r) Provisions and contingent liabilities

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of past events, and 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 effect of the time value of money is material, the Company
determines the level of provision by discounting the expected cash flows at a pre-tax rate reflecting the current rates specific to the
liability. The expense relating to any provision is presented in the statement of profit and loss net of any reimbursement.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be
required to settle the obligation or a reliable estimate of the amount cannot be made.

s) Borrowing Cost

Borrowing cost includes interest, Bang Guarantee Charges, amortization of ancillary costs incurred in connection with the
arrangement of borrowings. All borrowing costs are expensed in the period in which they occur.

t) Earnings per share

The Company reports basic and diluted earnings per share in accordance with Ind AS 33 on Earnings per share.

(i) Basic earnings per share

Basic EPS is calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting
preference dividend and attributable taxes) by the weighted average number of equity shares outstanding during the year.

(ii) Diluted Earnings per share

For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders
and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential
equity shares. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless they have been
issued at a later date. In computing the dilutive earnings per share, only potential equity shares that are dilutive and that either
reduces the earnings per share or increases loss per share are included.

u) Insurance Claims

Insurance claims are accounted for on the basis of claims admitted/expected to be admitted and to the extent that there is no
uncertainty in receiving the claims.

v) Rounding off

All amounts disclosed in the standalone financial statements and notes have been rounded off to the nearest "crores" as per the
requirement of Schedule III, unless otherwise stated.

w) Contributed Equity

Equity shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from
the proceed.

x) Dividends

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded
as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial
instruments classified as equity will be recognized accordingly.

2.2. Key accounting judgments, estimates and assumptions

The preparation of the Company's financial statements requires the 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.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more
likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed
information about each of these estimates and judgements is included in relevant notes together with information about the basis of
calculation for each affected line item in the standalone financial statements.

• Estimation of current tax expense ,recognition of deferred tax assets- Note 30

• Estimation of defined employee benefit obligation - Note 31

• Impairment of investment in foreign subsidiary - Note 6

• Evaluation if an arrangement qualifies as 'lease' under Ind AS 116.

• Fair valuation of share based payments - Note 41

Estimates and judgements are evaluated continually. They are based on historical experience and other factors, including expectations
of future events that may have a financial impact on the Company and that are believed to be reasonable under the circumstances.

Nature and purpose of reserve
Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to statutory reserves, general reserve and
divided distributed to shareholders.

General reserve

The reserves can be distributed/utilised by the Company,in accordance with the Companies Act, 2013
Capital reserve

Capital reserve is the excess of net assets taken over cost of consideration paid in the financial year 2013-2014, in terms of the Scheme of
Amalgamation (the scheme), IDFC Capital Limited, IDFC Distribution Company Limited and IDFC Pension Fund Management Company
Limited, wholly owned subsidiaries of the Company (referred to as 'Transferor Companies'), have been amalgamated with the Company
(Transferee Company).

Securities premium

Securities premium represents the surplus proceeds received over the face value of shares, at the time of issue of shares
Share based payment reserve

This reserve is created on account of ESOP granted by the Company
Other comprehensive income (OCI)

OCI Includes remeasurement of defined employee benefits plan on account of acturial gains and losses as per Ind AS 19 Employee
Benefits and translation gain / loss.

b) Defined benefit plans

The Company has a defined benefit gratuity plan in India (funded). The Company's defined benefit gratuity plan is a final salary plan
for its employees, which requires contributions to be made to a separately administered fund. The gratuity plan is governed by the
Payment of Gratuity Act, 1972. Under the act, employee who has completed five years of service is entitled to specific benefit. The
level of benefits provided depends on the member's length of service and salary at retirement age.

The following tables summarise the components of net benefit expense recognised in the statement of profit and loss and the
funded status and amounts recognised in the balance sheet for the respective plans:

36. Capital management

The Company considers total equity as shown in the balance sheet including retained profit to be managed capital. The Company aim
to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to shareholders. 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.there are no non-compliance with any covenants of borrowings.

a) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a)
recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the standalone
financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has
classified its financial instruments into the three levels prescribed under the Ind AS 113.

The Company uses the following hierarchy for determining and disclosing the fair value of financial assets by
valuation technique:

The fair value of financial instruments are classified into three categories i.e. Level 1, 2 or 3 depending on the inputs used in the
valuation technique. The hierarchy gives the highest priority to quoted prices in active market for identical assets or liabilities (level
1 measurements) and lowest priority to unobservable inputs (level 3 measurements).

The hierarchies used are as follows:

Level 1: The fair value of financial instruments traded in active markets (such as publicly traded equity securities and mutual funds)
is based on quoted market prices at the end of the reporting period. The mutual funds are valued using the closing NAV. These
instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs
required to fair value an instrument are observable, the instrument is included in level 2

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

As the reporting date, there are no financial instruments which are measured at FVTOCI

Further,

i) There are no transfers between levels 1,2 and 3 during the year ended March 31,2025 and for the year ended March 31,2024.

ii) The Company's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the

reporting year.

b) Valuation technique used to determine fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal
(or most advantageous) market at the measurement date under current market conditions (i.e. an exit price), regardless of whether
that price is directly observable or estimated using a valuation technique.

Specific valuation techniques used to value financial instruments include:

• the fair value of the quoted equity instruments is determined using market price listed on stock exchange.

• the fair value of the unquoted mutual fund units is determined using observable NAV representing repurchase price issued by
the mutual fund.

• the fair value of the remaining financial instruments is determined using discounted cash flow analysis and the discount rates
used were adjusted for counterparty or own credit risk.

c) Valuation Process

The finance department of the Company performs the valuations of financial assets and liabilities required for financial reporting
purposes. This team directly reports to the chief financial officer (CFO). Discussion on valuation processes are help periodically
between CFO and the team.

d) Fair value of financial assets and liabilities measured at amortised cost

For financial assets and financial liabilities that have a short-term maturity, the carrying amounts are a reasonable approximation
of their fair value. Such instruments include, cash and bank balances, bank deposits, trade and other receivables, security deposits,
loans to employees, other financial assets and trade and other payables. Such amounts have been classified as Level 3 on the basis
that no adjustments have been made to the balances in the balance sheet.

For financial assets and financial liabilities measured at fair value, the carrying amounts are equal to the fair values.

39. Financial risk management
39.01. Introduction

Risk management is an integral part of the business practices of the Company. The framework of risk management concentrates on
formalising a system to deal with the most relevant risks, building on existing management practices, knowledge and structures. The
Company's senior management has the overall responsibility for the establishment and oversight of the Company's risk management
framework. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the
Company's activities.

The risk management framework of the Company is enforced by the finance team and experts of business division that provides
assurance that the Company's financial risk activities are governed by appropriate policies and procedures and that financial risks are
identified, measured and managed in accordance with the Company's policies and risk objectives. The activities are designed to:

i) protect the Company's financial results and position from financial risks;

ii) maintain market risks within acceptable parameters, while optimising returns;

iii) protect the Company's financial investments, while maximising returns.

124 | DAM Capital Advisors Limited

39.02. Credit risk

Credit risk is the risk of suffering financial loss, should any of the Company's,clients or market counterparties fail to fulfil their contractual
obligations to the Company. Credit risk arises mainly from trade and other receivables.

i) Trade and other receivables

Trade and other receivables are reviewed and assessed for default on an individual basis. The credit risk is perceived to be low due
to regular monitoring of receivables, historically low default rate and escrow mechanisms for capital market trades.

ii) Other financial assets

The Company maintains exposure in cash and cash equivalents, deposits with banks, and other financial assets. Cash and cash
equivalents and bank deposits are held with only high rated banks/financial institutions only, therefore credit risk is perceived to
be low. Further, for debt instruments carried at fair value through profit and loss, the Company has no significant concentration of
credit risk.

39.03. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. Prudent liquidity risk
management implies maintaining sufficient cash and liquid investments. The Company believes that current cash and bank balances,
bank deposits and investments in liquid investments are sufficient to meet liquidity requirements.Moreover, the Company has no external
borrowings. Accordingly, liquidity risk is perceived to be low. The following table shows the maturity analysis of financial liabilities of the
Company based on contractually agreed undiscounted cash flows as at the balance sheet date:

39.04. Market Risk

Market risk is the risk of loss of future earnings, volatility of future cash flows and fluctuations in fair value of financial assets. The fair value
of a financial asset may fluctuate because of changes in interest rates, foreign currency exchange rates, equity prices and other market
changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments.

i) Interest rate risk:

Interest rate risk is the risk that the fair value of a financial instrument will fluctuate because of changes in market interest rates. The
Company is exposed to fair value changes due to interest rate risk from investments held in units of debt-oriented mutual funds.
The Group's exposure in investment held in units of debt oriented mutual funds in H Nil (March 31,2024 H Nil )

ii) Foreign currency risk:

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, primarily
with respect to the USD, GBP , EUR and SGD. Foreign exchange risk arises from commercial transactions and recognised assets and
liabilities denominated in a currency that is not the functional currency (INR) of the Company.

The management does not undertake any hedging activity or otherwise to offset or mitigate the foreign currency risk. Foreign
currency exposure is partly balanced by purchasing of services in the respective currencies, which acts as a natural hedge for
the Company.

iii) Price risk

Price risk is the risk that the fair value of a financial instrument will fluctuate because of changes in market prices caused by factor
affecting all similar instruments traded in the market. The Company's exposure to the price risk arises from investment in quoted
equity instrument classified as FVTOCI as at March 31. The Company's exposure in quoted equity instrument classified as FVTOCI as
at March 31,2025 is Nil (March 31,2024 H Nil)

42. Disclosure of Financial Ratio

Additional regulatory information required under (WB)(xvi) of Division III of Schedule III amendment, disclosure of ratios, is not applicable
to the Company as it is in broking business and not an NBFC registered under Section 45-IA of Reserve Bank of India Act, 1934.

43. There were no amounts which were required to be transferred to the Investor Education and Protection by the Company.

44. The Company, as a process, reviews and ensures to make adequate provisions for material foreseeable loss, if any, on all long-term
contracts. As on the reporting date there is no material foreseeable loss on any long-term contract.

45. The Company, has no undisclosed transactions / income for the current financial year.

46. There are no transactions which are not recorded in the books of account which have been surrendered or disclosed as income for
the year ended March 31,2025 and for the year ended March 31,2024 in the tax assessments under the Income Tax Act, 1961.

47. The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

48. There is no proceedings initiated and pending against the Company for holding any Benami properties under the Benami
transactions ( Prohibitions ) act, 1988. (45 of 1988) and the rules there made under.

49. The Company, has not traded or invested in Crypto Currency or Virtual Currency.

50. The Company has no satisfaction of charges which are pending to be filled with ROC.

51. The Company does not have any transactions for the year ended March 31, 2025 and for the year ended March 31, 2024 with
Companies struck off under section 248 of the Companies Act,2013 or section 560 of the Copanies Act,1956.

52. There are no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or other kind of funds) by the Company to or in any other person or entity,
including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

53. There are no funds (which are material either individually or in the aggregate) have been received by the Company from any
person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

54 Offer for Sale (OFS)

During the year ended March 31,2025, the Company's equity shares have been listed on National Stock Exchange of India Limited ("NSE")
and on BSE Limited ("BSE") on December 27, 2024, by completing Initial Public Offering ("IPO") through offer for sale ("OFS") of 29,690,900
equity shares of face value of H2 each at an issue price of H283 per equity share by Multiples Alternate Asset Management Private Limited,
Narotam Satyanarayan Sekhsaria, RBL Bank Limited, Easyaccess Financial Services Limited and Dharmesh Mehta (collectively referred to
as "selling shareholders"). The Company has received proceeds in the share escrow account amounting to H840.25 crore out of which
H800.25 crore paid to selling shareholders and H32.55 crore to various parties for initial public offer expenses. The remaining funds
amounting to H7.45 crore, which are yet to be paid to the selling shareholders after payments of initial public offer expenses, is held in
share escrow account. As per the Offer Agreement entered between the Company and the selling shareholders, the selling shareholders
shall reimburse the share issue expenses. Accordingly, the Company has recovered the expenses incurred in connection with the Issue
on completion of IPO during the current year. Being 100% OFS, the Company has not presented the utilisation of the proceeds of IPO.
The unutilised amount as on March 31,2025, is held in share escrow account with schedule commercial bank.

56 Subsequent events

The Board of Directors in their meeting held on May 14, 2025 have proposed final dividend of per equity share for the year ended
March 31,2025.

As per our attached report of even date

For and on behalf of the Board of Directors of

For KKC & Associates LLP DAM Capital Advisors Limited

Chartered Accountants CIN : L99999MH1993PLC071865

(formerly Khimji Kunverji & Co LLP)

Registration No.:105146W/W100621

Sd/- Sd/- Sd/-

Devang Doshi Dharmesh Mehta Jateen Doshi

Partner Managing Director and Director

Membership No.: 140056 Chief Executive Offier (DIN : 08476768)

(DIN : 06734366)

Sd/- Sd/-

Hitesh Desai Sonal Katariya

Chief Financial Officer Company Secretary

Place : Mumbai Place : Mumbai

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