Vansh Khanna will need to report daily to Sydney police and stay out of the driver's seat of all vehicles after being charged over Thursday's crash that seriously injured one of the boys.
The Lane Cove man, 18, allegedly struck two boys aged 12 and one aged 13 at an intersection on the Pacific Highway in Crows Nest about 3.30pm.
The older boy was taken to Sydney Children's Hospital and treated for serious but not life-threatening injuries.
The younger two sustained minor injuries and were taken to Westmead Children's Hospital.
Police allege the boys were crossing on a green pedestrian signal, Khanna ran a red light and failed to stop.
He was arrested in Lane Cove about 30 minutes later and then charged with seven offences including dangerous driving occasioning grievous bodily harm.
After spending the night in police custody, he was bailed by a Manly magistrate on Friday.
As conditions of bail, he must report to police daily at least until his next court appearance on June 8.
Any breach could result in a $10,000 surety being forfeited.
His sedan has been seized for mechanical and forensic examination.
Police also suspended his licence.
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