(xi) Provisions, contingent liabilities and
contingent assets

Provisions are recognised when the Company has a
present obligation as a result of past events, for which
it is probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation and a reliable estimate of the amount can
be made. A disclosure for a contingent liability is
made where there is a possible obligation that arises

from past events and the existence of which will be
confirmed only by the occurrence or non-occurrence
of one or more uncertain future events not wholly
within the control of the Company or a present
obligation that arises from the past events where it
is either not probable that an outflow of resources
will be required to settle the obligation or a reliable
estimate of the amount cannot be made. Provisions
are reviewed regularly and are adjusted where
necessary to reflect the current best estimates of the
obligation. Where the Company expects a provision to
be reimbursed, the reimbursement is recognised as
a separate asset, only when such reimbursement is
virtually certain.

Contingent asset is not recognised in the standalone
financial statement. However, it is recognised only
when an inflow of economic benefits is probable.

(xii) Revenue recognition

When a performance obligation is satisfied, the
Company recognises as revenue the amount of
the transaction price (which excludes estimates
of variable consideration) that is allocated to that
performance obligation. Transaction price is the
amount of consideration to which the Company
expects to be entitled in exchange for transferring
promised goods or services to a customer, excluding
amounts collected on behalf of third parties.

The Company derives revenue primarily from
Information Technology services which includes IT
Outsourcing services, support and maintenance
services. The Company recognises revenue over
time, over the period of the contract, on transfer of
control of deliverables (solutions and services) to its
customers in an amount reflecting the consideration
to which the Company expects to be entitled. To
recognise revenues, Company applies the following
five step approach: (1) identify the contract with a
customer, (2) identify the performance obligations
in the contract, (3) determine the transaction price,

(4) allocate the transaction price to the performance
obligations in the contract, and (5) recognise revenues
when a performance obligation is satisfied.

Company accounts for a contract when it has
approval and commitment from all parties, the rights
of the parties are identified, payment terms are
identified, the contract has commercial substance and
collectability of consideration is probable.

Contracts may include incentives, service penalties
and rewards. The Company includes an estimate
of the amount it expects to receive for the total
transaction price if it is probable that a significant
reversal of cumulative revenue recognised will not
occur and when the uncertainty associated with the
variable consideration is resolved. Any modification
or change in existing performance obligations is
assessed whether the services is added to the
existing contracts or not. The distinct services are
accounted for as a new contract and services which
are not distinct are accounted for on a cumulative
catch-up basis.

Fixed Price contracts related to application
development, consulting and other services are
single performance obligation or a stand-ready
performance obligation, which in either case is
comprised of a series of distinct services that are
substantially the same and have the same pattern of
transfer to the customer (i.e. distinct days or months
of service). Revenue is recognised in accordance with
the methods prescribed for measuring progress i.e.
percentage of completion method. Percentage of
completion is determined based on project costs
incurred to date as a percentage of total estimated
project costs required to complete the project. The
cost expended (or input) method has been used to
measure progress towards completion as there is a
direct relationship between input and productivity.
Revenues relating to time and material contracts are
recognised as the related services are rendered.

Multiple element arrangements

In contracts with multiple performance obligations,
Company accounts for individual performance
obligations separately if they are distinct and allocate
the transaction price to each performance obligation
based on its relative standalone selling price out of
total consideration of the contract. Standalone selling
price is determined utilising observable prices to the
extent available. If the standalone selling price for
a performance obligation is not directly observable,
Company uses expected cost plus margin approach.

IT support and maintenance

Contracts related to maintenance and support
services are either fixed price or time and material.

In these contracts, the performance obligations are
satisfied, and revenues are recognised, over time as
the services are provided. Revenue from maintenance

contracts is recognised ratably over the period of the
contract because the Company transfers the control
evenly by providing standard services. The term of the
maintenance contract is usually one year. Renewals
of maintenance contracts create new performance
obligations that are satisfied over the term with the
revenues recognised ratably over the term.

Any modification or change in existing performance
obligations is assessed whether the services is
added to the existing contracts or not. The distinct
services are accounted for as a new contract and
services which are not distinct are accounted for on a
cumulative catch-up basis.

Cost to fulfil the contracts

Recurring operating costs for contracts with
customers are recognised as incurred. Revenue
recognition excludes any government taxes but
includes reimbursement of out of pocket expenses.
Provision of onerous contract are recognised when
the expected benefits to be derived by the company
from a contract are lower than the unavoidable cost of
meeting the future obligations under the contract. The
provision is measured at present value of the lower of
the expected cost of terminating the contract and the
expected net cost of continuing with the contract.

Incremental costs of obtaining a contract

The incremental costs of obtaining a contract are
those costs that an entity incurs to obtain a contract
with a customer that it would not have incurred if the
contract had not been obtained. For certain contracts,
Company does incur insignificant incremental costs
to obtain the contract. Company applies practical
expedient by recognising such cost as expense, when
incurred, in the standalone statement of profit and
loss instead of creating an asset as the amortisation
period of the asset that the Company otherwise would
have recognised is one year or less.

Significant financing component

Company considers all relevant facts and
circumstances in assessing whether a contract
contains a financing component and whether that
financing component is significant to the contract,
including both the conditions:

(a) the difference, if any, between the amount of
promised consideration and the cash selling
price of the promised goods or services; and

(b) the combined effect of both the
following conditions:

i) the expected length of time between when
the entity transfers the promised goods
or services to the customer and when

the customer pays for those goods or
services; and

ii) the prevailing interest rates in the
relevant market.

Other operating revenue -

It includes revenue arising from Company's ancillary
revenue-generating activities. Revenue from these
activities are recorded only when Company is
reasonably certain of such income.

Trade receivables, contract assets and contract liabilities

Trade Receivable is primarily comprised of billed and
unbilled receivables (i.e. only the passage of time
is required before payment is due) for which the
Company has an unconditional right to consideration,
net of an allowance for expected credit loss. A
contract asset is a right to consideration that is
conditional upon factors other than the passage of
time. Contract assets are presented separately in the
standalone financial statements and primarily relate
to unbilled amounts on fixed-price contracts utilising
the cost to cost method i.e. percentage of completion
method (POCM) of revenue recognition. A contract
liability is the obligation to transfer goods or services
to a customer for which the Company has received
consideration from the customer. If a customer pays
consideration before the Company transfers goods
or services to the customer, a contract liability is
recognised when the payment is received. Contract
liabilities are recognised as revenue when the
Company performs under the contract.

The difference between opening and closing balance
of the contract assets and liabilities results from
the timing differences between the performances
obligation and customer payment.

(xiii) Income tax

Tax expense for the year comprises of current tax and
deferred tax. Current tax is measured by the amount
of tax expected to be paid to the taxation authorities
on the taxable profits after considering tax allowances
and exemptions and using applicable tax rates and

laws. Deferred tax is recognised on timing differences
between the accounting base and the taxable base
for the year and quantified using the tax rates and
tax laws enacted or substantively enacted as on the
balance sheet date.

Deferred tax is recognised using the balance sheet
approach. Deferred income tax assets and liabilities
are recognised for deductible and taxable temporary
differences arising between the tax base of assets
and liabilities and their carrying amount in standalone
financial statements, 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 profits or loss at the time of
the transaction.

Deferred income tax asset is recognised to the
extent that it is probable that taxable profit will be
available against which the deductible temporary
differences, and the carry forward of unused tax
credits and unused tax losses can be utilized. Deferred
income tax liabilities are recognised for all taxable
temporary differences.

Current tax and deferred tax assets and liabilities are
offset when there is a legally enforceable right to set
off the recognised amount and there is an intention to
settle the asset and liability on a net basis.

(xiv) Other income

Interest income is recognised using the effective
interest method. Dividend income is recognised when
the right to receive payment is established.

(xv) Finance / Borrowing costs

Borrowing costs includes interest, amortisation
of ancillary costs incurred in connection with the
arrangement of borrowings and exchange differences
arising from foreign currency borrowings to the
extent they are regarded as an adjustment to the
interest cost.

Borrowing costs directly attributable to the
acquisition, construction or production of an asset
that necessarily takes a substantial period of time to
get ready for its intended use or sale are capitalised
as part of the cost of the respective asset. All other
borrowing costs are expensed in the period in which
they occur.

(xvi) Investment property

Property that is held either for long term rental
yield or for capital appreciation or both, but not for
sale in ordinary course of the business, use in the
production or supply of goods or services or for
administrative purposes is classified as investment
property. Upon initial recognition, an investment
property is measured at cost. Subsequent to initial
recognition, investment property is measured at
cost less accumulated depreciation and accumulated
impairment loss, if any. Depreciation is provided in the
same manner as PPE. Any gain or loss on disposal of
an investment property is recognised in standalone
statement of profit and loss.

(xvii) Investment in subsidiaries

Investment in subsidiaries are carried at cost less
accumulated impairment losses, if any. Where an
indication of impairment exists, the carrying amount
of the investment is assessed and written down
immediately to its recoverable amount. On disposal
of investment in subsidiaries, the difference between
net disposal proceeds and the carrying amounts are
recognised in the standalone statement of profit
and loss.

(xviii) Financial guarantee contract/ Guarantee
commission

Financial guarantee contracts issued by the Company
are those contracts that require a payment to be
made to reimburse the holder for a loss it incurs
because the specified debtor fails to make a payment
when due in accordance with the terms of a debt
instrument. Financial guarantee contracts are
recognised initially as a liability at fair value, adjusted
for transaction costs that are directly attributable
to the issuance of the guarantee. Subsequently, the
liability is measured at the higher of the amount
of loss allowance determined as per impairment
requirements of Ind AS 109 and the amount
recognised less, when appropriate, the cumulative
amount of income recognised in accordance with the
principles of Ind AS 115 "Revenue from Contracts with
Customers" ('Ind AS 115').

(xix) Exceptional items

When items of income and expense within profit or
loss from ordinary activities are of such size, nature
or incidence that their disclosure is relevant to assist
users in understanding the financial performance
achieved and in making projections of financial
performance, the nature and amount of such material
items are disclosed separately as exceptional items.

(xx) Cash flow hedge

The effective portion of changes in the fair value of
derivatives that are designated and qualify as cash flow
hedge is recognised in other comprehensive income
and accumulated under cash flow hedge reserve. The
Company classifies its forward contract that hedge
foreign currency risk associated as cash flow hedge and
measures them at fair value. The gain or loss relating
to the ineffective portion is recognised immediately
in the standalone statement of profit and loss and is
included in the 'other expense/ other income' line item.
Amounts previously recognised in other comprehensive
income and accumulated in equity relating to effective
portion (as described above) are reclassified to
the standalone statement of profit and loss in the
periods when the hedged item affects the standalone
statement of profit and loss, in the same line as the
recognised hedged item. When the hedging instrument
expires or is sold or terminated or when a hedge no
longer meets the criteria for hedge accounting, any
cumulative deferred gain or loss at that time remains in
equity until the forecast transaction occurs and when
the forecast transaction is no longer expected to occur,
the cumulative gain or loss that was reported in equity
are immediately reclassified to standalone statement of
profit and loss within other income.

(xxi) Recent accounting pronouncements

The Ministry of Corporate Affairs (MCA) notifies new
standards or amendments to existing standards
under the Companies (Indian Accounting Standards)
Rules, as issued from time to time. During the year
ended March 31, 2025, the MCA notified Ind AS 117 -
Insurance Contracts and amendments to Ind AS 116
- Leases, specifically relating to sale and leaseback
transactions. These changes are applicable from April
1, 2024. The Company has assessed that there is no
significant impact on its financial statements.

Distributions made and proposed

The Board of Directors of the Company at its meeting held on January 16, 2025 had declared an interim dividend of 140% (H 7 per
equity share of par value of H 5 each). This has resulted in cash outflow of H 2,161 lakhs. Further, the Board of Directors of the
Company at its meeting held on April 18, 2025 have recommended a final dividend of 320% (H 16 per equity share of par value of H 5
each), which is subject to approval by the shareholders of the Company at ensuing Annual General Meeting. The maximum (estimated)
cash outflow will be H 4,950 lakhs. Proposed dividend on equity shares is not recognised as a liability as at March 31, 2025. Dividend
declared by the Company is based on profit available for distribution.

For previous year

The Board of Directors of the Company at its meeting held on January 18, 2024 had declared an interim dividend of 140% (H 7 per
equity share of par value of H 5 each). This has resulted in cash outflow of H 2,147 lakhs. Further, the Board of Directors of the
Company at its meeting held on April 26, 2024 have recommended a final dividend of 240% (H 12 per equity share of par value of H 5
each), which was approved by the shareholders of the Company at its Annual General Meeting held on September 30, 2024. This
resulted in cash outflow of H 3,704 lakhs. Proposed dividend on equity shares was not recognised as a liability as at March 31, 2024.
Dividend declared by the Company is based on profit available for distribution.

(i) Term loan was secured by first charge on immovable property situated at Mahindra World City, Chengalpet, Chennai.

(ii) Vehicle loans are secured by hypothecation of assets (vehicles) purchased thereagainst.

Repayment terms: Monthly payment of equated monthly instalments beginning from the month subsequent to taking the loan
along with interest at 7.40% - 9.70% p.a. (March 31, 2024: 7.10% - 9.35% p.a.). Vehicle loans are repayable in 1 to 60 instalments
from March 31, 2025 (March 31, 2024: 1 to 60 instalments).

(iii) Refer note 32 for liquidity risk.

(iv) There was no default in repayment of borrowings and interest thereon during current and previous year.

(v) Borrowings were applied for the purpose for which they were availed.

(vi) Details of repayment terms:

Plan is governed by the Payment of Gratuity Act, 1972 ('Gratuity Act'). Under the Gratuity Act, employees are entitled to specific
benefit at the time of retirement or termination of the employment on completion of five years or death while in employment.
The level of benefit provided depends on the member's length of service and salary at the time of death/retirement/
termination age.

Notes:

i) The Company has setup an income tax approved irrevocable trust fund to finance the plan liability. The trustees of the
trust fund are responsible for the overall governance of the plan. Expected contribution to the fund in FY 2025-26 is H 502
lakhs (FY 2024-25: H 200 lakhs).

ii) Plan assets are investment in unquoted insurer managed funds (100%) for current and previous year.

(b) The obligation for compensated absence is recognised basis Company's leave policy. Company follow calendar year for leave
accumulation. Maximum of 18 days can be accrued during a year and maximum cap on accumulation is 45 days. Leaves in
excess of maximum cap can be encashed during the tenure or on separation from the Company. Net charge to the standalone
statement of profit and loss the year ended March 31, 2025 is H 489 lakhs (March 31, 2024: H 193 lakhs).

lol Ci inHoH

*During the year ended March 31, 2024, the management of the Company has decided to opt for new tax rate regime as per Section 115BAA of
the Income-tax Act, 1961, effective FY 2022-23. As per provisions of Section 115BAA, the Company on shifting to new tax regime will be taxed
at a lower rate and would not be required to pay Minimum Alternate Tax (MAT) and, as a consequence, no longer claim MAT credits. Accordingly,
deferred tax adjustments during the year ended March 31, 2024, primarily include reversal of deferred tax asset (towards MAT credit)
amounting to H 2,840 lakhs and remeasurement of other opening deferred tax balances, based on the new tax rate.

**The Company had filed for a Bilateral Advance Pricing Arrangement ('BAPA') in the financial year 2015-16, under which the Company had
recognised a provision in its books of account based on the most likely outcome expected as per the BAPA. Since no agreement could be reached
between the respective competent tax authorities, the said application has been closed by them during the year ended March 31, 2024. Basis
the analysis done by management of the Company, the additional tax provision up to March 31, 2023, amounting to H 2,755 lakhs, being no
longer required, has been reversed during the year and included under 'income tax relating to earlier years'.

During the year ended March 31, 2024, the management of the Company has decided to opt for new tax rate regime as per
Section 115BAA of the Income-tax Act, 1961, effective FY 2022-23. Accordingly, adjustment (reversal) was also required to the
provision recognised for the year ended March 31, 2023, at the higher tax rate (prior to the adoption of new tax regime), which
have been included under 'income tax relating to earlier years'.

1. Foreign currency balances (other than advances) are reinstated in INR using year end exchange rate.

2. Equity and equity like investments (as at balance sheet date) are not considered under 'Balances outstanding (as at year-end)'
as these are not considered 'outstanding' exposures.

3. All the amounts due to/ from related parties (as at year-end) are unsecured.

4. All the amounts due to/ from related parties (as at year-end), other than advances, will be cash-settled. Goods or services will
be received/ provided against the advance given/ taken, if any.

5. For security provided by Mastek Limited for the loans availed by subsidiary companies, refer footnote (ii) to Note 3.

*The guarantees have been given for loans availed by the respective subsidiaries. Also, the disclosure is of guarantee equivalent to amount of loan
availed (for transactions during the year) which includes loan availed against unutilised guarantees of previous years and loan outstanding (balance
outstanding as at reporting date). The amounts disclosed does not include unutilised guarantees. Refer note 37 for guarantees outstanding of
contingent nature.

^A This also includes foreign exchange adjustment/ fair value adjustment.

^AA Consideration paid on behalf of subsidiary is pursuant to acquisition (Refer note 39(a)).

KMP compensation:

* The KMP's are covered under the gratuity policy and compensated absences policy along with other eligible employee of the Company. Proportionate
amount of gratuity and compensated absences expenses and provision for gratuity and compensated absences, which are determined actuarially are
not mentioned in the aforementioned disclosure as these are computed for the Company as a whole.

** Represents the perquisite component, i.e., the difference between exercise price and fair market value of the option.

Notes:

1. Company has paid the remuneration to its directors during the year in accordance with the provision of and limits laid down
under section 197 read with Schedule V to the Act.

2. There are no commitments with any related party during the year or as at year end.

3. All the related party transactions are made on terms equivalent to those that prevail in an arm's length transaction, for which
prior approval of Audit Committee was obtained during the years ended March 31, 2025 and March 31, 2024.

1. Fair value of cash and cash equivalents, other bank balances, trade receivables, trade payables, other current financial
assets/ liabilities and short term borrowings approximate their carrying amounts largely due to short term maturities of
these instruments.

2. Financial instruments are evaluated by the Company based on parameters such as individual credit worthiness of the counter¬
party. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value
of such instruments is not materially different from their carrying amounts.

3. The fair values for finance lease contracts and financial guarantee contract were calculated based on cash flows discounted
using market interest rate on the date of initial recognition and fair values for deposits were calculated based on cash flows
discounted using market interest rate on the date of initial recognition and subsequently on each reporting date. The lease
liability is initially recognised at the present value of the future lease payments and is discounted using the interest rate implicit
in the lease or, if not readily determinable, using the incremental borrowing rates and subsequently measured at amortised cost.
Investment in mutual funds are designated at FVTPL and mark to market gain/ loss is recorded in statement of profit and loss
on each reporting date.

4. Fair value of long term borrowings approximate their carrying amounts due to the fact that no upfront fees is paid as
compensation to secure the borrowing and the interest rate is equal to the market interest rate.

The following table presents the fair value measurement hierarchy of financial assets and liabilities measured at fair value on
recurring basis as at March 31, 2025 and March 31, 2024

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

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

There have been no transfers amongst the level of hierarchy during the current and previous year.

For assets and liabilities that are recognised in the standalone financial statements on a recurring basis, the Company determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that
is significant to the fair value measurement as a whole) at the end of each reporting period.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions are
used to estimate the fair values.

32 Financial risk management

The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company's primary
focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial
performance. The Company's management oversees the management of these risk and formulates the policies which are reviewed
and approved by the Board of Directors and Audit Committee. Such risks are summarised below:

(i) Market risk:

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of change in market
prices. The primary market risk to the Company is currency risk and other price risk. The Company does not have any borrowings
with floating interest rate, thus interest rate risk is not applicable.

(ii) Currency risk

The Company's exposure to risk of change in foreign currency exchange rates arising from foreign currency transactions, is
primarily with respect to the currencies which are not fixed. Foreign exchange risk arises from future commercial transactions
and recognised assets and liabilities denominated in a currency that is not the functional currency of the Company. The
Company uses derivative financial instruments to mitigate foreign exchange related risk exposures. The counter party of these
derivative instruments are primarily banks. These derivative financial instruments are valued based on inputs that is directly or
indirectly observable in the marketplace.

All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills,
experience and supervision. It is the Company's policy that no trading in derivative for speculative purposes may be undertaken.

These derivative financial instruments are forward contracts and are qualified for cash flow hedge accounting when the
instrument is designated as hedge. Company has designated major portion of derivative instruments as cash flow hedges to
mitigate the foreign exchange exposure of highly probable future forecasted sales.

The following table presents the aggregate contracted principal amounts of the Company's derivative contracts outstanding:

_/u Ý Ý ÝÝ IIUI y ui iiihigi ntwui mug ruiiky UIIU wuiigi bA|^ini ihiui y imui muuuii

as at and for the year ended March 31, 2025
(All amounts in I lakhs, unless otherwise specified)

Accounting for cash flow hedge

The objective of hedge accounting is to represent, in the Company's standalone financial statements, the effect of the
Company's use of financial instruments to manage exposures arising from particular risks that could affect profit or loss. As
part of its risk management strategy, the Company makes use of derivative financial instruments for hedging the risk arising on
account of highly probable future forecasted sales.

The Company has a Board approved policy on assessment, measurement and monitoring of hedge effectiveness which
provides a guideline for the evaluation of hedge effectiveness, treatment and monitoring of the hedge effective position from
an accounting and risk monitoring perspective. Hedge effectiveness is ascertained at the time of inception of the hedge and
periodically thereafter. The Company assesses hedge effectiveness on prospective basis. The prospective hedge effectiveness
test is a forward looking evaluation of whether or not the changes in the fair value or cash flows of the hedging position are
expected to be highly effective in offsetting the changes in the fair value or cash flows of the hedged position over the term of
the relationship.

For derivative financial instruments designated as hedge, the Company documents, at inception, the economic relationship
between the hedging instrument and the hedged item, the hedge ratio, the risk management objective for undertaking the
hedge and the methods used to assess the hedge effectiveness. The hedge ratio is 1:1.

The Company determines the existence of an economic relationship between the hedging instrument and hedged item based on
the currency, amount and timing of their respective cash flows. The foreign exchange forward contracts are denominated in the
same currency as the highly probable forecasted sales. Further, the entity has included the foreign currency basis spread and
takes the forward rates in hedging relationship.

Hedge effectiveness is assessed through the application of dollar offset method and designation of forward contract as the
hedging instrument. Further to determine hedge effectiveness, Company creates the hypothetical forward contract rate as
on the date of reporting and takes mark-to-market rate of forward contract rate in order to determine hedge ineffectiveness.
Hedge effectiveness is calculated using the following formula: Change in fair value of hedging instrument / change in fair value
of hedged item. Effective portion of cash flow hedge is taken to cashflow hedge reserve, which is a separate portion within
equity i.e. OCI and ineffective portion is immediately charged to the standalone statement of profit and loss. Balances in
cashflow hedge reserve are transferred to the standalone statement of profit and loss in the period, when sales occur and cash
flows actually effects the profit or loss.

The table below enumerates the Company's hedging strategy, typical composition of the Company's hedge portfolio, the
instruments used to hedge risk exposures and the type of hedging relationship:

(iv) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises from cash and cash equivalents, bank balances, other financial assets as well as credit
exposures to customers including outstanding receivables. The maximum exposure to credit risk is equal to the carrying value of
the financial assets.

Trade receivables

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. To manage
this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition,
current economic trends, forward looking macroeconomic information, analysis of historical bad debts and ageing of accounts
receivables. Individual risk limits are set accordingly.

The expected credit loss rates are based on the payment profiles of sales over a period of of time and the corresponding
historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward¬
looking information on macro-economic factors affecting the ability of the customers to settle the receivables. The Company
recognises lifetime expected losses for all trade receivables that do not constitute a financing component.

Outstanding customer receivables are regularly monitored.

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics
of the customer including the default risk of the industry and country in which the customer operates also has an influence on
credit risk assessment.

Other financial assets

The Company periodically monitors the recoverability and credit risks of its other financial assets. The Company evaluates 12
months expected credit losses for all the financial assets for which credit risk has not increased significantly. In case credit risk
has increased significantly, the Company considers life time expected credit losses for the purpose of impairment provisioning

The Company has considered financial condition, current economic trends, forward looking macroeconomic information,
analysis of historical bad or doubtful receivables and ageing of receivables related to cash and cash equivalents, bank balances,
bank and margin deposits, security deposits and other financial assets. In most of the cases, risk is considered low since the
counterparties are reputed organisations with no history of default to the Company and no unfavourable forward looking macro
economic factors. Wherever applicable, expected credit loss allowance is recorded.

The Company does not require collateral in respect of trade receivables. Also, there are no such receivables for which no loss
allowance is recognised because of collateral.

In respect of financial guarantees provided by the Company to banks, the maximum exposure which the Company is exposed to
is the maximum amount which the Company would have to pay if the guarantee is called upon. Based on the expectation at the
end of the reporting period, the Company considers that it is more likely than not that such an amount will not be payable under
the guarantees provided.

(v) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company
manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when
due. Also, the Company has unutilized credit limits with banks. The Company's corporate treasury department is responsible for
liquidity, funding and settlement management. In addition, processes and policies related to such risks are overseen by senior
management of the Company. The Company's management monitors the net liquidation position through rolling forecast on the
basis of expected cash flows.

Also, the probability that guarantee given by the Company on behalf of its subsidiaries, Mastek (UK) Limited ('Mastek UK') and
Mastek Inc., for their respective borrowings, will be invoked, is remote. Mastek UK has history of timely repayment and financial
strength to repay the loans. Similarly, Mastek Inc. has history of timely repayment and support from its holding company,
Mastek UK, if required. Acquisition of Metasofttech Solutions LLC ('MetaSoft USA') by Mastek Inc. during the year ended March
31, 2023 and BizAnalytica LLC ('Biz USA') during the year ended March 31, 2024 have further positive impact on the operations
in the region. Accordingly, such guarantees are not expected to impact the liquidity risk profile of the Company.

The table below provides details regarding the contractual maturities of financial liabilities as at March 31, 2025 and
March 31, 2024:

ii) Plan VII

The Company introduced a new scheme in financial year 2013 for granting 2,500,000 stock options to its employees and
employees of its subsidiaries, each option giving a right to apply for one equity share of the Company on its vesting. The vesting
period of stock option will range from one year to four years from the date of grant. The stock options are exercisable within a
period of seven years from the date of vesting.

The weighted average share price on the date of exercise for share options exercised during the year ended March 31, 2025 is
H 2,428 (March 31, 2024: H 1,977).

Note: The Company does not have a past practice of cash settlement for these ESOPs. The Company accounts for the ESOPs as
an equity-settled plan.

The following tables summarise information about the options outstanding under various programs as at March 31, 2025 and
March 31, 2024, respectively:

Volatility: Volatility is a measure of the amount by which a price has fluctuated or is expected to fluctuate during the period.
The measure of volatility is used in Black Scholes option pricing model is the annualised standard deviation of the continuously
compounded rates of return on the stock over a period of time. Company considered the daily historical volatility of the
Company's stock price on NSE over the expected life of each vest.

Risk free rate: The risk free rate being considered for the calculation is the interest rate applicable for a maturity equal to the
expected life of the options based on zero coupon yield curve for government securities.

Expected life of the options: Expected life of the options is the period for which the Company expects the options to be live.
The minimum life of stock options is the minimum period before which the options can't be exercised and the maximum life of
the option is the maximum period after which the options can't be exercised. The Company has calculated expected life as the
average of the minimum and the maximum life of the options.

Dividend yield: Expected dividend yield has been calculated as a total of interim and final dividend declared in last year
preceding date of grant.

35 Leases

Company as lessee

i) The Company's leased assets primarily consist of leases for office premises. Leases of office premises have remaining
lease term between 1 to 41 years (March 31, 2024 - 4 to 42 years). There are several lease agreements with extension and
termination options, for which management exercises significant judgement in determining whether these extension and
termination options are reasonably certain to be exercised. Since it is reasonable certain to exercise extension option and
not to exercise termination option, the Company has opted to include such extended term and ignore termination option in
determination of lease term. Further, Company is not exposed to any variable lease payments or residual value guarantee.

ii) The following are the amounts recognised in standalone statement of profit and loss:

** Amount outstanding as at balance sheet date represents gross demand raised by the tax authorities excluding amount paid under protest as it is
not charged to the standalone statement of profit and loss by the Company

^A Further in relation to AY 2011-12, there was an addition on account of transfer pricing matter which the Honorable ITAT has remanded back to the
file of the Transfer Pricing Officer for fresh adjudication. Since the matter has been remanded back, the outcome of the same cannot be ascertained at
the moment.

The Company is also involved in various other litigations under income tax act with various appellate authorities on account of
transfer pricing litigations, deductions u/s 10A, u/s 10AA, u/s 80HHE, u/s 40(a)(i), claim of foreign tax credit, other allowance/
disallowance u/s 37 of the Income-tax Act, 1961. These matters are pending before various income tax appellate authorities and the
management and its tax advisors expect that its tax position will likely be upheld, and will not have a material adverse effect on the
Company's financial position and result of operations. For these cases, the possibility of an outflow of resources embodying economic
resources is remote according to the management and hence the same is not disclosed as a contingent liability."

Notes:

1. Company is contesting all of the above demands mentioned in (2) above and the management believes that its positions
are likely to be upheld at the appellate stage. No expense has been accrued in the standalone financial statements for the
aforesaid demands. The management believes that the ultimate outcome of these proceedings are not expected to have a
material adverse effect on the Company's financial position and results of operations and hence no provision has been made in
this regard.

2. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution
of the respective proceedings.

3. The amounts disclosed above represent the best possible estimates arrived at on the basis of available information and do not
include any penalty payable.

4. The Company does not expect any reimbursements in respect of the above contingent liabilities.

5. Based on the judgement by the Honourable Supreme Court dated February 28, 2019, past provident fund liability, is not
determinable at present, in view of uncertainty on the applicability of the judgement to the Company with respect to timing
and the components of its compensation structure. In absence of further clarification, the Company has been advised to await
further developments in this matter to reasonably assess the implications on its standalone financial statements, if any.

6. The Code on Social Security, 2020 ("the Code") relating to employee benefits during employment and post-employment benefits
received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on
which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into
effect and will record any related impact in the period the Code becomes effective.

39 Note on acquisition

a) During the year ended March 31, 2020, Mastek acquired control of the business of Evolutionary Systems

Private Limited ('ESPL') and its subsidiary companies (together referred to as 'Evosys'). The acquisition was as
follows:

(i) Mastek (UK) Limited, a wholly-owned subsidiary of Mastek Limited, entered into a Business Transfer Agreement ('BTA')
on February 8, 2020 to acquire the business of Evosys Arabia FZ LLC and Share Transfer Agreements (STA) to acquire
Middle East Companies ('MENA Acquisition') by paying a cash consideration (net of cash and cash equivalents) of $ 64.9
million i.e. H 48,204 lakhs. The closing of such transaction occurred on March 17, 2020, which is considered to be the date
of transfer of control or the date of acquisition, as per Ind AS 103, and necessary effects have been recognised in the
standalone financial statements of the respective entities, alongwith standalone and consolidated financial statements of
the Company and its subsidiaries. While the acquisition has been effected and full consideration has been paid, procedures
to complete the legal processes like registering sale of shares in one of the geography was delayed due to the pandemic
condition, which has been completed as at March 31, 2022.

(ii) With respect to a business undertaking of ESPL (including investments in certain subsidiaries of ESPL), the parties (Mastek
group and Evosys group) entered into a Demerger Co-operation Agreement ('DCA') and Shareholders Agreement on
February 8, 2020. The manner of discharge of the non-cash consideration and the acquisition of legal ownership, was
decided to be achieved through a demerger scheme filed before the National Company Law Tribunal ('NCLT') ('the Scheme'),
or, as per DCA, the parties were to complete this transaction with the same economic effect, by an alternate arrangement,
within the period specified in the DCA. The DCA gave Mastek Enterprise Solutions Private Limited (formerly known as
Trans American Information Systems Private Limited) ('MESPL') a wholly owned subsidiary of Mastek, the right to appoint
majority of the board of directors in ESPL and its subsidiaries and also provided for the relevant activities of ESPL and its
subsidiaries to be decided by a majority vote of such board of directors, thereby resulting in transfer of control of business
of ESPL and its subsidiaries to Mastek Group. The date of acquisition of business undertaking for the purposes of Ind

AS 103 is the date of transfer of control to the Group, i.e. February 8, 2020. Discharge of consideration for demerger is
through issue of 4,235,294 equity shares of Mastek Limited (face value H 5 each) and balance through 15,000 Compulsorily
Convertible Preference Shares ('CCPS') of H 10 each of MESPL, subsequently split into 150,000 CCPS of H 1 each, which
carry a put option to be discharged at agreed EBITDA multiples, based on actual EBIDTA of 3 years commencing from
financial year ending March 31, 2021 including adjustment for closing cash. Pending completion of legal acquisition, this
transaction had only been considered for disclosure in the standalone financial statements for the years ended March 31,
2020 and 2021 and all periods ending June 30, 2021.

On September 14, 2021, the above transaction was approved by the NCLT, pursuant to the Scheme of De-merger ('the
Scheme'), for the demerger of Evolutionary Systems Private Limited (ESPL or demerged entity), into MESPL, with the
effective date of February 1, 2020 (Appointed Date). Consequently, the effect of the de-merger has been considered in the
previous year's financial statement in accordance with Ind AS 103 - 'Business Combinations'. Accordingly, the year ended
March 31, 2021 have been restated, to give effect to the business combination.

On December 17, 2021, a board meeting was held where the Board approved the buy out of first tranche of CCPS i.e. 1/3^rd
of the total outstanding CCPS (of MESPL) basis the agreed valuations in line with SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2018 (as amended). Accordingly, 254,755 equity shares of Mastek Limited (face value H 5 each)
were issued on February 10, 2022, for said buy- out of first tranche of 50,000 CCPS of MESPL.

On December 11, 2022, a board meeting was held where the Board approved the buy out of second tranche of 50,000
CCPS of MESPL basis the agreed valuations in line with SEBI (Issue of Capital and Disclosure Requirements) Regulations,
2018 (as amended). Accordingly, 320,752 equity shares of Mastek Limited (face value of H 5 each) were issued on January
17, 2023, for said buy-out of second tranche of 50,000 CCPS of MESPL.

On December 13, 2023, a board meeting was held where the Board approved the buy out of third tranche of 50,000 CCPS
of MESPL basis the agreed valuations in line with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
(as amended). Accordingly, 159,942 equity shares of Mastek Limited (face value of H 5 each) are issued on February 19,
2024, for said buy-out of third and final tranche of 50,000 CCPS of MESPL, resulting into completion of buy-out of non¬
controlling interest.

(iii) Total purchase consideration discharged by the Company on behalf of MESPL pursuant to scheme of demerger

b) Acquisition of entity - MST

During the year ended March 31, 2023, Mastek had acquired control of the business of Meta Soft Tech Systems Private Limited
('MST India'). Mastek Limited, entered into a Share purchase agreement ('SPA') on July 18, 2022 to acquire the business of MST
India by paying a cash consideration (net of cash and cash equivalents) of $ 2.2 million i.e. H 1,846 lakhs. The closing of such
transaction occurred on August 02, 2022, which was considered to be the date of transfer of control or the date of acquisition,
as per Ind AS 103, and necessary effects was recognised in the standalone financial statements of the respective entities and
consolidated financial statements of the Group.

MST India offers customer relationship management (CRM) and marketing automation consulting services. It offers salesforce,
licensing solution, MuleSoft integrations, CPQ for salesforce, and Vlocity products. The Company offers digital transformation,
managed services, and marketing automation solutions. It serves education, healthcare, manufacturing, non-profit, and public
sector industries. it is a trusted partner to several Fortune 1000 and large enterprise clients. The acquisition would enable the
Company in CRM business.

Purchase consideration

As part of the MST India acquisition, the purchase consideration was discharged in cash:

Goodwill is primarily related to growth expectations, expected future profitability, the substantial skill and expertise of MST
India workforce and expected synergies.

^Represents fair value of receivables and gross contractual amounts receivable. All amounts are expected to be collected.
**Excludes the amount pertaining to OCI of H 8 lakhs.

Impairment of goodwill

It is not feasible to determine cash inflows generated by Meta Soft India that are largely independent of other assets or group of
assets. Thus, Meta Soft India, for the purpose of impairment testing is included in US Cash Generating Unit (CGU).

The recoverable amount has been determined for CGU using value in use. The estimated value-in-use is based on the present
value of the future cash flows using a growth rate of 2% p.a, annual growth rate for periods subsequent to the forecast period
of 5 years and average discount rate of 11.5% p.a respectively. The growth rate used is in line with the long-term average
growth rate for the industry in which Company operates. An analysis of the sensitivity of the computation to a change in key
parameters (growth rate and discount rate), based on reasonable assumptions, did not identify any probable scenario in which
the recoverable amount of the CGU would decrease below it is carrying amount.

c) Acquisition - Biz India

During the year ended March 31, 2024, the Company had signed a definitive agreement for purchase of identified assets of
BizAnalytica LLP ('Biz India') for a consideration of approximately H 1,050 lakhs (equivalent to $ 1.28 million). The acquisition was
completed on August 01, 2023 which was considered to be the date of acquisition, as per Ind AS 103. Biz India is an off-shore
service provider and is primarily engaged in data cloud, analytics and modernization related services.

Purchase consideration

As part of the acquisition, the purchase consideration was discharged in cash:

Goodwill is primarily related to growth expectations and expected future profitability of Biz USA business (acquired by the
Group) to which Biz India provides back end support and the substantial skill and expertise of Biz India workforce.

Impairment of goodwill

It is not feasible to determine cash inflows generated by Biz India that are largely independent of other assets or group of
assets. Thus, Biz India, for the purpose of impairment testing is included in US Cash Generating Unit (CGU)

The recoverable amount has been determined for CGU using value in use. The estimated value-in-use is based on the present
value of the future cash flows using a growth rate of 2% p.a, annual growth rate for periods subsequent to the forecast period
of 5 years and discount rate of 11.5% p.a respectively. The growth rate used is in line with the long-term average growth rate
for the industry in which company operates. An analysis of the sensitivity of the computation to a change in key parameters
(growth rate and discount rate), based on reasonable assumptions, did not identify any probable scenario in which the
recoverable amount of the CGU would decrease below it is carrying amount.

The Company has performed sensitivity analysis and has concluded that there are no reasonably possible changes to key
assumptions that would cause the carrying amount of a CGU to exceed its recoverable amount.

d) Merger of MST

Pursuant to the Scheme of amalgamation (the 'Scheme'), Meta Soft Tech Systems Private Limited (hereinafter referred to as
'Transferor Company'), had merged with Mastek Limited ('Transferee Company'), as approved by the Hon'ble National Company
Law Tribunal ('NCLT'), Ahmedabad on May 17, 2024 with August 01, 2022 as the appointed date. Both Transferor Company and
Transferee Company had filed the approved scheme with ROC, Ahmedabad on May 31, 2024, which had been considered as
effective date as per the Scheme. The assets, liabilities and reserves of the Transferor Company are transferred to and vested in
the Transferee Company. The said transfer had been considered as a 'common control business combination' as per Appendix C
to Ind AS 103 "Business Combinations" and had been accounted for from August 01, 2022 i.e., the appointed date which is also
the date of obtaining the control. Hence, the figures for the previous year are not comparable. The impact of the aforementioned
accounting is summarized below:

(i) Debt = Non-current borrowings Current borrowings

(ii) Net worth = Paid-up share capital Reserves created out of profit - Accumulated losses

(iii) Earnings available for debt service= Net profit for the year Non operating expenses like depreciation and amortisation
Interest expense

(iv) Debt service = Interest expense Lease payment within next 12 months Principal repayment of borrowings within next
12 months

(v) EBIT = Earnings before exceptional items, interest and tax

(vi) Capital employed = Tangible net worth Total debt Deferred tax liabilities

(vii) Tangible net worth = Total equity - Other intangible assets

Reason for variance of more than 25% as compared to the previous year:

Debt-equity ratio Reduction is due to term loan repayment by the Company during the year

Debt service coverage ratio Increase is due to term loan repayment by the Company during the year

Net capital turnover ratio Increase in revenue is 12% as compared to increase in working capital by 75%. Hence, the ratio

has reduced.

(i) The Company has not advanced or loaned or invested funds to any person or any entity, including foreign entities
(Intermediaries) with the understanding that the intermediary shall:

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

(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

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

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

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

43 The Company does not have any transactions and outstanding balances during the current as well previous year with Companies
struck off under section 248 of the Act or section 560 of Companies Act, 1956.

44 The Company has not granted any loan or advance in the nature of loan, during the current and previous year, to promoters,
directors, KMPs or other related parties, either severally or jointly with any other person, that is repayable on demand or
without specifying any terms or period of repayment. Also, no such loan or advance in nature of loan is outstanding as at March
31, 2025 and March 31, 2024.

45 The Company is not holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules
made thereunder as at March 31, 2025 and March 31, 2024. Further, no proceedings have been initiated or pending against the
Company for holding any benami property under the said act and rules mentioned above for the years ended March 31, 2025
and March 31, 2024.

46 The Company does not have any charge or satisfaction which is yet to be registered with ROC beyond the statutory period as at
March 31, 2025 and March 31, 2024.

47 The Company has not traded or invested in Crypto currency or Virtual currency during the current and previous year.

48 The Company does not has any such transaction which is not recorded in the books of account that has been surrendered or
disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey or any
other relevant provision of the Income-tax Act,1961).

49 The Company has not revalued its PPE, ROU assets and other intangible assets during the current and previous year.

50 The Company has not been declared wilful defaulter by any bank or financial institution or any other lender for the years ended
March 31, 2025 and March 31, 2024.

51 The Company has complied with the number of layers prescribed under section 2(87) of the Act for the years ended March 31,
2025 and March 31, 2024.

52 The Company has not entered into any scheme of arrangement in terms of section 230 to 237 of the Act apart from those
disclosed in note 39 for the year ended March 31, 2025 and March 31, 2024.

53 The Company has not given any loan or advance in the nature of loan to its subsidiary or other entity during the year ended
March 31, 2025 and March 31, 2024.

Therefore, disclosure under Regulation 53(1)(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is
not applicable.

54 As per the transfer pricing rules, the Company has examined international transactions and documentation in respect thereof
to ensure compliance with the said rules. The management does not anticipate any material adjustments with regard to the
transactions involved.

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

During the current year, the audit trail (edit logs) feature for any direct changes made at the database level was not enabled for
the accounting software SAP ECC6 used for maintenance of books of account.

56 There are no subsequent events which warrants adjustment or disclosure in the standalone financial statements.

57 The standalone financial statements as at and for the year ended March 31, 2025 were approved by the Board of Directors on
April 18, 2025.

58 The Company is under process of appointing a Chief Financial Officer (CFO) under the provision of section 203 of the Companies
Act, 2013 ('Act'). The previous CFO has resigned on January 29, 2025 and therefore, these standalone financial statements could
not be signed by the CFO as required under section 134 of the Act.

59 Previous year figures have been regrouped, reclassified and rearranged wherever necessary, to conform to this year's
presentation, and these are not material to the standalone financial statements.

The accompanying notes form an integral part of the standalone financial statements
As per our report of even date attached

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of Mastek Limited

Chartered Accountants

Firm Registration No.: 001076N/N500013

Adi P. Sethna Umang Nahata Ashank Desai

Partner Whole-Time Director & CEO Chairman

Membership No.: 108840 DIN: 00323145 DIN: 00017767

Place: Mumbai, India Place: Mumbai, India

Dinesh Kalani

Sr. Vice President - Group Company Secretary & Compliance Officer
Place: Mumbai, India Place: Mumbai, India

Date: April 18, 2025 Date: April 18, 2025