. No adjustments have been made to reflect fair values, or to recognize any new assets or liabilities except
changes made to harmonize the accounting policies.

All items of property, plant and equipment are initially measured at cost. The cost of an item of plant and equipment
is recognized as an asset if, and only if, it is probable that future economic benefits associated with the item will
flow to the Group and the cost of the item can be measured reliably.

Cost includes its purchase price (after deducting trade discounts and rebates), import duties & non-refundable
purchase taxes, any costs directly attributable to bringing the asset to the location & condition necessary for it to
be capable of operating in the manner intended by management, borrowing costs on qualifying assets and asset
retirement costs.

The activities necessary to prepare an asset for its intended use or sale extend to more than just physical
construction of the asset. It may also include technical (DPR, environmental, planning, Land acquisition and
geological study) and administrative work such as obtaining approvals before the commencement of physical
construction.

The cost of replacing a part of an item of property, plant and equipment is capitalized if it is probable that the
future economic benefits of the part will flow to the Group and that its cost can be measured reliably. The carrying
amount of the replaced part is derecognized.

Costs of day-to-day repairs and maintenance costs are recognized into the statement of profit and loss account as
incurred.

Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and
any accumulated impairment losses.

The carrying values of property, plant and equipment are reviewed for impairment when events or changes in
circumstances indicate that the carrying value may not be recoverable.

The residual values, estimated useful lives and depreciation method are reviewed at each financial year-end, and
adjusted prospectively, if appropriate.

Depreciation is provided on Straight Line Method, as per the provisions of Schedule II of the Companies Act, 2013
or based on useful life estimated on the technical assessment. Asset class wise useful lives are as under:

In respect of additions / deletions to the fixed assets / leasehold improvements, depreciation is charged from the
date the asset is ready to use / up to the date of deletion.

An item of plant and equipment is derecognized upon disposal or when no future economic benefits are expected
from its use or disposal. Any gain or loss arising on de-recognition of the asset is recognized in the profit or loss
in the year the asset is derecognized.

Cost of asset not ready for intended use and assets under installation or under construction as at the Balance Sheet
date will be shown as Capital Work in Progress. Advances given towards acquisition of fixed assets outstanding
at each Balance Sheet date are disclosed as Other Non-Current Asset in accordance with Schedule III to the
Companies Act, 2013.

Intangible assets acquired separately are initially measured at cost. Intangible assets are recognized if and only if,
it is probable that the future economic benefits that are attributable to the asset will flow to the Group and the cost
of the asset can be measured reliably.

Cost of separately acquired intangible assets includes its purchase price (after deducting trade discounts and
rebates), import duties & non-refundable purchase taxes, any costs directly attributable to preparing the asset for
its intended use.

Intangible assets are stated at cost of acquisition less accumulated amortization and accumulated impairment
losses, if any. Subsequent expenditure related to an item of intangible assets are added to its book value only if
they increase the future benefits from the existing asset beyond its previously assessed standard of performance.

The carrying values of intangible assets are reviewed for impairment when events or changes in circumstances
indicate that the carrying value may not be recoverable.

The residual values, estimated useful lives and amortization method are reviewed at each financial year-end, and
adjusted prospectively, if appropriate

The useful lives of intangible assets are assessed as either finite or indefinite. Finite-life intangible assets are
amortised on a straight-line basis over the period of their estimated useful lives. Estimated useful lives by major
class of finite-life intangible assets are as follows

The amortization expense is recognized in the statement of profit and loss unless such expenditure forms part of
carrying value of another asset.

Indefinite life intangible assets comprises of those assets for which there is no foreseeable limit to the period over
which they are expected to generate net cash inflows. These are considered to have an indefinite life, given the
strength and durability of the Company and the level of marketing support.

The amortization expense is recognized in the statement of profit and loss unless such expenditure forms part of
carrying value of another asset. Indefinite-life intangible assets comprises of those assets for which there is no
foreseeable limit to the period over which they are expected to generate net cash inflows.

These are considered to have an indefinite life, given the strength and durability of the Group and the level of
marketing support.

For indefinite life intangible assets, the assessment of indefinite life is reviewed annually to determine whether it
continues, if not, it is impaired or changed prospectively based on revised estimates.

Intangible development costs are capitalized only when the following criteria are met:

• Technical and commercial feasibility is demonstrated

• Future economic benefits are probable

• The company intends and is able to complete and use or sell the asset

• The costs can be measured reliably

• Development costs are capitalized as an intangible asset if it can be demonstrated that prescribed
capitalisation criteria are met, the project is expected to generate future economic benefits, it is probable that
those future economic benefits will flow to the Company and the costs of the asset can be measured reliably,
else it is charged to the Statement of Profit and Loss.

Intangibles under development represent the costs incurred in the development of Gaudium Advanced Analysis and
Treatment (GAAT)

Inventories of medicines, medical consumables and drugs are valued at lower of cost and net realizable value. Cost
of inventory includes cost of purchase and other costs incurred in bringing them to their present location and
condition. Net Realizable Value in respect of consumables is the estimated current procurement price in the
ordinary course of the business. Cost is determined on First in First Out (FIFO) basis.

At each reporting date, the Group assesses whether there is any indication that an asset may be impaired. Where
an indicator of impairment exists, the Group makes a formal estimate of recoverable amount. Where the carrying
amount of an asset exceeds its recoverable amount the asset is considered impaired and is written down to its
recoverable amount.

Recoverable amount is the greater of fair value less costs to sell and value in use. It is determined for an individual
asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or
groups of assets, in which case, the recoverable amount is determined for the cash-generating unit to which the
asset belongs.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

Impairment losses of continuing operations, including impairment on inventories, are recognized in the statement
of Profit and Loss, except for properties previously revalued with the revaluation surplus taken to OCI. For such
properties, the impairment is recognized in OCI up to the amount of any previous revaluation surplus.

After impairment, depreciation or amortization is provided on the revised carrying amount of the asset over its
remaining useful life.

The impairment assessment for all assets is made at each reporting date to determine whether there is an indication
that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group
estimates the assets or CGUs recoverable amount. A previously recognized impairment loss is reversed only if
there has been a change in the assumptions used to determine the assets recoverable amount since the last
impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed
its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had
no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of
profit or loss.

Financial assets comprise of investments in equity and debt securities, mutual funds, loans, trade receivables, cash
and cash equivalents and other financial assets.

All financial assets except investments in associates and joint venture are recognized initially at fair value.
However, trade receivables that do not contain a significant financing component are measured at transaction price.
Purchases or sales of financial asset that require delivery of assets within a time frame established by regulation
or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group
commits to purchase or sell the assets.

Financial assets held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows and the contractual terms of the financial assets give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount outstanding are measured at amortised
cost using effective interest rate (EIR) method. The EIR amortization is recognized as finance income in the
Statement of Profit and Loss.

The Group while applying above criteria has classified the following at amortised cost:

a. Loans

b. Trade Receivable

c. Cash and Cash Equivalents

d. Other Financial Assets

Financial assets held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows, selling the financial assets and the contractual terms of the financial assets give rise on
specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding
are measured at FVTOCI. Fair Value movements in financial assets at FVTOCI are recognized in other
comprehensive income. Equity instruments held for trading are classified at fair value through profit or loss
(FVTPL). For other equity instruments the Company classifies the same either at FVTOCI or FVTPL on
instrument to instrument basis. The classification is made on initial recognition and is irrevocable. Fair value
changes on equity investments at FVTOCI, excluding dividends are recognized in other comprehensive income
(OCI).

Financial assets are measured at fair value through profit or loss if it does not meet the criteria for classification
as measured at amortised cost or at fair value through other comprehensive income. All fair value changes are
recognized in the statement of profit and loss.

d. Investments in joint ventures & associates, if any, are carried at cost in the Restated Consolidated Financial
Information. However, a provision for diminution in value is made to recognize a decline other than
temporary in value of the investments.

Financial assets are tested for impairment based on the expected credit losses in accordance with Ind AS 109 on
the following financial assets:

An impairment analysis is performed at each reporting date. The expected credit losses over life time of the asset
are estimated by adopting the simplified approach using a provision matrix on its portfolio of trade receivables,
which is based on historical loss rates reflecting current condition and forecasts of future economic conditions. In
this approach assets are grouped on the basis of similar credit characteristics such as customer segment, past due
status and other factors which are relevant to estimate the expected cash loss from these assets.

Other financial assets are tested for impairment based on significant change in credit risk since initial recognition
and impairment is measured based on probability of default over the life time when there is significant increase in
credit risk.

A financial asset is derecognized only when:

• The Group has transferred the rights to receive cash flows from the financial asset or

• The contractual right to receive cash flows from financial asset is expired or

• Retains the contractual rights to receive the cash flows of the financial asset but assumes a contractual
obligation to pay the cash flows to one or more recipients.

Where the entity has transferred an asset and transferred substantially all risks and rewards of ownership of the
financial asset, in such cases the financial asset is derecognized. Where the entity has neither transferred a financial
asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is also
derecognized if the Group has not retained control of the financial asset.

Cash and cash equivalents comprise cash at bank (including deposits with banks with original maturity of three
months or less) and cash in hand and short-term investments with an original maturity of three months or less.
Deposits with banks are subsequently measured at amortized cost and short-term investments are measured at fair
value through statement of profit & loss account.

Financial liabilities are recognized when, and only when, the Group becomes a party to the contractual provisions
of the financial instrument. The Group determines the classification of its financial liabilities at initial recognition.
All financial liabilities are recognized initially at fair value plus any directly attributable transaction costs, such as
loan processing fees and issue expenses.

After initial recognition, financial liabilities are subsequently measured at amortised cost using the effective
interest rate (EIR) method. Gains and losses are recognized in profit or loss when the liabilities are de recognized,
and through the amortization process.

A financial liability is de recognized when the obligation under the liability is discharged or cancelled or expired.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a de
recognition of the original liability and the recognition of a new liability, and the difference in the respective
carrying amounts is recognized in profit or loss.

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

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes
a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the
respective asset. Capitalisation of borrowing cost is suspended in the period during which the active development
is delayed due to other than temporary interruption. All other borrowing costs are expensed in the period they
occur. Borrowing costs consist of interest, exchange differences arising from foreign currency borrowings to the
extent they are regarded as an adjustment to the interest cost and other costs that an entity incurs in connection
with the borrowing of funds.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalization.

Employee benefits are charged to the Statement of Profit and Loss for the year.

Retirement benefits in the form of Provident Fund are defined contribution scheme and such contributions are
recognized, when the contributions to the respective funds are due. There is no other obligation other than the
contribution payable to the respective funds

Gratuity liability is defined benefit obligation and is provided for on the basis of actuarial valuation on projected
unit credit method made at the end of each financial year. Re measurement in case of defined benefit plans gains
and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period
in which they occur, directly in other comprehensive income and they are included in the statement of changes in
equity.

Compensated absences are provided for on the basis of actuarial valuation on projected unit credit method made
at the end of each financial year. Re measurements as a result of experience adjustments and changes in actuarial
assumptions are recognized in statement of profit or loss account.

The amount of Non-current and Current portions of employee benefits is classified as per the actuarial valuation
at the end of each financial year.

Income tax expense is comprised of current and deferred taxes. Current and deferred tax is recognized in net
income except to the extent that it relates to a business combination, or items recognized directly in equity or in
other comprehensive income. Current income tax relating to items recognized outside profit and loss is recognized
outside profit and loss (either in other comprehensive income or in equity). Current income taxes for the current
period, including any adjustments to tax payable in respect of previous years, are recognized and measured at the
amount expected to be recovered from or payable to the taxation authorities based on the tax rates that are enacted
or substantively enacted by the end of the reporting period.

Deferred income tax assets and liabilities are recognized for temporary differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax base using the tax rates that are expected
to apply in the period in which the deferred tax asset or liability is expected to settle, based on the laws that have
been enacted or substantively enacted by the end of reporting period.

Deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the
initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects
neither the taxable income nor the accounting income. Deferred tax assets are generally recognized for all
deductible temporary differences to the extent that it is probable that taxable income will be available against
which they can be utilized. Deferred tax assets are reviewed at each reporting date and reduced accordingly to the
extent that it is no longer probable that they can be utilized.

Deferred tax assets and liabilities are offset when there is legally enforceable right of offset current tax assets and
liabilities when the deferred tax balances relate to the same taxation authority. Current tax asset and liabilities are
offset where the entity has legally enforceable right to offset and intends either to settle on a net basis, or to realize
the asset and settle the liability simultaneously. Deferred Tax relating to items recognized outside profit or loss is
recognized outside profit and loss (either in other comprehensive income or in equity).

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration.

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the
obligation. Provisions are measured at the present value of managements best estimate of the expenditure required
to settle the present obligation at the end of the reporting period.

The Group recognizes decommissioning provisions in the period in which a legal or constructive obligation is
incurred. A corresponding decommissioning cost is added to the carrying amount of the associated property, plant
and equipment, and it is depreciated over the estimated useful life of the asset.

Contingent liability is disclosed in case of:

• A present obligation arising from past events, when it is not probable that an outflow of resources will be
required to settle the obligation;

• A present obligation arising from past events, when no reliable estimate is possible;

• A possible obligation arising from past events whose existence will be confirmed by the occurrence or non-
occurrence of one or more uncertain future events beyond the control of the Group where the probability of
outflow of resources is not remote.

Contingent assets are not recognized but disclosed in the financial statements when an inflow of economic benefits
is probable.

Group follows the following mentioned underneath hierarchy for determining fair values of its financial
instruments:

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

• Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
either directly (prices) or indirectly (derived from prices); and

• Level 3 - Inputs for the asset or liability that are not based on observable market data.

The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
dates. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer,
broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly
occurring market transactions on an arms length basis. The fair value for these instruments is determined using
Level 1 inputs.

The fair value of financial instruments that are not traded in an active market (for example, over the counter
derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of
observable market data where it is available and rely as little as possible on entity specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is fair valued using level 2
inputs.

If one or more of the significant inputs is not based on observable market data, the instrument is fair valued using
Level 3 inputs. Specific valuation techniques used to value financial instruments include:

• Quoted market prices or dealer quotes for similar instruments

• The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based
on observable yield curves

• The fair value of forward foreign exchange contracts is determined using forward exchange rates at the
reporting dates, with the resulting value discounted back to present value

• Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining
financial instruments.

Sale of Services: The Group derives revenues primarily from business of providing IVF treatment in bundled
packages which includes injections, Ovum/Egg pickup, Embryo Creation and Embryo Transfer. Revenue from
service transactions is usually recognised as the service is performed, either by proportionate completion method
or by the completed service contract method.

Sale of Products: Revenue is measured at the fair value of the consideration received or receivable for goods
supplied, net of returns and discounts to customers. Revenue from sale of goods is recognised on transfer of
significant risks and rewards of ownership to the buyer, which generally coincides with the delivery of goods to
customers.

The Group recognizes revenue from contracts with customers based on a five-step model, such as to, identifying
the contracts with a customer, identifying the performance obligations in the contract, determine the transaction
price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or
as) the entity satisfies a performance obligation at a point in time or over time.

The Group satisfies a performance obligation and recognizes revenue over time, if one of the following criteria is
met:

• The customer simultaneously receives and consumes the benefits provided by the Groups performance as
the Group performs; or

• The Groups performance creates or enhances an asset that the customer controls as the asset is created or
enhanced; or

• The Groups performance does not create an asset with an alternative use to the Group and the entity has an
enforceable right to payment for performance completed to date.

For performance obligations where one of the above conditions are not met, revenue is recognized at the point in
time at which the performance obligation is satisfied.

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that
reflects the consideration we expect to receive in exchange for those products or services.

For all debt instruments measured either at amortised cost or at fair value through other comprehensive income,
interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the
estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period,
where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of a financial liability.
When calculating the effective interest rate, the Group estimates the expected cash flows by considering all the
contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but
does not consider the expected credit losses. Interest income is included in finance income in the statement of
profit and loss.

Interest income on fixed deposits is recognized on a time proportion basis taking into account the amount
outstanding and the applicable interest rate.

Dividend income is recognized at the time when right to receive the payment is established, which is generally
when the shareholders approve the dividend and it is probable that the economic benefit associate with the dividend
will flow to the Group, and the amount of the dividend can be measured reliably.

The Financial statements are presented in Indian Rupee which is also the functional and presentation currency
of the Group.

Transactions in foreign currencies are translated to the functional currency of the Group, at exchange rates in effect
at the transaction date. At each reporting date monetary assets and liabilities denominated in foreign currencies are
translated at the exchange rate in effect at the date of the financial statement. The translation for other non-
monetary assets and liabilities are not updated from historical exchange rates unless they are carried at fair value.

Basic earnings per share are calculated by dividing the profit attributable to owners of the Group by the weighted
average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares
issued during the year and excluding treasury shares.

Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into
account, the after income tax effect of interest and other financing costs associated with dilutive potential equity
shares and the weighted average number of additional equity shares that would have been outstanding assuming
the conversion of all dilutive potential equity shares.

Operating segments are identified and reported in a manner consistent with the internal financial reporting provided
to the chief operating decision makers responsible for allocating resources and assessing performance of the
operating segments.

Where events occurring after the Balance Sheet date provide evidence of conditions that existed at the end of the
reporting period, the impact of such events is adjusted within the Restated Consolidated Financial Information.
Non adjusting events after the Balance Sheet date which are material in size or nature are disclosed separately in
the Restated Consolidated Financial Information.

The following table sets forth select financial data from our restated consolidated statement of profit and loss for the
six months period ended Fiscal 2025, Fiscals 2024, and fiscal 2023 the components of which are also expressed as a
percentage of total income for such years/ period