k. 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 Statement of Profit and Loss
net of any reimbursement.

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.

l. 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
extreme rare cases where there is a liability that cannot
be recognised because it cannot be measured reliably.
The Company does not recognise a contingent liability
but discloses its existence in the financial statements.

m. Retirement and other employee benefits
Current employee benefits

Employee benefits payable wholly within twelve months
of availing employee services are classified as current
employee benefits. These benefits include salaries and
wages, bonus and ex-gratia. The undiscounted amount
of current employee benefits such as salaries and
wages, bonus and ex-gratia to be paid in exchange of
employee services are recognized in the period in which
the employee renders the related service.

Post-employment benefits

Defined contribution plans:

A defined contribution plan is a post-employment benefit
plan under which an entity pays specified contributions to
a separate entity and has no obligation to pay any further
amounts. The Indian subsidiaries makes specified monthly
contributions towards Provident Fund and Employees
State Insurance Corporation ('ESIC'). The contribution
is recognized as an expense in the Statement of Profit
and Loss during the period in which employee renders
the related service. There are no other obligations other
than the contribution payable to the Provident Fund and
Employee State Insurance Scheme.

Defined benefit plan:

Gratuity liability, wherever applicable, is provided for on
the basis of an actuarial valuation done as per projected
unit credit method, carried out by an independent actuary
at the end of the year. The Company's gratuity benefit
scheme is a defined benefit plan.

Accumulated leave, which is expected to be utilised within
the next 12 months, is treated as short-term employee
benefit. The Company measures the expected cost of
such absences as the additional amount that it expects
to pay as a result of the unused entitlement that has
accumulated at the reporting date.

The Company treats accumulated leave expected to
be carried forward beyond twelve months, as long-term
employee benefit for measurement purposes. Such long¬
term compensated absences are provided for based on
the actuarial valuation using the projected unit credit
method at the year end. The Company presents the leave
as a short-term provision in the balance sheet to the
extent it does not have an unconditional right to defer its
settlement for 12 months after the reporting date. Where
Company has the unconditional legal and contractual
right to defer the settlement for a period beyond 12
months, the same is presented as long-term provision.

Remeasurements, comprising of actuarial gains and
losses, the effect of the asset ceiling, excluding amounts
included in net interest on the net defined benefit liability
and the return on plan assets (excluding amounts
included in net interest on the net defined benefit liability),
are recognised immediately in the balance sheet with a
corresponding debit or credit to retained earnings through
OCI in the period in which they occur. Remeasurements
are not reclassified to Statement of Profit and Loss in
subsequent periods.

n. Financial instruments

A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or
equity instrument of another entity.

Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as
subsequently measured at amortised cost, fair value
through other comprehensive income (OCI) and fair value
through profit or loss.

The classification of financial assets at initial recognition
depends on the financial asset's contractual cash flow
characteristics and the Company's business model for
managing them. With the exception of trade receivables
that do not contain a significant financing component
or for which the Company has applied the practical
expedient, the Company initially measures a financial
asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss, transaction
costs. Trade receivables that do not contain a significant
financing component or for which the Company has
applied the practical expedient are measured at the
transaction price determined under Ind AS 115. Refer to the
accounting policies in section (f) Revenue from contracts
with customers.

In order for a financial asset to be classified and measured
at amortised cost or fair value through OCI, it needs to give
rise to cash flows that are 'solely payments of principal and
interest (SPPI)' on the principal amount outstanding. This
assessment is referred to as the SPPI test and is performed
at an instrument level. Financial assets with cash flows
that are not SPPI are classified and measured at fair value
through profit or loss, irrespective of the business model.

The Company's business model for managing financial
assets refers to how it manages its financial assets in order
to generate cash flows. The business model determines
whether cash flows will result from collecting contractual
cash flows, selling the financial assets, or both. Financial
assets classified and measured at amortised cost are
held within a business model with the objective to hold
financial assets in order to collect contractual cash flows
while financial assets classified and measured at fair
value through OCI are held within a business model with
the objective of both holding to collect contractual cash
flows and selling.

Purchases or sales of financial assets that require delivery
of assets within a time frame established by regulation
or convention in the market place (regular way trades)
are recognised on the trade date, i.e., the date that the
Company commits to purchase or sell the asset.

Subsequent measurement

For purposes of subsequent measurement, financial
assets are classified in four categories:

- Debt instruments at amortised cost

- Debt instruments at fair value through other
comprehensive income (FVTOCI)

- Debt instruments, derivatives and equity instruments
at fair value through profit or loss (FVTPL)

- Equity instruments measured at fair value through
other comprehensive income (FVTOCI)

For purposes of subsequent measurement, financial
assets are classified in four categories:

i. Financial asset at amortised cost (debt

instruments)

A 'Financial asset' is measured at the amortised cost
if both the following conditions are met -

- The asset is held within a business model
whose objective is to hold assets for collecting
contractual cash flows and

- Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the
principal amount outstanding.

This category is the most relevant to the Company.
After initial measurement, such financial assets are
subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised cost
is calculated by taking into account any discount
or premium on acquisition and fees or costs that
are an integral part of the EIR. The EIR amortisation
is included in finance income in the Statement of
Profit and Loss. The losses arising from impairment
are recognised in the Statement of Profit and Loss.
This category generally applies to trade and other
receivables.

ii. Financial assets at fair value through Other
Comprehensive Income (FVTOCI)

A 'Financial asset' is classified as at the FVTOCI if
both of the following criteria are met:

- The objective of the business model is achieved
both by collecting contractual cash flows and
selling the financial assets and

- The asset's contractual cash flows represent
SPPI.

Debt instruments included within the FVTOCI
category are measured initially as well as at each
reporting date at fair value. Fair value movements
are recognized in the other comprehensive income
(OCI). However, the Company recognizes interest
income, impairment losses & reversals and foreign
exchange gain or loss in the Statement of Profit and
Loss. On derecognition of the asset, cumulative gain
or loss previously recognised in OCI is reclassified
from the equity to the Statement of Profit and Loss.
Interest earned whilst FVTOCI debt instrument is
reported as interest income using the EIR method.

iii. Financial asset at Fair Value through Profit or Loss

Financial assets at fair value through profit or loss
are carried in the balance sheet at fair value with net
changes in fair value recognised in the statement of
profit and loss.

This category includes derivative instruments and
listed equity investments which the Company had
not irrevocably elected to classify at fair value
through OCI. Dividends on listed equity investments
are recognised in the statement of profit and loss
when the right of payment has been established.

iv. Equity investments

All equity investments in scope of Ind AS 109 are
measured at fair value. Equity instruments which
are held for trading are classified as at FVTPL. For
all other equity instruments, the Company may
make an irrevocable election to present in other
comprehensive income subsequent changes in the
fair value. The Company makes such election on an
instrument-by-instrument basis. The classification is
made on initial recognition and is irrevocable.

If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value changes
on the instrument, excluding dividends, are
recognized in the OCI. There is no recycling of the
amounts from OCI to profit and loss, even on sale of
investment. However, the Company may transfer the
cumulative gain or loss within equity.

Equity instruments included within the FVTPL
category are measured at fair value with all changes
recognized in the Statement of Profit and Loss.

Equity investments made by the Company in joint

ventures are carried at cost.

Derecognition

A financial asset (or, where applicable, a part of
a financial asset or part of a Company of similar
financial assets) is primarily derecognised (i.e.
removed from a Company's balance sheet) when:

- The rights to receive cash flows from the asset
have expired, or

- The Company has transferred its rights to
receive cash flows from the asset and either
(a) the Company has transferred substantially
all the risks and rewards of the asset, or (b) the
Company has neither transferred nor retained
substantially all the risks and rewards of the
asset but has transferred control of the asset.

Impairment of financial assets

In accordance with Ind AS 109, the Company applies
expected credit loss (ECL) model for measurement
and recognition of impairment loss on the financial
assets which are not fair valued through Statement
of Profit and Loss. Loss allowance for trade
receivables with no significant financing component
is measured at an amount equal to lifetime ECL at
each reporting date, right from its initial recognition.
For all other financial assets, expected credit losses
are measured at an amount equal to the 12-month
ECL, unless there has been a significant increase in
credit risk from initial recognition in which case those
are measured at lifetime ECL. If, in a subsequent
period, credit quality of the instrument improves
such that there is no longer a significant increase
in credit risk since initial recognition, then the entity
reverts to recognising impairment loss allowance
based on 12-month ECL.

ECL impairment loss allowance (or reversal)
recognized during the period is recognized as
income/ expense in the Statement of Profit and
Loss. This amount is reflected under the head 'other
expenses' in the Statement of Profit and Loss.

The Company uses a provision matrix to determine
impairment loss allowance on portfolio of its trade
receivables. The provision matrix is based on its
historically observed default rates over the expected
life of the trade receivables and is adjusted for
forward-looking estimates. At every reporting date,
the historical observed default rates are updated
and changes in the forward-looking estimates are
analysed.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition,
as financial liabilities at fair value through Statement
of Profit and Loss, loans and borrowings, payables, or

as derivatives designated as hedging instruments in
an effective hedge, as appropriate.

All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings and
payables, net of directly attributable transaction
costs.

The Company's financial liabilities include loans
and borrowings, lease liabilities, trade and other
payables.

Subsequent measurement

The measurement of financial liabilities depends on
their classification, as described below:

- Financial liabilities at fair value through profit or
loss

- Financial liabilities at amortised cost (loans
and borrowings)

Financial liabilities at amortised cost (Loans and
borrowings)

This is the category most relevant to the Company.
After initial recognition, interest-bearing loans
and borrowings are subsequently measured at
amortised cost using the EIR method. Gains and
losses are recognised in profit or loss when the
liabilities are derecognised as well as through the EIR
amortisation process.

Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the
Statement of Profit and Loss.

This category generally applies to borrowings.

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading
and financial liabilities designated upon initial
recognition as at fair value through profit or loss.

Financial liabilities are classified as held for trading if
they are incurred for the purpose of repurchasing in
the near term. This category also includes derivative
financial instruments entered into by the Company
that are not designated as hedging instruments
in hedge relationships as defined by Ind AS 109.
Separated embedded derivatives are also classified
as held for trading unless they are designated as
effective hedging instruments.

Financial liabilities designated upon initial
recognition at fair value through profit or loss are
designated as such at the initial date of recognition
and only if the criteria in Ind AS 109 are satisfied.
For liabilities designated as FVTPL, fair value gains/
losses attributable to changes in own credit risk

are recognized in OCI. These gains/ losses are
not subsequently transferred to P&L. However, the
Company may transfer the cumulative gain or loss
within equity. All other changes in fair value of such
liability are recognised in the statement of profit and
loss. The Company has not designated any financial
liability as at fair value through profit or loss.

Derecognition

A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the terms
of an existing liability are substantially modified,
such an exchange or modification is treated as
the derecognition of the original liability and the
recognition of a new liability. The difference in the
respective carrying amounts is recognised in the
Statement of Profit and Loss.

o. Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short-term deposits with
an original maturity of three months or less, which are
subject to an insignificant risk of changes in value.

For the purpose of the Statement of Cash flows, cash and
cash equivalents consist of cash and short-term deposits,
as defined above.

p. Segments

The Company's Managing Director is identified as Chief
Operating Decision Maker (CODM) and CODM reviews
and alloctes resources for the business i.e Container
Freight Stations services and accordingly there is single
reportable business segment.

q. Cash dividend and non-cash distribution to equity
holders of the parent

The Company recognises a liability to pay dividend
when the distribution is authorised and the distribution
is no longer at the discretion of the Company. As per the
corporate laws in India, a distribution is authorised when it
is approved by the shareholders. A corresponding amount
is recognised directly in equity.

Non-cash distributions are measured at the fair value
of the assets to be distributed with fair value re¬
measurement recognised directly in equity.

Upon distribution of non-cash assets, any difference
between the carrying amount of the liability and the
carrying amount of the assets distributed is recognised in
the Statement of Profit and Loss.

r. Earnings per equity share

Basic earnings per share (EPS) amounts is calculated
by dividing the profit for the period attributable to equity
holders by the weighted average number of equity shares

outstanding during the period.

For the purpose of calculating diluted earnings per
share, the net profit of 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.

s. Share-based payments

Equity- settled share-based payments to employees are
measured at the fair value of the employee stock options
at the grant date. The fair value of option at the grant date
is expensed over the vesting period with a corresponding
increase in equity as “Share Option outstanding account”.
In case of forfeiture of unvested option, portion of amount
already expensed is reversed. In a situation where the
vested option forfeited or expires unexercised, the related
balance standing to the credit of the “Share Option
outstanding account” are transferred to the “General
Reserve”.

When the options are exercised, the Company issues new
fully paid-up equity shares of the Company. The proceeds
received and the related balance standing to credit of the
Share Option outstanding account, are credited to equity
share capital (nominal value) and Securities Premium.
The number of equity shares and potentially dilutive
equity shares are adjusted retrospectively for all periods
presented for any share splits and bonus shares issues
including for changes effected prior to the approval of the
financial statements by the Board of Directors.

2.3 New and amended Standards adopted by the Company

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. During the year ended 31 March 2025, MCA amended
the Companies (Indian Accounting Standards) Rules, 2024, as
below:

Ind AS 116 - Leases

The amendment is related to sale and leaseback transactions
and it is effective April 01, 2024. The amendment requires the
seller not to recognise any amount of gain or loss that relates
to right of use retained by the seller-lessee while determining
lease payments or revised lease payments. The amendment
must be applied retrospectively to sale and leaseback
transactions entered into after the date of initial application of
Ind AS 116. The Company has evaluated the amendment and
there is no impact on its financial statements.

3. Critical estimates and judgements and key
sources of estimation

The preparation of the Company's 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. 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. Some of the significant

accounting judgement and estimates are given below:

a. Determining the lease term of contracts with renewal
and termination options - Company as lessee

The Company has entered into commercial property
leases for its Container Freight Stations (CFS) land
and building, warehouses and offices. The Company
evaluates if an arrangement qualifies to be a lease as
per the requirements of Ind AS 116. Identification of a
lease requires significant judgment. The Company uses
significant judgement in assessing the lease term and
the applicable discount rate. The Company has lease
contracts which include extension and termination option
and this requires exercise of judgement by the Company
in evaluating whether it is reasonably certain whether or
not to exercise the option to renew or terminate the lease.
The discount rate is generally based on the incremental
borrowing rate specific to the lease period.

b. Taxes

Income tax expense comprises current tax expense
and the net changes in the deferred tax asset or liability
during the year. Significant judgements are involved
in determining the provision for income taxes, taxable
income projections for utilization of MAT.

Deferred tax assets are recognized based on estimated
future taxable rate on all deductible temporary differences,
unused tax losses and carry forward tax credits only if it
is probable that future taxable amounts will be available
to utilize those temporary differences, tax losses and tax
credits. The management assumes that taxable profits
will be available while recognising deferred tax assets.

c. Defined benefit plans

The cost of the defined benefit gratuity plan and other
post-employment retirement benefits and the present
value of the gratuity 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 and mortality rates. Due to 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 annually. The parameter most
subject to change is the discount rate. In determining the
appropriate discount rate for plans operated in India, the
management considers the interest rates of government
bonds in currencies consistent with the currencies of the
post-employment benefit obligation. The mortality rate
is based on publicly available mortality tables for the
specific countries. Those mortality tables tend to change
only at interval in response to demographic changes.
Future salary increases are based on expected future
inflation rates. Further details about gratuity obligations
are given in note 34.

d. Revenue recognition

The Company's contracts with customers could include
promises to transfer multiple services to a customer. The
Company exercises judgement in determining whether
the performance obligation is satisfied at a point in time or
over a period of time. The Company considers indicators
such as how customer consumes benefits as services are
rendered.

e. Expected credit loss on trade receivables

Trade receivables are typically unsecured and are derived
from revenue earned from customers. Credit risk has been
managed by the Company through credit approvals,
establishing credit limits and continuously monitoring
the creditworthiness of customers to which the group
grants credit terms in the normal course of business. On
account of adoption of Ind AS 109, the Company uses
expected credit loss model to assess the impairment
loss. The Company uses a provision matrix and forward¬
looking information and an assessment of the credit risk
over the expected life of the financial asset to compute
the expected credit loss allowance for trade receivables.

f. Estimation of provisions and contingent liabilities

The Company exercises judgement in measuring and
recognizing provisions and the exposures to contingent
liabilities which is related to pending litigation or other
outstanding claims. Judgement is necessary in assessing
the likelihood that a pending claim will succeed, or a
liability will arise and to quantify the possible range of the
financial settlement. Because of the inherent uncertainty
in this evaluation process, actual liability may be different
from the originally estimated as provision or contingent
liability, refer note 35 for details.

Nature and Purpose of Reserves
Retained earnings

Retained earnings represents all accumulated net income as reduced by all dividends paid to shareholders.

Remeasurements of gains / (losses) on defined benefit plans (OCI)

It comprises of actuarial gains and losses, differences between the return on plan assets and interest income on plan assets and
changes in the asset ceiling (outside of any changes recorded as net interest).

Share-based payment reserve- ESARs

The share based payment reserve - ESAR is used to recognise the grant date fair value of options issued to employees under ESAR plan.
Capital Reserve

This reserve represents the difference between net assets taken over and shares issuable to the shareholders of Allcargo Logistics
Limited pursuant to demerger.

* Consequent to the scheme of demerger the Axis Bank term loan has been allocated between the Company, TransIndia Real Estate
Limited and Allcargo Logistics limited.

As per the terms of borrowing it is secured against land and buildings of Allcargo Logistics Limited, pursuant to demerger scheme, these
assets have been transferred to TransIndia Real Estate Limited. Accordingly this borrowing is not secured by the Company Assets and
secured by land and building of Transindia Reality Limited pursuant to demerger. The Borrowing is disclosed as secured. The Company
is in the process of transfer of borrowings in Company's name.

**Term loans from financial institution contain certain debt covenants to be maintained relating to limitation on indebtedness, debt-
equity ratio, net borrowings to EBITDA ratio and debt service coverage ratio. The limitation on indebtedness covenant gets suspended if
the Company meets certain prescribed criteria.The Company has reasonably satisfied all debt covenants prescribed in the terms and
conditions of sanction letter of the loan.

40 Financial risk management objectives and policies

i) The Company's activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company's
primary risk management focus is to minimize potential adverse effects of market risk on its financial performance. The Company's
risk assessment and policies and processes are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls and to monitor such risks and compliance with the policies and processes. Risk assessment
and policies and processes are reviewed regularly to reflect changes in market conditions and the Company's activities. The Board
of Directors and the management is responsible for overseeing the Company's risk assessment policies and processes.

ii) Market Risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market
rates and prices (such as interest rates and foreign currency exchange rates) or in the price of market risk-sensitive instruments
as a result of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sensitive financial
instruments, all foreign currency receivables and payables and all short-term and long-term debt. The Company is exposed to
market risk primarily related to foreign exchange rate risk and interest rate risk. Thus, the Company's exposure to market risk is a
function of investing and borrowing activities and it's revenue generating and operating activities.

a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the
Company's long-term debt obligations with floating interest rates.

As at 31 March 2025, 100% of the Company's borrowings (previous year: 100% at fixed rates) are at floating interest rates
and are therefore subject to cash flow interest rate risk. The Company continuously monitors its exposure to interest rate
fluctuations and may consider the use of hedging strategies, including interest rate derivatives, to manage this risk. As of the
reporting date, no such hedging instruments have been employed.

iii) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its
financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial
instruments.

Trade Receivables

Customer credit risk is managed subject to the Company's established policy, procedures and control relating to customer
credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with this
assessment. Outstanding customer receivables are regularly monitored. An impairment analysis is performed at each reporting
date on an individual basis for major clients. In addition, a large number of minor receivables are clubbed into homogenous
parties and assessed for impairment collectively. The calculation is based on historical data. The maximum exposure to credit risk
at the reporting date is the carrying value of each class of financial assets. The Company does not hold collateral as security.

iv) Liquidity risk

The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts,
bank loans etc. 10% of the Company's borrowings including current maturities of non-current borrowings will mature in less
than one year at 31 March 2025 (31 March 2024: 32%) based on the carrying value of borrowings including current maturities of
non-current borrowings reflected in the financial statements. The Company assessed the concentration of risk with respect to
refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of sources of funding with existing
lenders.

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same
geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly
affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company's
performance to developments affecting a particular industry.

In order to avoid excessive concentrations of risk, the Company's policies and procedures include specific guidelines to focus on
the maintenance of a diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly.

41 Capital Management

For the purpose of the Company's capital management, capital includes issued equity capital, securities premium and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to maximise
the shareholder value.

The funding requirement is met through a mixture of equity, internal accruals, borrowings.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants.

The Company's policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor,
creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate
steps in order to maintain, or if necessary adjust, its capital structure.

The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes
within net debt, interest bearing borrowings, less cash and cash equivalents.

42 Shares issued subsequent to year end date

The Board of Directors and the Shareholders of the Company approved the acquisition of 15% stake in Speedy Multimodes Limited
(“Speedy”) at their respective meetings held on January 17, 2025 and February 16, 2025 respectively through share swap arrangement.
The shares of Speedy were transferred to the Company on April 16, 2025 resulting into Speedy becoming the Company's wholly owned
subsidiary.

The issue of equity shares of the Company pursuant to share swap arrangement as consideration against Speedy acquisition was
completed on May 12, 2025.

43 Segment Reporting

Segments are reported in a manner consistent with the internal reporting provided to the Board of Directors i.e. Chief Operating Decision
Maker (CODM) who evaluates the Company's performance and allocates resources based on an analysis of various performance
indicators by reportable segments. The Company operates under a single reportable segment which is providing container freight
station services. Accordingly, the amounts appearing in these financial statements relate to this primary business segment. There is no
single customer which contributes more than 10 % of the Company's total revenue.

45 Employee share-based payment:

The Company has formulated employee share-based payment schemes with objective to attract and retain talent and align the
interest of employees with the Company as well as to motivate them to contribute to its growth and profitability. The Company views
employee stock options as instruments that would enable the employees to share the value they create for the Company in the years to
come. For the year ended March 31, 2025 the Company recognised total expenses of ' 38.45 lakhs (March 31, 2024 - Nil) related to Share
based Payment schemes. The Nomination and Remuneration Committee of the Board of Directors of the Company during the FY 2024¬
25 have granted 24,87,500 ESARs to the Employees of its Holding Company, Subsidiary Company and Joint Ventures. The necessary
accounting for the above has been made in the books of accounts in the respective years. At present, following employee share-based
payment scheme is in operation, details of which are given below:

47 Other Statutory Information

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

ii) The Company has not advanced or loaned or invested funds to any other persons or entitities, 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.

iii) The Company has not received any funds from any persons or entities, 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
Funding Party (Ultimate Beneficiaries) or

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

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

v) The Company has balance with below mentioned Companies struck off under Section 248 of the Companies Act, 2013 :

vi) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

vii) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender.

viii) There are no charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond the statutory period.

48 The Company has used accounting software for maintaining its books of accounts which has a feature of recording audit trail (edit
log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. However in case
of Microsoft Dynamics D365 application, audit trail feature was enabled during the year for certain changes in vendor management
records (Vendor Master) at application level. Further, audit trail is not available for certain changes made in Microsoft Dynamics
D365 application using privileged / administrative access rights i.e. changes performed in database. For eMerge application used for
consolidation, audit trail feature was enabled during the year for deletion logs of reclass entries. Additionally, the audit trail has been
preserved as per the statutory requirements for record retention.

49 During the year ended March 31, 2025, Income-Tax Authorities conducted search at the office premises of the Company and its Subsidiary,
Speedy Multimodes Limited and at the residence of one of its key management personnel. The Company extended full cooperation to
the Income-tax officials during the search and has provided all the requested information during search and continues to provide
information as and when sought by the authorities. Management has made necessary disclosures to the stock exchanges in this regard
on February 12, 2025. As on the date of issuance of these financial statements, the Company has not received any communication from
the Income-Tax Authorities regarding the findings of their investigation. Pending final outcome of this matter, no adjustments have been
recognised in these financial statements.

50 As per Management assessment, there are no adjusting events subsequent to March 31, 2025 other than those disclosed in the financial
statements.

The accompanying notes form an integral part of the Standalone Financial Statements

As per our report of even date

For S.R. Batliboi & Associates LLP For and on behalf of Board of directors of

ICAI firm registration No: 101049W/E300004 CIN No: L60300MH2019PLC320697

Chartered Accountants

per Aniket Anil Sohani Suresh Kumar Ramiah Pritam Vartak Ashish Chandna

Partner Director Chief Financial Officer Chief Executive Officer

Membership No. 117142 DIN: 07019419 MN: 116227

Kaiwan Kalyaniwalla Malav Talati

Chairman & Non-Executive Director Company Secretary & Compliance Officer

DIN: 00060776 MN: A59947

Place : Chicago, USA Place : Mumbai

Date : May 14, 2025 Date : May 14, 2025