Interim report
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pine labs 4) Date: October 29, 2026 To, BSE Limited, National Stock Exchange of India Limited, 20% Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai — 400 051 BSE Scrip Code: 544606 NSE Scrip Symbol: PINELABS Sub: Outcome of the Board Meeting held on October 29, 2026 Dear Sir/ Madam, Pursuant to Regulations 30, 33 and other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with various circulars issued by the Securities and Exchange Board of India and Stock Exchanges and in furtherance to our intimation dated October 19, 2026, we enclose herewith the unaudited standalone and consolidated financial results of Pine Labs Limited (“the Company”) for the quarter and half year ended September 30, 2026 ("Results") along with Limited Review Reports of B S R & Co. LLP, Statutory Auditor of the company and Press Release being issued in this regard. The said Results will also be published in the newspapers in the prescribed format. The Board Meeting to approve the said results commenced today i.e. on October 29, 2026, at 11:15 A.M. (IST) and concluded at 12:47 P.M. (IST). Further, kindly note that in terms of the Company’s Code of Conduct for Prevention of Insider Trading and the SEBI (Prohibition of Insider Trading) Regulations, 2015, the window for trading in Securities of the Company by its designated persons and their immediate relatives shall open on November 2, 2026. The above information will also be available on the website of the Company at www.pinelabs.cony/investorrelations/financial-results?tab=quarterly-results. ‘We request you to kindly take the above on record. Thanking you. For Pine Labs Limited Neerav Mehta Company Secretary and Compliance Officer Membership Number: A20949 Encl. a/a Pine Labs Ltd. (Formerly known as Pine Labs Pvt. Ltd.), % +022 6986 3600 B info@pinelabs.com CIN: L67100HR1998PLC113312 Unit no. 1504, 15th Floor, A Wing, Plot no. C-70, The ©® www.pinelabs.com Capital, G Block, BKC Bandra East, Mumbai - 400051 Registered office | Pine Labs Ltd. (Formerly known as Pine Labs Pvt. Ltd.), Unit no. 408, 4th Floor, Time Tower, MG road, DLF QF, Gurgaon-122002, Haryana, India.
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Building No. 10, 12th Floor, Tower-C BSR&Co. LLP DLF Cyber City, Phase - 11 Gurugram - 122 002, India Chartered Accountants Tel: +91 124 719 1000 Fax: +91 124 235 8613 Limited Review Report on unaudited standalone financial results of Pine Labs Limited (formerly known as Pine Labs Private Limited) for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Pine Labs Limited (formerly known as Pine Labs Private Limited) 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Pine Labs Limited (formerly known as Pine Labs Private Limited) (hereinafter referred to as “the Company”) for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 (“the Statement”). 2. This Statement, which is the responsibility of the Company’s management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”). Our responsibility is to issue a report 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. 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 Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. ForBSR & Co.LLP Chartered Accountants Firm’s Registration No.:101248W/W-100022 KUNAL o™ KAPUR Date: 2026.10.29 123401 40530° Kunal Kapur Partner Gurugram Membership No.: 509209 29 October 2026 UDIN:26509209GEJGJL9872 Regitered Offce: BSR 8 Co.(a partnership fi with Registration No. BAG1223) converted into 8 S R & Co. LLP (a 14th Floor,Central B Wing and North C Wing, Nesco IT Park 4, Nesco Limiteg Liabity Partnership with LLP Registration No. AAB-8181) it effectfrom October 14,2013 Center, Westem Express Highway, Goregaon (East), Mumbai - 400063
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Pine Labs Limited (formerly known as Pine Labs Private Limited) Registered office: th Floor, ‘Telephone: 0124-6949200, Emal U No. 408, investorrelations@pi : L6T100HR1998PLC113312 e Tower, MG Road, Gurugram, Haryana, 122002 elabs.com, Website-www.pinelabs.com Statement of standalone financial results for the quarter and half year ended 30 September 2026 (Amounts in INR crores, unless otherwise stated) [S.No [Particulars Quarter ended Half year ended Year Ended 30 September | 30 June 2026 | 30 September | 30 September | 30 September |31 March 2026 2026 205 2026 2025 Unaudited | Unaudited | _Unaudited | Unaudited Unaudited Audited 1 [income Revenue from operations 60729 535.00 43500 114229 86227 1,926.09 Other income 4931 4801 2117 97.32 6506 17229 [Total income 636,60 583,00 456,17 1.259.61 92733 2.098.38 2 [Expenses [ Transaction and related costs %014 8210 5599 17224 10118 244.66 Purchases of stock-in-trade 6605 4181 1282 107.86 2409 132,67 (Changes in inventories of stock-in-trade (5.97) (245) (1.43) (8.42) 104 (1.93) [Employee benefits expense 20003 19927 19034 399,30 393.19 753.25 Finance costs 1188 1043 1829 231 3704 7039 Depreciation and amortisation expenses. 5606 5449 672 11055 24 19221 mpairment of non-current assets 241 L3 117 354 152 456 mpairment losses on financial assets and contract assets and bad debts 950 1001 846 1981 1654 2687 Other expenses 15025 127,68 12681 27793 24634 49463 [Total expenses 58065 459,17 110512 91336 191731 3 [Profiti(loss) before exceptional items and tax 7595 5854 (3.00) 13449 13.97 181,07 Exceptional items (refer note 4) - - - - - 230 4 [Profitiloss) before tax 7595 5854 (3.00) 13449 13.97 178,77 Tax expenses Current tax 1927 1379 - 33.06 - 1427 Deferred tax (0.05) 109 (080) 104 (11.99) 1462 [Total tax expense(credit) 19.22 14.88 (©:50) 3410 (11.99) 2889 6 [Profiti(loss) for the period/year (4-5) 56,73 4366 (2.20) 100.39 2596 14988 7 |Other comprehensive income (OCI) tems that will not be reclassified subsequently to profit or loss Remeasurement of defined benefit liability 9 ©70) 31) 229 (1.63) on [Fair value changes on equity investments through OCI - 432 - 432 679 679 Income tax relating to these items ©73) (0.44) 021 (1.19) (056) .15) [Other comprehensive income/(loss) for the period/year, net of tax 224 318 (0.60) ) 460 8 [Total comprehensive income/(loss) for the period/year 5897 4684 2.80) 10581 3056 156.23 9 [Paid-up equity share capital " 1547 1539 aam 1547 aam nas3 (face value of INR 1 per share) Other equity 624294 10 |Earning per share (Face value of share - INR 1 each)# Basic (in INR) 049 038 ©.02) 087 025 139 Diluted (in INR) 049 038 ©.02) 086 025 136 #EPS is not annualised for the quarter and half year ended 30 September 2026, quarter ended 30 June 2026 and quarter and half year ended 30 September 2025 ~This excludes equity share capital pending issuance, instruments entirely equity in nature and insiruments entirely equity in nature pending issuance for the quarter and half year ended 30 September 2025,
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Labs Limited (formerly known as Pine Labs Private Li CIN: L67100HRI99SPLCT13312 Registered office: 4th Floor, Unit No. 408, Time Tower, MG Road, Gurugram, Haryana, 122002 Telephone: 0124-6949200, Email-investorrelations@pinelabs.com, Website-www.pinelabs.com Statement of standalone assets and liabilities as at 30 September 2026 (Amounts in INR crores, unless otherwise stated) Particulars Asat Asat 30 September 2026 31 March 2026 Unaudited Audited [Assets Non-current assets Property, plant and equipment 285,80 24635 (Capital work-in-progress 56.14 3148 Right-of-use assets 105.50 10061 (Goodwill 459.10 459.10 Other intangible assets 14411 17053 Intangible assets under development 10627 5110 Financial assets i Investments 186345 174604 ii. Other financial assets 5674 81.80 Deferred tax assets (net) 13425 13649 Non- current tax assets (net) 87.69 si (Other non-current assets 5179 2742 otal non-current assets 335084 310203 Current assets Inventories 3058 1995 Financial assets i Trade receivables 938.47 82219 i. Cash and cash equivalents 121515 125230 iii. Bank balances other than (i) above 7.176.67 681916 iv. Loans 105 078 V. Other financial assets 1325.00 119158 Current tax assets - 78.67 Other current assets 22083 19213 Total current assets 10,907.84 10,376.76 tal assets 14,258.68 1347879 Equity and lial Equity Equity share capital 11547 11483 (Other equity 640396 624294 Total equity 651943 635771 Liabilities Non-current liabilities Financial liabilities i Borrowings - 058 ii. Lease liabilities 10837 10119 Contract libilities 233 278 Deferred government grants 205 410 Provisions 4635 4982 159.10 15847 Financial liabilities i Borrowings 145.30 250.56 ii. Lease liabilities 2463 1827 i Trade payables -total outstanding dues of micro enterprises and small enterprises 7645 50.17 -total outstanding dues of creditors other than micro enterprises and small enterprises 38529 31544 iv. Liabilities towards prepaid cards 581997 538326 V. Other financial liabilities 1039.68 83613 Contract liabilities 2007 3506 Deferred government grants 631 1001 Provisions 1837 18.00 (Other current liabilities 3508 45.65 Total current liabilities 7,580.15 696255 Total liabilities 773925 712102 otal equity and liabi 14,258.68 1347879
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Pine Labs Limited (formerly known as Pine Labs Private Limited) CIN: L67100HR1998PLC113312 Registered office: 4th Floor, Unit No. 408, Time Tower, MG Road, Gurugram, Haryana, 122002 Telephone: 0124-6949200, Em: estorrelation inelabs.com, Website-www.pinelabs.com Statement of standalone statement of cash flows for the half year ended 30 September 2026 (Amounts in INR crores, unless otherwise stated) Particulars For the half year For the half year ended ended 30 September 2026 _| 30 September 2025 Unaudited Unaudited Cash flow from operating activities Profit before tax 134.49 13.97 Adjustments for : Depreciation and amortisation expenses 110.55 9242 Impairment of non-current assets 354 152 Gain on sale of property, plant and equipment (0.05) (024) (Reversal) for obsolete and slow moving inventory (0.09) (2.96) Impairment losses on financial assets and contract assets 19.81 16.54 Interest income under the effective interest method on financial assets carried at amortised cost -Bank deposits (42.16)| (1.72) -Security deposits (0.31)] (0.26)] -Unsecured loans given to related parties - (1.08) Finance costs 2231 37.04 Liabilities and provisions no longer required written back (6.74) (2222) Share based compensation- equity settled 39.52 60.19 Foreign exchange loss/(gain) (net) (unrealised) 048 (0.66) Government grants income (587) (10.48) Net gain on lease termination (0.04) - Operating profit before working capital adjustments 27544 176.06 Working capital adjustments Increase in trade reccivables (127.85)| (150.71)| Decrease in inventories 17.94 2129 Increase in other financial assets (133.37)| (277.72)| Increase in other assets (37.95) (3129) Decrease in contract assets - 3028 Increase in loans (0.26) (0.11) Increase in other bank balances (carmarked balances with banks) (495.46)| (376.96)| Increase/(decrease) in trade payables 100.05 (105.11)) (Decrease)/increase in provisions (0.81), 580 Increase in other financial liabilities 148.82 291.10 (Decrease)/increase in contract liabilities (5.16) 298 (Decrease)/increase in other current liabilities (10.57)| 6138 Increase in liabilities towards prepaid cards 436.70 353.88 Cash generated from operations 167.52 0.87 Income taxes received/(paid) (net of refunds/paid) 13.75 (44.82)| Net cash generated from/(used in) operating activities (A) 181.27 (43.95) Cash flows from investing activities Purchase of property, plant and equipment and intangibles assets (198.61)| (60.42) Proceeds from disposal of property, plant and equipment 167 267 Purchase of investment (95.99) (117.00)| Loans given to related parties - (17.50) Repayment of loans given to related parties - 28.99 Investment in bank deposits (71139)| (344.07)| Proceeds from maturity of bank deposits 892.10 335.15 Interest received 2445 724 Proceeds from government grants 030 0.90 Net cash used in investing activities (B) (87.47) (164.04)
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Pine Labs Limited (formerly known as Pine Labs Private Limited) CIN: L67100HR1998PLC113312 Registered office: 4th Floor, Unit No. 408, Time Tower, MG Road, Gurugram, Haryana, 122002 Telephone: 0124-6949200, Em: estorrelatio inelabs.com, Website-www.pinelabs.com Statement of standalone statement of cash flows for the half year ended 30 September 2026 (Amounts in INR crores, unless otherwise stated) Particulars For the half year For the half year ended ended 30 September 2026 | 30 September 2025 Unaudited Unaudited Cash flows from financing activities Proceeds from share application money/ issu of equity shares (including share options exercised) (net of expenses) 4.09 10881 Payments for shares based payment awards - (6.45) Proceeds from short term borrowings (bill discounting) (net) 27.50 79.85 Principal repayments of borrowings (term loans) (26.74) (3339) Principal payment of lease liabilities (6.89)| (6.43) Interest paid (22.09) (37.05) Payment of deferred purchase consideration, net of receipt - (76.50) Net cash (used in)/gencrated from financing activities (C) (24.13) 2888 Net increase/(decrease) in cash and cash equivalents (A+B+C) 69.67 79.11) Cash and cash cquivalents at the beginning of the period 125230 823.12 Cash credit and bank overdraft facilities at the beginning of the period (106.90) (617.22) Cash and cash equivalents at end of the period 121507 26.79 Cash and cash equivalents as per above comprise the following Balance with banks - In current accounts 1,065.15 465.10 - In deposit accounts 150.00 021 Less: Cash credit and bank overdraft facilities (0.08)| (438.52) Balance as per statement of cash flows 121507 26.79 Note: The above Standalone Statement of Cash Flows has been prepared under the 'Indirect Method' as set out in Ind AS 7. 'Statement of Cash Flows'
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Pine Labs Notes to standalone and cons ited (formerly known as Pine Labs Private Li idated financial results ited) 1 The above standalone financial results of Pine Labs Limited (formerly known as Pine Labs Private Limited) ("the Company") and consolidated financial results of the Company and its subsidiaries (together referred to as "the Group") have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards (Ind AS') prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, as amended ("Listing Regulations") 2 The standalone and consolidated financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 29 October 2026, 3 As per IND AS 108 - Operating Segments, the Group has two reportable segments namely Digital infrastructure and transaction platform and Issuing and acquiring platform. The Group has disclosed the segment information only as part of the consolidated financial results. 4 Exceptional items includes The Group and the Company recognised a one-time increase in employee benefit obligations on account of the New Labour Codes, amounting to INR 12.22 crores and INR 10.82 crores, respectively, in the results for the quarter and nine months ended 31 December 2025, as exceptional items. Subsequently during the quarter ended 31 March 2026, the Group and the Company revised its wage structure and accordingly revised its estimate and reversed the provision of 893 crores and 852 crores respectively in the quarter ended 31 March 2026. The Group continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code. 5 Details of Employee Stock Option for the six months period ended 30 September 2026 are as follows Pine Labs Employee Stock Option Plan 2025 -~ 4,199.776 options granted, 2,663,337 options forfeited/expired and 6472435 options exercised during the six months period ended 30 September 2026 6 During the six-month period ended 30 September 2026, the Group has acquired 100% equity stake in Shopflo Technologies Private Limited ("Shopflo®) on a fully diluted basis from the selling shareholders, for a cash consideration of INR 88.00 crores (including deferred consideration). Shopflo is engaged in the business of development, deployment, operation and commercialization of a direct-to-consumer Checkout Platform and offers engine and e-commerce enablement services and/or solutions. The Group has consolidated the financial results of the Shopflo w.e.f. 26 May 2026 ("acquisition date") in these consolidated financial results. The Group has also recognised goodwill of INR 59.83 crores basis purchase price allocation in these consolidated financial results 7 The standalone and consolidated financial results for the quarter and half year ended 30 September 2026 are also being made available on the Stock Exchange websites wwiw.bseindia.com and www.nseindia.com and on the Company's website: www.pinelabs.com For and on behalf of the Board of Directors of Pine Labs Limited (formerly known as Pine Labs Private BAIRAVARAS Sty st UAMRISH smsisa RAU e Place: Singapore Bairavarasu Amrish Rau Date: 29 October 2026 Managing Director and CEO DIN No.: 02008811
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Building No. 10, 12th Floor, Tower-C BSR&Co. LLP DLF Cyber City, Phase - 11 Gurugram - 122 002, India Chartered Accountants Tel: +91 124 719 1000 Fax: +91 124 235 8613 Limited Review Report on unaudited consolidated financial results of Pine Labs Limited (formerly known as Pine Labs Private Limited) for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Pine Labs Limited (formerly known as Pine Labs Private Limited) 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Pine Labs Limited (formerly known as Pine Labs Private Limited) (hereinafter referred to as “the Parent”), and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”) for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 (“the Statement”), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations”). 2. This Statement, which is the responsibility of the Parent’s management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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. 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 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 entities mentioned in Annexure | to the Statement. 5. Based on our review conducted and procedures performed as stated in paragraph 3 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 Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Regitered Offce: BSR 8 Co.(a partnership fi with Registration No. BAG1223) converted into 8 S R & Co. LLP (a 14th Floor,Central B Wing and North C Wing, Nesco IT Park 4, Nesco Limiteg Liabity Partnership with LLP Registration No. AAB-8181) it effectfrom October 14,2013 Center, Westem Express Highway, Goregaon (East), Mumbai - 400063 Page 10f4
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BSR&Co.LLP Limited Review Report (Continued) Pine Labs Limited (formerly known as Pine Labs Private Limited) 6. The Statementincludes the interim financial information of nineteen subsidiaries which have not been reviewed, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 379.98 crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 40.40 crores and Rs. 76.88 crores , total net loss after tax (before consolidation adjustments) of Rs. 13.24 crores and Rs. 25.06 crores and total comprehensive loss (before consolidation adjustments) of Rs. 13.21 crores and Rs. 24.83 crores , for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and Company’s share of cash outflows of Rs. 4.26 crores for the period from 01 April 2026 to 30 September 2026, as considered in the Statement. According to the information and explanations given to us by the Parent’'s management, these interim financial information are not material to the Group. Our conclusion is not modified in respect of this matter. ForBSR & Co.LLP Chartered Accountants Firm’s Registration No.:101248W/W-100022 KUNAL bn ™" GouR KAPUR Date: 20261029 122706 10530 Kunal Kapur Partner Gurugram Membership No.: 509209 29 October 2026 UDIN:26509209EZINEE2720 Page 2 of 4
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BSR&Co.LLP Annexure | Limited Review Report (Continued) Pine Labs Limited (formerly known as Pine Labs Private Limited) List of entities included in unaudited consolidated financial results. Sr. No Name of component Relationship 1 Pine Labs Limited (formerly known as Pine Labs Private | Parent Limited) 2 Grapefruit Payment Solutions Private Limited Wholly Owned Subsidiary 3 Pine Labs Digital Solutions Private Limited (formerly | Wholly Owned Subsidiary knowns as Pine Labs Finance Private Limited) 4 Brokentusk Technologies Private Limited Wholly Owned Subsidiary 5 Synergistic Financial Networks Private Limited Wholly Owned Subsidiary 6 Qfix Infocomm Private Limited Wholly Owned Subsidiary 7 Anumati Technologies Private Limited Step-down subsidiary 8 Cashless Technologies India Private Limited Step-down subsidiary 9 Pine Labs Investments Pte. Ltd. Step-down subsidiary 10 Pine Labs Payment Services Provider L.L.C Step-down subsidiary 1 Pine Labs Holding (Thailand) Limited Step-down subsidiary 12 Pine Labs Private Limited, Thailand Step-down subsidiary 13 Pine Payment Solutions SDN. BHD. Step-down subsidiary 14 Pine Labs Solutions Pte. Ltd. (formerly known as | Step-down subsidiary Qwikcilver Solutions Pte. Ltd.) 15 Quikcilver Solutions Pty Limited Step-down subsidiary 16 Fave Group Pte. Ltd. Step-down subsidiary 17 Pine Labs, Inc. Step-down subsidiary 18 Pine Labs Technologies Sdn. Bhd. (formerly known as | Step-down subsidiary Fave Asia Technologies Sdn. Bhd.) Page 30f4
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BSR&Co.LLP Limited Review Report (Continued) Pine Labs Limited (formerly known as Pine Labs Private Limited) 19 Pine Payment Singapore Pte. Ltd. (formerly known as | Step-down subsidiary Beeconomic Singapore Pte. Ltd.) 20 Fave Asia Sdn. Bhd. Step-down subsidiary 21 PT Disdus Indonesia Step-down subsidiary 22 Pine Labs Vietnam Company Limited Step-down subsidiary 23 Pine Labs Hong Kong Limited Step-down subsidiary 24 Quikcilver Solutions Inc Step-down subsidiary 25 Agya Technologies Private Limited Step-down subsidiary (Associate from 31 March 2025 till 19 February 2026) 26 Shopflo Technologies Private Limited Wholly Owned Subsidiary (from 26 May 2026) Page 4 of 4
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ed (formerly known as Pine Labs Private L CIN: L67100HRI998PLC113312 Registered office: 4th Floor, Unit No. 408, Time Tower, MG Road, Gurugram, Haryana, 122002 ‘Telephone: 0124-6949200, Email-investorrelations@pinelabs.com, Website-www.pinelabs.com Statement of consolidated financial results for the quarter and half year ended 30 September 2026 (Amounts in INR crores, unless otherwise stated) 5:No [Particulars Quarter ended Half year ended Vear Ended 30 September | 30 June 2026 | 30 September | 30 September | 30 September | 31 March 2026 2026 2005 2026 2005 Unaudited | Unaudited | Unaudited | Unaudited | Unaudited Audited 1 |Income Revenue from operations 806.19 73692 649.90 154311 126581 271059 Other income 2555 2895 201 5450 6018 136.56 Total income 83174 765,87 67291 1.597.61 152599 284715 2 [Expenses Transaction and related costs 10331 9696 712 20027 13063 30297 Purchases of stock-in-trade 133,54 1167 8061 24521 15133 364.57 (Changes in inventories of stock-in-trade (17.69) (433) 074 22.02) 664 187 [Employee benefits expense 267.68 267.52 267.86 53520 559.18 1,068.97 Finance costs 1421 1281 2127 27.02 4269 84 Depreciation and amortisation expenses 7592 7330 6587 14922 13111 270.13 Impairment of non-current assets 241 L1 354 152 514 Impairment losses on financial assets and contract assets and bad debts 10,09 955 2045 2318 4603 Other expenses 180.90 14348 339.62 27326 562.56 Total expenses 77037 728,14 66168 149851 131954 270637 3 [Proft before share of loss of associate, exceptional items and tax 6137 3173 1123 99.10 645 140.78 Share in net loss of an associate - - 007 - 013 021 4 [Profit before exceptional items and tax 6137 3173 1816 99.10 632 140.57 [Exceptional tems (refer note 4) - - - - - 329 5 [Profit before tax 6137 3173 116 99.10 632 137.28 6 [Tax expenses Current tax. 2388 18.99 787 287 12.19 3886 Deferred tax (1.08) (0.83) (268) .91) (16.63) (14.09) Total tax expensel(credit) 2280 18.16 519 4096 (444) 2477 7 [Profit for the period/year (5-6) 3857 1957 597 5814 1076 11251 8 [Other comprehensive income (OCT) items that will not be reclassified subsequently to profit or loss Remeasurement of defined benefit liability 354 (055) (0:82) 299 (1.59) 079 Fair value changes on equity investments through OC - 432 - 432 679 679 Income tax relating to these items ©39) (0.44) 021 (133) ©59) (.13) items that will be reclassified subsequently t profit or loss [Foreign exchange differences on translations of foreign operations 361 048 247 409 154 747 Other comprehensive income for the period/year, net of tax 626 381 1.86 1007 615 13.92 9 [Total comprehensive income for the periodiyear 4483 2338 783 6821 1691 12643 10 {Paid-up equity share capital 1547 11539 a4 1547 a4 (face value of INR 1 per share) Other equity. 578058 11 [Earning per share (Face value of share - INR 1 each) Basic (in INR) 033 017 006 051 010 105 Diluted (in INR) 033 017 006 050 010 102 #EPS is not annualised for the quarter and half vear ended 30 September 2026, quarter ended 30 June 2026 and quarter and half year ended 30 September 2025 “This excludes equity share capital pending issuance, instrumens entirely equity in nature and instruments entirely equity in nature pending issuance for the quarter and half year ended 30 September 2025,
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Labs Limited (formerly known as Pine Labs Private Li CIN: L67100HRI99SPLCT13312 Registered office: 4th Floor, Unit No. 408, Time Tower, MG Road, Gurugram, Haryana, 122002 Telephone: 0124-6949200, Emaik-investorrelations@pinelabs.com, Website-www.pinelabs.com Statement of consolidated assets and liabilities as at 30 September 2026 ed) (Amounts in INR crores, unless otherwise stated) Asat Asat 30 September 2026 31 March 2026 Unaudited Audited [Assets Non-current assets Property, plant and equipment 34042 29817 (Capital work-in-progress 6423 4098 Right-of-use assets 13922 13652 (Goodwill 123757 117774 Other intangible assets 22490 24343 Intangible assets under development 198.74 10745 Financial assets i Investments 27.87 i Trade receivables 1850 i Other financial assets 98.37 Deferred tax assets (net) 163.92 Non- current tax assets (net) 7139 (Other non-current assets 2829 Total non-current assets 241263 Current assets Inventories 5545 3185 Financial assets i Trade receivables 1,187.80 104211 i. Cash and cash equivalents 1393.08 iii. Bank balances other than (i) above 683284 iv. Loans 087 v. Other financial assets 1256.56 Current tax assets - 96.44 [Other current assets 30829 23058 Total current assets 143373 1088433 14.082.79 13.296.96 Equity share capital 11547 11483 (Other equity 5.903.99 578058 Total equity 6.019.46 589541 Liabilities Non-current liabilities Financial liabilities i Borrowings - 0.58 ii. Lease liabilities 134.05 12969 i, Other financial liabilities 016 015 Deferred tax liabilites (net) 1221 915 Contract liabilities 1222 1414 Deferred government grants 205 410 Provisions 5673 59.62 Total non-current liabilities 217.42 217.43 | Current liabilities Financial liabilities i Borrowings 28229 ii. Lease liabilities 2809 i Trade payables -total outstanding dues of micro enterprises and small enterprises 7921 3931 -total outstanding dues of creditors other than micro enterprises and small enterprises 42191 34377 iv. Liabilities towards prepaid cards 582051 538385 V. Other financial liabilities 1146.10 943.26 [ Current tax liabilities (net) 319 291 Contract liabilities 81.03 7239 Deferred government grants 631 1001 Provisions 2125 2045 (Other current labilities 4775 57.79 Total current liabilities 784591 718412 Total ies 806333 740155 [Total equity and liabi 14,082.79 13.296.96
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Pine Labs Limited (formerly known as Pine Labs Private Limited) CIN: L67100HR1998PLC113312 Registered office: 4th Floor, Unit No. 408, Time Tower, MG Road, Gurugram, Haryana, 122002 Telephone: 0124-6949200, Em: vestorrelations @pinelabs.com, Website-www.pinela .com Statement of consolidated statement of cash flows for the half year ended 30 September 2026 (Amounts in INR crores, unless otherwise stated) Particulars For the half year For the half year ended ended 30 September 2026 | 30 September 2025 Unaudited Unaudited Cash flow from operating activities Profit before tax 99.10 632 Adjustments for : Depreciation and amortisation expenses 149.22 13111 Impairment of non-current asscts 354 1.52 Gain on sale of property. plant and equipment (0.06) (0.26) (Reversal) for obsolete and slow moving inventory (0.09)| (2.96) Impairment losses on financial assets and contract assets and bad debts 2046 2318 Interest income under the effective interest method on financial assets carried at amortised cost -Bank deposits (42.69) (8.01) -Security deposits (0.41) (0.35) -Finance Lease (0.69) (1.02) Interest on income tax refunds (0.42) - Finance costs 27.02 4269 Liabilities and provisions no longer required written back (7.43)| (42.19) Share based compensation- equity settled 48.89 8531 Foreign exchange loss/(gain) (net) (unrealised) 044 (0.07) Government grants income (5.87) (10.48) Net gain on lease termination (0.0 (0.13) Operating profit before working capital adjustments 29101 22466 Working capital adjustments Increase in trade receivables (153.51) (157.65) Decrease in inventories 9.14 2746 Increase in other financial asscts (87.04) (365.11) Increase in other assets (86.72) (25.89) Decrease in contract assets - 3028 (Increase)/decrease in loans (0.48) 048 Increase in other bank balances (carmarked balances with banks) (495.15), (378.61) Increase/(decrease) in trade payables 11831 (139.05) Increase in provisions 015 450 Increase in other financial liabilitics 143.86 275.71 Increase in contract liabilities 698 8.83 (Decrease)/increase in other current liabilities (11.00) 6857 Increase in liabilities towards prepaid cards 436.64 353.63 Cash generated from/(used in) operations 172.19 (72.19) Income taxes received/(paid) (net of refunds/paid) 19.15 (56.87) Net cash generated from/(used in) operating acti 191.34 (129.06) Cash flows from investing activities Purchase of property. plant and equipment and intangible (239.87) (85.51) Proceeds from disposal of property. plant and equipment 175 271 Acquisition of subsidiary, net of cash acquired (65.39) - Purchase of investment - (0.47) Investment in bank deposits (756.62) (37824) Proceeds from maturity of bank deposits 933.67 366.69 Interest received 25.00 632 Proceeds from government grants 030 0.90 Net cash used in investing activities (B) (101.12) (87.60)
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Pine Labs Limited (formerly known as Pine Labs Private Limited) CIN: L67100HR1998PLC113312 Registered office: 4th Floor, Unit No. 408, Time Tower, MG Road, Gurugram, Haryana, 122002 Telephone: 0124-6949200, Em: estorrelatio inelabs.com, Website-www.pinelabs.com Statement of consolidated statement of cash flows for the half year ended 30 September 2026 (Amounts in INR crores, unless otherwise stated) Particulars For the half year For the half year ended ended 30 September 2026 | 30 September 2025 Unaudited Unaudited Cash flows from financing activities Proceeds from share application money/ issue of equity shares (including share options exercised) (net of expenses) 4.09 108.81 Payments for shares based payment awards - (6.45) Proceeds from short term borrowings (bill discounting) (net) 28.10 8647 Principal repayments of borrowings (term loans) (26.74) (3339) Principal payment of lease liabilities (1220) (10.02) Interest paid (26.80) (42.82) Payment of deferred purchase consideration - (76.50) Net cash (used in)/generated from financing activities (C) (33.55) 2614 Net increase/(decrease) in cash and cash equivalents (A+B+C) 56.67 (190.52) Cash and cash cquivalents at the beginning of the period 1393.08 951.43 Cash credit and bank overdraft facilities at the beginning of the period (119.17) (706.30) Currency translation adjustments (0.06)| 042 Cash and cash equivalents at end of the period 133052 55.03 Cash and cash equivalents as per above comprise the following Balance with banks - In current accounts 1.198.02 60199 - In deposit accounts 150.62 283 Less: Cash credit and bank overdraft facilities (18.12) (549.78) Balance as per statement of cash flows 133052 55.03 Note: The above Consolidated Statement of Cash Flows has been prepared under the 'Indirect Method' as set out in Ind AS 7, 'Statement of Cash Flows',
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Pine Labs Limited (formerly known as Pine Labs Private CIN: L67100HR1998PLC113312 Registered office: 4th Floor, Unit No. 408, Time Tower, MG Road, Gurugram, Haryana, 122002 ‘Telephone: 0124-6949200, Email-investorrelations@pinelabs.com, Website-www.pinelabs.com Statement of consolidated segment information for the quarter and half year ended 30 September 2026 d) (Amounts in INR crores, unless otherwise stated) Quarter ended Half year ended Year Ended 30 September | 30 June 2026 | 30 September | 30 September | 30 September |31 March 2026] 2026 2025 2026 2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Segment revenue (A) Digital infrastructure and transaction platform 531.55 499.12 440.06 1,030.67 87443 1.836.82 Issuing and acquiring platform 27464 237.80 209.84 51244 39138 87377 | Total segment revenue 806.19 736.92 649.90 1,543.11 1,265.81 2,710.59 Transaction and related costs (B) Digital infrastructure and transaction platform 5134 48.50 00 99,84 76.59 158.46 Issuing and acquiring platform 5197 4846 2890 100.43 54.04 14451 [Purchases of stock-in-trade and changes in inventories of stock-in-trade (C) Digital infrastructure and transaction platform 44,00 4260 3001 86,60 63.56 147.09 Issuing and acquiring platform 7185 64.74 5134 136.59 94.41 21935 Segment contribution margin (A-B-C) Digital infrastructure and transaction platform 436.21 408.02 367.83 84423 734.28 1,531.27 Issuing and acquiring platform 150,82 124,60 129.60 27542 20293 509.91 | Total segment contribution margin 587.03 532.62 49743 1,119.65 977.21 |Add: Other income 2555 2895 2301 54.50 60.18 13656 Less: Employee benefits expense 267.68 267.52 267.86 53520 559.18 1,068.97 Less: Finance costs. 1421 12.81 2127 27.02 42,69 84.13 Less: Depreciation and amortisation expenses 7592, 7330 6587 14922 3L 27013 Less: Impairment of non-current assets 241 113 118 354 152 514 Less: Impairment losses on financial assets and contract assets 10.09 1036 9.5 2045 2318 46,03 Less: Other expenses. 180.90 15872 14348 339.62 27326 562.56 Less: Share in net loss of an associate - - 0.07 - 0.13 021 Less: Exceptional items - - - - - 329 Profit before tax 61.37 37.73 11.16 99.10 6.32 137.28 Total tax expense/(credit) 22.80 18.16 519 4096 (4.44)] 2477 [Profit for the period/year 3857 19.57 597 58.14 10.76 11251
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Pine Labs Notes to standalone and cons ited (formerly known as Pine Labs Private Li idated financial results ited) 1 The above standalone financial results of Pine Labs Limited (formerly known as Pine Labs Private Limited) ("the Company") and consolidated financial results of the Company and its subsidiaries (together referred to as "the Group") have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards (Ind AS') prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, as amended ("Listing Regulations") 2 The standalone and consolidated financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 29 October 2026, 3 As per IND AS 108 - Operating Segments, the Group has two reportable segments namely Digital infrastructure and transaction platform and Issuing and acquiring platform. The Group has disclosed the segment information only as part of the consolidated financial results. 4 Exceptional items includes The Group and the Company recognised a one-time increase in employee benefit obligations on account of the New Labour Codes, amounting to INR 12.22 crores and INR 10.82 crores, respectively, in the results for the quarter and nine months ended 31 December 2025, as exceptional items. Subsequently during the quarter ended 31 March 2026, the Group and the Company revised its wage structure and accordingly revised its estimate and reversed the provision of 893 crores and 852 crores respectively in the quarter ended 31 March 2026. The Group continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code. 5 Details of Employee Stock Option for the six months period ended 30 September 2026 are as follows Pine Labs Employee Stock Option Plan 2025 -~ 4,199.776 options granted, 2,663,337 options forfeited/expired and 6472435 options exercised during the six months period ended 30 September 2026 6 During the six-month period ended 30 September 2026, the Group has acquired 100% equity stake in Shopflo Technologies Private Limited ("Shopflo®) on a fully diluted basis from the selling shareholders, for a cash consideration of INR 88.00 crores (including deferred consideration). Shopflo is engaged in the business of development, deployment, operation and commercialization of a direct-to-consumer Checkout Platform and offers engine and e-commerce enablement services and/or solutions. The Group has consolidated the financial results of the Shopflo w.e.f. 26 May 2026 ("acquisition date") in these consolidated financial results. The Group has also recognised goodwill of INR 59.83 crores basis purchase price allocation in these consolidated financial results 7 The standalone and consolidated financial results for the quarter and half year ended 30 September 2026 are also being made available on the Stock Exchange websites wwiw.bseindia.com and www.nseindia.com and on the Company's website: www.pinelabs.com For and on behalf of the Board of Directors of Pine Labs Limited (formerly known as Pine Labs Private BAIRAVARAS Sty st UAMRISH smsisa RAU e Place: Singapore Bairavarasu Amrish Rau Date: 29 October 2026 Managing Director and CEO DIN No.: 02008811
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pine labs Press Release | Q2 FY27 Performance Pine Labs Grows Revenue 24% YoY to a 5-Quarter High; PAT Grows 6X; Operating Cash Flow Doubles to 350 Cr; Continues to Evolve Product and Technology Stack Across Every Business Line 29 October 2026 | Gurugram, India: Q2 FY27 was the quarter the Pine Labs platform showed what compounding looks like in practice. Revenue grew 24% YoY to 2806 Cr (the fastest in five quarters), but the deeper signal lies underneath. The Group now processes ~25 million transactions a day across businesses, up ~22% YoY. 29%+ of DITP GTV is now being monetizedlinked with volume, vs. 15% a year ago. 14% of this quarter's revenue came from products that didn't exist two years ago. 15% came from markets outside India. Four separate growth engines—none dependent on the other, all firing. Beneath the top-line growth, each layer of the platform is doing more work than the one beforeit. Q2 was an all-round quarter—growth across acceptance and issuing, 15% of revenues from global markets, and 14% from products launched only in the last two years," said Amrish Rau, CEO, Pine Labs. 'Pine Labs has been EBITDA-positive for a long time. The way we look at the business is to find the right balance between investing in new products, new ideas, and new regions—while continuing to be strongly EBITDA positive. 20%+ EBITDA margins and 21-23% revenue growth is the fine balance we aim to strike." As the platform scales, the benefits are increasingly translating into stronger platform economics. Al is fundamentally changing how Pine Labs is built and operated, with ~89% of code changes now contributed by Al agents. The focus remains on reinvesting these efficiency gains into new products, new regions, and new categories while maintaining a strong EBITDA profile—building a larger, more durable commerce platform that can sustain profitable growth over the long term. Pine Labs expanded Adjusted EBITDA to 2155 Cr (+27% YoY, 19.2% margin) and PAT grew 6X to239 Cr (PBT: 262 Cr vs 21l Cr). Operating Cash Flow doubled to 350 Cr; Contribution Margin grew 18% YoY to 587 Cr. Platform GTV reached ~$46.5 Bn (24.45 lakh Cr) across 229 crore transactions. Net Cash balance of 22,345 Cr as of 30-Sep-26. Where the growth came from Instore held its groundin Enterprise and gained decisively in mid-market, where the DCP base grew 49% YoY. The overall DCP base is up 17% YoY to 22.3 lakh. On top of this installed base, Pine Labs is sweating assets harder—Flow, Affordability and Transaction Processing GTV grew 52%# YoY, UPI GTV 77%+ YoY. A 10 lakh QR soundbox rollout over the medium term will carry UPI acceptance deeper into retail and premium retail merchants. Online payments grew 45%+ YoY with GTV up 140% YoY, as the business pushedinto agentic commerce, cross-border, SMB, and government corridors. At Global Fintech Fest 2026, Pine Labs demonstrated the industry’s first live autonomous agentic transaction on BigBasket. Issuing grew 31%+ YoY overall (India +40%), with new value pools scaling fast across employee benefits, entertainment and corporate gifting, gaming, and mobility—Bharat Yatra on track for ~5 million tripsin FY27. Internationalis becoming a franchise of its own. SEA revenue grew ~40% YoY, international DCPs scaled close to 1lakh in Southeast Asia (2.7X YoY), and the UAE business crossed ~1lakh daily transactions. Pine Labs operates across 22+ markets with credit processingin 17+, and is extending the Malaysia playbook to the UAE, Philippines, and Singapore.
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pine labs Q2 FY27 Performance Scorecard Building the nextcycle Pine Labs used HI FY27 to accelerate investment into the next wave of commerce. At Global Fintech Fest 2026, the company unveiled a wider set of new products across issuing, payments, and agentic commerce. Pine Labs' long-term engagement partnership with OpenAl, alongside investments in agentic commerce, information security, and international expansion, underpins the next cycle of product velocity. The UPI MDR framework (P2M , notified for transactions above 22,000, is a sizeable tailwind. With 70%+ of DCP transactions already running on UPI and 65%+ of UPI GTV driven by tickets above 22,000, Pine Labs sits squarely in the window the framework was designed to monetize. The company is on track to average ~234-35K Cr of monthly UPI GTV in FY28, with an average ticket of ~21,400. Alongside, Pine Labs is stepping up brand investments to positionitself as the default commerce infrastructure for the global south. “The opportunity set in front of us is widening, not narrowing,” said Rau. "A wider set of new products this quarter, 10 lakh soundboxes committed over the medium term, agentic commerce live on a top Indian marketplace, and a UPI monetization window opening up—this is the time to build." Key Financials Q2 FY27 Revenue from Contribution Adjusted Profit after Operations Margin EBITDA Tax 24% YoY 18% YoY 27% YoY 6x YoY 19% Margin Platform GTV Number of Digital Checkout Number of Transactions (#) Points (#) Merchants (#) (z445k Cr) 22% YoY 17% YoY 13% Yoy (1) Exchange rate $1= 2 95.59 (Avg. RBI reference rate for the quarter); o 9
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pine labs Safe Harbor Contact details + For any queries please write to us at investorrelations@pinelabs.com + For more details on our performance & letter to Shareholders, please refer to the Shareholders letter's & results at https://www.pinelabs.com/investor-relations/financial-results Certain statements are included in this document which contain words or phrases, such as ‘will’, ‘aimy’, “will likely result, ‘believe’, ‘expect, ‘will continue’, ‘anticipate’, ‘estimate’, ‘intend’, ‘plan’, ‘contemplate’, ‘seek to, ‘future’, ‘objective’, ‘goal’, ‘project, ‘should’, ‘will pursue’ and similar expressions or variations of these expressions, that are ‘forward-looking statements'. Forward- looking statements by their nature involve a number of risks and uncertainties that could cause actual results to differ materially from market expectations. Actual results may differ materially from those suggested by the forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited to, regulatory changes pertaining to the industry in which our Company has businesses and our ability to respond to them, our ability to successfully implement our strategy, our growth and expansion, technological changes, our exposure to market risks, general economic and political conditions, in India and globally, which have an impact on our business activities or investments, the monetary and fiscal policies of Indiq, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in the Indian and foreign laws and regulations, including tax, accounting and RBI guidelines, changes in competition and the pricing environment in India, regional or general changes in asset valuations, pandemics, and general economic conditions affecting our industry, incidence of natural calamities and/or acts of violence. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially differ from those that have been estimated. Our Company may, from time to time, make additional written and oral forward-looking statements, including in our reports to our shareholders. Such forward-looking statements represent only our Company’s current intentions, beliefs or expectations, and any forward- looking statement speaks only as of the date on which it was made. Neither our Company nor any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives, undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice or a recommendation regarding the securities. Although our Company believes that such forward- looking statements are based on reasonable assumptions, we can give no assurance that such expectations will be met. You are cautioned not to place undue reliance on these forward- looking statements, which are based on current view of our Company’s management on future events. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside our Company's control. Past performance is not a reliable indication of future performance. Before acting on any information you should consider the appropriateness of the information having regard to these matters, and in particular, you should seek independent financial advice. o 9