5.17 Provisions, contingent liabilities and
contingent assets

Provisions are recognized when the Company
has a present (legal or constructive) obligation
as a result of past events, for which it is probable
that an outflow of resources will be required to
settle the obligation and a reliable estimate of the
amount can be made. Provisions required to settle

are reviewed regularly and are adjusted where
necessary to reflect the current best estimates of
the obligation. Provisions are discounted to their
present values, where the time value of money is
material.

Contingent liability is disclosed unless the
likelihood of an outflow of resources is remote
and there is a possible obligation or a present
obligation that may, but probably will not, require
an outflow of resources.

Contingent assets are disclosed only when inflow
of economic benefits therefrom is probable and
recognized only when realization of income is
virtually certain.

5.18 Earnings per share

Basic earnings per share is calculated by dividing
the net profit or loss for the period attributable to
equity shareholders (after deducting attributable
taxes) by the weighted average number of
equity shares outstanding during the period.
The weighted average number of equity shares
outstanding during the period is adjusted for
events including a bonus issue.

For the purpose of calculating diluted earnings
per share, the net profit or loss for the period
attributable to equity shareholders and the
weighted average number of shares outstanding
during the period are adjusted for the effects of all
dilutive potential equity shares.

5.19 Rounding of amounts

All amounts disclosed in the financial statements
and notes have been rounded off to the nearest
millions and upto two decimals as per the
requirement of Division II of Schedule III, unless
otherwise stated.

5.20 Critical estimates and judgements

The preparation of financial statements requires the
use of accounting estimates which, by definition,
will seldom equal the actual results. Management
also needs to exercise judgement in applying the
Company’s accounting policies. 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 consolidated

financial statements.

a) Recognition of deferred tax assets - The extent to
which deferred tax assets can be recognized
is based on an assessment of the probability
of the future taxable income (supported by
reliable evidence) against which the deferred
tax assets can be utilized.

b) Evaluation of indicators for impairment of non¬
financial assets - The evaluation of applicability
of indicators of impairment of assets requires
assessment of several external and internal
factors which could result in deterioration of
recoverable amount of the assets.

c) Contingent liabilities - At each balance sheet
date basis the management judgment,
changes in facts and legal aspects, the
Company assesses the requirement of
provisions against the outstanding contingent
liabilities. However, the actual future outcome
may be different from this judgement.

d) Impairment of financial assets - At each balance
sheet date, based on historical default rates
observed over expected life, existing market
conditions as well as forward looking estimates,
the management assesses the expected
credit losses on outstanding receivables.
Further, management also considers the
factors that may influence the credit risk of
its customer base, including the default risk
associated with industry and country in which
the customer operates.

e) Defined benefit obligation (DBO) -

Management’s estimate of the DBO is based
on a number of underlying assumptions
such as standard rates of inflation, mortality,
discount rate and anticipation of future salary
increases. Variation in these assumptions may
significantly impact the DBO amount and the
annual defined benefit expenses.

f) Useful lives of depreciable/amortisable assets

- Management reviews its estimate of the
useful lives of depreciable/amortisable assets
at each reporting date, based on the expected
utility of the assets. Uncertainties in these
estimates relate to technical and economic

obsolescence that may change the utilisation
of assets.

g) Leases - 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 (including
anticipated renewals) and the applicable
discount rate. The Company determines the
lease term as the non-cancellable period of a
lease, together with both periods covered by
an option to extend the lease if the Company
is reasonably certain to exercise that option;
and periods covered by an option to terminate
the lease if the is reasonably certain not to
exercise that option. In assessing whether the
Company is reasonably certain to exercise an
option to extend a lease, or not to exercise an
option to terminate a lease, it considers all
relevant facts and circumstances that create
an economic incentive for the Company to
exercise the option to extend the lease, or not
to exercise the option to terminate the lease.
The Company revises the lease term if there
is a change in the non-cancellable period of a
lease.

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

5.21 Exceptional items

Exceptional items are those items which meet the
test of ‘materiality’ (size and nature) and the test of
‘incidence’. The test of Incidence or the frequency
of occurrence should be determined basis specific
facts and circumstances of entity concerned,
considering various factors, such as, the nature of
its activities, the economic environment in which
it operates, past experience, future expectations,
etc. and not in general, as what could be a frequent
item for one entity may be infrequent for other.

Generally, items of income or expense fulfilling
the above-mentioned criteria are classified as
exceptional items and are disclosed separately.

5.22 Amended Accounting Standards (Ind AS)
and interpretations effective during the
period

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. MCA
has notified below new standards / amendments
which were effective from 01 April, 2024.

h) Introduction of Ind AS 117 - Insurance contracts

MCA notified Ind AS 117, a comprehensive
standard that prescribe, recognition, measurement
and disclosure requirements, to avoid diversities in
practice for accounting insurance contracts and
it applies to all companies i.e., to all "insurance
contracts" regardless of the issuer. However, Ind

AS 117 is not applicable to the entities which are
insurance companies registered with IRDAI.

ii) Amendments to Ind AS 116 -Lease liability in a
sale and leaseback

The amendments require an entity to recognise
lease liability including variable lease payments
which are not linked to index or a rate in a way it
does not result into gain on right-of-use asset it
retains.

The Company has reviewed the new
pronouncements and based on its evaluation has
determined that these amendments do not have
a significant impact on the standalone financial
statements.

Nature and purpose of other reserves

Capital reserve

Capital reserve represents difference between share capital of transferor entity and share capital issued to erstwhile
shareholders of transferor entity.

Securities premium

Securities premium represents the premium on issue of shares. This balance can be utilised in accordance with
provisions of the Act.

Share options outstanding account

This account is used to recognise the grant date fair value of the options issued to eligible employees pursuant
to the Company's employee stock option plan.

Debenture redemption reserve

This reserve is created as per the requirements of the Act in reference to non-convertible debentures issued by
the Company.

Retained earnings

Retained earnings comprises of current period and prior periods undistributed earnings after tax. It includes re¬
measurement loss on defined benefit plans, net of taxes that will not be re-classified to statement of profit & loss.

40 Fair value disclosures

(i) Fair value hierarchy

The following explains the judgements and estimates made in determining the fair values of the financial
instruments. 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 accounting
standard.

Level 1: quoted prices (unadjusted) in active markets for financial instruments.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly.

Level 3: unobservable inputs for the asset or liability.

Valuation techniques used to determine fair value

The fair value of the financial assets and liabilities are included at the amount that would be received to sell
an asset and paid to transfer a liability in an orderly transaction between market participants. The following
methods were used to estimate the fair values:-

Trade receivables, cash and cash equivalents, bank balances other than cash and cash equivalents, other
financial assets, trade payables and other financial liabilities: Approximate their carrying amounts largely
due to the short-term maturities of these instruments.

Loans given by the Company are linked to market rate of interest and hence, carrying value best estimate
of fair value.

Borrowings taken by the Company are as per the Company's credit and liquidity risk assessment and
there is no comparable instrument having the similar terms and conditions with related security being
pledged and hence the carrying value of the borrowings represents the best estimate of fair value.

41 Financial risk management

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

• Credit risk ;

• Liquidity risk ;

• Market risk

Risk management framework

The Company's board of directors has overall responsibility for the establishment and oversight of the
Company's risk management framework. The board of directors have authorized the Managing Director to
establish the processes, who ensures that executive management controls risks through the mechanism of
properly defined framework.

The Company's risk management policies are established to identify and analyse the risks faced by the
Company, to set appropriate risks limits and controls, and to monitor risks and adherence to limits. Risk
management policies are reviewed regularly to reflect changes in market conditions and the Company's
activities. The Company, through its training and management standards and procedures, aims to maintain
a disciplined and constructive control environment in which all employees understand their roles and
obligations.

(a) Credit risk

i) Credit risk management

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial asset
fails to meet its contractual obligations. The Company’s exposure to credit risk is influenced mainly by
the individual characteristics of each financial asset. The carrying amounts of financial assets represents
the maximum credit risk exposure.

A default on a financial asset is when the counterparty fails to make contractual payments as per agreed
terms. This definition of default is determined by considering the business environment in which entity
operates and other macro-economic factors.

The Company has a credit risk management policy in place to limit credit losses due to non-performance
of counterparties. The Company monitors its exposure to credit risk on an ongoing basis. Assets are
written off when there is no reasonable expectation of recovery. Where loans and receivables are written
off, the Company continues to engage in enforcement activity to attempt to recover the dues.

Trade receivables

The Company closely monitors the credit-worthiness of the receivables through internal systems that
are configured to define credit limits of customers, thereby, limiting the credit risk to pre-calculated
amounts. The Company uses a simplified approach (lifetime expected credit loss model) for the purpose
of computation of expected credit loss for trade receivables. Expected credit losses are measured on
collective basis for each of the following categories:

Cash and cash equivalents and bank balances other than cash and cash equivalents

Credit risk related to cash and cash equivalents and bank deposits is managed by only investing in
deposits with highly rated banks and financial institutions and diversifying bank deposits and accounts
in different banks. Credit risk is considered low because the Company deals with highly rated banks and
financial institution.

Loans

Loans are measured at amortised cost includes loans given to subsidiaries. Credit risk related to these
financial assets is managed by monitoring the recoverability of such amounts continuously, while at the
same time internal control system are in place to ensure the amounts are within defined limits Credit
risk is considered low because the Company is in possession of the underlying asset and these are given
to related parties.

Other financial assets

Other financial assets measured at amortized cost includes security deposits and other receivables.
Credit risk related to these financial assets is managed by monitoring the recoverability of such amounts
continuously, while at the same time internal control system are in place to ensure the amounts are within
defined limits. Credit risk is considered low because the Company is in possession of the underlying asset
(in case of security deposit) or as per trade experience (in case of unbilled revenue from patient and other
receivables from revenue sharing arrangements). Further, the Company creates provision by assessing
individual financial asset for expectation of any credit loss basis 12 month expected credit loss model.

Note a: All transactions with related parties are made on the terms equivalent to those that prevail in arm's length
transactions and within the ordinary course of business. All outstanding balances are unsecured and repayable/
receivables will be settled in cash.

Note b: The Company has given support letter (letter') to GHL Pharma & Diagnostic Private limited (Subsidiary
Company) for providing operational and financial support for a period of 12 months from the date of said letter.

43 Capital management

The Company’s objectives when managing capital are:

- To ensure the Company’s ability to continue as a going concern, and

- To maintain optimum capital structure and to reduce cost of capital.

Management assesses the capital requirements in order to maintain an efficient overall financing structure.
The Company manages the capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets. The Company is not subject to externally imposed
capital requirements. The Company manages its capital requirements by overseeing the gearing ratio:

Notes:

(i) I ncome-tax matters are primarily around disallowances related to employee share based payment
expense and certain other expenses and are pending with Commissioner of Income-tax (Appeals).

(ii) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the
above pending resolution of the respective proceedings.

(iii) The amounts disclosed above represent the best possible estimates arrived at on the basis of available
information and do not include any penalty payable.

(iv) The Company is contesting various medical/employee-related legal cases in various forums. Based on
the legal view from an external consultant and internal analysis, contingent liabilities have been created
for these cases, except where the likelihood of any outflow of resources is remote.

45 Lease related disclosures

(i) As lessee

The Company has leases for land, buildings, equipments and vehicles. With the exception of short-term leases
and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset
and a lease liability. Variable lease payments which do not depend on an index or a rate are excluded from the
initial measurement of the lease liability and right of use assets. The Company has presented its right-of-use
assets in the balance sheet separately from other assets.

Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublease
the asset to another party, the right-of-use asset can only be used by the Company. Some leases contain
an option to extend the lease for a further term. The Company is prohibited from selling or pledging the
underlying leased assets as security. For leases over building premises, plant & equipment, vehicles and land,
the Company must keep those properties in a good state of repair and return the properties in their original
condition at the end of the lease. Further, the Company is required to pay maintenance fees in accordance
with the lease contracts.

C Other long term employee benefits

An amount of ' 82.74 millions (31 March 2024: ' 8.34 millions) pertains to expense towards compensated
absences.

47 Share based payments

Global Health Employee Stock Option Scheme 2016

The Company vide General Meeting resolution dated 13 July 2016 approved "Global Health Employee Stock
Option Scheme 2016” for granting employee stock options in the form of equity shares linked to the completion
of a minimum period of continued employment to the eligible employees. The eligible employees, including
directors, for the purpose of this scheme will be determined by the Remuneration Committee from time to
time. Each unexercised stock option entitle the eligible employee to avail five shares. Total options to be granted
under this Scheme are 1,025,000. The vested options can be exercised within a period of 3 years from the date
of vesting. This Scheme was further amended on 17 September 2021 to align with the Securities and Exchange
Board of India (Share Based Employee Benefits Regulations and Sweat Equity) Regulations, 2021 (the "SEBI
SBEB Regulations”).

During the year ended on 31 March 2025 and 31 March 2024, the Company has recorded an employee stock
compensation expense of ' Nil million and ' 1.56 millions respectively.

During the year ended on 31 March 2025, the total number of options vested but not exercised is 4,000 (31
March 2024: 20,000).

The weighted average share price on the date of exercise is ' 1,179.43 (31 March 2024: ' 820.56).

Global Health Employee Stock Option Scheme 2021

The Company vide General Meeting resolution dated 17 September 2021 approved "Global Health Employee
Stock Option Plan 2021” for granting employee stock options in the form of equity shares linked to the completion
of a minimum period of continued employment to the eligible employees. During the year ended 31 March 2025,
the Board of Directors and the shareholders of the Company have approved the cancellation of "Global Health
Employee Stock Option Plan 2021".

Global Health Limited Employees Long-Term Share Based Incentive Plan - 2024

"The Board of Directors and the shareholders of the Company on 14 November 2024 and 27 December 2024
respectively, approved Global Health Limited Employees Long-Term Share Based Incentive Plan - 2024 ("GHL
LTIP 2024 Plan”) for eligible employees of the Holding Company and its subsidiaries and associates. Under the
GHL LTIP 2024 Plan, which will be implemented through a Trust, the maximum number of shares that may be
allotted shall not exceed 1,750,000 equity shares of ' 2 each through primary issuance and 5,370,147 equity

shares (i.e. 2% of paid up capital of the Holding Company as on 31 March 2024), through secondary acquisition.
Subsequent to year ended 31 March 2025, the Board of Directors of the Company has approved the grant of
585,500 Options and Offer of 203,000 shares to certain eligible employees under Part -A and Part- B of GHL
LTIP 2024 Plan, respectively."

48 As per Ind AS 108 on "Operating Segments", segment information has been provided under the note to
consolidated financial statements, refer note 51.

49 Research and development expenditure for the period ended 31 March 2025 includes consultant's and
specialist honorarium amounting to ' 0.54 millions (31 March 2024: ' 0.42 millions) and salaries of employees
amounting to ' 30.16 millions (31 March 2024: ' 9.47 millions).

54 Scheme of Amalagmation

The Board of Directors of the Company (“Board”) at its meeting held on 21 March 2024, had
approved the Scheme of amalgamation ("the Scheme”) of Medanta Holdings Private Limited (wholly-
owned subsidiary) with the Company, subject to all the necessary statutory / regulatory approvals.
The Scheme has been approved by the Hon'ble National Company Law Tribunal (‘NCLT’)
vide Order dated 20 February 2025 with appointed date being 01 April 2024. The Scheme
became effective on 01 March 2025 upon filing of the certified true copy of the Order
with the Registrar of Companies, NCLT of Delhi & Haryana with effect from appointed date.
Accordingly, the Company has accounted for the business combination transaction in accordance the
accounting treatment prescribed by the Scheme which is consistent with the principles of Appendix C of
Ind AS 103 'Business Combinations under Common Control'. Pursuant to above, the comparative financial
information of the Company in respect of the prior periods have been restated as if the aforesaid business
combination had occurred from the beginning of the preceding period, irrespective of the actual date of the
combination. The impact of the amalgamation on the previous periods are as under:

55 The Ministry of Corporate Affairs (MCA) has prescribed a requirement for companies under the proviso to Rule
3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules,
2021 requiring companies, which uses accounting software for maintaining its books of account, shall use
only such accounting software which has a feature of recording audit trail of each and every transaction,
creating an edit log of each change made in the books of account along with the date when such changes
were made and ensuring that the audit trail cannot be disabled. The Company has used accounting software
for maintaining its books of account which has a feature of audit trail (edit log) facility and the same was
enabled at the application level. During the year ended 31 March 2025, the Company has not enabled the
feature of recording audit trail (edit log) at the database level for the said accounting software to log any direct
data changes. On account of recommendation in the accounting software administration guide which states
that enabling the same all the time consume storage space on the disk and can impact database performance
significantly, therefore, the same is not enabled.

56 Disclosure required under section 186(4) of the Companies Act, 2013

Particulars of loans given and investment made as required by sub-section (4) of Section 186 of the Companies
Act, 2013, have been given under following schedules:

Loan schedule, refer note 11

Investment schedule, refer note 10

57 Other statutory information

i The Company does not have any Benami Property, where any proceeding has been initiated or pending
against the Company.

ii The Company does not have any charges or satisfaction which is yet to be registered with Registrar of
Companies beyond the statutory period, except details mentioned below:

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

iv The Company has not advanced or loaned or invested funds to any person or any entity, 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 a
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.

v The Company has not received any fund from any person or any entity, 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 a
or on behalf of the Funding Party (Ultimate Beneficiaries); or

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

vi The Company does not have any transactions and outstanding balances during the current as well as previous
period with Companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies
Act, 1956.

vii The Company has not entered into any such transaction which is not recorded in the books of accounts that
has been surrendered or disclosed as income during the period in the tax assessments under the Income
Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

viii The Company is not declared wilful defaulter by any bank or financial institution or government or any
government authority.

ix The Company has complied with the number of layers prescribed under the Companies Act, 2013.

x The Company has entered into any scheme of arrangement during the current period, refer note 54.

xi The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the current period.

58 a) During the year ended 31 March 2025, the Company has acquired land parcel, on lease basis, situated

at Mauje-Oshiwara, Jogeshwari, Mumbai, offered by Mumbai Housing and Area Development Authority
(MHADA).

b) During the year ended 31 March 2025, the Company has executed definitive agreement with Dr. Narayan
Dutt Shrimali Foundation International Charitable Trust Society (Society) to operate and manage~750
bedded super speciality hospital in Pitampura, New Delhi.

c) During the year ended 31 March 2025, the Company has entered into long term lease deed for taking
up constructed hospital with approximately bed capacity of 110 beds at Ranchi.

59 Subsequent events

a. The Company received an offer from Assam Electricity Grid Corporation Limited (AEGCL), Government of
Assam to acquire land parcel Guwahati, Assam for the purpose of setting up a super speciality hospital
thereat. The Board of Directors of the Company has also approved the purchase of land parcel and
accordingly on 30 April 2025, the Company signed an agreement with AEGCL.

b. The Board of Directors of the Company has recommended final dividend of ' 0.50/- per equity share of
face value ' 2/- each for the financial year ended 31 March 2025 subject to the approval of shareholders.

The accompanying notes form an integral part of the standalone financial statements

As per our report of even date attached

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

Chartered Accountants Global Health Limited

Firm's Registration No.: 001076N/N500013

Tarun Gupta Dr. Naresh Trehan Pankaj Sahni

Partner Chairman and Managing Director Group Chief Executive Officer and Director

Membership No.: 507892 [DIN:00012148] [DIN:07132999]

Yogesh Kumar Gupta Rahul Ranjan

Chief Financial Officer Company Secretary

Place: Gurugram Place: Gurugram Place: Gurugram

Date: 15 May 2025 Date: 15 May 2025 Date: 15 May 2025