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Learn LimitedMain BoardEquity2024-04-012025-03-312025-05-152025-05-09INRLakhsQuarterlyFourth quarterGeographical2025-05-1517:45:002025-05-1522:10:00trueCash Flow IndirectStatement on impact of audit qualification2025-01-012025-03-31AuditedConsolidated15868010003580800016226090000319011000-270250004058860001001060001047860002438570001146621000475988000-1596650003163230001466650009300001475950000168728000000016872800038350001725630001687280000172563000032706200010.520.51000.520.510002024-04-012025-03-31AuditedConsolidated3719375000205973000392534800006636410001200800013289740003869240003640160006813470003436910000488438000-159665000328773000213204000-116650002015390000127234000000012723400020900012744300012723400001274430000327062000100.390.39000.390.39000Selling and marketing expenses95727000Other Expenses148130000Selling and marketing expenses247081000Other Expenses43426600032688000045547500000869349000433700000550000000542145000110680006082130009252100094516500071070230002604680000405118000260386000367850000695223100076545200000710650007986053000001509307600032706200016339040001960966000019609660002512050000000576454000308850400034730000001234144000435737800010394730007046600076921000147387000673775400079246140008413960008722000008774732000001313211000015093076000Educational Services and related activities1281974000Construction and leasing (for education)29936000Training, manpower and related activities279823000Educational Services and related activities2738404000Construction and leasing (for education)120372000Training, manpower and related activities8808570001591733000373963300049320002025800015868010003719375000Educational Services and related activities600692000Construction and leasing (for education)-47844000Training, manpower and related activities-12562000Educational Services and related activities902088000Construction and leasing (for education)-201262000Training, manpower and related activities-31437000540286000669389000100106000386924000123857000-46308000316323000328773000Educational Services and related activities8099117000Construction and leasing (for education)6455170000Training, manpower and related activities2552470001480953400028354200015093076000Educational Services and related activities8007924000Construction and leasing (for education)1351346000Training, manpower and related activities137151000949642100036356890001313211000038692400012008000-14563000000000011153600000036401600000000001196650003182000000145638000007580090001086782000000257879000082890300000000000011069700000000000000005219300071387000000153980000-49530000-125635000003769000000000189043000547110000235120000-370000000-63349700069771000069771000190615000260386000Items that will not be reclassified to statements of profit and loss38350003835000Items that will not be reclassified to statements of profit and loss20900020900000003835000209000AuditedQualified opinionFord Rhodes Parks & Co. LLPtrue2027-09-3039253480003925348000343691000034369100001272340001272340002.092.091509307600015093076000131321070001313210700019609690001960969000Yes Bank Limited YBL had invoked the Corporate Guarantee issued by the Holding Company and its subsidiary i.e. Digital Ventures Private Limited DVPL upon nonrepayment of credit facilities during COVID19 pandemic availed by Four Trusts entity and called upon the Holding Company and DVPL to make payment of an amount of Rs. 44962.56 lakhs including interest and other charges upto 31 July 2021 . As further stated in the said note the Holding Company and DVPL had received notices from YBL regarding filing of petitions under Section 7 of the Insolvency and Bankruptcy Code 2016 IBC to initiate Corporate Insolvency Resolution Process CIRP of the Holding Company and DVPL as corporate guarantors before the Honble National Company Law Tribunal NCLT Mumbai. Also as stated in the said note YBL vide its letters dated 30 December 2022 had informed the Holding Company and DVPL that it had assigned and transferred the above credit facilities to J.C. Flowers Asset Reconstructions Private Limited J.C. Flowers and the amount outstanding therein as at 30 November 2022 was Rs. 52254.63 lakhs including interest and penal charges . As further explained in the said note on 10 February 2023 the Honble NCLT Mumbai admitted the application filed by YBL against the Holding Company and ordered the commencement of the CIRP under the IBC. However an appeal was filed before the Honble National Company Law Appellate Tribunal NCLAT by the Holding Company and the Honble NCLAT vide its order dated 16 February 2023 set aside the impugned order dated 10 February 2023 passed by the Honble NCLT and disposed off the appeal in accordance with law. As further explained in the said note subsequently J.C. Flowers filed Special Leave Petition SLP in the Honble Supreme Court for setting aside of the final order dated 16 February 2023 passed by the Honble NCLAT. On 29 March 2023 the Honble Supreme Court allowed the SLP and stayed the further proceedings of the Honble NCLT and the matter is currently pending for hearing before the Honble Supreme Court. However in respect of petition filed by J.C. Flowers under Section 7 of the IBC to initiate CIRP proceedings against DVPL the same was dismissed as withdrawn by the Honble NCLT. As further stated in the said note on 7 August 2023 the Holding Company DVPL along with four trusts entity entered into settlement agreement with J.C. Flowers to settle the above corporate guarantee obligation with respect to loans borrowed by the said four trusts entity. As per the terms of the settlement agreement Holding Company DVPL along with four trusts entity had agreed to settle the above Corporate Guarantee obligation for Rs. 28500 lakhs to be paid jointly and severally by Holding Company DVPL along with four trusts entity pursuant to which the Corporate Guarantee obligation and other securities created by Holding Company and DVPL will be released by J.C. Flowers on receipt of the said settlement amount. The said settlement agreement became effective during the quarter ended 31 March 2024 and accordingly during the quarter ended 31 March 2024 the Holding Company had provided Rs. 28573.12 lakhs including interest net of Rs. 400 lakhs paid by said trusts entity towards Corporate Guarantee obligation as per the said settlement agreement and the same was shown as recoverable from four trusts entity as at 31 March 2024 under other current financial assets . The timelines for payment of the said settlement amount had time to time been extended by J.C. Flowers alongwith payment of applicable interest till 30 May 2024 and the Holding Company DVPL along with four trusts entity further requested J.C. Flowers for extension of time till 30 June 2024 and 15 August 2024 for which confirmation from J.C. Flowers was awaited. However the Holding Company received letter dated 11 October 2024 from J.C. Flowers intimating termination of the said settlement agreement and further informing that all terms set out in the Financing document shall continue in full force and effect and all amounts paid under settlement agreement shall be adjusted towards repayment of the outstanding credit facilities of four trusts entity as if the settlement agreement had never been executed. Further J.C. Flowers and Assets Care and Reconstruction Enterprise Limited ACRE vide their respective communications dated 31 October 2024 informed the Holding Company that such outstanding credit facilities of four trusts entity of Rs. 62481.28 lakhs as on 11 October 2024 have been assigned and transferred by J.C. Flowers to ACRE. In view of above during the quarter half year ended 30 September 2024 the Holding Company had provided further liability of Rs. 36712.34 lakhs in addition to liability already provided till 30 June 2024 of Rs. 25768.94 lakhs and the corresponding amount was recoverable from four trusts entity and the total amount recoverable from four trusts entity was Rs. 66303.83 lakhs including amount recoverable of Rs. 29591.49 lakhs as at 30 June 2024 as at 30 September 2024. Further vide Supplemental Facilities Agreement dated 15 November 2024 the Holding Company DVPL along with four trusts entity and other entities forming part of the promoter and promoter group have agreed upon certain additional conditions with ACRE in respect of the outstanding credit facilities availed by four trusts entity the outstanding amount including interest of which is Rs. 63436.19 lakhs net of Rs. 2550 lakhs paid during the year by the Holding Company and four trusts entity as at 31 March 2025 and the total amount recoverable including interest from four trusts entity is Rs. 69458.74 lakhs including amounts paid by the Holding Company till 31 March 2025 as at 31 March 2025 and the same is disclosed under other current financial assets . In furtherance to the said Supplemental Facilities Agreement a few entities forming part of the promoter and promoter group have also created and extended security on their assets in addition to their security arrangement for their existing indebtedness with ACRE and existing security provided by the Holding Company DVPL along with four trusts entity to the satisfaction of ACRE for abovementioned outstanding credit facilities. Pursuant to the execution of the said Supplemental Facilities Agreement the management strongly believes that the above outstanding credit facilities of four trusts entity will be paid to ACRE through various steps including monetization of assets of DVPL along with four trusts entity and other security providers. In view of above management is of the opinion that the amount of Rs. 69458.74 lakhs receivable from four trusts entity as at 31 March 2025 is good and recoverable.Qualified opinionRepetitiveN.ADuring the year the Supplemental Facilities Agreement dated 15 November 2024 the Holding Company DVPL along with four trusts entity and other entities forming part of the promoter and promoter group have agreed upon certain additional conditions with ACRE in respect of the outstanding credit facilities availed by four trusts entity the outstanding amounts including interest of which is Rs. 63436.19 lakhs net of Rs. 2550 lakhs paid during the year by the Holding Company and four trusts entity as at 31 March 2025 and the total amount recoverable including interest from four trusts entity is Rs. 69458.74 lakhs including amounts paid by the Holding Company till 31 March 2025 as at 31 March 2025 and the same is disclosed under other current financial assets. In furtherance to the said Supplemental Facilities Agreement a few entities forming part of the promoter and promoter group have also created and extended security on their assets in addition to their security arrangement for their existing indebtedness with ACRE and existing security provided by the Holding Company DVPL along with four trusts entity to the satisfaction of ACRE for abovementioned outstanding credit facilities. Pursuant to the execution of the said Supplemental Facilities Agreement the management strongly believes that the above outstanding credit facilities of four trusts entity will be paid to ACRE through various steps including monetization of assets of DVPL along with four trusts entity and other security providers. In view of above management is of the opinion that amount of Rs. 69458.74 lakhs receivable from four trusts entity as at 31 March 2025 is good and recoverable.N.A.N.AManish RastogiAnish ShahNanette DsaFord Rhodes Parks & Co. LLPMumbai2025-05-15