TSC India Ltd Management Discussions

OF FINANCIAL CONDITIONS AND RESULTS

OF OPERATIONS

You should read the following discussion of our financial condition and results of operations together with our Restated Consolidated Financial Statements which is included in this Red Herring Prospectus. Our Restated Financial Information differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries, and our assessment of the factors that may affect our prospects and performance in future periods. Accordingly, the degree to which our Restated Financial Information will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level of familiarity with IGAAP. These regulations may also vary with ICDS, which may be material to an investors assessment of our results of operations and financial condition.

Some of the information in the following discussion, including information with respect to our plans and strategies, contain forward-looking statements that involve risks and uncertainties. You should read the section

"Forward-Looking Statements" on page 23 of this Red Herring Prospectus for a discussion of the risks and uncertainties related to those statements. Our actual results may differ materially from those expressed in or implied by these forward-looking statements as a result of various factors, including those described below and elsewhere in this Red Herring Prospectus.

Our Fiscal ends on March 31 of each year. Accordingly, all references to a particular Fiscal are to the 12 months ended March 31 of that year. Unless otherwise indicated, the financial information included herein is based on our Restated Financial Information included in this Red Herring Prospectus. For further details, see "Financial Information" on page 167 of this Red Herring Prospectus.

References to the "Company", "we", "us" and "our" in this chapter refer to TSC India Limited, as applicable in the relevant fiscal period, unless otherwise stated.

Overview

Travel India Limited (TSC) is a travel management company focused on serving the B2B and corporate sectors. The company specializes in providing comprehensive air ticketing services tailored to the requirements of its business clients. TSC works in close collaboration with airlines and travel agents to deliver cost-effective and streamlined travel solutions.

TSCs operations encompass partnerships with a range of travel service providers, enabling it to manage various aspects of travel planning, including booking air tickets, arranging accommodation, and organizing corporate travel itineraries. The company operates in multiple cities across India, including Jalandhar, Chandigarh, Lucknow, Ahmedabad, Jaipur, New Delhi, and Pune, reflecting its growing geographical presence.

TSC provides access to a wide network of domestic and international flights, offering competitive fares and flexible booking options. Its services are designed with an emphasis on efficiency, cost-effectiveness, and adherence to ethical business practices. TSC maintains a strong commitment to customer satisfaction, ensuring that client needs are met with precision and care. Over the years, the company has built a diverse client base, which includes travel agencies, corporate entities, and tour operators. TSCs approach is guided by a focus on strengthening its service offerings, fostering strategic partnerships, and integrating technology to enhance the quality and efficiency of its travel management solutions.

The companys ongoing growth strategy includes plans to expand its presence across additional markets and further enhance its portfolio of services, consistent with its mission to deliver innovative and dependable travel solutions.

At TSC, we position ourselves as a trusted travel distribution platform within the global travel and tourism industry. We provide B2B clients with access to a diverse travel inventory, designed to cater to the varied requirements of their customers. Our services include multi-currency support and forex assistance, facilitating seamless transactions for clients across different regions.

Our growth and success reflect our consistent focus on delivering reliable and high-quality services while building long-term partnerships with our clients. We specialize in a comprehensive suite of air ticketing services tailored to meet the specific needs of B2B clients. Our experienced team collaborates with airlines and travel agents to offer efficient and cost-effective travel solutions.

Leveraging our extensive network of domestic and international flights, we provide competitive pricing and flexible booking options. We are dedicated to achieving customer satisfaction by delivering precise, responsive, and reliable travel management services that address client needs with accuracy and care.

Presentation of Financial Statements

Unless stated or the context requires otherwise, the financial information in this Prospectus is derived from our Restated Financial Information, which have been prepared in terms of the requirements of Section 26 of the Companies Act, the SEBI ICDR Regulations, as amended from time to time, and the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the ICAI. For further information on our Companys financial information, see "Financial Information" on page 168 of this Prospectus.

In this Prospectus, any discrepancies in any table between the total and the sums of the amounts listed are due to rounding off. All figures in decimals have been rounded off to the second decimal and all percentage figures have been rounded off to two decimal places. In certain instances,

(i) the sum or percentage change of such numbers may not conform exactly to the total figure given; and

(ii) the sum of the numbers in a column or row in certain tables may not conform exactly to the total figure given for that column or row. Further, any figures sourced from third party industry sources may be rounded off to other than to the second decimal to conform to their respective sources.

Our Companys financial year commences on April 1 and ends on March 31 of the next year. Accordingly, all references to a particular financial year, unless stated otherwise, are to the 12-month period ended on March 31 of that year. Unless stated otherwise, or the context requires otherwise, all references to a "year" in this Prospectus are to a calendar year.

Significant Factors Affecting Our Results of Operations and Financial Condition

We believe that the following risks and uncertainties, including those discussed and detailed in the section titled "Risk Factors" beginning on page no. 32 of this Prospectus, have significantly affected our results of operations and financial condition during the periods under review, and may continue to affect our results of operations and financial condition in the future:

1. General economic and business conditions in the markets in which we operate and in the local, regional, national and international economies.

2. Failure to successfully upgrade our service offerings, from time to time.

3. Any change in government policies resulting in increases in taxes payable by us;

4. Increased competition in the industry in which we operate.

5. Our ability to grow our business.

6. Factors affecting the Travel industry

7. Our ability to retain our key managements persons and other employees.

8. Changes in laws and regulations that apply to the industries in which we operate.

9. Companys ability to successfully implement its growth strategy and expansion plans.

10. Our failure to keep pace with rapid changes in technology.

11. Our ability to maintain our relationships with domestic as well as foreign vendors.

12. Inability to successfully obtain registrations in a timely manner or at all.

13. General economic, political and other risks that are out of our control.

14. Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices. 15. Any adverse outcome in the legal proceedings in which we are involved.

Significant Accounting Policies under Indian GAAP

For Significant accounting policies please refer "Significant Accounting Policies to the Restated Financial Statements", under Chapter titled "Restated Consolidated Financial Statements" beginning on page 167 of this Red Herring Prospectus.

Principal Components of revenue and expenditure:

Income

Our total income comprises

(i) Revenue from operations; and

(ii) other income.

Revenue from operations

Revenue from operations comprises Revenue from Travel services and Interest income.

Other income

Other income includes Interest on deposits with banks and others.

Expenses

Our expenses comprise

(i) Employee benefits expense;

(ii) Depreciation and amortization expense;

(iii) Finance costs and

(iv) Other expenses.

Employee benefits expense

Employee benefits expense comprises

(i) Salaries and wages, including bonus;

(ii) contribution to provident and other funds;

(iii) staff welfare expenses; and

(iv) Gratuity expense.

Depreciation and amortization expense

Depreciation and amortization expense on property, plant and equipment.

Finance costs

Finance costs expense comprises

(i) interest on loan;

(ii) interest on deposits;

(iii) bank charges,

(iv) commission on bank guarantee and

(v) other fees and charges.

Other expenses

Other expenses include amongst others

(i) commission

(ii) repair and maintenance;

(iii) rent;

(iv) travelling and conveyance;

(v) insurance;

(vi) communication charges; and

(vii) miscellaneous expenses.

Results of Operations

The following table sets forth certain information with respect to our results of operations, on a Restated Consolidated Financial basis as indicated below:

(Rs. in Lakhs)

	For the financial year ended March 31
Particulars	2025	%	2024	%	2023	%
Revenue from operation	2,578.13	97.95%	1,936.54	94.03%	939.32	95.37%
Other income	53.93	2.05%	122.93	5.97%	45.63	4.63%
Total Income (I + II)	2,632.06	100.00%	2,059.47	100.00%	984.95	100.00%
Employee benefits expense	545.75	20.73%	385.83	18.73%	206.38	20.95%
Finance costs	134.55	5.11%	103.51	5.03%	53.65	5.45%
Depreciation and amortization expenses	69.63	2.65%	84.20	4.09%	58.04	5.89%
Other expenses	1,210.82	46.00%	854.87	41.51%	496.98	50.46%
Total Expenses	1,960.75	74.49%	1,428.41	69.36%	815.05	82.75%
Profit / (Loss) before Tax	671.31	25.51%	631.06	30.64%	169.90	17.25%
Tax Expenses	178.59	6.79%	159.19	7.73%	47.77	4.85%
Net Profit after tax	492.72	18.72%	471.87	22.91%	122.13	12.40%

The details of PAT margin of the Company for the previous three financial years are provided as below:

(INR in Lakhs)

Particulars	2022-23	2023-24	2024-25
	Audited	Audited	Audited
TSC India (Consolidated):
Profit after Tax (PAT)	123.90	478.95	462.02
Revenue	930.19	1,935.10	2,578.14
PAT margin (%)	13.32%	24.75%	17.92%
TSC India (Standalone):
Profit after Tax (PAT)	86.06	387.98	453.01
Revenue	910.94	1,862.67	2,404.97
PAT margin (%)	9.45%	20.83%	18.84%
TSC Finserv (Standalone):
Profit after Tax (PAT)	37.84	90.97	9.00
Revenue	69.72	73.86	173.18
PAT margin (%)	54.27%	123.17%	5.20%

The PAT margin of TSC India Limited, on a standalone basis, grew from 9.45% in FY 2023 to 20.83% in FY 2024. This is majorly due to the below mentioned reasons:

Employee cost decreased from approximately 21% of revenue to 19% of revenue contributing to additional profit margin of the company. This is due to the increase in operational efficiency of the company resulting from training and development of skilled workforce.

The take rate increased from 2.04% in FY 2023 to 2.59% in FY 2024, as detailed on page number 213 of the DRHP, the total revenue also increased consequently.

The commission paid to sole buying agents also decreased from 47% of revenue in FY 23 to 34% of revenue in FY 24.

All these factors combined resulted in increase of PAT margin from 9.45% to 20.83%.

The PAT margin of TSC India Limited, on a standalone basis, marginally decreased from 20.83% in FY 2024 to 18.84% in FY 2025. This is majorly due to the below mentioned reasons:

Take rate increased from 2.59% in FY 2024 to 2.98% in FY 2025 due to additional volume of ticket sales and more incentives.

Employee cost increased from approximately 19% of revenue to 21% of revenue due to provision of gratuity and leave encashment which includes 49.30 lakhs as prior period expense.

The commission paid to sole buying agents increased from 34% of revenue to 37% of revenue allowing the company to retain existing customers and acquire new customers at the same time.

All the above factors combined resulted in marginal decline of PAT margin from 20.83% to 18.84%.

RESULTS OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 2025

Total Income:

Total income for the period starting from April 1, 2024 to March 31, 2025, stood at 2,632.06 Lakhs. The total income consists of revenue from travel services and interest income.

Revenue from Operations

During the year ended March 31, 2025, the net revenue from operation of our Company was 2,578.13 Lakhs. The main contribution to the revenue from operations is the revenue from travel services.

Other Income:

During the year ended March 31, 2025, the other income of our Company stood at 53.93 Lakhs. The main components of the other income are interest income.

Employee benefits expense:

During the year ended March 31, 2025, our employee benefits expense was 545.75 lakhs, which included salaries, wages and bonus of 484.31 lakhs, contribution to provident and other funds of 23.69 lakhs, gratuity expense of 28.81 Lakhs and staff welfare expenses of 8.94 lakhs.

Depreciation and Amortization Expenses:

During the year ended March 31, 2025, the Depreciation and amortization charges of our Company stood at 69.63 Lakhs.

Finance costs:

Our finance costs were 134.55 lakhs for the year ended March 31, 2025, primarily comprising interest on loans of 114.11 lakhs and other fees and charges (including bank charges) of 20.44 lakhs.

Other Expenses:

Our other expenses for the for the year ended March 31, 2025 amounted to 1,210.82 lakhs, which primarily included

(i) commission of 904.60 Lakhs

(ii) merchant fee for payment gateway of 137.75

(iii) repair and maintenance of 12.69 Lakhs;

(iv) rent of 46.46 Lakhs;

(v) travelling and conveyance of 25.57 Lakhs;

(vi) insurance of 14.63 Lakhs;

(vii) communication charges of 10.67 Lakhs; and

(viii) miscellaneous expenses of 5.42 Lakhs.

Restated profit after tax:

As a result of the above factors, our restated profit after tax for the year ended March 31, 2025, was 492.72 Lakhs.

FISCAL 2025 COMPARED WITH FISCAL 2024

Set forth below is a discussion of our results of operations for financial year ended March 31, 2025, over March 31, 2024

Revenue from operations:

Revenue from operations increased from 1,936.54 Lakhs in year ended March 31, 2024, to 2,578.13 Lakhs in year ended March 31, 2025 with a resultant increase of 33.13% in year ended March 31, 2025. The breakdown of revenue from consolidated operations is provided below:

(Rs. in Lakhs)

Fiscal Year	31-Mar-24	31-Mar-25
Revenue from travel segment	1,862.67	2,404.97
Revenue from NBFC	73.88	173.18
Revenue from consolidated operations	1,936.54	2,578.13

The details of take rate or revenue generated from gross transactions processed by us during the year are provided below:

(Rs. in Lakhs)

Fiscal Year	31-Mar-24	31-Mar-25
Gross transaction value (GTV)	71,902.54	80,587.84
Revenue from travel segment	1,862.67	2,404.97
Take rate	2.59%	2.98%

The average order value (AOV) or Gross Transaction Value (GTV) per booking fluctuates across periods, influenced by factors such as the geographical destinations chosen by customers and prevailing airfare rates. The specifics are outlined below:

(Rs. in Lakhs)

Fiscal Year	31-Mar-24	31-Mar-25
Gross transaction value (GTV)	71,902.54	80,587.84
Total Bookings	1,09,451	1,62,975
GTV per booking (in )	65,693.82	49,447.98

The above data shows that the take rates and total number of bookings have improved during the year resulting in the increase in revenue generated.

Other Income:

Other Income decreased from 122.93 Lakhs in year ended March 31, 2024, to 53.93 Lakhs in year ended March 31, 2025, with a percentage change of 56.13%.

Employee benefits expense:

Employee Benefit Expenses increased from 385.83 Lakhs in year ended March 31, 2024, to 545.75 Lakhs in year ended March 31, 2025 with a resultant increase of 41.45% in year ended March 31, 2025. This is mainly due to annual increments provided to employees and increase in number of employees from 63 as at year ended March 31, 2024, to 72 as at March 31, 2025.

Finance costs:

Finance cost increased from 103.51 Lakhs in year ended March 31, 2024, to 134.55 Lakhs in year ended March 31, 2025, with a resultant increase of 29.99% in year ended March 31, 2025, due to increase in total debt from 1,775.82 Lakhs in year ended March 31, 2024 to 2,552.62 Lakhs in year ended March 31, 2025.

Depreciation and Amortization Expenses:

Depreciation and amortization decreased from 84.20 Lakhs in year ended March 31, 2024, to 69.63 Lakhs in year ended March 31, 2025, with a resultant decrease of 17.30% in year ended March 31, 2025.

Other Expenses:

Other expenses increased from 854.87 Lakhs (41.51% of revenue) in year ended March 31, 2024, to 1,210.82 Lakhs (46.00% of revenue) in year ended March 31, 2025, with a resultant increase of 41.64% in year ended March 31, 2025. This is majorly on account of an increase in commission expense by 273.71 Lakhs, merchant fee for payment gateway by 40.46 Lakhs and increase in rent paid by 11.45 Lakhs.

Restated profit after tax:

Net Profit after tax increased from 471.87 Lakhs in year ended March 31, 2024, to 492.72 Lakhs in year ended March 31, 2025, with a resultant increase of 4.42% in year ended March 31, 2025. PAT margin decreased from 22.91% in the year ended March 31, 2024, to 18.72% in year ended March 31, 2025. This is directly in relation to the increase in employee benefits expense and other expenses as a percentage of revenue.

FISCAL 2024 COMPARED WITH FISCAL 2023

Set forth below is a discussion of our results of operations for financial year ended March 31, 2024, over March 31, 2023

Revenue from operations:

Revenue from operations increased from 939.32 Lakhs in year ended March 31, 2023, to 1,936.54 Lakhs in year ended March 31, 2024 with a resultant increase of 106.16% in year ended March 31, 2024. The breakdown of revenue from consolidated operations is provided below:

(Rs. in Lakhs)

Fiscal Year	31-Mar-23	31-Mar-24
Revenue from travel segment	869.60	1,862.67
Revenue from NBFC	69.72	73.88
Revenue from consolidated operations	939.32	1,936.54

The details of take rate or revenue generated from gross transactions processed by us during the year are provided below:

(Rs. in Lakhs)

Fiscal Year	31-Mar-23	31-Mar-24
Gross transaction value (GTV)	42,652.96	71,902.54
Revenue from travel segment	869.60	1,862.67
Take rate	2.04%	2.59%

The average order value (AOV) or Gross Transaction Value (GTV) per booking fluctuates across periods, influenced by factors such as the geographical destinations chosen by customers and prevailing airfare rates. The specifics are outlined below:

(Rs. in Lakhs)

Fiscal Year	31-Mar-23	31-Mar-24
Gross transaction value (GTV)	42,652.96	71,902.54
Total Bookings	60,829	1,09,451
GTV per booking (in )	70,119.45	65,693.82

The above data shows that the take rates and total number of bookings have improved during the year resulting in the increase in revenue generated.

Other Income:

Other Income increased from 45.63 Lakhs in year ended March 31, 2023, to 122.93 Lakhs in year ended March 31, 2024, with a percentage change of 169.41%.

Employee benefits expense:

Employee Benefit Expenses increased from 206.38 Lakhs in year ended March 31, 2023, to 385.83 Lakhs in year ended March 31, 2024 with a resultant increase of 86.95% in year ended March 31, 2024. This is mainly due to annual increments provided to employees and increase in number of employees from 54 as at year ended March 31, 2023, to 63 as at March 31, 2024.

Finance costs:

Finance cost increased from 53.65 Lakhs in year ended March 31, 2023, to 103.51 Lakhs in year ended March 31, 2024, with a resultant increase of 92.94% in year ended March 31, 2024, due to increase in total debt from 1,308.01 Lakhs in year ended March 31, 2023 to 1,775.82 Lakhs in year ended March 31, 2024.

Depreciation and Amortization Expenses:

Depreciation and amortization increased from 58.04 Lakhs in year ended March 31, 2023, to 84.20 Lakhs in year ended March 31, 2024, with a resultant increase of 45.07% in year ended March 31, 2024, due to net additions in the gross block of property, plant and equipment.

Other Expenses:

Other expenses increased from 496.98 Lakhs (50.46% of revenue) in year ended March 31, 2023, to 854.87 Lakhs (41.51% of revenue) in year ended March 31, 2024, with a resultant increase of 72.01% in year ended March 31, 2024. This is majorly on account of an increase in commission expense by 297.99 Lakhs, merchant fee for payment gateway by 22.68 Lakhs and increase in rent paid by 15.29 Lakhs.

Restated profit after tax:

Net Profit after tax increased from 122.13 Lakhs in year ended March 31, 2023, to 471.87 Lakhs in year ended March 31, 2024, with a resultant increase of 286.37% in year ended March 31, 2024. PAT margin increased from 12.40% in the year ended March 31, 2023, to 22.91% in year ended March 31, 2024. This is directly in relation to the decrease in employee benefits expense and other expenses as a percentage of revenue.

Liquidity and Capital Resources

We operate in a working capital-intensive industry, that is, we require large amounts of funds in the normal course of business to continue providing the services and hence our principal liquidity requirement has been to finance our working capital needs. This is because our receivables and payables are based on holding periods in days of the total Gross Transaction Value (GTV) instead of our revenue from operations. Our normal operating cycle ranges between 4 to 6 days.

For more details regarding our operating cycle and working capital requirements, please refer "Objects of the Issue", Chapter beginning on page 77 of this Red Herring Prospectus.

To fund these costs, we have historically relied on raising short term and long-term borrowings, including working capital financing, loans from related parties and others combined with the cash generated from operating activities. Our short-term liquidity requirements relate to servicing our borrowings and financing our working capital requirements. Our long-term liquidity requirements include capital expenditures required to expand and maintain our operations.

We expect to meet our working capital requirements for the next 12 months primarily from the cash flows of our business operations, net IPO proceeds and other available financial means. As on March 31, 2025, March 31, 2024 and March 31, 2023, we had cash and cash equivalents of 358.75 lakhs, 569.63 lakhs and 31.10 lakhs respectively. Cash and cash equivalents consist of cash on hand, balances with banks in current accounts. Cash flows

The following table sets forth certain information relating to our cash flows in the periods indicated:

(Rs. in lakhs)

Particulars	For the year ended
	2025	2024	2023
Net cash generated from/ (used in) operating activities.	(1,346.32)	(19.25)	(115.72)
Net cash (used in) investing activities.	135.21	193.46	(680.55)
Net cash (used in)/ generated from finance activities.	1,000.23	364.32	778.97
Net increase / (decrease) in cash and cash equivalents	(210.88)	538.53	(17.30)
Cash and Cash Equivalents at the beginning	569.63	31.10	48.40
Add: Change on account of acquisition of subsidiary	-	-	-
Cash and Cash Equivalents at the end.	358.75	569.63	31.10

Operating Activities

For Financial Year Ended March 31, 2025

Net cash used in operating activities was 1,346.32 lakhs in March 31, 2025. Profit before tax was 671.31 lakhs in March 31, 2025. Adjustments primarily consisted of depreciation of 69.63 lakhs, interest expenses on loans of 105.68 lakhs, other income of 48.49 lakhs and provisions of 1.98 lakhs.

Our operating cash flow before working capital adjustments was 813.00 lakhs in March 31, 2025. The working capital adjustments in March 31, 2025 included decrease in trade payables of 855.72 lakhs, increase in provisions of 30.78 lakhs and increase in other liabilities of 4.02 lakhs. This was offset by increase in trade receivables of 38.88 lakhs, increase in other assets of 251.74 lakhs and increase in loans and advances of 884.01 lakhs.

Taxes paid during the year, net of refunds, amounted to 163.77 lakhs.

For Financial Year Ended March 31, 2024

Net cash used in operating activities was 19.25 lakhs in March 31, 2024. Profit before tax was 631.06 lakhs in March 31, 2024. Adjustments primarily consisted of depreciation of 84.20 lakhs, interest expenses on loans of 85.42 lakhs, other income of 51.43 lakhs and provisions of 0.20 lakhs.

Our operating cash flow before working capital adjustments was 767.52 lakhs in March 31, 2024. The working capital adjustments in March 31, 2024 included increase in trade payables of 1,653.34 lakhs, increase in provisions of 13.13 lakhs and increase in other liabilities of 69.14 lakhs. This was offset by increase in trade receivables of 2,141.77 lakhs, increase in other assets of 155.11 lakhs and increase in loans and advances of 149.34 lakhs.

Taxes paid during the year, net of refunds, amounted to 76.16 lakhs.

For Financial Year Ended March 31, 2023

Net cash used in operating activities was 115.72 lakhs in March 31, 2023. Profit before tax was 169.90 lakhs in March 31,2023. Adjustments primarily consisted of depreciation of 58.04 lakhs, interest expenses on loans of 46.10 lakhs, other income of 31.57 lakhs and provisions of 0.30 lakhs.

Our operating cash flow before working capital adjustments was 250.31 lakhs in March 31, 2023. The working capital adjustments in March 31, 2023 included increase in trade payables of 172.04 lakhs, increase in provisions of 7.52 lakhs and decrease in other liabilities of 6.48 lakhs. This was offset by increase in trade receivables of 330.50 lakhs, increase in other assets of 14.26 lakhs and increase in loans and advances of 141.37 lakhs.

Taxes paid during the year, net of refunds, amounted to 52.98 lakhs.

Investing Activities

For Financial Year Ended March 31, 2025

Net cash generated from investing activities for the year ended March 31, 2025, was 135.21 lakhs. This was primarily due to the net capital expenditure of 18.93 lakhs during the year which was offset by movement of fixed deposits of 124.61 lakhs and interest received on fixed deposit of 32.26 Lakhs.

For Financial Year Ended March 31, 2024

Net cash generated from investing activities for the year ended March 31, 2024, was 193.46 lakhs. This was primarily due to the net capital expenditure of 39.01 lakhs during the year which was offset by movement of fixed deposit of 175.01 lakhs and interest received on fixed deposit of 57.92 Lakhs.

For Financial Year Ended March 31, 2023

Net cash used for investing activities for the year ended March 31, 2023, was 680.55 lakhs. This was primarily due to the net capital expenditure of 252.01 lakhs during the year and investment in fixed deposit of 437.83 lakhs. It was offset by interest received on fixed deposit of 20.08 Lakhs.

Financing Activities

For Financial Year Ended March 31, 2025

Net cash generated from financing activities in March 31, 2025 was 1,000.23 lakhs. This was on account of interest paid of 105.68 lakhs, proceeds from issue of share capital (including securities premium and reserve adjustment) 342.00 lakhs, net increase of loans of 776.80 lakhs.

For Financial Year Ended March 31, 2024

Net cash generated from financing activities in March 31, 2024 was 364.32 lakhs. This was on account of interest paid of 85.42 lakh and proceeds from borrowings of 467.81 lakhs.

For Financial Year Ended March 31, 2023

Net cash generated from financing activities in March 31, 2023 was 778.97 lakhs. This was on account of interest paid of 46.10 lakhs and proceeds from borrowings of 832.61 lakhs.

Capital Expenditure

For the financial year ended March 31, 2025, 2024 and 2023, our net capital expenditure was 18.93 lakhs, 39.01 lakhs and 252.01 lakhs respectively. This primarily consists of addition of furniture and fixtures, end user devices for new and existing employees and motor vehicles.

Indebtedness

As of March 31, 2025, we had long-term borrowings of 257.58 lakhs and short-term borrowings of 1,298.41 lakhs which includes secured and unsecured loans. The following table sets forth certain information relating to our outstanding indebtedness as of March 31, 2025, and our repayment obligations in the periods indicated:

(Rs. in Lakhs)

	As at March 31, 2025 on Standalone basis
Total Borrowings	Short term (less than 1 year)	Long term (more than 1 year)
Secured (A)	1,298.41	77.41
Unsecured (B)	-	180.17
Total Borrowings (A + B)	1,298.41	257.58

*Short term borrowings include the maturities payable within 1 year.

For further details regarding our indebtedness, see "Financial Indebtedness" and "Financial Information" on pages 170 and 167, respectively of this Red Herring Prospectus.

Contingent Liabilities and Commitments

For information relating to our contingent liabilities and commitments, please refer to Note 28 of the Restated Consolidated Financial Statements in the "Financial Information" chapter on page 167 of this Red Herring Prospectus.

Off Balance Sheet Commitments and Arrangements

We do not have any off-balance sheet arrangements, derivative instruments, swap transactions or relationships with standalone entitiesor financial partnerships that would have been established for the purpose of facilitating off-balance sheet arrangements.

Related Party Transactions

We enter into various transactions with related parties in the ordinary course of business. For further information relating to our related party transactions, see Note 22 of the Restated Consolidated Financial Statements in the " Financial Information" chapter on page 167 of this Red Herring Prospectus.

Changes in Accounting Policies

As on the date of this Prospectus, there are no changes in our accounting policies in the last three financial years.

Unusual or Infrequent Events or Transactions

There have been no events or transactions to our knowledge which may be described as "unusual" or "infrequent".

Significant Economic Changes

There are no significant economic changes that may materially affect or are likely to affect income from continuing operations.

Known Trends or Uncertainties

Apart from the risks as disclosed under Section "Risk Factors" beginning on page no 32 of the Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

Future Relationships between Costs and Income

Other than as described "Risk Factors", "Our Business" and "Managements Discussion and Analysis of Financial Position and Results of Operations" on pages 32, 115, and 172 respectively of this Prospectus, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.

New Products or New Business Segments

Except as set out in this Prospectus, we have not announced and do not expect to announce in the near future any new products or new business segments.

Seasonality of business

Our business is not seasonal in nature.

Significant Dependence on a Single or Few Customers

The revenue of our Company is not dependent on single or few customers.

Competitive Conditions

We expect competition in our industry from existing and potential competitors to intensify. For details, please refer to the discussions of our competition in "Our Business", "Industry Overview" and "Risk Factors We operate in a competitive industry and our failure to successfully compete may adversely affect our business, financial condition and results of operations, and prospects" on pages 115, 95 and 32 respectively of this Prospectus.

Details of material developments after the date of last balance sheet i.e., March 31, 2025

There are no material developments after the date of last balance sheet i.e., March 31, 2025.