3.6. Provisions (other than employee benefits) and
contingent liabilities

A provision is recognised if, as a result of a past event, the
Company has a present legal or constructive obligation that can be
estimated reliably, and it is probable that an outflow of economic
benefits will be required to settle the obligation. If the effect of
the time value of money is material, provisions are determined by
discounting the expected future cash flows at a pre-tax rate that
reflects current market assessments of the time value of money
and the risks specific to the liability. When discounting is used, the
increase in the provision due to the passage of time is recognised
as a finance cost.

The amount recognised as a provision is the best estimate of the
consideration required to settle the present obligation at reporting
date, taking into account the risks and uncertainties surrounding
the obligation.

When some or all of the economic benefits required to settle a
provision are expected to be recovered from a third party, the
receivable is recognised as an asset if it is virtually certain that
reimbursement will be received, and the amount of the receivable
can be measured reliably. The expense relating to a provision
is presented in the statement of profit and loss net of any
reimbursement.

Contingent liability is a possible obligation arising from past
events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more future events not
wholly within the control of the Company or a present obligation
that arises from past events but is not recognised because it is
not probable that an outflow of resources embodying economic
benefits will be required to settle the obligation or the amount
of the obligation cannot be measured with sufficient reliability.
Contingent liabilities are disclosed on the basis of judgment of
the management/ independent experts. These are reviewed at
each balance sheet date and are adjusted to reflect the current
management estimate.

Contingent asset is not recognised in standalone financial
statements since they may result in the recognition of income that
may never be realised. However, when the realization of income
is virtually certain, then the related asset is not a contingent asset
and is recognised. Further, the contingent assets are reviewed at
each Balance sheet date.

3.7 Income

3.7.1 Revenue from contract with customer

Revenue towards satisfaction of a performance obligation is
measured at the amount of transaction price (net of variable
consideration) allocated to that performance obligation.
The transaction price of services rendered is net of variable

consideration on account of various discounts and schemes
offered by the company as part of the contract.

Transaction fee is charged based on the volume of transactions
entered into by the respective member or client of trader/
professional member through the exchange. Fee charged in
relation to transactions under the Day Ahead Market, Green Day
Ahead Market, High Price- Day Ahead Market and the Renewable
Energy Certificate segment, is accrued when the orders placed
on the network are matched and confirmed by National Load
Dispatch Centre. Fee charged in relation to transactions under
the Term Ahead Market, High Price-Term Ahead Market and
Green Term Ahead Market is accrued when orders placed on
the network are matched, confirmed by Regional Load Dispatch
Centre and delivered. Fee charged in relation to transactions
under the Real Time Market segment is accrued when orders
placed on the network are matched, confirmed by National Load
Dispatch Centre and delivered.

Membership fees charged from a member of the exchange at the
time of admission to the exchange is recognised on a pro-rata
basis over the estimated period of time over which the services
are expected to be provided.

Annual subscription fee, in the month when the member is
registered for the first time, is recognised on commencement
of trading that coincides with the registration of trader member/
client of member on a pro-rata basis. Annual subscription fee,
in the month when the client is registered for the first time, is
recognised on registration of client on a pro-rata basis.

Annual subscription fee, in any year subsequent to the year of
registration, is recognised on a pro-rata basis over a period of
twelve months from the month of re-registration.

The invoices against transaction fee, membership fee and annual
subscription fee are due for payment from the invoice date.

The Company accounts for volume discounts and pricing
incentives to customers by reducing the amount of revenue
recognised at the time of services rendered. Revenues are shown
net of goods and service tax and applicable discounts and
allowances.

3.7.2 Recognition of Dividend Income, Interest Income and
profit on sale of Investment

Interest income is recognised, when no significant uncertainty as
to measurability or collectability exists, on a time proportion basis
taking into account the amount outstanding and the applicable
interest rate, using the effective interest rate method (EIR).

Dividend income is recognised in the statement of profit and
loss on the date that the Company's right to receive payment
is established, which in the case of quoted securities is the ex¬
dividend date.

Profit on sale of investments is determined as the difference
between the sales price and carrying value of the investments at
the time of disposal of these investments.

3.8 Employee Benefits

3.8.1 Short term employee benefits

All employee benefits payable wholly within twelve months of
rendering the services are classified as short-term employee
benefits. Benefits such as salaries, wages, bonus, etc. are
recognised in the statement of profit and loss in the period
in which the employee renders the related services. Such
obligations are measured on an undiscounted basis.

A liability is recognised for the amount expected to be paid under
short-term cash bonus, if the Company has a present legal or
constructive obligation to pay this amount as a result of past
service provided by the employee and the obligation can be
estimated reliably.

3.8.2 Defined contribution plan

A defined contribution plan is a post-employment benefit plan
under which the Company's legal or constructive obligation is
limited to the amount that it contributes to a separate legal entity.
Obligations for contributions to defined contribution plans are
recognised as an employee benefits expense in the statement of
profit and loss in the period during which services are rendered by
employees.

The Company pays fixed contribution to Provident Fund at
predetermined rates to regional provident fund commissioner.
The contributions to the fund for the year are recognised as
expense and are charged to the statement of profit and loss in
which the related services are provided by the employees.

3.8.3 Defined benefit plan

A defined benefit plan is a post-employment benefit plan other
than a defined contribution plan. The Company's liability towards
gratuity is in the nature of defined benefit plans.

The Company's net obligation in respect of defined benefit plan is
calculated separately by estimating the amount of future benefit
that employees have earned in return for their service in the
current and prior periods; that benefit is discounted to determine
its present value. Any unrecognised past service costs and the fair
value of any plan assets are deducted. The discount rate is based
on the prevailing market yields of Indian government securities as
at the reporting date that have maturity dates approximating the
terms of the Company's obligations and that are denominated in
the same currency in which the benefits are expected to be paid.

When the benefits of a plan are changed or when a plan is
curtailed, the resulting change in benefit that relates to past
service ('past service cost' or 'past service gain') or the gain or
loss on curtailment is recognised immediately in Statement of
profit and Loss. The Company recognises gains and losses on
the settlement of a defined benefit plan when the settlement
occurs.

The calculation is performed annually by a qualified actuary using
the projected unit credit method. When the calculation results in
a benefit to the Company, the recognised asset is limited to the

total of any unrecognised past service costs. Any actuarial gains
or losses are recognised in Other Comprehensive Income (OCI) in
the period in which they arise.

3.8.4 Other long term employee benefits

Benefits under the Company's compensated absences constitute
other long term employee benefits.

Cost of long-term benefit by way of accumulating compensated
absences arising during the tenure of the service is calculated
taking into account the pattern of availment of leave. In respect of
encashment of leave, the defined benefit is calculated taking into
account all types of decrements and qualifying salary projected
up to the assumed date of encashment. The present value of
obligations under such long-term benefit plan is determined
based on actuarial valuation carried out by an independent
actuary using the Projected Unit Credit Method as at period end.

3.8.5 Share based payments

The grant date fair value of equity settled share-based payment
awards granted to employees is recognised as an employee
benefits expense, with a corresponding increase in other equity,
over the vesting period of the award. The amount recognised as
expense is adjusted to reflect the number of awards for which
the related service and non-market performance conditions are
expected to be met, such that the amount ultimately recognised
as an expense is based on the number of awards that do meet
the related service and non-market vesting conditions at the
vesting date. For share-based payment awards with non-vesting
conditions, the grant date fair value of the share-based payment
is measured to reflect such conditions and there is no true-up for
differences between expected and actual outcome.

When the terms of an equity-settled award are modified, the
minimum expense recognised by the Company is the grant date of
the unmodified award provided the vesting conditions (other than
a market condition) specified on grant date of the award are met

Further, additional expense, if any, is measured and recognised as
at the date of modification, in case such modification increases
the total fair value of the share-based payment plan, or is
otherwise beneficial to the employee.

3.9 Impairment of non-financial assets

The Company’s non-financial assets, other than deferred tax
assets, are reviewed at each reporting date to determine whether
there is any indication of impairment. If any such indication exists,
then the asset's recoverable amount is estimated.

For assets that are not yet available for use, the recoverable
amount is estimated at each reporting date.

The recoverable amount of an asset or cash-generating unit is
the higher of its fair value less costs to disposal and its value in
use. In assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value
of money and the risks specific to the asset. For the purpose of
impairment testing, assets that cannot be tested individually are

grouped together into the smallest group of assets that generates
cash inflows from continuing use that are largely independent of
the cash inflows of other assets or groups of assets (the "cash¬
generating unit", or "CGU").

An impairment loss is recognized if the carrying amount of an
asset or its CGU exceeds its estimated recoverable amount.
Impairment losses are recognized in the statement of profit
and loss. Impairment losses recognized in respect of CGUs are
reduced from the carrying amounts of the assets of the CGU.

Impairment losses recognized in prior periods are assessed
at each reporting date for any indications that the loss has
decreased or no longer exists. An impairment loss is reversed
if there has been a change in the estimates used to determine
the recoverable amount. An impairment loss is reversed only
to the extent that the asset's carrying amount does not exceed
the carrying amount that would have been determined, net of
depreciation or amortization, if no impairment loss had been
recognized.

3.10 Leases

3.10.1 Accounting for operating leases- As a lessee

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

a) the contract involves the use of an identified asset

b) the Company has substantially all of the economic benefits
from use of the asset through the period of the lease and
the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company
recognizes a right-of-use asset ("ROU") and a corresponding
lease liability for all lease arrangements in which it is a lessee,
except for leases with a term of twelve months or less (short¬
term leases) and low value leases. For these short-term and low
value leases, the Company recognizes the lease payments as an
operating expense on a straight-line basis over the term of the
lease. Certain lease arrangements include the options to extend or
terminate the lease before the end of the lease term. ROU assets
and lease liabilities includes these options when it is reasonably
certain that they will be exercised. The right-of-use assets are
initially recognised at cost, which comprises the initial amount
of the lease liability adjusted for any lease payments made at
or prior to the commencement date of the lease plus any initial
direct costs incurred and an estimate of costs to dismantle and
remove the underlying asset or to restore the underlying asset or
the site on which its is located, less any lease incentives received.
They are subsequently measured at cost less accumulated
depreciation and impairment losses.

Right-of-use assets is subsequently depreciated using the
straight-line method from the commencement date to the earlier
of the end of the useful life of the right-of-use asset or the end
of the lease term, unless the lease transfers ownership of the
underlying asset to the Company by the end of the lease term or
the cost of the right-of-use-asset reflects that the Company will
exercise a purchase option. In that case, the right-of-use asset
will be depreciated over the useful life of the underlying asset,
which is determined on the same basis as those of property, plant
and equipment. In addition, the Right-of-use asset is periodically
reduced by impairment losses, if any, and adjusted for certain
remeasurements of the lease liability.

The lease liability is initially measured at the present value of the
lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that
rate cannot be readily determined, the Company's incremental
borrowing rate. Generally, the Company uses its incremental
borrowing rate as the discount rate.

Lease payments include in the measurement of the lease liability
comprise the following:

• fixed payments, including in substance fixed payments;

• variable lease payments that depend on an index or a
rate, initially measured using the index or rate as at the
commencement date

• amounts expected to be payable under a residual value
guarantee and

• the exercise price under a purchase option that the
Company is reasonably certain to exercise, lease payments
in an optional renewal period if the Company is reasonably
certain to exercise an extension option, and penalties
for early termination of a lease unless the Company is
reasonably certain not to terminate early

The lease liability is measured at the amortised cost using the
effective interest method. It is remeasured when there is change
in future lease payments arising from a change in index or
rate, if there is a change in Company's estimate of the amount
expected to be payable under a residual value guarantee, if the
Company changes its assessment of whether it will exercise a
purchase, extension or termination option or if there is a revised
in-substance fixed lease payment. When the lease liability is re¬
measured in this way, a corresponding adjustment is made to
the carrying amount of the right-of-use asset, or is recorded in
statement of profit and loss if the carrying amount of right-of-use
asset has been reduced to zero

The Company has elected not to recognise right-of-use asset
and lease liabilities for leases of low-value assets and short-term
leases. The Company recognises the lease payments associated
with these leases as an expense in statement of profit and loss on
a straight-line basis over the lease term.

• less any lease incentives receivable, variable lease payment
that depends on index or a rate, and amount to be paid
under residual value guarantees. The lease payments are

discounted using the interest rate implicit in the lease or,
if not readily determinable, the Company uses incremental
borrowing rates. Lease liabilities are remeasured with a
corresponding adjustment to the related right of use asset
if the Company changes its assessment if whether it will
exercise an extension or a termination option.

3.11 Income Tax

Income tax expense comprises current and deferred tax. It is
recognised in the statement of profit and loss except to the extent
that it relates to items recognised directly in other comprehensive
income or equity, in which case it is recognised in OCI or equity.

Current tax comprises the expected tax payable or receivable on
the taxable income or loss for the year and any adjustment to the
tax payable in respect of previous years. The amount of current
tax payable or receivable is the best estimate of the tax amount
expected to be paid or received that reflects uncertainty related
to income taxes, if any. It is measured using tax rates enacted or
substantively enacted at the reporting date.

Current tax assets and liabilities are offset only if there is a legally
enforceable right to set off the recognised amounts, and its
intended to realize the asset and settle the liability on a net basis
simultaneously.

Deferred tax is recognised in respect of temporary differences
between the carrying amounts of assets and liabilities for
financial reporting purposes and the corresponding amounts
used for taxation purposes. Deferred tax is measured at the
tax rates that are expected to apply to the period when the
asset is realised, based on the laws that have been enacted or
substantively enacted by the reporting date. Deferred tax assets
and liabilities are offset if there is a legally enforceable right to
offset current tax liabilities and assets, and they relate to income
taxes levied by the same tax authority on the same taxable entity,
or on different tax entities, but they intend to settle current tax
liabilities and assets on net basis or their tax assets and liabilities
will be realised simultaneously.

Deferred tax is recognised in the statement of profit and loss
except to the extent that it relates to items recognised directly in
OCI or equity, in which case it is recognised in OCI or equity.

A deferred tax asset is recognised to the extent that it is probable
that future taxable profits will be available against which the
temporary difference can be utilized. Deferred tax assets are
reviewed at each reporting date and are reduced to the extent that
it is no longer probable that the related tax benefit will be realized.

Deferred tax is not recognised for:

• temporary differences on the initial recognition of assets or
liabilities in a transaction that:

Ý is not a business combination

Ý at the time of transaction (i) affects neither accounting
nor taxable profit or loss and (ii) does not give rise to
equal taxable and deductible temporary difference.

• temporary differences related to investment in subsidiaries,
associates and joint arrangements to the extent that the
Company is able to control the timing of the reversal of the
temporary differences and it is probable that they will not
reverse in the foreseeable future.

• taxable temporary differences arising on the initial
recognition of goodwill.

3.12 Earning per share

Basic earnings per equity share is computed by dividing the net
profit or loss attributable to equity shareholders of the Company
by the weighted average number of equity shares outstanding
during the financial year. The weighted average number of equity
shares outstanding during the year is adjusted for bonus issue,
bonus element in a rights issue to existing shareholders, share
split and reverse share split (consolidation of shares).

Diluted earnings per equity share is computed by dividing the net
profit or loss attributable to equity shareholders of the Company
by the weighted average number of equity shares considered for
deriving basic earnings per equity share and also the weighted
average number of equity shares that could have been issued
upon conversion of all dilutive potential equity shares.

3.13 Operating segment

An operating segment is a component of the Company that
engages in business activities from which it may earn revenues
and incur expenses, including revenues and expenses that relate
to transactions with any of the Company's other components,
and for which discrete financial information is available. In
accordance with Ind AS 108, the operating segments used

to present segment information are identified on the basis of
internal reports used by the Company's management to allocate
resources to the segments and assess their performance.

The Chairman & Managing Director along with the Board of
Directors is collectively the Company's 'Chief Operating Decision
Maker' or 'CODM' within the meaning of Ind AS 108. The indicators
used for internal reporting purposes may evolve in connection
with performance assessment measures put in place.

3.14 Cash flow statement

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

3.15 Recent Pronouncement

Ministry of Corporate Affairs ("MCA") notifies new standards or
amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. MCA
has notified Ind AS - 117 Insurance Contracts and amendments
to Ind AS 116 - Leases, relating to sale and leaseback
transactions, applicable w.e.f. April 1, 2024. The Company has
reviewed the new pronouncements and based on its evaluation
has determined that it does not have any impact in its financial
statements.

17. Equity share capital (Contd...)

at a weighted average buyback price of ' 140.45 per equity share comprising 0.78% of the pre buyback paid up equity share capital of the
Company. The buyback resulted in a cash outflow of ' 9,798.96 (excluding transaction costs and tax on buyback). The Company funded the
buyback from its free reserves in accordance with the provision of Section 68 of the Companies Act, 2013. In accordance with Section 69 of
the Companies Act, 2013, as at 31 March 2023, the Company had created a 'Capital Redemption Reserve' of ' 69.77 equal to the nominal
value of the above shares bought back as an appropriation from the general reserve.

During the year ended 31 March 2022, the Company had issued 599,113,022 equity shares of ' 1 each as fully paid-up bonus shares
representing a ratio of 2 (Two) equity share for every 1 (One) equity share outstanding on the record date.

There are no shares issued for consideration other than cash and no shares were bought back during the period of 5 years immediately
preceding the reporting date, except mentioned above.

36. Employee benefits

(i) Defined contribution plans:

Provident fund and National Pension Scheme

The Company makes contributions, determined as a specified percentage of employees' salaries, in respect of qualifying employees towards
Provident Fund (PF) and National Pension Scheme (NPS). The contributions are charged to the Statement of Profit and Loss as they accrue.
The amount recognized as expense towards such contributions for the year aggregated to ' 203.45 (31 March 2024: ' 192.31)

(ii) Defined benefit plans:

Gratuity

The Company has a defined benefit plan that provides for gratuity. The gratuity plan entitles all eligible employees who have completed five
years or more of service to receive half month's salary for each year of completed service at the time of retirement, superannuation, death
or permanent disablement, in terms of the provisions of the payment of Gratuity Act, 1972. The following table summarizes the position of
assets and obligations:

Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity and the amounts recognised
in the Company's financial statements as at balance sheet date:

37. Leases

Leases where the Company is a lessee:

The Company has entered into lease transactions mainly for leasing of office premise for a period between 1 to 9 years. The terms of
lease include terms of renewal, increase in rents in future periods, which are in line with general inflation, and terms of cancellation. None
of the leases consists of any variable lease payment terms. Extension and termination options are included in a number of property lease
arrangements of the Company. These are used to maximise operational flexibility in terms of managing the assets used in the Company's
operations. The majority of extension and termination options held are exercisable based on mutual consent of the Company and respective
lessors and uses to assess the short term leases. The aggregate depreciation expense on Right of Use assets is included under depreciation
and amortization expense in the Statement of Profit and Loss. (Also, refer note-4(a)).

39. Contingent liabilities

a) The Additional Commissioner (Adj.) CGST Delhi issued an order raising a service tax demand of ' 170.88 for reversal of cenvat credit for
the period April 2013 to June 2017 and also imposed equivalent penalty of ' 170.88 in financial year 2021-22, against which the Company
had filed an appeal before the Hon'ble Custom, Excise & Service Tax appellate Tribunal, Delhi (CESTAT). As on date, the matter is pending for
hearing before CESTAT. While the ultimate outcome of the above mentioned appeals cannot be ascertained at this time, based on current
knowledge of the applicable law, management believes that matter raised by department is not tenable and highly unlikely to be retained and
accordingly believe that no amount will be payable to the concerned authorities.

b) The Sales Tax Officer (Adjudicating Authority-GST Delhi) issued an order dated 28 August 2024 raising a demand of the Tax amount of '
260.71 along with Interest of ' 216.97 and penalty of ' 26.08, against which the Company had filed an appeal before the Appellate Authority,
Delhi - Goods and Service Tax. As on date, the matter is pending for hearing before Authority. While the ultimate outcome of the above-
mentioned appeals cannot be ascertained at this time, based on current knowledge of the applicable law, management believes that matter
raised by department is not tenable and highly unlikely to be retained and accordingly believe that no amount will be payable to the concerned
authorities.

40. Corporate social responsibility

a) Pursuant to section 135 of the Companies Act, 2013, the Company has incurred expenditure in respect of various projects/ programmes as
covered under Schedule VII of the Companies Act. Details of expenses incurred are given below:-

31 March 2025

i) Gross amount required to be spent by the Company during the year was ' 841.84

ii) Amount approved by the Board to be spent during the year was ' 101.00 (excluding adminstration cost)

iii) The Company has brought forward '709.21 excess CSR amount spent in previous financial year(s) and further paid ' 101.00 for CSR
activities during the financial year 2024-25. The total CSR expenditure for the financial year 2024-25 amounted to ' 810.21, with
administrative overheads of ' 31.63, the total CSR spent of the Company for the financial year 2024-25 was ' 841.84. The Company has
fully met its CSR spending requirements for the year ended March 31,2025.

v) Nature of CSR activities - For the financial year 2024-25, the Company's CSR activities, in alignment with Schedule VII of the Companies
Act, 2013, focused on the protection of national heritage, art, and culture, including the restoration of historical buildings, sites, and works
of art; eradicating hunger and malnutrition; promoting healthcare; advancing education; enhancing vocational skills; supporting the
upliftment of women, adolescent girls, and destitute elderly individuals; and supporting persons with disabilities through initiatives such
as providing nutritious meals, funding cataract surgeries, supporting educational programs, empowering youth with vocational training,
and promoting digital empowerment for women and girls in rural areas.

31 March 2024

i) Gross amount required to be spent by the Company during the year was ' 679.38

ii) Amount approved by the Board to be spent during the year was ' 700.00 (excluding adminstration cost)

iii) The Company has brought forward ' 656.25 excess CSR paid in previous year(s) and further paid ' 732.35 towards CSR activities during
the financial year 2023-24. Out of total amount of ' 1,388.60, the Company utilised ' 679.38 towards current year's CSR obligation, and
carried forward balance ' 709.21 for set off in subsequent years.

* The carrying amounts of the above mentioned financial assets and financial liabilities approximate their fair value due to their nature.

There are no transfers among levels 1, 2 and 3 during the year.

Valuation technique used to determine fair value:

Specific valuation techniques used to fair value of financial instruments include:

Level 1: the use of quoted market prices for quoted mutual funds, market linked debentures and unit of Invit
Level 2: the use of NAV for unquoted mutual funds

Level 3: the fair value of the remaining financial instruments is determined using an appropriate discounting rate

42. Financial Risk Management

The Company's activities expose it to the followings risks arising from financial instruments:

- Credit risk

- Liquidity risk

- Market risk

This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies and
processes for measuring and managing risk.

Risk Management framework

The Company's Board of Directors ("the Board") has overall responsibility for the establishment and oversight of the Company's risk
management framework. The Company's risk management policies are established to identify and analyse the risk faced by the Company,
to set appropriate risk limits and controls and to monitor risks and adherence to limits. The Board provides written principles for overall risk
management, as well as policies covering specific areas, such as regulatory risk, compliance risk, technology related risk, IT risk, interest
rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity. The
Company's risk management is carried out by an Enterprise Risk Management Committee under risk policy approved by the Board.

The Company's Audit Committee oversees how management monitors compliance with Company's risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to risks faced by the Company.

42. Financial Risk Management (Contd...)

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. The carrying amount of the financial assets represents maximum credit exposure.

Credit risks on cash and cash equivalents and bank deposits is limited as the Company generally invests in deposits with banks with high
credit ratings assigned by domestic credit agencies. Investments primarily include investments in mutual fund units, commercial papers,
market linked debentures, infrastructure investment units, target maturity funds, fixed maturity plans and investment in bonds with fixed
interest income. The management actively monitors the net asset value of investments in mutual funds, infrastructure investment units,
interest rate and maturity period of investment in bonds and commercial papers. The Company does not expect the counterparty to fail
in meeting its obligations. However, investment in target maturity funds, fixed maturity plans, market linked debentures are exposed to
uncertainties as regards to fulfilment of obligations by counter-party. The Company has not experienced any significant impairment losses
in respect of any of the investments. In respect of other financial assets including security deposit, the credit risk associated is relatively low.
Accordingly, no provision for expected credit loss has been provided on such financial assets.

Credit risk on trade receivable is also very limited. The Company mitigates its exposure to risks relating to trade receivables from its
members / clients by requiring them to comply with the Company's established financial requirements and criteria for admission as
members / clients. As a process, the Company collects the amounts from buyer for purchase of power, including transmission and other
charges and exchange fees on or before the delivery and pays out the amount to seller for sale of power one day after delivery. Further,
transmission charges etc. are paid to system operator on the next day from the day of trade. Further, the Company also holds and maintain
settlement guarantee funds for settlement of defaults by any of the members/ clients.

42. Financial Risk Management (Contd...)

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by payments or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will
always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the Company's reputation.

The Company believes that its liquidity position, comprising total cash (including bank deposits under lien) and short-term investments and
anticipated future internally generated funds from operations, will enable it to meet its future known obligations in the ordinary course of
business. However, if liquidity needs were to arise, the Company believes it has access to financing arrangements which would enable it to
meet its ongoing capital, operating and other liquidity requirements.

Market risk

Market risk is the risk that future cash flows of financial instruments will fluctuate because of change in market price. Market comprises
two types of risk namely: currency risk and interest rate risk. The objective of market risk management is to manage and control market
risk exposures within acceptable parameters, while optimizing the return.

A. Currency risk

Currency Risk is the risk that the future cash flows of a financial instrument will fluctuate because of change in foreign exchange rates.
The Company is not exposed to the effects of fluctuations in the prevailing foreign exchange rates on its financial position and cash flows
since all financial assets / liabilities are receivable / payable in Indian currency.

B. Interest rate risk

Interest rate risk is the risk that future cash flows of financial instruments will fluctuate because of change in market interest risks. The
profile of the Company's interest bearing financial instruments is as follows:

43. Capital Management

The Company's objectives when managing capital are to safeguard their ability to continue as a going concern so that they can continue
to provide returns to shareholders and benefits for other stakeholders, and maintain an optimal capital structure to reduce the cost of
capital. The Company does not have any debt outstanding as on 31 March 2025 and 31 March 2024.

44. Operating segments

The Company is a power exchange. The entire operations are governed by similar set of risk and returns. Accordingly, the Company's
activities/ business is reviewed regularly by the Company's Chairman & Managing Director alongwith the Board of Directors of the Company,
from an overall business perspective, rather than reviewing its activities as individual standalone components. Thus, the Company has only
one operating segment, and no reportable segments in accordance with Ind AS 108 - Operating Segments.

45. Additional Disclosures

a) The Company does not have any immovable property other than properties where the Company is a lessee and the lease agreements are
duly executed in favour of the lessee.

b) The Company has not revalued its property, plant and eguipment (including Right-of-Use Assets) and intangible assets during the current
and previous year.

c) No proceeding has been initiated or pending against the Company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

d) The Company has not been declared as a wilful defaulter by any bank or financial Institution or other lender during the current and previous
year.

e) There are no charges or satisfaction yet to be registered with ROC beyond the statutory period during the current and previous year.

f) There are no funds which have been advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall:

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

- provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

g) There are no funds which have been received by the Company from any persons or entities, including foreign entities ("Funding Parties"),
with the understanding, whether recorded in writing or otherwise, that the Company shall:

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

- provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.

h) There are no transactions which have been surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961
during the current and previous year.

i) The Company has not traded or invested in Crypto currency or Virtual currency during the curent and previous year.

j) The Company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section
560 of Companies Act, 1956 during the current and previous year.

Notes:

Considering the nature of Company's business, the following ratios cannot be meaningfully calculated or are not applicable to the Company:

- Debt-Eguity ratio (For the purpose of this ratio, lease liability has not been considered as debt. Further, the Company has no other debt
outstanding as at 31 March 2025 and 31 March 2024)

- Debt service coverage ratio (For the purpose of this ratio, lease liability has not been considered as debt. Further, the Company has no other
debt outstanding as at 31 March 2025 and 31 March 2024)

- Trade receivable turnover ratio

- Inventory turnover ratio (The Company does not have any inventory as at 31 March 2025 and 31 March 2024)

48. Share based payment arrangements:

a. Description of share-based payment arrangements

During the financial year 2010-2011, the Company had framed an Employee Stock Option Scheme - 2010 ("ESOP 2010"), which was duly
approved by the Shareholders and Board of Directors of the Company. Accordingly, the Company allotted 606,572 number of equity shares
of ' 10 each (post sub division equivalent to 6,065,720 of ' 1 each) to IEX ESOP Trust ("ESOP Trust") which administers ESOP 2010 on behalf
of the Company. Subsequently, ESOP 2010 has been amended by special resolution passed at the Extra-ordinary General Meeting held on 16
May 2017 by the shareholders of the Company.

Further, the Shareholders of the Company vide their special resolution passed at the Annual General Meeting held on 27 September 2013
had authorised the Board of Directors/ Compensation Committee of the Company to vary the terms of ESOPs including the vesting period for
selective/ specific eligible employees in respect of the options which have yet not been granted or granted but which have not been vested
yet, subject to a minimum vesting period of one year from the date of grant under ESOP 2010.

In the Annual General Meeting of the Company held on 18 September 2018, the Shareholders of the Company had approved the sub-division
of the nominal value of equity shares of the Company from the earlier nominal value of ' 10 each to nominal value of ' 1 each, thereby all the
numbers have been reinstated.

During the financial year 2021-22, the Company has issued bonus equity shares of ' 1 each as fully paid-up bonus shares in the ratio of 2
(Two) equity share for every 1 (One) equity share outstanding on the record date i.e 6 December 2021, accordingly the outstanding options
were adjusted for this corporate action.

50. During the year ended 31 March 2025, the Company has reclassified amount receivable/payable arising out of settlement obligations with
members of the Company's electricity exchange platform, from 'Trade receivables' to 'Other financial assets' amounting to ' 8,548.26 and
from 'Trade payable' to 'Other financial liabilities' amounting ' 56,008.82 for better presentation of the nature of these outstanding balances.
Further, considering its nature, the aforesaid reclassification does not materially impact the understanding of the opening balance sheet as
at 1 April 2023.

51. The Company had constituted a separate 'Settlement Guarantee Fund' ('SGF') in respect of the activities carried out in various contracts
being traded at the exchange platform. The members are required to contribute interest free margin money which forms part of the SGF.
However, as per CERC order dated 9 October 2018, the Company has to share 70% of the return earned on 'initial security deposits' with the
Members. The margin money is refundable, subject to adjustments, if any. Such fund is also termed as Settlement Guarantee Fund. The
Cash Margin Money forming part of SGF is ' 2,406.48 (previous year ' 2,144.25) and same has been disclosed under note 24- Other current
financial liabilities i.e. ' 2,138.30 (previous year ' 2,001.29) under Deposits towards Settlement Guarantee Fund and note 19- Other non
current financial liabilities- Deposits towards Settlement Guarantee Fund i.e. ' 268.18 (previous year ' 142.96). These balances have been
accounted for on amortised cost basis. The Company had also collected non cash portion of the Settlement Fund comprising collateral such
as bank guarantees, received from the members amounting to ' 65.00 (previous year ' 175.00) which does not form part of the Balance
Sheet.

52. The Company receives trading margin deposits from the members corresponding to their average trading volume during last 7 days. Trading
margin money is refundable, subject to adjustments, if any. The Cash Margin Money forming part of trading margin deposits is ' 16,419.77
(previous year ' 11,248.03) and same has been disclosed under note 24 - Other current financial liabilities. The Company has also collected
non cash portion of the trading margin deposits comprising collateral such as bank guarantees, received from the members amounting to '
2,230.00 (previous year ' 2,130.00) which does not form part of the Balance Sheet.

53. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards
Provident Fund and Gratuity. The effective date from which the changes are applicable is yet to be notified and the final rules are yet to be
framed. The Company will carry out an evaluation of the impact and record the same in the financial statements in the period in which the
Code becomes effective and the related rules are published.

54. The Company had incorporated a wholly-owned subsidiary in India, International Carbon Exchange Private Limited (ICX) on 27 December
2022, to explore business opportunities in the Carbon Market. The Company has invested ' 500 in the form of 5,000,000 Equity shares of face
value of '10 each.

As per our report of even date attached
For Walker Chandiok & Co LLP

Chartered Accountants ^{For and on behalf of the Board of Directors} °^f

ICAI Firm Registration Number: 001076N/N500013 Indian Energy Exchange Limited

Sd/- Sd/- Sd/-

Rohit Arora Satyanarayan Goel Vineet Harlalka

Partner Chairman & Managing Director Chief Financial Officer

Membership No.: 504774 DIN-02294069 & Company Secretary

Place : Noida Place : Noida Place : Noida

Date : 24 April 2025 Date : 24 April 2025 Date : 24 April 2025