Alankit Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2023

1. The above standalone audited financial results of the company for the year ended March 31,2023 have been reviewed by the Audit Committee and approved by the board at their respective meetings held on May 08, 2023. Audit under regulation 33 of he SEBI ( Listing Obligations and Disclosure Requirements) Regulations, 2015 have been carried out by the Statutory auditor with unmodified opinion.

2. The Financial Results of the Company have been prepared in accordance with the Indian Accounting Standards (IND AS) as prescribed under section 133 of the Companies Act, 2013

3. Exceptional item for the year ended 31.03.2023 represents loss on derecognition of goodwill. Goodwill has been derecognized based on management internal assessment that no future economic benefits are expected from its use or disposal.

4. A Search and seizure operation u/s 132 of the Income Tax Act,1961 was conducted by the Income Tax department from 18.10.2019 to 23.10.2019 on the company. The assessment proceedings u/s 153A and 143(3)of the I.T. Act,1961 was completed on 24.05.2022. The company received demand notices under section 156 of the Income Tax Act, 1961 with respect to assessment years 2010-11 to 2020-21 amounting to Rs.17460.95 Lacs. The company has filed an appeal with Commissioner of Appeals on 21.06.2022 against the additions made . The management is of the opinion that no liability is likely to arise from these additions after decision of the appellate authorities.

5. The Company has invoked the arbitration against Protean eGov Technologies Limited (formerly NSDL e-Governance Infrastructure Limited) and has claimed an amount of Rs. 7529.20 Lacs Per contra Protean (NSDL) has claimed an amount of Rs. 2854.43 Lacs via its counter claim. Arbitration award was received on 11th August 2022 and company has filed appeal with the Hon'ble Bombay High Court against the award.

6. Figures for the quarter ended March 31, 2023 and the corresponding quarter ended in the previous year as reported in these financial results are the balancing figures between audited figures in respect of the full finacial year and the published year to date figures upto the end of the third quarter of the relevent financial year. Also the figures upto the end of the third quarter had only been reviewed and not subject to audit.

7. The Company had on January 16, 2023 allotted 8,16,00,000 Equity Shares of face value of Re. 1/- each, on Preferential Basis pursuant to conversion of loan, at Rs. 12.50/- per Equity Share (face value of Re. 1.00 per share and premium of Rs. 11.50 per share).

8. The company's business activities fall in to the following Segments: E-Gov Product and E-Gov Service, therefore segment reporting as per Ind AS-108 is furnished.

9. Figures have been re-grouped/ re-classified to make them comparable to the current figures wherever necessary.