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Learn LimitedMain BoardEquity2025-04-012026-03-312026-05-222026-05-15INRLakhsQuarterlyFourth quarterGeographical2026-05-2217:15:002026-05-2220:50:00trueCash Flow IndirectStatement on impact of audit qualification2026-01-012026-03-31AuditedConsolidated17677420005046100018182030000387510000314520003525890001145630001185560004638940001468564000349639000310101000659740000210822000-5257000205565000045417500000004541750005270004547020004541750000454702000032706200011.391.38001.391.380002025-04-012026-03-31AuditedConsolidated439063100018427700045749080000774309000-913600016333680003809940004390780009532600004171873000403035000274788000677823000285399000716900029256800003852550000000385255000160500038686000038525500003868600000327062000120232170001.181.17001.181.17000Marketing and advertising expenses162125000Other expenses3017690000000000000000000Marketing and advertising expenses294977000Other expenses65828300000000000000000003250800004635103000095443800012960000059400000050237000010978000572748000855580004995470006781198000269604000047286800056632300035939000077688020008843932000033401000914693700000159281350003270620002023217000235027900002350279000271957400000056526000032848340004874500000116816500045017440006644370007116400014887900022004300071778520008062332000983280000106720001982800009076112000001357785600015928135000Other non-current financial assets1097800000000000Other non-current assets49954700000000000Other current financial assets776880200000000000Other current assets3340100000000000Other non-current financial liabilities56526000000000000Other non-current liabilities116816500000000000Other current financial liabilities717785200000000000Other current liabilities98328000000000000Educational services and related activities1539086000Construction and leasing (for education)52852000Training, manpower and related activities175804000000000000000000000000000Educational services and related activities3125658000Construction and leasing (for education)215935000Training, manpower and related activities1049038000000000000000000000000000176774200043906310000017677420004390631000Educational services and related activities509816000Construction and leasing (for education)-99784000Training, manpower and related activities3709000000000000000000000000000Educational services and related activities786125000Construction and leasing (for education)-185510000Training, manpower and related activities-863000000000000000000000000000413741000599752000114563000380994000-360562000-459065000659740000677823000Educational services and related activities9370139000Construction and leasing (for education)6145119000Training, manpower and related activities1364880000000000000000000000000001565174600027638900015928135000Educational services and related activities8712487000Construction and leasing (for education)1277038000Training, manpower and related activities11371100000000000000000000000000010103236000347462000013577856000380994000-9136000-2508600000000030526300000043907800000000001364070002906000000-2902370000066737500013451980000002670950000107810300000000000686000128600000000000000000044200000109670000000410700000-583370000000000007907300096590000081660000-530000000-7138290003059370000305937000260386000566323000Items that will not be reclassified to statement of profit & loss527000527000Items that will not be reclassified to statement of profit & loss1605000160500000005270001605000AuditedQualified opinionFord Rhodes Parks & Co. LLPtrue2027-09-3045749080004574908000417187300041718730003852550003852550001.181.181592813500015928135000135778560001357785600023502790002350279000a) As stated in Note 6 to the Statement, Yes Bank Limited (YBL) had invoked the Corporate Guarantees issued by the Holding Company and its subsidiary i.e. Digital Ventures Private Limited (DVPL) upon non-repayment of credit facilities (during COVID-19 pandemic) availed by Four Trusts/entity, and called upon the Holding Company and DVPL to make payment of an amount of Rs. 44,962.56 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. 52,254.63 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, 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 which was subsequently filed for withdrawal by J.C. Flowers and the Honble Supreme Court of India vide its Order dated 05 August 2025 dismissed the said SLP as withdrawn. Further, the petition filed by J.C. Flowers under Section 7 of the IBC to initiate CIRP proceedings against DVPL was also 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. 28,500 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. However, due to delays in payments as per the said settlement agreement, 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 as stated in the said note, J.C. Flowers and Assets Care & 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. 62,481.28 lakhs (as on 11 October 2024) have been assigned and transferred by J.C. Flowers to ACRE. 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. In furtherance to the said Supplemental Facilities Agreement, a few entities forming part of the promoter and promoter group 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. As per the said Supplemental Facilities Agreement, the outstanding amount payable to ACRE including interest is Rs. 66,284.63 lakhs (net of amounts paid by the Holding Company and four trusts/entity to ACRE till 31 March 2026) as at 31 March 2026 and the total amount recoverable (including interest) from four trusts/entity is Rs. 77,607.18 lakhs (including amounts paid by the Holding Company to ACRE and J.C. Flowers till 31 March 2026) as at 31 March 2026 and the amount recoverable is disclosed under "other current financial assets". Pursuant to the execution of the above Supplemental Facilities Agreement, the management of the Holding Company 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, the management of the Holding Company is of the opinion that the amount of Rs. 77,607.18 lakhs receivable from four trusts/entity as at 31 March 2026 is good and recoverable. <br></br> However, in terms of Ind AS 109 Financial Instruments the Holding Company has not carried out assessment of impairment of the recoverable amount of Rs. 77,607.18 lakhs from four trusts/entity as at 31 March 2026. In the absence of assessment of impairment of the recoverable amount of Rs. 77,607.18 lakhs, we are unable to comment upon adjustments, if any, required on the Statement. <br></br> Qualified opinionRepetitiveDuring 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 amount payable to ACRE including interest is Rs. 66,284.63 lakhs (net of amounts paid by the Holding Company and four trusts/entity to ACRE till 31 March 2026) as at 31 March 2026 and the total amount recoverable (including interest) from four trusts/entity is Rs. 77,607.18 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. 77,607.18 lakhs receivable from four trusts/entity as at 31 March 2026 is good and recoverableNANAAuditors comments are self-explanatory in auditors report.The Statement includes buildings classified under investment property and development rights classified under intangible assets having carrying values of Rs. 45,936.20 lakhs and Rs. 7,801.18 lakhs respectively as at 31 March 2026. The Group has not carried out a detailed and comprehensive assessment of impairment of such buildings and development rights (Non-financial assets) in accordance with the principles of Ind AS 36 Impairment of Assets and hence no adjustments have been considered by the Group to the carrying values of the said non-financial assets. In the absence of sufficient and appropriate audit evidence in respect of the detailed impairment assessment of the aforesaid non-financial assets, we are unable to comment upon adjustments, if any, that may be required to the carrying values of the said non-financial assets and its resultant impact on the Statement. Qualified opinionWhether appeared first timeDuring the quarter ended 31 March 2025, Axis Bank Limited entered into an assignment agreement dated 28 March 2025 with Assets Care & Reconstruction Enterprise Limited (ACRE) assigning the total credit facility of Rs. 13,008 Lakhs (including interest) outstanding as at 20 March 2025 (Rs. 14,409.33 lakhs as on 31 March 2026) in respect of financial facility granted by Axis Bank Limited to the Corporate Debtor from time to time along with all rights, benefit and obligations thereunder to ACRE. Pursuant to the Supplemental Facilities Agreement entered by the Company, DVPL along with four trusts/entity with ACRE, the management of the Holding Company strongly believes that the above outstanding credit facility of DVPL will be paid to ACRE through various steps including monetization of assets of DVPL. Further, during the year DVPL has received Order from Hon'ble NCLT vide its Order dated 19 December 2025 approved the said application for withdrawal of CIRP of DVPL and accordingly, the suspended Board of Directors of DVPL stands restated. In view of above, the management is of the opinion that no liability is required to be provided by the Company as at 31 March 2026.NANAAuditors comments are self-explanatory in auditors report.Manish RastogiRakesh ChaturvediShiv Kumar GuptaFord Rhodes Parks & Co. LLPMumbai2026-05-22