(xviii) Provisions

Provisions are recognised when the Company has
a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow
of resources embodying economic benefits will
be required to settle the obligation and a reliable
estimate can be made of the amount of the
obligation. When the Company expects some or
all of a provision to be reimbursed, for example,
under an insurance contract, the reimbursement
is recognised as a separate asset, but only
when the reimbursement is virtually certain.
The expense relating to a provision is presented
in the standalone statement of profit and loss,
net of any reimbursement. These estimates are
reviewed at each reporting date and adjusted to
reflect current best estimates.

If the effect of the time value of money is material,
provisions are discounted using a current pre¬
tax rate that reflects, when appropriate, 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.

(xix) Contingent liabilities

A contingent liability is a possible obligation that
arises from past events whose existence will be
confirmed by the occurrence or non-occurrence
of one or more uncertain future events beyond the

control of the Company or a present obligation
that is not recognised because it is not probable
that an outflow of resources will be required to
settle the obligation. A contingent liability also
arises in extremely rare cases where there is
a liability that cannot be recognised because
it cannot be measured reliably. The Company
does not recognize a contingent liability but
discloses its existence in the financial statements.
Contingent assets are only disclosed when it is
probable that the economic benefits will flow to
the entity.

(xx) Earnings per share

Basic earnings/ (loss) per share are calculated
by dividing the net profit or loss for the year
attributable to equity shareholders by the
weighted average number of equity shares
outstanding during the year. The weighted average
number of equity shares outstanding during the
year is adjusted for events, other than conversion
of potential equity shares, that have changed the
number of equity shares outstanding without a
corresponding change in resources.

For the purpose of calculating diluted earnings/
(loss) per share, the net profit or loss for the period
attributable to equity shareholders and the
weighted average number of shares outstanding
during the period are adjusted for the effects of
all dilutive potential equity shares except where
result would be antidilutive.

(xxi) Investment in subsidiaries and associate

An investor, regardless of the nature of its
involvement with an entity (the investee), shall
determine whether it is a parent by assessing
whether it controls the investee. An investor
controls an investee when it is exposed, or has
rights, to variable returns from its involvement
with the investee and has the ability to affect
those returns through its power over the investee.

Thus, an investor controls an investee if and only
if the investor has all the following:

a) power over the investee;

b) exposure, or rights, to variable returns from
its involvement with the investee; and

c) the ability to use its power over the investee
to affect the amount of the investor's returns.

An associate is an entity over which the Company
has significant influence. Significant influence
is the power to participate in the financial and
operating policy decisions of the investee, but not
control or joint control over those policies. The
considerations made in determining significant
influence are similar to those necessary to
determine control over subsidiaries.

The Company has elected to recognise its
investments in subsidiary and associate
companies at cost in accordance with the
option available in Ind AS 27, 'Separate Financial
Statements'.

Investments carried at cost is tested for
impairment as per Ind-AS 36.

(xxii) Service Delivery Expenses

These expenses are attributable to the delivery
of core services by the Company in both its
segments. The expenses are recognized as per
the following policy:

a) Expense related to project and franchisee
expenses are recognised in line with the
revenue recognition i.e. over the period
of contract in proportion to the stage of
completion of the services at the reporting
date. The stage of completion is assessed by
reference to the curriculum.

b) Expenses related to faculty, communication,
digital learning support and others are
recognised as and when they are incurred.

(xxiii) Classification of refund liabilities:

Company has a policy to sell its sell it books
and study material to the customers with a right
of return. The Company has recognised refund
liability in respect of customer's right to return
the product in accordance with Ind AS 115.

The Company has concluded that the
arrangement for return is executory as there
is no obligation to deliver cash until the goods
are returned. Accordingly, the Company has

presented its refund liabilities as 'other current
liabilities'.

(xxiv) Material management judgement in
applying accounting policies and estimation
uncertainty

The preparation of the Company's standalone
financial statements requires management to
make judgements, estimates and assumptions
that affect the reported amounts of revenues,
expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure
of contingent liabilities at the date of the
standalone financial statements. Estimates and
assumptions are continuously evaluated and
are based on management's experience and
other factors, including expectations of future
events that are believed to be reasonable under
the circumstances.

Uncertainty about these assumptions and
estimates could result in outcomes that require
a material adjustment to the carrying amount of
assets or liabilities affected in future periods.

In particular, the Company has identified the
following areas where material judgements,
estimates and assumptions are required.
Further information on each of these areas and
how they impact the various accounting policies
are described below and also in the relevant
notes to the financial statements. Changes in
estimates are accounted for prospectively.

i) Judgements

In the process of applying the Company's
accounting policies, the management has made
the following judgements, which have the most
material effect on the amounts recognised in the
standalone financial statements:

a) Contingencies

Contingent liabilities may arise from the
ordinary course of business in relation to
claims against the Company, including legal,
contractor, land access and other claims. By
their nature, contingencies will be resolved
only when one or more uncertain future
events occur or fail to occur. The assessment
of the existence, and potential quantum,

of contingencies inherently involves the
exercise of material judgments and the
use of estimates regarding the outcome of
future events.

b) Recognition of deferred tax assets

The extent to which deferred tax assets can
be recognised is based on an assessment of
the probability that future taxable income
will be available against which the deductible
temporary differences and tax loss carry¬
forward can be utilised. In addition, material
judgement is required in assessing the
impact of any legal or economic limits or
uncertainties in various tax jurisdictions.

ii) Estimates and assumptions

The key assumptions concerning the future and
other key sources of estimation uncertainty at
the reporting date that have a significant risk of
causing a material adjustment to the carrying
amounts of assets and liabilities within the
next financial year, are described below. The
Company based its assumptions and estimates
on parameters available when the standalone
financial statements were prepared. Existing
circumstances and assumptions about future
developments, however, may change due to
market change or circumstances arising beyond
the control of the Company. Such changes are
reflected in the assumptions when they occur.

a) Useful lives of tangible/intangible assets

The Company reviews its estimate of the
useful lives of tangible/intangible assets at
each reporting date, based on the expected
utility of the assets.

b) Defined benefit obligation

The cost of the defined benefit plan and
other post-employment benefits and
the present value of such obligation are
determined using actuarial valuations. An
actuarial valuation involves making various
assumptions that may differ from actual
developments in the future. These include
the determination of the discount rate,
future salary increases, mortality rates
and future pension increases. In view of
the complexities involved in the valuation

and its long-term nature, a defined benefit
obligation is highly sensitive to changes in
these assumptions. All assumptions are
reviewed at each reporting date.

c) Inventories

The Company estimates the net realisable
values of inventories, taking into account
the most reliable evidence available at each
reporting date. The future realisation of
these inventories may be affected by future
technology or other market-driven changes
that may reduce future selling prices.

d) Impairment of non-financial assets and
goodwill

In assessing impairment, Company estimates
the recoverable amount of each asset or
cash-generating units based on expected
future cash flows and uses an interest rate
to discount them. Estimation uncertainty
relates to assumptions about future
operating results and the determination of
a suitable discount rate.

e) Fair value measurement of financial
instruments

When the fair values of financial assets and
financial liabilities recorded in the Balance
Sheet cannot be measured based on quoted
prices in active markets, their fair value
is measured using valuation techniques
including the DCF model. The inputs to
these models are taken from observable
markets where possible, but where this is
not feasible, a degree of judgment is required
in establishing fair values. Judgements
include considerations of inputs such
as liquidity risk, credit risk and volatility.
Changes in assumptions about these
factors could affect the reported fair value
of financial instruments.

(xxv) Application of new standards and
amendments

The Ministry of Corporate Affairs notified new
standards or amendment to existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. The Company
applied following amendments for the first-time

during the current year which are effective from
April 1, 2024.

a) I nd AS 116 - Lease liability in a sale and
leaseback: The amendments require an
entity to recognise lease liability including
variable lease payments which are not
linked to index or a rate in a way it does
not result into gain on Right of Use asset it
retains. The amendment did not have any
material impact on the financial statements
of the company.

b) I ntroduction of Ind AS 117: MCA notified
Ind AS 117, a comprehensive standard
that prescribe, recognition, measurement
and disclosure requirements, to avoid
diversities in practice for accounting
insurance contracts and it applies to all
companies i.e., to all “insurance contracts"

regardless of the issuer. However, Ind AS
117 is not applicable to the entities which
are insurance companies registered with
IRDAI. The Company has reviewed the new
pronouncements and based on its evaluation
has determined that these amendments
do not have a significant impact on the
Company's Financial Statements

Notes:

i. Refer note 46 (A) for capital commitments.

ii. The Company has not carried out any revaluation of property, plant and equipment for the year ended 31 March,
2025 and 31 March, 2024.

iii. Certain property, plant and equipment, are subject to charge against secured borrowings of Company, referred in
notes as secured term loans from NBFCs and secured term loans from banks and bank overdrafts. (refer note 23
and 28).

iv. There are no impairment losses recognised during the current year and previous year.

D. Estimation of fair values

The Company obtains independent valuations for each of its investment property by external, independent property
valuers, having appropriate recognised professional qualifications and recent experience in the location and category
of the property being valued.

Fair market value is the amount expressed in terms of money that may be reasonably be expected to be exchanged
between a willing buyer and a willing seller, with equity or both. The valuation by the valuer assumes that Company
shall continue to operate and run the assets to have economic utility.

Valuation technique:

The fair valuation of the subject investment property has been determined based on the Direct Comparison /
Market Approach Approach. Under this method, the value of the property has been assessed with reference to
comparable sale and asking rates of similar properties located in the immediate vicinity and within the same real
estate growth corridor as the subject property. These comparable instances are subject to similar market influences
and development characteristics at the micro-market level.

In arriving at the fair value, necessary adjustments have been made to reflect the specific attributes of the subject
property, taking into account factors such as location advantages, size, amenities, and marketability in comparison
to the identified comparable instances. The unit of comparison applied by the Company is the price per square ft.
(sq ft).

6.2 Significant estimate: key assumptions used for value-in-use calculations

The Company assesses goodwill for impairment annually, or more frequently if indicators of impairment exist. The
recoverable amount of each cash-generating unit (CGU) to which goodwill is allocated is determined using the value-in¬
use method. This involves estimating future cash flows based on financial budgets approved by management covering
a five-year period. Projections beyond this period are extrapolated using estimated long-term growth rates, which are
consistent with industry-specific forecasts and external market data relevant to each CGU's operations.

The following table sets out the key assumptions for those CGUs that have significant goodwill allocated to them. The
values assigned to the key assumptions represent management's assessment of future trends in the relevant industries
and have been on historical data from both external and internal sources.

6.3 Impairment of Goodwill

During the current financial year, the management, after a comprehensive evaluation of the Company's long-term
strategic direction, has decided to discontinue certain product lines/cash-generating units (CGUs), namely Engineering,
Medical, CA, and Bank-SSC. This strategic decision was taken in light of the acquisition of the Company's subsidiary, DEXIT
Global Limited (formerly NSEIT Limited), which is now well-positioned to independently pursue business opportunities
in the examination and assessment space, including JEE, NEET, Bank-SSC, and CA, without any perceived conflict of
interest — notwithstanding the operations being housed in separate legal entities.

Consequently, the goodwill attributable to the discontinued CGUs has been assessed as impaired, and an impairment loss
has been recognised in the Statement of Profit and Loss in accordance with the requirements of Ind AS 36 - Impairment
of Assets.

Refer Note 57 for more information on Discontinued Operations

Note :

i. During the previous year in last quarter, the Company had approved the divestment of its subsidiaries - ICE
GATE Educational Institute Private Limited to another subsidiary 361 Degree Minds Consulting Private Limited
(“361DM") via issuance of new equity shares of 361DM. The transfer of shares are completed in the current year.
The shares transfered at arm's length price and and profit incurred on transfer is recognised in the retained earnings
(refer note 22.1).

ii. At the meeting held on August 29, 2024, the Board of Directors had granted approval to the acquisition of 100%
stake in DEXIT Global Limited (formerly NSEIT Limited), for an initial consideration of H 23,179.60 lacs payable in
cash (including working capital adjustments) and certain amount of deferred consideration contingent upon the
realisation of specific assets and achievement of certain business milestones. Overall purchase consideration has
been estimated at fair value of ' 44,370.90 lacs comprising of the following elements:

a) Equity shares : ' 23,179.70 lacs

b) Deferred consideration : ' 2,984.90 lacs

c) Redeemable preference shares: ' 18,206.30 lacs

The Company successfully completed the acquisition on 20^th Feb 2025.

a. Terms and rights attached to equity shares
Voting

Each holder of equity share is entitled to one vote per share held.

Dividends

The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is
subject to approval of the shareholders in ensuing Annual General Meeting except in the case where interim dividend
is distributed. The Company has not distributed any dividend in the current year and previous year.

Liquidation

In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive all of the remaining
assets of the Company, after distribution of all preferential amounts, if any. Such distribution amounts will be in
proportion to the number of equity shares held by the shareholders.

e. Aggregate number of shares issued for consideration other than cash during the period of five years
immediately preceding the reporting date

i. The Company has issued equity shares 1,41,65,678 as fully paid up without payment being received in cash
during the financial years 2019-20 to 2023-24 (previous year: 2018-19 to 2022-23).

ii. The Company has issued equity shares aggregating 33,556 (31 March, 2024: Nil) of ' 10 each fully paid up during
the financial years 2019-20 to 2023-24 (previous year: 2018-19 to 2022-23), on exercise of options granted
under the employee stock option plans wherein part consideration was received in form of employee services.

iii. 2,75,34,156 (previous year: 2,75,34,156) equity shares has been issued by way of bonus shares during the
financial years 2019-20 to 2023-24 (previous year: 2018-19 to 2022-23).

f. 18,46,675 (previous year: 7,97,200) equity shares have been bought back by the Company during the period of five
years immediately preceding the reporting date.

g. Shares reserved for issue under options

For details of shares reserved for issue under the employee stock option of the Company (refer to note 52).

Nature and purpose of other reserves

(i) Retained earnings

Created from profit/loss of the Company, as adjusted for distributions to owners and transfer to other reserve.

(ii) Securities premium reserve

Securities premium has been created upon issue of shares at premium. The reserve shall be utilised in accordance
with the provisions of the Companies Act, 2013.

(iii) General reserve

The Company appropriates a portion to general reserves out of the profits either as per the requirements of the
Companies Act 2013 ('Act') or voluntarily to meet future contingencies. The said reserve is available for payment of
dividend to the shareholders as per the provisions of the Companies Act, 2013.

(iv) Deemed equity contribution

The Company have received financial guarantee from its promoters.

(v) Share option outstanding account

The Company has an equity-settled share-based payment plan for certain categories of employees of the Company.
Refer to note 52 for further details on these plans.

(vi) Capital reserve

The capital reserve was generated on account of acquisition of erstwhile Paragon classes in the FY 2001-02.

(vii) Capital redemption reserve

As per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares out of
free reserves or securities premium. A sum equal to the nominal value of the shares so purchased is transferred to
capital redemption reserve. The reserve is utilised in accordance with the provisions of section 69 of the Companies
Act, 2013.

(viii) Amalgamation Adjustment Reserve

Amalgamation adjustment deficit account is a reserve on account of adjustments of net asset transferred to
amalgamated company, as negative carrying value of net assets transferred, therefore amount presented as
amalgamation adjustment deficit account.

(ix) Remeasurement of defined benefit plans

The Company operates a post-employment defined benefit plan for Gratuity. Plan is governed by the Payment of
Gratuity Act, 1972. 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.

Notes:

i. Vehicle loan from banks

Vehicle loan from banks are secured against hypothecation of concerned vehicles. The vehicle loan from banks carry
interest rate in the range of 7.90% to 9.18 % per annum (31 March, 2024 : 7.90% to 9.18 % per annum). The weighted
average remaining tenure for these loans are 3.06 years (31 March, 2024 : 3.33 years); with a total equal monthly
installment of ' 2.73 lacs per month (31 March, 2024 : ' 2.88 lacs per month).

ii. Secured vehicle loan from NBFC

Vehicle loan from NBFCs are secured against hypothecation of concerned vehicle's. The vehicle loan carry interest
rate in the range of 8.28% to 10.25% per annum (31 March, 2024: 10.25%). The weighted average remaining tenure
for these loans are 3.91 years (31 March, 2024 : 4.33 years); with a total equal monthly installment of ' 1.17 lacs per
month (31 March, 2024 : ' 0.28 lacs per month).

iii. Secured term loan from financial institution

During the year, the Company had taken a term loan jointly from Piramal Finance Limited (formally known as Piramal
Capital and Housing Finance Limited), Oxyzo Financial Services Limited and Hero Fincorp Limited. The year end
balances of this loan (including interest) is

(i) Piramal Finance Limited: ' 11,421.55 lacs

(ii) Oxyzo Financials Services Limited: ' 3,516.92 lacs

(iii) Hero Fincorp Limited: ' 5,024.14 lacs

Interest rate:

(i) These loans carry interest at 11.90% per annum payable on monthly basis
Repayment schedule:

(i) The loan is repayable in 24 quarterly installments. The repayment of installments will commence from April 05,
2025 and the last installment will be due on December 30, 2030.

Primary security

(i) The loan together with current borrowings are secured on all present and future current assets inclusive of stock
and book debts and moveable fixed assets of the Company.

(ii) The loan is secured by way of mortgage over the following properties:

(a) Office Space Unit No. 201, Second Floor, 22, Commercial Building known as “"Business Point"" bearing CTS
No. 39,39A, SV Road, Opp Sub Way, Andheri (W), Mumbai - 58;

(b) "Land Square"", Office 1&2, 3^rd Floor, C.T.S. No. 1228A, Fergusson Road, Shivaji Nagar, Pune - 411004;

(c) 207, ODA Building, 2^nd Floor, District Centre Laxmi Nagar, Near V3S mall, Near Nirman Vihar Metro Station
New Delhi - 110092, Delhi.

(iii) The loan is secured by way of mortgage over the following property of one of its Subsidiary Company “"Career
Launcher Infrastructure Private Limited"" :

Property bearing Diverted Land vide Khasra Nos. 212, 244/4, 244/1, 244/13, 244/16 (part), 244/17, 244/18 and
244/23, P.C. No.119. Planet City, Village Mujgahan, Old Dhamtari Road, Tehsil & District Raipur (C.G.) - 492015,
situated around 13 KM from Jaisthabh Chowk on Old Dhamtari Road, Tehsil & District Raipur (C.G.) -492015

(iv) The loan is secured by way of pledge of 70% (seventy percent) of the fully diluted equity shares of the DEXIT
Global Limited.

Collateral security:

The loan is secured by :

a) Non-Disposal undertaking over 26% of share capital of the Company;

b) Corporate Guarantees of one of its Subsidiary Company “"Career Launcher Infrastructure Private Limited""
limited to the value of property being given as mortgage.

iv. The term loans have been used for the specific purpose for which they are taken as at the year end.

(a) HDFC Bank Limited

The Company had entered into a finance facility agreement with limit amounting ' 750.00 lacs (31 March, 2024:
' 750.00 lacs) with HDFC Bank as an overdraft facility. The outstanding balance as on 31 March, 2025 is ' 740.26
lacs ( previous year: ' 134.97 lacs)

Interest rate

These loans carry interest at bank's fixed deposit rate 0.5 to 0.75% (31 March, 2024: fixed deposit rate 0.5 to
0.75%) per annum.

Repayment schedule

The overdraft facilities is only for 1 year tenure.

Security

These borrowings are secured by way of fixed deposits of the Company.

(b) IndusInd Bank Limited

The Company had entered into a finance facility agreement with limit amounting ' 3,500.00 lacs (31 March, 2024:
' 1,850.00 lacs) with IndusInd Bank as an cash credit facility. The outstanding balance as on 31 March, 2025 is
' 2,843.37 lacs ( previous year: ' 1,587.32 lacs)

Interest rates

a. 10.65% p.a from October 04, 2020 which was further changed to a range of 9.63% to 11.21% in current year on
cash credit limit from IndusInd Bank Limited.

Primary security

Pari-passu charge on entire current assets of the Company both present and future for cash credit from IndusInd
Bank Limited and Piramal Finance Limited (formally known as Piramal Capital and Housing Finance Limited), Oxyzo
Financial Services Limited and Hero Fincorp Limited.

Collateral security

a. Lien on fixed deposits amounting ' 822.79 lacs (31 March, 2024: ' 462.50 lacs).

b. Pari-passu charge on movable fixed assets of the Company both present and future for cash credit from
IndusInd Bank Limited and Piramal Finance Limited (formally known as Piramal Capital and Housing Finance
Limited), Oxyzo Financial Services Limited and Hero Fincorp Limited.

Remarks:

(i) The management is of the opinion that, based on issues decided in the earlier years and the legal advice that
the ultimate outcome of the legal proceedings in respect to tax matters, as given above will be in favour of the
Company and also will not have material adverse effect to the financial position of the Company. It is not practicable
for the Company to estimate the timing of cash outflows, if any, in respect of the above pending resolution for
respective proceedings.

$ Includes, notice received from the Directorate General of GST Intelligence in the previous year amounting to ' 1,281
lacs related to supply of Books as a part of composite supply of Commercial coaching services. During the current
year, the Company has received a demand order u/s 74 Central Goods & Service Tax ('CGST') Act 2017 for the same
which includes an additional amount equal to the total demand amount as penalty. The Company had won a similar
ruling in the Supreme Court under the erstwhile Service Tax regime. The Company believes that it has discharged
all the relevant GST liabilities in compliance with the applicable laws and has filed a appeal to the order with the
concerned authorities.

# Other cases

i) Triangle Education, then a franchisee of the Company in Jaipur, had arbitrarily terminated the agreement and
started a competing business using a brand of CL Educate Limited. The Sole arbitrator has passed the final order
partially in favour of the Company. Further, the Hon'ble Delhi High Court passed an order thereby restraining
Triangle Education from using the trade mark LST/Ex-LST in any form, but Triangle Education violated these
orders and hence the Company has filed a contempt petition against the respondent before Delhi High Court
and the matter is fixed for argument on July 25, 2025.

ii) A student, has filled a case against the Company for refund of fees amounting ' 6.20 lacs (31 March, 2024: ' 6.20
lacs) on the ground that he paid fees to Brilliant Tutorials considering the fact that the Company had a tie-up
with Brilliant Tutorial which was subsequently called off by the Company. The matter is fixed for argument on
July 7, 2025.

iii) The Director of Industries and Commerce cum Chairman MSE- Chandigarh has sent a notice amounting ' 12.31
lacs (31 March, 2024: ' 12.31 lacs including interest of ' 3.30 lacs) on behalf of Reivera Fabricators regarding non
payment of dues on account of uniforms supplied to Indus World Schools. An award was passed against the
Company by the District Level Micro and Small Enterprises Facilitation Council, Ludhiana. CL Educate has filed
a petition seeking setting aside of the Impugned Award. The next date of hearing is scheduled on May 28, 2025.

iv) Bawadia kala shikisha samiti, a lessor has filed a case against the Company in Bhopal for recovery of rent /
arrears amounting ' 46.88 lacs (Previous year ' 46.88 lacs) for non payment of rent. The Company was engaged
a local lawyer who filed necessary application to transfer the case to New Delhi as the rent agreement has
arbitration clause, which states that the matter will be decided in New Delhi. The matter is fixed for argument on
August 28, 2025.

v) Apart from those disclosed above, the Company has certain ongoing litigations involving customers, vendors
and employees. Based on legal advice of in house legal team, the management believes that no material liability
will devolve on the Company in respect of these litigations.

C. Other litigations :

i) In the financial year 2009-10, the Company had given a franchisee to Ms Monica Oli in the name of Comprehensive

Education and IT Training Institute to provide test preparation services in Dubai (UAE). In the financial year 2012¬
13, the Company had terminated the franchise agreement on account of non-recovery of fees collected by the
franchisee from students. At the time of the cancellation of agreement the total amount of receivables from and
payable to Ms Monica Oli were AED 1,019,842 (' 150.88 lacs) and AED 261,318 (' 38.66 lacs) respectively. The
Company had preferred arbitration in the matter and the Hon'ble Arbitrator has passed an award amounting
AED 2,063,267 (equivalent to ' 351.37 lacs) in favour of the Company including damages. The Company had
obtained the necessary execution documents from the Delhi High Court and sent these documents through the
Indian Embassy for depositing in the Dubai Courts for execution. The matter was appealed by Ms. Monica Oli
before the Hon'ble High Court of Delhi. The Court ruled in favor of the appellant on grounds of certain procedural
irregularities relating to the service of legal documents. Acting on expert legal advice, the management has
filed an appeal against the order and remains confident of securing a reversal. The Company has appealed the
ruling and the same is fixed for hearing in front of the Division Bench of High Court on August 11, 2025.

47 LEASES

The Company has applied Ind AS 116 in the year with the date of initial application of April 01, 2019.

Company as "Lessee"

The Company has significant leasing agreements in respect of operating leases for its various office premises and

godowns. These lease arrangements are for a period between 12 months to 60 months and include both cancellable

and non-cancellable leases.

(ii) Defined Benefit Plan:

Gratuity

The Company operates a post-employment defined benefit plan for Gratuity. Plan is governed by the Payment
of Gratuity Act, 1972. 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 employement. This plan entitles
an employee to receive half month's salary for each year of completed service at the time of retirement/exit. The
Company contributes to a trust set up by the Company which further contributes to a policy taken from the Life
Insurance Corporation of India. The present value of obligation is determined based on actuarial valuation using the
Projected Unit Credit Method, which recognize each period of service as giving rise to additional employee benefit
entitlement and measures each unit separately to build up the final obligation.

C. Plan assets

The plan assets of the Company are managed by Life Insurance Corporation of India through a trust managed by
the Company in terms of an insurance policy taken to fund obligations of the Company with respect to its gratuity
plan. The categories of plan assets as a percentage of total plan assets is based on information provided by Life
Insurance Corporation of India with respect to its investment pattern for Company gratuity fund for investments
managed in total for several other companies.

Description of risk exposures:

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such, the Company

is exposed to various risks as follow-

A) Salary Increases- Actual salary increases will increase the Plan's liability. Increase in salary increase rate
assumption in future valuations will also increase the liability.

B) Investment Risk- If the plan is funded then assets liabilities mismatch & actual investment return on assets
lower than the discount rate assumed at the last valuation date can impact the liability.

C) Discount Rate: Reduction in discount rate in subsequent valuations can increase the plan's liability.

D) Mortality & disability - Actual deaths & disability cases proving lower or higher than assumed in the valuation
can impact the liabilities.

E) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal
rates at subsequent valuations can impact Plan's liability.

(iii) Other long-term employee benefits:

The Company provides for compensated absences to its employees. The employees can carry-forward a portion of
the unutilized accrued compensated absences and utilize it in future service periods or receive cash compensation
on termination of employment. Since the compensated absences do not fall due wholly within twelve months
after the end of the period in which the employees render the related service and are also not expected to be
utilized wholly within twelve months after the end of such period, the benefit is classified as a long-term employee
benefit. The present value obligation in respect of earned leave is determined based on actuarial valuation using the
projected unit credit method, which recognizes each period of service as giving rise to additional unit of employee
benefit entitlement and measures each unit separately to build up the final obligations.

The present value obligation in respect of earned leave is determined based on actuarial valuation using the Projected
Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final obligations. The summarized positions of various
defined benefits are as under:

D. Sensitivity analysis

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other
assumptions constant, would have affected the obligation by the amounts shown below.

Sensitivity due to mortality and withdrawals are not material and hence impact of change not calculated. Sensitivity
as to rate of inflation, rate of increase of pensions in payment, rate of increase of pensions before retirement & life
expectancy are not applicable being a lump sum benefit on retirement.

Description of risk exposures:

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such company is

exposed to various risks as follow -

A) Salary Increases - Actual salary increases will increase the Plan's liability. Increase in salary increase rate
assumption in future valuations will also increase the liability.

B) Investment Risk - If Plan is funded then assets liabilities mismatch & actual investment return on assets lower
than the discount rate assumed at the last valuation date can impact the liability.

C) Discount Rate - Reduction in discount rate in subsequent valuations can increase the plan's liability.

D) Mortality & disability - Actual deaths & disability cases proving lower or higher than assumed in the valuation
can impact the liabilities.

E) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal
rates at subsequent valuations can impact Plan's liability.

52. SHARE BASED PAYMENTS

Pursuant to the resolutions passed by the Board of Directors and Members of the Company at their respective
meetings held on March 6, 2008 and 31 March, 2008, the Company introduced its ESOP Plan currently in force,
with the name “Career Launcher Employee Stock Options Plan 2008" (hereinafter the “Plan" or “Scheme"), which
provided for the grant of upto 250,000 options (Convertible into 2,50,000 equity shares of face value of ' 10 each)
to employees of the Company and its subsidiaries.

Pursuant to the resolutions passed by Board of Directors and Members of the Company at their respective meetings
held on August 11, 2014 and September 5, 2014, the Company made amendments to the Plan, and changed its
name to “Amended Career Launcher Employee Stock Options Plan 2008". Further amendments were made to the
Plan vide resolutions passed by the Board of Directors and Members of the Company at their respective meetings
held on January 29, 2016 and March 22, 2016, whereby the Company re-named the Plan as “Amended and Restated
Career Launcher Employee Stock Options Plan 2014". The Company renews and extends the term of the Plan as
the need arises, from time to time. Accordingly, the Plan was renewed and extended for a period of 4 years i.e., from
September 5, 2021 to September 4, 2025 by the Members of the Company at the 25^th Annual General Meeting held
on September 07, 2021.

As on 31 March, 2022, 3,35,050 number of options (1,67,525 number of options before the Sub-Division of each
Equity Share of ' 10/- into 2 Equity Shares of ' 5/- each, w.e.f. October 1, 2021) remained to be granted under the
Plan (31 March, 2021: 167,525 number of options of ' 10 each).

The Board of Directors of the Company and shareholders at their respective meetings held on May 19, 2022, and
September 15, 2022, have approved an increase in the ESOP Pool under the existing Plan by an additional 5,00,000
options {convertible into 5,00,000 (Five Lacs) equity shares of face value of ' 5/- each, fully paid-up}.

Further pursuant to a Bonus Issue of Equity Shares of the Company in the ratio of 1:1, via approval of the shareholders
of the Company by way of Postal Ballot dated December 04, 2022, the outstanding number of options under the
Plan doubled from 8,350,50 to 16,70,100.

As on 31 March, 2025, 16,70,100 number of options (31 March, 2024:16,70,100 number of options) were outstanding
under the Plan.

Note: Under the Plan, the options that are forfeited, lapsed or terminated, are pooled back and can be granted again.
It is hereby confirmed that at no point of time did the total number of options granted under the Plan exceeded
16,70,100.

During the year, the Company has granted 64,127 options (Previous year: 95,370). The Nomination, Remuneration
and Compensation Committee as well as Board of Directors approved the allocation of Options under the Plan to
identified employees of the Company and its Subsidiaries, along with the Terms of Grant, Vesting and Exercise of
the Options at their respective Meetings held on August 07, 2024.

d. Expense arising from share-based payment transactions

Total expenses arising from share-based payment transactions recognised in the statement of profit and loss
as part of employee benefit expense is ' 58.96 lacs (Previous year : ' 27.47 lacs).

53. ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III
A Other statutory information's

i. The Company does not have any Benami property, where any proceeding has been initiated or pending against
the Group for holding any Benami property.

ii. The Company does not have any transactions with companies struck off.

iii. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

iv. The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

v. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), 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 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

vi. The Company have not received any fund from any person(s) or entity(ies), 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 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

vii. The Company have not any such transaction which is not recorded in the books of accounts 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 provisions of the Income Tax Act, 1961.

viii. All title deeds of Immovable Property are held in the name of the Company.

ix. The Company has not been declared a willful defaulter by any bank or financial institution or other lender (as
defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on willful
defaulters issued by the Reserve Bank of India.

x. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read
with Companies (Restriction on number of Layers) Rules, 2017.

Notes:

1. Total debts consists of borrowings and lease liabilities.

2. Earning available for debt service = profit for the year depreciation, amortization and impairment finance cost
provision for doubtful debts share based payment to employees non cash charges.

3. Debt service = Interest payment for lease liabilities principal repayments.

4. Credit sales = Total Revenue opening unbilled revenue - closing unbilled revenue - opening deferred revenue
closing deferred revenue.

5. Earnings before interest and taxes = profit before tax finance cost

6. Capital Employed = Average tangible net worth Total debt Deferred tax.

7. Average is calculated based on simple opening and closing balances.

Schedule III require explanation where the change in the ratio is more than 25% as compared to the preceding year.

Risk management framework

The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's
risk management framework. The Board of Directors have authorised senior management to establish the processes
and ensure control over risks through the mechanism of properly defined framework in line with the businesses of
the Company.

The Company's risk management policies are established to identify and analyse the risks faced by the Company,
to set appropriate risks limits and controls, to monitor risks and adherence to limits. Risk management policies are
reviewed regularly to reflect changes in market conditions and the Company's activities.

(i) Credit risk

The maximum exposure to credit risks is represented by the total carrying amount of these financial assets in
the balance sheet

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 principally from the Company's receivables from customers. The
carrying amount of financial assets represents the maximum credit exposure.

The Company's credit risk is primarily to the amount due from customers. The Company maintains a defined credit
policy and monitors the exposures to these credit risks on an ongoing basis.

i. Credit risk on loans is limited as the loans are given to other related parties.

ii. Credit risk on cash and cash equivalents is limited as the Company invests in deposits with scheduled
commercial banks with high credit ratings assigned by domestic credit rating agencies. The cash and cash
equivalents are held with bank and financial institution, counterparties which are rated AA to AAA from renowned
rating agencies.

iii. For financial assets other than trade receivables, Company presumes significant increase in credit risk when
financial assets are past due more than 30 days.

Credit risk encompasses both, the direct risk of default and the risk of deterioration of creditworthiness as well as
concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of counter parties on
continuous basis with appropriate approval mechanism for sanction of credit limits. Credit risk from balances with
banks, financial institutions and investments is managed by the Company's treasury team in accordance with the
Company's risk management policy. Cash and cash equivalents and Bank deposits are placed with banks having
good reputation, good past track record and high quality credit rating.

The maximum exposure to the credit risk at the reporting date is primarily from trade receivables. Trade receivables
are unsecured and are derived from revenue earned from customers primarily located in India. The Company
does monitor the economic environment in which it operates and the Company manages its Credit risk through
credit approvals, establishing credit limits and continuously monitoring credit worthiness of customers to which
the Company grants credit terms in the normal course of business.

On adoption of Ind AS 109, the Company establishes an allowance for impairment that represents its expected credit
losses in respect of trade receivable and other financial assets. The management uses a simplified approach (i.e.
based on lifetime ECL) for the purpose of impairment loss allowance, the Company estimates amounts based on the
business environment in which the Company operates, and management considers that the trade receivables are in
default (credit impaired) when counterparty fails to make payments for receivable within the credit period allowed.
However the Company based upon historical experience determine an impairment allowance for loss on receivables.

The gross carrying amount of trade receivables is ' 5,999.65 lacs (31 March, 2024: ' 6,825.48 lacs). Trade receivables
are generally realised within the credit period.

The Company believes that the unimpaired amounts that are past due by more than the credit period allowed are
still collectible in full, based on historical payment behavior.

(ii) 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 delivering cash or another financial asset. The Company's approach
to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities
when they fall 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, including total cash (including bank deposits under lien and the
anticipated future internally generated funds from operations will enable it to meet its future known obligations
in the ordinary course of business. The Company finance monitors rolling forecasts of the Company's liquidity
requirement on the basis of future cashflow projections to ensure it has sufficient cash to meet operational
needs while maintaining sufficient headroom for borrowing facilities/overdraft facilities at all the times so that
the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.
There have been no breaches in the financials covenants of any interest bearing loans and borrowings in the
current year. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities
and the availability of funding through an adequate amount of credit facilities to meet obligations when due. The
Company's policy is to regularly monitor its liquidity requirements to ensure that it maintains sufficient reserves
of cash and funding from group companies to meet its liquidity requirements in the short and long term.

The Company's liquidity management process as monitored by management, includes the following:

- Day to day funding, managed by monitoring future cash flows to ensure that requirements can be met.

- Maintaining rolling forecasts of the Company's liquidity position on the basis of expected cash flows.

iii. Market risk

Market risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk,
the Company mainly has exposure to two type of market 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 optimising the return.

Currency risk

Currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in
foreign exchange rates. The Company is exposed to the effects of fluctuation in the prevailing foreign currency
exchange rates on its financial position and cash flows to the extent of earnings and expenses in foreign
currencies. Exposure arises primarily due to exchange rate fluctuations between the functional currency and
other currencies from the Company's operating, investing and financing activities.

There are no derivative contracts entered by the Company. Hence, there is no associated risk.

Exposure to currency risk

The summary of quantitative data about the Company's exposure to currency risk, as expressed in Indian
Rupees, as at 31 March, 2025 and 31 March, 2024 are as below:

iii. Market risk

Interest rate risk

Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company's main interest rate risk arises from long-term and short term borrowings
with variable interest rates, which expose the Company to cash flow interest rate risk.

Exposure to interest rate risk

The Company's interest rate risk arises majorly from the cash credit facility from banks carrying floating rate of
interest. These obligations exposes the Company to cash flow interest rate risk. The exposure of the Company's
borrowing to interest rate changes as reported to the management at the end of the reporting period are
as follows:

55. CAPITAL MANAGEMENT

a) For the purpose of the Company's capital management, capital includes issued equity share capital and all other
equity reserves attributable to the equity holders of the Company.

Management assesses the Company's capital requirements in order to maintain an efficient overall financing
structure. The Company manages the capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of the underlying assets.

To maintain or adjust the capital structure, the Company may return capital to shareholders, raise new debt or issue
new shares.

The Company monitors capital on the basis of the debt to capital ratio, which is calculated as interest-bearing debts
divided by total capital (equity attributable to owners of the parent plus interest-bearing debts).

57. DISCONTINUED OPERATIONS

During the year ended 31 March, 2025, the Company decided to discontinue its Engineering, Medical, CA and Bank-
SSC Product ('Cash Generating Unit') offerings in India. This strategic decision was taken to enable the Company's
newly acquired subsidiary DEXIT Global Limited (formerly NSEIT Limited) to participate in the business opportunity
for conducting examinations related to JEE, NEET, Bank-SSC, CA etc without any perception of conflict of interest
despite the businesses operating in 2 separate legal entities. The market opportunity for DEXIT global broadly
includes 50 lac tests for JEE & NEET and 100 lacs test for Bank-SSC amounting to a potential market opportunity
of ' 300-400 Cr per year currently. The Company pre-emptively decided to stop new enrolments for these
product groups effective Jan 2025. The delivery to already enrolled students will be completed over the remaining
period of delivery. Consequently, an extra-ordinary loss of ' 910.29 lacs has been recognised in the statement
of Profit and Loss for the current year in accordance with Ind_AS 105 “Non-Current Assets held for Sale and
Discontinued Operations".

58. During the previous year, the Board of Directors of the Company at its meeting held on August 02, 2023, has approved
the buyback of fully paid-up equity shares of face value of '5/- each from its shareholders / beneficial owners (Other
than those who are promoters, members of the promoter group or persons in control) from the open market through
stock exchange mechanism for an aggregate amount not exceeding ' 1,500 lacs (Indian Rupees One Thousand Five
Hundred Lacs only). The buyback commenced on August 21, 2023.

The Company was able to complete the buyback of 10.49 lacs shares constituting 1.90% of the shares comprised
in the pre-buyback paid-up equity share capital of the Company. The amount returned to the shareholders via
buyback was ' 851.58 lacs includes share extinguished of ' 50.48 lacs and utilisation of securities premium of
' 799.10 lacs (excluding taxes and other related expenses) at an average price of ' 81.14 per equity share. The entity
has incurred the total expense related to buy back is ' 211.46 lacs out of which buy back tax is ' 169.01 lacs and
other expenses of ' 42.45 lacs.

As per the amendment to the SEBI (Buy-back of securities) regulations 2018, the buy-back needs to be completed
within 66 working days from the commencement of the buy-back event. Further as per amendment, the Company
must utilize 75% of the amount earmarked for the buy-back. The regulations also mandate the Company to deposit
2.5% of the total buy-back amount in the escrow account which will be released on completion of the event. In case
of non-completion, the exchange may forfeit the amount baring some exceptions.

The Company fell short of completing the targeted buy-back amount due to inadequate sell orders. The
Company appealed to the SEBI for non-forfeiture of the amount and the amount was subsequently received on
September 26, 2024.

The buyback tax and other related expenses of buyback have been adjusted against the Other Equity as per
applicable sections of the Company's Act 2013.

59. The Ministry of Corporate Affairs (MCA) has prescribed a new 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.

The Company uses accounting software for maintaining its books of account which has a feature of recording audit
trail (edit log) facility and the same have operated throughout the year for all relevant transactions recorded in the
accounting software. However, the audit trail (edit logs) feature for any direct changes made at the database level
was not enabled for invoicing software CL Zone (ERP) and accounting software Microsoft Dynamics Navision. Further
there is no instance of audit trail feature being tampered with in respect of the accounting software where such
feature is enabled.

Further, there are no instances of audit trail feature being tampered with, other than the consequential impact of
the exceptions given above. Furthermore, except for matters mentioned above, the audit trail has been preserved
by the Company as per the statutory requirements for record retention.

The Management is in the process of upgrading the existing accounting software and evaluating suitable tools
and solutions that can facilitate comprehensive recording of audit trail and edit logs in the most effective and
feasibile manner.

60. The standalone financial statements for the year ended 31 March, 2025 were approved by board of directors on
May 14, 2025.

61. Previous year's figures have been regrouped / re-arranged as per the current year's presentation for the purpose of
comparability. The regrouping/re-arrangement has no material impact on the standalone financial statements.

Summary of material accounting policies 2

The accompanying notes 1 to 61 are an integral part of the standalone financial statements.

As per our report of even date.

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

Chartered Accountants CL Educate Limited

Firm's Registration No. 001076N/N500013

Neeraj Goel Nikhil Mahajan Gautam Puri

Partner Executive Director and Vice Chairman and

Group CEO Enterprise Business Managing Director

Membership No.:099514 DIN: 00033404 DIN: 00033548

Place: Gurugram, Haryana Rachna Sharma Arjun Wadhwa

Date: May 14, 2025 Company Secretary and Compliance Officer Chief Financial Officer

ICSI M. No.: A17780

Place: New Delhi
Date: May 14, 2025