Interim report
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(033) 3544-1515 info@crizac.com www.crizac.com Date: January 28, 2026 Sub: Outcome of Board Meeting of the Company held on 28th January, 2026 Ref: Disclosure under Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to Regulations 30 and 33 read with para-A of Part A of Schedule III and other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors (“the Board”) of the Company at their Meeting held today i.e., Wednesday, January 28, 2026 has inter-alia, considered and approved the following: 1. The Unaudited Financial Results (Standalone and Consolidated) of the Company for the third quarter and nine months ended December 31, 2025, along with the Limited Review Report thereon, issued by M/s. Singhi & Co, Statutory Auditors of the Company in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. We enclose herewith a copy of the approved unaudited Standalone and Consolidated financial results along with the Limited Review Report of the auditors. 2. The Board considered and approved Interim Dividend of Rs. 8.00 /- (Rupees Eight only) per equity share of face value of Rs. 2/- (Rupees Two only) each fully paid up for the Financial Year 2025-26. The record date for the purpose of payment of Interim Dividend, as intimated earlier will be February 4, 2026. The payment of Interim Dividend will be completed on or before February 26, 2026. 3. Approved the Postal Ballot Notice for the following matters: i. considered and approved the “Ratification of Amended And Restated Crizac Employee Stock Option Plan 2026’ (“Crizac-ESOP 2026”, “Scheme” OR ”Plan”) including enhancement of the ESOP pool and grant of options to eligible employees of the Company under “Crizac Employee Stock Option Plan 2026; To National Stock Exchange of India Ltd Exchange Plaza, 5th Floor, C-1, Block G, Bandra Kurla Complex, Bandra(E), Mumbai-400051 Symbol: CRIZAC To BSE Limited 1st Floor, Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400001 Scrip Code: 544439
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(033) 3544-1515 info@crizac.com www.crizac.com ii. Considered and approved the Grant Of Options to the Employees of Subsidiary/Associate Company (ies) (Present and Future, if any) as per Companies Act 2013, Incorporated ipn India Or Outside India, under Crizac-ESOP 2026. The Company shall seek the approval of members through Postal Ballot. The Notice of the Postal Ballot will be intimated in due course. The meeting of the Board of Directors commenced at 11:00 A.M and concluded at 11:40 A.M. We request you to kindly take the aforesaid information on record. Thanking you. For Crizac Limited Kashish Arora Company Secretary and Compliance Officer Membership no: A38644
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Sln fil GZ CO 161, Sarat Bose Road . Kolkata-700 026, (India) T +91(0)33-2419 6000/01/02 Chartered Accountants E kolkata@singhico.com www.singhico.com Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to the Board of Directors of Crizac Limited (Formerly Known as Crizac Private Limited and GA Solutions Private Limited) 1) We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Crizac Limited (Formerly Known as Crizac Private Limited and GA Solutions Private Limited) (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter ended 31 December, 2025 and year to date from 01 April, 2025 to 31 December, 2025 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015, as amended (the "Listing Regulations") 2) The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Reguiation 33 of the Listing Regulations. The Statement has been approved by the Holding Company’s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3) We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable 4) The Statement includes the results of the following entities: Particulars Relationship | [ Crizac Limited Holding Compan | | Crizac Limited, UK Wholly Owned Subsidiary | | UCOL FZE, Dubai Wholly Owned Subsidiary | Studies Planet.com Limited Step Down Subsidiary Offices: Kolkata, Delhi NCR, Mumbai, Chennai, Bengaluru, Pune & Raipur
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Singhi &I Co. Chartered Accountants <.eeeecONtd. 5) Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6) The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of one subsidiary, whose unaudited interim financial results include, before consolidation adjustments, total revenues of Rs 26,627.61 Lakhs and Rs. 61,868.42 Lakhs, total net profit after tax of Rs. 501.01 Lakhs and Rs.1.425.19 Lakhs, total comprehensive income of Rs. 491.22 Lakhs and Rs. 1,278.34 Lakhs, for the quarter ended 31 December, 2025 and the period ended on that date respectively as considered in the Statement which have been reviewed by their independent auditors. The above subsidiary is located outside India whose financial results have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial results/financial information of such subsidiary located outside India from accounting principles generally accepted in their countries to accounting principles generally accepted in India We have reviewed these conversion adjustments made by the Holding Company's management. Our opinion in so far as it relates to the affairs of such subsidiary located outside India is based on the reports of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us. Our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the reports of such auditor and the procedures performed by us are as stated in paragraph above. Qur conclusion on the statement is not modified in respect of the above matter. 7) The accompanying Statement include the unaudited interim financial results and other financial information, in respect of two subsidiaries (including step down subsidiary), whose unaudited interim financial results include, before consolidation adjustments, total revenues of Rs 1275.29 Lakhs and Rs. 2098.70 Lakhs, total net profit after tax of Rs. 259.79 Lakhs and Rs. 352.29 Lakhs, total comprehensive income of Rs. 266.26 Lakhs and Rs. 360.61 Lakhs, for the quarter ended 31 December, 2025 and the period ended on that date respectively, as considered in the Statement which have not been reviewed by their auditor. This financial results/ financial information have been certified by the management of the entity. According to the information and explanations given to us by the management of the Holding Company, this interim financial result /financial information are not material to the Group. Our conclusion on the statement is not modified in respect of the above matter.
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Singhi e Co. Chartered Accountants weenncontd. 8) The statement includes the results for the quarter and nine months ended 31 December 2024 which have not been subject to review or audit by us and presented solely based on the information compiled by the management and has been approved by the Board of Directors For Singhi & Co. Chartered Accountants Firm Registration No.302049E Joyanta Batabyal Partner Membership No. 306031 UDIN: 26306031NTFIGK1986 Place: Kolkata Dated: 28 January 2026
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"@rrizqc CRIZAC LIMITED (Formerly Known as Crizac Privale Limited and GA Solutions Privalo Limitod) 3rd Floor, Wing A, Constantia Bullding, 11, Dr. UN Brahmacharl Street, Kolkata- 700017, West Bengal CIN: L80903WB2011PLC156614 Statement of Unaudited Consolidated Financial Resuits for the quarter and nine months ended 31st Decernber, 2025 (Rs. I Lakhs, except per share data) Quarter Ended Ning Months Endod Vear ended e 7 Docember, | 30 Septomber, = 31 December, | 31 Dacember, | 31 March, Farticuiacs 2025 2025 il ‘(’;;w:: ."flm‘ 2025 2024 2025 (Unaudited) (Unauditod) {Unaudited) (Unaudited) | (Audited) ) [NcomE Revenue ffom Operations 2786360 16.226.15 2176699 6504228 508%050| 8494910 Gther Income. 66215 76368 84266 221285 2.909.77 3,507.48 Total Income 2854575 16,988.83 22,6065 67.255.13 53.800.27 | 88,546.58 () | expensEs Cost of Services 1974393 912786 1572647 4230065 3346495| 5992378 Employee Benefts Expense 73536 72025 45817 201501 143518 1.916.15 Finance Costs 030 048 029 106 085 113 Depreciation and Amortisation Expense 55086 508.23 1,158.29 182814 342929 4565.50 (Gain) /loss on Forward Conlracis and Exchange rate diferences (143.43) (#3077) (731.85) (198.24) 166.30 7589 Other Expenses 52237 41232 628 186877 1,002.95 154513 Total Expenses 2181039 0,507.17 1661219 47,824.39 39,489.53 | 68.027.58 () | Profit/ (Loss) before Tax & Exceptional Items (11l 673536 6,481.66 5,997.46 10.430.74 14310.74] 20519.00 V)| Exceptioral tems - B - - - 5 (V) | Profit Loss) before Tax (W+IV) 673536 648166 5.957.46 19,430.74 1431074 20519.00 (V1) | Tax Expense: Current Tax 163841 158743 173348 487005 564842 712214 Deferred Tax 4418 6069 65.49) 0311 (184279)] (2.10205) Total Tax Expenses 1682.59 1,648.12 1667.99 496316 3.805.63 5,020.08 (V1D Net Profit/ (Loss) after Tax (V - VI 5052.77 483354 4,329.47 1446758 050511 1549892 (Vil)| Other Comprehensive Income tems that will not be roclassified to proft or loss Net (loss igain on equity instruments through Other Comprehensive Income (514.35) 5250 - (554.55) 68235 102435 Remeasurement loss of defined bencf plan (1.04) (1.03) 114) (@.11) (3.42) @.12) Income tax relating to above ftems 7381 (7.29) 0z 80.08 (162.27) 7589 toms that will bo reclassified to profit or loss Exchange diforence in translating Financial Stalemons of Foreign Operation 2288 1379 G93.14) 8229 (122.06) 3282 Other Comprehensive Income for the period (Net of Tax) @13.10) 5801 (394.00) (393.29) 39260 1,128.94 (X)| Total Gomprenensive Income for the period (Vil + Vil 263407 489155 3.935.41 12,0742 | 10897.71] 16,627.86 Net Profit Attributable to: ) Owners of the Company. 499419 483354 432947 14,409.00 1050511 1549892 b) Non-Gontoling Inerest s858 - - s8.58 - - Other Comprehensive Income Attributable to: ) Owners of the Gompany. 42095) 5801 (334.00) (395.54) 382,60 112896 b) Non-Controling Interest 225 - - 225 - - Total Comprehensive Income attributable to: ) Owners of the Company. 457024 489155 3.936.47 14,013.46 1089771 1662785 ) Non-Contoling Interast 6083 - - 6083 - - () | Pald-up equity share capital 3499.65 3499.65] 3499.65] 349965 3499.65 349965 (Faca value por sharo Rs. 2 cach) ()| Other Equity (excluding revaluation reserve) 46.836.78 ()| Eamings per Equity Shares of par value of Rs. 2 each Basic Eamings Per Share (Rs )" 285) 276) 2.47) 823 5.0 8.85) Diluled Earnings Per Share (Rs.)" 235) 278 247] 5.23) 5.00 285 *Not annuzlised In case of interim periods
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CRIZAC LIMITED (Formerly Known as Crizac Private Limited and GA Solutions Private Limited) Statement of Unaudited Consolidated Financial Results for the Quarter and Nine Months ended 31 December, 2025 Notes: I 2) 3) 4) 5) 6) 7 8) 9) 10) ") The unaudited consolidated financial results of Crizac Limited (the "Holding Company") are prepared in accordance with Indian Accounting Standards ('Ind AS') notified under Section 133 of the Companies Act, 2013, read together| with the Companies (Indian Accounting Standards) Rules, 2015 (as amended). The unaudited consolidated financial results include results of the Holding Company and the financial results/financial information of its Subsidiaries (collectively the *Group") for the quarter and nine months ended 31 December, 2025. The above unaudited Consolidated Financial Results have been reviewed & recommended by the| Audit Committee and subsequently approved by the Board of Directors at their respective mestings held on 28| January, 2026 as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)) Regulations, 2015. The Statutory Auditors of the Holding Company have carried out a Limited Review of the| aforesaid results. The Group is primarily engaged in the business of ‘International Student Recruitment’. There is no separate reportable segment as per Ind AS 108 - Operating Segments. Business of Intemational Student Recruitment being seasonal in nature, the above results vary from quarter to quarter and results for the quarter are not representative of the annual results. Cost of services represents commission expenses paid to agents. The Holding company has formulated the “CRIZAG Employee Stock Option Plan 2024’ (‘ESOP Scheme’) pursuant to the resolutions passed by the Board of Directors and the shareholders at their respective meetings held on 21 March 2024. In accordance with Ind AS 102 — Share-Based Payments, the Group has recognised an expense of Rs. 180.76! Lakhs, Rs. 180.64 Lakhs, and Rs. Nil for the quarters ended 31 December 2025, 30 September 2025, and 31 December 2024 respectively, and Rs. 396.74 Lakhs and Rs. Nil for the nine months ended 31 December 2025 and 31 December 2024 respectively and Rs. Nil for the year ended 31 March 2025. During the quarter ended 30 September, 2025, the Holding Company had completed its IPO of 3,51,02,040 equily| shares of face value Rs. 2.00 each at an issue price of Rs. 245.00 per share (including a share premium of Rs. 243.00 per share) and the equity shares of the Holding Company were listed on National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE) on 9 July, 2025. On 21 November 2025, the Government of India notified four Labour Codes namely the Code on Wages, 2019, the| Industrial Relations Code, 2020, the Code on Sccial Security, 2020 and the Occupational Safety, Health and Working| Conditions Code, 2020 (Collectively referred as the “Labour Codes"), which subsume 29 existing labour laws. The| Ministry of Labour and Employment has issued draft Central Rules and FAQs to facilitate evaluation of the impact| arising from the implementation of the said Codes. The Group has assessed the impact of the Labour Codes and noted that there is no material impact on its financial statements as the existing compensation and employee benefit structures are broadly aligned with the requirements of the Labour Codes. However, the Group continues to monitor the notification of the final Central and State Rules and other related clarifications and will recognise any impact, if applicable, in the period in which the relevant provisions become effective. Pursuant to the Share Purchase Agreement dated 23 October 2025, Crizac Limited acquired 51.00 percent of the| equity shares of Studies Planet.com Limited (SPL) for a total consideration of Rs. 444.47 lakh, through its wholly| owned subsidiary Crizac Ltd UK, as a result of which SPL became a subsidiary of the Holding Company. The acquisition has been accounted for as a business combination. The purchase price allocation, including the valuation of identifiable assets acquired and liabilties assumed, is under finalisation. Accordingly, the acquisition has| been initially accounted for on a provisional basis as at the reporting date. The Holding Company will adjust the, provisional amounts, if required, during the measurement period in accordance with applicable accounting standards. The figures for the quarter and nine months ended 31 December, 2024, as reported in these consolidated financiall results, have been approved by the Company's Board of Directors but have not been reviewed by the statutory)| auditors. This is pursuant to the requirement of submitting quarterly consclidated financial results becoming| applicable to the Company with effect from the quarter ended 30 June, 2025, pursuant to the listing of its equity| shares on BSE Limited ('BSE') and National Stock Exchange of India Limited (NSE"). Certain items in the unaudited consolidated financial results for previous periods/years have been reclassified or regrouped to align with the presentation for the current period. These changes have been made to enhance the quality of information disclosed and do not impact the previously reported profit or total equity. Place: Kolkata Date: January 28, 2026 For and on behalf of the Board of Directors Vatchgened Vikash Agarwal DIN : 03346531
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Sing /ii 6Z’ CO' 161, Sarat Bose Road Kolkata-700 026, (India) T +91(0)33-2419 Chartered Accountants & ke\lial(a@singf\?;oc/glr/:z wwwi.singhico.com Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to the Board of Directors of Crizac Limited (Formerly Known as Crizac Private Limited and GA Solutions Private Limited) 1) We have reviewed the accompanying statement of unaudited standalone financial results of Crizac Limited (Formerly Known as Crizac Private Limited and GA Solutions Private Limited) (the "Company") for the quarter ended 31 December 2025 and year to date from 1 April 2025 to 31 December 2025 (the “Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2) The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3) We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4) Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards('Ind AS ') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5) The statement includes the results for the quarter and nine months ended 31 December 2024 which have not been subject to review or audit by us and presented solely based on the information compiled by the management and has been approved by the Board of Directors For Singhi & Co. Chartered Accountants Firm Registration No.302049E J z - Joyanta Batabyal Partner Membership No. 306031 UDIN: 26306031VOEIKL6472 Place: Kolkata Dated: 28 January 2026 Offices:Kolkata, Delhi NCR, Mumbal, Chennai, Bengalury, Pune & Raipur
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(Formerty Knoun as Crizac Prvate Linted ne GA Scluons Prvats Limite . Wing A, Constantia Building, 1, Or. UN Srahmachar Street, Kolkata- 00017, West Bengal 3rd Flo Statomont of Unaudited Standalone Fir erizac CRIZAC LIMITED CIN; Le0su3wBZ011PLE 156614 ncial Results for th quarter and nine months anded 31 Decomber, 2025 (Rs. In Lakhs, oxcept per sharo data) “Guarter Ended Nine Mot Ended Yoar Ended particulars 31 Docomber, 2025 | 30 Septamber, 2025 [ 31 Docermbor, 2024 31 March, 2025 31 Docambor, 2025 | 31 Docombor, 2024 . (Unaudited) (Unaudited) (Unausitea) PR e (huditod) TwcomE Revenue from Operations 521345 594778 470838 1882807 1309182 18.692.05 Other ncome. 413 75785 01 214525 289859 356853 Total Income 86051 770583 5037 25732 1595071 7236158 n | ExeNsEs Costof Services 1% s0589 031 71881 5122 o1t Employes Berslis Expense 5797 54489 a0z 151473 11572 175450 Financo Gosts 030 048 020 .06 085 113 Dogractaton and Amortsaton Experse 52043 58413 114604 175508 341700 45087 (G /Toss on Forward Contracts and Exchange e cffeencs (14130 w21.75) (100.24) (18084) 12850 (@6.19) Othor Expunses 2078 20033 (8214 708,90 s795 e Total Expansos sy 755056 552 G619 599169 To30.67 | Profit (Loss) beforo Exceptionsl tems and Tax (-1 6240 515507 Ha6585 73516 999902 Te33091 W[ Excoptionattems 2 > 7 4 3 3 v | Profit iLoss) befars Tax 1+ 1) 62 BE [ ECE 559501 1635051 i [ Tax Exponse: Gurtent Tax 130759 151291 1.267.58 sar3e 437820 55228 Deered Tax 501 4908 (5895 8551 (1853 21103 Total Tax Exponses Tasns KTy Tass61 Ga3280 252931 3.412.50 Not Profi/ Loss) sfer Tax (V- V] 422388 459313 B 252127 746965 o181 vilf othor Camprahasive Incame tam that will not be roclassifed to profitor loss. et lossygrin on equty insinuments through Gihar Camprehnsive ncome (51439) 25 - (5155 8235 1.02435 Romoaswemntoss of defined benefl lan 100 1.00) 1.4 o) .42 o) Income tax relatng fo above flams. am (29 o028 8008 6227 7580 Other Gomprehensive Income for the period (ot of Tax] Gaa1.59) a2 1036 arr.53) 51656 056,12 1 [ Total Gomprenensive income for the period (vl = il 378228 Teias EXGAT Tous st 201257 x | Paid-up squity share capital 34506 348565 3499.05 49955 345365 (Face valueper shara 2. 2 eacr i | Other Equity (excluding revaluation reserve) 041985 it Earmings per Equity Shares of par valuo of Rs. 2 each Basic Earings Por Share (Rs,” 20 262 210 38 427 62 Diuted Earings Per Sharo (Rs.)* 241 262 210 38 421 624 ol onnuaisac it €352 of mionm ponoas
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CRIZAC LIMITED (Formerly Known as Crizac Private Limited and GA Solutions Private Limited) Statement of Unaudited Standalone Financial Results for the quarter and nine months ended 31 December, 2025 Notes: 0l 2) 3) 5) 6) ) 10) The unaudited standalone financial results of Crizac Limited (the "Company") are prepared in accordance with Indian Accounting Standards ('Ind AS') notified under Section 133 of the Companies Act, 2013, read together| with the Companies (Indian Accounting Standards) Rules, 2015 (as amended). The above unaudited standalone financial results have been reviewed & recommended by the Audit Committee and subsequently approved by the Board of Directors at their respective meetings held on 28 January, 2026 as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Statutory Auditors of the Company have carried out a Limited Review| of the aforesaid results. The Company is primarily engaged in the business of “International Student Recruitment’. There is no separate reportable segment as per Ind AS 108 - Operating Segments. Business of International Student Recruitment being seasonal in nature, the above results vary from quarter to quarter and results for the quarter are not representative of the annual results. Cost of services represents commission expenses paid to agents. The Company has formulated the “CRIZAC Employee Stock Option Plan 2024” (‘ESOP Scheme") pursuant to the resolutions passed by the Board of Directors and the shareholders at their respective meetings held on| 21 March 2024. In accordance with Ind AS 102 — Share-Based Payments, the Company has recognised an expense of Rs. 76.02 Lakhs, Rs. 55.55 Lakhs, and Rs. Nil for the quarters ended 31 December 2025, 30 September 2025, and 31 December 2024 respectively, and Rs.166.92 Lakhs and Rs. Nil for the nine months ended 31 December 2025 and 31 December 2024 respectively and Rs. Nil for the year ended 31 March 2025. During the quarter ended 30 September, 2025, the Company had completed its IPO of 3,51,02,040 equity, shares of face value Rs. 2.00 each at an issue price of Rs. 245.00 per share (including a share premium of| Rs. 243.00 per share) and the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE) on 9 July, 2025. On 21 November 2025, the Government of India notified four Labour Codes namely the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (Collectively referred as the “Labour Codes”), which subsume 29| existing labour laws. The Ministry of Labour and Employment has issued draft Central Rules and FAQs to facilitate evaluation of the impact arising from the implementation of the said Codes. The Company has assessed the impact of the Labour Codes and noted that there is no material impact on its financial statements as the existing compensation and employee benefit structures are broadly aligned with the requirements of the Labour Codes. However, the Company continues to monitor the notification of the, final Central and State Rules and other related clarifications and will recognise any impact, if applicable, in the period in which the relevant provisions become effective. The figures for the quarter and nine months ended 31 December, 2024, as reported in these standalone financial results, have been approved by the Company's Board of Directors but have not been reviewed by the statutory auditors. This is pursuant to the requirement of submitting quarterly standalone financial results becoming applicable to the Company with effect from the quarter ended 30 June, 2025, pursuant to the listing of its equity shares on BSE Limited ('BSE') and National Stock Exchange of India Limited (‘NSE'). Certain items in the unaudited standalone financial results for previous periods/years have been reclassified or regrouped to align with the presentation for the current period. These changes have been made to| enhance the quality of information disclosed and do not impact the previously reported profit or total equity. Place: Kolkata For and on behalf of the Board of Directors ( — Vikash Agarwal \ DIN : 03346531 )Chairman & Managing Director Date: January 28, 2026