Auditor Report of Allied Blenders & Distillers Ltd.

Mar 31, 2025

1. We have audited the accompanying standalone financial
statements of Allied Blenders and Distillers Limited (‘the
Company’), which comprise the Standalone Balance
Sheet as at 31 March 2025, the Standalone Statement
of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Cash Flow and
the Standalone Statement of Changes in Equity for the
year then ended, and notes to the standalone financial
statements, including material accounting policy
information and other explanatory information.

2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 (‘the Act’) in the
manner so required and give a true and fair view in
conformity with the Indian Accounting Standards (‘Ind
AS’) specified under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015
and other accounting principles generally accepted in
India, of the state of affairs of the Company as at 31
March 2025, and its profit (including other comprehensive
income (gain)), its cash flows and the changes in equity
for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the
Standards on Auditing specified under section 143(10)
of the Act. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the
Audit of the Standalone Financial Statements section
of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India (‘ICAI’) together with
the ethical requirements that are relevant to our audit of
the standalone financial statements under the provisions
of the Act and the rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with

these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.

Emphasis of Matters

Customer Dispute

4. We draw attention to the matter stated in Note 48(xx) (t)
to the accompanying standalone financial statements,
wherein it is stated that, one of the customer, Canteen
Stores Department (‘CSD’) had raised a debit
memorandum resulting into demand amounting to ^
3,398.72 lakhs (net of adjustments) on the Company on
account of differential trade rates for sales made to CSD
during the period 1 April 2012 to 31 October 2017, which
is being contested by the Company. Our opinion is not
modified in respect of this matter.

Litigation under Income Tax Act, 1961

5. We draw attention to the matter stated in Note 63 of
the accompanying standalone financial statements
regarding the search operation carried out by the Income
Tax Department (‘the department’) during December
2023, pursuant to which demand orders have been
received by the Company during the year ended 31
March 2025, as further described in the aforesaid note.
Subsequent to year-end, the Commissioner of Income
Tax (Appeals) has stayed 90% of such demands raised.
Basis legal assessment, the management is of the
view that no adjustments are required to the financial
statements. Our opinion is not modified in respect
of this matter.

Key Audit Matters

6. Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the standalone financial statements of the current
period. These matters were addressed in the context of
our audit of the standalone financial statements as a
whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.

7. We have determined the matters described below to be
the key audit matters to be communicated in our report.

Key audit matter	How our audit addressed the key audit matter
Revenue Recognition	Our audit procedures, related to revenue recognition, included,
Refer to note 2(d) to the accompanying standalone financial	but were not limited, to the following:
statements for the Company’s material accounting policy	•	Understood the process of revenue recognition and evaluated
information relating to revenue recognition, note 33 and 49 for the		the appropriateness of the accounting policy adopted by the
details of revenue recognized during the year.		management on revenue recognition including determination of transaction price and satisfaction of performance
The Company derives its revenue from sale of liquor products to a wide range of customers through a network of private distributors		obligations, in accordance with Ind AS 115;
(open market), part corporation market and full corporation	•	Evaluated the design and tested the operating effectiveness
market. Such revenue is recognised in accordance with the		of Company’s key internal controls around revenue recognition
principles of Ind AS 115, Revenue from Contracts with Customers		including controls relating to determination of variable
(‘Ind AS 115’) which requires management to make certain key judgements, such as, identification of performance obligations		consideration and satisfaction of performance obligations;
in contracts with customers, determination of transaction price	•	On a sample basis, tested revenue transactions recorded
for the contract including variable consideration in the form of		during the year, and transactions recorded in specific period
rebates, discounts and pay-outs to distributors under various		before and after year end, basis inspection of supporting
promotional schemes offered by the Company, and assessment of		documents such as customer contracts, purchase orders,
satisfaction of the performance obligations under each contract		price lists, invoices, proof of dispatch and delivery including
represented by the transfer of control of the products sold to the		regulatory documents used for movement of liquor as per
customers including state government corporations. Evaluation is also required to be made in respect of principal versus		applicable regulations in order to ensure revenue is recorded with the correct amount and in the correct period;
agent relationship of the Company with its ‘tie-up manufacturing	•	Performed substantive testing by selecting a sample of
units’ as explained in the material accounting policy information		discounts, rebate and other pay-out transactions with
as referred above. Owing to the multiplicity of the Company’s products, volume of		distributors recorded during the year as well as period end accrual basis the promotion schemes offered by the Company;
sales transactions, size of distribution network, nature of customers	•	Performed substantive analytical procedures such as variance
and varied terms of contracts with different customers, revenue recognition is determined to be an area involving significant risk in		analysis on revenue to identify any unusual trends;
line with the requirements of the Standards on Auditing and audit	•	Evaluated adequacy of the disclosures made in the
of revenue recognised during the year required significant auditor		accompanying standalone financial statements in respect of
attention and industry knowledge, and accordingly, revenue		revenue recognition in accordance with financial reporting
recognition is considered as a key audit matter in the current year.		framework.
Litigations and claims - provisions and contingent liabilities	Our	audit procedures, related to provisions and contingent
Refer to note 2(n) to the accompanying standalone financial	liabilities, included, but were not limited, to the following:
statements for the Company’s material accounting policy	•	Obtained an understanding from the management with
information relating to Provision, Contingent Liabilities and Contingent Assets and note 48 for contingent liabilities disclosure.		respect to process and controls followed by the Company for: - identification and monitoring of significant developments
The Company is involved in various direct, indirect tax and other		in relation to the litigations, including completeness
litigations (‘litigations’), that are pending with different statutory authorities as at year end.		thereof; - assessment of accounting treatment for each such
The amounts involved are material and the application of		litigation identified under Ind AS 37 accounting principles;
accounting principles as given under Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets, in order to determine		and
the amount to be recorded as a liability or to be disclosed as a contingent liability, in each case, is inherently subjective, and		- measurement of amounts involved.
needs careful evaluation and judgement to be applied by the	•	Evaluated the design and tested the operating effectiveness
management.		of key controls around above process;
This judgement is dependent on a number of significant	•	Obtained the list of litigations from the management and
assumptions and assessments which involves interpreting the		reviewed their assessment of the likelihood of outflow of
various applicable rules, regulations, practices and considering		economic resources being probable, possible or remote
precedents in the various jurisdictions.		in respect of the litigations. This involved assessing the probability of an unfavourable outcome of a given proceeding
This matter is considered as a key audit matter, in view of the inherent high estimation uncertainty regarding the outcome of		and the reliability of estimates of related amounts;
these litigations, the significance of the amounts involved and the	•	Performed substantive procedures on the underlying
high degree of subjectivity involved in management’s judgement		calculations supporting the provisions recorded and
as to whether the amount should be recognized as a provision,		contingent liabilities disclosed by the management in respect
only disclosed as contingent liability in the standalone financial statement or not even disclosed being considered as remote.		of identified and ongoing litigations;
	•	Assessed management’s conclusions through discussions held with their in house tax experts and understanding precedents in similar cases;
	•	Tested the underlying calculations supporting the provisions recorded and contingent liabilities disclosed by the management in respect of identified and ongoing litigations;

Key audit matter	How our audit addressed the key audit matter
	• Obtained and evaluated the independent confirmations from the attorney/consultants representing the Company before the various authorities;
	• Engaged auditor’s experts, who obtained an understanding of the current status of the litigations, conducted discussions with the management, reviewed independent legal advice received by the Company, if any and considered relevant legal provisions and available precedents to validate the conclusions made by the management; and
	• Assessed and validated the adequacy and appropriateness of the disclosures made by the management in the standalone financial statements.

Information other than the Standalone Financial
Statements and Auditor’s Report thereon

8. The Company’s Board of Directors are responsible for
the other information. The other information comprises
the information included in the Annual Report, but does
not include the standalone financial statements and our
auditor’s report thereon.

Our opinion on the standalone financial statements does
not cover the other information and we will not express
any form of assurance conclusion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information identified above when it becomes available
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial
statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there
is a material misstatement of this other information,
we are required to report that fact. We have nothing to
report in this regard.

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

9. The accompanying standalone financial statements have
been approved by the Company’s Board of Directors.
The Company’s Board of Directors are responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation and presentation of these
standalone financial statements that give a true and
fair view of the financial position, financial performance
including other comprehensive income, changes in
equity and cash flows of the Company in accordance
with the Ind AS specified under section 133 of the Act
and other accounting principles generally accepted in
India. This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal
financial controls, that were operating effectively

for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and
presentation of the financial statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.

10. In preparing the standalone financial statements, the
Board of Directors is responsible for assessing the
Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting
unless the Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

11. The Board of Directors is also responsible for overseeing
the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements

12. Our objectives are to obtain reasonable assurance
about whether the standalone financial statements as
a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that
an audit conducted in accordance with Standards on
Auditing will always detect a material misstatement
when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in
the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of these standalone financial statements.

13. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of the
Act we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material
misstatement of the standalone financial
statements, whether due to fraud or error, design
and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the
override of internal control;

• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section
143(3)(i) of the Act we are also responsible for
expressing our opinion on whether the Company
has adequate internal financial controls with
reference to financial statements in place and the
operating effectiveness of such controls;

• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management;

• Conclude on the appropriateness of Board of
Directors’ use of the going concern basis of
accounting and, based on the audit evidence
obtained, whether a material uncertainty exists
related to events or conditions that may cast
significant doubt on the Company’s ability to
continue as a going concern. If we conclude that
a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related
disclosures in the standalone financial statements
or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s
report. However, future events or conditions may
cause the Company to cease to continue as a
going concern; and

• Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the
standalone financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.

14. We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.

15. We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and to
communicate with them all relationships and other
matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

16. From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the standalone
financial statements of the current period and are
therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that

a matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.

Report on Other Legal and Regulatory
Requirements

17. As required by section 197(16) of the Act, based on our
audit, we report that the Company has paid remuneration
to its directors during the year in accordance with the
provisions of and limits laid down under section 197 read
with Schedule V to the Act.

18. As required by the Companies (Auditor’s Report) Order,
2020 (‘the Order’) issued by the Central Government of
India in terms of section 143(11) of the Act we give in
the Annexure A a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

19. Further to our comments in Annexure A, as required by
section 143(3) of the Act based on our audit, we report,
to the extent applicable, that:

a) We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
purpose of our audit of the accompanying
standalone financial statements;

b) Except for the matters stated in paragraph 19 (i)
(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
(as amended), in our opinion, proper books of
account as required by law have been kept by the
Company so far as it appears from our examination
of those books;

c) The standalone financial statements dealt
with by this report are in agreement with the
books of account;

d) In our opinion, the aforesaid standalone financial
statements comply with Ind AS specified under
section 133 of the Act;

e) The matter described in paragraph 4 and 5 under
the Emphasis of Matter, in our opinion, may have an
adverse effect on the functioning of the Company;

f) On the basis of the written representations received
from the directors and taken on record by the Board
of Directors, none of the directors is disqualified
as on 31 March 2025 from being appointed as a
director in terms of section 164(2) of the Act;

g) The qualification relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph 19(b) above on
reporting under section 143(3)(b) of the Act and
paragraph 19(i)(vi) below on reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules,
2014 (as amended);

(‘Ultimate Beneficiaries’) or provide any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and

c. Based on such audit procedures
performed as considered reasonable and
appropriate in the circumstances, nothing
has come to our notice that has caused
us to believe that the management
representations under sub-clauses (a)
and (b) above contain any material
misstatement.

v. As stated in note 45(B) to the accompanying
standalone financial statements, the Board
of Directors of the Company have proposed
final dividend for the year ended 31 March
2025 which is subject to the approval
of the members at the ensuing Annual
General Meeting. The dividend declared is in
accordance with section 123 of the Act to the
extent it applies to declaration of dividend.

vi. As stated in note 65 to the standalone financial
statements and based on our examination
which included test checks, except for instance
mentioned below, the Company, in respect of
financial year commencing on or after 1 April
2024, has used an accounting software for
maintaining its books of account which has a
feature of recording audit trail (edit log) facility
and the same has been operated throughout
the year for all relevant transactions recorded
in the software. Further, during the course of
our audit we did not come across any instance
of audit trail feature being tampered with other
than the consequential impact of the exception
given below. Furthermore, the audit trail has
been preserved by the Company as per the
statutory requirements for record retention.

Nature of exception noted	Details of Exception
Instances of accounting	The audit trail feature was not
software for maintaining books	enabled at the database level
of account for which the feature	for accounting software to
of recording audit trail (edit	log any direct data changes,
log) facility was not operated	used for maintenance of all
throughout the year for all	accounting records by the
relevant transactions recorded in the software.	Company.

h) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31 March 2025
and the operating effectiveness of such controls,
refer to our separate report in Annexure B wherein
we have expressed an unmodified opinion; and

i) With respect to the other matters to be included
in the Auditor’s Report in accordance with rule
11 of the Companies (Audit and Auditors) Rules,
2014 (as amended), in our opinion and to the
best of our information and according to the
explanations given to us:

i. the Company has disclosed the impact of
pending litigations on its financial position as
at 31 March 2025;

ii. the Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses as at 31 March 2025;

iii. There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company during the
year ended 31 March 2025;

iv. a. The management has represented

that, to the best of its knowledge and
belief, as disclosed in note 68(f) to the
standalone financial statements, no
funds have been advanced or loaned or
invested (either from borrowed funds or
securities premium or any other sources
or kind of funds) by the Company to or
in any person(s) or entity(ies), including
foreign entities (‘the intermediaries’),
with the understanding, whether
recorded in writing or otherwise, that the
intermediary shall, whether, directly or
indirectly lend or invest in other persons
or entities identified in any manner
whatsoever by or on behalf of the
Company (‘the Ultimate Beneficiaries’)
or provide any guarantee, security or the
like on behalf the Ultimate Beneficiaries;

b. The management has represented that,
to the best of its knowledge and belief, as
disclosed in note 68(g) to the standalone
financial statements, no funds have
been received by the Company from any
person(s) or entity(ies), including foreign
entities (‘the Funding Parties’), with the
understanding, whether recorded in
writing or otherwise, that the Company
shall, whether directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding Party

For Walker Chandiok & Co LLP

Chartered Accountants
Firm’s Registration No.: 001076N/N500013

Adi P. Sethna

Partner

Membership No.: 108840
UDIN: 25108840BMNTWW2886

Place: Mumbai
Date: 15 May 2025

---

Mar 31, 2024

1. We have audited the accompanying standalone financial statements of Allied Blenders and Distillers Limited (''the Company''), which comprise the Standalone Balance Sheet as at 31 March 2024, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flow and the Standalone Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including material accounting policy information and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (''the Act'') in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (''Ind AS'') specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2024, and its profit (including other comprehensive income (loss)), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (''ICAI'') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter - Customer Dispute

4. We draw attention to the matter stated in Note 48(xxii) to the accompanying standalone financial statements wherein it is stated that during the year ended 31 March 2024, one of the customer, Canteen Stores Department (CSD) had raised a debit memorandum amounting to Rs. 3,398.72 lakhs on the Company on account of differential trade rates for sales made to CSD during the period from 1 March 2012 to 31 October 2017, which is being contested by the Company. Our opinion is not modified in respect of this matter.

Key Audit Matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

6. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit matter

How our audit addressed the key audit matter

Revenue Recognition Refer to note 2(d) to the accompanying standalone financial statements for the Company''s material accounting policy information relating to revenue recognition, note 33 and 49 for the details of revenue recognized during the year. The Company derives its revenue from sale of liquor products to a wide range of customers through a network of private distributors (open market), part corporation market and full corporation market. Such revenue is recognised in accordance with the principles of Ind AS 115, Revenue from Contracts with Customers (''Ind AS 115'') which requires management to make certain key judgements, such as, identification of performance obligations in contracts with customers, determination of transaction price for the contract including variable consideration in the form of rebates, discounts and pay-outs to distributors under various promotional schemes offered by the Company, and assessment of satisfaction of the performance obligations under each contract represented by the transfer of control of the products sold to the customers including state government corporations. Evaluation is also required to be made in respect of principal versus agent relationship of the Company with its ''tie-up manufacturing units'' as explained in the material accounting policy information as referred above. Owing to the multiplicity of the Company''s products, volume of sales transactions, size of distribution network, nature of customers and varied terms of contracts with different customers, revenue recognition is determined to be an area involving significant risk in line with the requirements of the Standards on Auditing and audit of revenue recognised during the year required significant auditor attention and industry knowledge, and accordingly, revenue recognition is considered as a key audit matter in the current year.

Our audit procedures, related to revenue recognition, included, but were not limited, to the following: • Understood the process of revenue recognition and evaluated the appropriateness of the accounting policy adopted by the management on revenue recognition including determination of transaction price and satisfaction of performance obligations, in accordance with Ind AS 115; • Evaluated the design and tested the operating effectiveness of Company''s key internal controls around revenue recognition including controls relating to determination of variable consideration and satisfaction of performance obligations; • On a sample basis, tested revenue transactions recorded during the year, and transactions recorded in specific period before and after year end, basis inspection of supporting documents such as customer contracts, purchase orders, price lists, invoices, proof of dispatch and delivery including regulatory documents used for movement of liquor as per applicable regulations in order to ensure revenue is recorded with the correct amount and in the correct period; • Performed substantive testing by selecting a sample of discounts, rebate and other pay-out transactions with distributors recorded during the year as well as period end accrual basis the promotion schemes offered by the Company; • Performed substantive analytical procedures such as variance analysis on revenue to identify any unusual trends; • Evaluated adequacy of the disclosures made in the accompanying standalone financial statements in respect of revenue recognition in accordance with financial reporting framework.

Key audit matter	How our audit addressed the key audit matter
Litigations and claims - provisions and contingent	Ou	r audit procedures, related to provisions and contingent
liabilities	liabilities, included, but were not limited, to the following:
Refer to note 2(n) to the accompanying standalone financial	•	Obtained an understanding from the management with
statements for the Company''s material accounting policy		respect to process and controls followed by the Company
information relating to Provision, Contingent Liabilities and		for:
Contingent Assets and note 48 for contingent liabilities disclosure.		- identification and monitoring of significant
		developments in relation to the litigations, including
The Company is involved in various direct, indirect tax and		completeness thereof;
other litigations as detailed in the said noted above, that are pending with different statutory authorities as at year end.		- assessment of accounting treatment for each such litigation identified under Ind AS 37 accounting
The amounts involved are material and the application of		principles, and
accounting principles as given under Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets, in order to		- measurement of amounts involved.
determine the amount to be recorded as a liability or to be	•	Evaluated the design and tested the operating
disclosed as a contingent liability, in each case, is inherently		effectiveness of key controls around above process;
subjective, and needs careful evaluation and judgement to be applied by the management.	•	Obtained the list of litigations outstanding as at year end from the management along with their assessment
This judgement is dependent on a number of significant		of the likelihood of outflow of economic resources being
assumptions and assessments which involves interpreting		probable, possible or remote in respect of the litigations;
the various applicable rules, regulations, practices and considering precedents in the various jurisdictions.	•	Tested the underlying calculations supporting the provisions recorded and contingent liabilities disclosed
Considering the high degree of judgment, significance of		by the management in respect of identified and ongoing
the amounts involved, inherent high estimation uncertainty,		litigations;
this matter has been identified as a key audit matter for the current year audit.	•	Obtained and evaluated the independent confirmations from the attorney/consultants representing the Company before the various authorities, where applicable, to confirm management''s assessment of outstanding litigation and asserted claims. Evaluated the objectivity, independence, competency and capabilities of the attorney/consultants engaged by the management;
	•	Engaged auditor''s experts, who obtained an understanding of the current status of the litigations, conducted discussions with the management, reviewed independent legal advice received by the Company, if any and considered relevant legal provisions and available precedents to validate the conclusions made by the management; and
	•	Assessed and validated the adequacy and appropriateness of the disclosures made by the management in the standalone financial statements.

Information other than the Standalone Financial Statements and Auditor''s Report thereon

7. The Company''s Board of Directors are responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the standalone financial statements and our auditor''s report thereon. The Annual Report is expected to be made available to us after the date of this auditor''s report.

Our opinion on the standalone financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

8. The accompanying standalone financial statements have been approved by the Company''s Board of Directors. The Company''s Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS specified under section 133 of the Act and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

9. In preparing the financial statements, the Board of Directors is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

10. The Board of Directors is also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

11. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

12. As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls;

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;

• Conclude on the appropriateness of Board of Directors'' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern; and

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

13. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

14. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

15. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

16. As required by section 197(16) of the Act based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.

17. As required by the Companies (Auditor''s Report) Order, 2020 (''the Order'') issued by the Central Government of India in terms of section 143(1 1) of the Act we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

18. Further to our comments in Annexure A, as required by section 143(3) of the Act based on our audit, we report, to the extent applicable, that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the accompanying standalone financial statements;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for the matters stated in paragraph 18(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);

c) The standalone financial statements dealt with by this report are in agreement with the books of account;

d) in our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of the Act;

e) The matter described in paragraph 4 under the Emphasis of Matter section, in our opinion, may have an adverse effect on the functioning of the Company;

f) On the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2024 from being appointed as a director in terms of section 164(2) of the Act;

g) The reservations relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 18(b) above on reporting under section 143(3)(b) of the Act and paragraph 18(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);

h) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company as on 31 March 2024 and the operating effectiveness of such controls, refer to our separate report in Annexure B wherein we have expressed an unmodified opinion; and

i) With respect to the other matters to be included in the Auditor''s Report in accordance with rule 11 of the Companies

(Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the

explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financial position as at 31 March 2024;

ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 March 2024;

iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended 31 March 2024;

iv. a. The management has represented that, to the best of its knowledge and belief, as disclosed in note 68(f) to the

standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (''the intermediaries''), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (''the Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, as disclosed in note 68(g) to the standalone financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (''the Funding Parties''), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (''Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c. Based on such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under subclauses (a) and (b) above contain any material misstatement.

v. The Company has not declared or paid any dividend during the year ended 31 March 2024.

vi. As stated in note 66 to the standalone financial statements and based on our examination which included test checks, except for instance mentioned below, the Company, in respect of financial year commencing on 1 April 2023, has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with, other than the consequential impact of the exception given below..

Nature of exception noted	Details of Exception
Instances of accounting software used for maintaining books of account for which the feature of recording audit trail (edit log) facility was not operated throughout the year for all relevant transactions recorded in the software.	The audit trail feature was not enabled at the database level for accounting software to log any direct data changes, used for maintenance of all accounting records, by the Company.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm''s Registration No.: 001076N/N500013

Adi P. Sethna

Partner

Membership No.: 108840

UDIN:24108840BKFDRR1004

Place: Mumbai Date: 22 July 2024