Rights, preference and restriction attached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shareholders are entitled to receive dividend as declared from time to time. The voting right of an equity shareholder on a poll (not on show of hands) is in proportion to its share of the paid-up equity capital of the Company. Voting right cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

Failure to pay any amount called upon shares may lead to forfeiture of the shares.

On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

Pursuant to the requirements of Division II to Schedule III of Companies Act, 2013, below is the nature and purpose ofthe above:

(i) Capital redemption reserve

Capital redemption reserve was created on account of buy-back of equity share capital.

(ii) Securities premium

Securities premium is used to record the premium received on issue of shares. It is utilised in accordance with the provisions of the Companies Act, 2013.

(Hi) General reserve

General reserve represents appropriation of profit by the Company.

(iv) Retained earnings

Retained earnings comprises of the amounts that can be distributed by the Company as dividends to its equity share holders.

Remaining performance obligations

While disclosing the aggregate amount of transaction price yet to be recognised as revenue towards unsatisfied (or partially satisfied) performance obligations, along with the broad time band for the expected time to recognize those revenues, the Company has applied the practical expedient in Ind AS 115. Accordingly, the Company has not disclosed the aggregate transaction price allocated to unsatisfied (or partially satisfied) performance obligations which pertain to contracts where revenue recognised corresponds to the value transferred to customer typically involving time and material, outcome based and event based contracts.

Unsatisfied (or partially satisfied) performance obligations are subject to variability due to several factors such as Unsatisfied (or partially satisfied) performance obligations are subject to variability due to several factors such as terminations, changes in scope of contracts, periodic revalidations of the estimates, economic factors (changes in currency rates, tax laws etc). The aggregate value of transaction price allocated to unsatisfied (or partially satisfied) performance obligations is ' 4,940.25 lakhs (30 June 2022: ' 2,654.04 lakhs) out of which approx. 60.50% (30 June 2022: approx. 67.90%) is expected to be recognised as revenue in next year and the balance thereafter.

Contract asset and liabilities

During the year ended 30 June 2023, the Company recognized revenue of ' 296.35 lakhs out of opening gross deferred revenue (Contract liabilities) of ' 580.01 lakhs.

During the year ended 30 June 2023, ' 1,160.94 lakhs of unbilled revenue (Contract assets) which had an amount of ' 1,174.62 lakhs as at 01 July 2022, has been billed on completion of milestones and services.

Employee benefits Defined contribution plan

The Company makes contributions in respect of qualifying employees towards Provident Fund and other funds. The Company has no obligations other than to make the specified contributions. The contributions are charged to the

statement of profit and loss as they accrue. The amount recognized as an expense towards contribution to Provident Fund and Other funds for the year aggregated to K 518.30 lakhs (30June 2022: K 408.51 lakhs).

Defined benefit plan

The Company provides for gratuity, a defined benefit plan. The present value of the defined benefit liability, and the related current service cost and past service cost, are measured using the projected unit. The Company provides the gratuity benefit through annual contributions to a fund managed by the Life Insurance Corporation of India (LIC). LIC administers the plan and determines the contribution required to be paid by the Company. No other retirement benefits are provided to these employees.

Investment risk

The probability or likelihood of occurrence of losses relative to the expected return on any particular investment. Interest rate risk

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).

Demographic risk

The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.

Salary escalation risk

The present value ofthe defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan's liability.

Rental expense recorded for short-term leases is R 34.29 lakhs for the year ended 30 June 2023 (30 June 2022: R 26.95 lakhs).

The total cash outflow for leases is R 1,336.69 lakhs for the year ended 30 June 2023, including cash outflow of shortterm leases (30June 2022: K 1,376.63 lakhs).

The Company has lease term extension options that are not reflected in the measurement of lease liabilities. The present value offuture cash outflows for such extension periods as at 30June 2023 is R 4,801.19 lakhs.

The Company does not have any lease restrictions and commitment towards variable rent as per the contract.

B. Measurementoffairvalues

Level 1 hierarchy includes financial instruments measured using quoted prices in an acfive market. This includes listed equity instruments, traded debentures and mutual funds that have quoted price/ declared NAV.

The financial instruments included in Level 2 of fair value hierarchy have been valued using quotes available for similar assets and liabilities in the acfive market. The investments included in Level 3 of fair value hierarchy have been valued using the cost approach to arrive at their fair value. The cost of unquoted investments approximate the fair value because there is a range of possible fair value measurements and the cost represents estimate of fairvalue within that range. The carrying value offinancial instruments measured at amortized cost approximates their fair value.

C. Financial risk management

The Company has exposure to the following risks arising from financial instruments:

- Credit risk;

- Liquidity risk; and

- Market risk

i. Risk management framework

The Company's activities expose it to a variety offinancial 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 management assessment and policies and processes are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions and the Company's activities. The Board of Directors and the Audit Committee is responsible for overseeing the Company's risk assessment and management policies and processes.

ii. Credit risk

Credit risk is the risk offinancial 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, unbilled receivables and investment securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The Company does not expect any credit risk on the amount recoverable from related parties.

Trade receivables

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. Financial Assets are written off when there is no reasonable expectation of recovery from the customer.

Expected credit loss assessment:

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses. Given the critical nature of the services of the Company to its customers, the Company expects the historical trend of minimal credit losses to continue. Further, management believes that the unimpaired amounts that are past due by more than 30 days are still collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk. The impairment loss as at 30 June, 2023 relates to several customers that have defaulted on their payments to the Company and are not expected to be able to pay their outstanding balances, mainly due to economic circumstances.

Unbilled receivables are K 847.47 lakhs and K 218.10 lakhs as at 30 June 2023 and 30 June 2022 respectively. The Company's unbilled receivables generally ranges from 30 - 90 days.

Four customers accounted individually for more than 10% of the accounts receivable for the year ended 30 June 2023 (30 June 2022: Three customers accounted for more than 10% of accounts receivable). Three customers accounted individually for more than 10% of the unbilled receivable and contract asset for the year ended 30 June 2023 (30 June 2022: Three customers accounted for more than 10% of unbilled receivable and contract asset).

Cash and cash equivalents and mutual funds

The Company held cash and cash equivalents and mutual funds with credit worthy banks and financial institutions of ' 5,987.24 lakhs as at 30 June 2023 (30 June 2022: ' 5,286.57 lakhs). The credit worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.

Other than trade and other receivables, the Company has no other financial assets that are past due but not impaired.

iii. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company's reputation.

The Company also constantly monitors funding options available in the debt and capital markets with a view to maintaining financial flexibility.

Exposure to liquidity risk

The table below analyses the Company's financial liabilities into relevant maturity groupings based on their contractual maturities for:

* all non derivative financial liabilities

iv. 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, foreign currency exchange rates and commodity prices) 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, interest rate risk and the market value of its investments. Thus, the Company's exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities in foreign currencies.

Currency risk

The fluctuation in foreign currency exchange rates may have potential impact on the profit and loss account and equity, where any transaction references more than one currency or where assets/ liabilities are denominated in a currency other than the functional currency of the entity.

Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in USD, SGD, GBP and Euro against the respective functional currencies of the Company and its subsidiaries.

The Company, as per its risk management policy, uses forward contract derivative instruments primarily to hedge foreign exchange. The Company does not use derivative financial instruments for trading or speculative purposes.

Sensitivity analysis

A 10% strengthening/ weakening of the respective foreign currencies with respect to functional currency of Company would result in increase or decrease in profit or loss as shown in table below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. The following analysis has been worked out based on the exposures as ofthe date ofstatements offinancial position.

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 has no borrowings from banks and financial institutions. The Company has margin money deposit with bank at fixed interest rate. Any movement in the market interest rate is not expected to significantly impact the fair value of deposits.

Capital Management

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development ofthe business.

The Company has adequate cash and bank balances and has no debt. The Company monitors its capital by a careful scrutiny ofthe cash and bank balances, and a regular assessment of any debt requirements. In the absence of any debt, the maintenance of debt equity ratio etc. may not be of any relevance to the Company.

34 Segmental reporting

Based on the "management approach" as defined in Ind AS 108-Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Group's performance as a single business segment namely travel and transportation vertical. The Company's CODM is Managing Director.

In accordance with paragraph 4 of Ind AS 108 "Operating Segments", issued by the Central Government, the Company has presented segment information only on the basis of the consolidated financial statements (refer note 34 of consolidated financial statements).

1) The above figures do not include provisions for encashable leave as separate actuarial valuations are not available.

2) Payable to Managing Director, Chief Financial Officer and Company Secretary.

The Company's management is of the opinion that its international transactions with related parties are at arms length and that the Company is in compliance with the transfer pricing legislation. Based on the above, the Company's management believes that the aforesaid legislation will not have any impact on the financial statements, particularly on the amount of tax expense and that of the provision for tax.

Ultimate parent company and parent company of larger group

The Company is a subsidiary undertaking of Accelya Group Topco Limited which is the ultimate parent company incorporated inJersey.

The ultimate controlling party as at 30June 2023 are various private equity funds within the portfolio of Vista Equity Partners Perennial:

Vista Equity Partners Perennial, L.P., Vista Equity Partners Perennial A, L.P. and Vista Equity Partners Perennial Equity, L.P., incorporated in Cayman Islands and Vista Co-Invest 2018-2 L.P. incorporated in the United States.

The largest group in which the results of the company are consolidated is that headed by Accelya Group Topco Limited. The consolidated financial statements are available to the public and may be obtained from Accelya Group Topco Limited.

The smallest group in which they are considered is that headed by Accelya Holding World S.L.U.

The Company has reviewed all its pending litigation and proceedings and has adequately provided where provision is required. The Company has disclosed contingent liabilities wherever applicable. The resolution of these legal proceedings is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.

Corporate Social Responsibility

As per the Companies Act, 2013, all companies having net worth of R 500 crores or more, or turnover of R 1,000 crores or more or a net profit of R 5 crores or more during any financial year will be required to constitute a Corporate Social Responsibility ("CSR") committee of the Board of Directors comprising three or more directors, at least one of whom shall be an independent director. The Company has constituted a committee comprising Mr. James Davidson, Mr. Nani Javeri * and Ms. Sangeeta Singh as its members. The committee is responsible for formulating and monitoring the CSR policy ofthe Company.

* Mr. Nani Javeri retired as an Independent Director on 7 July 2023. Ms. Meena Jagtiani, Independent Director, has replaced Mr. Nani Javeri as member ofthe CSR committee.

The Company has implemented CSR activities through following organizations:

- Catalysts for Social Action ("CSA"), a not-for-profit organization dedicated to the cause of child welfare and rehabilitation for children living in orphanages.

- Seva Sadan Society, a Not-for-profit organization dedicated to provide care, education and vocational training to empower underprivileged girls and women to be self sufficient (upto 30 June 2022).

- Sri Sathya Sai Health & Education Trust ("Sri Sathya Sai"), a not-for-profit organisation dedicated to provide children with congenital heart diseases with free of cost treatment.

The funds were donated to CSA and Sri Sathya Sai and utilized during the year on activities which are specified in Schedule VII of the Companies Act, 2013:

a) Gross amount required to be spent by the Company during the year is R 179.14 lakhs.

b) The Company's contribution to CSA, Seva Sadan Society and Sri Sathya Sai Health & Education Trust towards CSR during the year was:

i) CSA: K 152.27 lakhs (30 June 2022: K 181.05 lakhs)

ii) Seva Sadan Society: Nil (30June 2022: K 31.95 lakhs)

iii) Sri Sathya Sai: K 26.87 lakhs (30 June 2022: K Nil)

$ Improved due to increase in revenue and profit (on account of better operational performance)

* Decrease due to less investment and income generated from investments

42 Long term contracts

The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law/ accounting standards for material foreseeable losses on such long term contracts (including derivative contracts) has been made in the books of account.

43 Dividend distribution

Dividends paid during the year ended 30 June, 2023 include an amount of ^ 35 per equity share towards interim dividends for the year ending 30 June, 2023 and an amount of ^ 45 per equity share towards final dividends for the year ending 30 June, 2022. Dividends paid during the year ended 30June, 2022 include an amount of ^ 17 per equity share towards interim dividend for the year ended 30 June, 2022 and an amount of ^ 17 per equity share towards final dividends for the year ending 30June, 2021.

Dividends declared by the Company are based on profits available for distribution.

44 Code on social security

The Parliament has approved Code on Social Security, 2020 ("Code") relating to various employee benefits including post-employment benefits. While the Code has received the President's assent and also been published, the effective date is yet to be notified and the rules to be prescribed. The impact on the financial statements shall be assessed and recorded once the Code becomes effective and relevant rules thereunder are prescribed.

45 Exceptional items

The Exceptional items consist of profit on sale of Property, Plant & Equipment (1st floor of Building 'Sharada Arcade') at Pune.

46 Additional regulatory information

i) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

ii) Wilful Defaulter

The Company has not been declared wilful defaulter by any bank or financial institutions or government or any government authority during the current or previous year.

iii) Details of Benami Property held

During the current or previous year, no proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

iv) Loans and advances

During the current or previous year, the Company has not granted loans to its promoters, directors, KMPs and the other related parties (as defined under the Companies Act, 2013) which are repayable on demand or without specifying any terms or period of repayment or any other loans or advance in the nature of loans.

v) Undisclosed income

There have been no transactions which have not been recorded in the books of accounts, that have been surrendered or disclosed as income during the year ended 30 June 2023 and 30 June 2022, in the tax assessments under the Income Tax Act, 1961. There have been no previously unrecorded income and related assets which were to be properly recorded in the books of account during the year ended 30 June 2023 and 30June 2022.

vi) Borrowings from banks or Financial Institution on Security of Current Assets

The Company has no borrowings from banks and financial institutions on the basis of security of current assets during the current or previous year.

viii) Amount transferred to Investor Education and Protection Fund (IEPF)

There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the current or previous year.

ix) During the current or previous year, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 provide any guarantee, security or the like on behalf ofthe Ultimate Beneficiaries.

x) During the current or previous year, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, 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 provide any guarantee, security or the like on behalf ofthe Ultimate Beneficiaries.

xi) During the current or previous year, the Company has not made any investments during the year other than Investment in Mutual Funds. During the current or previous year, the Company has not granted secured/ unsecured loans/ advances in the nature of loans to any Company/ Firm/ Limited Liability Partnership/ Other Party during the year.

47 Subsequent events

The Board of Directors has recommended a final dividend of R 30/- per equity share for the year ended 30 June, 2023,

subject to the approval of the shareholders at the ensuing Annual General Meeting.

48 Previousyearfigures

Figures for the previous year have been regrouped/ reclassified wherever necessary to make them comparable.