Your directors take pleasure in presenting the 39^th Annual Report of your Company together with the Audited
Financial Statements of the Company for the financial year ended March 31, 2025.

1. Financial Highlights

The financial performance of your Company for the year ending March 31, 2025, is summarized below:

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2. Material changes and commitments

No material changes and commitments affecting the financial position of the Company occurred between the end

of the financial year to which this financial statement relates on the date of this report except:

(a) acquisition of 77.81% shareholding in CRG Solutions Private Limited, 100% shareholding in Alpharithm
Technologies Private Limited & balance 45% shareholding in Itarium Technologies India Private Limited;

(b) allotment of 35,82,068 equity shares through preferential issue by consideration other than cash to
discharge the company’s liability towards acquisition of equity shares of CRG Solutions Private Limited
and Alpharithm Technologies Private Limited, which became the subsidiaries of the Company;

(c) conversion of 1,90,32,960 partly paid-up equity shares into fully paid-up equity shares of the Company
upon the Company have made first and final call on the partly paid-up equity shares issued on March 3,
2025;

(d) forfeiture of 1,28,955 partly paid-up equity shares due to non-payment of first and final call on the partly
paid-up equity shares issued on March 3, 2025.

3. Consolidated Accounts

The consolidated financial statements for the year ended March 31, 2025 pursuant to Section 129(3) of the

Companies Act, 2013, form part of this Annual Report.

4. Dividend

The Board has not recommended any dividend during the year as the Company have incurred a losses during the

financial year.

5. Transfer to reserves

The Company do not propose to transfer any amounts to the reserves except that amount of securities premium
received on the issuance of equity shares by the Company.

6. Particulars of Loans, Guarantees and Investments

The particulars of loans / investments have been disclosed in the Financial Statements.

7. Deposits

During the year under review, your Company has not invited any deposits from public as per Section 73 of the
Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014.

During the financial year, the Company had received a loan from (a) Mr. Pankaj Ramesh Samani, Managing
Director a sum of Rs. 955.10 lacs and repaid Rs. 577.10 lacs; and (b Mr. Kaushal Uttam Shah, Director a sum of
Rs. 150 lacs and repaid 100 lacs; which are treated as an excluded deposit as per provisions of Chapter V of the
Companies Act 2013 and the Companies (Acceptance of Deposit) Rules, 2014 and the necessary declaration
required under these rules has been received by the Company.

8. Change in Capital Structure

During the year under review, the Company have issued and allotted 1,91,61,915 (One Crore Ninety -One lacs
Sixty-One Thousand Nine Hundred and Fifteen) partly paid up Equity shares of Rs. 10/- (Rupees Ten Only) each
through rights issue in accordance with the provisions of Companies Act, 2013 and rules made thereunder and the
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as
amended. Upon issuance and allotment of equity shares, the paid-up equity shares capital of the Company
increased from Rs. 19,16,19,150/- (Nineteen Crores Sixteen Lacs Nineteen Thousand One Hundred and Fifty
Only) consisting of 1,91,61,915 (One Crore Ninety -One Lacs Sixty-One Thousand One Hundred Fifty) fully paid-
up Equity shares of Rs. 10/- (Rupees Ten Only) each to Rs. 23,95,23,937.50/- (Rupees Twenty-Three Crores
Ninety-Five Lacs Twenty-Three Thousand Nine Hundred Thirty-Seven and Fifty Paisa Only) consisting of
1,91,61,915 (One Crore Ninety -One Lacs Sixty-One Thousand One Hundred Fifty) fully paid-up Equity shares
of Rs. 10/- (Rupees Ten Only) each and 1,91,61,915 (One Crore Ninety -One Lacs Sixty-One Thousand One
Hundred Fifty) partly paid-up Equity shares of Rs. 10/- (Rupees Ten Only) each.

9. Subsidiaries/ Joint Ventures / Associate Company

During the year under review, the Company has 2 (Two) subsidiaries namely Global Talent Track Private Limited
and Itarium Technologies India Private Limited.

The statement containing the salient features of the Financial Statements of the Company’s subsidiaries/ joint
ventures/ associates is given in Form AOC-1 attached and marked as ‘Annexure - A’.

10. Directors and Key Managerial Personnel

Mr. Shantanu Jagannath Surpure, Mr. Salil Sriram Shetty and Ms. Ruchika Mehta, was appointed as Independent
Directors with effect from April 22, 2024.

Mr. Samarjeetsinh Vikramsinh Ghatge was appointed as Independent Directors with effect from August 7, 2024.

Mr. Gopal Gangadharrao Patwardhan was appointed as Chief Executive Officer with effect from February 1,
2025.

Subsequent to closure of financial year, the designation of Mr. Ganesh Natarajan (DIN: 00176393) was changed
from Non-Executive Director (Chairman) to Chairman & Whole-time Director of the Company. Also, Mr.
Shantanu Jagannath Surpure resigned as Independent Director of the Company with effect from June 11, 2025.

Mr. Pankaj Samani (DIN: 06799990) who retires by rotation and being eligible, offers himself for reappointment,
as a Director of the Company.

The necessary disclosures required under the Companies Act, 2013 (“Act”) and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and Secretarial Standards-2 on General
Meetings issued by the Institute of Company Secretaries of India, for the above-mentioned reappointment is
provided in the Notice of ensuing Annual General Meeting of the Company.

11. Declaration by Independent Directors

The Company has received the declarations from all the Independent Directors confirming that they meet with
the criteria of independence as prescribed under Section 149(6) of the Act and the Regulation 16(1)(b) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”). There has
been no change in the circumstances affecting their status as Independent Directors of the Company and in the
opinion of the Board, the Independent Directors fulfil the conditions specified under the Act and the SEBI Listing
Regulations and are Independent of the management.

12. Familiarisation Programme for the Independent Directors

In compliance with the requirements of Regulation 25(7) of the SEBI Listing Regulations, the Company has put
in place a familiarisation programme for the Independent Directors to familiarise them with the Company, their
roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business
model etc. The details of the Familiarisation Programme are available on the website of the Company at
www.gttdata.ai/investors/policies/.

13. Performance Evaluation

The performance evaluation of the Board as a whole, the Board committees and individual board members carried
out through questionnaire approach wherein a questionnaire for performance evaluation of the Board as a whole,
Board committees and individual Board members was circulated seeking input from each Board member in
accordance with the provisions of Companies Act and the SEBI Listing Regulations and various guidance note
provided thereunder.

14. Remuneration Policy and Criteria for Appointment of Directors

The Company has in place a process for selection of any Director, wherein the Nomination and Remuneration
Committee identifies persons of integrity who possess relevant expertise, experience and leadership qualities
required for the position and the Committee also ensures that the incumbent fulfils such criteria with regard to
qualifications, positive attributes, independence, age and other criteria as laid down under the Act, SEBI Listing
Regulations or other applicable laws and the diversity attributes as per the Board Diversity Policy of the Company.

Further, the Company has a Policy on remuneration of Directors, Key Managerial Personnel and other Employees.
The salient features of the Remuneration Policy of the Company are as under:

A. Guiding Principles for Remuneration: The Company shall remunerate all its personnel reasonably and
sufficiently as per industry benchmarks and standards. The remuneration shall be commensurate to retain
and motivate the human resources of the Company The remuneration to directors, key managerial
personnel and senior management involves a balance between fixed and incentive pay reflecting short and
long-term performance objectives appropriate to the working of the company and its goals.

B. Components of Remuneration: The following will be the various remuneration components which may
be paid to the personnel of the Company based on the designation and class of the personnel.

a. Fixed Compensation;

b. Variable Compensation;

c. Non-monetary compensation.

The Remuneration Policy as approved by the Board is available on the website of the Company and can be accessed
at www.gttdata.ai/investors/policies/.

15. Management Discussion and Analysis

The Management Discussion and Analysis as prescribed under Part B of Schedule V read with Regulation 34(3)
of the Listing Regulations is provided in a separate section and forms part of this Report which includes the state
of affairs of the Company and there has been no change in the nature of business of the Company during FY25.

16. Corporate Governance Report

The Corporate Governance Report and the certificate from the practicing company secretaries as stipulated in
Schedule V of the SEBI Listing Regulations, are provided in a separate section and forming part of this Report.

17. Number of Board Meetings

The Board of Directors of the Company met 8 (Eight) times during the year under review. The dates of the Board
meeting and the attendance of the Directors at the said meetings are provided in the Corporate Governance
Report, which forms a part of this Report.

18. Committees of the Board

As on March 31, 2025, the Board has 3 (Three) statutory committees. Audit Committee, Nomination and
Remuneration Committee and Stakeholders Relationship Committee and 1 (One) voluntary committee. Rights
Issue Committee. The details pertaining to the meetings and composition of the Committees of the Board are
included in the Corporate Governance Report, which forms part of this Report.

19. Related Party Transactions

The policy on Related Party Transactions as approved by the Board is available on the website of the Company at
www.gttdata.ai/investors/policies/.

All the related party transactions were entered by the Company in ordinary course of business and were in arm's
length basis. The disclosure in Form AOC-2 as per rule 8(2) of Companies (Accounts) Rules, 2014 as amended is
given and marked as ‘Annexure - B’. The details of the related party transaction have been stipulated in the
financial statements and notes thereto forming part of the annual report.

20. Directors Responsibility Statement

Pursuant to the requirements under Section 134(5) read with Section 134(3)(c) of the Act, with respect to Directors’
Responsibility Statement, it is hereby confirmed that:

i) in the preparation of the annual accounts, for the financial year ended March 31, 2025 the applicable accounting
standards have been followed;

ii) the directors have selected such accounting policies and applied them consistently and made judgments and
estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the loss of the Company for the year under review;

iii) the directors have taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;

iv) the directors have prepared the annual accounts on a going concern basis;

v) the directors had laid down internal financial controls to be followed by the company and that such internal
financial controls are adequate and were operating effectively;

vi) the directors had devised proper system to ensure compliance with the provisions of all applicable laws and
that such system were adequate and operating effectively.

21. Internal Controls and Internal Financial Controls

The Company has established a comprehensive internal controls framework. This framework encompasses an
array of policies, procedures, and mechanisms that are pivotal in augmenting operational efficiency and
effectiveness, curtailing risks and expenditures, and fostering enhanced decision-making and accountability.

The internal financial controls framework, an integral component of the broader internal controls system, is pivotal
in guaranteeing the dependability and precision of financial reporting. This framework facilitates the meticulous
preparation of financial statements by generally accepted accounting standards.

22. Whistle-blower Policy / Vigil Mechanism

The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business
operations and in order to maintain these standards, the Company encourages the employees to voice their genuine
concerns without fear of censure, therefore Company has built in and set up the Whistle Blower Policy, according
to which all the directors, employees of the Company including third party, are eligible to make disclosures under
the mechanism in relation to the matter concerning the Company.

The policy is available on the website of the Company www.gttdata.ai/investors/policies/.

23. Annual Return

The draft Annual Return as required under sub-section (3) of Section 92 of the Act in form MGT-7 is made
available on the website of the Company and can be accessed at www.gttdata.ai/investors/annual-return/

24. Auditors

♦ Statutory Auditors

M/s. Mehta and Mehta, Chartered Accountants (FRN: 016513C) were appointed as statutory auditors of the
Company by the members at their 38^th AGM, for a period of 5 years from conclusion of the 38th AGM till
conclusion of the 43rd AGM.

The Statutory Auditor’s Report for the financial year ended March 31, 2025, has been issued with an unmodified
opinion, by the Statutory Auditors.

♦ Cost Auditors

The Cost Audit pursuant to section 148 of the Companies Act, 2013 read with Companies (Cost Records and
Audit) Rules, 2014 is not applicable to the Company.

♦ Secretarial Auditor

The Board of Directors have appointed M/s. SKGK & Associates LLP, Company Secretaries, to undertake the
Secretarial Audit of the Company for FY 2024-25. The Secretarial Audit Report in the Form No. MR - 3 for the
year is provided as Annexure - C1 to this Report.

The Secretarial Audit Report for the financial year contains observation / remark as follows:

In accordance with the provision of Regulation 24A of the Listing Regulations, Secretarial Audit of two material
unlisted Indian subsidiaries of the Company namely, Global Talent Track Private Limited (GTTPL) and Itarium
Technologies India Private Limited (ITIPL), was undertaken by M/s. Kirti Sharma & Associates, Company
Secretaries, Pune and M/s. Kanj & Co. LLP, Company Secretaries and the Secretarial Audit Reports issued by
them are provided as Annexure - C2 and Annexure - C3 respectively to this Report.

In order to comply with the recent amendments of Listing Regulations Board of Directors of the Company has
proposed, to appoint M/s. SKGK & Associates LLP, Company Secretaries, Pune to undertake the Secretarial
Audit of the Company for a period of 5 (five) consecutive years, commencing from the 39th AGM to hold office
till the conclusion of the 44th AGM of the Company. Disclosure regarding appointment as required under SEBI
Listing Regulations is provided in the Notice of the 39th AGM of the Company and forms part of this Annual
Report.

Your Board recommends the appointment of M/s. SKGK & Associates LLP, Company Secretaries, Pune as the
Secretarial Auditor of the Company, for a term of five consecutive years.

25. Fraud Reporting

There were no frauds reported by the auditor during the year under sub-section (12) of section 143 other than
those which are reportable to the Central Government.

26. Maintenance of Cost Records

The Company is not required to maintain the cost records under the provisions of section 148 of the Company
Act, 2013.

27. Energy conservation, technology absorption & Foreign Exchange Earnings and Outgo

(A) Conservation of energy:

Steps taken / impact on conservation of energy, with special reference to the following:

(i) Steps taken or impact on conservation of energy: Installation of energy-efficient lighting along with motion
sensors to prevent unnecessary power wastage.

(ii) Steps taken by the company for utilizing alternate sources of energy including waste generated: Nil

(iii) Capital investment on energy conservation equipment: Nil

(B) Technology absorption:

(i) Efforts, in brief, made towards technology absorption: Nil

(ii) Benefits derived as a result of the above efforts, e.g., product improvement, cost reduction, product
development, import substitution, etc.: Nil

(iii) In case of imported technology (imported during the last 3 years reckoned from the beginning of the financial
year), following information may be furnished: Nil

(a) Details of technology imported: Nil

(b) Year of import: Nil

(c) Whether the technology been fully absorbed: Nil

(d) If not fully absorbed, areas where absorption has not taken place, and the reasons therefore: Nil

(iv) The expenditure incurred on Research and Development: Nil

(C) Foreign exchange earnings and Outgo:

28. Business Risk Management

The Board of Directors have developed & implemented a robust risk management policy which identifies the key
elements of risks that threatens the existence of the Company.

29. Significant and material orders passed by the regulators or courts

There are no significant material orders passed by the Regulators / Courts which would impact the going concern
status of the Company and its future operations.

30. Particulars of Employees

The information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are given in Annexure D.
Further, during the period under review, no employee of the Company drew remuneration in excess of the limits
specified under the provisions of Section 197(12) of the Companies Act, read with Rules 5(2) and 5(3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and hence no disclosure is
required to be made in the Annual Report.

31. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013

The Company has in place a prevention of sexual harassment policy in line with the requirements of the Sexual
Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013.

Further, the Company was committed to providing a safe and conducive work environment to its employees
during the year under review. Your directors further state that during the year under review, there were no cases
filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013.

Summary of sexual harassment complaints received and disposed of during the financial year:-

No. of complaints received: 0

No. of complaints disposed off: 0

No of cases pending for more than ninety days :0

32. Statement regarding compliances of applicable Secretarial Standards

The Company has complied with the provisions of applicable Secretarial Standards issued by the Institute of
Company Secretaries of India.

33. Succession Plan

Your Company has an effective succession planning mechanism focusing on the orderly succession of Directors,
Key Management Personnel and Senior Management and the same is available on the website of the Company at
www.gttdata.ai/investor /policies/.

34. Cautionary Statement

The statements contained in the Board’s Report contain certain statements relating to the future and therefore are
forward looking within the meaning of applicable laws and regulations.

Various factors such as economic conditions, changes in government regulations, tax regime, other statues, market
forces and other associated and incidental factors may however lead to variation in actual results.

35. Acknowledgement

Your directors wish to express their grateful appreciation to the continued co-operation received from the banks,
government authorities, customers, vendors and shareholders during the year under review. Your directors also
wish to place on record their deep sense of appreciation for the committed service of the executives, staff, and
workers of the Company.

For & on behalf of the Board of Directors

GTT Data Solutions Limited

(Formerly known as Cinerad Communication Limited)

Pankaj Ramesh Samani Kaushal Uttam Shah

DIN: 06799990 DIN: 02175130

Managing Director Director

Date: August 14, 2025
Place: Pune