SRIT India Ltd Management Discussions

The following discussion is intended to convey management?s perspective on our financial condition and results of operations for the six months period ended September 30, 2025 and for Fiscals 2025, 2024 and 2023. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our Restated Consolidated Financial Information as of and for the six months period ended September 30, 2025 and for Fiscals 2025, 2024 and 2023, including the related annexures on page 265. This Draft Red Herring Prospectus may include forward-looking statements that involve risks and uncertainties, and our actual financial performance may materially vary from the conditions contemplated in such forward-looking statements as a result of various factors, including those described below and elsewhere in this Draft Red Herring Prospectus. For further information, see ‘Forward-Looking Statements? on page 23.

Our Company?s financial or fiscal year commences on April 1 and ends on March 31 of the subsequent year. Accordingly, references to a "Fiscal" or "fiscal year" are to the 12-month period ended March 31 of the relevant year. Unless otherwise indicated or context otherwise requires, the financial information for the six months period ended September 30, 2025 and for Fiscals 2025, 2024 and 2023 is derived from the Restated Consolidated Financial Information, included in this Draft Red Herring Prospectus. For further information, see "Restated Consolidated Financial Information" and "Summary Financial Information" on pages 265 and 88. Our Fiscal year ends on March 31 of each year. Accordingly, all references to a particular Fiscal are to the 12-month period ended March 31 of that year.

Unless the context otherwise requires, references in this section to "our Company", are to SRIT India Limited on a standalone basis and references to "we", "us", or "our" are to SRIT India Limited on a consolidated basis.

The industry-related information contained in this section is derived from the industry report titled "Report on Indian Information Technology & Business Process Management (IT- BPM) Sector" dated December 30, 2025("D&B Report") prepared and issued by Dun and Bradstreet, pursuant to an engagement contract dated June 19, 2025 and June 20, 2025. The D&B Report is commissioned and paid for by our Company in connection with the Issue. The data included herein includes excerpts from the D&B Report and may have been re-ordered by us for the purposes of presentation. A copy of the D&B Report is available on the website of our Company at www.sritindia.com. Unless otherwise indicated, financial, operational, industry and other related information derived from the D&B Report and included herein with respect to any particular Fiscal/ Calendar Year refers to such information for the relevant Fiscal/ Calendar Year. For further details and risks in relation to the commissioned report, see "Risk Factors This Draft Red Herring Prospectus contains information from industry sources including the industry report commissioned by the Company from Dun & Bradstreet, and reliance on such information for making an investment decision in the Issue is subject to certain inherent risks." on page 73.

We have included certain non-GAAP financial measures and other performance indicators relating to our financial performance and business in this Draft Red Herring Prospectus, each of which is a supplemental measure of our performance and liquidity and not required by, or presented in accordance with, Ind AS, Indian GAAP, IFRS or U.S. GAAP. Furthermore, such measures and indicators are not defined under Ind AS, IFRS, U.S. GAAP or other accounting standards, and therefore should not be viewed as substitutes for performance, liquidity or profitability measures under such accounting standards. In addition, such measures and indicators, are not standardised terms, hence a direct comparison of these measures and indicators between companies may not be possible. Other companies may calculate these measures and indicators differently from us, limiting their usefulness as a comparative measure. Although such measures and indicators are not a measure of performance calculated in accordance with applicable accounting standards, our Company?s management believes that they are useful to an investor in evaluating our operating performance. For risks relating to such non-GAAP measures, see "Risk Factors Significant differences exist between Ind AS and other accounting principles, such as US GAAP and International Financial Reporting

Standards ("IFRS"), which may affect investor?s assessment of our financial condition." on page 73.

This discussion contains forward-looking statements that involve risks and uncertainties and reflects our current view with respect to future events and financial performance. Actual results may differ from those anticipated in these forward-looking statements as a result of factors such as those set forth under "Forward-Looking Statements" on page 23. The following discussions on our financial condition should be read in conjunction with ‘Risk Factors? and ‘Our Business?, on pages 36 and 196 , respectively.

OVERVIEW

We are a Bengaluru-headquartered Information Technology and Information Technology enabled Services ("IT/ITes") solutions company offering digital solutions and automations of systems through custom application development and integration services. We have a track record of twenty-six years in designing, implementing and operating digital platforms for Government entities and private enterprises in India and select overseas markets. Our Company has successfully implemented large-scale, mission-critical projects for both central and state government bodies across India (Source: D&B Report).

Owing to our consistent service delivery and execution capabilities, our revenue from operations has increased from 1,518.46 million in Fiscal 2023 to 3,893.47 million in Fiscal 2025 at a CAGR of 36.87%. Our profit after tax has increased from 150.41 million in Fiscal 2023 to 336.04 million in Fiscal 2025 at a CAGR of 30.73%.

For details regarding the overview and industry of our Company, see "Our Business Overview" and "Industry Overview" on pages 196 and 153, respectively.

SIGNIFICANT FACTORS AFFECTING OUR FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Our financial condition and results of operations are influenced by a variety of factors, many of which are beyond our control. The following factors have a material impact on our performance and should be considered in evaluating our business and prospects:

Ability to enhance operating efficiency through investments in technology

The scope of technology service offerings is rapidly expanding with the integration of emerging technologies such as artificial intelligence, machine learning, blockchain, 5G, loT, quantum computing, and generative Al. Indian IT firms are increasingly investing in innovation labs, global delivery centers, and partnerships with tech giants to codevelop advanced solutions. Additionally, Indian IT firms are increasingly investing in innovation labs, global delivery centers, and partnerships with tech giants to co-develop advanced solutions (Source: D&B Report). Our results of operations have been, and will continue to be, affected by our ability to improve our operating efficiency, especially through investment in technology.

As our business continues to grow, it is essential to improve operating efficiency to maintain the competitiveness of our platform.

Moreover, rising focus on regulatory compliance, data localization, ESG targets, and hybrid work environments is accelerating IT adoption. Indian IT service providers are playing a critical role by offering tailored digital transformation services (Source: D&B Report). We intend to continue to design and develop customised solutions tailored to the specific needs, operational processes, and regulatory environments of each industry and client. This often necessitates significant investment in research and development, detailed client-specific consultations, and iterative solution design. Such engagements typically involve longer lead times, higher upfront costs, and allocation of specialised resources, without any assurance that the client will ultimately award the project or that the solution will achieve the desired outcomes.

In the future, we will continue to invest in technology to further enhance our operations, which may increase our expenditure or operating costs but will improve our operating leverage, cost efficiency and service quality. Our continued improvement of our platform is paramount to our customer experience, driving our ability to attract and retain customers, improve subscriptions, and generate revenues. Going forward, we intend to continue to prudently invest resources in technology in a cost-effective manner to support the long-term growth of our business.

Ability to retain and expand existing customer relationships by continuing to bid for and wining projects floated by our customeRs.

Over the years, we have invested and successfully delivered numerous projects for Government and Enterprise customers, including but not limited to SEEPZ SEZ Authority, Madhya Pradesh Textbook Corporation (MPTBC), CK Birla Hospital, Telecommunications Consultants India Limited, Ebixcash World Money Limited, resulting in long-standing relationships with various customers in the process, which enables us to execute projects efficiently and to the satisfaction of our clients.

The following table sets forth the percentage of revenue from operations contributed by our top 3, top 5 and top 10 customers for the Fiscals and period indicated:

	Six months period ended September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
Contribution from top Customer	Revenue from operations (in million)	As a % of Revenue from Operation s	Revenue from operations (in million)	As a % of Revenue from Operation s	Revenue from operations (in million)	As a % of Revenue from Operation s	Revenue from operations (in million)	As a % of Revenue from Operation s
Top 3	1,577.29	67.81	2,781.84	71.45	1,615.23	59.58	1,192.17	78.51
Top 5	1,876.15	80.65	3,284.59	84.36	2,247.72	82.91	1,276.47	84.06
Top 10*	2,189.46	94.12	3,588.89	92.18	2,486.06	91.71	1,384.83	91.20

*Our top ten customers include RailTel Corporation of India Limited, Telecommunications Consultants India Limited and SEEPZ SEZ Authority. Names of balance customers have not been provided either because relevant consents for disclosure of their names were not available or in order to preserve confidentiality.

Brand reputation, domain expertise, and digital maturity are now central to customer acquisition and retention. Government clients, in particular, are placing increased emphasis on past implementation track records, cybersecurity readiness, and data localization capabilities (Source: D&B Report). While we have established long-standing relationships with several of our customers, the majority of projects in our industry are awarded through a competitive bidding process. As such, we are required to meet prescribed qualification criteria and submit commercially competitive bids to secure contracts. We cannot assure you that we will always qualify to participate in tenders, or that our bids, once submitted, will be successful. Our ability to retain existing customers and attract prospective customers depends, among other factors, on the competitiveness and flexibility of our pricing model. If we are unable to appropriately adjust our pricing in response to market conditions, customer expectations, or competitive pressures, we may lose business opportunities or face customer attrition. Such developments could adversely affect our revenue growth, profitability, and overall business operations.

Our ability to deepen and expand the portfolio of services we offer while maintaining our high standard of quality

We plan to continue to enhance our existing offerings and platforms to further expand our capabilities and our addressable market. We currently leverage advanced digital technologies to operate and deliver solutions to clients and intend to continue investing in infrastructure upgrades, including modernisation of core systems, adoption of emerging technology stacks, and implementation of advanced platforms. These investments are aligned with our strategic objective of maintaining technology leadership, enhancing service reliability, and ensuring scalability and operational continuity across engagements.

As part of our technology-led initiatives, we intend to deploy artificial intelligence enabled tools to improve documentation, supply chain management and operational efficiency. These initiatives include AI-powered documentation tools to capture doctor patient interactions in real time across multiple languages, AI-enabled systems for demand forecasting, inventory optimisation and supplier performance assessment, and platforms leveraging AI-driven analytics and blockchain technology to enhance visibility and traceability across pharmaceutical and vaccine supply chains.

Collaborations with global tech providers (e.g., Amazon Web Services (AWS), Microsoft)), Oracle), health-tech firms, telecom Original Equipment Manufacturers (OEMs), and government agencies strengthen market position. Such partnerships provide access to cutting-edge tech, co-innovation opportunities, and faster go-to-market (Source: D&B Report). In line with these industry trends and growth strategy, we intend to pursue strategic acquisitions of companies and technology provider(s) in the smart metering, AI, analytics, e-education and health-tech verticals to accelerate time-to-market, expand capabilities, and strengthen our solution portfolio. For further details, see "Our Business Our Strategies" beginning on page 205.

The requirements of our customers vary across a wide range of industries, geographies and service or technical requirements. To service and grow our relationships with our existing customers and to secure new customers, we must provide them with services and solutions that address their needs, anticipate and understand trends in their markets and address their dynamic requirements. We believe that our innovative approach, highly skilled employees, proprietary platforms and global delivery capabilities have enabled us to expand the range of our offerings and improve the delivery of our services and solutions. Continuing to anticipate and respond to changing customer requirements with expanded and improved services will be an important factor in our growth and our ability to continue increasing our profitability.

Competition

The IT-BPM industry in India, especially in the domains of healthcare, telecom, and e-Governance, is undergoing a deep transformation driven by rapid digitalization, policy mandates, and the growing demand for citizen- and consumer-centric services. Overall, the competitive environment in the IT-BPM sector for these focus industries is characterized by fast paced innovation, rising client expectations, and the critical need for impact-driven, scalable digital solutions. (Source: D&B Report). Increased competition, including aggressive pricing and bidding strategies adopted by competitors, may result in reduced margins, loss of market share, and increased business acquisition costs. Certain competitors may have greater financial, operational, and technical resources, more established relationships with clients, or a longer track record in specific sectors or geographies, providing them with a competitive advantage over us. While we continuously endeavor to enhance our competitive position through innovation, operational efficiency, and developing solutions to cater to the needs of diverse industries, however, failure to maintain or increase our market share in the face of increasing competition, which could adversely affect our business, financial condition, and results of operations.

Foreign currency fluctuations

We transact business in various currencies other than the Indian Rupee and have customers abroad, which subjects us to currency exchange risks, as we export our services and receive sale proceeds in foreign currencies and also have a foreign branch office. Our reporting currency is the Indian Rupee, and we transact a significant portion of our business in several other currencies. Accordingly, changes in exchange rates may have a material adverse effect on our profitability and margins. A portion of our revenues and expenses are denominated in foreign currencies, and we are exposed to foreign exchange rate risk to the extent of our revenues and expenses that are denominated in currencies other than the Indian Rupee. Volatility in foreign currency markets may make it difficult for us to hedge our foreign currency exposures effectively.

Government policies, macro-economic environment and sector performance

Our business has historically been focused on, and dependent upon, projects undertaken or awarded by Government entities. We expect to continue to derive a significant portion of our revenue from operations from projects that are, to a large extent, dependent on budgetary allocations by governmental authorities. Any adverse change in such budgetary allocations, or delays in the award of projects resulting from changes in government policies and priorities, could adversely affect our business prospects and financial condition.

Our results of operations and financial condition are influenced by general economic conditions prevalent in India and the state of the global economy. A combined allocation of INR 952.98 billion was made for the IT and telecom sectors, aiming to drive GDP growth and strengthen Indias digital infrastructure. This includes initiatives like high-speed broadband for schools and health centers, enhancing digital inclusion in rural areas (Source: D&B Report).

In the six months period ended September 30, 2025 and Fiscals 2025, 2024, and 2023, we derived 92.23%, 91.34%, 81.84%, and 88.44% respectively, of our revenue from operations from the tenders released by Government entities. In the event any one or more these customers cease to release tenders, our business may be adversely affected. The following table sets forth revenue from our customers and such revenue as percentage of revenue from operations for the periods indicated:

(amount in million)

	Six months period ended September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
Type of Customer	Revenue from operations (in million)	As a % of Revenue from Operation s	Revenue from operations (in million)	As a % of Revenue from Operation s	Revenue from operations (in million)	As a % of Revenue from Operation s	Revenue from operations (in million)	As a % of Revenue from Operation s
Government (1)	2,145.53	92.23	3,556.33	91.34	2,218.68	81.84	1,342.92	88.44
Enterprise (2)	180.64	7.77	337.14	8.66	492.20	18.16	175.54	11.56
Total	2,326.18	100.00	3,893.47	100.00	2,710.88	100.00	1,518.46	100.00

Note:

1. Government agencies, public sector entities, including central, state, and local government departments and institutions that procure products or services for administrative, infrastructure, or public service purposes.

2. Businesses and enterprises not included in Government.

The Ministry of Electronics and Information Technology (Meity) received an allocation of INR 260.26 billion for FY 2026, marking a 48% increase from the revised estimate of INR 175.66 billion for FY 2025. IT and Telecom Sector Investment: Key initiatives such as the Digital India Mission, Bharat Net, and e-Governance programs have significantly accelerated this shift. Government departments are increasingly using integrated platforms for service delivery (e.g., UMANG, DigiLocker), improving transparency, accessibility, and efficiency in public services (Source: D&B Report). We expect to benefit from the above government initiatives and other initiatives similar thereto, and our business growth and continued profitability would depend in part on favourable government initiatives such as these, and in the absence of such favourable initiatives, our growth and future financial performance may be adversely affected.

Demand for IT services may be adversely affected in the event of any slowdown in the Indian economy. In addition, fluctuations in interest rates, exchange rates and inflation rates have a material effect on key aspects of our operations, including the cost of raw materials and the cost of borrowings required to fund our operations. While the ultimate outcome of these events cannot be predicted, they may adversely affect our ability to borrow or raise additional funds in the capital markets on favourable terms, or at all.

Macroeconomic conditions also affect our costs. High inflation and rising borrowing costs affected the private consumption on one hand while fiscal consolidation impacted the government consumption on the other hand. As a result, global GDP growth is projected to slow down from 3.3% in CY 2024 to 3.0% in CY 2025 (Source: D&B Report). Further, higher inflation may result in a tightening of monetary policy by central banks, including the Reserve Bank of India, which could increase interest rates on our borrowings and our bank guarantee costs.

Non-GAAP Financial Measures

Certain measures included in this Draft Red Herring Prospectus, for instance Net Asset Value per Equity Share, Revenue from Operations, EBITDA, EBITDA Margin, PAT, PAT Margin, Return on Capital Employed and Return on Equity, Debt to Equity Ratio, Net Worth, Return on Net Worth (the "Non-GAAP Measures??), presented in this Draft Red Herring Prospectus are supplemental measures of our performance and liquidity that are not required by, or presented in accordance with Ind AS, IFRS or US GAAP. Furthermore, these Non-GAAP Measures, are not a measurement of our financial performance or liquidity under Indian GAAP, IFRS or US GAAP and should not be considered as an alternative to net profit revenue from operations or any other performance measures derived in accordance with Ind AS, IFRS or US GAAP or as an alternative to cash flow from operations or as a measure of our liquidity. Further, these Non- GAAP Measures and other statistical and other information relating to operations and financial performance should not be considered in isolation or construed as an alternative to cash flows, profit for the years or any other measure of financial performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities derived in accordance with Ind AS, Indian GAAP, IFRS or US GAAP. In addition, these Non-GAAP Measures and other statistical and other information relating to operations and financial performance, are not standardised terms and may not be computed on the basis of any standard methodology that is applicable across the industry and therefore, may not be comparable to financial measures of similar nomenclature that may be computed and presented by other companies and are not measures of operating performance or liquidity defined by Ind AS and may not be comparable to similarly titled measures presented by other companies. Further, they may have limited utility as a comparative measure. Although such Non-GAAP financial measures are not a measure of performance calculated in accordance with applicable accounting standards, our Company?s management believes that they are useful to an investor in evaluating us as they are widely used measures to evaluate a company?s operating For further details, see "Risk Factors

We have in this Draft Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to our operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the Indian IT industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies." on page 77.

EBITDA, EBITDA Margin and PAT, PAT Margin

Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) = Profit Before Tax (PBT) + Finance Costs + Depreciation & Amortization Other Income.

EBITDA Margin (%) = (EBITDA / Revenue from Operations) ? 100. This is a profitability ratio which is used to assess the percentage of profit generated from our revenue from operations.

PAT Margin (%) = (Profit After Tax (PAT) / Revenue from Operations) ? 100. This represents how much profit is generated by our Company after deducting the taxes as a percentage of revenue from operations.

The table below sets out our EBITDA, EBITDA Margin, PAT and PAT Margin for the periods indicated.

(amount in million, unless otherwise specified)

Particulars	Six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
EBITDA	320.74	498.09	409.85	225.05
PAT	199.24	336.04	290.76	150.41
EBITDA Margin (in %)	13.79	12.79	15.12	14.82
PAT Margin (in %)	8.57	8.63	10.73	9.91

Return on Capital Employed

Return on capital employed ("RoCE") is calculated as Earnings Before Interest and Taxes (EBIT)/ Capital Employed (here Capital Employed = Total Equity including non-Controlling interest + Total Debt)) * 100, where total debt is equal to total Borrowings and Lease Liabilities (Long-term + Short-term). The table below sets out the ROCE for the periods indicated.

(amount in million, unless otherwise specified)

Particulars	Six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
ROCE (in %)	16.42	37.42	47.52	45.94

Return on Equity

Return on Equity (ROE) or Return on Net Worth (RoNW) (%) = (PAT attributable to the owners of our Company/ Average Equity (here Equity= Equity Share Capital + Other Equity (exclusive of NCI)) *100. The table below sets out the RoE for the periods indicated.

(amount in million, unless otherwise specified)

Particulars	Six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
ROE (in %)	16.04	38.76	44.11	24.61

Debt to Equity Ratio

We monitor our capital and financial leverage levels using the debt-to-equity ratio. We calculate Net debt to equity ratio by dividing the Total Debt (i.e. Total Borrowings and Lease Liabilities (Long-term + Short-term)) by Total Equity (i.e. Equity Share Capital + Other Equity + non-controlling interest). The table below sets out the calculation of our debt-to-equity ratio, as of the dates indicated below.

(amount in million, unless otherwise specified)

Particulars	Six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Total Debt (A)	460.26	618.36	248.33	175.96
Equity (B)	1,566.96	937.42	810.93	519.00
Net Debt to Equity Ratio (A)/(B)	0.29	0.66	0.31	0.34

Presentation of Financial Information

The restated consolidated financial information of our Company comprise the restated statement of assets and liabilities as at six months period ended September 30 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, the restated statement of profit and loss (including Other Comprehensive Income), for the six months period ended September 30 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, the restated statement of changes in equity, for the six months period ended September 30 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 the restated statement of cash flows for the six months period ended September 30 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, and the statement of material accounting policies, and other explanatory information for the six months period ended September 30 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023

(collectively, the "Restated Consolidated Financial Information").

Summary of Material Accounting Policies

The significant accounting policies adopted in the preparation of our Restated Consolidated Financial Information are set forth below. These policies have been consistently applied to all the years presented, unless otherwise stated. For further details, see, "Restated Consolidated Financial Information" on page 265.

1. Basis for Preparation

a) Basis of preparation of Restated Consolidated Financial Information:

The Restated Consolidated Financial Information comprises of the Restated Statement of Assets & Liabilities of the Group as at September 30, 2025 , March 31,2025, March 31, 2024 and March 31, 2023, the related Restated Statement of Profit and Loss (including Other Comprehensive Income), the Restated Statement of Cash Flows and the Restated Statement of Changes in Equity for each of the six months period ended September 30 2025 and years ended March 31, 2025, March 31, 2024 and March 31, 2023, and the summary of Material Accounting Policies and explanatory notes ("Restated Consolidated Financial Information").

These Restated Consolidated Financial Information have been prepared by the Group to comply in all material respects with the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 ("the Act").

b) The SEBI ICDR Regulations; and

c) The Guidance Note on Reports in Group Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI), as amended (the "Guidance Note").

In accordance with the general directions issued by the SEBI dated 28 October 2021 to Association of Investment Bankers of India, lead managers to ensure that companies provide Restated Consolidated Financial Information prepared in accordance with Indian Accounting Standards (Ind-AS) for all the three years (hereinafter referred to as the "the SEBI e-mail") for submission to SEBI. The Statutory Indian GAAP Financial Statements for the year ended March 31, 2025; March 31, 2024 and March 31, 2023 have been adjusted after making suitable adjustments to the accounting heads from their Indian GAAP values for the differences in the accounting principles on transition to Ind AS, as per the requirements of Ind AS 101, First-time Adoption of the Indian Accounting Standards with the transition date of 01 April 2022 for the purpose of submission to SEBI.

The Restated Consolidated Financial Information has been prepared so as to contain information/disclosures and incorporating adjustments set out below in accordance with the SEBI ICDR Regulations:

a) Adjustments to the profits or losses of the earlier periods and of the period in which the change in the accounting policy has taken place is recomputed to reflect what the profits or losses of those periods would have been if a uniform accounting policy was followed in each of these periods, if any;

b) Adjustments for reclassification of the corresponding items of income, expenses, assets and liabilities, in order to bring them in line with the groupings as per the audited financial statements of our Company and the requirements of the SEBI ICDR Regulations, if any; and

c) The resultant impact of tax due to the aforesaid adjustments, if any.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

Amounts in the Restated Consolidated Financial Information are presented in Indian Rupees rounded to millions [10 lakhs = 1 million] as permitted by Schedule III to the Companies Act, 2013. Per share data are presented in Indian Rupees.

b) Presentation of Restated Consolidated Financial Information:

The Restated Consolidated Financial Information (including balance sheet, statement of profit and loss and the statement of changes in equity) are prepared and presented in the accordance with the format prescribed in Division

II of Schedule III to the Companies Act, 2013, as amended from time to time. The statement of cash flows has been prepared using the indirect method. The disclosure requirements with respect to items in the balance sheet and statement of profit and loss, as prescribed in Schedule III to the Act, are presented by way of notes forming part of financial information along with the other notes required to be disclosed under the notified Indian Accounting Standards.

c) Use of estimates and judgments:

Preparation of Restated Consolidated Financial Information in conformity with Indian Accounting Standards (Ind AS) requires the management of the Group to make estimates and assumptions that affect the income and expense reported for the period and assets, liabilities and disclosures reported as on the date of the Restated Consolidated Financial Information. Examples of such estimates include useful lives of Property, Plant & Equipment and intangible assets, loss allowance for expected credit losses, future obligations in respect of retirement benefit plans, considering the extension period for determination of lease term etc. Actual results could vary from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised, and by giving prospective impact in the Restated Consolidated Financial Information.

d) Principles of consolidation

Subsidiaries are all entities over which the Parent has control. The Group controls an entity where 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. Subsidiary are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the Group.

The Group combines the Restated Consolidated Financial Information of the parent and its subsidiaries line by line adding together like items of assets, liabilities, equity, income and expenses. Inter Group 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 subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit and loss, consolidated statement of changes in equity and consolidated statement of assets and liabilities respectively.

Following are the details of Subsidiaries

Name of Subsidiary	% of Holding as at Sep 30, 2025	% of Holding as at March 31, 2025	% of Holding as at March 31, 2024	% of Holding as at March 31, 2023
RICT India Private Limited	94.00	94.00	94.00	94.00
Sharp and Turner LLP	99.92	99.92	0.00	0.00

The Group had two subsidiaries (SRIT Enterprises Private Limited and SRIT Health Care Private Limited) that had ceased operations. Applications for strike-off under Section 248 of the Companies Act, 2013 were filed with the Registrar of Companies, and approval emails for strike-off were received on June 02, 2025 and June 03, 2025, respectively.

These Subsidiaries have accumulated losses in preceding financial years (Fiscal 2023 and Fiscal 2024), and had no material impact on the consolidated financial information of the Group for those periods.

Consequently, the carrying amount of the investments in these subsidiaries aggregating to Rs.12.62 million has been written off during FY 2024-25. As the subsidiaries were non-operational in earlier periods and did not contribute materially to the Group?s financial position or performance, the derecognition has been presented as a restatement to the opening balance sheet. (Refer note 44 for additional details)

2. Material Accounting Policies a) Revenue recognition:

Revenue from customer contracts is considered for recognition and measurement when the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services ("performance obligations") to customers in an amount that reflects the consideration the Group has received or expects to receive in exchange for these products or services ("transaction price"). Revenue is measured based on the transaction price as per the contract with a customer net of variable consideration on account of volume discounts, rebates and other similar allowances. When there is uncertainty as to collectability, revenue recognition is deferred until such uncertainty is resolved.

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

The Group allocates the transaction price (net of variable consideration) to separately identifiable performance obligations based on their relative standalone selling prices. Standalone selling prices are determined based on sale prices for the components when it is regularly sold separately and in cases where the Group is unable to determine the standalone selling price, the Group uses third-party prices for similar deliverables or expected cost-plus margin approach or residual method in estimating the stand-alone selling price.

Revenue from contracts priced on time and material basis is recognized when services are rendered, and the related costs are incurred.

Fixed-price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed-price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Group?s costs to fulfill the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Group uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

When total cost estimates exceed revenue in arrangement, the estimated losses are recognized in the statement of profit and loss in the year in which such losses become probable based on the current contract estimates.

Revenue from sale of licenses/hardware, where the customer obtains a "right-to-use" the licenses/hardware is recognized at the point in time when the related license / hardware is made available to the customer. Revenue from licenses/hardware where the customer obtains a "right to access" is recognized over the access period. For allocating the transaction price to sale of licenses/hardware and related implementation and maintenance services, the Group measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. In case, where the licenses are required to be substantially customized as part of implementation service, the entire arrangement fee is considered as single performance obligation and revenue is recognized as per input method.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

The Group accounts for variable considerations like, volume discounts, rebates, pricing incentives to customers and penalties as reduction of revenue on a systematic and rational basis over the period of the contract. The Group estimates an amount of such variable consideration using expected value method or the single most likely amount in a range of possible consideration depending on which method better predicts the amount of consideration to which the Group may be entitled and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

The Group accrues the estimated cost of post contract support services at the time when the revenue is recognized.

The accruals are based on the Group?s historical experience of material usage and service delivery costs.

Contract modifications are accounted for when additions, deletions or changes are approved either to the contract scope or contract price. Contract modifications involving services added that are not distinct are accounted for on a cumulative catch up basis, while those that are distinct are accounted for prospectively as a separate contract.

Unbilled revenues (contract assets) represent revenue earned in excess of billings as at the end of the reporting year. Where right to consideration is unconditional upon passage of time, the contract assets are classified as a financial assets. However, for fixed price development contracts, where milestone is not due as per contract terms as on date of reporting, the same is classified as non-financial asset.

Unearned & deferred revenue (contract liabilities) represent billing in excess of revenue recognized.

Contract Cost:

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

ii) Fulfillment costs that relate specifically to a contract or an anticipated contract are recognized as an asset if they generate or enhance resources that will be used to satisfy future performance obligations and if it is expected that these costs will be recovered. The asset is amortized on a systematic basis that is consistent with the transfer of goods or services to the customer to which the asset relates.

Use of significant judgments in revenue recognition:

The Group uses the percentage-of-completion method in accounting for its fixed-price contracts. Use of the percentage of-completion method requires the Group to estimate costs expended to date as a proportion of the total costs to be expended. Costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity.

Further, the Group uses significant judgments while determining the transaction price to be allocated to performance obligations.

Provision for estimated losses, if any, on uncompleted contracts are recorded in the year in which such losses become probable based on the expected contract estimates at the reporting date.

b) Other income:

Other income comprises primarily of interest income, dividend income, gain/loss on investment and foreign exchange gain/loss.

i) Interest income is recognized using effective interest method.

ii) Dividend income is accounted in the year in which the right to receive the same is established.

c) Employee benefits:

I) Short-term employee benefits:

All employee benefits falling due wholly within twelve months of rendering the service are classified as short-term employee benefits. The benefits like salaries, wages, and short-term compensated absences and performance incentives are recognized in the year in which the employee renders the related service.

d) Post-employment benefits:

i) Defined contribution plan:

Employer?s contribution to Provident Fund and Employee State Insurance which is in the nature of defined contribution scheme is expensed off when the contributions to the respective funds are due. There are no obligations other than contributions payable to the fund.

ii) Defined benefit plans:

Gratuity liability is in the nature of defined benefit obligation. The liability is provided based on independent actuarial valuation on projected unit credit method made at the end of each reporting period as per the requirements of Ind AS 19 on "Employee Benefits". Actuarial gain/(loss) in the valuation are recognized as other comprehensive income for the period.

Remeasurements comprising of actuarial gains or losses and return or loss on plan assets (excluding amounts included in net interest on the net defined benefit liability) are not reclassified to statement of profit and loss in subsequent years.

The effect of any plan amendment is recognized in statement of profit and loss.

Gains or losses on the curtailment or settlement of any defined benefit plan are recognized when the curtailment or settlement occuRs.Past service cost resulting from a plan amendment or curtailment are recognized immediately in the statement of profit and loss.

iii) Long-term employee benefits:

The obligation for long-term employee benefits like long-term compensated absences is recognized as determined by actuarial valuation performed by independent actuary at each balance sheet date using Projected Unit Credit Method on the additional amount expected to be paid/availed as a result of unused entitlement that has accumulated at the balance sheet date. Actuarial gains and losses are recognized immediately in statement of profit and loss.

iv) Social security plans:

Employer?s contribution payable with respect to the social security plans, which are defined contribution plans, is charged to the statement of profit and loss in the year in which employee renders the services.

The Code on Social Security, 2020 has been enacted by the Indian Parliament, which would impact the contributions by the Group towards Provident Fund and Gratuity. The Code has been published in the Gazette of India. The effective date from which the changes will be applicable and the corresponding Rules, are yet to be notified. The Group will complete its evaluation and will give appropriate impact in the year in which, the Code and the corresponding Rules become effective.

e) Property, plant and equipment:

Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses if any. Cost includes expenditure directly attributable to the acquisition or construction of the asset and cost incurred for bringing the asset to its present location and condition.

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Subsequent expenditure relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance costs are recognized in the statement of profit and loss when incurred. The cost and related accumulated depreciation are eliminated from the Restated Consolidated Financial Information upon sale or disposition of the asset and the resultant gains or losses are recognized in the statement of profit and loss.

Amounts paid towards the acquisition of property, plant and equipment outstanding as of each reporting date and the cost of property, plant and equipment not ready for intended use before such date are disclosed under capital advances and capital work-in-progress (CWIP) respectively.

Depreciation on Property, Plant and Equipment:

Depreciation on PPE other than freehold land has been provided on written down value method over the useful lives of the assets. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013 except in respect of certain categories of assets, where the useful life of the assets has been assessed based on a technical evaluation.

The estimated useful lives are as mentioned below:

Type of asset	Useful lives
Leasehold improvements	Lease term or life of asset whichever is lower
Plant and machinery	5 years
Vehicles	8 years
Computer equipment	3 - 6 years
Office equipment	5 years
Furniture and fixtures	5 - 10 years

*The Group believes that the technically evaluated useful lives, different from Schedule II of the Companies Act, 2013, best represent the period over which these assets are expected to be used.

f) Intangible assets:

Intangible assets that are acquired by the Group are measured initially at cost. After initial recognition, an intangible asset is carried at its cost less any accumulated amortization and any accumulated impairment loss. Subsequent expenditure is capitalized only when it increases the future economic benefits from the specific asset to which it relates.

Intangible Assets are stated at cost of acquisition net of recoverable taxes, trade discount and rebates less accumulated amortisation/depletion and impairment losses, if any. Such cost includes purchase price, borrowing costs, and any cost directly attributable to bringing the asset to its working condition for the intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the Intangible Assets.

Gains or losses arising from derecognition of an Intangible Asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit and loss when the asset is derecognised.

Amortizaton of intangible assets:

The estimated useful life of an intangible asset is based on number of factors including the effects of obsolescence, demand, competition and other economic factors and the level of maintenance expenditures required to obtain the expected future cash flows from the asset.

Depreciation methods, useful lives and residual values are reviewed at each reporting date.

g) Impairment of financial assets:

The Group assesses at each date of balance sheet whether a financial asset or a Group of financial assets is impaired. Ind AS 109 requires expected credit losses to be measured through a loss allowance.

In determining the allowances for doubtful trade receivables, the Group has used a practical expedient by computing the loss allowance for expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the receivables that are due and rates used in the provision matrix.

The application of simplified approach does not require the Group to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

For all other financial assets, expected credit losses are measured at an amount equal to the 12-month expected credit losses on a forward-looking basis. However, if the credit risk on the financial instruments has increased significantly since the initial recognition, then the Group measures lifetime ECL.ECL impairment loss allowance

(or reversal) recognized during the period is recognized under the head ‘Other Expenses? in the statement of Profit and Loss.

h) Leases:

The Group as a lessee:

The Group?s lease asset classes primarily consist of leases for office premises and furniture & fixtures. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether:

(1) the contract involves the use of an identified asset

(2) the Group has substantially all of the economic benefits from use of the asset throughout the period of the lease and

(3) the Group has the right to direct the use of the asset throughout the period of use.

At the date of commencement of the lease, the Group recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The Group determines the lease term as the non-cancellable period of a lease, adjusted with periods covered by an option to extend the lease, where the Group is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise the option.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of the leases. The incremental borrowing rate depends on the term, currency and start date of the lease and is determined based on a series of inputs including: the risk-free rate based on government bond rates and a country specific risk adjustment. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use asset if the Group changes its assessment if whether it will exercise an extension or a termination option.

The lease liability is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. The Group recognises the amount of the re-measurement of lease liability due to modification as an adjustment to the right-of-use asset and statement of profit and loss depending upon the nature of modification. Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the Group recognises any remaining amount of the re-measurement in statement of profit and loss.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

The Group as a lessor:

Leases for which the Group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Group is an intermediate lessor, it accounts for its interests in the head-lease and the sub-lease separately. The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For operating leases, rental income is recognized on a straight-line basis over the term of the relevant lease.

i) Functional and presentation currency

The functional and presentation currency of the Group is the Indian Rupee as it is the currency of the primary economic environment in which the Group operates.

j) Foreign currency transactions and balances

Foreign currency transactions related to the Group and its branches are initially recorded at the rates prevailing on the date of the transaction. At the balance sheet date, foreign currency monetary items are reported using the closing rate. Exchange gains and losses arising on settlement and restatement are recognized in the Statement of Profit and Loss. Non-monetary items which are carried at historical cost denominated in foreign currency are reported using the exchange rate at the date of the transaction.

k) Financial instruments

Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument.

I) Initial measurement

Financial assets (excluding trade receivables) and liabilities are initially measured at fair value, i.e. transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial liability. Trade receivables that do not contain a significant financing component are measured at transaction price.

II) Investment in subsidiaries:

Investment in subsidiaries are carried at cost less impairment, if any in the Standalone Restated Financial Information. Dividend income from subsidiaries is recognized when its right to receive the dividend is established.

III) Derecognition:

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial assets expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability is derecognized from the Group?s balance sheet where the obligation specified in the contract is discharged or cancelled or expired.

IV) Offsetting:

Financial assets and financial liabilities are offset and the net amounts are presented in the balance sheet when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

l) Taxes on income

Income tax expense comprises current and deferred income tax. Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Indian Income tax Act, 1961.

Income tax and deferred tax expense is recognized in the Statement of Profit and Loss except to the extent that it relates to items recognized directly in other comprehensive income, in which case income tax expense is recognized in other comprehensive income. Current income tax for current and prior years is recognized at the amount expected to be paid to or recovered from the tax authorities.

The Group offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Restated Consolidated Financial Information except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Other deferred tax assets are recognized and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted as on the balance sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The Group offsets deferred income tax assets and liabilities, where it has a legally enforceable right to offset current tax assets against current tax liabilities, and they relate to taxes levied by the same taxation authority on either the same taxable entity, or on different taxable entities where there is a right and an intention to settle the current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

m) Borrowing costs:

Borrowing costs include finance costs, commitment charges, interest expense on lease liabilities. Borrowing costs are recognized in the statement of profit and loss using the effective interest rate method.

n) Cash & cash equivalents:

The Group considers all highly liquid investments, which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value to be cash equivalents. Cash and cash equivalents consist of balances with banks which are unrestricted for withdrawal and usage.

o) Provisions, contingent liabilities, and contingent assets:

Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if:

I) the Group has a present obligation as a result of a past event;

II) a probable outflow of resources is expected to settle the obligation; and

III) the amount of the obligation can be reliably estimated.

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time value of money is material, the carrying amount of the provision is the present value of those cash flow. Reimbursement expected in respect of expenditure required to settle a provision is recognized only when it is virtually certain that the reimbursement will be received and a reliable estimate can be made of the amount of the obligation.

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

Contingent liability is disclosed in case of,

I) a present obligation arising from a past event when it is not probable that an outflow of resources will be required to settle the obligation or the amount of obligation cannot be measured with sufficient reliability; or

II) a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

Contingent assets are neither recognized nor disclosed.

Provisions, contingent liabilities, and contingent assets are reviewed at each balance sheet date.

p) Earnings per share:

Basic earnings per share is computed by dividing profit or loss attributable to equity shareholders of the Group by the weighted average number of equity shares outstanding during the period.

The Group did not have any potentially dilutive securities in any of the periods presented.

q) Statement of Cash flow:

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

r) Recent accounting pronouncement:

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. The Group has reviewed the new pronouncements and based on its evaluation has determined that it does not have any significant impact in its financial information.

Principal Components of Statement of Profit and Loss

Total Income/ Revenue

Total income comprises of (i) revenue from operations and (ii) other income

(i) Revenue from operations: Our Company generates its revenues primarily through three strategic verticals healthcare, electronic governance and telecommunications and broadband, which forms the core business verticals and allows us to capitalize on high-growth opportunities in both Indian and global technology markets. A significant portion of our revenue from operations is derived from turnkey projects executed within these divisions. Within each division, we follow an integrated business model comprising of self-developed as well a third-party sale of products, Sale of services and licenses, along with rendering varied services, which enables our Company to deliver comprehensive, end-to-end solutions that meet the diverse needs of our clients.

This diversified revenue model allows us to serve a wide base of clientele and end use customers, including Government and Enterprise clients, within the domestic boundaries as well as across the globe.

Revenue from operations comprises majorly of the two:

(i) sale of products; and

(ii) sale of service.

a) Revenue from sale of products

Our revenue is primarily derived from proprietary software products developed and maintained in-house, as well as third-party hardware and software products sourced from external vendors. Proprietary solutions have seen growing adoption among Government and Enterprise clients. For third-party products, any required customization, integration, or system implementation is performed in-house, enabling our Company to offer bundled, end-to-end solutions. In large turnkey projects, the supply and installation of hardware components are often included, allowing our Company to deliver integrated solutions tailored to client requirements.

b) Revenue from sale of services

Being a player in the IT services sector, we derive a significant portion of its revenue from the sale of services. The services segment provides a stable, recurring, and annuity-based revenue stream. It includes a wide range of offerings such as system integration and software implementation services; managed service provider and access network partner services; operations and maintenance of installed networks and IT systems; Software-as-a-Service ("SaaS"); optical fibre installation and maintenance; third-party product or suite installation; AI implementation services; cybersecurity services; cloud licensing services; product maintenance services ("AMC"); development and customization of software, applications, or suites; IT infrastructure services; and professional and consultancy services.

Details of KPIs for the Six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023:

(amount in million, unless specified)

Particulars	Unit of measurement	Six months period ended September 30, 2025	Financial year ended March 31, 2025	Financial year ended March 31, 2024	Financial year ended March 31, 2023
Financial KPI
Revenue from Operations(1)	( million)	2,326.18	3,893.47	2,710.88	1,518.46
Revenue from Operations Growth (in %) (2)	(In %)	NA	43.62	78.53	NA
EBITDA (3)	( million)	320.74	498.09	409.85	225.05
EBITDA Margin (in %) (4)	(In %)	13.79	12.79	15.12	14.82
PAT (5)	( million)	199.24	336.04	290.76	150.41
PAT Margin (in %) (6)	(In %)	8.57	8.63	10.73	9.91
Net Worth (7)	( million)	1,561.84	931.65	804.70	512.98
Debt-Equity Ratio (in times) (8)	(In times)	0.29	0.66	0.31	0.34
ROE/ RoNW (9)	(In %)	16.04	38.76	44.11	24.61
ROCE (10)	(In %)	16.42	37.42	47.52	45.94
Current Ratio (11)	(times)	1.42	1.21	1.29	1.18
Operational KPI
Average no of active orders (12)		78	93	116	102
- Recurring orders (13)	(In number)	44	46	56	55
- Milestone orders (14)		34	47	60	47
Average no. of clients served (15)	(In number)	51	61	75	65
Average no. of repeated clientele (16)	(In number)	41	43	46	22
Percentage of Clients repeated (in %) (17)	(In %)	80.39	70.49	61.33	33.85
Average Revenue per active orders (in millions) (18)	( million)	29.82	41.87	11.49	14.89
Average Revenue per client served (19)	( million)	45.61	63.83	36.15	23.36
Average no. of employees*(20)	(In number)	1,131	1,040	916	817
Revenue per average employees (in millions) (21)	( million)	2.06	3.74	2.96	1.86
Average employees per client served (22)	(In number)	22	17	12	13

Notes:

i. KPI as identified and approved by the Audit Committee of the board of directors of our Company pursuant to their resolution dated January 29, 2026 and certified by M/s PDMS and Co. LLP, Chartered Accountants, pursuant to their certificate dated January 29, 2026.

ii. For both the Company and its listed peers, components of Other Equity have been considered after excluding balances of Other Comprehensive Income (OCI) that are subject to potential reclassification to the Statement of Profit and Loss in the future. Such re- classifiable items have been excluded on the basis that they do not represent permanent equity and may affect future earnings.

Formula for calculation of KPIs:

1. Revenue from operations means the Revenue from operations as appearing in the Restated Consolidated Financial Information

2. Revenue from operations Growth means the growth in revenue from operations from the previous year.

3. EBITDA means Earnings before interest, taxes, depreciation and amortization expense, which has been arrived at by obtaining the profit/ (loss) before exceptional items and tax for the year/period and adding back finance costs, depreciation, and amortization expense and subtracting the other income.

4. EBITDA Margin is calculated as EBITDA as a percentage of Revenue from Operations.

5. PAT represents the restated profits of our Company after deducting all expenses.

6. PAT Margin is calculated as restated Net Profit after Tax for the year/period divided by Revenue from Operations for that year/period.

7. Net worth means the restated aggregate of the Paid-up share capital + Other Equity (excluding non-controlling interest)

8. Debt to Equity Ratio = Debt- Equity Ratio is calculated by dividing total debt by total equity. Total debt represents long term and short-term borrowings, including lease liabilities. Total equity includes the aggregate value of the paid-up share capital and other equity (including non-controlling interest).

9. Return on Equity/Return on Net Worth (%) is calculated as Net Profit after Tax attributable to owner of the company, as restated for the end of the year/period divided by average Net worth as at the end of the year/period. Average net worth means the average of the net worth of current and previous financial year/period. Net worth means the aggregate value of the paid-up share capital and other equity (excluding non-controlling interest).

10. Return on Capital Employed (ROCE) = Earnings Before Interest and Taxes (EBIT) divided by Capital Employed, where Capital Employed is computed as the sum of Total Equity (including paid-up share capital, other equity, and non-controlling interest) and Total Debt (including borrowings and lease liabilities)

11. Current ratio = Current Ratio is calculated by dividing Current assets by Current Liabilities for the period/financial year.

12. Average no. of active orders denotes the total number of ongoing orders for which revenue has been booked by our company in the of the current financial year/period on an average basis.

13. Active Recurring Orders denotes the number of active orders that are recurring in nature such as annual maintenance contracts, operation and maintenance services etc. Here, active orders means the orders for which the company has booked revenue during the current financial year/period.

14. Active milestone orders denotes the number of active orders that undergo milestone billing. This includes the projects for which revenue has been booked on percentage completion method, of the milestone completed

15. Average no. of clients served is the number of clients that were served during the current financial year/period. This is calculated based on the revenue generated from the client for that year/period.

16. Average no. of repeated clients denotes the number of clients that have been served during the year repeated from previous financial year/period.

17. Percentage of clients repeated represents the number of clients that have been repeated during the current financial year/period from the previous financial year/period, out of total no of client served during the current financial year/period.

18. Average revenue per active order is obtained by dividing the revenue from operations by the average no. of active orders during the current financial year/period.

19. Average Revenue per client served is obtained by dividing the revenue from operations by the average no. of clients served during current financial year/period.

20. Average number of employees is obtained by taking the average of the number of employees (permanent, contractual as well as consultants) of current and previous financial year/period. For this calculation purpose, contractual employees and consultants along with permanent employee are together considered as employees as they are directly working for a client.

21. Revenue per average employee is obtained by dividing the revenue from operations by the average number of employees.

22. Average employee per client served is obtained by dividing the average number of employees by the number of clients served during the particular year/period.

Revenue Recognition Framework:

Point in Time:

Revenue is recognised upon the transfer of control to the customer, in accordance with the terms of the relevant contracts. Such revenue largely arises from supply of product licenses including supply of hardware supply and installation of proprietary solutions, third-party software and such hardware components forming part of integrated orders or turnkey projects awarded to our Company. Revenue also includes income from software licensing arrangements, wherein customers are granted the right to use our Company?s software products. Revenue recognised by point in time constituted 0.82% of total revenue for the six months period ended September 30, 2025, compared to 32.08% in Fiscal 2023.

Over Time:

Our Company recognises revenue from long-term service arrangements, including SaaS contracts, managed services, maintenance services and project operations, on an over-time basis in accordance with Ind AS 115. Revenue is recognised progressively using the percentage-of-completion method, applying the input cost approach, which measures progress based on costs incurred to date relative to estimated total contract costs, thereby reflecting the pattern of service delivery. In case of subscription-based SaaS and maintenance contracts, revenue is recognised on a straight-line basis over the contractual period as the services are rendered. Estimates of contract costs and revenues are reviewed periodically, and any revisions are recognised in the period in which such changes occur. Revenue recognised over time constituted 99.18% of total revenue for the period of six months period ended September 30, 2025, compared to 67.92% in Fiscal 2023.

	Six months period ended September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
Particulars	Amount (in million)	As a % of Revenue from Operation s	Amount (in million)	As a % of Revenue from Operation s	Amount (in million)	As a % of Revenue from Operations	Amount (in million)	As a % of Revenue from Operations
Recognition of Revenue over a period-of-time	2,307.13	99.18	3,536.40	90.83	2,685.91	99.08	1,031.27	67.92
Recognition of Revenue at a point in time	19.05	0.82	357.07	9.17	24.97	0.92	487.19	32.08
Revenue from Operations	2,326.18	100.00	3,893.47	100.00	2,710.88	100.00	1,518.46	100.00

Revenue bifurcation between our three verticals:

The table below presents a detailed breakdown of our revenue from operations derived from our three major verticals for the six months period ended September 30, 2025, and Fiscals 2025, 2024, and 2023:

(amount in million unless otherwise stated)

	Six months period ended September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
Industry Segments	Amount (in million)	As a % of Revenue from Operation s	Amount (in million)	As a % of Revenue from Operation s	Amount (in million)	As a % of Revenue from Operation s	Amount (in million)	As a % of Revenue from Operation s
Electronic governance	1,813.10	77.94	2,386.36	61.29	1,359.08	50.13	173.94	11.46
Telecommunications and broadband	337.32	14.50	910.33	23.38	949.23	35.02	1,196.21	78.78
Healthcare	175.75	7.56	596.77	15.33	402.57	14.85	148.31	9.77
Total	2,326.18	100.00	3,893.47	100.00	2,710.88	100.00	1,518.46	100.00

Revenue bifurcation of Top customers: The table below presents the Top customers for the six months period ended September 30, 2025, Fiscal Years 2025, 2024, and 2023 based on our Restated Consolidated Financial Information:

(amount in million)

	Six months period ended September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
Contribution from top Customer	Revenue from operations (in million)	As a % of Revenue from Operations	Revenue from operations (in million)	As a % of Revenue from Operation s	Revenue from operations (in million)	As a % of Revenue from Operation s	Revenue from operations (in million)	As a % of Revenue from Operation s
Top 3	1,577.29	67.81	2,781.84	71.45	1,615.23	59.58	1,192.17	78.51
Top 5	1,876.15	80.65	3,284.59	84.36	2,247.72	82.91	1,276.47	84.06
Top 10	2,189.46	94.12	3,588.89	92.18	2,486.06	91.71	1,384.83	91.20

Geographic Distribution of Revenue

Our revenue from operations comprises of the revenue generated within India as well as outside India. The break-up of such revenue is provided below:

(amount in million, except percentages)

	Six months period ended September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2024
Particulars	Revenue from operations	% of revenue from operations	Revenue from operations	% of revenue from operations	Revenue from operations	% of revenue from operations	Revenue from operations	% of revenue from operations
Domestic
Maharashtra	723.71	31.11	1,455.02	37.37	274.30	10.12	93.57	6.16
Tamil Nadu	538.52	23.15	606.66	15.58	270.23	9.97	83.24	5.48
Kerala	203.69	8.76	707.13	18.16	694.02	25.60	869.99	57.29
Madhya Pradesh	202.43	8.70	162.84	4.18	92.71	3.42	0.00	0.00
Karnataka	130.66	5.62	370.07	9.50	35.79	1.32	41.90	2.76
Chhattisgarh	69.37	2.98	52.61	1.35	536.44	19.79	26.96	1.78
West Bengal	65.72	2.83	19.43	0.50	94.34	3.48	36.21	2.38
Andhra Pradesh	53.71	2.31	74.38	1.91	119.26	4.40	92.46	6.09
Delhi	47.65	2.05	94.75	2.43	93.40	3.45	101.45	6.68
Gujarat	12.41	0.53	13.50	0.35	12.99	0.48	11.09	0.73
Jharkhand	4.65	0.20	24.74	0.64	9.18	0.34	2.84	0.19
Others*	110.50	4.75	68.74	1.77	100.70	3.71	64.51	4.25
Sub-total (A)	2,163.03	92.99	3,649.88	93.74	2,333.36	86.07	1,424.22	93.79
International
Qatar	136.49	5.87	205.83	5.29	324.26	11.96	54.56	3.59
UAE	10.85	0.47	14.68	0.38	16.91	0.62	13.88	0.91
Nigeria	9.12	0.39	9.59	0.25	10.99	0.41	16.88	1.11
Bahrain	2.93	0.13	6.43	0.17	14.96	0.55	1.72	0.11
Myanmar	1.50	0.06	3.70	0.10	2.26	0.08	3.00	0.20
Zambia	1.35	0.06	2.47	0.06	2.41	0.09	2.25	0.15
Oman	0.92	0.04	0.89	0.02	1.17	0.04	1.39	0.09
Namibia	0.00	0.00	0.00	0.00	2.48	0.09	0.00	0.00
Philippines	0.00	0.00	0.00	0.00	2.00	0.07	0.00	0.00
United Kingdom	0.00	0.00	0.00	0.00	0.08	0.00	0.56	0.04
Sub-total (B)	163.15	7.01	243.59	6.26	377.53	13.93	94.24	6.21
Total Revenue from Operations (A+B)	2,326.18	100.00	3,893.47	100.00	2,710.88	100.00	1,518.46	100.00

^*Others include Assam, Bihar, Chandigarh, Goa, Haryana, Himachal Pradesh, Jammu and Kashmir, Lakshadweep, Meghalaya, Odisha, Puducherry, Punjab, Rajasthan, Telangana, Tripura, Uttar Pradesh, Uttarakhand.

(ii) Other Income

Other Income comprises earnings that are not directly related to our Company?s core operating activities. This includes interest income from fixed deposits and other interest-bearing assets, interest income on the significant financing components of trade receivables recorded as non-current trade receivables, and other miscellaneous incomes related to rentals and foreign exchange gains.

EXPENSES

Our total expenditures primarily consist of Sub-contracting and technical fees, Employee benefit expenses, Finance costs, Depreciation and Amortization Expenses and Other Expenses. The Total Expenses constitute 88.39%, 88.47%, 86.42% and 86.73% of total income for the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023 respectively. Further details of each line item of the financial statement with regards to the total expenses are explained below:

(i) Sub-contracting and technical fees

These expenses primarily relate to costs incurred for outsourcing projects where in-house execution is constrained, often due to working capital limitations or project-specific resource requirements. They also cover payments to technical specialists, or vendors, as well as procurement of hardware and other specialized resources necessary to support the successful execution of projects otherwise managed internally.

(ii) Employee Benefit Expenses.

Employee benefit expenses primarily relate to costs directly attributable to our Company?s projects and include expenses for both contractual and permanent employees engaged on our Company?s payroll. These expenses comprise salaries and wages payable to employees, along with other benefits such as gratuity, provident fund contributions, and staff welfare expenses. The overall employee benefit expenses reflect our Company?s commitment to fair compensation and employee well-being. Since employee benefit expenses are closely linked with the Cost of Technical Sub-Contractors, any increase in project outsourcing is directly correlated with changes in employee costs.

(iii) Finance Cost

Our finance costs primarily comprise of interest expenses on borrowings and term loans availed from banks, financial institutions and directors .Finance costs also include the interest expenses on the significant Financing Component of trade payables classified as non-current, as well as interest expenses on leases.

(iv) Depreciation and Amortization expenses

Depreciation and amortization expenses primarily relate to tangible assets classified under Property, Plant, and Equipment (PPE), including equipment purchased for providing services to clients. In addition, depreciation is charged on leasehold equipment, computers, vehicles, office furniture, and fixtures used for administrative and operational purposes, as well as on right-to-use assets.

(v) Other Expenses

Other expenses primarily include rent, repairs and maintenance, insurance, rates and taxes, traveling and conveyance,

Other expenses comprise professional fees, business promotion and marketing expenses, auditor?s remuneration, and other miscellaneous overheads incurred in the ordinary course of business. These expenses also include fair value adjustments on security deposits, allowance for expected credit losses, sundry balances written off, write-off of Property, Plant and Equipment, lease modification expenses, Directors ? remuneration and sitting fees, foreign exchange loss, andCorporate Social Responsibility (CSR) expenditure.

Professional fees primarily relate to engagement of consultants and professionals to support execution, supervision, and oversight of projects undertaken in-house, as well as for providing functional, technical, and operational support to our Company?s teams engaged in client servicing and project coordination. Such costs are incurred to ensure timely execution of projects and compliance with contractual and technical requirements. A significant portion of these professionals are engaged on a full-time basis.

Traveling and conveyance expenses are incurred in connection with project execution and business operations and include travel undertaken by our Company?s directors and employees for site visits, client interactions, and other business-related activities, both within India and overseas.

(vi) Tax Expenses

Tax expenses include both current tax and deferred tax. The provision for current taxation is computed in accordance with the relevant tax regulations. Deferred tax is recognized on timing differences between accounting income and taxable income for the year, and it is quantified using the tax rates and laws enacted or subsequently enacted as of the balance sheet date. Deferred tax assets are recognized in our Company?s books due to timing differences, such as those arising from depreciation, provisions for gratuity under the Income Tax Act, and other differences between amounts recognized in the books and actual amounts reported for tax purposes.

OUR RESULTS OF OPERATIONS

The following table sets forth select financial data from our restated consolidated statement of profit and loss for the six months period ended September 30, 2025, Fiscals 2025, 2024 and 2023, the components of which are also expressed as a percentage of total income for such years/ period:

(amount in million)

Particulars	Six months period ended September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
	Amount	% of Total Income	Amount	% of Total Income	Amount	% of Total Income	Amount	% of Total Income
INCOME
Revenue From Operations	2,326.18	97.94	3,893.47	97.21	2,710.88	96.06	1,518.46	93.20
Other Income	48.99	2.06	111.55	2.79	111.33	3.94	110.82	6.80
Total Income	2,375.17	100.00	4,005.02	100.00	2,822.21	100.00	1,629.28	100.00
EXPENSES
Sub-contracting and technical fees	1,703.83	71.74	2,865.20	71.54	1,839.48	65.18	926.40	56.86
Employee benefits expense	182.02	7.66	351.47	8.78	280.47	9.94	222.92	13.68
Finance costs	57.05	2.40	120.29	3.00	120.00	4.25	103.09	6.33
Depreciation and Amortization expense	36.87	1.55	27.44	0.69	17.81	0.63	16.62	1.02
Other expenses	119.59	5.04	178.71	4.46	181.08	6.42	144.09	8.84
Total Expenses	2,099.36	88.39	3,543.11	88.47	2,438.84	86.42	1,413.12	86.73
Restated profit/(loss) before exceptional items & tax	275.81	11.61	461.91	11.53	383.37	13.58	216.16	13.27
Exceptional Item	-	-	-	-	-	-	-	-
Restated profit/(loss) before tax	275.81	11.61	461.91	11.53	383.37	13.58	216.16	13.27
Tax Expenses
Current tax	35.59	1.50	111.79	2.79	80.98	2.87	33.11	2.03
Deferred tax	40.98	1.73	14.08	0.35	9.31	0.33	29.42	1.81
Tax adjustments relating to previous years	-	0.00	-	0.00	2.32	0.08	3.22	0.20
Total Tax Expense	76.57	3.22	125.87	3.14	92.61	3.28	65.75	4.04
Restated profit/(loss) after tax for the period	199.24	8.39	336.04	8.39	290.76	10.30	150.41	9.23

Restated Other

	Six months period ended September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
Particulars	Amount	% of Total Income	Amount	% of Total Income	Amount	% of Total Income	Amount	% of Total Income
Comprehensive Income/(Loss)
Items that will not be reclassified to profit/(loss)
Re-measurement gain/(loss) on Defined Benefit Plans	2.57	0.11	(2.29)	(0.06)	1.56	0.06	(0.60)	(0.04)
Income tax relating to items that will not be reclassified to profit/(loss)	(0.65)	(0.03)	0.58	0.01	(0.39)	(0.01)	0.15	0.01
Restated Total Other Comprehensive Income/(Loss) (net of taxes)	1.92	0.08	(1.71)	(0.04)	1.17	0.04	(0.45)	(0.03)
Restated Total Comprehensive Income/(Loss)	201.16	8.47	334.33	8.35	291.93	10.34	149.96	9.20
Restated Net Profit/(Loss) attributable to:
Owners of the of the Parent Company	199.97	8.42	336.52	8.40	290.62	10.30	149.60	9.18
Non-Controlling Interests	(0.73)	(0.03)	(0.48)	(0.01)	0.14	0.00	0.81	0.05
	199.24	8.39	336.04	8.39	290.76	10.30	150.41	9.23

Six months period ended September 30, 2025

Income

Total income for the six months period ended September 30, 2025, was 2,375.17 million.

Revenue from Operations

Revenue from operations for the six months period ended September 30, 2025, was 2,326.18 million, which was 97.94% of our total income for that period.

Other Income

Other income for the six months period ended September 30, 2025, was 48.99 million, which represented 2.06% of our total income.

Expenses

Total expenses were 2,099.36 million in the six months period ended September 30, 2025, which represented 88.39% of our total income.

Sub-contracting and technical fees

Sub-contracting and technical fees were 1,703.83 million in the six months period ended September 30, 2025, which represented 71.74% of our total income.

Employee benefits expense

Employee benefits expenses were 182.02 million in the six months period ended September 30, 2025, which represented 7.66% of total income.

Finance costs

Finance costs were 57.05 million in the six months period ended September 30, 2025, which represented 2.40% of total income.

Depreciation and Amortization expense

Depreciation and amortisation expenses for the six months period ended September 30, 2025, was 36.87 million, which represented 1.55% of total income.

Other expenses

Other expenses for the six months period ended September 30, 2025, was 119.59 million which primarily comprised of Travelling and Conveyance, Professional fees, Directors remuneration, Directors Sitting Fees and other Expenses which collectively represented 5.04% of the total income.

Profit before Tax

Our profit before tax for the six months period ended September 30, 2025, was 275.81 million, which represented 11.61% of our total income for the period.

Total Tax Expenses

Total tax expense for the six months period ended September 30, 2025, was 76.57 million, comprising deferred tax of 40.98 million and current tax of 35.59 million. The effective tax rate for this period was 27.76% of profit, primarily due to an increase in deferred tax and related adjustments recognized during the period.

Profit after tax for the Period

Our profit after tax for period for the six months period ended September 30, 2025, was 199.24 million, which represented 8.39% of our total income for the period.

Fiscal 2025 compared to Fiscal 2024

Total Income/Revenue

Our Company?s total Income increased by 1,182.81 million or 41.91%, from 2,822.21 million in Fiscal 2024 to 4,005.02 million in Fiscal 2025. The increase of 1,182.81 million is primarily attributable to 1,182.59 million from revenue generated from operations and 0.22 million from other income.

Revenue from Operations

Our Company?s revenue from operations increased by 1,182.59 million, or 43.62%, from 2,710.88 million in Fiscal 2024 to 3,893.47 million in Fiscal 2025. This growth was primarily attributable to revenue recognized from turnkey projects accounted under the percentage-of-completion method. The significant increase in revenue during Fiscal 2025 was largely driven by few major turnkey projects, such as:

a) Computerisation and Automation of Forensic Laboratories, Maharashtra

Our Company commenced execution of a major project in February 2024 awarded by the Government of Maharashtra, with a total contract value of 3,028.37 million (exclusive of taxes). The project comprises four key components: project execution of 1,741.32 million, user training of 227.13 million, digitisation of legacy records of 151.42 million, and annual maintenance contract (AMC) for five years post Go-Live of 908.51 million.

Revenue recognition across these components is summarised below:

Project Execution: Revenue of 151.42 million was recognised in Fiscal 2024, reflecting 8.70% progress on the execution scope. In Fiscal 2025, revenue increased substantially to 1,211.35 million, corresponding to 78.26% completion.

Training: No revenue was recognised in Fiscal 2024. In Fiscal 2025, 75.71 million was recognised upon delivery of user training across locations.

Digitisation of Legacy Records: Revenue of 8.41 million was recognised in Fiscal 2024. With progress in implementation, revenue increased to 50.47 million in Fiscal 2025.

AMC: The AMC component of 908.51 million shall commence post Go-Live and will be recognised evenly over the five-year service period. Accordingly, no revenue has been recognised in Fiscal 2024 or Fiscal 2025.

This project has emerged as a significant revenue driver, with overall recognition of 159.83 million in Fiscal 2024 as compared to 1,337.53 million in Fiscal 2025.

In addition to the above, the growth in revenue was further supported by execution of other projects, expansion of the order book, and an increase in revenue from SaaS and managed service provider ("MSP") offerings. These SaaS and MSP revenues are variable in nature, being dependent on the number of customers acquired for broadband and internet services provided through ISP arrangements and have consistently contributed to recurring revenues. Recurring revenue streams, such as annual maintenance services and ongoing support for turnkey projects, have continued to expand in line with the growing customer base, thereby providing stability.

Other Income

Other income increased by 0.22 million in Fiscal 2025 as compared to Fiscal 2024.

Total Expenses

Total expenses for Fiscal 2025 were 3,543.11 million, representing an increase of 1,104.27 million, or 45.28%, compared to 2,438.84 million in Fiscal 2024. Total expenses as a percentage of total revenue were 88.47% in Fiscal 2025, reflecting an increase of 2.05% from 86.42% in Fiscal 2024. The total expenses for the period comprised the cost of Sub-contracting and technical fees, employee benefits expense, finance costs, depreciation and amortization expense, and other expenses. The increase in total expenses is broadly in line with the growth in revenue from operations.

Sub-contracting and technical fees

Our Company?s cost of sub-contracting and technical fees increased by 1,025.72 million, or 55.76%, from 1,839.48 million in Fiscal 2024 to 2,865.20 million in Fiscal 2025. This increase was primarily attributable to the overall growth in revenue from operations, driven by the execution of several turnkey projects during the year. The percentage increase in cost of sub-contracting and technical fees exceeded the percentage growth in revenue, primarily because our Company undertook a large-scale project during Fiscal 2025 that required significant outsourcing of technical services to third-party vendors with significantly lower margins.

In particular, our Company undertook the computerisation and automation of forensic laboratories in Maharashtra, which required delivery, installation & configuration of hardware components including servers, routers and system software components, procurement of cloud, development and installation of all core applications i.e. human resource management systems ("HRMS"), data management system, visitor & vendor management systems, facility management systems, digitization of legacy records in the labs, along with AMC which involved engagement of specialized contractors to provide implementation, testing, and deployment services. The scale, complexity, and technical specifications of this project necessitated higher reliance on subcontracted services as compared to in-house execution.

The increase in sub-contracting and technical fees costs also reflects our Company?s strategic approach of leveraging external expertise for complex and high-value projects because of working capital constraints, which allows our Company to scale operations efficiently without a corresponding permanent increase in internal workforce costs. As these projects are executed under the percentage-of-completion method, the associated subcontracting costs are recognized in line with revenue, ensuring alignment between project-related expenses and revenue recognition.

Employee Benefit Expenses

Our Company?s employee benefits expense increased by 71.00 million, or 25.31%, from 280.47 million in Fiscal 2024 to 351.47 million in Fiscal 2025. This increase was primarily driven by growth in revenue from operations and the corresponding expansion of the workforce to support a higher number of large projects and orders during the year. Additional personnels were required to manage increased project volumes, ensure timely delivery, and maintain service quality across turnkey projects and other offerings. As a significant portion of projects executed during the year were outsourced to third-party vendors, the proportion of in-house workforce relative to total income remained lower compared to the previous year.

The increase in employee benefits expense reflects alignment of compensation and incentive structures with our Company?s operational performance, as well as the appointment of senior-level personnel with higher compensation in line with revenue growth. This investment in human resources has supported enhancement of project delivery capacity, maintenance of operational efficiency, and overall business growth.

Finance Cost

Our Company?s finance costs increased by 0.29 million, or 0.24%, from 120.00 million in Fiscal 2024 to 120.29 million in Fiscal 2025. Finance cost remained consistent with the previous year, with no significant changes noted during the current year.

Depreciation and Amortisation

Our Company?s depreciation and amortization expenses increased by 9.63 million, or 54.07%, from 17.81 million in Fiscal 2024 to 27.44 million in Fiscal 2025. This increase was primarily attributable to higher depreciation on property, plant, and equipment, arising from additional equipment and hardware purchased for providing services during Fiscal 2025, which are being utilized to provide services under specific projects in accordance with client requirements.

Other Expenses

Our Company?s other expenses decreased by 2.37 million, or 1.31%, from 181.08 million in Fiscal 2024 to 178.71 million in Fiscal 2025. The decrease was primarily attributable to reductions in rates, taxes and other miscellaneous expenses. This reduction was partially offset by higher expenditure on travel and conveyance, in line with the increase in revenue and the expansion of our Company?s order book.

Profit / (loss) Before Tax

Our Company?s restated Profit Before Exceptional Items and Tax (PBT) increased by 78.54 million, or 20.49%, from 383.37 million in Fiscal 2024 to 461.91 million in Fiscal 2025. This increase was primarily attributable to the growth in revenue from operations. The PBT margin as a percentage of total income are declined from 13.58% to 11.53% mainly due to execution of a turnkey project, mentioned above, involving higher outsourcing and subcontracting costs during the year.

Tax Expenses

The increase in tax expenses is primarily due to the growth in profit before tax during the period. As our Company?s earnings improved, the taxable base expanded accordingly. Applying the effective tax rate to the higher profit before tax resulted in a proportional increase in tax expenses. This reflects a consistent application of the prevailing tax rate, with no significant changes in tax regulations or deferred tax items affecting the overall tax burden.

Profit / (loss) After Tax

Our Company?s restated Profit After Tax (PAT) for the year increased by 45.28 million, or 15.57%, from 290.76 million in Fiscal 2024 to 336.04 million in Fiscal 2025. This increase was primarily attributable to the primarily due to growth in revenue from operations. The PAT margin declined from 10.30% in Fiscal 2024 to 8.39% in Fiscal 2025 mainly on account of execution of a turnkey project, mentioned above, (involving higher outsourcing and subcontracting costs during the year. The increase in PAT in absolute terms was driven by higher revenues generated during the year.

Fiscal 2024 as compared to Fiscal 2023

Total Income/Revenue

Our Company?s Total Income increased by 1,192.93 million, or 73.22%, from 1,629.28 million in Fiscal 2023 to 2,822.21 million in Fiscal 2024. This growth was primarily driven by an increase in revenue from operations of 1,192.42 million, supported by an increase of 0.51 million in other income. The significant improvement reflects our Company?s strong execution capabilities and expansion of operational activities during the year.

Revenue from Operations

Our Company?s revenue from operations increased by 1,192.42 million, or 78.53%, from 1,518.46 million in Fiscal 2023 to 2,710.88 million in Fiscal 2024. This growth was primarily attributable to revenue contribution from new turnkey projects awarded and executed during Fiscal 2024, namely:

State Power Distribution Company in Chhattisgarh: Our Company was awarded a contract valued at 592.47 million (excluding GST) for developing IT security infrastructure and establishing a cybersecurity operations centre. With project execution completed and Go-Live received in January 2024, revenue of 490.21 million was recognised in Fiscal 2024 as compared to no revenue recorded in Fiscal 2023.

Health Insurance Solution and Infrastructure Platform in Qatar: Our Company?s Qatar branch executed a project awarded by the Ministry of Public Health, Qatar, with a total contract value equivalent to approximately 1,117.36 million (i.e. QAR 49.72 million as on March 02, 2023). The scope covers automation and centralisation of health insurance solutions, development of mobile and provider management systems, and automation of insurance claims, along with managed services over a 5-year period. Revenue recognised increased to 472.66 million in Fiscal 2024 (based on percentage of completion), compared to 55.35 million in Fiscal 2023.

Computerisation and Automation of Forensic Laboratories, Maharashtra: Execution of this 3,028.37 million project commenced in February 2024 i.e. in Fiscal 2024, with revenue recognition of 159.83 million in Fiscal 2024 (8.70% completion).

The strong revenue growth in Fiscal 2024 reflects our Company?s ability to win and execute large, complex IT infrastructure and digital transformation projects across geographies, providing visibility of recurring revenues through associated maintenance and managed services in subsequent years.

In addition to the above, the growth in revenue was further supported by execution of other projects, expansion of the order book, and an increase in revenues from SaaS and MSP offerings. These SaaS and MSP revenues are variable in nature, being dependent on the number of customers acquired for broadband and internet services provided through ISP arrangements and have consistently contributed to recurring revenues. Recurring revenue streams, such as annual maintenance services and ongoing support for turnkey projects, have continued to expand in line with the growing customer base, thereby providing stability.

Other Income

Our Company?s other income increased marginally by 0.51 million, or 0.46%, from 110.82 million in Fiscal 2023 to 111.33 million in Fiscal 2024. Given the immaterial nature of this increase, no further explanation is considered necessary.

Total Expenses

Total Expenses for Fiscal 2024 increased by 1,025.72 million or 72.59% from 1,413.12 million in Fiscal 2023 to 2,438.84 million in Fiscal 2024. Total expenses as a percent of total revenue were 86.73% in Fiscal 2023 decrease to

86.42% in Fiscal 2024. The increase in total expenses of company for the said period comprised of Sub-contracting and technical fees, Employee Benefits Expense, Finance Cost, Depreciation and Amortization Expense and Other Expenses.

Sub-contracting and technical fees

Our Company?s Sub-contracting and technical fees increased by 913.08 million, or 98.56%, from 926.40 million in Fiscal 2023 to 1,839.48 million in Fiscal 2024. This increase was primarily driven by the overall growth in revenue from operations, supported by the execution of several turnkey projects during the year. The percentage increase in subcontracting costs exceeded the growth in revenue, primarily because our Company undertook a large-scale project in Fiscal 2024 that required substantial outsourcing of technical services to third-party vendors, mentioned above, in this section.

For such projects, our Company engaged specialized contractors to provide required delivery, installation & configuration of hardware components including servers, routers and system software components, procurement of cloud, development and installation of all core applications i.e. hrms, data management system, visitor & vendor management systems, facility management systems, digitization of legacy records in the labs, along with AMC. The scale and complexity of such projects necessitated higher working capital, which constrained our Company from executing the project entirely in-house. Consequently, subcontracting was essential, although it resulted in minimal gross margins for the project. While these costs increased proportionately more than revenue in the short term, they were necessary to ensure timely delivery, maintain project quality, and meet client-specific requirements.

The increase in subcontracting costs also reflects the working capital requirements associated with delivering high-value projects. As these projects are executed under the percentage-of-completion method, subcontracting costs are recognized in line with revenue, ensuring proper alignment between project-related expenses and revenue recognition. As noted in the revenue section, these projects were outsourced to third-party vendors.

Employee Benefit Expenses

Our Company?s employee benefits expense increased by 57.55 million, or 25.82%, from 222.92 million in Fiscal 2023 to 280.47 million in Fiscal 2024. This increase was primarily attributable to growth in revenue from operations and the corresponding expansion of the workforce to support the execution of higher-value projects and orders during the year. Additional personnel were required to manage increased project volumes, ensure timely delivery, and maintain service quality across turnkey projects and other offerings.

The increase in employee benefits expense reflects not only higher headcount but also the alignment of compensation and incentive structures with our Company?s operational performance and revenue growth. This investment in human resources has enabled our Company to enhance project delivery capacity, maintain operational efficiency, and support overall business growth.

Finance Cost

Our Company?s finance costs increased by 16.91 million, or 16.40%, from 103.09 million in Fiscal 2023 to 120.00 million in Fiscal 2024. This increase was primarily attributable to higher borrowings and the utilization of various credit facilities by our Company. These borrowings were undertaken to meet temporary working capital requirements for executing projects during the year.

Depreciation and Amortisation

Our Company?s depreciation and amortisation expenses increased by 1.19 million, or 7.18%, from 16.62 million in Fiscal 2023 to 17.81 million in Fiscal 2024. This increase was primarily attributable to higher depreciation on property, plant, and equipment, as well as depreciation on right-of-use assets which is align with increase in capital expenditure.

Other Expenses

Our Company?s other expenses increased by 36.99 million, or 25.67%, from 144.09 million in Fiscal 2023 to 181.08 million in Fiscal 2024. This increase was primarily attributable to higher travel and conveyance expenses incurred by directors and employees in connection with executing projects and supporting the growth of our Company?s order book in line with increased revenue. Further increase in expenses are supported by increase in higher rates, taxes, and other miscellaneous expenses-which is align with increase in revenue from operations.

Profit / (loss) Before Tax

Our Company?s restated profit before exceptional items and tax increased by 167.21 million, or 77.35%, from 216.16 million in Fiscal 2023 to 383.37 million in Fiscal 2024, primarily due to growth in revenue from operations. The PBT margin as a percentage of total income remained broadly stable at 13.58% in Fiscal 2024 compared to 13.27% in Fiscal 2023, indicating consistency in operating performance and cost structure.

Tax Expenses

The increase in tax expenses is primarily due to the growth in profit before tax during the period. As our Company?s earnings improved, the taxable base expanded accordingly. Applying the effective tax rate to the higher profit before tax resulted in a proportional increase in tax expenses. This reflects a consistent application of the prevailing tax rate, with no significant changes in tax regulations or deferred tax items affecting the overall tax burden.

Profit / (loss) After Tax

Our Company?s restated profit after tax for the year increased by 140.35 million, or 93.31%, from 150.41 million in Fiscal 2023 to 290.76 million in Fiscal 2024. This increase was primarily attributable to growth in revenue from operations. The PAT margin remained broadly in line with the prior year, reflecting sustained operational efficiency and effective cost management. In absolute terms, the increase in PAT was entirely driven by higher revenue generated during the year.

CASH FLOW

The table below sets forth our cash flows for the periods indicated:

(amount in million)

Particulars	Six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Net cash flow (used in)/ generated from operating activities	(175.17)	179.68	341.61	108.57
Net cash used in investing activities	(141.16)	(273.79)	(152.22)	(84.68)
Net cash flow (used in) / generated from financing activities	238.49	2.89	20.67	(10.80)
Net Increase / (decrease) in cash and cash equivalents	(77.85)	(91.22)	210.06	13.09
Cash and cash equivalents at beginning of period	153.56	241.44	33.05	19.69
Adjustment for unrealised foreign exchange gain	0.10	3.34	(1.67)	0.27
Cash and cash equivalents at end of period	75.81	153.56	241.44	33.05

Net Cash Flow Generated/Used from Operating Activities

Six months period ended September 30, 2025

The Net cash used in from operating activities is 175.17 million, which consists of profit before tax of 275.81 million as adjusted primarily for:

Depreciation and amortization expense amounting to 36.87 million.

Finance costs amounting to 19.72 million.

Interest income on Significant Financing Component of Trade Receivables amounting to 30.07 million.

Interest expense on Significant Financing Component of Trade payables amounting to 28.37 million.

Income Tax expense amounting to 53.51 million.

Working capital changes primarily due to decrease in Trade receivables of 133.03 million, decrease in trade payables of 171.77 million, increase in Other Financial Assets of 311.11 million, increase in other assets of 279.27 million, decrease in other financial liabilities of 24.77 million, increase in other liabilities of 209.39 million and decrease in provisions of 2.42 million.

Fiscal 2025

The Net cash generated from operating activities is 179.68 million, which consists of profit before tax of 461.91 Million as adjusted primarily for:

Depreciation and amortization expense amounting to 27.44 million.

Finance costs amounting to 43.70 million.

Interest income on Significant Financing Component of Trade Receivables amounting to 73.13 million.

Interest expense on Significant Financing Component of Trade payables amounting to 68.99 million.

Profit on Finance Lease (Gain) amounting to 11.50 million.

Income Tax expense amounting to 110.83 million.

Working capital changes primarily due to decrease in Trade receivables of 329.53 million, decrease in trade payables of 109.63 million, increase in Other Financial Assets of 72.21 million, increase in other assets of 589.43 million, increase in other financial liabilities of 174.03 million, increase in other liabilities of 50.91 million and increase in provisions of 0.47 million.

Fiscal 2024

The Net cash generated from operating activities is 341.61 million, which consists of profit before tax of 383.37 Million as adjusted primarily for:

Depreciation and amortization expense amounting to 17.81 million.

Finance costs amounting to 31.36 million.

Interest income on Significant Financing Component of Trade Receivables amounting to 89.07 million.

Interest expense on Significant Financing Component of Trade payables amounting to 84.03 million.

Income Tax expense amounting to 12.62 million.

Working capital changes primarily due to increase in trade receivable of 350.97 million, increase in trade payables of 286.19 million, increase in other financial assets of 31.78 million, increase in Other Assets of 165.95 million, increase in Other Financial Liabilities of 60.23 million, increase in other liabilities of 141.92 million, and decrease in provisions of 7.81 million.

Fiscal 2023

The Net cash generated from operating activities is 108.57 million, which consists of profit before tax of 216.16 million as adjusted primarily for:

Depreciation and amortization expense amounting to 16.62 million.

Finance costs amounting to 14.74 million.

Interest income on Significant Financing Component of Trade Receivables amounting to 88.99 million.

Interest expense on Significant Financing Component of Trade payables amounting to 83.95 million.

Income Tax expense amounting to 2.21 million.

Working capital changes primarily due to increase in trade receivable of 33.65 million, decrease in trade payables of 24.39 million, increase in other financial assets of 140.13 million, increase in Other Assets of 90.03 million, increase in Other Financial liabilities of 136.81 million, increase in other liabilities of 38.90 million, and decrease in provisions of 8.76 million.

Net Cash Flow Generated/Used from Investing Activities

Six months period ended September 30, 2025

Net Cash Flow used in Investing Activities was amounting to 141.16 million primarily due to:

Purchase of property plant and equipment including capital advances of 48.86 million.

Net Movement in Deposits with Original maturity more than 12 months of (57.79) million

Net Movement in Intangible Asset Under Development of (52.23) million.

Net Movement in Other bank balances of 5.86 million.

Interest and rent income of 11.48 million.

Fiscal 2025

Net Cash Flow used in Investing Activities was amounting to 273.79 million primarily due to:

Purchase of property plant and equipment including capital advances of 112.86 million.

Net Movement in Deposits with Original maturity more than 12 months of (100.63) million

Net Movement in Intangible Asset Under Development of (62.34) million.

Net Movement in Other bank balances of (22.40) million.

Interest and rent income of 23.50 million.

Fiscal 2024

Net Cash Flow used in Investing Activities amounted to 152.22 million. primarily due to:

Movement in Intangible Asset Under Development of (109.57) million.

Movement in Deposits with Original maturity more than 12 months of (45.19) million

Purchase of Property, plant and equipment including capital advances of 10.27 million.

Interest and Rent income of 12.66 million.

Fiscal 2023

Net Cash Flow used in Investing Activities amounted to 84.68 million primarily due to:

Net Movement in Intangible Asset Under Development of (111.30) million.

Net Movement in Deposits with Original maturity more than 12 months of 15.52 million.

Interest and Rent income of 17.32 million.

Purchase of property plant and equipment including capital advances of 6.67 million.

Net Cash Flow Generated/Used from Financing Activities

Six months period ended September 30, 2025

Net Cash Flow generated from financing activities was amounting to 238.49 million. primarily due to:

Net proceeds of borrowings 130.41 million.

Issue of Share Capital 148.14 million.

Interest paid 25.20 million.

Payment of lease liabilities 14.86 million.

Fiscal 2025

Net Cash Flow generated from financing activities was amounting to 2.89 million. primarily due to:

Net proceeds of borrowings 290.18 million.

Buyback of shares of 207.84 million.

Interest paid 55.38 million.

Payment of lease liabilities 24.07 million.

Fiscal 2024

Net Cash Flow generated from financing activities was amounting to 20.67 million primarily due to:

Proceeds of borrowings 75.83 million

Interest paid 35.66 million.

Payment of lease liabilities of 19.50 million.

Fiscal 2023

Net Cash Flow used in financing activities was amounting to 10.80 million. primarily due to:

Proceeds of borrowings 19.52 million.

Payment of lease liabilities of 15.58 million.

Interest paid 14.74 million.

Financial Indebtedness

As on December 31, 2025 the total outstanding borrowings of our Company was 877.17 million. The details of the indebtedness of our Company as on December 31, 2025 is provided below:

Category of borrowings	Sanctioned amount as on December 31, 2025 ( in million)*	Outstanding amount as on December 31, 2025 ( in million)*
Fund Based Borrowings
Our Company
Secured borrowings
Term Loan	154.54	128.78
Cash Credit Facility/Overdraft facility	100.20	23.65
Total (A)	254.74	152.43
Unsecured borrowings
Term Loan	11.88	3.92
Intercorporate Loan	120.00	102.17
Loan from Directors	500.00	87.62
Total (B)	631.88	193.71
Our Material Subsidiary
Secured borrowings
Vehicle Loan	6.63	4.95
Cash Credit facility	1.00	0.82
Total (C)	7.63	5.77
Unsecured borrowings
Term Loan	10.00	7.28
Total (D)	10.00	7.28
Total borrowings (E) = (A + B + C+ D)	904.25	359.19
Non-Fund based borrowings
Our Company
Bank Guarantee	574.68	253.92
Surety Bond	214.84	214.84
Letter of Credit	50.00	-
Our Material Subsidiary
Bank Guarantee	50.00	49.22
Total Non-fund based borrowings (F)	889.52	517.98
Total (E+F)	1,793.77	877.17

For further details of financial indebtedness, see "Financial Indebtedness" on page 329.

Contingent Liabilities and Commitments

Particulars	Six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Claims not acknowledged as debts on account of:
(a) Bank Guarantees furnished by the	270.37	235.05	125.43	45.59
Group to its customers(1)	24.92	24.92	24.92	24.92
(b) Matters relating to service tax *(2)
(c) Supplier liability under dispute with Civil Court	-	43.12	43.12	43.12
(d) Guarantees / Surety Bonds issued by Group (3)	214.84	188.57	-	-

 

Particulars	Six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
(e) TDS Defaults(4)	5.99	5.57	5.20	5.01
(f) Disputed Goods & Service Tax *(5)	57.90	57.90	48.76	48.76
(g) Disputed Income Tax* (net of advances)	6.07	4.39	-	-
(h) Civil Litigations(6)	44.86	44.86	19.70	19.70

*Excluding interests and penalty

Note:

1. The Group has availed Bank Guarantee facilities from Standard Chartered Bank and Bank of Maharashtra, with sanctioned limits of Rs.44.90 million and Rs.7.02 million, respectively. The combined utilisation stood at Rs.50.39 million as on September 30, 2025, Rs.51.89 million as on March 31, 2025, Rs.31.39 million as on March 31, 2024 and Rs.9.94 million as on March 31, 2023. These guarantees are secured against 100% Fixed Deposits

The Group has obtained Bank Guarantees from Punjab & Sind Bank and the Commercial Bank of Qatar, all of which are fully backed by fixed deposits. The combined utilisation amounted to Rs.172.76 million as on September 30, 2025, Rs.150.43 million as on March 31, 2025, Rs.61.31 million as on March 31, 2024 and Rs.6.08 million as on March 31, 2023.

The Group has obtained Bank Guarantee facilities from HDFC Bank for a sanctioned amount of Rs.50 million, out of which Rs.47.22 million was utilized as on September 30, 2025 and Rs.32.73 million as on March 31, 2025, Rs.32.73 million as on March 31, 2024 and Rs.29.57 million as on March 31, 2023.

2. The Audit Wing of the Service Tax Commissionerate issued a Show Cause Notice dated April 11, 2013, for non-payment of service tax amounting to Rs.50.51 million, including interest and penalties under Sections 75 78 of the Finance Act, 1994. Following our Company?s response, certain demands were dropped by the Commissioner and certain demands are paid by our

Company. The outstanding demand as on September 30, 2025, stands at Rs.24.92 and million (March 31, 2025: Rs.24.92 million, March 31, 2024: Rs.24.92 million, March 31, 2023: Rs.24.92 million).

3. The Group has furnished Performance Bonds/Surety Bonds in relation to various project obligations. These include

(i) a Performance/Surety Bond of Rs.188.57 million issued in favour of Telecommunications Consultants India Limited ("TCIL") for the project involving the supply of software and hardware, establishment of a data center, and provisioning of cloud infrastructure across 12 regional offices and the Head Office of the Directorate of Forensic Science Laboratories (DFSL), Government of Maharashtra, covering the period from May 2024 to May 2030 at an annual interest rate of 1.50%, against which 10% of the bond value has been placed as collateral;

(ii) an Additional Performance Security Bond of Rs.12.15 million; and

(iii) a Performance Security Bond of Rs.14.12 million, both issued in favour of Rail Vikas Nigam Limited ("RVNL") in connection with the GIS-based Survey and Middle-Mile Network Development project under the BharatNet DBOM model.

4. The Group has certain outstanding TDS demands aggregating to Rs.5.50 million, and for the period 30 September, 2025 and for the year ended 31 March 2025 and 2024 is Rs.0.42 million, Rs.0.37 million and Rs.0.19 million. comprising manual demands raised by the Assessing Officer and processed demands reflected on the TRACES portal.

The Group has also received certain outstanding TDS demands from the Income Tax Department for various financial years, primarily relating to short-deduction, late payment and filing-related defaults under section 200A / 154 based on CPC intimations and manual demands issued by the Assessing Officer. As on September 30, 2025, the total default amount notified is Rs.0.49 million comprising both CPC-based demands (eligible for reduction through online correction) and manual demands (rectifiable through clarifications or challan payments)

5. GST demands have been raised for FY 2017-18 to 2021-22 relating to tax short payment, ITC differences, RCM liabilities and other audit issues. The demands include Rs.15.50 million (FY 2017- 18), Rs.0.18 million (FY 2018-19), Rs.6.55 million (FY 2019-20), Rs.1.86 million (FY 2020-21), Rs.0.04 million (FY 2021-22 scrutiny), and a separate scrutiny demand of Rs.23.78 million for FY 2020- 21. Required pre-deposits have been paid, appeals/rectification proceedings are pending, and the amounts are disclosed as contingent liabilities. Further, the matter has been dropped on November 18, 2025.

For the audit period Dec-2019 to Mar-2023, a GST demand of Rs.0.86 million was raised through SCN No. ZD3206250210811, covering excess ITC, RCM liabilities, interest and late fees. An additional enforcement notice was also issued. The Group has submitted a reply and made partial payment through DRC, while the balance demand is pending adjudication. The outstanding amount is disclosed as a contingent liability. Further, the same has been dropped on November 07, 2025. The Assistant Commissioner of Central Tax issued a Show Cause Notice dated November 20, 2024 for availing ineligible ITC of Rs.2.12 million (CGST Rs.1.06 million and SGST Rs.1.06 million) on supplies from M/s Honest Infra Communications. After considering the taxpayer?s replies and departmental findings, a demand order was passed on February 12, 2025 confirming the tax demand of Rs.2.33 million along with applicable interest and penalty amounting to Rs.0.21 million under Section 50 and penalty under Section 73.

Based on audit findings for FY 2020-21 to 2022-23, a Show Cause Notice dated November 20, 2024 was issued proposing recovery of ineligible ITC of Rs.4.88 million (IGST Rs.0.12 million, CGST Rs.2.79 million and SGST Rs.2.79 million) availed in violation of Section 16(2). After reviewing the submissions, the Assistant Commissioner confirmed the demand of Rs.5.37 million together with applicable interest amounting to Rs.0.49 million under Section 50 and penalty under Section 73 vide Order-in-Original dated February 12, 2025.

The Audit Commissionerate raised objections relating to

(i) short-payment of GST of Rs.1.81 million due to delayed reporting of credit notes and

(ii) non-payment of GST under RCM of Rs.0.33 million on services received from directors .After considering the replies and evidence, the Assistant Commissioner issued Order-in-Original No. 166/2024-25 dated December 19, 2024 confirming a total demand of Rs.4.28 million comprising tax, applicable interest amounting to Rs.2.14 million under Section 50, and penalty under Section 74.

6. Our Company is involved in various legal, contractual, arbitration, writ petition and MSME facilitation proceedings arising in the normal course of business. These cases primarily relate to contract performance disputes, subcontractor claims, customer-related matters, and proceedings under the MSME Act. The following matters are pending as at the reporting date:

1) Advantage SB Communications Private Limited

A contempt petition has been filed against our Company and certain of its directors before the Hon?ble Bombay High Court in connection with an interim order dated February 04, 2025 passed in a contractual dispute arising out of a service agreement relating to supply, installation and maintenance of routers for SBI ATMs. The petitioner has alleged non-compliance with the said interim order, including allegations of installation of third-party equipment and acting upon a disputed termination notice dated 08 January 2025. The matter is pending adjudication. The matter is not quantified and no financial claim has been made against our Company.

2) CSA Consultants Private Limited

A claim of 14.50 million plus 18% GST (totaling 17.10 million), along with interest on the GST component of 2.60 million as per the Conciliation Proceedings, has been raised by CSA Consultants Private Limited in September 01, 2021 alleging milestone completion under a back-to-back project. our Company has disputed the claim on the grounds that no milestones, deliverables, or go-live certificates were ever accepted by the customer (MePDCL), and joint audits conducted with MePDCL indicated that CSA had not set up the required development or production environments or submitted mandatory progress reports. After hearing both parties, the Learned MSMED Facilitation Council referred the matter to arbitration. The final amount under dispute in arbitration is yet to be determined.

3) GeoVista Technologies Private Limited

Our Company is a respondent in a claim filed by GeoVista Technologies Private Limited before the Telangana State Micro and Small Enterprises Facilitation Council on March 25, 2021 under the provisions of the MSMED Act, 2006, claiming an amount of approximately 2.60 million, including GST and applicable interest, towards alleged non-payment of invoice raised for supply of a Project Management Software. Our Company has strongly contested the claim, stating that the said software did not meet the contractual and functional requirements and was rejected by the end customer, and consequently an alternate solution was approved and implemented. Our Company has filed its detailed defence along with supporting documents before the appropriate authority. The matter is currently pending adjudication and management is of the view that the outcome will be favourable.

4) Galmax Technologies Private Limited Arbitration Proceedings (CG e-District Project)

Galmax Technologies Private Limited has initiated arbitration proceedings against our Company under a subcontract agreement dated August 21, 2021 relating to the CG e-District 2.0 Project, claiming recovery of approximately 25.16 million along with interest and damages. Our Company has disputed the claim on the grounds that the invoices were raised belatedly and without fulfilling the contractual conditions, including client acceptance and back-to-back payment terms stipulated under the agreement. The Hon?ble High Court of Chhattisgarh has appointed a Sole Arbitrator, and arbitration proceedings are currently ongoing. Based on legal advice and management assessment, our Company believes it has a strong contractual defence.

Off-Balance Sheet Commitments and Arrangements

We do not have any off-balance sheet arrangements, or other relationships with other entities that would have been established for the purpose of facilitating off-balance sheet arrangements.

Capital Expenditures

For the six months period ended September 30, 2025, and Fiscals 2025, 2024 and 2023, our capital expenditure towards additions to property, plant and equipment, intangible assets under development were 101.09 million, 175.20 million, 119.84 million and 118.00 million, respectively.

(amount in million)

Particulars	Six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Property, plant and equipment	48.86	112.86	10.27	6.70
Intangible assets under development	52.23	62.34	109.57	111.30
Total	101.09	175.20	119.84	118.00

Related Party Transactions

We have engaged in the past, and may engage in the future, in transactions with related parties. For further information relating to our related party transactions, see "Restated Consolidated Financial Information Note 35 Related party transactions" on page 303.

Auditor?s Observations

The statutory auditors have included the following Emphasis of Matter paragraphs in their examination reports on the Restated Consolidated Financial Information for the periods indicated below. The auditors? opinion is not qualified in respect of any of these matters.

For the six months period ended September 30, 2025

Nil Fiscal 2025

"i. Attention is drawn to Note 2.47 of the audited IGAAP consolidated financial statements, wherein the Group has classified certain trade receivables and trade payables as non-current.

ii. Attention is drawn to Note 2.49 of the audited IGAAP consolidated financial statements, which describes that SRIT Enterprises Private Limited and SRIT Healthcare Solutions Private Limited, subsidiaries of the Group, were struck off by the Registrar of Companies during the year. Accordingly, the investment amounting to 12.61 million has been written off in the books of the Group.

iii. Attention is drawn to Note 2.45 of the audited IGAAP consolidated financial statements, wherein the Group has created a provision for extinguishment of liability amounting to 568.35 million against inter-corporate deposit liability.

iv. The Group has not ascertained from its suppliers and service providers their status as Micro or Small Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act). Accordingly, disclosures relating to Micro and Small Enterprises as required under Section 22 of the MSMED Act and Schedule III to the Companies Act, 2013 have not been made. The consequential impact, if any, on the financial statements is not ascertainable."

Fiscal 2024

"i. Attention is drawn to note 2.44 audited IGAAP consolidated financial statements, regarding the requirement of the Group to spend for the purpose of Corporate Social Responsibility (CSR) expenditure as mandated u/s 135 of the Companies Act, 2013. The Group has relied upon the expert opinion obtained during the year and not provided for any unspent CSR provision.

ii. Further, the attention is also drawn to note no. 2.46 audited IGAAP consolidated financial statements, that the Group has created provision for extinguishment of liability of Rs.568.35 million against inter corporate deposit liability.

iii. The Group has not ascertained from the suppliers and service providers as to their status as Micro or Small enterprise under the Micro and Small Enterprises Development (MSMED) Act, 2006 ("MSMED Act") and disclosures relating to Micro and Small Enterprises in the financial statements as required under section 22 of the MSMED Act and as required under Schedule III to the Act. Consequential impact, if any, on the financial statements is not ascertainable.

Our opinion is not qualified in respect of the above matters."

Fiscal 2023

"i. Attention is drawn to note 2.43 audited IGAAP consolidated financial statements regarding the requirement of the Group to spend for the purpose of Corporate Social Responsibility (CSR) expenditure as mandated u/s 135 of the Companies Act, 2013. The Group has relied upon the expert opinion obtained during the year and not provided for any unspent CSR provision as contrary to the previous year where an unspent CSR provision of Rs.8.36 million was provided for.

ii. Further, the attention is also drawn to note 2.45 audited IGAAP consolidated financial statements that the Group has created provision for extinguishment of Rs.568.35 million of liability during the year against inter-corporate deposit liability.

iii. The Group has not ascertained from the suppliers and service providers as to their status as Micro or Small enterprise under the Micro and Small Enterprises Development (MSMED) Act, 2006 ("MSMED Act") and disclosures relating to Micro and Small Enterprises in the financial statements as required under section 22 of the MSMED Act and as required under Schedule III to the Act. Consequential impact, if any, on the financial statements is not ascertainable.

Our opinion is not qualified in respect of the above matters."

Quantitative and Qualitative Disclosures about 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. The financial instruments affected by market risk are the Groups foreign currency exposure.

a. Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group doesn?t not have any exposure to the risk of changes in market interest rates except for long- and short-term Borrowings.

b. Foreign currency risk

The Group operates in multiple geographies and contracts in currencies other than the domestic currency exposing it to risks arising from fluctuation in the foreign exchange rates. 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. Currency risk arises when transactions are denominated in foreign currencies.

The Group has transactional currency exposures arising from Exports or imports that are denominated in a currency other than the functional currency. The foreign currencies in which these transactions are denominated mainly in US Dollars ($), Qatari Riyal and Euros ( ). The Group?s trade receivable and trade payable balances at the end of the reporting period have similar exposures. The Group does not use any financial derivatives such as foreign currency forward contracts, foreign currency options or swaps for hedging purposes.

c. Credit Risk

Credit risk refers to the risk of default on its obligation by a counterparty resulting in a financial loss. The carrying amount of all financial assets represents the maximum credit exposure.

The Group?s financial assets mainly comprise of cash and cash equivalents, balances with banks and other financial assets.

1) Cash and cash equivalents:

They are considered to be having negligible or nil risk, as they are maintained with high rated banks/financial institutions as approved by the Board of directors .

2) Security Deposits and Other financial assets:

Mainly include refundable deposits towards sub-lease agreement. Since these are assets with nil risk, the expected probability of default is "0%" and hence no provision for expected credit losses are made in the financial information.

3) Trade Receivables:

Customer credit risk is managed by the Group as per approved debtors? policy and established procedures and controls relating to customer credit risk management. Outstanding customer receivables are regularly monitored and followed up to recover the balances.

d. Liquidity Risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they become due. The

Group?s treasury department is responsible for liquidity, funding, investment as well as settlement management.

The Groups objective is to maintain a balance between continuity of funding and flexibility through the use of working capital facilities and bank loans. The Groups policy is to ensure that the repayments of borrowings are in sync with the cash flows generated from the operations.

For further information relating to our Restated consolidated financial information, see "Restated Consolidated Financial Information Note 42 Financial Risk Management objectives and policies" on page 310.

Other Factors

Unusual Or Infrequent Events of Transactions

Except as described in this Draft Red Herring Prospectus, to our knowledge, there have been no unusual or infrequent events or transactions including unusual trends on account of business activity, unusual items of income and discretionary reduction of expenses, etc. that have in the past or may in the future affect our business or results of operations.

Significant Economic Changes that Materially affect or are likely to affect Income from Continuing Operations

Our business has been subject, and we expect it to continue to be subject, to significant economic changes that materially affect or are likely to affect income from continuing operations identified above in " Significant Factors Affecting Our Financial Condition and Results of Operations" and the uncertainties described in "Risk Factors" on pages 333 and 36, respectively.

Change in Accounting Policies

Other than as disclosed in the Restated Consolidated Financial Information, there have been no changes in accounting policies for the six months period ended September 30, 2025, year ended Fiscals 2025, 2024 and 2023.

Known Trends or Uncertainties

Our business has been affected, and we expect will continue to be affected by the trends identified above in "- Significant Factors Affecting Our Financial Condition and Results of Operations" and the uncertainties described in "Risk Factors" on pages 333 and 36, respectively.

Future Relationship between Cost and Income

Other than as described in "Risk Factors" and "Our Business" on pages 36 and 196, and this section respectively, to our knowledge there are no known factors that may adversely affect our business prospects, results of operations and financial condition.

Total Revenue of Each Major Industry Segment in Which our Company Operates

Following is the revenue bifurcation with respect to the product or services provided by our Company:

(amount in million)

Industry Segments	Six months period of six months September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
	Amount (in million)	As a % of Revenue from Operations	Amount (in million)	As a % of Revenue from Operation s	Amount (in million)	As a % of Revenue from Operations	Amount (in million)	As a % of Revenue from Operation s
Electronic governance	1,813.10	77.94	2,386.36	61.29	1,359.08	50.13	173.94	11.46
Telecommunications and broadband sectors	337.32	14.50	910.33	23.38	949.23	35.02	1,196.21	78.78
Healthcare	175.75	7.56	596.77	15.33	402.57	14.85	148.31	9.77
Total	2,326.18	100.00	3,893.47	100.00	2,710.88	100.00	1,518.46	100.00

Status of any Publicly Announced New Products or Business Segment

Other than as described in "Our Business" on page 196, there are no new offerings or business verticals in which we operate.

The Extent to which Business is Seasonal

Given the nature of our business operations, our business is not seasonal in nature.

Significant dependence on single or few customers or suppliers

The table set forth below are contribution of our top customers towards our revenue from operations:

	Six months period ended September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
Contribution from top Customer	Revenue from operation s (in million)	As a % of Revenue from Operation s	Revenue from operation s (in million)	As a % of Revenue from Operation s	Revenue from operation s (in million)	As a % of Revenue from Operation s	Revenue from operation s (in million)	As a % of Revenue from Operation s
Top 3	1,577.29	67.81	2,781.84	71.45	1,615.23	59.58	1,192.17	78.51
Top 5	1,876.15	80.65	3,284.59	84.36	2,247.72	82.91	1,276.47	84.06
Top 10*	2,189.46	94.12	3,588.89	92.18	2,486.06	91.71	1,384.83	91.20

*Our top ten customers include RailTel Corporation of India Limited, Telecommunications Consultants India Limited and SEEPZ SEZ Authority. Names of balance customers have not been provided either because relevant consents for disclosure of their names were not available or in order to preserve confidentiality.

Our Top 3 / Top 5 / Top 10 customers have been identified on a year-wise basis, based on the revenue recognised in each respective financial year, and not on a comparative basis. Further, the apparent customer concentration arises primarily because our Company?s customers are the entities to whom invoices are raised. However, the ultimate end customers / beneficiaries are diversified and numerous. Our Company undertakes multiple projects with large public sector and Government-owned entities such as RailTel Corporation of India Limited (RailTel), wherein each project caters to multiple end customers across various locations. Nevertheless, for reporting purposes, entities such as RailTel Corporation of India Limited are reflected as a single customer of our Company, notwithstanding the diversity of the underlying end customers served through such projects. Based on the above, it may be noted that our Company has a concentrated customer base, with its top 10 customers contributing approximately 90% to 95% of its total revenue from operations during Fiscal 2023 to Fiscal 2025 and for the six months period ended September 30, 2025. Further, our Company derives approximately 60% to 75% of its total revenue from operations from its Top 3 customers, which indicates a degree of revenue concentration risk. Also see "Risk

Factors - A significant portion of our revenue from operations is attributable to our top ten customers accounting for approximately 94.12%, 92.18%, 91.71% and 91.20% of our total revenue from operations, for the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively, and our business and profitability is dependent on our ability to win projects from such customeRs.Loss of one or more of our customers or reduction in their demand for our offerings could adversely affect our business, results of operations and financial conditions." on page 40.

Our suppliers provide us with a broad range of essential hardware and software products and services. This includes fundamental IT infrastructure, such as servers, storage solutions, and antivirus software. We also rely on these suppliers for various software services, general IT hardware and software solutions, and comprehensive enterprise-level support. The table below set forth the cost of supplies from our top three suppliers, top five suppliers and top 10 suppliers in absolute terms and as percentage of our total expenses for the period indicated:

(amount in million)

	Six months period ended September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
Contribution from top Supplier*	Cost of supplies (in million)	As a % of total expenses#	Cost of supplies (in million)	As a % of total expenses#	Cost of supplies (in million)	As a % of total expenses#	Cost of supplies (in million)	As a % of total expenses#
Top 3 suppliers	1,228.81	67.39	2,034.58	66.84	1,050.39	51.99	661.75	61.82
Top 5 suppliers	1,392.10	76.35	2,215.13	72.77	1,366.41	67.63	703.50	65.72
Top 10 suppliers	1,528.61	83.83	2,393.28	78.63	1,604.61	79.41	775.40	72.43

#Total expense excludes Employee benefits expense, Finance costs and Depreciation and Amortization expense.

*Our top ten suppliers include Starnext Innovations Private Limited, Bonton Softwares Private Limited, Meta16labs Healthcare and Analytics Private Limited and KRAN Consulting Private Limited. Further, names of certain suppliers have not been separately disclosed to preserve confidentiality.

Competition

We operate in a competitive environment. Please refer to "Risk Factors", "Industry Overview" and "Our Business"on pages 36, 153 and 196, respectively, for further information on our industry and competition.

Significant Developments after September 30, 2025

Except as set out below and elsewhere in this Draft Red Herring Prospectus, to our knowledge, no circumstances have arisen since the date of the last financial statements disclosed in this Draft Red Herring Prospectus that materially or adversely affect, or are likely to materially or adversely affect, our operations or profitability, the value of our assets, or our ability to pay our material liabilities within the next 12 months

Our Company had undertaken a private placement of Equity Shares, as permitted under applicable law, aggregating to 14,40,528 Equity Shares, in two tranches as under:

. (i) First Tranche October 08, 2025:

On October 08, 2025, our Company undertook the first tranche of the private placement of Equity Shares, in accordance with applicable law. Pursuant to this allotment, 90,000 Equity Shares were allotted to Bluestone Business Equity Private Limited, and 600,000 Equity Shares were allotted to NNM Securities Private Limited.

(ii) Second Tranche November 18, 2025:

On November 18, 2025, our Company undertook the second tranche of the private placement of Equity Shares, in accordance with applicable law. Pursuant to this allotment 5,47,932 Equity Shares were allotted to NNM Securities Private Limited, 1,02,596 Equity Shares were allotted to Ebony Capital Services LLP, and 1,00,000 Equity Shares were allotted to Vajra Machineries Private Limited.